TCRAP_Public/151211.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Friday, December 11, 2015, Vol. 18, No. 245


                            Headlines


A U S T R A L I A

ANTIOCH CO: 6th Circ. Seeks Ohio High Court Input in Payout Row
BELL GROUP: Legislation Passes Parliament
E & M BUILDERS: KMPG Appointed as Administrators
POWERSELLER HOLDINGS: First Creditors' Meeting Set For Dec. 21


C H I N A

CHINA SOUTH: S&P Lowers CCR to 'B'; Outlook Negative
NANTONG MINGDE: To Sell Assets on Taobao
ZHEN DING: Posts $250K Net Loss, Raises Going Concern Doubt


I N D I A

AASTHA FASHIONS: ICRA Reaffirms B+ Rating on INR6.0cr Cash Loan
AHALIA MONEY: CRISIL Puts B+ Rating on Notice of Withdrawal
ALLIED ENGINEERS: CRISIL Reaffirms B+ Rating on INR50MM Cash Loan
CARRIER WHEELS: CRISIL Suspends 'B' Rating on INR233.2MM Loan
DAON AUTO: CRISIL Suspends 'B' Rating on INR100MM Cash Loan

DECO GOLD: CRISIL Upgrades Rating on INR59.6MM Loan to B-
DEEPJYOT ENGINEERS: CRISIL Reaffirms B Rating on INR36MM Loan
DIVIS INFRATECH: ICRA Suspends 'B/A4' Rating on INR12cr Loan
ENVIRO GREEN: ICRA Assigns B+ Rating to INR5.0cr CC Loan
FLORIDA ELECTRICAL: ICRA Reaffirms B+ Rating on INR7.50cr Loan

G.N.R COTTON: ICRA Suspends B- Rating on INR20cr Loan
J.S.V MOTORS: CRISIL Reaffirms B+ Rating on INR140MM Loan
JEWEL CAST: CRISIL Reaffirms 'B' Rating on INR50MM Gold Loan
K L R INDUSTRIES: CRISIL Suspends 'D' Rating on INR325MM Loan
KAMSON HEALTH: CRISIL Suspends 'D' Rating on INR97MM Term Loan

KANAKA DURGA: CRISIL Suspends 'D' Rating on INR70MM Cash Loan
KN INTERIOR: CRISIL Suspends B+ Rating on INR10MM Cash Loan
KRISHNA CONSTRUCTION: ICRA Suspends B+ Rating on INR4.5cr Loan
KRISHNA VALLEY: CRISIL Suspends B- Rating on INR92.2MM Loan
MAHAVIR ECO: CRISIL Lowers Rating on INR147.5MM LT Loan to 'B'

O.P.S. INTERNATIONAL: CRISIL Rates INR20MM Cash Loan at 'B'
OM PRAKASH: CRISIL Assigns 'B' Rating to INR20MM Cash Loan
PRT HOTELS: CRISIL Suspends 'D' Rating on INR280MM LT Loan
RANA UDYOG: CRISIL Lowers Rating on INR107.5MM Loan to 'B'
REDDY AGRO: CRISIL Reaffirms B+ Rating on INR80MM Cash Loan

ROHAN METALS: CRISIL Reaffirms 'B' Rating on INR115MM Cash Loan
S.S. CHEMICALS: ICRA Suspends B- Rating on INR5.50cr Loan
SANDEEP SEEDS: CRISIL Suspends 'D' Rating on INR220MM Cash Loan
SANKAR COTTON: ICRA Suspends 'B' Rating on INR20cr Loan
SHAH LAXMI: ICRA Reaffirms B+ Rating on INR3.5cr LT Loan

SHANKARA VEHICLES: ICRA Assigns B Rating to INR9.0cr Cash Loan
SHIVAM MASALA: CRISIL Lowers Rating on INR100MM Cash Loan to B-
SHRI RAM: CRISIL Assigns B+ Rating to INR47.5MM Cash Loan
SJS MOTORS: ICRA Reaffirms 'B' Rating on INR8.75cr Cash Loan
SOUTH INDIA: ICRA Puts B+ Rating on Notice of Withdrawal

SRI BALAJI: ICRA Suspends B- Rating on INR20cr Loan
SRI SAI: CRISIL Suspends 'D' Rating on INR36MM Cash Loan
TIRUPATI AGRO: ICRA Suspends 'B' Rating on INR11.48cr Loan
TORRID MOTORS: CRISIL Lowers Rating on INR50MM Cash Loan to D
UNITY DEVELOPERS: ICRA Assigns B+ Rating to INR11.23cr LT Loan

UPL ENVIRONMENTAL: CRISIL Assigns B+ Rating to INR140MM Loan
VISHWANATH SPINNERZ: CRISIL Assigns B- Rating to INR497.9MM Loan


I N D O N E S I A

INDIKA ENERGY: Increases Bond Buyback Program


J A P A N

TOSHIBA CORP: To Sell Offshore TV Plants; Job Losses Loom


N E W  Z E A L A N D

AIL LTD: McGrath Nicol Appointed as Liquidator
MARSDEN CITY: Placed in Receivership Sale Again


                            - - - - -


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


ANTIOCH CO: 6th Circ. Seeks Ohio High Court Input in Payout Row
---------------------------------------------------------------
Carmen Germaine at Bankruptcy Law360 reported that the Sixth
Circuit on Dec. 2, 2015, asked the Ohio Supreme Court for help in
determining whether defunct scrapbooking giant Antioch Co. LLC can
sue former executives over a decade-old employee stock payout, an
issue related to Antioch's suit against McDermott Will & Emery
LLP.

The three-judge panel granted a motion from the litigation trust
for Antioch, the parent of scrapbooking company Creative Memories,
to certify to the Ohio Supreme Court.

                     About The Antioch Company

St. Cloud, Minn.-based scrapbook company The Antioch Company and
six affiliates filed for Chapter 11 bankruptcy (Bankr. D. Minn.
Case No. 13-41898) in Minneapolis on April 16, 2013. Antioch
disclosed $10 million to $50 million in both assets and debts.
The affiliates that separate filed for Chapter 11 are Antioch
International-Canada LLC, Antioch International LLC, zeBlooms LLC,
Antioch Framers Supply LLC, Antioch International-New Zealand LLC,
and Creative Memories Puerto Rico, LLC.

Founded in 1926, Antioch and its affiliates make up one of the
world's preeminent suppliers of scrapbooks, related accessories,
and photo solutions for memory preservation through the direct
sales channel. The Debtors also go by business names Creative
Memories, Antioch, Agenda, Antioch Publishing, Cottage Arts, Frame
of Mind and Webway.

Antioch has 200 employees and currently has operations through the
Debtor companies and foreign subsidiaries in the United States,
Canada, Japan, Australia, and New Zealand. In 2012, the Company's
net revenue was approximately $93.8 million and it had a net loss
of $3.7 million.

Antioch previously sought bankruptcy protection in 2008 (Bankr.
S.D. Ohio Case No. 08-35741).

In the 2013 case, the U.S. Trustee appointed a seven-member
creditors committee. Faegre Baker Daniels LLP serves as its
counsel. Crowe Horwath LLP serves as its financial advisor.
The Antioch Company, et al., and the Official Committee of
Unsecured Creditors, obtained confirmation on Nov. 14, 2013, of
their Second Amended Joint Plan of Reorganization dated Nov. 13,
2013.


BELL GROUP: Legislation Passes Parliament
-----------------------------------------
The West Australian reports that Treasurer Mike Nahan has welcomed
the passage of legislation through State Parliament to help
finalise the long-running Bell Group Companies liquidation.

According to the report, the contentious legislation introduced in
May seeks to sideline longstanding Bell liquidator Tony Woodings
and effectively give Cabinet the final say on any cash carve-up.

The West Australian relates that the Government proposed the laws
to overcome fears the Insurance Commission of WA could be left
empty-handed despite spending more than AUD200 million over almost
20 years funding successful litigation against Bell's former
bankers.

ICWA is seeking AUD700 million as reward for funding the risky
litigation, says the West Australian.

The West Australian says the proposed laws are likely face
High Court challenges from angry Bell creditors, including Bell
Group NV liquidator Garry Trevor and litigation funder Hugh
McLernon, who leads a syndicate with a AUD180 million claim.

However Dr Nahan said the Bell Group Companies (Finalisation of
Matters and Distribution of Proceeds) Act 2015 aimed to wind up
companies that went into liquidation decades ago, the report
relays.

The West Australian notes that the Bell Group Companies collapsed
in the early 1990s, leaving creditors to recover money from 20
Australian and international banks.

After almost 20 years of litigation, principally financed by the
Insurance Commission of Western Australia, settlement between the
liquidators of Bell companies and banks was reached in June 2013
and finalised in June 2014 for a sum of AUD1.7 billion, the report
says.

According to the report, the legislation aims to avoid further
protracted litigation between the remaining creditors of the Bell
Group to carve up the AUD1.7 billion.

"The State Government welcomes the passage of legislation to stop
the decades-long consumption of public resources through
associated court actions, and to conclude these matters for the
benefit of creditors," the report quotes Dr Nahan as saying.

The West Australian discloses that the Act transfers property of
the Bell companies to an authority established under the Act. The
authority will receive claims from creditors, assess claims and
recommend how much should be paid to creditors.

"I look forward to the creditors receiving funds a lot earlier
than would otherwise have been the case," Dr Nahan, as cited by
The West Australian, said.

The West Australian relates that Dr Nahan said Michael Stiassny,
currently a partner at KordaMentha in New Zealand, had been
appointed as the Administrator of the WA Bell Companies to run the
WA Bell Companies Administrator Authority.

"Mr Stiassny's strong background in dealing with companies in
insolvency and his dual qualifications in accounting and law make
him an eminently suitable choice for this position," the report
quotes Dr Nahan as saying.

Bell Group Limited, formerly known as Western Australian Worsted
and Woollen Mills Limited, was delisted from the Australian
Stock Exchange on August 21, 1991, because of liquidation.  On
July 22, 2003, liquidator Tony Woodings started an action in
the WA Supreme Court against a group of 20 banks -- led by
Westpac -- in relation to their conduct in taking mortgages over
Bell Group assets in January 1990.  It was alleged the banks
knew or should have known that the company could not pay
creditors who were owed more than AUD800 million at the time.


E & M BUILDERS: KMPG Appointed as Administrators
------------------------------------------------
Chris Giddens and Ian Hall of KMPG were appointed as
administrators of E & M Builders Pty Limited, trading as Emerald
Home & Hardware Centre, on Dec. 9, 2015.


POWERSELLER HOLDINGS: First Creditors' Meeting Set For Dec. 21
--------------------------------------------------------------
Todd William Kelly of BDO was appointed as administrator of
Powerseller Holdings Pty Ltd on Dec. 9, 2015.

A first meeting of the creditors of the Company will be held at
the offices of BDO (NTH QLD), Level 1, 15 Lake Street, Cairns, in
the State of Queensland, on Dec. 21, 2015, at 10:00 a.m.



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CHINA SOUTH: S&P Lowers CCR to 'B'; Outlook Negative
----------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term corporate
credit rating on China-based developer China South City Holdings
Ltd. to 'B' from 'B+'.  The outlook is negative.

S&P also lowered its long-term Greater China regional scale rating
on the company to 'cnB+' from 'cnBB'.  At the same time, S&P
lowered its long-term issue rating on the company's senior
unsecured notes to 'B-' from 'B'.  S&P also lowered its Greater
China regional scale rating on the notes to 'cnB' from 'cnBB-'.

"We downgraded CSC because we anticipate that the company's cash
flow and leverage ratios will be significantly weaker than we
previously expected due to materially weaker sales execution and
an unlikely recovery over the next 12 months," said Standard &
Poor's credit analyst Esther Liu.

S&P expects CSC's weak sales execution and high debt level to keep
its leverage high over the next 12 months.  This is mainly due to
the continuing slowdown in demand for trade centers in the
company's new markets, such as Nanning, Hefei, and Harbin, and is
in line with our expectation of slower economic growth for China.

CSC's sales execution has materially weakened, with a 44.5% year-
over-year drop in contracted sales to Hong Kong dollar (HK$) 3.8
billion in the first half fiscal 2016, which represented just 32%-
34% of the company's sales budget of HK$11 billion-HK$12 billion
for full-year fiscal 2016.

CSC's leverage has drastically deteriorated due to the sales
slowdown, and S&P believes it could worsen in fiscal 2016 (ending
March 31, 2016).  CSC has issued Chinese renminbi (RMB) 5.6
billion in short, medium-term notes and domestic bonds in the past
nine months, pushing its total debt to HK$33 billion as of the end
of September 2015, compared with HK$26 billion six months
previously.

"We expect the company's debt level to continue to grow in fiscal
2016, although CSC has moderately reduced land acquisitions due to
unfavorable market conditions," Ms. Liu said.

S&P believes that CSC's liquidity position will weaken over the
next 12 months, given that the company's short-term debt grew 26%
to HK$12.1 billion by the end of September 2015.  Following weak
sales in the first half of this fiscal year, visibility over the
next six months is still low.

The negative outlook on CSC reflects S&P's expectation that the
company's cash flow and leverage ratios will deteriorate
significantly in fiscal 2016 and 2017, given sales execution and
revenue recognition are likely to remain weak for the next 12-18
months.  S&P also believes the company's liquidity position could
worsen, given its large balance of short-term debt and low sales.

S&P could downgrade CSC if: (1) the company's liquidity weakens
further to a deficit position; (2) sales execution continues to
deteriorate; or (3) its income growth is significantly lower than
S&P previously expected.  This could happen if CSC does not
demonstrate stronger financial discipline, such that its EBITDA
interest coverage falls below 1x on a sustained basis.

S&P could consider revising the outlook to stable if CSC
materially improves its sales execution, maintains profitability,
controls its leverage, and substantially improves its liquidity
position, such that its EBITDA interest coverage is at least 1.5x
on a sustained basis.


NANTONG MINGDE: To Sell Assets on Taobao
----------------------------------------
Lee Hong Liang at Seatrade reports that bankrupt Nantong Mingde
Heavy Industry has resorted to selling its assets on Taobao,
China's largest online retail platform, after the yard failed to
find investors, according to Nantong's Tongzhou District People's
Court.

Seatrade says the court has put up a notice on Taobao saying that
the Chinese shipyard's assets will be on sale from Dec. 31, 2015
at a starting bid price of approximately RMB1.59 billion
($247.59m)

Some of the assets on sales include the Mingde's land use rights,
property, construction equipment, raw materials, machinery,
vehicles, electronics and office equipment, and one shipyard dock
and two piers, according to Seatrade.

Seatrade notes that Mingde itself applied to the court for
bankruptcy on July 31 this year, after it failed to attract new
investors and did not submit its restructuring plan.

In December last year, compatriot shipbuilder Sainty Marine had
applied to help restructure Mingde but the rescue plan made no
headway as Sainty Marine is itself mired in financial troubles,
the report recalls. Sainty Marine is Mingde's biggest creditor and
the two yards had collaborated over newbuilding contracts, the
report notes.

According to Seatrade, Mingde was once China's leading builder of
chemical tankers, and is also listed as a 'white list' shipyard,
giving it preferential access to domestic bank loans as part of a
government policy to ease the liquidity crunch faced by shipyards.
The 'white list' status, however, offers no protection against
existing debts and does not give the companies automatic access to
fundings.

Nantong Mingde Heavy Industry Company, Ltd. manufactures ships,
barges, and lighters. The Company offers building and repairing
ships, oil product tank and chemical tankers, car and truck
carriers, ferries, and platform supplier vessel.


ZHEN DING: Posts $250K Net Loss, Raises Going Concern Doubt
-------------------------------------------------------------
Zhen Ding Resources Inc. had a net loss of $250,020 for the three
month ended Sept. 30, 2015, which was 211% more than the net loss
of $80,418 for the three month ended September 30, 2014.  The
increase in net loss was mainly resulted from the decrease in
other income 2015, explained the company's President, Treasurer,
Secretary and Director Wen Mei Tu and Chairman, Chief Financial
Officer and Director De Gang Wei in a regulatory filing with the
U.S. Securities and Exchange Commission on November 5, 2015.

At Sept. 30, 2015, the company had total assets of $2,077,682,
total liabilities of _____, and total deficit of $5,247,575.  The
company's balance sheet as of September 30, 2015 reflects current
assets of $290,558.  "We had cash and cash equivalents in the
amount of $18,611 which is insufficient to carry out our stated
plan of operation for the next 12 months," Ms. Tu and Mr. Wei
stated.

"As of September 30, 2015, our company had accumulated losses of
$16,370,162 since inception and had a working capital deficit of
$7,034,699.

"These factors raise substantial doubt regarding our company's
ability to continue as a going concern."

Ms. Tu and Mr. Wei further revealed, "The continuation of our
company as a going concern is dependent upon financial support
from its stockholders, the ability of our company to obtain
necessary equity financing to continue operations, and the
attainment of profitable operations.  The full and timely
development and implementation of our business plan and growth
strategy will require significant additional resources, and our
company may not be able to obtain the funding necessary to
implement its growth strategy on acceptable terms or at all.  An
inability to obtain such funding could slow down or prevent our
company from further development of its mineral resources.

"Our company intends to explore additional options to secure
sources of capital, including the issuance of debt, and equity,
including preferred equity securities or other equity securities.
Our company does not have commitments from any third parties to
provide additional financing. Our company might not succeed in
raising additional equity capital or in negotiating and obtaining
additional and acceptable financing when it needs it or at all.

"Our company's ability to obtain additional capital will also
depend on market conditions, national and global economies and
other factors beyond its control.  We cannot assure you that our
company will be able to implement or capitalize on various
financing alternatives or otherwise obtain required capital, the
need for which is substantial given its operating loss history and
its business and development plan.  The terms of any future debt
or equity funding that our company may obtain in the future may be
unfavorable to our company and to its stockholders."

A full-text copy of the company's quarterly report is available
for free at: http://tinyurl.com/zglj56g

Zhen Ding Resources Inc. is engaged in seeking business
partnership opportunities with companies that are in the field of
exploration and extraction of precious and base metals, primarily
in China, which are in need of funding and improved management.
The company would provide the necessary management expertise and
assist in financing efforts of these mining operations.  The
company's principal office is located in Montreal, Quebec, Canada.



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AASTHA FASHIONS: ICRA Reaffirms B+ Rating on INR6.0cr Cash Loan
---------------------------------------------------------------
ICRA has re-affirmed the long-term rating of [ICRA]B+ for the
INR6.00 crore (enhanced from INR3.00 crore) fund based limits and
the INR2.92 crore (reduced from INR3.67 crore) term loan facility
of Aastha Fashions Private Limited. ICRA has also re-affirmed the
short-term rating of [ICRA]A4 for the INR2.00 crore non-fund based
limits of AFPL, which are a sub-limit of the INR6.00 crore cash
credit facility.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term, fund
   based: Cash Credit     6.00       [ICRA]B+/Re-affirmed

   Long-term, fund
   based: Term Loan       2.92       [ICRA]B+/Re-affirmed

   Short-term, non-
   fund based: Letter
   of Credit              2.00       [ICRA]A4/Re-affirmed

The ratings re-affirmation continues to take into account the long
experience of the company's promoters in the textile business, its
diversified customer base, and AFPL's steady growth in revenues
over the years. The ratings, however, continue to remain
constrained by AFPL's weak financial profile as reflected by its
moderate profitability margins, highly leveraged capital structure
and modest coverage indicators. Furthermore, AFPL's profitability
remains exposed to raw material price fluctuations and the
cyclicality inherent in the textile business. The ratings also
take into account the small scale of operations of the company and
the high competitive intensity of the fabric processing industry.

Founded in 2002, Aastha Fashions Pvt. Ltd. (AFPL) is engaged in
the fabric processing business, mainly in printing greige fabric
(sarees and dress material) on a job-work basis. It has a fabric
processing facility at Surat, Gujarat. AFPL's clientele provide
the fabric and it processes the same in-house. The major raw
materials used are colors and chemicals, which the company
procures locally. AFPL markets its products directly to its
customers, and mainly operates in the domestic market in Surat.

AFPL reported a Profit after Tax (PAT) of INR0.14 crore on an
operating income (OI) of INR29.65 crore in FY 2014. For FY 2015,
the company reported a PAT of INR0.09 crore on an OI of INR33.51
crore.


AHALIA MONEY: CRISIL Puts B+ Rating on Notice of Withdrawal
-----------------------------------------------------------
CRISIL has placed its rating on the overdraft facility of
Ahalia Money Exchange and Financial Services Private Limited
(Ahalia) under 'Notice of Withdrawal' for a period of 180 days,
with effect from November 25, 2015. This rating action, done on
Ahalia's request, is in accordance with CRISIL's policy on
withdrawal of its ratings on bank loans.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Overdraft Facility       120      CRISIL B+/Stable (Notice
                                     of Withdrawal)

Ahalia, incorporated in 2001, is a Thrissur (Kerala) - based non-
banking financial company (NBFC) with a full-fledged money
changers' license acquired in 2003. The company also offers inward
and outward money remittance services. With a view to expand its
operations in the fund-based business, the company obtained NBFC
license and started offering gold loans from their existing
branches since April 2011. The strategy was to leverage on the
branch network and provide an additional service to existing
clients and source new clients. Additionally, in 2013-14 (refers
to financial year, April 1 to March 31), the company started
offering property, vehicle and personal loans. However, the
portfolio in these segments remains fairly low as of now.

Net loss was INR18 million on total income of INR47 million in
2013-14 compared to profit after tax of INR8 million on total
income of INR48 million in 2012-13. Gold loan portfolio was INR197
million with net worth of INR86 million as on March 31, 2014.


ALLIED ENGINEERS: CRISIL Reaffirms B+ Rating on INR50MM Cash Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Allied Engineers -
Karnal (AE) continue to reflect AE's small scale of operations in
the intensely competitive civil construction industry, and
customer concentration in revenue. These weaknesses are partially
offset by the extensive experience of AE's promoters in the
construction industry and its above-average financial risk profile
marked by low gearing.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee        50        CRISIL A4 (Reaffirmed)
   Cash Credit           50        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes AE will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' in case of significant improvement in its
scale of operations and profitability, along with geographical and
customer diversification, and prudent working capital management.
Conversely, the outlook may be revised to 'Negative' if the firm
registers cash accruals or undertakes any large debt-funded
capital expenditure, or if working capital requirement increases,
leading to weakening of financial risk profile, particularly
liquidity.

AE was set up by Karnal, Haryana-based Gupta family. Mr. Pankaj
Gupta and his brother, Mr. Sandeep Gupta was the partners in the
company with profit sharing of 50 per cent each. In 2015, Mr.
Pankaj Gupta left the partnership and his father Mr. Pawan Gupta
became partner in the firm. AE is engaged in commercial and
industrial construction, primarily in Haryana. AE undertakes
buildings construction project for government departments and
private entities.


CARRIER WHEELS: CRISIL Suspends 'B' Rating on INR233.2MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Carrier Wheels Private Limited (CWPL).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         25        CRISIL A4
   Cash Credit            42.5      CRISIL B/Stable
   Long Term Loan         24.3      CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility    233.2      CRISIL B/Stable

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

CWPL was incorporated on April 19, 2010, to manufacture wheels for
automobile, agricultural equipment, and commercial and
construction equipment. It has its manufacturing facility at
Shamli (Uttar Pradesh), and is promoted by Mr. Varun Jain.


DAON AUTO: CRISIL Suspends 'B' Rating on INR100MM Cash Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Daon Auto Parts India Private Limited (DAPIPL; formerly known as
Hwaseung Auto Parts (India) Pvt Ltd).

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

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

Established in 2009, DAPIPL manufactures weather strips for cars
and derives its entire revenue from HSI Automotives India Pvt Ltd
(HSI). HSI supplies non-tyre rubber components to Hyundai Motor
India Ltd (rated 'CRISIL A1+'). DAPIPL is promoted by Mr. Seo Yoo
Chul.


DECO GOLD: CRISIL Upgrades Rating on INR59.6MM Loan to B-
---------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of
Deco Gold Glazed Tiles Limited (DGGTL) to 'CRISIL B-/Stable/CRISIL
A4' from 'CRISIL D/CRISIL D '.

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

   Cash Credit            50       CRISIL B-/Stable (Upgraded
                                   from 'CRISIL D')

   Proposed Long Term      0.4     CRISIL B-/Stable (Upgraded
   Bank Loan Facility              from 'CRISIL D')

   Term Loan              59.6     CRISIL B-/Stable (Upgraded
                                   from 'CRISIL D')

The upgrade reflects DGGTL's timely servicing of debt over the
seven months through November 2015, driven by improvement in
liquidity because of repayment of almost entire term loan in 2015-
16 (refers to financial year, April 1 to March 31). The company
plans no major debt-funded capital expenditure (capex) over the
medium term. The upgrade also factors in CRISIL's expectation that
DGGTL will maintain its operating profitability and will continue
to receive fund support from its promoters whenever necessary.

The ratings reflect DGGTL's large working capital requirement and
small scale of operations in the fragmented tiles industry. These
weaknesses are partially offset by promoters' industry experience
and established relationships with clients.
Outlook: Stable

CRISIL believes DGGTL will continue to benefit over the medium
term from promoters' industry experience and moderate debt
protection metrics. The outlook may be revised to 'Positive' if
the company reports strong accrual and improves working capital
management. Conversely, the outlook may be revised to 'Negative'
in case of decline in accrual, large debt-funded capex, or
increase in working capital requirement, resulting in weakening of
financial risk profile.

DGGTL, incorporated in 1999, manufactures non-vitrified floor
tiles, and has a manufacturing facility in Morbi, Gujarat. Mr.
Dinesh Kundariya manages operations.


DEEPJYOT ENGINEERS: CRISIL Reaffirms B Rating on INR36MM Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Deepjyot
Engineers Pvt Ltd (DEPL) continues to reflect DEPL's small scale
of operations coupled with below average financial risk profile
marked by a high gearing and subdued debt protection metrics.
                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            20       CRISIL B/Stable (Reaffirmed)
   Term Loan              36       CRISIL B/Stable (Reaffirmed)

These rating weaknesses are mitigated by the promoters' experience
and established relationship with customers and suppliers in the
construction industry.
Outlook: Stable

CRISIL believes DEPL will continue to benefit over the medium term
from its promoters' industry experience. The outlook may be
revised to 'Positive' if DEPL generates higher-than-expected sales
while maintaining profitability, leading to high cash accrual.
Conversely, the outlook may be revised to 'Negative' in case of
low accrual because of low order flow or profitability or because
of a stretched working capital management resulting in weak
liquidity.

Update
DEPL commenced commercial operations from November 2014 onwards
and registered a topline of INR24.6 million in 2014-15 (refers to
financial year, April 1 to March 31) with only five months of
operations. The company is expected to scale up its operations in
2015-16 backed by stabilization of operations. Operating
profitability is expected to remain moderate at 6-8 per cent. The
operations are working capital intensive, with gross current
assets of 100-110 days because of high inventory.

DEPL's financial risk profile is below average driven by high
gearing of above 3 times and small networth of INR14.5 million as
on March 31, 2015. Debt protection metrics are also expected to
remain subdued, as reflected in interest coverage ratio of about 2
times for 2015-16.

Incorporated in 2013, DEPL is setting up a unit to manufacture
pre-engineered buildings. The proposed plant in Rajkot (Gujarat)
will have installed capacity of 6000 tonne per annum for primary
structures. The commercial operations of the company commenced
from November 2014 onwards.


DIVIS INFRATECH: ICRA Suspends 'B/A4' Rating on INR12cr Loan
------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B and short term
rating of [ICRA]A4 assigned to INR12.00 crore fund based and non-
fund based facilities of M/s Divis Infratech India Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


ENVIRO GREEN: ICRA Assigns B+ Rating to INR5.0cr CC Loan
--------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to INR7.00 crore
fund based limits of Enviro Green Alloys Inc.

                          Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based Limits/
   CC Limits               5.00         [ICRA]B+/ Assigned

   Fund Based Limits/
   Term Loans              2.00         [ICRA]B+/ Assigned

The rating takes into account, EGA's established track record and
the considerable experience of its promoters in the lead
processing business. ICRA also positively considers EGA holding
pollution clearance for full installed capacity, which would allow
the firm to scale up business without any regulatory hindrances.
The rating further factors in the favourable demand outlook for
lead and lead alloys, backed by expected demand growth in the
stationary lead-acid battery segment for industrial and UPS usage
in the medium term.

The rating, however, is constrained by the moderate scale of EGA's
operations; the low profitability due to the limited value added
nature of business; and the intense competition in the highly
fragmented lead processing industry which further exerts pricing
pressures. ICRA also takes into account, EGA's average financial
risk profile characterised by a highly leveraged capital structure
and modest coverage and debt protection metrics. The rating also
factors in the exposure of EGA's profitability to volatility in
lead prices; and the exposure to regulatory risk of any adverse
policy change with respect to waste disposal and pollution
control.

EGA's ability to better manage its working capital and improve its
liquidity position remains key rating sensitivities.

Enviro Green Alloys Inc., incorporated in 2011, is involved in
manufacturing pure lead, lead alloys and lead oxides through
recycling lead scrap arising out of used lead in batteries and
sheathing. With an installed capacity of 2,800 MTPA, EGA caters to
battery manufacturers in the domestic markets. EGA operates in
three shifts and employs about 45 employees.

Recent Results
As per the audited results for FY2015, the firm reported a net
profit of Rs 0.28 crore on an operating income (OI) of Rs 38.24
crore as against a net profit of INR0.11 crore on an OI of
INR14.18 crore in FY2014.


FLORIDA ELECTRICAL: ICRA Reaffirms B+ Rating on INR7.50cr Loan
--------------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B+ on the
INR8.00 crore fund based and unallocated bank facilities of
Florida Electrical Industries Limited.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund Based Limit      7.50       [ICRA]B+; reaffirmed
   Unallocated           0.50       [ICRA]B+; reaffirmed

ICRA's ratings continue to take into account the high competitive
intensity in the electrical products industry, in which FEIL
operates, which leads to pricing pressure for all the industry
participants and the continuous technological advancement, which
renders players vulnerable to the risk of technological
obsolescence. The ratings also factor in FEIL's low bargaining
power relative to established principals, which has restricted its
growth over the last few years. The ratings also take into account
its high working capital intensity on account of high level of
inventory maintained. The ratings also factor in the company's
weak financial profile characterized by high gearing and weak
coverage indicators. The ratings, however, derive comfort from the
extensive experience of FEIL's promoters in the electrical
business and its status as an Original Equipment Manufacturer
(OEM) of established players like Havells India Limited and Osram
India Limited. ICRA also takes note of the growth in the company's
operating income in H1FY2016, and the company's healthy order book
position, on account of tenders received from Energy Efficiency
Services Limited (EESL).

Going forward, the ability of the company to increase its scale of
operations and sustain its profitability, while maintaining a
prudent capital structure and optimizing the working capital
intensity will be the key rating sensitivities.

FEIL was incorporated in 1994 by Mr. Anil Arora. The company is
involved in the manufacturing of electrical products like CFL
(Compact Fluorescent Lamp), FTL (Fluorescent Tubular Lamps),
ballast, LED lights, drivers etc and has its unit at Bhiwadi,
Haryana and Mayapuri, Delhi. The company currently operates as an
OEM of established players like Havells India Limited and Osram
India Limited. The company has also started getting orders from
EESL for installation and maintenance of street lights in various
cities.

Recent Results
The company reported a net profit of INR0.05 crore on an operating
income of INR17.24 crore in FY 2015 as compared to a net profit of
INR0.14 crore on an operating income of INR26.10 crore in the
previous year. Further, in H1FY2016, the company, on a provisional
basis, reported an operating income of INR18.44 crore.


G.N.R COTTON: ICRA Suspends B- Rating on INR20cr Loan
-----------------------------------------------------
ICRA has suspended [ICRA]B- assigned to INR20.00 crore fund based
facilities of G.N.R. Cotton Corporation. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company.

G.N.R Cotton Corporation (GNRCC) was established in 1999 with
ginning and trading activities as its operations located in
Guntur, Andhra Pradesh. The firm used to operate on job work basis
for ginning and pressing of cotton lint in various ginning mills
located in Guntur. The firm is presently managed by Mr. Gajavelli
Venkateswara Rao and his brother Mr. Gajavelli Poorna Chandra Rao
with 15 years of experience in cotton and yarn marketing.


J.S.V MOTORS: CRISIL Reaffirms B+ Rating on INR140MM Loan
---------------------------------------------------------
CRISIL's rating on the bank facilities J.S.V Motors and
Constructions Private Limited (JSVL) continue to reflect JSVL's
average financial risk profile, marked by a weak interest coverage
ratio and a high total outside liabilities to tangible net worth
ratio, and its exposure to intense competition in the automobile
dealership segment. These rating weaknesses are partially offset
by JSVL's established relationship with Hyundai Motors India Ltd
(HMIL) and the company's increasing scale of operations.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Inventory Funding
   Facility               140      CRISIL B+/Stable (Reaffirmed)

   Overdraft Facility     125      CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      66.2    CRISIL B+/Stable (Reaffirmed)

   Term Loan                8.8    CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that JSVL's business risk profile will continue to
benefit over the medium term from its established relationship
with HMIL. The outlook may be revised to 'Positive' if the company
sustainably improves its scale of operations while sustaining its
operating margin and efficient working capital management, or if
it improves its financial risk profile. Conversely, the outlook
may be revised to 'Negative' if JSVL's financial risk profile
deteriorates, most likely because of an increase in its working
capital requirements or large debt-funded capital expenditure.
JSVL was incorporated in 2000 in Lucknow. The company is an
authorised dealer for HMIL's vehicles. It operates two showrooms
and a workshop in Lucknow, and a sales office in Barabanki (Uttar
Pradesh). The company is owned and managed by Mr. Jatin Verma and
Mr. Pankaj Verma.


JEWEL CAST: CRISIL Reaffirms 'B' Rating on INR50MM Gold Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Jewel Cast (JC)
continues to reflect JC's modest scale of operations in highly
fragmented jewellery industry, working capital intensive
operations and weak financial risk profile marked by small net
worth, high gearing and weak debt protection metrics. These rating
strengths are partially offset by its promoters' extensive
experience in gold jewellery industry.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Gold Loan               50      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that JC will continue to benefit over the medium
term from the extensive experience of the partners in the gold
jewellery business. The outlook may be revised to 'Positive' if
the company registers substantial and sustained increase in its
revenue and profitability margins, or if there is substantial
increase in networth owing to equity infusion by the promoters.
Conversely, the outlook may be revised to 'Negative' if JC's
profitability margins declines, or if its working capital
requirements increase, leading to deterioration in its capital
structure.

JC was setup in 1999 as a proprietorship concern of Mr. Manish
Jain in Mumbai (Maharashtra). The concern is engaged in
manufacturing of gold jewellery. The concern does not have its own
manufacturing unit and gets jewellery manufactured on job work
basis.


K L R INDUSTRIES: CRISIL Suspends 'D' Rating on INR325MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
K L R Industries Limited (KLR).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           325        CRISIL D
   Letter of Credit       13.4      CRISIL D
   Term Loan             161.6      CRISIL D

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

KLR was set up in 1985 by Mr. Kichannagari Laxma Reddy and his
family members. The company manufactures drilling equipment, which
are used mainly in drilling wells.


KAMSON HEALTH: CRISIL Suspends 'D' Rating on INR97MM Term Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Kamson Health Care Private Limited (Kamson).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           8.5       CRISIL D
   Term Loan            97         CRISIL D

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

Kamson is a contract manufacturer of personal care products for
Himalaya. The company manufactures shampoo, hair oil, cream, and
others personal care products. It is based in Mahaboobnagar
(Andhra Pradesh), and commenced operations in 2012.


KANAKA DURGA: CRISIL Suspends 'D' Rating on INR70MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Kanaka
Durga Cotton Mills (KDCM).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            70       CRISIL D
   Term Loan              50       CRISIL D

The suspension of ratings is on account of non-cooperation by KDCM
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, KDCM is yet to
provide adequate information to enable CRISIL to assess KDCM'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 2009 as a partnership firm, KDCM is engaged in ginning
and pressing of raw cotton. The firm's ginning unit is based in
Guntur district in Andhra Pradesh. The firm currently has five
partners - Mr. Gannamaneni Murali Krishna, Mrs. G Rangamma, Mr. G
Sudheer Babu, Mr. Praineni Ashok, and Mr. P Madhav.


KN INTERIOR: CRISIL Suspends B+ Rating on INR10MM Cash Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
KN Interior Designs and Engineering Pvt Ltd (KNPL).

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Cash Credit              10       CRISIL B+/Stable
   Overdraft Facility        3.5     CRISIL A4

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

Incorporated in 2009 and based in Chennai (Tamil Nadu), KNPL
provides end-to-end interior design solutions. The company is
promoted by Mr. N Kannan, Mr. Kannan Narayanan and Mr. Srinivasan.


KRISHNA CONSTRUCTION: ICRA Suspends B+ Rating on INR4.5cr Loan
--------------------------------------------------------------
ICRA has suspended the rating of [ICRA]B+ assigned to the INR4.50
crore fund based working capital facilities, and the ratings of
[ICRA]B+ and [ICRA]A4 assigned to the INR3.50 crore bank guarantee
and INR1.50 crore untied non-fund based limit of Krishna
Construction (KC). The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the firm.


KRISHNA VALLEY: CRISIL Suspends B- Rating on INR92.2MM Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Krishna
Valley Power Private Limited (KVPPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Long Term
   Bank Loan Facility      1       CRISIL B-/Stable

   Term Loan              92.2     CRISIL B-/Stable

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

KVPPL incorporated in 2001 is part of the Gilada Group, promoted
by Mr. Shankarlal Gilada and his son Mr. Rajgopal Gilada. The
company is engaged in executing hydro power projects. The company
currently operates a hydroelectric power plant Vajra-II of 1.5 MW
near Shahapur in the Bhatsa river basin in Maharashtra, which was
commissioned in December 2012.


MAHAVIR ECO: CRISIL Lowers Rating on INR147.5MM LT Loan to 'B'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank loan
facility of Mahavir Eco Projects Private Limited (MEPL) to 'CRISIL
B/Stable' from 'CRISIL B+/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Long Term Loan        147.5     CRISIL B/Stable (Downgraded
                                    from 'CRISIL B+/Stable')

The rating downgrade reflects CRISIL's belief that the company's
liquidity will remain constrained over the medium term on account
of delays in MEPL's project execution. The commercial operations
were previously expected to commence from April 2015, however,
they are now expected to commence from January 2016. This is
primarily on account of delays in getting approval for the supply
of effluents to MEPL for the by its members.  With the term loan
repayments previously expected to commence from December 2015, the
delays in project execution is expected to pressurize the
company's liquidity.

The rating also reflects MEPL's susceptibility to implementation-
and technology-related risks in its ongoing project and below
average financial risk profile during the initial stages of
project completion and commercialisation. These rating weaknesses
are partially offset by the technical expertise of the company's
promoters and their extensive experience in the chemical
intermediates business and their ability to provide need based
funding support.
Outlook: Stable

CRISIL believes MEPL will continue to benefit over the medium term
from its promoters' technical expertise and extensive experience
in the chemical intermediates business. The outlook may be revised
to 'Positive' if the company stabilises its operations in a timely
manner at its proposed plant and achieves substantial growth in
revenue and profitability. Conversely, the outlook may be revised
to 'Negative' if MEPL's liquidity weakens with significant delays
in the commercialisation of its plant, substantially low cash
accrual during the initial phase of its operations, or sizeable
working capital requirements.

MEPL was incorporated in 2012 to set up an integrated waste-
management facility for the textile and chemical industries. The
company is likely to begin commercial production in Jan 2016. MEPL
is promoted by Mr. Vatsal Naik, who, along with his family, has
extensive experience in the business of manufacturing chemical
intermediates.


O.P.S. INTERNATIONAL: CRISIL Rates INR20MM Cash Loan at 'B'
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of O.P.S. International (OPSI; part of OPS group).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            20       CRISIL B/Stable
   Letter of Credit      140       CRISIL A4

The ratings reflect OPS group's weak financial risk profile, high
working capital requirements and susceptibility of its operating
margins to volatility in raw material prices and foreign exchange
rates. These rating weaknesses are partially offset by the group's
established presence aided by the extensive industry experience of
its promoters and its healthy customer relationships.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of OPSI and its associate entity, Om
Prakash Satish Kumar (OPSK), together referred to as OPS group.
This is because both the entities have a common management and
derive business and financial synergies from each other.
Outlook: Stable

CRISIL believes that OPS group will continue to benefit over the
medium term from its promoters' extensive industry experience and
its established customer relationship. The outlook may be revised
to 'Positive' if there is improvement in the group's financial
risk profile led by fresh equity infusion or if better-than-
expected cash accruals on account increase group's scale of
operations and operating profitability, on a sustained basis.
Conversely, the outlook may be revised to 'Negative' if the
group's revenues or operating profitability decline, or if the
group undertakes a 'larger than expected' debt funded capital
expenditure, or if the promoters withdraw capital from the group,
leading to further weakening of its financial risk profile.

Set up in 1987 as a proprietorship entity by Mr. Om Prakash Satish
Kumar, OPSK is involved import and trading of timber. OPSI,
established in the year 2005, promoted by same family is also
engaged in import and trading of hardwood and softwood. Based out
of Delhi, the day to day operations of the group are managed by
Mr. Sumit Singhal.


OM PRAKASH: CRISIL Assigns 'B' Rating to INR20MM Cash Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Om Prakash Satish Kumar (OPSK; part of OPS
group).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            20       CRISIL B/Stable
   Letter of Credit      230       CRISIL A4

The ratings reflect OPS group's weak financial risk profile, high
working capital requirements and susceptibility of its operating
margins to volatility in raw material prices and foreign exchange
rates. These rating weaknesses are partially offset by the group's
established presence aided by the extensive industry experience of
its promoters and its healthy customer relationships.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of OPSK and its associate entity, OPS
International (OPSI), together referred to as OPS group. This is
because both the entities have a common management and derive
business and financial synergies from each other.
Outlook: Stable

CRISIL believes that OPS group will continue to benefit over the
medium term from its promoters' extensive industry experience and
its established customer relationship. The outlook may be revised
to 'Positive' if there is improvement in the group's financial
risk profile led by fresh equity infusion or if better-than-
expected cash accruals on account increase group's scale of
operations and operating profitability, on a sustained basis.
Conversely, the outlook may be revised to 'Negative' if the
group's revenues or operating profitability decline, or if the
group undertakes a 'larger than expected' debt funded capital
expenditure, or if the promoters withdraw capital from the group,
leading to further weakening of its financial risk profile.

Set up in 1987 as a proprietorship entity by Mr. Om Prakash Satish
Kumar, OPSK is involved import and trading of timber. OPSI,
established in the year 2005, promoted by same family is also
engaged in import and trading of hardwood and softwood. Based out
of Delhi, the day to day operations of the group are managed by
Mr. Sumit Singhal.


PRT HOTELS: CRISIL Suspends 'D' Rating on INR280MM LT Loan
----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
PRT Hotels Pvt Ltd (PRT).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Long Term Loan         280       CRISIL D

The suspension of ratings is on account of non-cooperation by PRT
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, PRT is yet to
provide adequate information to enable CRISIL to assess PRT'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 2003, PRT runs a 4-star hotel in Trivandrum (Kerala).
The company is promoted by Mr. Ramsubbu Perumal along with his
family members. The hotel commenced its commercial operations in
December 2013.


RANA UDYOG: CRISIL Lowers Rating on INR107.5MM Loan to 'B'
----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Rana Udyog Pvt Ltd (RUPL) to 'CRISIL B/Negative' from 'CRISIL
BB-/Negative', and reaffirmed its rating on the short-term bank
facility at 'CRISIL A4'.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit             85       CRISIL B/Negative (Downgraded
                                    from 'CRISIL BB-/Negative')

   Letter of credit &      10       CRISIL A4 (Reaffirmed)
   Bank Guarantee

   Proposed Long Term     107.5     CRISIL B/Negative (Downgraded
   Bank Loan Facility               from 'CRISIL BB-/Negative')

The downgrade reflects weakening in business risk profile because
of slowdown in operations and large working capital requirement.
Revenue was stagnant, at INR240-290 million over the three years
through 2014-15 (refers to financial year, April 1 to March 31).
It was INR298 million in 2014-15 and INR46 million till August
2015 in 2015-16. Inventory and receivables were INR248 million and
INR82 million, respectively, as on March 31, 2015. The large
working capital requirement constrained liquidity, with full
utilisation of bank lines. The downgrade also reflects Rana's weak
financial risk profile marked by interest coverage of less than 1
time in 2014-15.

The ratings reflect below-average business risk profile because of
small scale of operations, large working capital requirement, and
susceptibility to cyclicality in the steel sector. The ratings
also factor in weak financial risk profile. These weaknesses are
partially offset by promoters' extensive experience in the iron
and steel industry.
Outlook: Negative

CRISIL believes RUPL's operations will remain susceptible to
cyclicality in the iron and steel industry, and working capital
requirement will remain large. The ratings may be downgraded if
working capital cycle lengthens, leading to constrained liquidity.
Conversely, the outlook may be revised to 'Stable' in case of
sustainable and substantial increase in revenue and profitability,
and improvement in working capital management.

RUPL was incorporated in 1995 to take over the business of Rana
Enterprises, a partnership concern set up in 1970. The company
manufactures rolling mill equipment for different types of rolling
mills such as bar mills, wire rod mills, structural steel mills,
and section mills. Its factory is at Ghusuri in Howrah (West
Bengal).


REDDY AGRO: CRISIL Reaffirms B+ Rating on INR80MM Cash Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL A4' rating to the short-term bank
facility of Reddy Agro Products Private Limited (RAPPL) and
reaffirmed its rating on the long-term facility at 'CRISIL
B+/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           80        CRISIL B+/Stable (Reaffirmed)
   Letter of Credit       6.9      CRISIL A4 (Assigned)

The ratings reflect the company's below-average financial risk
profile because of high gearing and weak debt protection metrics.
The ratings also factor in a modest scale of operations in the
intensely competitive and regulated rice processing industry, and
susceptibility to vagaries of the monsoons and volatility in raw
material prices. These rating weaknesses are partially offset by
the extensive industry experience of the company's promoters.
Outlook: Stable

CRISIL believes RAPPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of an improvement in
scale of operations and working capital management, resulting in
higher-than-expected net cash accrual, along with significant
capital infusion, leading to a better financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of
any large, debt-funded capital expenditure, or a stretched working
capital cycle, or a decline in profitability, weakening the
financial risk profile, particularly liquidity.

Incorporated in 2009, RAPPL processes rice and manufactures rice
products. The company is promoted by Mr. S K Eswara Reddy and his
brother, Mr. S Venkata Reddy.

In 2014-15 (refers to financial year, April 1 to March 31), profit
after tax (PAT) was INR1.01 million on total revenue of INR420.73
million, against PAT of INR1.10 million on total revenue of
INR421.21 million in 2013-14.


ROHAN METALS: CRISIL Reaffirms 'B' Rating on INR115MM Cash Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Rohan Metals
Private Limited (RMPL) continues to reflect RMPL's below-average
financial risk profile because of modest net worth, high total
outside liabilities to tangible net worth (TOLTNW) ratio, and weak
debt protection metrics. The rating also factors in RMPL's small
scale of operations in the metal manufacturing and trading
business, and susceptibility of operating margin to volatility in
metal prices. These rating weaknesses are partially offset by the
extensive experience of its promoter.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            115      CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      35      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

RMPL's financial risk profile will remain weak over the medium
term, driven by large working capital requirements and small net
worth. The outlook may be revised to 'Positive' in case its
capital structure improves driven by significant increase in
revenue and profitability, and efficient working capital
management. Conversely, the outlook may be revised to 'Negative'
in case the financial risk profile, particularly liquidity,
weakens owing to significant stretch in working capital cycle or
decline in revenue and profitability leading to lower-than-
expected cash accrual.

RMPL, incorporated in 1996, manufactures and trades in lead alloys
and lead ingots that are used in batteries. The manufacturing unit
is in Bhiwadi, Rajasthan and trading unit is in New Delhi.


S.S. CHEMICALS: ICRA Suspends B- Rating on INR5.50cr Loan
---------------------------------------------------------
ICRA has suspended [ICRA]B- assigned to INR5.50 crore fund based
facilities of S.S. Chemicals. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.

S.S. Chemicals is a partnership firm incorporated in 2011 for
setting up a plant for the manufacture of Barium Sulphide (6000
MTPA), Barium Carbonate (4200MTPA) and Sodium Sulphide (2500MTPA).
Barium Sulphide is an intermediary in the manufacture of Barium
Cabonate and Sodium Sulphide. The plant is located in Kadapa Mega
Industrial Park under APIIC (Andhra Pradesh Industrial
Infrastructure Corporation), 70Km away from extensive raw material
resources of baryte in Mangampeta. The firm is set up by Mr. S.
Reddaiah, Mr. S. Ramana Reddy and Mr. J. Siva Prasad and their
spouses. The partners have varied experience in clinker grinding,
education and medical agency. The firms commercial production has
started in January'14. The product profile includes barium
carbonate, sodium sulphide and barium sulphide which find
application in alkali, glass, ceramic, cement, firework, tannery,
paint, waste water treatment and paper industries.


SANDEEP SEEDS: CRISIL Suspends 'D' Rating on INR220MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of
Sandeep Seeds and Farms Private Limited (SSF; part of the Sandeep
group).
                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            220      CRISIL D

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

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of SSF, Ajay Seed Processing Plant,
Sandeep Seed Processing Plant, and Santosh Seed Processing Plant.
This is because these companies, collectively referred to as the
Sandeep group, have common promoters, are in the same line of
business, and have significant operational and financial linkages
with each other.

The Sandeep group processes and sells self-pollinated seeds such
as paddy, bengal gram, ground nuts, and soya bean.


SANKAR COTTON: ICRA Suspends 'B' Rating on INR20cr Loan
-------------------------------------------------------
ICRA has suspended the [ICRA] B rating assigned to INR20.00 crore
fund based facilities of Sankar Cotton Traders. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.

Sankar Cotton Traders (SCT) was established in 2003 with only
ginning activity as its main operations. SCT has a plant with 12
gins installed at Etukur road of Guntur, Andhra Pradesh. The firm
used to operate with 21 gins (12 own gins and 9 leased gins) till
January 2013. During February 2013 the firm has automated the
plant with 12 gins in the same facility and sold it to M/s.
Gayatri Cotton Mills. SCT avails pressing facilities from various
pressing units present in Guntur on job work basis. SCT is
promoted by Mr.I.Basavaiah, he has more than 20 years of
experience in cotton ginning and trading business and also
managing partner of M/s. Gayatri Cotton Mills.


SHAH LAXMI: ICRA Reaffirms B+ Rating on INR3.5cr LT Loan
--------------------------------------------------------
ICRA has reaffirmed long term rating of [ICRA]B+ to the INR3.5
crore fund based and INR6.45 crore non fund based bank limits of
Shah Laxmi Narayan Satish Chandra Exim Private Limited. ICRA has
also reaffirmed short term rating of [ICRA]A4 rating to the
abovementioned INR6.45 crore non fund based bank lines of the
company. As such the total utilisation of non fund based bank
limits should not exceed INR6.45 crore at any point of usage.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term, fund
   based facilities       3.5        [ICRA]B+ reaffirmed

   Long-term/Short
   Term, non fund-
   based facilities      6.45        [ICRA]B+/[ICRA]A4 reaffirmed

The reaffirmation of ratings favourably takes into account the
long experience of Shah Laxmi Exim's promoters in the trading
industry and its diversified client profile. The ratings are
however constrained by the company's low profitability arising
from highly competitive nature of the trading industry and
exposure of its profitability to adverse fluctuations in the
foreign exchange markets. ICRA notes that the promoters have
transferred their entire business from the proprietorship concern
(Shah Laxmi Narayan Satish Chandra) to the private limited company
(Shah Laxmi Exim) and as such the business profile of the newly
formed entity will continue to remain the same as that of the old
entity.

Shah Laxmi Narayan Satish Chandra Exim Private Limited (Shah Laxmi
Exim) was incorporated in June 2013 and commenced its business
operations in January 2014. The company was formed as a part of
Shah Laxmi group's efforts to corporatize its business operations.
Accordingly, the group has gradually shifted all its business
operations to Shah Laxmi Exim from Shah Laxminarayan Satishchandra
(Shah Laxmi, a proprietorship firm) which was set up in 1963 by
Late. Mr. Laxmi Narayan at Jodhpur.

Over the years, the group has been trading in various mercantile
products. It has been an agent for DCW Ltd - FMCG and PVC Resin,
Nocil - Solvents, NFL - Fertilisers, Punjab Alkalies - Caustic
Soda, etc. in the past. During the last few years, the group's
main business has been to import and sell polymers in the domestic
market. Apart from polymers, the group also imports and trades in
foils, agri products, metal scrap, etc. in the domestic market.
Currently, the business is handled by Mr. Satish Chandra (son of
Laxmi Narayan) and his sons Mr. Hemant and Sharad. The company has
its registered office at Jodhpur with its branch in Mumbai.

Recent results:
As per the audited financials, for the fiscal year ended March
2015, the company reported a Net Profit of INR0.02 crore on an
operating income of INR29.2 crore.


SHANKARA VEHICLES: ICRA Assigns B Rating to INR9.0cr Cash Loan
--------------------------------------------------------------
ICRA has assigned the [ICRA]B rating to the INR9.00 crore cash
credit facilities, INR0.50 crore term loans and INR0.50 crore
unallocated limits of Shankara Vehicles Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limit
   Cash Credit           9.00         [ICRA]B assigned

   Fund Based Limit
   Term Loans            0.50         [ICRA]B assigned

    Unallocated Limits   0.50         [ICRA]B assigned

The assigned rating takes into account, SVPL's small scale of
current operations, as well as its limited track record of
operations with commercial sales having started from June, 2015
onwards. ICRA also takes note of the company's presence in the
auto dealership business which is characterized by thin margins,
weak bargaining position of the dealers with the principal and
high working capital intensity of dealers operations. The assigned
rating also factors in SVPL's exposure to the stiff competition
from other dealers of HMIL in Raipur as well as automobile dealers
of other OEMs given the highly competitive environment in the
Indian passenger car segment with aggressive model launches and
expansion of service networks. SVPL also remains exposed to the
inherent cyclicality of the Indian passenger car industry. The
assigned rating also takes into account the experience of the
promoters in the dealership business of electronic goods as well
as two wheelers and the established position of Hyundai Motors
India Limited (HMIL), which is currently the second largest player
in the Indian passenger car segment. Going forward, SVPL's ability
to increase its scale of operations and generate moderate profits,
with limited increase in its working capital requirements would
remain key rating sensitivities.

Shankara Vehicles Private Limited, incorporated in November 2014,
is an authorized dealer of Hyundai Motors India Limited. The
company deals in new cars, pre-owned cars, accessories, spares,
and also provides service for HMIL's passenger cars. Currently,
the company owns a single sale, services and spares outlet in
Raipur, Chhattisgarh. The company's outlet was launched recently
in June, 2015.


SHIVAM MASALA: CRISIL Lowers Rating on INR100MM Cash Loan to B-
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Shivam Masala Pvt Ltd (SMPL) to 'CRISIL B-/Stable' from 'CRISIL
BB/Stable.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            100      CRISIL B-/Stable (Downgraded
                                   from 'CRISIL BB/Stable')

The downgrade reflects SMPL's stretched liquidity, reflected by
frequently overdrawn working capital limits in the recent past
driven by increasing working capital requirement, and low
profitability in 2014-15 (refers to financial year, April 1 to
March 31). Working capital limit utilisation increased in 2015-16
due to inventory loss of INR9-10 million. Although the inventory
loss was a one-time phenomenon because of a force majeure event,
its impact is expected to last over the near term in the absence
of adequate funding support from promoters. CRISIL believes SMPL's
liquidity will remain under stress over the medium term.

The rating reflects modest scale of operations in the highly
fragmented food industry, and weak financial risk profile because
of small networth, high gearing, and weak debt protection metrics.
These weaknesses are partially offset by promoters' extensive
experience in the spices and pickle segments.
Outlook: Stable

CRISIL believes SMPL will continue to benefit over the medium term
from its promoters' industry experience. The outlook may be
revised to 'Positive' if SMPL registers more-than-expected growth
in revenue, while substantially improving profitability, leading
to a better financial risk profile. Conversely, the outlook may be
revised to 'Negative' in case of sustained pressure on
profitability, increase in working capital requirement, or larger-
than-expected debt-funded capital expenditure, resulting in lower-
than-expected cash accrual, thereby weakening financial risk
profile, particularly liquidity.

SMPL, incorporated in 1999 and promoted by Mr. Venugopal Khanna
and his family members, processes and distributes spices and
pickles under its registered brand, Paras.


SHRI RAM: CRISIL Assigns B+ Rating to INR47.5MM Cash Loan
---------------------------------------------------------
CRISIL has assigned a rating of 'CRISIL B+/Stable' on the long-
term bank facilities of Shri Ram Comtrade Private Limited (SRCPL).
The rating reflects SRCPL's large working capital requirements and
its modest scale of operations in the distribution business. These
weakness are partially offset by the extensive experience of the
promoters in the trading of building materials.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           47.5      CRISIL B+/Stable

Outlook: Stable

CRISIL believes SRCPL will maintain its business risk profile
backed by the extensive industry experience of the promoters. The
outlook may be revised to 'Positive' if the company significantly
improves its scale of operations and profitability, or receives a
substantial equity infusion from the promoters, resulting in a
better financial risk profile. Conversely, the outlook may be
revised to 'Negative' if SRCPL's working capital requirements
increase, decreasing its liquidity, or if it undertakes a large,
debt-funded capital expenditure programme, weakening the capital
structure.

Incorporated in 2012, SRCPL is engaged in trading of construction
materials such as steel and cement as well as jute, electrical
items, and sanitary ware. The company is located in Ranchi and
carries out its business in Jharkhand. Moreover, it is involved in
opportunity-based export of mainly jute, electrical items, and
sanitary ware. SRCPL is promoted by Mr. Abhishek Agarwal and Mr.
Prakash Sarawgi, who has more than two decades of experience in
trading of construction materials.


SJS MOTORS: ICRA Reaffirms 'B' Rating on INR8.75cr Cash Loan
------------------------------------------------------------
ICRA has reaffirmed its long term rating on the INR8.75 Crore
working capital facility of SJS Motors at [ICRA]B. ICRA has also
reaffirmed its rating of [ICRA]B on the INR1.25 crore unallocated
limits of the firm.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit           8.75         [ICRA]B; reaffirmed
   Unallocated           1.25         [ICRA]B; reaffirmed

ICRA's rating continues to be constrained by the cyclicality in
the commercial vehicles (CV) industry as SJS' business prospects
are closely linked to the demand for CVs. In addition, the firm
faces competition from other OEM dealerships and for service and
spares, from other Tata Motors Ltd's (TML's) dealerships in the
vicinity. The rating also takes into account SJS' low margins and
its weak financial risk profile marked by below average debt
protection metrics and high gearing; although the firm's capital
structure has registered a slight improvement in FY15, relative to
the previous year.

ICRA's ratings, however, positively factor in the strength derived
from SJS' dealership of TML, which is the market leader in the CV
industry in India. ICRA also factors in the firm's extensive
network comprising of seven sales, service and spares (3S)
facilities and around 10 touch points in the state of Uttar
Pradesh. Further, the extensive experience of the promoters in the
automobile dealership business continues to provide comfort to the
rating. ICRA notes that the CV industry was in a downturn for the
past couple of years and this had affected the performance of the
firm, however the trend has shown improvement and sale of Heavy
Commercial Vehicles (HCVs) has started to increase in FY16, this
is likely to impact SJS' revenue and profitability positively, in
the near-term.

Going forward, the firm's ability to increase its scale of
business, increase the proportion of service and spares income in
its overall operating income and attain a sustained improvement in
its leverage and coverage metrics, will be the key rating
sensitivities.

SJS came into existence in 2003 with Mr. Dhyan Singh, Ms. Narendra
Kaur, Mr. Rajveer Singh, and Mr. Udaiveer Singh as partners, to
carry on the business of sale of commercial vehicles, manufactured
by TML. The partners have been in the transportation business
since the last six decades. The firm has 3S facilities in Daurala,
Rithani in Meerut, and Hapur, Baghpat, Saharanpur, Shamli and
Muzaffarnagar in the adjoining regions. In addition, the firm also
has about 10 touch points in interior towns of western UP.
Recent Results
In 2014-15, SJS reported a Profit after Tax (PAT) of INR0.3 Crore
on an Operating Income (OI) of INR262.8 Crore, against a PAT of
INR0.1 Crore on an OI of INR269.2 Crore for the previous year.


SOUTH INDIA: ICRA Puts B+ Rating on Notice of Withdrawal
--------------------------------------------------------
ICRA has placed the long term rating of [ICRA]B+ assigned to the
INR8.15 crore fund based facilities of South India Sponge Iron
Private Limited on notice of withdrawal for a month as there is no
amount outstanding against the rated bank facilities. As per
ICRA's 'Policy on Withdrawal of Credit Rating', the aforesaid
rating will be withdrawn after one month from the date of this
withdrawal notice.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based-
   Cash Credit           8.15        [ICRA]B+ Put on notice of
                                     withdrawal

   Non Fund Based-
   Bank Guarantee        0.05        [ICRA]B+ withdrawn

   Non Fund Based-
   Letter of Credit      1.00        [ICRA]A4 withdrawn

   Fund Based/Non
   Fund Based-
   Unallocated           1.80        [ICRA]B+/[ICRA]A4 withdrawn

ICRA has withdrawn the long term rating of [ICRA]B+ assigned to
INR0.05 crore non fund based facilities and short term rating of
[ICRA]A4 assigned to the Rs 1.00 crore non fund based facilities
of South India Sponge Iron Private Limited. ICRA has also
withdrawn ratings of [ICRA]B+/[ICRA]A4 assigned to INR1.80 crore
unallocated fund based/non-fund based bank facilities of company.
The rating has been withdrawn as the working capital facility has
been closed by the company. There is no amount outstanding against
the rated instrument.

South India Sponge Iron Private Limited (SISIPL) was incorporated
in year 2006 and engaged in the manufacturing of sponge iron. The
company is promoted by Mr. Rahul Khetan and its family members.
The sponge iron plant is located in Kolar District of Karnataka
and the installed capacity of the plant is 100 TPD (tons per day).


SRI BALAJI: ICRA Suspends B- Rating on INR20cr Loan
---------------------------------------------------
ICRA has suspended [ICRA]B- assigned to INR20.00 crore fund based
facilities of Sri Balaji Industries. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.

Sri Balaji Industries (SBI) was established in 2005 involved in
trading of kappas, lint and cotton seed located in Guntur, Andhra
Pradesh. The firm is presently managed by Mr. Gajavelli
Venkateswara Rao (proprietor) and his brother Mr. Gajavelli Poorna
Chandra Rao with 15 years of experience in cotton and yarn
marketing.


SRI SAI: CRISIL Suspends 'D' Rating on INR36MM Cash Loan
--------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Sri Sai
Venkateshwara Agro Industries (SSVAI).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            36       CRISIL D
   SME Credit              5       CRISIL D
   Term Loan              15       CRISIL D

The suspension of ratings is on account of non-cooperation by
SSVAI with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SSVAI is yet to
provide adequate information to enable CRISIL to assess SSVAI'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 as a partnership firm in 2008, SSVAI mills and processes
paddy into rice; the firm also generates by-products, such as
broken rice, bran, and husk. The firm's rice milling unit is
located in the Nizamabad district of Andhra Pradesh. The firm
currently has six partners.


TIRUPATI AGRO: ICRA Suspends 'B' Rating on INR11.48cr Loan
----------------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to the INR11.48 crore,
bank lines of Tirupati Agro Food Products. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company.


TORRID MOTORS: CRISIL Lowers Rating on INR50MM Cash Loan to D
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Torrid
Motors (Torrid) to 'CRISIL D' from 'CRISIL B+/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             50      CRISIL D (Downgraded from
                                   'CRISIL B+/Stable')

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

The rating downgrade reflects delays of over 30 consecutive days
by Torrid in servicing its debt repayment obligation. The delays
have been caused by weak liquidity due to stretch in working
capital cycle.

The ratings reflect Torrid's exposure to intense competition in
the automobile dealership industry. These rating weakness is
partially offset by its promoters' extensive industry experience.

Torrid, incorporated in September 2013, is the sole proprietorship
of Mr. Jitendra Pal Singh Chadha. The firm is an authorised dealer
of Fiat passenger vehicles, and has one showroom and workshop in
Mumbai (Maharashtra).


UNITY DEVELOPERS: ICRA Assigns B+ Rating to INR11.23cr LT Loan
--------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ to the INR11.23
crore1 term loan facilities of Unity Developers.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long term-Term
   loan                  11.23       [ICRA]B+; assigned

The assigned rating is constrained by residual project
implementation risks for "Domain Heights" project and the sales
risk for the project, given the low level of bookings achieved
till September 2015, further heightened by intense competitive
pressures from other upcoming real estate projects in Ahmedabad
and the ongoing slowdown in the cyclical real estate sector. The
assigned rating also factor in the vulnerability of its
profitability to steel and cement price variations. ICRA further
notes the significant debt repayments in the medium term wherein
the firm's ability to secure further bookings and collection from
customers would remain crucial from debt servicing perspective.
ICRA also notes that Unity Developers is a partnership firm and
any significant withdrawals from the capital account would affect
its net worth and thereby the gearing levels.

The rating however favorably factors in the established track
record of its partners in real estate segment and the favorable
locations of the projects in prime area of Ahmedabad giving it
appropriate visibility.

Unity Developers (UD) was incorporated in December 2013 to engage
in construction of residential buildings and is currently managed
by Mr. Virendra Patel, Shrinath Tourism Private Limited, Mr.
Krupesh Patel, Mr. Rakesh Patel, Mr. Jayantilal Patel, Mr. Danaram
Chaudhari, Mr. Dinesh Jain, Mr. Hitesh Shah, Mr. Parag Shah and
Mr. Jigar Shah. The partners of UD have an established track
record of constructing around 17 lac sq. ft. in the Ahmedabad city
through different associate entities.The firm is currently working
on one residential project based in Satelite, Ahmedabad having
saleable area of over 1.84 lakh square feet at a cost of ~INR44.01
Cr.

Recent Results
During FY 2015, the firm reported a profit after tax of INR0.57
crore on an operating income of INR7.30 crore.


UPL ENVIRONMENTAL: CRISIL Assigns B+ Rating to INR140MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of UPL Environmental Engineers Ltd (UPLEEL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee        300       CRISIL A4
   Cash Credit           140       CRISIL B+/Stable

The ratings reflect UPLEEL's large working capital requirement
because of stretched receivables, leading to constrained liquidity
and financial risk profile. The ratings also factor in
susceptibility to risks inherent in tender-based business. These
weaknesses are partially offset by established market position and
successful track record in implementing waste management projects,
and need-based funding support from promoters.
Outlook: Stable

CRISIL believes UPLEEL will continue to benefit over the medium
term from its established market position and promoters' funding
support. The outlook may be revised to 'Positive' if working
capital cycle improves because of faster collection of
receivables, leading to improved liquidity. Conversely, the
outlook may be revised to 'Negative' if stretched receivables,
pressure on revenue or profitability, or large debt-funded capital
expenditure weakens financial risk profile, particularly
liquidity.

Incorporated in 1994, UPLEEL is currently a subsidiary of Tatva
Global Water Technologies Pvt Ltd and undertakes turnkey projects
for waste water management, solid/liquid waste management, and
operations and maintenance of waste management facilities.


VISHWANATH SPINNERZ: CRISIL Assigns B- Rating to INR497.9MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facilities of Vishwanath Spinnerz India Limited (VSIL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Long Term Loan       497.9      CRISIL B-/Stable
   Cash Credit          200        CRISIL B-/Stable
   Funded Interest
   Term Loan             62.1      CRISIL B-/Stable

The rating reflects VSIL's below-average financial risk profile
because of weak debt protection metrics, working-capital-intensive
operations, and susceptibility of operating margin to volatility
in raw material prices. These weaknesses are partially supported
by the promoters' extensive experience in the cotton spinning
industry.
Outlook: Stable

CRISIL believes VSIL will continue to benefit over the medium term
from the extensive industry experience of the promoters. The
outlook may be revised to 'Positive' if the company registers a
substantial increase in its revenue and profitability, leading to
improvement in its financial risk profile. Conversely, the outlook
may be revised to 'Negative' if VSIL's profitability or revenue
declines or if its working capital cycle is stretched, resulting
in low cash accrual, or if it undertakes a large, debt-funded
capital expenditure programme, leading to deterioration in its
financial risk profile.

Established in the year 2010, VSIL is engaged in the business of
manufacturing cotton yarn. Promoted by Mr. Sridhar Reddy and his
family, the company's spinning mill is located Pedavuru in
Nalgonda district, Telangana.



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


INDIKA ENERGY: Increases Bond Buyback Program
---------------------------------------------
David Yong at Bloomberg News reports that PT Indika Energy will
increase its bond buyback program after investors tendered
more than the amount the Indonesian coal producer budgeted.

The Jakarta-based company will commit to buy back $128.6 million
of its $300 million of 7 percent notes maturing in May 2018, it
said in a Singapore stock exchange filing on Dec. 9, Bloomberg
relates. That compared with its initial offer to buy only $100
million of the outstanding amount.

Investors offered $164.6 million of the 2018 bonds at the early-
tender deadline on Dec. 7, Indika said. The final closing date is
Dec. 21, according to the statement cited by Bloomberg. The
buyback offer is fully subscribed and no notes tendered after the
early-tender deadline will be accepted for repurchase, it said.

Indika offered to repurchase the securities on Nov. 23 at up to 65
cent on the dollar, including a 5-cent early-tender incentive.
Moody's Investors Service said last month it may downgrade the
firm's B2 credit score if the discount applied to the buyback is
at the low end of what it's offered investors, Bloomberg says.

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

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 27, 2015, Moody's Investors Service has placed the B2
corporate family rating of Indika Energy Tbk (P.T.) on review for
downgrade.  At the same time, Moody's placed the B2 ratings on the
$300 million notes due 2018 and the $500 million notes due 2023,
issued by Indo Energy Finance B.V. and Indo Energy Finance II
B.V., respectively, on review for downgrade.  The two issuers are
wholly owned subsidiaries of Indika.  The notes are
unconditionally guaranteed by Indika.



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


TOSHIBA CORP: To Sell Offshore TV Plants; Job Losses Loom
---------------------------------------------------------
Kyodo News Agency reports that Toshiba Corp. is planning to
withdraw from TV manufacturing by selling its factories abroad,
following the recent revelation that the struggling Japanese
conglomerate is considering proposals to consolidate its loss-
making PC and white goods businesses with those of other
companies, a source said on Dec. 9.

Kyodo says several hundred job cuts are anticipated as a result of
drastic streamlining measures affecting Toshiba's three money-
losing businesses -- TV, PC and white goods such as refrigerators
and washing machines.

Restructuring efforts are thought to have been impeded by
accounting irregularities that surfaced earlier this year,
apparently obscuring faltering earnings that had been plaguing
these divisions, Kyodo relates.

According to Kyodo, Toshiba's retreat from TV manufacturing
highlights the company's growing focus on nuclear power
infrastructure and other corporate-to-corporate operations and a
shift away from its consumer businesses. It also marks the
increasing relapse of Japanese manufacturers in the global home
electronics market, losing ground to overseas competition, the
report says.

Toshiba in 1959 became the first company in Japan to develop a
color television. The TV business had since been a centerpiece of
its operations for many years, best known in recent years for the
Regza series of liquid crystal displays introduced in 2006, Kyodo
recalls.

But the division has been bleeding money since its 2011 business
year in the face of intensifying competition from South Korean and
Chinese manufacturers, according to Kyodo.

In 2012, Toshiba shut down its domestic TV factories. It currently
builds TVs in overseas facilities, such as its Indonesian plant
and a jointly owned operation in Egypt, Kyodo states.

According to Kyodo, the source said the Tokyo-based company is
expected to announce by the end of this month plans to sell these
facilities to other companies abroad and pare its workforce.

Toshiba reported JPY90.49 billion ($745 million) in consolidated
operating loss for the semiannual period through Sept. 30,
suffering a blow particularly in the home electronics divisions
such as TV, PC and white goods, the report notes.

                         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
====================


AIL LTD: McGrath Nicol Appointed as Liquidator
----------------------------------------------
Martin Van Beynen at Stuff.co.nz reports that a company in the
Arrow group has been put into liquidation in the face of a large
leaky building claim.

AIL Ltd directors Ron Anderson and Bob Foster announced on
Dec. 10 that AIL, formerly known as Arrow International Ltd, was
placed in liquidation by a special resolution of shareholders on
December 4, Stuff.co.nz relates.  Kare Johnstone --
kjohnstone@mcgrathnicol.com -- of McGrath Nicol Ltd, has been
appointed liquidator, the report discloses.

It ceased trading in 2011 after a restructure of the Arrow group
of companies, the report says.

At the time, the group left funds in AIL to settle any leaky
building claims then known to the company.

AIL had settled more than NZ$14 million of claims relating to
leaky buildings, the directors said in a statement, Stuff.co.nz
relays.

"There is only one remaining claim and AIL have made very attempt
to settle this claim, including mediation. Litigation funders have
recently become involved and the value of the claim has increased
significantly.

"As shareholders, we have made the decision to now complete the
restructure that began in 2011 and liquidate the AIL entity.

"This has been a very difficult and challenging decision for the
shareholders but the board now needs to consider the long-term
requirements of the Arrow Group and all of its clients and
employees."

AIL is not the Arrow New Zealand construction business currently
operating. This is Arrow International (NZ) Limited (AINZL),
commonly known as Arrow.

According to the report, Anderson and Foster said AINZL continued
to grow year on year with a significant portfolio of major
construction projects in many sectors across the country.

The Arrow group started in Dunedin in 1984 and now operates 10
branches and employs over 200 staff.  It is Southern Response's
earthquake project partner.


MARSDEN CITY: Placed in Receivership Sale Again
-----------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that the Marsden City
development is up for sale again after its receivers BDO Auckland
failed to find a buyer by tender. Oliver Scott, a developer, was
behind the development through his companies North Holdings
Investment Ltd, NH Infrastructure Ltd and North Holdings
Development Ltd, the report says.

According to Dissolve.com.au, the development would reportedly
have a town centre composed of around 765,000sqm of land,
residential units and industrial buildings. The land is made up of
88 titles. A sealed roading network has been finished throughout
the land with preliminary infrastructure services set for waste
water connection and telecommunications, the report notes.



                             *********

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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