TCRAP_Public/151217.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Thursday, December 17, 2015, Vol. 18, No. 249


                            Headlines


A U S T R A L I A

FOOT & THAI: First Creditors' Meeting Set For Dec. 24
GLOBAL ELECTROTECH: Debt Repayment Hit a Snag
HRL LIMITED: Assets and Businesses Up for Sale
INTERSTAR MILLENNIUM: Fitch Affirms 'Bsf' Rating on Class B Notes
NORTHERN IRON: Administrators Seek Expressions of Interest

ONI GLOBAL: In Administration; First Meeting Set For Dec. 23
TARKINE NATIONAL: Faces Wind Up Petition


C H I N A

ORIENT PAPER: Has Substantial Doubt on Going Concern Ability


I N D I A

ARADHANA DISTRIBUTORS: CRISIL Reaffirms B- Rating on INR50MM Loan
BABA JHARESWAR: CARE Assigns 'B' Rating to INR9.13cr LT Loan
DEVDOOT GIN: ICRA Suspends 'B' Rating on INR13cr Loan
DHANSRI COMPLEX: CRISIL Assigns B+ Rating to INR125MM Term Loan
GENERIC ENGINEERING: CRISIL Reaffirms B+ Rating on INR70MM Loan

HINDUJA INTERNATIONAL: CRISIL Assigns B Rating to INR60MM Loan
IBC LTD: CRISIL Reaffirms B- Rating on INR155MM Loan
JEEVAN JYOTI: CRISIL Assigns B+ Rating to INR465MM LT Loan
JHUNJHUNWALA OIL: CRISIL Cuts Rating on INR330MM Loan to 'D'
KAY KAY: CARE Revises Rating on INR13cr LT Loan to BB-

KVR PRIME: CRISIL Assigns B- Rating to INR120MM Cash Loan
MA MONI: CARE Revises Rating on INR6.40cr LT Loan to B+
MAA JOYTARA: CRISIL Reaffirms B+ Rating on INR98.3MM LT Loan
MAGMA AUTOLINKS: ICRA Assigns B+ Rating to INR5.0cr Term Loan
MANGALAGIRI TEXTILES: ICRA Suspends 'D' Rating on INR21.8cr Loan

MARUTI COTTON: CRISIL Reaffirms B Rating on INR50MM Cash Loan
MUTHOOT AUTOMOTIVE: CRISIL Reaffirms B+ Rating on INR65MM Loan
PANASIAN CONSTRUCTION: CRISIL Reaffirms B Rating on INR160MM Loan
PANTEL TECHNOLOGIES: CARE Assigns B+ Rating to INR14cr LT Loan
PATIALA DISTILLERS: CARE Assigns B+ Rating to INR10cr LT Loan

PUNJAB RICE: CRISIL Reaffirms B+ Rating on INR80MM Cash Loan
PURAN CHAND: CARE Revises Rating on INR2cr LT Loan to B+
R D GOLDEN: CRISIL Puts B+ Rating on Notice of Withdrawal
RAJ BREEDERS: CRISIL Cuts Rating on INR183MM Cash Loan to 'D'
RAJ CHICK: CRISIL Cuts Rating on INR133.8MM LT Loan to D

RAJ KISHORE: ICRA Suspends 'B' Rating on INR20cr Loan
RAYALASEEMA TRADING: ICRA Suspends B+ Rating on INR15cr Loan
ROLEX PROCESSORS: CARE Revises Rating on INR11.45cr Loan to BB-
RUBY BUS: ICRA Reaffirms B Rating on INR34.70cr Cash Loan
SATNAAM STONE: ICRA Reaffirms 'B' Rating on INR7.50cr LT Loan

SHREE BALAJI: CARE Lowers Rating on INR11cr LT Loan to D
SHREE DWARKADHISH: CRISIL Assigns B+ Rating to INR100MM Loan
SHREE HARIKRUSHNA: ICRA Reaffirms B Rating on INR8.0cr Cash Loan
SHREE MADHAV: ICRA Assigns 'B' Rating to INR3.75cr Loan
SHREEJIKRUPA BUILDCON: ICRA Suspends D Rating on INR8.5cr Loan

SHRI GAJANAN: CARE Assigns 'B' Rating to INR7.46cr LT Loan
SILPA MEGA: ICRA Suspends 'D' rating on INR23.9cr Loan
SRI SAI: ICRA Suspends B+/A4 Rating on INR15cr Loan
SRIJAN CEMENT: ICRA Assigns 'D' Rating to INR5.0cr LT Loan
STERIL- GENE: CRISIL Reaffirms B Rating on INR183.2MM LT Loan

TECHNOCRAT CONNECTIVITY: ICRA Rates INR4.0cr Loan at B+
TERAI ISPAT: CRISIL Reaffirms 'B' Rating on INR300MM Cash Loan
UMA MAHESWARI: ICRA Suspends C+ Rating on INR10cr Loan
V M YARNS: CRISIL Reaffirms B+ Rating on INR135MM Cash Loan
VAIBHAV COTTON: ICRA Suspends B+ Rating on INR12cr Loan

VENKATESH COTTON: CARE Reaffirms B+ Rating on INR7.76cr LT Loan
WATEREDGE HOSPITALITY: CRISIL Assigns B- Rating to INR120MM Loan
WONDER INDUSTRIES: CARE Revises Rating on INR10.37cr Loan to BB
YASH AGRO: CRISIL Assigns 'B' Rating to INR50MM Cash Loan


I N D O N E S I A

KAWASAN INDUSTRI: Fitch Says Interest Coverage Still Adequate


M A L A Y S I A

* MALAYSIA: PIDM Can Soon Force Sale of Insolvent Financial Firm


N E W  Z E A L A N D

ECHO FESTIVAL: Cancels Festival, Goes Into Liquidation


                            - - - - -


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


FOOT & THAI: First Creditors' Meeting Set For Dec. 24
-----------------------------------------------------
Ezio Senatore and Neil Cussen of Deloitte were appointed as
administrators of Foot & Thai Massage Pty Ltd on Dec. 15, 2015.

A first meeting of the creditors of the Company will be held at
Deloitte, Ground Floor, 8 Brindabella Circuit, Brindabella
Business Park, in Canberra Airport ACT, on Dec. 24, 2015, at 10:00
a.m.


GLOBAL ELECTROTECH: Debt Repayment Hit a Snag
---------------------------------------------
Saskia Pickles at business.com.au reports that an arrangement
struck two years ago allowing Perth electrical, fire and security
service provider Global Electrotech to slowly repay some of its
AUD9 million plus debt to creditors has hit a snag.

According to the report, the creditors of the business, which went
into voluntary administration in June 2013 before its owners
negotiated a successful deed of company arrangement later that
year, are likely to receive just 28 cents and 38 cents to the
dollar, below the originally agreed amount.


HRL LIMITED: Assets and Businesses Up for Sale
----------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that certain assets and
businesses of HRL Limited are up for sale. Urgent expressions of
interest are sought by the company's administrators Craig David
Crosbie, Ian Carson and Stephen Longley of PPB Advisory. The
administrators were appointed on October 27, 2015.

HRL Limited is an energy, project development and technology
company which has been in business for twenty years. Some of HRL
Group's assets that are for sale include integrated drying and
gasification technology, Driffield mining licences, Energy Brix
Australia Corporation site as well as Tramway facilities and
Morwell, Victoria facilities.


INTERSTAR MILLENNIUM: Fitch Affirms 'Bsf' Rating on Class B Notes
-----------------------------------------------------------------
Fitch Ratings has downgraded two notes and affirmed one issued
under Interstar Millennium Series 2005-3E Trust. All have been
removed from Rating Watch Negative (RWN), where they were placed
on 19 June 2015 following the downgrade of The Royal Bank of
Scotland plc (RBS, BBB+/Stable/F2) on 19 May 2015. RBS is a
currency swap provider for the transaction, which is a
securitisation of Australian conforming residential mortgages
originated through a network of mortgage originators and brokers
under the Interstar Millennium Trust Securitisation programmes.

The rating actions are as listed below:

GBP39.8 million notes Class A2 (ISIN XS0232803709) downgraded to
'Asf' from 'AAAsf'; off RWN; Outlook Stable;
AUD37.0 million notes Class AB (ISIN AU300INTD010) downgraded to
'Asf' from 'AAAsf'; off RWN; Outlook Stable; and
AUD44.5 million notes Class B (ISIN AU300INTD028) affirmed at
'Bsf'; off RWN; Outlook Stable.

KEY RATING DRIVERS
RBS has been collateralising in accordance with the transaction
documents, which reflected Fitch's counterparty criteria at the
time of the transaction's closing. Fitch always applies its
current criteria in assessing transactions.

Discussions between RBS and the trust manager in relation to
collateralising in accordance with Fitch's current counterparty
criteria have, however, resulted in the decision to take no
further action, so the current documentation remains.

Fitch has assessed that the gap in collateralisation between the
two criteria is materially significant and will cap the ratings of
the notes at 'Asf', in accordance with the minimum derivative
counterparty ratings under Fitch's current criteria. Credit has
been given to RBS as a 'BBB+' rated entity.

The affirmation of the Class B notes reflects the credit given to
RBS as a currency swap provider and the fact that the current
rating of Class B notes is lower than the rating of RBS.

RATING SENSITIVITIES
Any change in the rating of RBS is expected to impact the rating
of the Class A2 and AB notes, as the creditworthiness of RBS is a
key hedge of currency risk in the transaction.

DUE DILIGENCE USAGE
No third party due diligence was provided or reviewed in relation
to this rating action

DATA ADEQUACY
Fitch conducted a file review of 10 sample loan files focusing on
the underwriting procedures conducted by Advantedge compared to
its credit policy at the time of underwriting. Fitch has checked
the consistency and plausibility of the information and no
material discrepancies were noted that would impact Fitch's rating
analysis.


NORTHERN IRON: Administrators Seek Expressions of Interest
----------------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that urgent expressions
of interest are being sought for the sale or recapitalisation of
Northern Iron Limited. The investor or buyer will be able to own
an ASX-listed corporate entity with a simple balance sheet, the
report says.

Northern Iron is an international investment holding company. The
company is currently in administration with James Thackray from
Headquarters Corporate Advisory being appointed voluntary
administrator.


ONI GLOBAL: In Administration; First Meeting Set For Dec. 23
------------------------------------------------------------
Eloise Keating at SmartCompany reports that the Australian
operations of vitamin retailer GNC LiveWell have been placed in
voluntary administration by parent company Osim International.

GNC, which stands for General Nutrition Corporation, was founded
in the United States in the 1930s and the brand is licensed in 49
countries. The brand sells vitamins, supplements and nutritional
products, as well as sports, diet and energy goods.

The Australian operations are owned by Singapore-based retail
group, Osim International, which is also the franchisee for GNC in
Singapore, Malaysia, China and Taiwan, SmartCompany discloses.

The report relates that the first Australian GNC store opened in
2000 and the retailer currently operates 30 outlets in New South
Wales, Victoria and Queensland, along with an online store.

According to the report, Osim International informed the market on
Dec. 14 its subsidiary ONI Global had appointed Gess Rambaldi  of
Pitcher Partners as administrator to ONI Global (Australia),
trading as GNC LiveWell, following a "challenging" trading period.

"A combination of a weak economic environment and a fluctuating
exchange rate has been challenging for ONI Australia," the report
quotes Osim International company secretary Lee Hwai Kiat as
saying in the statement.  "ONI Australia's average loss for the
last three years is about S$3.5 million [$3.46 million] per year."

It appears the Australian operations of GNC LiveWell are still
trading, with a new post shared on the business's Facebook page on
Dec. 16, SmartCompany relays.

The report relates that Osim International said Mr. Rambaldi will
now "review options for the future of ONI Australia that might
include the sale of the business, or part thereof, or an orderly
voluntary winding up of ONI Australia".

"Accordingly, ONI Global will exit the Australian nutrition market
and will incur no further losses in the future.

"This will also free up management time to focus on growing the
company's core profitable markets in Singapore, Malaysia, Taiwan
and China. We expect these to have a positive impact of about
SGD3.5 million yearly on the company's profitability."

Osim International also operates Osim-branded stores in Australia,
as well as 21 other countries around the world, and is the owner
of the TWG Tea brand, which has operations in south and north
Asia, the UK and the United Arab Emirates, SmartCompany notes.

The first meeting of the creditors for ONI Global (Australia) will
be held in Melbourne on December 23.


TARKINE NATIONAL: Faces Wind Up Petition
----------------------------------------
Laura Beavis at ABC News reports that mining company Venture
Minerals has applied to the Supreme Court to wind up the Tasmanian
environmental group Tarkine National Coalition (TNC), on the
grounds of insolvency.

ABC News relates that in the Supreme Court on Dec. 9, lawyer Shaun
McElwaine said his client, Venture Minerals, had the consent of a
liquidator and intended to advertise the matter in local
newspapers.

According to the report, lawyer acting for TNC Vanessa Bleyer
asked that the matter be adjourned until at least the end of
February next year because her client needed to determine if the
application was properly made.

She said TNC was not insolvent because the State of Tasmania owed
it $54,837.53, and that the statutory order against TNC might be
expired, the report relays.

ABC News says Ms Bleyer argued one week was not sufficient to put
together the fullest and best evidence and that TNC needed to
audit its accounts.

The report relates that Mr. McElwaine said the statutory demand
was good and said he refused to accept that TNC was solvent.

He said TNC should not be able to trade while insolvent, the
report relays.

Associate Justice Holt adjourned the matter until February,
according to ABC News.

In June, the Federal Court of Australia threw out an appeal by TNC
against its decision to dismiss its challenge to the approval of
Venture Minerals Riley Creek mine in the Tarkine region of north-
west Tasmania, ABC News recalls.

The full Federal Court ordered that TNC pay the costs of Venture
Minerals, the State of Tasmania, and the Environment Minister,
adds the report.



=========
C H I N A
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ORIENT PAPER: Has Substantial Doubt on Going Concern Ability
-----------------------------------------------------------
Orient Paper, Inc., has substantial doubt about its ability to
continue as a going concern, Zhenyong Liu, chief executive
officer, and Jing Hao, chief financial officer of the company said
in a November 11, 2015 regulatory filing with the U.S. Securities
and Exchange Commission.

"Although management believes it can secure financial resources to
satisfy the company's current liabilities and the capital
expenditure needs in the next 12 months, there are no guarantees
that these financial resources will be secured.  Therefore, there
is a substantial doubt about the ability of the company to
continue as a going concern that it may be unable to realize its
assets and discharge its liabilities in the normal course of
business."

As of September 30, 2015, the company had current assets of
$21,101,202 and current liabilities of $27,815,091 (including
amounts due to related parties of $3,944,771), resulting in a
working capital deficit of approximately $6,713,889; while as of
December 31, 2014, the company had current assets of $26,554,862
and current liabilities of $44,470,148 (including amounts due to
related parties of $3,376,120), resulting in a working capital
deficit of approximately $17,915,286.

According to Ms. Hao, "We are currently seeking to restructure the
term of our liabilities by raising funds through long-term loans
to pay off liabilities with shorter terms.  Our ability to
continue as a going concern is dependent upon obtaining the
necessary financing or negotiating the terms of the existing
short-term liabilities to meet our current and future liquidity
needs.

"On January 20, 2014, our Chairman and Chief Executive Officer Mr.
Zhenyong Liu agreed in writing to permit the company to continue
to postpone the repayment of the accrued interest on his loan to
Hebei Baoding Orient Paper Milling Company Limited (Orient Paper
HB) until the company is able to pay its other creditors in its
normal course of business.  The accrued interest owned to Mr. Liu
was approximately $1,311,592, which was recorded in other payables
and accrued liabilities as part of the current liabilities in the
condensed consolidated financial statement as of September 30,
2015.

"On January 21, 2015, Hebei Fangsheng, a real estate development
company owned by Mr. Liu, our Chairman and Chief Executive Officer
and his family, agreed in writing to permit the company to
continue to postpone the repayment of the accrued rental charged
to Orient Paper HB until the earliest date on which the company's
quarterly or annual financial statements filed with the SEC show a
satisfactory working capital level.  The accrued rental owned to
Hebei Fangsheng was approximately $337,120 and $227,900, which was
recorded in as part of the current liabilities as of September 30,
2015 and December 31, 2014, respectively.

"On March 1, 2015, the company entered an agreement with the CEO
which allows Orient Paper HB to borrow from the CEO with an amount
up to $18,864,069 (RMB120,000,000) for working capital purposes.
On July 13, 2015, an unsecured loan of $4,716,017 was drawn from
the facility, which carried an interest rate of 5.25%. The loan
will be matured on July 12, 2018.

"On March 9, 2015, Mr. Zhenyong Liu agreed in writing to permit
the Company to postpone the repayment of the related party loan of
$2,296,059 which will expire at December 31, 2015.

"On July 1, 2015, Orient Paper HB, Shijiazhuang Office of China
Orient Asset Management Corporation (China Orient), the parent and
assignee of the rights of China National Foreign Trade Financial &
Leasing Co., Ltd (CNFTFL), and other guarantors of Lease Financing
Agreement, entered into an agreement (the 2015 Agreement), to
amend and restate the Lease Financing Agreement entered into in
2013.

The 2015 Agreement sets forth a modified and extended payment
schedule with respect to the remaining payment obligation, with
principal payable on the 21th of December 2015, June 2016,
December 2016 and final payment on June 21, 2017."

At September 30, 2015, the company had total assets of
$231,461,381, total liabilities of $54,147,931, and total
stockholders' equity of $177,313,450.

Net income was $1,685,897 for the three months ended
September 30, 2015, a decrease of $1,687,047, or 50.02%, from
$3,372,944 for the comparable period in 2014.

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

Orient Paper, Inc. is a paper manufacturer in North China. The
Baoding, China-based company uses recycled paper as its primary
raw material in producing and distributing three categories of
paper products: corrugating medium paper, offset printing paper
and other paper products like digital photo paper and tissue paper
products.



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


ARADHANA DISTRIBUTORS: CRISIL Reaffirms B- Rating on INR50MM Loan
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Aradhana
Distributors Pvt Ltd (ADPL) continues to reflect below-average
financial risk profile because of average debt protection metrics
and modest gearing, and exposure to intense competition in the
automotive dealership business. These weaknesses are partially
offset by promoter's extensive industry experience.

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

   Proposed Fund-
   Based Bank Limits       7.9     CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes ADPL will continue to benefit over the medium term
from its promoter's extensive industry experience. The outlook may
be revised to 'Positive' in case of substantial increase in
revenue or accrual, or equity infusion, resulting in significant
improvement in liquidity. Conversely, the outlook may be revised
to 'Negative' if ADPL generates significantly low accrual or
undertakes a debt-funded capital expenditure programme, leading to
deterioration in debt protection metrics.

Update
ADPL's operating income declined to INR249 million in 2014-15
(refers to financial year, April 1 to March 31) from INR387
million in 2013-14. Operating profitability declined to 2.9 per
cent from 3.4 per cent due to increasing raw material cost. Sales
were at INR180 million till September 2015 in 2015-16, and are
expected to improve significantly on account of established
customer relationships. Slowdown in the automotive industry and
low bargaining power with its customers will constrain operating
margin over the medium term.

ADPL has large working capital requirement, reflected in gross
current assets of 125 days as on March 31, 2015, because of large
inventory of 42 days. High reliance on bank debt to fund working
capital requirement resulted in moderate gearing of 1.56 times as
on March 31, 2015. However, capital structure was supported by
increase in networthtoRs.90.1 million as on March 31, 2015. Low
operating profitability led to modest debt protection metrics,
with interest coverage ratio at 1.36 times and net cash accrual to
total debt ratio at 0.04 time in 2014-15. Cash accrual is expected
at INR6-8 million for 2016-17, against nil debt obligation.
Liquidity is constrained by high bank limit utilisation of 90 per
cent over the twelve months through September 2015, but is
supported by continuous funding support from promoter by way of
unsecured loans, which stood at INR33 million as on March 31,
2015.

ADPL, incorporated in 1997, is an authorised dealer for Honda
Motorcycle & Scooter India Pvt Ltd in Kolkata. The company also
owns an authorised service centre for Mitsubishi Motors
Corporation. Its operations are managed by Mr. Sanjay Patodia.


BABA JHARESWAR: CARE Assigns 'B' Rating to INR9.13cr LT Loan
------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Baba
Jhareswar Multipurpose Himghar Pvt. Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     9.13       CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Baba Jhareswar
Multipurpose Himghar Pvt. Ltd. (BJMPL) is constrained by its short
track record and small size of operations, regulated nature of
business, competitive scenario, seasonality of business with
susceptibility to vagaries of nature and risk of delinquency in
loans extended to farmers.  The aforesaid constraints are
partially offset by the experienced management and its proximity
to potato-growing area.

The ability of the company to grow its scale of operations,
improve its profitability margins and manage its working capital
management efficiently would be the key rating sensitivities.

BJMPL was incorporated in December 25, 2010, by Mr Prabir Kumar
Karan, Mrs Rupali Karan, Mr Sukumar Karan, Mr Bidyut Kumar Mal &
Mr Monojit Kumar Mal of Medinipur, West Bengal, to set up a cold
storage facility. The company commenced commercial operation from
December 2011. BJMPL is engaged in the business of providing cold
storage facility for potatoes to local potato farmers and traders
on a rental basis, having a storage capacity of 350,000 Kg of
potatoes in Medinipur district of West Bengal. Besides providing
cold storage facility, the company also works as a mediator
between the farmers and marketers of potato by taking advances
from marketers on behalf of the farmers in order to facilitate the
sale of potato stored, and it also provides interest bearing
advances to farmers for farming of potato against the potato
stored. This apart it provides additional services to farmers such
as insurance of potatoes stored and drying of potatoes.

During FY15 (prov.) (refers to the period April 1 to March 31),
BJMPL reported a total operating income of INR252.34 lakh (as
against INR261.21 lakh in FY14) and a profit of INR5.64 lakh (as
against INR4.57 lakh in FY14). The management has maintained to
achieve turnover of INR115 lakh in last 6 months from April 30,
2015 to September 30, 2015.


DEVDOOT GIN: ICRA Suspends 'B' Rating on INR13cr Loan
-----------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to the INR13.00 crore
fund based facilities and INR7.00 crore unallocated limits of
Devdoot Gin Mill. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.

Devdoot Gin Mill (DGM) was established in 1978 and currently has
48 gins and 1 Pressing Machine located in Bhoktapura, Adilabad
District, Andhra Pradesh. The plant is operational for 6 months in
a year (November to April). Each gin is capable of producing 8-10
quintals of lint per day and pressing machine has capacity to
press 200 bales per day.

The firm is promoted by Mr. Dilip Kumar Patel who has more than 30
years of experience in cotton ginning business, looks after
finance and marketing activities of the firm.


DHANSRI COMPLEX: CRISIL Assigns B+ Rating to INR125MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Dhansri Complex Pvt Ltd (DCPL). The rating
reflects DCPL's large working capital requirement and initial
stage of operations in the highly fragmented kraft paper
manufacturing industry. These weakness are mitigated by promoters'
extensive experience and healthy relationships with customers and
suppliers.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            25       CRISIL B+/Stable
   Term Loan             125       CRISIL B+/Stable

Outlook: Stable

CRISIL believes DCPL will benefit over the medium term backed by
the promoters' extensive experience. The outlook may be revised to
'Positive' if earlier-than-expected ramp up of operational income
leads to better cash accrual or improved working capital
management. Conversely, the outlook may be revised to 'Negative'
if lower-than-expected capacity ramp up, constrained profitability
negatively affecting cash accrual, or significantly high debt-
funded working capital requirement weakens the financial risk
profile, especially liquidity.

Incorporated in 2008, DCPL manufactures and distributes kraft
paper across India. The company took over Shree Raj Rajeshwari Pap
Chem Industries Pvt Ltd during June 2014. Its manufacturing
facility is located in Nasik (Maharashtra), with total capacity of
100 tonne per day. DCPL is promoted by the Patel family, which has
been in the industry for over three decades.


GENERIC ENGINEERING: CRISIL Reaffirms B+ Rating on INR70MM Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Generic Engineering and
Construction Private Limited (GECPL) reflect the company's
stretched liquidity marked by full utilization of its bank limits,
and its average financial risk profile marked by modest networth
and average debt protection metrics.

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

   Letter of credit
   & Bank Guarantee       80       CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     10       CRISIL B+/Stable (Reaffirmed)

The ratings are also constrained on account of modest scale of
operations in a fragmented industry, geographical concentration in
the revenue profile and large working capital requirements. These
rating weaknesses are partially offset by the extensive experience
of promoters in the civil construction business and healthy order
book providing medium term revenue visibility.
Outlook: Stable

CRISIL believes GECPL will benefit over the medium term from the
promoters' extensive industry experience, and its healthy order
book. The outlook may be revised to 'Positive' in case of a
substantial and sustained increase in the scale of operations,
while maintaining profitability margins, or in case of a
substantial improvement in the working capital cycle. Conversely,
the outlook may be revised to 'Negative' in case of a steep
decline in revenues or profitability margins, or a significant
deterioration in the capital structure caused most likely by a
stretch in the working capital cycle.

GECPL, incorporated in 1994, is promoted by Mr. Manish Patel and
Mr. Navin Patel. The company is a civil contractor based in
Mumbai; it takes up commercial and real estate projects in Mumbai,
on contractual and sub-contractual basis.


HINDUJA INTERNATIONAL: CRISIL Assigns B Rating to INR60MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Hinduja International (HI; a part of the
Hinduja group).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            40       CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility     60       CRISIL B/Stable

The rating reflects the Hinduja group's modest scale of operations
and susceptibility to risks relating to tender based nature of
operations, large working capital requirements and a below-average
financial risk profile marked by modest networth and a high total
outside liability to total net worth ratio. These weaknesses are
partially offset by the promoters' extensive experience in trading
industry.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of HI and Hinduja International Pvt Ltd
(HIPL). This is because both entities, together referred to as the
Hinduja group, are under the same management, in the same line of
business, and have significant operational synergies.
Outlook: Stable

CRISIL believes the Hinduja group will continue to benefit over
the medium term from the promoters' extensive industry experience.
The outlook may be revised to 'Positive' if the group's capital
structure improves backed by efficient working capital management
and healthy growth in accruals. Conversely, the outlook maybe
revised to 'Negative' in case of lower-than-expected cash accrual
or large working capital requirements or if the group undertakes
any large, debt-funded capital expenditure, resulting in
deterioration of the  financial risk profile.

HI, based in Mumbai, was set up in 2014 by Mr. Sacchanand Lalwani.
The firm trades in solar street panels, inverter batteries,
laptops, fabrics, and printers.

HIPL was promoted by Mr. Lalwani in 2009. The Mumbai-based company
is engaged in the same line of business.


IBC LTD: CRISIL Reaffirms B- Rating on INR155MM Loan
----------------------------------------------------
CRISIL's ratings on the bank facilities of IBC Ltd (IBCL) continue
to reflect the company's below-average financial risk profile,
because of average capital structure, subdued debt protection
metrics, and stretched liquidity driven by working capital-
intensive operations and large advances extended to associates.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         50       CRISIL A4 (Reaffirmed)

   Cash Credit            50       CRISIL B-/Stable (Reaffirmed)

   Drop Line
   Overdraft Facility    155       CRISIL B-/Stable (Reaffirmed)

   Export Packing
   Credit                300       CRISIL A4 (Reaffirmed)

   Letter of Credit       50       CRISIL A4 (Reaffirmed)

   Proposed Short
   Term Bank Loan
   Facility               25       CRISIL A4 (Reaffirmed)

The ratings also factor in supplier concentration risk in IBCL's
revenue profile, and cyclicality in end-user industry. These
rating weaknesses are partially offset by the extensive experience
of IBCL's promoter in the barytes business, its proximity to
quality barytes mining region, and longstanding relationships with
customers.

Outlook: Stable

CRISIL believes IBCL will benefit over the medium term from its
promoter's extensive experience in the barytes industry. The
outlook may be revised to 'Positive' in case of significant
improvement in cash accrual while efficiently managing the working
capital requirements. Conversely, the outlook may be revised to
'Negative' if the financial risk profile, particularly liquidity,
weakens on account of low cash accrual, higher-than-expected
working capital requirements, or additional support to associates.

Incorporated as a partnership firm Indian Barytes and Chemicals in
1972, the firm was reconstituted as a public limited company,
IBCL, in 1985. The company mines and processes barytes, and sells
it largely to oil well drilling companies; IBCL derives majority
of its revenue from export. Operations are managed by Mr.
Rajamohan Reddy, the managing director and chief executive
officer.

For 2014-15 (refers to financial year, April 1 to March 31), IBCL
had profit after tax (PAT) INR15.7 million on operating income of
INR598.9 million, against profit after tax of INR33.9 million on
operating income of INR718.2 million for 2013-14.


JEEVAN JYOTI: CRISIL Assigns B+ Rating to INR465MM LT Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facility of Jeevan Jyoti Health Care and Research Centre Private
Limited (Jeevan Jyoti). The rating reflects nascent stage of
implementation of the hospital project undertaken by the company
and also risks associated with project under implementation.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Long Term
   Bank Loan Facility    465       CRISIL B+/Stable

The company, however, benefits from presence of considerable
number of investor doctors mitigating demand risk to a large
extent, which is also expected to enable faster ramping up of
operations and low competition intensity in view of the absence of
any multi-specialty hospital in its catchment area.
Outlook: Stable

CRISIL believes that Jeevan Jyoti will continue to get benefitted
over the medium term from the presence of the reputed doctor
investors with extensive practising experience in the field of
healthcare. The outlook may be revised to 'Positive' in case of
timely completion of the hospital without any significant cost
overruns and is able to demonstrate higher than expected occupancy
levels and cash accruals. Conversely, the outlook may be revised
to 'Negative' in case of delays in case of significant time or
cost overruns in commissioning of the project or lower than
expected revenues or profitability resulting in pressure on its
liquidity.

Jeevan Jyoti, incorporated in Dec. 2011 is currently implementing
a 257 bedded Multi speciality hospital in Silchar District of
Assam. The hospital is expected to commence operations from April
2017 onwards. The aggregate cost of setting up the project is
INR760.8 million and is being funded at a debt-equity ratio of
1.56 times.  The hospital is being promoted by Dr. Rajdeep Roy and
associates.


JHUNJHUNWALA OIL: CRISIL Cuts Rating on INR330MM Loan to 'D'
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Jhunjhunwala Oil Mills Ltd (JOML) to 'CRISIL D/CRISIL D' from
'CRISIL BB-/Stable/CRISIL A4+'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            330      CRISIL D (Downgraded
                                   from 'CRISIL BB-/Stable')

   Letter of Credit        20      CRISIL D (Downgraded
                                   from 'CRISIL A4+')

   Proposed Long Term      15      CRISIL D (Downgraded
    Bank Loan Facility             from 'CRISIL BB-/Stable')

   Standby Line of         35      CRISIL D (Downgraded
   Credit                          from 'CRISIL BB-/Stable')

   Term Loan              185      CRISIL D (Downgraded from
                                   'CRISIL BB-/Stable')

The downgrade reflects instances of delay by JOML in servicing its
term debt obligations and over-utilisation of cash credit limit
for more than 30 days, because of weak liquidity.

JOML has a modest scale of operations in the intensely competitive
edible oils industry, and is vulnerable to government policies.
Also, its operating margin is susceptible to volatility in raw
material prices, and to substitutability of its main product, rice
bran oil, with other edible oils. JOML, however, benefits from its
promoters' extensive industry experience, its diverse product
profile and clientele, and its average financial risk profile.

JOML was established by Mr. Vishwanath Jhunjhunwala in 1973. The
company manufactures and refines edible oil, mainly rice bran oil,
through the solvent extraction process. JOML also has a cattle-
feed plant, which processes de-oiled cake, a by-product of solvent
extraction. The company has solvent extraction and cattle-feed
manufacturing facilities in Varanasi (Uttar Pradesh) and a rice
milling unit in Kudra (Bihar).


KAY KAY: CARE Revises Rating on INR13cr LT Loan to BB-
------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of Kay
Kay Exports.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     13.00      CARE BB- Revised from
                                            CARE B+

   Short-term Bank Facilities     5.90      CARE A4 Reaffirmed

Rating Rationale

The revision in the long-term rating of Kay Kay Exports (KKE)
factors in the healthy growth in revenues, as well as
improvement in the operating cycle in FY15 (refers to the period
April 1 to March 31). The ratings also factor in the long
experience of the proprietor, the established operational track
record of the firm and its strong association with customers
and suppliers.

The ratings, however, continue to be constrained by the modest
scale of operations, perishable nature of raw materials,
working capital intensive nature of operations, weak capital
structure, exposure to forex risk and the constitution of the
entity as a proprietorship.

Going forward, the ability of the firm to improve its scale of its
operation, improve its profitability and effectively manage
its working capital borrowings would be the key rating
sensitivities.

KKE is a proprietorship business engaged in the processing and
export of sea food products such as shrimp, cuttle fish, squid,
octopus, fish, seafood mix, primarily to the USA and Europe. The
firm was promoted by Mr K. Krishna Kumar in 1991. KKE has a
processing facility at Kannamally with an installed capacity of
2,000 MT per annum for processing of seafood and a cold storage
facility with a capacity of 1,000MT for preserving processed
seafood.

The capacity utilization varies as high value items like Vannamei
require more time to freeze as compared with the low value items
like shrimp and black tiger.

As per the audited results, the firm achieved a PAT of INR1.20
crore on total operating income of INR68.08 crore in FY15 as
compared with a PAT of INR0.44 crore on total operating income of
INR42.08 crore in FY14.


KVR PRIME: CRISIL Assigns B- Rating to INR120MM Cash Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long term
bank facility of KVR Prime Constructions Private Limited (KVR).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            120      CRISIL B-/Stable

The ratings reflect KVR's promoter's extensive experience in the
real estate industry. This strength is partially offset by KVR's
geographic concentration in revenue profile, susceptibility to
risks related to completion and saleability of its ongoing project
and exposure to cyclicality in the Indian real estate industry.

Outlook: Stable
CRISIL believes that KVR will continue to benefit from the
extensive industry experience of its promoters. The outlook may be
revised to 'Positive' if the company reports earlier-than-expected
completion, and sale of its ongoing project, thereby improving its
business and financial risk profile. Conversely, the outlook may
be revised to 'Negative' if there are any delays in project
completion, or in the receipt of advances from customers, or if
the company undertakes a larger than-expected debt-funded project,
thereby weakening its financial risk profile.

KVR Prime Constructions Pvt Ltd (KVR) was started by Mr.
Venkateswara Rao and is involved in residential real estate
construction business at Vijayawada (AP). The company has one
ongoing project under the name KVR Prime Galaxy.


MA MONI: CARE Revises Rating on INR6.40cr LT Loan to B+
-------------------------------------------------------
CARE revises the rating assigned to the bank facilities of Ma Moni
Cold Storage Private Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     6.40       CARE B+ Revised from
                                            CARE B

Rating Rationale

The revision in the rating assigned to the bank facilities of Ma
Moni Cold Storage Private Ltd (MCSPL) takes into cognizance
improved capital structure and increase in the total operating
income and profit levels. However, the rating continues to remain
constrained by the regulated nature of the industry, seasonality
of business with susceptibility to the vagaries of nature, risk of
delinquency in loans extended to the farmers and traders,
competition from other local players and weak financial risk
profile marked by small scale of operations, leveraged capital
structure and weak liquidity position. Moreover, the rating
continues to derive strengths by the satisfactory experience of
the promoters with long track record of operations and its
proximity to the potato-growing areas.

The ability to increase its scale of operations with improvement
in profitability margins, improvement in capital structure and
effective management of the working capital would be the key
rating sensitivities.

MCSPL was incorporated on May 28, 1987, for setting up a cold
storage facility by the Samanta family of Paschim
Medinipur, West Bengal. MCSPL is engaged in the business of
providing cold storage services primarily for potatoes to
local farmers and traders on rental basis with an aggregate
storage capacity of 23,310 metric ton per annum (MTPA). The
cold storage is located at Paschim Medinipur district of West
Bengal. Besides providing cold storage facility, the company
also provides interest bearing advances to farmers & traders for
potato farming & storing purposes against potato stored.

The board of MCSPL comprises six directors, belonging to the
promoter's family & relatives. The day-to-day operations of
the company are being managed by Mr Bajradhari Samanta with
adequate support from the other co-directors.

During FY15, MCSPL has reported a total operating income of
INR3.12 crore (FY14: INR3.04 crore) with APAT of INR0.02 crore
(FY14: INR0.02 crore). Furthermore, in 8MFY16, the MCSPL has
earned revenue of INR2.56 crore.


MAA JOYTARA: CRISIL Reaffirms B+ Rating on INR98.3MM LT Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Maa Joytara Rice Mill
Private Limited (MJRMPL) continue to reflect MJRMPL's moderate
financial risk profile because of small net worth and high
gearing, exposure to intense competition in the rice milling
industry, and susceptibility of profitability to regulatory
changes and volatility in paddy prices. These weaknesses are
mitigated by promoter's extensive experience and healthy market
reach leading to low demand risk.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee        1.7       CRISIL A4 (Reaffirmed)

   Cash Credit          44.5       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility   98.3       CRISIL B+/Stable (Reaffirmed)

   Standby Letter of
   Credit                5.5       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes MJRMPL will benefit over the medium term from its
promoter's extensive industry experience. The outlook may be
revised to 'Positive' if improved scale of operations and
profitability or working capital management leads to increased
liquidity. Conversely, the outlook may be revised to 'Negative' if
large, debt-funded expansion, low accrual, or stretched working
capital cycle weakens liquidity.

Formed in 1993 as a proprietorship concern and reconstituted as a
private-limited company in 2004, MJRMPL mills and processes rice;
its facility is in Malda (West Bengal). The company has set up a
solvent extraction unit, which became operational in July 2014.
Its operations are managed by Mr. Prafulla Kumar Ghosh.


MAGMA AUTOLINKS: ICRA Assigns B+ Rating to INR5.0cr Term Loan
-------------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B+ to the INR1.0
crore cash credit limits and INR5.0 crore term loans of Magma
Autolinks Pvt Ltd (MAPL).

                            Amount
   Facilities            (INR crore)      Ratings
   ----------            -----------      -------
   Long term fund based
   limits Cash Credit
   Limits                    1.00         [ICRA]B+; Assigned

   Term Loan                 5.00         [ICRA]B+; Assigned

ICRA's rating is constrained by the nascent stage of MAPL's
operations, as well as the competition the company faces from
dealers of other passenger car manufacturers, such as Maruti
Suzuki India Limited, Hyundai Motors India Limited, Tata Motors
Limited, etc, in the vicinity of the company's area of operations.

The rating also takes into account MAPL's low bargaining power,
wherein pricing policies are determined by Honda Cars India
Limited (HCIL) and its exposure to the inherent cyclicality of the
passenger vehicle industry by virtue of its linkage to the
macroeconomic environment. Further, the rating is constrained by
the company's high long term debt repayments and its leveraged
capital structure on account of high working capital intensity due
to high inventory levels that are characteristic of the automobile
dealership business. However, the rating derives comfort from the
company's established position as the only authorized dealer of
HCIL with its showroom in Kangra, Himachal Pradesh and its well
established sales and service setup. Further, the rating is
supported by the favorable demand outlook for HCIL as it has
witnessed year-on-year increase in sales volumes and market share
in the domestic passenger vehicle industry. The rating also takes
into account the extensive experience of the promoters in the
dealership business, across various passenger vehicle OEMs,
including HCIL and Chevrolet.

In ICRA's view, the ability of the firm to ramp up its operations
in the initial phase of operations and generate healthy
profitability shall be the key rating sensitivities.

Incorporated in November, 2013, MAPL is an authorized dealer of
passenger vehicles of HCIL. The company is promoted by the Sharma
family, with Mr. Tushar Sharma and Ms. Shveta Sharma serving as
the directors of the company. As on date, the company has an
outlet (owned) at Kangra, Himachal Pradesh. Further, one more
company of the group 'Bhagat Ram Motorways Pvt. Ltd.' which was
incorporated in 2011, is engaged in the dealership of 'Chevrolet'
from its two showrooms located in Una and Hamirpur, Himachal
Pradesh.

Recent Results
MAPL reported a profit after tax of INR0.22 crore on an operating
income of INR8.86 crore in FY 2014-15.


MANGALAGIRI TEXTILES: ICRA Suspends 'D' Rating on INR21.8cr Loan
----------------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]D assigned to the
INR21.80 crore fund based facility and INR2.40 crore unallocated
limits of the company. ICRA has also suspended the short-term
rating of [ICRA]D assigned to INR0.30 crore non-fund based
facilities of Mangalagiri Textiles Mills Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

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


MARUTI COTTON: CRISIL Reaffirms B Rating on INR50MM Cash Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Maruti Cotton
Industries (MCI) continues to reflect MCI's small scale of
operations in the intensely competitive cotton industry, and
susceptibility of profitability to volatility in raw material
prices. These weaknesses are partially offset by favourable
location, close to the cotton growing belt of Gujarat.

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

   Proposed Long Term
   Bank Loan Facility      1.8     CRISIL B/Stable (Reaffirmed)

   Term Loan               8.2     CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes MCI will continue to benefit over the medium term
from proximity to a cotton-growing belt. The outlook may be
revised to 'Positive' if the firm scales up operations and
generates substantial cash accrual, or promoters infuse
substantial equity, leading to improvement in financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case of significant decline in cash accrual, or deterioration in
working capital management, or large debt-funded capital
expenditure, weakening financial risk profile, particularly
liquidity.

Update
MCI's sales declined to INR175.3 million in 2014-15 (refers to
financial year, April 1 to March 31) from INR328 million a year
earlier because of slowdown in demand in the cotton industry.
However, due to decline in raw cotton prices, operating
profitability improved to 4.1 percent in 2014-15 from 2.7 percent
in the previous year. Working capital requirement was large, as
indicated by gross current assets of 152 days as on March 31,
2015, against 68 days a year earlier, driven by large inventory.
As a result, working capital utilization was high, averaging 93
percent over the 12 months through July 2015. Financial risk
profile remains average, marked by marginal improvement in gearing
to 2.47 times and moderate net worth of INR25 million as on March
31, 2015, against  2.8 times and INR20 million, respectively, a
year earlier. Debt protection metrics remain subdued, with
interest coverage ratio of 1.4 times for 2014-15.

MCI, a partnership firm, started commercial production in January
2012. The firm gins and presses raw cotton (kapas). There are 11
partners in the firm, with Mr. Savjibhai Savsani (holding 15
percent stake) and Mr. Mukeshbhai Ghodsara (5 percent) actively
managing operations.


MUTHOOT AUTOMOTIVE: CRISIL Reaffirms B+ Rating on INR65MM Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Muthoot
Automotive India Pvt Ltd (MAPL) continues to reflect the company's
weak capital structure and modest scale of operations. These
weaknesses are partially offset by promoters' extensive experience
in the automotive dealership industry, and financial support
expected from the Muthoot Pappachan group.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Inventory Funding
   Facility                65      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes MAPL will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' in case of substantial increase in
revenue and cash accrual, leading to improvement in financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
cash accrual is significantly below expectation, or in case of
large debt-funded capital expenditure, resulting in weakening of
financial risk profile.

MAPL, incorporated in 2010, deals in Honda Cars (India) Ltd's
passenger cars and Piaggio Vehicles Pvt Ltd's Vespa scooters.
Operations are managed by Mrs. Remy Thomas Muthoot. The company is
a part of the Muthoot Pappachan group, which has interests in
diverse fields such as non-banking financial services, power
generation, automobile dealership, and real estate and
infrastructure development.


PANASIAN CONSTRUCTION: CRISIL Reaffirms B Rating on INR160MM Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Panasian Construction
Company Pvt Ltd (PCCPL) continue to reflect its small scale of
operations and moderate financial risk profile, marked by low
gearing and moderate debt protection metrics. These rating
weaknesses are partially offset by the promoters' extensive
experience in the construction industry.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         40       CRISIL A4 (Reaffirmed)

   Cash Credit            15       CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    160       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes PCCPL will continue to benefit over the medium
term from its promoters' extensive industry experience and
moderate order book. The outlook may be revised to 'Positive' if
the company reports substantial growth in scale of operations and
cash accrual while maintaining profitability and improving working
capital cycle. Conversely, the outlook may be revised to
'Negative' if revenue or profitability decline, significantly
impacting the company's financial risk profile.

Incorporated in 2010, PCCPL executes construction activities in
New Delhi. The company is promoted by Mr. Rakesh Bhagat and his
wife Mrs. Indu Bhagat.


PANTEL TECHNOLOGIES: CARE Assigns B+ Rating to INR14cr LT Loan
--------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Pantel Technologies Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      14        CARE B+ Assigned
   Short-term Bank Facilities     10        CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Pantel Technologies
Private Limited (PTP) are primarily constrained by its modest
scale of operations with low networth and weak financial risk
profile characterized by low and range bound profitability
margins, leveraged capital structure & weak debt service coverage
indicators. The ratings are further constrained by foreign
exchange fluctuation risk coupled with highly fragmented nature of
the industry characterized by intense competition.

The ratings, however, draw comfort from experienced promoter and
moderate operating cycle.

Going forward, the ability of the company to increase its scale of
operations while improving its profitability margins and capital
structure shall be the key rating sensitivities.

Pantel Technologies Private Limited (PTP) was incorporated in 2010
and is currently being managed by Mr Vijender Singh and Mr Sudesh
Kumar. The company is engaged in manufacturing of information
technology (I.T.) products such as tablets, mobile etc. PTP's has
cumulative installed capacity of 1.83 lakh pieces per annum for
tablets, mobiles and other accessories as on March 31, 2015 at its
manufacturing units located in Noida, Uttar Pradesh. The company
imports more than 90% of its raw material requirement from China..
PTP exclusively sales its product under the brand name "PENTA".
The manufactured products are sold to traders as well as through
online sales portal. Prerna Services Private Limited (PSP) is an
associate concern of PTP engaged in a similar business.

During FY15 (refers to the period April 01 to March 31), PTP has
achieved a total operating income (TOI) of INR77.93 crore with
PBILDT and PAT of INR2.55 crore and INR0.32 crore, respectively,
as against TOI of INR71.65 crore with PBILDT and PAT of INR2.54
crore and INR0.47 crore, respectively. Moreover, the company has
achieved total TOI of INR90.35 crore till 7MFY16 (refers to the
period April 01 to October 31) (as per unaudited results).


PATIALA DISTILLERS: CARE Assigns B+ Rating to INR10cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Patiala Distillers and Manufacturers Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     10.00      CARE B+ Assigned
   Short-term Bank Facilities     0.35      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Patiala Distillers
and Manufacturers Limited (PDM) are primarily constrained by its
low operating profit margins, cash losses in FY15 (refers to the
period April 01 to March 31) and weak debt coverage indicators.
The ratings are further constrained by susceptibility of margins
to fluctuations in raw material prices and PDM's presence in a
highly regulated industry. The ratings, however, derive strength
from the long track record of operations with location advantage
and healthy scale-up of operations in the past with satisfactory
capital structure.

Going forward, the ability of the company to profitably scale-up
its operations along with maintenance of the satisfactory
capital structure would remain the key rating sensitivities.

Patiala Distillers and Manufacturers Limited (PDM) is a closely
held public limited company incorporated in Nov-74. The company is
currently being managed by the directors- Mr Sudarshan Kumar Modi,
Mr Sanjeev Kumar Modi, Mr Tarun Kumar Modi, Mr Kewal Aggarwal and
Mr Viredra Swarup Agarwal. All the directors look after the
overall operations of the business and have professional
experience ranging from 20-40 years.

The company is engaged in the manufacturing of rectified spirit
(RS) and extra neutral alcohol (ENA) and sells it in the form of
Country Liquor (CL) and India Made Foreign Liquor (IMFL). Its
country made liquor is sold under the brands 'Patiala Rose',
'Patiala Orange' and 'Patiala Sonfi' and IMFL is sold by the
names- 'Commando Rum' and 'Winner Whisky'.

RS and ENA are the basic raw materials required to manufacture
liquor with ENA being made from molasses and grains. PDM procures
molasses and grains from wholesalers located in Punjab. The
company sells the CL manufactured to the retailers through its own
outlets located in 12 districts of Punjab and IFML is sold to
various wholesalers in Punjab. Furthermore, the company also
undertakes bottling of IMFL for Allied Blenders and Distillers
Private Limited (rated 'CARE BBB/CARE A3+'), Amrut Distilleries
Limited and Kashmir Distilleries Private Limited. The income from
this segment constituted around 50% of the total income in FY15
(refers to the period April 01 to March 31). Besides PDM, one of
the directors Mr Sanjeev Kumar Modi is also associated with
another group concern namely, Savahhus Distillery Private
Limited, engaged in the manufacturing of country liquor and IMFL
since 1994.


PUNJAB RICE: CRISIL Reaffirms B+ Rating on INR80MM Cash Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Punjab Rice and
General Mills (PRGM) continues to reflect PRGM's weak financial
risk profile because of high gearing, and small scale of
operations in the highly competitive and fragmented rice industry.
These weaknesses are partially offset by promoters' extensive
industry experience and their financial support.

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

Outlook: Stable

CRISIL believes PRGM will continue to benefit from its promoters'
extensive experience in the rice industry. The outlook may be
revised to 'Positive' in case of significant improvement in
financial risk profile because of capital infusion or increase in
revenue. Conversely, the outlook may be revised to 'Negative' in
case of deterioration in financial risk profile due to significant
increase in inventory, leading to large incremental bank debt, or
debt-funded capital expenditure.

PRGM is a partnership firm set up in 1986 by Mr. Amrik Singh and
Mr. Harpal Singh. It mills and processes paddy into rice. It has
installed paddy milling capacity of 7 tonne per hour and Sortex
capacity 15 tonne per hour in Ferozepur (Punjab).


PURAN CHAND: CARE Revises Rating on INR2cr LT Loan to B+
--------------------------------------------------------
CARE revises/reaffirms ratings assigned to the bank facilities of
Puran Chand Ricemills Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      2.00      CARE B+ Revised from
                                            CARE B

   Long/Short-term Bank
   Facilities                    28.00      CARE A4 Reaffirmed

Rating Rationale

The revision in ratings assigned to the bank facilities of Puran
Chand Rice Mills Private Limited (PCRM) takes into account the
improvement in the company's financial risk profile characterized
by improved profitability margins, overall gearing and debt
coverage indicators. The ratings continue to be constrained by its
susceptibility to fluctuation in the raw material prices and
foreign exchange rates. The ratings also factor in PCRM's presence
in the highly fragmented agro processing industry characterized by
a high level of government regulation. The ratings, however,
derives strength from its experienced promoters, growing scale of
operations and close proximity of its manufacturing facilities to
raw material sources leading to competitive advantage.

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

Karnal (Haryana) based Puran Chand Rice Mills Private Limited
(PCRM) was initially incorporated in 1989 as a partnership
concern by Mr Naveen Gupta and Mrs Suman Gupta (wife of Mr Naveen
Gupta). Later in 2009, it was converted into a private limited
company. Currently the company is being managed by Mrs. Suman
Gupta, Mr. Rushil Gupta (son of Mr. Naveen Gupta ) and Mr. Ashit
Gupta(son of Mr. Naveen Gupta ). PCRM is engaged in milling,
processing and trading of rice from its unit located at Taraori,
district Karnal (Haryana) with an installed capacity of 25,000 TPA
as on March 31, 2015. During FY15 (refers to the period April 1 to
March 31), the company generated 93% of its total operating income
from the trading business.

The company procures the key raw material, i.e. paddy from Haryana
and Uttar Pradesh. PCRM primarily exports its products to the
Middle East countries such as Saudi Arabia and Yemen. It sells the
product under the brand name "Rabia".

During FY15 (refers to the period April 1 to March 31), PCRM
reported a total operating income of INR147.95 crore and a
PAT of INR0.18 crore.


R D GOLDEN: CRISIL Puts B+ Rating on Notice of Withdrawal
---------------------------------------------------------
CRISIL has placed its rating on the bank facility of R D Golden
Jewels Private Limited (RDGJPL) on a 60-day notice of withdrawal.
The rating have been placed on a 60-day notice of withdrawal at
the company's request and on receipt of a no-objection certificate
from its banker. The rating will be withdrawn after completion of
the notice period. The rating action is in line with CRISIL's
policy on withdrawal of its rating on bank loans.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             70      CRISIL B+/Stable (Notice
                                   of Withdrawal)

RDGJPL was established in Surat (Gujarat) in September 2012 by
Vaghani family. The company is engaged in retail trading and
manufacturing of gold ornaments. The promoter family has
experience of over 15 years in the retail jewellery business.


RAJ BREEDERS: CRISIL Cuts Rating on INR183MM Cash Loan to 'D'
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Raj Breeders and Hatcheries Private Limited (RBHPL; part of the
Raj group) to 'CRISIL D' from 'CRISIL B-/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            183      CRISIL D (Downgraded from
                                   'CRISIL B-/Stable')

   Long Term Loan          92      CRISIL D (Downgraded from
                                   'CRISIL B-/Stable')

   Proposed Long Term       9      CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL B-/Stable')

The rating downgrade reflects delay by RBHPL in servicing its debt
obligations. The delay has been caused by weak liquidity and
stretch in working capital cycle.

The rating continues to reflect the Raj group's below-average
financial risk profile, because of high gearing and weak debt
protection metrics, and vulnerability to intense competition and
risks inherent in the poultry industry. These rating weaknesses
are partially offset by the extensive experience of the group's
promoters in the poultry industry and its established
relationships with major customers.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of RBHPL and Raj Chick Farms Pvt Ltd
(RCFPL). This is because both these companies, together referred
to as the Raj group, are under the same management, and have
considerable operational and financial linkages with each other.

The Raj group, which comprises RBHPL (up in 1998) and RCFPL
(2002), is promoted by Mr. O P Khurana and his family. Both
entities are is in the poultry farming business.

The Raj group incurred net loss of INR54 million on net sales
INR825 million for 2014-15 (refers to financial year, April 1 to
March 31); it had profit after tax of INR7 million on net sales of
INR1.26 billion for 2013-14.


RAJ CHICK: CRISIL Cuts Rating on INR133.8MM LT Loan to D
--------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
Raj Chick Farms Private Limited (RCFPL) to 'CRISIL D' from 'CRISIL
B-/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           90        CRISIL D (Downgraded from
                                   'CRISIL B-/Stable')

   Long Term Loan       133.8      CRISIL D (Downgraded from
                                   'CRISIL B-/Stable')

   Proposed Long Term    16.2      CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL B-/Stable')

The rating downgrade reflects delay by RCFPL in servicing its debt
obligations. The delay has been caused by weak liquidity and
stretch in working capital cycle.

The rating continues to reflect the Raj group's below-average
financial risk profile, because of high gearing and weak debt
protection metrics, and vulnerability to intense competition and
risks inherent in the poultry industry. These rating weaknesses
are partially offset by the extensive experience of the group's
promoters in the poultry industry and its established
relationships with major customers.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of Raj Breeders and Hatcheries Pvt Ltd
(RBHPL) and RCFPL. This is because both these companies, together
referred to as the Raj group, are under the same management, and
have considerable operational and financial linkages with each
other.

The Raj group, which comprises RBHPL (up in 1998) and RCFPL
(2002), is promoted by Mr. O P Khurana and his family. Both
entities are is in the poultry farming business.

The Raj group incurred net loss of INR54 million on net sales
INR825 million for 2014-15 (refers to financial year, April 1 to
March 31); it had profit after tax of INR7 million on net sales of
INR1.26 billion for 2013-14.


RAJ KISHORE: ICRA Suspends 'B' Rating on INR20cr Loan
-----------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B and the short
term rating of [ICRA]A4 outstanding on the INR20.00 Crore bank
facilities of Raj Kishore Engineering Constructions Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance, in the absence of the requisite information
from the company.


RAYALASEEMA TRADING: ICRA Suspends B+ Rating on INR15cr Loan
------------------------------------------------------------
ICRA has suspended [ICRA]B+  rating assigned to the INR2.00 crore
fund based facilities and [ICRA]B+/[ICRA]A4 rating assigned to the
INR15.00 crore unallocated limits of Rayalaseema Trading Private
Limited. ICRA has also suspended [ICRA]A4 rating assigned to the
INR13.00 crore non-fund based facilities of RTPL. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.

RTPL is promoted in February 2013 by Mr. K Viswanatha Reddy and
Mr. K Phani Charan, related parties to the promoters of the Nandi
Group which has interests in Pipes, Irrigation systems, Cement,
Dairy, Construction, Bio-ethanol manufacture and Education
sectors. RTPL is into the business of trading PVC and LLDPE
polymers which are key raw materials in the manufacture of Plastic
Pipes and Plastic storage containers. The company imports most of
its traded good requirements and supplies them to the pipe,
irrigation systems and other polymer based product manufacturing
companies in the Nandi group, and a few other customers based out
of Andhra Pradesh (AP) and Karnataka.


ROLEX PROCESSORS: CARE Revises Rating on INR11.45cr Loan to BB-
---------------------------------------------------------------
CARE revises/reaffirms the ratings assigned to the bank facilities
of Rolex Processors Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    11.45       CARE BB- Revised from
                                            CARE B
   Short-term Bank Facilities    1.05       CARE A4 Reaffirmed

Rating Rationale

The revision in the long-term rating of Rolex Processors Private
Limited (RPPL) takes into account continuous growth in its scale
of operations in the last three financial years ended FY15 (refers
to the period April 1 to March 31). The ratings, further, continue
to derive support from group companies.

The ratings, however, continue to remain constrained on account of
weak financial risk profile of RPPL marked by moderate
profitability margins, weak solvency position and working capital
intensive nature of business thereby leading stressed liquidity
position. The ratings, further, continue to be constrained by
RPPL's presence in the highly competitive textile industry and its
limited presence in the textile value chain.

The ratings, however, continue to take comfort from the vast
experience of the promoters in the textile industry, its long
track record of operations and location advantage being presence
in the textile cluster, Bhilwara.

RPPL's ability to increase its scale of operations with
improvement in profitability margins and efficient management of
working capital will be the key rating sensitivities.

Bhilwara-based (Rajasthan) RPPL, incorporated in October, 1998,
was acquired by Ajay Group, based out of Bhilwara, Rajasthan, in
June, 2010. Ajay Group is promoted by Kabra family of Bhilwara is
engaged in the business of weaving of synthetic fabrics from
polyester yarn since 1987 through its group concerns which
includes Ajay Synthetics Private Limited (ASPL, established in
1987, rated CARE BB-), Shubh Fabrics Limited (SFL, established in
1994, rated CARE BB-), Ajay India Limited (AIL, established in
1996, rated CARE BB-/A4) and Ajay Syntex Ltd (ASL, established in
2006).

RPPL is engaged in the business of processing and dyeing of
synthetic fabrics on job work basis as well as in the trading of
finished fabrics. The processing facility of the company is
located at Bhilwara district in Rajasthan with an installed
capacity of 384 LakhMetric per Annum (LMPA) as onMarch 31, 2015.
As per Audited results for FY15, RPPL has reported a total
operating income of INR38.88 crore as against INR35.53 crore
during FY14 and PAT of INR0.32 crore during FY15 as against
INR0.27 crore during FY14.


RUBY BUS: ICRA Reaffirms B Rating on INR34.70cr Cash Loan
---------------------------------------------------------
The long term rating of [ICRA]B has been reaffirmed to the INR4.30
crore term loans, INR8.99 crore working capital term loans and the
INR34.70 crore1 cash credit facilities of Ruby Bus Private Limited
(RBPL)2. The short term rating of [ICRA]A4 has also been
reaffirmed to the INR7.00 crore non fund based facilities of RBPL.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Cash Credit Facility     34.70      [ICRA]B reaffirmed
   Term Loans                4.30      [ICRA]B reaffirmed
   Working Capital Term
   Loans                     8.99      [ICRA]B reaffirmed

   Inland Guarantees/
   Letter of Credit          7.00      [ICRA]A4 reaffirmed

The reaffirmation of ratings take into account the moderate scale
of current operations of the company, albeit healthy scaling up of
operations witnessed in FY 15 aided by the resurgence in demand
conditions. The ratings continue to remain constrained by the weak
financial profile of the company characterised by elevated gearing
levels and weak coverage indicators. Further, the ratings factor
in the vulnerability of the company's profitability to
fluctuations in raw material prices like aluminium and steel, the
overdependence of the company's revenue stream on one key customer
leading to client concentration risks as well as the fragmented
and highly competitive nature of the bus body building industry.
The ratings also factor in the susceptibility of RBPL's business
to the slowdown in the user industry (commercial vehicles) as
witnessed in the past from the relatively large losses incurred in
FY09 and significant de-growth in scale of operations in FY 13 and
FY 14.

The ratings, however, continue to favourably factor in the vast
experience of RBPL's promoters of over six decades in the bus body
building business and its reputed client profile with Ashok
Leyland Limited being its key customer.

Ruby Bus Private Limited (RBPL) was incorporated in the year 1947
and has been a part of the Indian bus body building industry for
over six decades. The company which is engaged in the business of
building bus bodies was promoted by late Mr. Shantilal Kapashi,
grandfather of the current Managing Director Mr. Pankaj Kapashi.
Headquartered in Mumbai, the company has manufacturing facilities
set up at Naroda, Ahmedabad, and has the capacity and
infrastructure to produce 3000 bus bodies per annum. Over the
years, the company has registered exports of more than 16,000
vehicles to various countries like Sri Lanka, Afghanistan, Ghana,
among many others.

Recent Results
For the year ended March 31, 2015, Ruby Bus Private Limited
reported an operating income of INR114.09 crore and profit after
tax of INR0.31 crore as against an operating income of INR61.70
crore and profit after tax of INR0.11 crore for the year ended
March 31, 2014.


SATNAAM STONE: ICRA Reaffirms 'B' Rating on INR7.50cr LT Loan
-------------------------------------------------------------
ICRA has reaffirmed its long-term rating of [ICRA]B on the INR7.50
crore fund-based bank facilities, INR2.40 crore term loans and
INR0.1 crore unallocated limits of Satnaam Stone Crushers Private
Limited (SSCPL).

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-Term Fund
   Based Limits           7.50        [ICRA]B; reaffirmed
   Term Loans             2.40        [ICRA]B; reaffirmed
   Unallocated            0.10        [ICRA]B; reaffirmed

ICRA's rating reaffirmation takes into account SSCPL's performance
in FY2015 wherein the company incurred a net loss of Rs 0.82 crore
on an operating income of INR4.06 crore. While the company was
able to earn an operating margin of 30.5% however its overall
operating scale remained modest. The rating continues to take into
account SSCPL's limited track record of operations, and its weak
financial profile characterized by high gearing levels and weak
debt coverage indicators. The rating also factors in the company's
high working capital intensity of operations on account of high
inventory holding and sizeable scheduled debt repayment
obligations in relation to its cash accruals. Further, the rating
also factors in the high competitive intensity as well as
regulatory risks associated with changes in government regulations
in the mining and quarrying industry. However, ICRA draws comfort
from the experience of the promoters and favorable demand for
stone grits given the increasing activities in the infrastructure
industry.

Going forward the ability of the company to ramp up its scale of
operations while maintaining its operating profit margins, will be
the key rating sensitivity. Government regulations impacting
mining and quarrying will also be a key monitorable.

SSCPL is engaged in the business of crushing/screening of stones
into grits of smaller sizes. SSCPL was incorporated in January,
2013 and commenced operations in February, 2014. The company has
been promoted by Mr. Vinay Arora, Mr. Om Prakash Arora, Mr. Anil
Khatri and Mr. Jitendra Kumar. The stone crushing plant of the
company is located at Rampur (Uttar Pradesh).

Recent Results
During FY-2015, the company incurred a net loss of INR0.8 crore on
an Operating Income (OI) of INR4.0 crore as compared to a net loss
of INR0.3 crore on an OI of INR0.2 crore in FY-2014.


SHREE BALAJI: CARE Lowers Rating on INR11cr LT Loan to D
--------------------------------------------------------
CARE revises the rating assigned to bank facilities of Shree
Balaji Texspin Pvt Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     11.0       CARE D Revised from
                                            CARE B+

Rating Rationale

The revision in the rating of Shree Balaji Texspin Pvt Ltd is due
to ongoing delays in debt servicing on account of stressed
liquidity position of the company. The ability of the company to
improve its liquidity and regularize its debt servicing will be
the key rating sensitivity.

Shree Balaji Texspin Private Limited (SBTPL), incorporated in
2009, is engaged into wholesale trading of cotton yarn. The
company is promoted by Mr. Bijay Kumar Agarwal. Prior to 2009, the
business was carried on under the name of Shree Balaji Trading as
a partnership firm with Mr. Udayram Agarwal (brother of Mr. Bijay
Agarwal) since 1980.


SHREE DWARKADHISH: CRISIL Assigns B+ Rating to INR100MM Loan
------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank
facility of Shree Dwarkadhish Udyog Pvt Ltd (SDUPL) and has
assigned its 'CRISIL B+/Stable' rating to the bank facilities.
CRISIL had suspended the rating on December 11, 2014, as SDUPL had
not provided necessary information required for a rating review.
SDUPL has now shared the requisite information enabling CRISIL to
assign rating to the bank facilities.

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

The rating reflects SDUPL's modest scale of operations and large
working capital requirement. These weaknesses are partially offset
by extensive experience of the company's promoters in the trading
business.
Outlook: Stable

CRISIL believes SDUPL will continue to benefit over the medium
term from promoters' extensive experience. The outlook may be
revised to 'Positive' if business risk profile improves due to
significant ramp-up in operations, diversification in revenue
profile, and better working capital management. Conversely, the
outlook may be revised to 'Negative' if accrual is lower than
expected, working capital management weakens, and if SDUPL
undertakes a significant debt-funded capital expenditure
programme, leading to deterioration in liquidity.

SDUPL is based in Ranchi, Jharkhand, and was incorporated in 2012.
The company trades in construction materials such as steel,
cement, jute, electrical items, and sanitary ware. It is managed
by Mr. Amit Sarawgi and Mr. Gyan Prakash Sarawgi.


SHREE HARIKRUSHNA: ICRA Reaffirms B Rating on INR8.0cr Cash Loan
----------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B rating assigned to the long term
fund based facilities of INR9.76 crore (enhanced from INR8.00
crore) of Shree Harikrushna Cotton Industries.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           8.00        [ICRA]B reaffirmed
   Term Loan             1.76        [ICRA]B reaffirmed

The reaffirmation of rating continues take into consideration the
firm's weak financial profile characterized by low return
indicators, stretched capital structure and modest debt coverage
indicators as well as modest scale of operations coupled with de-
growth in operating income in FY2015. The rating continues to take
into account limited value addition in the cotton ginning and
cottonseed crushing business and the highly fragmented and
competitive nature of the industry as well as the exposure to
regulatory risks with regards to Minimum Support Price (MSP) for
raw cotton and imposition of any restriction on cotton exports by
Government of India (GOI). Further, the rating considers the risk
of substantial withdrawal from capital account given the entity's
constitution as a partnership firm, which could impact its net
worth and thereby its capital structure.

The rating, however, continues to favourably consider the past
experience of the promoters in the cotton Industry and the
favourable location of the firm's plant with respect to raw
material procurement.

Shree Harikrushna Cotton Industries (SHCI) is a partnership firm
engaged in cotton ginning and pressing activity at its facility
located at Kadi, Mehsana in Gujarat. The commercial operations
started in May 2013 and the plant is equipped with 30 ginning
machines, 1 pressing machine and 6 crushing machines with
production capacity of 182 bales per day and 36 MT Oil per day.
The promoters of the firm have an experience of 5-7 years in the
cotton industry.

Recent Results
For the year ended March 31, 2015, the firm reported an operating
income of INR41.89 crore and profit before tax of Rs 0.23 crore
against operating income of INR64.95 crore and profit before tax
of INR0.19 crore for the year ended March 31, 2014.


SHREE MADHAV: ICRA Assigns 'B' Rating to INR3.75cr Loan
-------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B to the INR3.75
crore cash credit and INR0.65 crore stand by line credit
facilities of Shree Madhav Agencies Private Limited. ICRA has also
assigned a short term rating of [ICRA]A4 to the INR1.78 crore non-
fund based bank facilities of SMAPL.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limits
   (Cash Credit)         3.75         [ICRA]B assigned
   Fund Based Limits
   (Stand by line of
   Credit)               0.65         [ICRA]B assigned

   Non-Fund Based
   Limits (Bank
   Guarantee)            0.12         [ICRA]A4 assigned

   Non-Fund Based
   Limits (Letter
   of Credit)            1.66         [ICRA]A4 assigned

The assigned ratings take into account the small scale of current
operations; though the business has witnessed consistent growth
over the past few years, fragmented and competitive nature of the
industry along with limited value addition, which keeps margins of
all players, including SMAPL, under check, and weak financial
profile of the company characterized by low profitability and
depressed coverage indicators. The ratings further takes into
account the company's high working capital intensity of
operations, leading to stretched liquidity position, as also
reflected by high utilisation of the working capital limits,
limiting the company's financial flexibility. The ratings are also
constrained by the vulnerability of profitability to any adverse
fluctuations in raw material prices, which may not be passed on to
the customers. The ratings, however, favourably consider the
experience of the promoters in the business of manufacturing
(drawing) of wires, and diversification of business profile with
setting up of manufacturing units for lead pipes, solder wires and
aluminium wires, which is likely to increase profits and cash
accruals from the business, going forward.

Incorporated in the year 2008 as a private limited company, SMAPL
is primarily engaged in manufacturing (drawing) of super enameled
copper winding wires, which are marketed under the brand name of
"SMA". The company started its commercial production in 2011-12.
The company is managed by its promoters Mr. Brij Ratan Bhatter and
Mr. Madhav Bhatter. The manufacturing facilities of the company
are located at Dhulagiri, Howrah. SMAPL has recently started the
manufacturing of lead pipes/ solder wires and is also in the
process of commencement of manufacturing aluminium wires in the
current financial year.

Recent Results
During 2014-15, the company reported a net profit of INR0.18 crore
on an operating income of INR29.92 crore, as compared to a net
profit of INR0.00 crore on an operating income of INR25.11 crore
in 2013-14.


SHREEJIKRUPA BUILDCON: ICRA Suspends D Rating on INR8.5cr Loan
--------------------------------------------------------------
ICRA has suspended the [ICRA] D rating assigned to the INR8.50
crore fund based and non fund based facilities of Shreejikrupa
Buildcon Limited. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.

Shreejikrupa Buildcon Limited (SBL) earlier known as Shreejikrupa
Builders Rajkot was established in the year 1998 and is engaged in
civil & construction engineering and contracting services. SBL has
successfully executed a wide variety of projects in the field of
civil construction, heavy foundations, bridges & EWS Housing
Schemes. It also provides consultancy and contract management
services. SBL has registration for approved contractor in 'AA'
class and 'Special Category I Building' class from the Government
of Gujarat.


SHRI GAJANAN: CARE Assigns 'B' Rating to INR7.46cr LT Loan
----------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank facilities
of Shri Gajanan Agro Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      7.46      CARE B Assigned
   Short-term Bank Facilities     0.05      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Shri Gajanan Agro
Industries (SGAI) are constrained by the risk associated with
seasonality and fragmented nature of the cotton industry and
susceptibility to government policies related to price and export
of cotton. The ratings are further constrained by the low
profitability margins, weak solvency position, limited track
record of operations and partnership nature of its constitution.

The ratings, however, derive strength from experience of the
partners in cotton ginning and pressing and oil extraction
business, integration into cotton seed oil extraction resulting in
zero discharge plant and locational advantage emanating from
proximity to raw material.

The ability of the firm to improve its solvency position and
efficiently managing its working capital requirement is the key
rating sensitivity.

SGAI was established as a partnership concern in the year 2012.
The firm is engaged in ginning and pressing of cotton and
extraction of oil from cotton seed. The ginning and pressing unit
and oil extraction unit is located at Parbhani, Maharashtra. The
plant operates for 10 months in a year (from October to July). It
procures the raw material, ie, raw cotton from the local market
and sell its final product, ie, cotton bales to the customers
located in and around Parbhani.

The firm has an installed capacity of 73,000 bales per annum and
to extract 100,000 quintal of oil per annum. During FY15
(provisional) (refers to the period April 1 to March 31), the firm
has registered a PAT of INR0.07 crore as against the total
operating income of INR35.71 crore as compared with the PAT and
total operating of INR0.04 crore and INR22.18 crore, respectively,
in FY14.


SILPA MEGA: ICRA Suspends 'D' rating on INR23.9cr Loan
------------------------------------------------------
ICRA has suspended [ICRA]D rating assigned to the INR11.10 crore
fund based facilities and INR23.90 crore unallocated limits of
Silpa Mega Projects Private Limited. ICRA has also suspended
[ICRA]D rating assigned to the INR2.00 crore non-fund based
facilities of Silpa Mega Projects Private Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.

Keystone Infracorp Private Limited (KIPL) was started as Keystone
BSS Infratech Private Limited in September 2008. However, the
company name was changed to KIPL after on the promoter exited in
last year. The promoters have experience in residential apartment
and commercial complex construction through their group companies.
The promoters have also done few outer ring road works in
Hyderabad. The company name was changed in FY13 to Silpa Mega
Projects Pvt. Ltd. The company has executed road, building and
drainage works primarily on subcontract basis.


SRI SAI: ICRA Suspends B+/A4 Rating on INR15cr Loan
---------------------------------------------------
ICRA has suspended [ICRA]B+/ [ICRA]A4 ratings assigned to the
INR15.00 crore fund based facilities and non fund based facilities
of Sri Sai Laxmi Rice Mill. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.

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


SRIJAN CEMENT: ICRA Assigns 'D' Rating to INR5.0cr LT Loan
----------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]D to the INR5.00
crore fund based bank facilities of Srijan Cement Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term-Fund
   Based Limits           5.00        [ICRA]D; Assigned

ICRA's rating centrally factors in delays in debt servicing by
SCL, due to its stretched liquidity position on account of an
elongated working capital cycle due to delays in realization of
payments from its debtors. ICRA also notes that the heavy losses
incurred by the company in the past have led to significant
erosion of net worth and have led to very weak debt protection
metrics. ICRA also takes cognizance of SCL's low capacity
utilization over the past few years due to the company's moderate
scale of operations, high intensity of competition and low demand
from the end user industries, which has also led to heavy reliance
on non-core businesses to support the growth in top line. Also,
the business is vulnerable to fluctuations in cost of raw
materials like clinker, given the company's dependence on other
players for clinker, as it lacks its own manufacturing unit for
clinker. ICRA however takes note of the long standing experience
of SCL's promoters in the industry, with various group companies
in a similar line of business.

Going forward, a track record of timely debt servicing will be the
key rating sensitivity. This, in turn would be dependent on SCL's
ability to register a sustained improvement in its liquidity
position, hence the company's ability to register improved
profitability and optimally manage its working capital cycle, will
be key monitorables.

SCL was incorporated in 2008 as a public limited company, however
the company commenced production from December, 2011. Mr.
Gyanchand Agarwal, Mr. Anil Kumar Agarwal and Mr. Aditya Agarwal
are the directors of the company. The company manufactures
Portland Pozzolana Cement (PPC) and Portland Slag Cement (PSC), of
which PPC accounts for the bulk (~80%) of the total cement sales.
In addition, the company also trades in cotton cloth and clinker.
The company's manufacturing facility is located in Raniganj, West
Bengal on a total area of 27 acres, and has an installed capacity
of 2,37,250 Metric Tonnes Per Annum (MTPA).

Recent Results
The company reported, on a provisional basis, a net profit of
INR0.18 crore on an operating income of INR21.14 crore in FY2014-
15, as against a net loss of INR4.58 crore on an operating income
of INR18.25 crore in the previous year.


STERIL- GENE: CRISIL Reaffirms B Rating on INR183.2MM LT Loan
-------------------------------------------------------------
CRISIL's rating on bank facilities of Steril- Gene Life Sciences
Private Limited (SLPL) continues to reflect SLPL's modest scale of
operations in a fragmented industry and the company's below-
average financial risk profile, marked by weak debt protection
metrics. These rating weaknesses are partially offset by the
extensive experience of SLPL's promoters in the pharmaceuticals
industry and their strong funding support to the company.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            50       CRISIL B/Stable (Reaffirmed)
   Letter of Credit       40       CRISIL A4 (Reassigned)
   Long Term Loan        183.2     CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SLPL will continue to benefit over the medium
term from its promoters' extensive industry experience and funding
support. The outlook may be revised to 'Positive' if SLPL scales
up its operations and improves its profitability resulting in
increased cash accruals, and consequently, to a better financial
risk profile. Conversely, the outlook may be revised to 'Negative'
if the company's scale of operations or profitability declines or
if its working capital management deteriorates or if it undertakes
a large debt-funded capital expenditure programme, leading to
deterioration in its financial risk profile.

Set up in 2008, SLPL manufactures pharmaceutical formulations and
has its manufacturing unit in Puducherry. The company's daily
operations are managed by Mr. A Sulaiman.


TECHNOCRAT CONNECTIVITY: ICRA Rates INR4.0cr Loan at B+
-------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B+ to the INR4.0
crore cash credit limits and INR1.75 crore term loans of
Technocrat Connectivity Systems Pvt Ltd (TCSPL).

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit Limits    4.00        [ICRA]B+; Assigned
   Term Loan             1.75        [ICRA]B+; Assigned

ICRA's ratings are constrained by TCSPL's moderate scale of
operations, which coupled with high competition in the wire and
cable manufacturing industry, has resulted in subdued margins.
Further, the rating takes into account the company's moderately
high client concentration risk, with the company deriving about
30% of its operating income from a single customer, Minda
Industries Ltd (MIL). The rating also factors in the company's
debt repayments which are large relative to its accruals and have
necessitated support through unsecured loans. ICRA also notes the
vulnerability of the company's profitability to volatility in raw
material prices. However, the ratings derive comfort from the long
standing experience of the promoters in the wiring industry and
the company's established relationships with reputed clients like
MIL, Voltas Ltd, Magneti Marelli Motherson Auto System Ltd etc.
Going forward the firm's ability to ramp up its scale of
operations, diversify its client base and attain a sustained
improvement in its profitability will be the key rating
sensitivities.

TCSPL was incorporated in August, 2000 as a private limited
company and has been promoted by Mr. V.K. Pahilajani and Mr. T.C.
Pahilajani. The company is engaged in the manufacturing and export
of main wires and wiring harnesses, wiring harnesses are generally
used for connecting wires. The company's manufacturing facilities
are located in Gurgaon, Haryana and Rudrapur, Uttarakhand.

Recent Results
TCSPL reported a profit after tax (PAT) of INR0.24 crore on an
operating income of INR25.06 crore in FY 2014-15 as against a PAT
of INR0.21 crore on an operating income of INR23.61 crore in the
previous year.


TERAI ISPAT: CRISIL Reaffirms 'B' Rating on INR300MM Cash Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Terai Ispat &
Trading Pvt. Ltd. (TITL) continues to reflect TITL's subdued
financial risk profile because of below-average debt protection
metrics and low net worth, and exposure to risks inherent to the
agricultural commodities and steel trading segments. These
weaknesses are mitigated by promoter's extensive entrepreneurial
experience, financial support from companies within the Terai
group, and established relationships with suppliers and customers.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            300      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes TITL will benefit from its promoter's extensive
experience, and unsecured loans from the Terai group. The outlook
may be revised to 'Positive' if profitability and debt protection
metrics improve with steady revenue growth. The outlook may be
revised to 'Negative' if stretched working capital cycle or
sizeable debt-funded capital expenditure weakens capital
structure.

TITL, incorporated in 1991 by Mr. Ajit Kumar Agarwala, is a
closely held public-limited company trading in various products,
such as jute, sugar, green peas, yellow peas, and steel products.
The company began operations in 1993 and is a part of the Kolkata-
based Terai group, having primary interests in tea plantations.


UMA MAHESWARI: ICRA Suspends C+ Rating on INR10cr Loan
------------------------------------------------------
ICRA has suspended [ICRA]C+ rating assigned to the INR10.00 crore
fund based facilities of Uma Maheshwari Constructions Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

Uma Maheswari Constructions (UMC) was formed in 1978 as a
proprietorship concern. It was into construction of buildings
mostly for affiliates of AP government. The company was converted
into private limited in 2005 and has been doing real estate
projects in Bangalore and Vishakhapatnam. In Vishakhapatnam the
company has been involved in mass housing projects and major
corporate buildings.


V M YARNS: CRISIL Reaffirms B+ Rating on INR135MM Cash Loan
-----------------------------------------------------------
CRISIL's rating continues to reflect V M Yarns Pvt Ltd's (VMYPL)
below-average financial risk profile because of low networth, high
total outside liabilities to tangible networth (TOLTNW) ratio and
weak debt protection measures, and working capital-intensive
operations.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            135      CRISIL B+/Stable (Reaffirmed)

   Proposed Cash
    Credit Limit           65      CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are mitigated by the promoters' extensive
experience in the yarn industry.
Outlook: Stable

CRISIL believes VMYPL will benefit from its promoters' extensive
experience in the textile industry over the medium term. The
outlook may be revised to 'Positive' if the revenue and
profitability improve substantially, or if there is sizeable
equity infusion by the promoters leading to improved capital
structure. Conversely, the outlook may be revised to 'Negative' if
the stretched working capital management leads to deteriorated
capital structure.

Update
The company has an operating income of INR1.24 billion during
2014-15 (refers to financial year, April 1 to March 31) as against
INR937 million in the previous year on account of better demand
from end customers. The operating income is expected at INR1.3-1.4
billion during 2015-16. The operating margin is expected to remain
sustained during 2015-16 as against 1.9 percent in 2014-15. VMYPL
had gross current assets of 90 days on account of high debtors of
80 days as on March 31, 2015, which is expected to be inline in
the near to medium term.

The financial risk profile remained below average because of high
TOLTNW ratio, weak debt protection metrics and low networth. The
networth and TOLTNW ratio were at INR36 million and 4.2 times,
respectively, as on March 31, 2015. On account of high dependency
on bank borrowing to fund the incremental working capital
requirement, the interest coverage is weak at 1.2 times during
2014-15.

The company generated low net cash accrual of INR4.4 million
during 2014-15 and is likely to generate INR6-7 million against
debt obligation of INR1 million in the near to medium term. VMYPL
has availed a bank line of INR135 million which is fully utilised.
The liquidity is maintained by the promoters' financial
flexibility to support the incremental working capital
requirement.

VMYPL was incorporated in 2002 and is promoted by Mr. Yogesh
Kanoria and Ms. Payal Kanoria. The company trades various types of
yarns such as cotton yarn, linen yarn, polyester yarn, PC yarn,
viscose yarn, and PV yarns.


VAIBHAV COTTON: ICRA Suspends B+ Rating on INR12cr Loan
-------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR12.00 crore
fund based facilities and INR8.00 crore unallocated limits of
Vaibhav Cotton Corporation. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.

Vaibhav Cotton Corporation was incorporated in the year 1997 as a
partnership firm. The firm has 3 partners viz. Mr. M. Shiv Kumar,
Mr. M.Narayana, Mrs. M. Raja Laxmaiah. The factory cum
administration office is situated at Huzurabad road; Jammikunta,
Karimnagar Dist. Vaibhav Cotton Corporation is engaged in ginning
and pressing of raw cotton, oil extraction and trading of cotton
lint, seed, and maize.


VENKATESH COTTON: CARE Reaffirms B+ Rating on INR7.76cr LT Loan
---------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Venkatesh Cotton Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      7.76      CARE B+ Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Venkatesh Cotton
Private Limited (VCPL) continues to remain constrained on
account of declining turnover, low profit margins with
susceptibility to volatility in raw material prices and inherent
risks associated with the cotton industry such as high degree of
fragmentation, seasonality and impact of the government policies.

The rating, however, continues to derive comfort from the vast
experience of the promoters of VCPL in the cotton industry. The
rating also takes into account improvement in solvency position
and debt coverage indicators during FY15 (refers to the period
April 1 to March 31).

Improvement in the scale of operations, profit margins, capital
structure as well as better working capital management would
remain the key rating sensitivities.

VCPL was incorporated in May 2011 by Mr Deepak Agrawal, Mr Mayank
Agrawal & Mr Gaurav Agrawal for setting up of new ginning and
pressing unit with automization with the capacity of 18,900 MT per
annum. The plant is situated at Manwath, Maharashtra, which has an
installed capacity of 14,400 MTPA of cotton bales. Though the
promoters of VCPL are young, their family is engaged in cotton
trading and ginning & pressing business since 25 years.

During FY15, VCPL reported TOI of INR16.95 crore and PAT of
INR0.05 crore as against TOI of INR39.62 crore and PAT of INR0.23
crore during FY14. During 8MFY16 (Provisional), VCPL has reported
TOI of INR6.37 crore.


WATEREDGE HOSPITALITY: CRISIL Assigns B- Rating to INR120MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facility of Wateredge Hospitality Pvt Ltd (WHPL). The rating
reflects the promoter's extensive experience in the hospitality
industry. These rating strengths are partially offset by high
revenue concentration and susceptibility to economic downturns and
leveraged capital structure.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Long Term Loan         120      CRISIL B-/Stable

Outlook: Stable

CRISIL believes WHPL will continue to benefit over the medium term
from the promoter's extensive industry experience. The outlook may
be revised to 'Positive' in case of improvement in rental rates
(RRs) and occupancy rates, leading to higher-than-expected cash
accrual and better financial risk profile. Conversely, the outlook
may be revised to 'Negative' in case of lower-than-expected cash
accrual due to low occupancy levels or rental tariffs, leading to
a pressure on the liquidity.

Incorporated in July 2012, WHPL is setting up a 3-star
hotel/resort in Daman, named 'The Terraces Resort'. The promoter
has over a decades' business experience. The project comprises 72
rooms for accommodation, banquet hall, restaurant, lounge bar,
coffee bar, gymnasium, huge underground parking facilities and a
wide magnificent entrance plaza.


WONDER INDUSTRIES: CARE Revises Rating on INR10.37cr Loan to BB
---------------------------------------------------------------
CARE reaffirms the LT rating and withdraws the ST rating assigned
to the bank facilities of Wonder Industries Pvt Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     10.37      'CARE BB' Revised
                                            from CARE B

Rating Rationale

The rating of WIPL continues to be constrained by small size of
the company, susceptibility to volatility in raw material prices,
lack of backward integration, working capital intensive nature of
operations, intense competition due to fragmented nature of
industry and short track record of operations. The rating also
factors in the weak financial performance in FY15 (refers to the
period April 1 to March 31). However, the above constraints are
partially offset by satisfactory experience of the promoters in
plywood and laminates industry, support from promoter group
through fund infusion and strategic location of the plant. Ability
of the company to increase its scale of operations and
profitability and manage its working capital efficiently would
remain the key rating sensitivities.

Wonder Industries Pvt. Ltd., abbreviated earlier, was incorporated
as Dalia Goods Pvt. Ltd. in February, 2007 by Shri Surendra Tantia
and Shri Ravindra Tantia, two sons of late Shri Prahlad Raj
Tantia. Subsequently, on April 23, 2010, the company changed its
name to WIPL. Since inception, there was no major business
operation in the company and it has set up its decorative laminate
manufacturing plant near Ahmedabad, Gujarat which started
operation from February 2014 with an installed capacity of
1,20,000 Sheets per annum. The promoters have few companies in the
same line of business operating successfully.

WIPL registered net loss of INR2.6 crore on total operating income
of INR4.41 crore in FY15 (refers to the period April 1 to
March 31) as compared to net loss of INR0.53 crore on a total
operating income of INR0.12 crore in FY14. Further, WIPL posted
PBT of INR0.6 crore on a net sale of INR3.8 crore during the half
year ended September 30, 2015.


YASH AGRO: CRISIL Assigns 'B' Rating to INR50MM Cash Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Yash Agro Industries (YAI).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            50       CRISIL B/Stable
   Term Loan              35       CRISIL B/Stable

The rating reflects exposure to risks related to implementation
of, and demand for, its ongoing cotton ginning, pressing and oil
extraction project. The rating also factors in the expected modest
scale of operations and average financial risk profile because of
early stage of operations. These rating weaknesses are mitigated
by the promoter's extensive entrepreneurial experience in the
cotton industry and committed funding support.
Outlook: Stable

CRISIL believes YAI will maintain its business risk profile backed
by its promoter's extensive industry experience. The outlook may
be revised to 'Positive' if earlier-than-expected stabilization of
operation leads to improvement in financial risk profile.
Conversely, the outlook may be revised to 'Negative', if the
operating margin is low or more-than-anticipated, debt-funded
expansion plan or constrained working capital management
deteriorates the financial profile significantly.

Incorporated in May 2015, YAI is a proprietorship firm in Mandi
Adampur, Haryana. The firm is promoted by Mr. Kulbir Singh Beniwal
with more than 60 years of experience in agricultural commodity
trading business. The firm is setting up the project to carry out
cotton ginning, pressing and oil extraction unit with an installed
capacity of 800 quintal per day.



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


KAWASAN INDUSTRI: Fitch Says Interest Coverage Still Adequate
-------------------------------------------------------------
Fitch Ratings says that PT Kawasan Industri Jababeka Tbk's
(Jababeka, B+/Stable/A(idn)) recurring interest coverage ratio
remains sufficient to cover the company's interest expenses in the
next 12-24 months even though it is taking on more debt to fund
its Kendal project.

Fitch believes that an additional USD20m of debt incurred by
Jababeka will not, in itself, impact the company's credit profile
significantly for the next 12-24 months. We expect Jababeka's
recurring interest coverage ratio to remain above 1x in the next
12-24 months because we expect its recurring earnings to increase,
which will offset the higher interest expense associated with the
new funding. There is no medium-term refinancing risks as
Jababeka's USD260m senior notes are only due in 2019.

In the long term, successful execution of the Kendal estate in
Central Java will provide diversification benefits and a
foundation for future growth, as it reduces the company's project
concentration on the Cikarang township.

PT Kawasan Industri Kendal, a joint venture between Jababeka (51%
stake) and Singapore-based Sembcorp (49%), has tapped a USD20m
credit facility that matures in 2018. The proceeds of the loan
will be used to fund the development of infrastructure, such as
roads and soil compaction, at Kendal to attract industrial
investments at the estate.

Fitch expects the profit margin of the company's power plant
business to improve due to increased utilisation and better
efficiency. In 9M15, Jababeka's power plant business reported a
16.6% EBITDA margin, up from 14.4% in 2014. Jababeka's recurring
income is also supported by its dry port business, which reported
IDR89bn of revenue in 9M15, compared with IDR78bn for 2014. Gross
margin also improved to 41.4% from 38.5% during the same period.

The official launch of the Kendal estate, probably in 2016, is
likely to help boost Jababeka's presales, which have been flat in
9M15. Jababeka reported IDR712bn of presales in 9M15, unchanged
from a year earlier, leading to annualised presales/ gross debt
ratio of 26%. Management expects this to improve on account of an
additional IDR475bn of presales in 4Q15 (FY15E: IDR1.19trn), while
the rupiah's appreciation during the quarter will help to reduce
the level of gross debt in local-currency terms.



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


* MALAYSIA: PIDM Can Soon Force Sale of Insolvent Financial Firm
----------------------------------------------------------------
The Rakyat Post reports that the Perbadanan Insurance Deposit
Malaysia (PIDM) (Amendment) Bill 2015, to be tabled in the Dewan
Negara soon, will soon include share transfer powers to address
non-viable member institutions (MIs) promptly and effectively in
the future.

"Specifically, share transfer powers will empower the corporation
to compel the sale of shares by shareholders of a non-viable MI to
a willing private sector buyer and subject to the requisite
approval of the Finance Ministry.

"Experience shows that prompt and early resolution action against
troubled institutions will minimise the cost of failures and
maintain stability in the financial system," the report quotes
PIDM chief executive officer Jean Pierre Sabourin as saying.

The report relates that the amendment bill, aimed at enhancing
resolution power and align certain provisions with the Financial
Services Act 2013 and the Islamic Financial Services Act, was
approved recently by the Dewan Rakyat.

The amendment bill will be tabled in the Dewan Negara soon, adds
The Rakyat Post.



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


ECHO FESTIVAL: Cancels Festival, Goes Into Liquidation
------------------------------------------------------
nzherald.co.nz reports that the promotion company behind the
cancelled Echo Festival in Auckland has gone into liquidation, and
those waiting for ticket refunds still have no assurance they will
get their money back anytime soon.

A message posted on the Echo Festival NZ Facebook page said the
festival's promoting company had been placed into liquidation,
according to nzherald.co.nz.

"After a long and what now seems pointless struggle it is with
deep disappointment we must announce that it has been resolved to
place the festival's promoting company into liquidation," the
message stated, the report notes.  "The festival and its advisers
have been trying hard to identify an effective way to provide the
project with a future and at the same time recover from the huge
losses sustained over the last few months, but it is deemed that
the task is too great," the report relays.

The two-day music festival was set to take place in January and
featured headliners Disclosure and The Flaming Lips,
nzherald.co.nz discloses.

It was canned due to poor ticket sales late last month.

It was initially based at McLaren Falls in the Bay of Plenty, but
issues with consents forced the move to Auckland and a name change
in October, the report says.

The report notes that the liquidation message said having explored
"all possible measures and future outcomes", the company felt this
was the most responsible thing to do so had taken this action.

On December 2, Echo Festival boss Paxton Talbot told the Herald
refunds would be paid by December 17, the report relays.

"Everyone's going to get their money back.  Everyone needs to be
reassured that they are going to get their money within the next
two weeks. That's going to give us time to get everything
organized."

The liquidation notice made no mention of that deadline.

"We recognize there are still some people waiting for ticket
refunds," the message said. "The arrangements around this process
have been fraught with problems and today's development does
little to alleviate that situation in the immediate term," the
message added.

The report relays that full refunds were originally offered to
ticketholders, but many people have taken to Facebook to complain
that they were having trouble getting them.

"We are deeply sorry for that," the message said.

"The liquidators will be continuing the work here to resolve any
outstanding issues.  We are offering the liquidators as much
assistance as we possibly can.  All creditors will be contacted,"
the message added.

The report notes that Eventopia, the ticketing agency responsible
for the refunds, has previously called the situation "completely
unacceptable" and said it was waiting for the festival to "return
the funds" so it could return them to ticketholders.

"We deeply apologized for such an inconvenient situation and the
lack of communication. The reason for this is we have been waiting
for the promoter of the festival to return the funds to us so we
can complete all refunds," Eventopia said, the report discloses.

"It has now taken far too long and this is completely
unacceptable," Eventopia wrote in emailed messages to
ticketholders, the report notes.

The liquidation notice on Facebook has met angry comments from
some ticketholders.

Simon Dalton and Matt Kemp of Gerry Rea Partners Auckland had been
appointed as liquidators.



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***