TCRAP_Public/151230.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

         Wednesday, December 30, 2015, Vol. 18, No. 256


                            Headlines


A U S T R A L I A

BBY LTD: May Have Been Insolvent Since 2011
SINO AUSTRALIA: ASIC Has Feb. 5 to Finalise Wind up Application
SLATER & GORDON: Faces Class Suit Amid Insolvency Claims
TRITON 2014-P: Fitch to Retain 'Bsf' Rating on Class F Notes
VOCATION LTD: May Have Been Insolvent Since Late 2014


B H U T A N

SKW-TASHI METALS: Applies For Insolvency Process in Bhutan


C H I N A

G.CREDIT ELECTRONIC: Mobile Phone Manufacturer Shuts Operation
HYDOO INTERNATIONAL: Fitch Assigns 'B' Rating to USD100MM Notes
XIANGTIAN (USA): Recurring Losses Cast Going Concern Doubt


I N D I A

AL AMMAR: CRISIL Assigns B+ Rating to INR95MM Term Loan
APAR CHARITABLE: ICRA Upgrades Rating on INR12cr Loan to B+
B.N.T. CONNECTIONS: Ind-Ra Affirms BB+ Long-Term Issuer Rating
B.N.T. INNOVATIONS: Ind-Ra Lowers LT Issuer Rating to D
BAPASHREE AGRO: Ind-Ra Assigns B+ Long-Term Issuer Rating

BARBIL MINING: CRISIL Reaffirms 'B' Rating on INR90MM Cash Loan
BHARGAVA BHUSHAN: CRISIL Suspends D Rating on INR100MM Cash Loan
BHUMI PUJAN: CRISIL Assigns B+ Rating to INR80MM LT Loan
BHUPINDER PAUL: CRISIL Suspends B+ Rating on INR70MM LT Loan
BRAHMAPUTRA IRON: Ind-Ra Suspends D Long-Term Issuer Rating

BRAHMAPUTRA ROLLING: Ind-Ra Suspends D Long-Term Issuer Rating
BRAHMAPUTRA TMT: Ind-Ra Suspends D Long-Term Issuer Rating
BRAHMAPUTRA TUBULARS: Ind-Ra Suspends D Long-Term Issuer Rating
CARRYCON INDIA: ICRA Reaffirms B+ Rating on INR6.50cr Loan
DHENU HYDRO: CRISIL Reaffirms 'D' Rating on INR69.7MM Bank Loan

GLOBAL SOFTECH: Ind-Ra Withdraws 'IND D(suspended)' Loan Ratings
HELPAGE YOUTH: CRISIL Assigns B+ Rating to INR10MM LT Loan
IB-INABENSA: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating
INDIAN CROP: ICRA Reaffirms B+ Rating on INR5.0cr Cash Loan
INDUS VEGPRO: ICRA Assigns B+ Rating to INR0.70cr LT Loan

INDUSTRIAL ENGINEERING: CRISIL Reaffirms B+ Rating on INR20M Loan
JAGADAMBHA COTTON: CRISIL Suspends 'D' Rating on INR345MM Loan
JOYGURU STEELS: Ind-Ra Suspends B- Long-Term Issuer Rating
KINGS IMPEX: Ind-Ra Affirms 'IND BB' Long-Term Issuer Rating
KRISHNA KNITWEAR: Ind-Ra Withdraws 'IND D' LT Issuer Rating

KSC ENGINEERS: Ind-Ra Assigns BB Long-Term Issuer Rating
MAA SHEETLA: ICRA Assigns B+ Rating to INR6.50cr Cash Loan
MANJEET FIBERS: Ind-Ra Raises Long-Term Issuer Rating to BB+
MJ AND SONS: CRISIL Reaffirms 'D' Rating on INR470MM LT Loan
MULTICHEM SPECIALITIES: CRISIL Suspends B+ Rating on INR150M Loan

MURANO TILES: Ind-Ra Assigns BB- Long-Term Issuer Rating
MURUGAN IDLI: Ind-Ra Affirms B+ Long-Term Issuer Rating
NEERAKKAL LATEX: CRISIL Assigns 'B' Rating to INR80MM Loan
NEWGEN AGRO: ICRA Reaffirms 'B' Rating on INR7.80cr Term Loan
NITHIN TEXTILES: CRISIL Reaffirms B+ Rating on INR273.5MM Loan

ORFINA CERAMIC: ICRA Reaffirms 'B' Rating on INR9.0cr Term Loan
PERFECT INFRAENGINEERS: Ind-Ra Cuts Long-Term Issuer Rating to D
PINE EXPORTERS: ICRA Reaffirms B Rating on INR3.50cr Loan
RAGHUKUL COTTEX: CRISIL Suspends B+ Rating on INR110MM Cash Loan
RAJ POLY: CRISIL Assigns B+ Rating to INR140MM Cash Loan

RAMYA SPINNING: ICRA Suspends B+ Rating on INR8.93cr Loan
RAVIRAJ FOILS: Ind-Ra Raises Long-Term Issuer Rating to BBB-
RICHLOOK GARMENTS: CRISIL Suspends D Rating on INR180MM Loan
ROYALE EDIBLE: CRISIL Assigns B Rating to INR70MM Cash Loan
S.S.S. FIBRE: Ind-Ra Affirms BB Long-Term Issuer Rating

SHAKTIMAN CEMENTS: ICRA Suspends 'B' Rating on INR13.75cr Loan
SHRI RAMSWAROOP: Ind-Ra Affirms 'IND B+' Rating on Trust's Loans
SLN CNC: ICRA Assigns B+ Rating to INR4.50cr Cash Loan
SRI VANI: CRISIL Suspends 'D' Rating on INR90MM Term Loan
SRI VENKATESHWARA: CRISIL Suspends D Rating on INR76MM Loan

SSV TECHNOCRATES: ICRA Assigns 'B+' Rating to INR1.60cr Loan
SUN STEEL: Ind-Ra Assigns BB- Long-Term Issuer Rating
USHA IMPEX: CRISIL Suspends B+ Rating on INR60MM Cash Loan
VARDAN INTENSIVE: Ind-Ra Affirms BB Long-Term Issuer Rating
VIJAYA LAKSHMI: CRISIL Suspends B+ Rating on INR45MM Cash Loan

VIJAYA SAI: CRISIL Suspends B Rating on INR50MM Cash Loan
VISHWAS MILK: CRISIL Reaffirms B+ Rating on INR35MM Cash Loan
VITAL HEALTHCARE: CRISIL Cuts Rating on INR113MM Loan to B
WONDERLAND AMUSEMENT: CRISIL Assigns B+ Rating to INR50MM Loan


I N D O N E S I A

LIPPO KARAWACI: Fitch Affirms 'BB-' Issuer Default Ratings


                            - - - - -


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A U S T R A L I A
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BBY LTD: May Have Been Insolvent Since 2011
-------------------------------------------
Sydney Morning Herald reports that BBY Ltd may have been trading
while insolvent years before its collapse, perhaps as early as
2011, a new report from the collapsed broker's liquidators claims.

SMH relates that the report by BBY's liquidators at KPMG has dug
further back into the company's affairs than previous reports that
tested only BBY's solvency from 2014.

The liquidators said a series of transactions using BBY clients'
money to stump up a shortfall in its transactions for Saxo clients
in 2011 after it bought Stonebridge have raised serious questions
over whether the transactions were made to mask BBY's insolvency
or for other reasons, according to SMH.

BBY was placed in voluntary administration in May 2015, owing
money to St George and after several run-ins with regulators over
its capital requirements and governance.

Glenn Rosewall and his father, tennis legend Ken Rosewall, owned
the majority of BBY. They were also directors of BBY, alongside
lawyer David Perkins.

SMH says the range and number of unusual transactions have raised
more questions about the management of the business and have
sparked deeper investigations by KPMG. However, it is also
possible the transactions had legitimate reasons that will be
uncovered by the liquidators, the report states.

According to the report, the liquidator is now estimating clients
of BBY will receive 69 cents in the dollar under one scenario put
forward by KPMG.

KPMG has identified a AUD17 million shortfall in client accounts,
after receiving client claims of AUD57 million against AUD40
million in recoverable assets, SMH discloses.

BBY's futures clients are expected to receive 36 cents in the
dollar, while Saxo clients are estimated to receive 40 cents in
the dollar and foreign exchange clients 60 cents in the dollar,
adds SMH.

                          About BBY Ltd

Founded in 1987, BBY Limited is a boutique investment firm that
offers brokerage and financial advisory services. The company
provides merger and acquisition, initial public offering, private
placement, equity trading, and market and business research
services. Additionally, it offers capital raising, restructuring,
due diligence, valuation, relationship management, and clearing
services.

On May 18, the Directors of BBY Limited have appointed KPMG as
Voluntary Administrators.  The appointment comes after a number of
run-ins with regulators over its capital requirements and failing
to repay an intraday loan to St George Bank, according to The
Sydney Morning Herald.

KPMG found that clients faced a combined shortfall in their
accounts of AUD16 million, SMH disclosed.


SINO AUSTRALIA: ASIC Has Feb. 5 to Finalise Wind up Application
---------------------------------------------------------------
Sarah Danckert at The Sydney Morning Herald reports that the
directors of the deeply "dysfunctional" Sino Australia Oil and Gas
appointed administrators because the company was unable to deal
with an investigation by the corporate regulator into alleged
market manipulation, a court has heard.

Lawyers for the Australian Securities and Investment Commission
appeared in the Federal Court in Melbourne mid-December to argue
the voluntary administration of the Chinese drilling services
company was invalid.

SMH relates that the Federal Court also heard ASIC has put its
plans to wind up Sino Australia Oil and Gas, which is listed on
the Australian Securities Exchange, so the regulator could seek
orders Australian shareholders would rank above the Chinese
promoters of the float.

Once sporting a market capitalisation of AUD109 million, Sino
Australia Oil and Gas appointed administrators in May this year in
the midst of a major investigation by ASIC and the Australian
Federal Police into the dealings of the company and its former
chairman Shao Tian-peng, the report recalls. The company is
currently subject to a freezing order by the Federal Court over
AUD5 million of the company's assets, SMH notes.

SMH says ASIC, which has launched civil action against the company
and Mr Shao in the Federal Court, alleges Sino Australia Oil and
Gas and Mr Shao breached continuous disclosure obligations and
made misleading and deceptive statements in its 2013 prospectus.

According to SMH, Lawyer for ASIC Michael Pearce, SC, told the
court putting Sino Australia into administration was invalid
because the company's directors did not have firm knowledge or
expectations the company was insolvent.

"ASIC is concerned the appointment of administrators are being
made in circumstances where it's just become too hard for the
directors," the report quotes Mr. Pearce as saying.  "One can
understand it, one can have sympathy . . . but one could say it
just got too hard for the directors, they threw their hands up in
the air and said they couldn't do it."

SMH relates that Mr. Pearce said the directors did not have the
books and records available to make a decision about the company's
solvency.  Company directors must believe the company is either
insolvent or will become insolvent to appoint administrators,
according to the Corporations Act.

Sino Australia Oil and Gas appointed administrators out of concern
about the costs being incurred in defending the ASIC investigation
and because of the "dysfunction about the management of the
company", Mr. Pearce told the court, the report relays.

SMH says the administrators of Sino Australia Oil and Gas did not
formally defend ASIC's request.

However Justice Jennifer Davies said there was an argument the
directors had reason to believe the company would become insolvent
due to a fall in the oil price and because the operating
subsidiary had run out of cash, SMH relates.

According to the report, Mr Pearce told the court if the company
was wound up, Australian shareholders would receive between
1 cent and 2 cents in the dollar, whereas orders allowing
Australian shareholders to rank over the Chinese promoters of the
float, could deliver a return of 40 cent in the dollar to
shareholders.

Justice Davies agreed to give ASIC until February 5 to finalise
its view on the wind up application, SMH states.

                       About Sino Australia

Sino Australia Oil and Gas Limited is the Australian holding
company of a Chinese operating company providing specialised
drilling services to the oil and gas industry. SAO was listed on
the Australian Securities Exchange Limited (ASX) on Dec. 12, 2013,
after raising nearly AUD13 million under an initial public
offering (IPO).

In March 2013, ASIC obtained an injunction on an urgent basis
arising from concerns that SAO was about to transfer
AUD7.5 million -- representing almost the entire cash held by SAO
in Australia -- to bank accounts in China for purposes that were
not disclosed, or not properly disclosed, in SAO's prospectus
documentation during the IPO. That injunction was extended by the
Court on a number of occasions thereafter.

In November 2014, ASIC commenced proceedings against SAO and and
its former chairman, Mr Tianpeng Shao, seeking financial penalties
against SAO and a disqualification order against Mr Shao.


SLATER & GORDON: Faces Class Suit Amid Insolvency Claims
--------------------------------------------------------
Australian Financial Review reports that Slater & Gordon may be
getting a taste of its own medicine. Law firm ACA Lawyers said it
is considering a class action lawsuit against the embattled labour
law firm on behalf of investors who may have lost money when its
share price fell 90 per cent this year, the report says.

According to the report, ACA Lawyers principal Bruce Clark said he
was investigating a shareholder class action against Slater &
Gordon for potentially misleading investors over a capital raising
for the AUD890 million acquisition of British-based Quindell's
professional services division in March and a cancelled profit
forecast this year.

Meanwhile, AFR reports that a small Western Sydney legal firm, Cox
West Lawyers, lodged an urgent claim against Slater & Gordon for
the payment of money because it says it fears the firm is
insolvent.

Slater & Gordon, which is traded on the share market, did not
comment on the class action but a spokeswoman said the firm was
not "near insolvency" as apparently alleged by Cox West Lawyers'
legal representatives, the report relates.


TRITON 2014-P: Fitch to Retain 'Bsf' Rating on Class F Notes
------------------------------------------------------------
Fitch confirms that the removal of MGIC Australia Pty Ltd lender's
mortgage insurance (LMI) from Triton Trust No.2 Bond Series 2014-P
(Triton 2014-P) will not result in a downgrade or withdrawal of
the ratings of the rated notes.

At October 2015, 20.2% of the Triton 2014-1P pool was insured by
MGIC LMI.  Although the removal of MGIC reduces support to the
transaction, the rated notes are LMI independent and the available
credit enhancement is sufficient to support the current ratings.

The current ratings for Triton Trust No.2 Bond Series 2014-P are:

  AUD64.2 mil., Class A1 notes; 'AAAsf'; Outlook Stable;
  AUD14.4 mil., Class A2 notes; 'AAAsf'; Outlook Stable;
  AUD4.0 mil., Class B notes; 'AAsf'; Outlook Stable;
  AUD3.0 mil., Class C notes; 'Asf'; Outlook Stable;
  AUD3.8 mil., Class D notes; 'BBBsf'; Outlook Stable;
  AUD3.7 mil., Class E notes; 'BBsf'; Outlook Stable; and
  AUD0.8 mil., Class F notes; 'Bsf'; Outlook Stable


VOCATION LTD: May Have Been Insolvent Since Late 2014
-----------------------------------------------------
The Australian reports that Vocation Ltd, the former education
giant that collapsed last month, may have been trading insolvent
since late last year.

The Australian relates that that conclusion, formed in a
preliminary report by receivers Ferrier Hodgson, is part of an
attempt to claw back more than AUD6 million in payments made by
the company, which have been identified as potentially unfair
payments.

The report says the administrators, led by Peter Gothard, have
recommended the company be liquidated. Vocation collapsed in late
November after management were unable to secure additional funding
from institutional investors and former shareholders, the report
notes.

According to The Australian, the company reported a statutory net
loss of AUD300.3 million for the year ended June, compared with a
loss of AUD3.5 million a year earlier.

But Ferrier Hodgson said the company was, in their opinion,
insolvent as early as December last year, after a withdrawal of
Victorian government funding and the cessation of trade by
Vocation's BAWM and Aspin subsidiaries created a significant
deterioration in the company's trading performance, The Australian
reports.

"As a consequence of its operating results, the group was in
default under the terms of the facility agreement and as a result
the whole group's borrowings became classified as current
liabilities," Mr Gothard's report reads, the report relays. "A
liquidator, if appointed, would need to conduct further
investigations, and possibly conduct a public examination of
relevant parties to determine with greater certainty the date the
group became insolvent."

The Australian notes that Vocation's management, led by Stewart
Cummins, had begun to sell some of the company's most lucrative
assets to repay more than AUD80 million in debt, and in August
embarked on "Project Boskap", attempting to secure at least AUD10
million in new funds over the following three to six months.

The Australian relates that the company also entered a repayment
plan with major creditor, the Victorian government. Other
observers, however, said the December 2014 date was an initial
ambit claim and an effort to retrieve the maximum amount of monies
for other parties. Ferrier Hodgson has identified AUD6.87 million
that may have been paid as "preference payments" since December
2014, largely to the Victorian government, the Australian Taxation
Office and Flight Centre.

These funds could potentially be recovered if Vocation was found
to be trading insolvent when the payments were made, The
Australian says.

Administrators now expect to pay corporate debtors between 40c and
80c in the dollar, while government debtors are expected to
receive no funds in the low case and a maximum of 50c in the
dollar. Ferrier Hodgson said those figures were still uncertain
and could be lower, The Australian adds.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 30, 2015, Ferrier Hodgson partners, Peter Gothard, Jim
Sarantinos and George Georges on Nov. 25, 2015, were appointed as
Voluntary Administrators of Vocation Limited and its subsidiaries:

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

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

SmartCompany related that Vocation has collapsed into voluntary
administration, just over 12 months since the company was forced
to forfeit AUD19.6 million in government funding. The appointment
of Ferrier Hodgson as administrators also comes after the training
provider entered several trading halts during 2015, SmartCompany
added.

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



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SKW-TASHI METALS: Applies For Insolvency Process in Bhutan
----------------------------------------------------------
SKW-Tashi Metals & Alloys Private Ltd., Phuentsholing (Bhutan), a
51% participation of SKW Stahl-Metallurgie Holding AG,
Unterneukirchen (Germany), on Dec. 18 acknowledged to the
competent Bhutanese Court its inability to make payments and filed
a petition to begin insolvency proceedings according to
local law.

Already in 2014 the following comprehensive depreciation measures
were carried out simultaneously: on the level of SKW Stahl-
Metallurgie Holding AG, the book value of the investment in the
Bhutanese company as well as loans and receivables to the company;
on the level of SKW-Tashi Metals & Alloys Private Ltd., all
tangible assets. The Bhutanese company's insolvency will thus not
result in any meaningful need to adjust values.  Moreover, the
Bhutanese shareholding has been classified in the SKW Metallurgie
Group since the financial statements for H1-2015 as "non-current
assets held for sale (IFRS 5)"; hence its financial figures are no
longer contained in corporate revenues and EBITDA.

However, Group EBITDA in Q4-2015 will be, as announced, impacted
by positive one-off effects from the full deconsolidation of the
Bhutanese company; these non-cash effects are expected to be in
the middle range of single figure millions of euros.

The joint liability of SKW Stahl-Metallurgie Holding AG was
reduced to a guarantee in the amount of USD 0.6 million for a loan
to the Bhutanese company; no other significant cash effects are
expected.

For quite some time, the Bhutanese company has not made any
significant deliveries to companies of the SKW Metallurgie Group;
hence the security of supplies to the Group will not be impacted.



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G.CREDIT ELECTRONIC: Mobile Phone Manufacturer Shuts Operation
--------------------------------------------------------------
South China Morning Post reports that a Shenzhen-based supplier
that assembles mobile phones for major brands like Samsung
Electronics has suddenly ceased operations, raising concerns of a
worsening slowdown in mainland China's smartphone market.

G.Credit Electronic Company, a Hong Kong-financed manufacturer
that had more than 2,500 workers in the Longgang township of
Shenzhen, shut down its factories on Dec. 25, according to a
company announcement, in which it said it was stopping operations
and terminating workers' contracts with immediate effect, SCMP
relates.

It joins the ranks of other electronics goods manufacturers based
in the Pearl River Delta that have been shuttered in past months
in the wake of a steady decline in demand for consumer electronics
merchandise in the domestic and foreign markets, according to the
report.

In addition to the slump in exports, rising costs involved in
running factories in Guangdong have prompted companies from
Hong Kong, Taiwan and other overseas markets to withdraw from the
province and relocate to other countries, SCMP says.

Founded in 2009, G.Credit had once been a supplier to several
leading smartphone brands including Samsung, Huawei Technologies
and ZTE and start-ups like Smartisan.  At the height of domestic
and overseas demand for smartphones, G.Credit employed more than
4,000 workers at its Shenzhen plants.


HYDOO INTERNATIONAL: Fitch Assigns 'B' Rating to USD100MM Notes
---------------------------------------------------------------
Fitch Ratings has assigned Hydoo International Holding Limited's
USD100 mil. 13.75% senior unsecured notes a final 'B' rating.

The notes are rated at the same level as Hydoo's senior unsecured
rating as they represent direct, unconditional, unsecured and
unsubordinated obligations of the Chinese company.  The assignment
of the final rating follows the receipt of documents conforming to
information already received.  The final rating is in line with
the expected rating assigned on Dec. 2, 2015.

Hydoo's ratings are supported by its long track record in trade
centre development and its end-user focused-sales model, an
experienced management team, and sufficient liquidity.  Hydoo has
a healthy financial profile compared with other Fitch-rated non-
residential property developers in China.  The ratings are
constrained by its small business scale, exposure to more-volatile
commercial property demand, and geographical concentration in
lower-tier cities.

KEY RATING DRIVERS

Contracted Sales Improve Slowly: Hydoo's contracted sales and
scale are comparable with 'B+' and 'B'rated peers.  However, its
contracted sales dropped to CNY2.9 bil. in 2014 from CNY7 bil. in
2013.  Fitch expects this to rebound, given the projects in the
pipeline with a high percentage of contracted sales for which
deposits have been placed but documents have not yet been signed
(1H15 at 30% of total contracted sales), and actual contracted
sales of CNY1.9 bil. as of 1H15.  This made up of 61% of the
company's 2015 contracted sales target of CNY6.3 bil.  However,
Fitch expects 2H15 contracted sales to be slower, with full-year
contracted sales to reach CNY5.5 bil., as all new launches of the
year are back-loaded in November and December.

Focus on Lower-Tier Cities: Hydoo's operations are mainly in Tier
3 and Tier 4 cities to tap the urbanisation trend in China, but
they are diversified geographically across 10-12 cities.  Fitch
believes these cities are expanding at a faster pace than more
developed cities, but housing demand may reach saturation faster
because they are less populated and have a smaller GDP.  Demand
for subsequent phases of Hydoo's large-scale integrated trade
centre projects (those that are 400,000 square metres, or sq. m.,
or larger) would hinge on continued urbanization, which may slow
due to heightened market uncertainties.

Collaboration with Government Enhances Profitability.  Hydoo's
benefits from collaborations with local governments, including low
land costs (end-2014: CNY390/sq m), government grants and
favourable policies that minimise project execution risks.  Land
costs have been kept at around 20% or less of average selling
prices (ASPs) in the past few years, while the EBITDA margin
ranged between 24% and 52% in 2012-2014.  Fitch expects Hydoo's
EBITDA margin to be above 30% in the medium term, providing a
buffer to absorb a potential decline in ASP.

Fragmented and Competitive Market: Hydoo's ASPs may come under
pressure because the industry is fragmented with many small
players, and its trade centres face competition from nearby
wholesale/trade centre projects as well as other government-
supported projects in nearby cities.  Hydoo's brand name and low
land costs give it a stronger competitive position and mitigate
this risk.  Hydoo also benefits from a clause in the Master
Investment Agreements for 11 of its 13 exisitng projects in which
the government agrees not to allow any new trade centres of
similar scale within the same city.

Experienced Management Team: The Wang family developed 19 trade
centre projects in seven provinces between 1995 and 2010.  The
company, which targets end-user demand for the initial launches of
its projects, has demonstrated its ability to execute sales for
projects launched under Hydoo.

Sufficient Liquidity: Hydoo had an unrestricted cash balance of
CNY1.4 bil. at end-1H15, which was sufficient to meet short-term
debt of CNY801 mil.  Hydoo also had unutilized uncommitted bank
facilities of CNY26.55 bil.  Development expenditure would be
funded by a combination of presale proceeds as well as onshore
construction loans.  Fitch expects the company to be able to fund
its land acquisitions and operating costs from a combination of
onshore construction loans, borrowings and proceeds from
contracted sales.

KEY ASSUMPTIONS

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

   -- Contracted ASP growth of around 5% in 2015-2016
   -- Contracted sales by gross floor area to increase by around
      80% in 2015 and 15% in 2016
   -- Contracted sales to reach at least CNY5.5 bil. in 2015
   -- EBITDA margin of 18%-20% over 2015-2017
   -- Total debt of around CNY3.9 bil., including convertible
      bonds

RATING SENSITIVITIES

Positive: No positive rating action is expected unless Hydoo is
able to substantially increase its scale by expanding its
geographical coverage beyond lower-tier cities and sustain sales
in subsequent phases of its existing projects, while at the same
time not compromising its financial metrics.

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

   -- EBITDA margin sustained below 25%
   -- Net debt/ adjusted inventory sustained above 30%
   -- Contracted sales / total debt sustained below 1.5x
   -- Annual contracted sales sustained below CNY6.5bn in next
      two years


XIANGTIAN (USA): Recurring Losses Cast Going Concern Doubt
----------------------------------------------------------
Xiangtian (USA) Air Power Co., Ltd. has incurred losses since its
inception resulting in an accumulated deficit of $1,553,110 at
April 30, 2015 and $491,657 in cash and $806,218 in receivables at
April 30, 2015, according to Zhiqi Zhang, chief executive officer
of the company, in a November 13, 2015 regulatory filing with the
U.S. Securities and Exchange Commission.

"Although the company generated revenues for the first time in the
amount of $1,133,522 in the quarter ended April 30, 2015, further
losses are anticipated in the development of its business raising
substantial doubt about the company's ability to continue as a
going concern."

Mr. Zhang told the SEC, "The ability to continue as a going
concern is dependent upon the company generating profitable
operations in the future and/or obtaining the necessary financing
to meet its obligations and repay its liabilities arising from
normal business operations when they become due. The company
expects to finance operations primarily through cash flow from
revenue and capital contributions from principal shareholders.
There can be no assurance that the company will be successful in
its plans described or in attracting equity or alternative
financing on acceptable terms, or if at all."

At July 31, 2015, the company had total assets of $21,323,625,
total liabilities of $11,774,143, and total stockholders' equity
of $9,549,482.

The company posted a net income of $657,460 for the year ended
July 31, 2015, compared to a net loss of $681,194 for the year
ended July 31, 2014.

A full-text copy of the company's annual report is available for
free at: http://tinyurl.com/h8vsjp5

Xiangtian (USA) Air Power Co., Ltd. utilizes a proprietary
compressed air energy storage power generation technology that can
store energy for other alternative energy sources. The Sanhe City,
China-based company produces its systems primarily for Chinese
customers and is exploring foreign markets.


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


AL AMMAR: CRISIL Assigns B+ Rating to INR95MM Term Loan
--------------------------------------------------------
CRISIL has assigned the rating at 'CRISIL B+/Stable' to the bank
loan facility of Al Ammar Frozen Foods Exports Pvt Ltd (AFEPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan              95       CRISIL B+/Stable

The rating reflects susceptibility of AFEPL's to risks related to
execution of a new project and to risks related to changes in
regulatory policies in the meat processing industry. These rating
weaknesses are mitigated by the promoters' experience in the
buffalo meat processing industry through other group entities.

Outlook: Stable
CRISIL believes AFEPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of timely
commencement and ramp up in operations resulting in high scale of
operations and profitability along with improvement in working
capital management. Conversely, the outlook may be revised to
'Negative' in case of significant time or cost overruns in the
project or higher than expected increase in working capital
requirement leading to constrained business and financial profile.

AFEPL, incorporated in June 2014, is in the process of setting up
a buffalo meat processing unit for the export market. The plant in
Aligarh (Uttar Pradesh) is expected to commence operations by
March 2016. The company is promoted by Mr. Mohammad Atif and Mr.
Asif Qureshi.


APAR CHARITABLE: ICRA Upgrades Rating on INR12cr Loan to B+
-----------------------------------------------------------
ICRA has upgraded its long term rating on the INR15.0 crore
(enhanced from INR10.0 crore) bank facilities of APAR Charitable
Trust for Education and Research from [ICRA]B to [ICRA]B+.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund based limits
   term loan             12.0        [ICRA]B+; upgraded

   Unallocated            3.0        [ICRA]B+; upgraded

The rating upgrade factors in improvement in trust operating
profitability (54.1%) which enabled it to generate surpluses (Net
surplus of 5.8% in FY15 as compared to -16.7% in FY14). The rating
factors in the trust's satisfactory occupancy levels and as well
as the healthy revenue visibility, given the expected ramp up of
college operations. The rating continues to favourably factor in
the established position of the group in the education field with
the group, with experience of more than a decade.

The rating however remains constrained by the trust's relatively
modest scale with concentration of one institute, significant
competition from other engineering colleges as well as exposure to
regulatory risks typical of educational institutes. Further, the
trust has been undertaking debt-funded capital expenditure for the
construction of the academic blocks and hostel facilities, its
ability to implement the same as planned and generate adequate
surpluses going forward would be crucial. This apart, given the
typical lumpiness of cash flows in the education space and the
ongoing capex, the trust's ability to manage its cash flows
smoothly will remain a key rating sensitivity.

Incorporated in 2010, the APAR Trust is a single-asset trust,
which runs and operates the Arya Institute of Engineering,
Technology and Management (AIETM) in Jaipur (Rajasthan). The
college commenced operations in AY14 and presently offers B.Tech
courses in five streams (namely, Civil, Mechanical, Electrical,
Computer Science & Engineering and Electronics and Communications
Engineering) with a total capacity of 420 students. This college
is a part of the Arya Group of Colleges, which offers courses
related to Engineering (B. Tech and M. tech), Management and
Pharmacy through its four constituent colleges based out of Jaipur
(Rajasthan). The group started in 1999 and enrolled more than 8000
students in FY15.

Recent Results
The trust reported a net surplus (excluding donations) of INR0.3
crore on revenue receipts of INR5.2 crore in FY15 as compared to
net deficit (excluding donations) of INR0.4. crore on revenue
receipts of INR2.4 crore in FY14.


B.N.T. CONNECTIONS: Ind-Ra Affirms BB+ Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed B.N.T.
Connections Impex Limited's (BNT) Long-Term Issuer Rating at
'IND BB+'.  The Outlook is Stable.

KEY RATING DRIVERS

The affirmation reflects BNT's continued moderate credit metrics.
Net leverage was 3.2x at FYE15 (FYE14: 2.1x) and EBITDA interest
cover was 3.0x (4.8x).  The slight deterioration in the metrics
was because of a margin contraction to 12.1% in FY15 (FY14: 15.2%)
due to raw material price fluctuations while the growth in the top
line was subdued at 2% yoy to INR541 mil.

Ind-Ra expects marginal revenue growth in FY16 on account of
repeat orders as well as new customer additions.  No major near-
term capex plans are likely to support the credit metrics.

The ratings remain constrained by the intense competition in
apparel export market and forex fluctuations.  BNT's revenue is
primarily (83%) dependent on exports.

The ratings are supported by the two-decade-long experience of the
company's promoters in the apparel industry.

RATING SENSITIVITIES

Negative: Substantial deterioration in the credit metrics will be
negative for the ratings.

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

COMPANY PROFILE

Chennai-based BNT was incorporated in 1986.  It manufactures and
exports woven garments to the US and EU countries.

BNT's ratings:

   -- Long-Term Issuer Rating: affirmed at 'IND BB+'; Outlook
      Stable
   -- INR120 mil. fund-based facilities (reduced from INR155
      mil.): affirmed at 'IND BB+'/Stable and 'IND A4+'
   -- INR52.4 mil. non-fund-based facilities (increased from
      INR17.4 mil.): affirmed at 'IND A4+'


B.N.T. INNOVATIONS: Ind-Ra Lowers LT Issuer Rating to D
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded B.N.T.
Innovations Private Limited's (BNT) Long-Term Issuer Rating to
'IND D' from IND BB+.  The Outlook was Stable.

KEY RATING DRIVERS

The ratings reflect BNT's continued delays in debt servicing for
the 12 months ended November 2015, indicating its stretched
liquidity condition due to high working capital requirements.

RATING SENSITIVITIES

Positive: Three consecutive months of timely debt servicing will
be positive for the ratings.

COMPANY PROFILE

Incorporated in 1989, BNT is a Chennai-based company engaged in
the manufacturing and sale of knitted garments and their export to
US and EU countries.

BNT's ratings:

   -- Long term Issuer rating: downgraded to 'IND D' from
      'IND BB+'

   -- INR80 mil. fund-based facilities (reduced from INR120
      mil.): downgraded to 'IND D' from 'IND BB+'/'IND A4+'
   -- INR20 mil. non-fund-based facilities (increased from
      INR11 mil.): downgraded to 'IND D' from 'IND A4+'


BAPASHREE AGRO: Ind-Ra Assigns B+ Long-Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Bapashree Agro
Private Limited (BAPL) a Long-Term Issuer Rating of 'IND B+'.  The
Outlook is Stable.  The agency has also assigned BAPL's proposed
INR97.5 mil. fund-based facilities a Long-term 'Provisional IND
B+' rating with Stable Outlook and a Short-term 'Provisional IND
A4' rating.

KEY RATING DRIVERS

The ratings reflect BAPL's small scale of operations, weak credit
metrics and modest profitability.  According to the unaudited
financials for FY15, revenue was INR400 mil., EBITDA margins were
4.4%, net leverage (total Ind-Ra adjusted net debt/operating
EBITDAR) was 5.9x (6.7x) and gross interest cover (operating
EBITDA/gross interest expense) was 1.7x (1.5x).  The ratings also
factor in the risks associated with the agricultural commodity
based processing business.

The ratings also reflect the company's tight liquidity with around
99% use of the working capital facilities during the 12 months
ended September 2015.

However, the ratings benefit from the over five years of the
promoter's experience in the rice industry.

RATING SENSITIVITIES

Positive: A substantial increase in the revenue with an
improvement in the credit metrics will be positive for the
ratings.

Negative: A substantial decline in the profitability resulting in
sustained deterioration in the overall credit metrics will lead to
a negative rating action.

COMPANY PROFILE

Incorporated in 2009, BAPL is primarily engaged in the processing,
milling and trading of rice and wheat and is managed by the
Vaghela family.  BAPL's production unit is located in Sanand,
Gujarat.


BARBIL MINING: CRISIL Reaffirms 'B' Rating on INR90MM Cash Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Barbil Mining
and Industries Pvt Ltd (Barbil) continues to reflect the small
scale of operations and large working capital requirement. The
rating also factors in the company's susceptibility to cyclicality
in demand from end-user industries and to fluctuations in
manganese ore prices. These rating weaknesses are partially offset
by healthy operating profitability and the extensive industry
experience of promoters in the mining industry.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             90      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes Barbil will continue to benefit over the medium
term from the promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of a substantial
increase in the scale of operations and improvement in working
capital management, leading to a better business risk profile and
liquidity. Conversely, the outlook may be revised to 'Negative' if
working capital management deteriorates, or if it undertakes any
significant, debt-funded capital expenditure or increases
financial support to group entities, leading to deterioration in
the financial risk profile, especially liquidity.

Promoted by Mr. Muralidhar Agarwal, Barbil was incorporated in
2008. It mines manganese ore. The company owns two manganese ore
mines, in Ramabhadrapuram (Andhra Pradesh) and Balaghat
(Maharashtra).


BHARGAVA BHUSHAN: CRISIL Suspends D Rating on INR100MM Cash Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Bhargava Bhushan Press (BBP).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         70       CRISIL D
   Cash Credit           100       CRISIL D
   Proposed Long Term
   Bank Loan Facility      5       CRISIL D

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

BBP was set up in 1889 by the Bhargava family in Varanasi (Uttar
Pradesh). The firm executes contracts for pre-printing, printing,
and binding of books. Mr. Virendra Bhargava manages its day-to-day
operations.


BHUMI PUJAN: CRISIL Assigns B+ Rating to INR80MM LT Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Bhumi Pujan Corporation (BPC).

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

The rating reflects BPC's exposure to risks related to
implementation and saleability of its ongoing project. The rating
also factors in the susceptibility to cyclicality inherent in the
Indian real estate sector. These rating weaknesses are mitigated
by the promoters' extensive experience in the real estate market,
and average funding risk for the ongoing project.

Outlook: Stable
CRISIL believes BPC will continue to benefit over the medium term
from the promoters' extensive industry experience. The outlook may
be revised to 'Positive' if better-than-expected bookings of units
and receipt of customer advances lead to high cash inflow.
Conversely, the outlook may be revised to 'Negative' in case of
time or cost overrun in the project or slow ramp up in customer
bookings, leading to lower-than-expected cash inflow and weak
financial risk profile and liquidity.

Established in 2014, BPC is a real estate developer for
residential projects in Surat (Gujarat). The firm is promoted by
Mr. Jaysukh Bhatiya, Mr. Jitesh T Lathiya, Mr. Kamlesh Malaviya,
Mr. Ghanshyambhai M. Devani, and Mr. Bharat Gediya and friends who
are into construction and real estate development business in
Surat since the past 10 years.


BHUPINDER PAUL: CRISIL Suspends B+ Rating on INR70MM LT Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Bhupinder Paul Mahajan (BPM).

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

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

BPM was established as a proprietorship by Mr. Bhupinder Paul
Mahajan in 1998. The firm constructs roads and bridges for
government entities in Himachal Pradesh. It is currently managed
by Mr. Bhupinder Paul Mahajan and his nephew, Mr. Nishant Mahajan.


BRAHMAPUTRA IRON: Ind-Ra Suspends D Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Brahmaputra Iron
& Steel Co Pvt Ltd.'s (BISCO) 'IND D' Long-Term Issuer Rating to
the suspended category.  The rating will now appear as
'IND D(suspended)' on the agency's website.

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

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

BISCO's ratings:

   -- Long-Term Issuer Rating: migrated to 'IND D(suspended)'
      from 'IND D'
   -- INR48 mil. fund-based limits: migrated to Long-term
      'IND D(suspended)' from 'IND D'
   -- INR30 mil. non-fund-based limits: migrated to Short-term
      'IND D(suspended)' from 'IND D'


BRAHMAPUTRA ROLLING: Ind-Ra Suspends D Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Brahmaputra
Rolling Mills Pvt Ltd.'s (BRMPL) 'IND D' Long-Term Issuer Rating
to the suspended category.  The rating will now appear as
'IND D(suspended)' on the agency's website.  The agency has also
migrated BRMPL's INR375 mil. fund-based limits to Long-term
'IND D(suspended)' from 'IND D'.

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

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


BRAHMAPUTRA TMT: Ind-Ra Suspends D Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Brahmaputra TMT
Bars Pvt Ltd.'s (BTMTBPL) 'IND D' Long-Term Issuer Rating to the
suspended category.  The rating will now appear as
'IND D(suspended)' on the agency's website.

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

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

BTMTBPL's ratings:

   -- Long-Term Issuer Rating: migrated to 'IND D(suspended)'
      from 'IND D'
   -- INR349.1 mil. long-term loans: migrated to Long-term
      'IND D(suspended)' from 'IND D'
   -- INR140 mil. fund-based limits: migrated to Long-term
      'IND D(suspended)' from 'IND D'
   -- INR180 mil. non-fund-based limits: migrated to Short-term
      'IND D(suspended)' from 'IND D'


BRAHMAPUTRA TUBULARS: Ind-Ra Suspends D Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Brahmaputra
Tubulars Pvt Ltd.'s (BTPL) 'IND D' Long-Term Issuer Rating to the
suspended category.  The rating will now appear as
'IND D(suspended)' on the agency's website.

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

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

BTPL's ratings:

   -- Long-Term Issuer Rating: migrated to 'IND D(suspended)'
      from 'IND D'

   -- INR219.7 mil. long-term loans: migrated to Long-term
      'IND D(suspended)' from 'IND D'

   -- INR140 mil. fund-based limits (cash credit): migrated to
      Long-term 'IND D(suspended)' from 'IND D'

   -- INR25 mil. fund-based limits (SLC): migrated to Short-term
      'IND D(suspended)' from 'IND D'

   -- INR130 mil. non-fund-based limits: migrated to Short-term
      'IND D(suspended)' from 'IND D'


CARRYCON INDIA: ICRA Reaffirms B+ Rating on INR6.50cr Loan
----------------------------------------------------------
ICRA has reaffirmed its rating on the INR9.80 crore bank
facilities of Carrycon India Limited at ICRA]B+.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund based limits      6.50        [ICRA]B+; reaffirmed
   Non fund based
   Limits                 3.30        [ICRA]B+; reaffirmed

ICRA's rating continues to be constrained by CIL's high working
capital intensity on account of stretched receivables and large
work in progress inventory, thereby putting pressure on its
liquidity position, which is also reflected in its fully utilized
working capital limits. Though the working capital intensity
reduced in FY15, it continues to be high at 91%, impacted by stuck
debtors of INR2.2 crore from a key client. This apart, CIL's cash
accruals continue to remain stagnant given the stagnant scale of
operations, and lower margins on the back of growing labor costs
and high competitive intensity.

However, the rating positively factors in the medium term revenue
visibility provided by the company's healthy order book, which
stands at INR27.13 resulting in an Order Book/Operating Income of
1.67x. The rating also factors in CIL's moderate leverage as
reflected in gearing of 0.98x as on March 31, 2015. The rating
continues to be supported by CIL's long track record in the
telecom infrastructure support business, experienced promoters,
and its association with reputed clients like Delhi Metro Rail
Corporation (DMRC) and Bharat Sanchar Nigam Ltd (BSNL). ICRA also
notes the company's plans to increase its participation in
consortiums, which will result in a more dispersed execution risk.
The company's ability to improve its liquidity position while
profitably executing its order book will be the key rating
sensitivity factors. The company's ability to manage funding for
bidding and executing orders will also be a determinant for its
ability to scale up operations.

Incorporated in 1995, CIL is promoted by Mr. G. D. Rao, Mr.
Prakash Bhanu, and Mrs. Sadhana Rao. CIL provides civil
contractor/engineering services for installing infrastructure for
telecom support services, telecom network maintenance services,
and installation of telecom towers, water supply, sewerage, de-
silting, trunk sewer lines and civil construction work.

Recent Results
In FY15, the company reported an operating income (OI) of INR16.2
crore and a profit after tax (PAT) of INR0.29 crore, as compared
to an OI of INR15.9 crore and a PAT of INR0.28 crore in 2013-14.


DHENU HYDRO: CRISIL Reaffirms 'D' Rating on INR69.7MM Bank Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Dhenu Hydro Private
Limited (DHPL) continue to reflect instances of delay in servicing
debt due to weak liquidity.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee        69.7      CRISIL D (Reaffirmed)

   Cash Credit           30        CRISIL D (Reaffirmed)

   Proposed Bank
   Guarantee              5.3      CRISIL D (Reaffirmed)

   Working Capital
   Term Loan             20.0      CRISIL D (Reaffirmed)

DHPL also has a modest scale of operations in the intensely
competitive construction industry, large working capital
requirement, and high customer and project concentration in order
book. However, the company benefits from promoters' extensive
industry experience.

DHPL was set up in 2000 by Mr. Yella Reddy and his family members.
The company is executing a sub-contract received from IVRCL Ltd,
towards construction of canals and reservoirs in the Kadapa
region, Andhra Pradesh.


GLOBAL SOFTECH: Ind-Ra Withdraws 'IND D(suspended)' Loan Ratings
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn the 'IND
D(suspended)' rating on Global Softech Limited's (GSL) following
bank loans:

-- INR2bn long-terms loan
-- INR850m cash credit limit
-- INR90m bank loan facility

The ratings have been withdrawn due to lack of adequate
information. Ind-Ra will no longer provide ratings or analytical
coverage for GSL.

Ind-Ra suspended GSL's ratings on 16 June 2015.


HELPAGE YOUTH: CRISIL Assigns B+ Rating to INR10MM LT Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Helpage Youth Foundation (HYF).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Long Term     10       CRISIL B+/Stable
   Bank Loan Facility

The rating reflects the society's small scale and not-for-profit
nature of operations, and large working capital requirements.
These rating weaknesses are partially offset by the track record
of successful execution of government schemes, and absence of debt
on the books.

Outlook: Stable

CRISIL believes that HYF will continue to benefit over the medium
term from its track record of successful execution of government
schemes. The outlook may be revised to 'Positive' if the society's
revenue improves significantly and it receives grants on time.
Conversely, the outlook may be revised to 'Negative' if the
financial risk profile deteriorates because of decline in revenue
or earnings, or large working capital requirements.

HYF is a not-for-profit society, set up in 2005. Mr. Himanshu
Porwal, Mrs. Neelam Gupta and Mr. P K Gupta are the society's
director, president and treasurer, respectively. HYF, based in
Lucknow, Uttar Pradesh, runs schemes such as Payjal Scheme,
National Child Labour Project (NCLP), National Digital Literacy
Mission (NDLM), and Hot Cooked Food Scheme for the state and
central governments in Lucknow and its vicinity.

HYF reported net surplus and net revenue of INR0.002 million and
INR14.5 million, respectively, for 2014-15 (refers to financial
year, April 1 to March 31) and INR0.02 million and INR3.3 million,
respectively, for 2013-14.


IB-INABENSA: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned IB - Inabensa
(JV) (IBJV) a Long-Term Issuer Rating of 'IND B+' with Stable
Outlook. The agency has also withdrawn the 'IND BBB-(SO)'/Stable
and 'IND A3(SO)' ratings on IBJV's bank facilities while assigning
them 'IND B+'/Stable and 'IND A4' ratings.

The ratings have been assigned to the entity based on the
standalone credit profile of IBJV. Considering the weakened
financial position of the ultimate parent Abengoa S.A. (Abengoa;
Fitch Ratings Ltd: Long-term Issuer Default Rating 'RD'
(Restricted Default)), Ind-Ra expects limited support to IBJV
under the corporate guarantee and hence the ratings based on
corporate guarantee have been withdrawn.

A full list of rating action is at the end of this commentary.

KEY RATING DRIVERS

Weakening of Parent's Profile:   Abengoa is the ultimate holding
company of IBJV's parent Inabensa Bharat Private Limited (IBPL).
The group's financial position has weakened due to higher-than-
expected equity requirements for its capital intensive projects in
Brazil. The group had plans to raise EUR650m through a rights
issue. Accordingly, Abengoa had entered into an agreement with
Gonvarri Corporacion Financiera (Gonvarri) to raise EUR250m, which
has since been terminated by Gonvarri. Following this Abengoa
applied for the protection under the Spanish insolvency law. Given
the weakened financial position of Abengoa, Ind-Ra expects limited
support from the parent in the short term and hence the ratings
assigned reflect the standalone financial and business profiles of
IBJV.

Timely Project Completion Expected: Ind-Ra expects IBJV's project
of electrification works on Nallapadu-Diguvametta section to
achieve completion without any significant delays as a majority of
design and erection work has been completed. Till August 2015,
IBJV incurred 84% of the budgeted supply expenses and 51% of the
budgeted erection expenses.

Low Counterparty Risk: IBJV received INR212m from Indian Railways
during FY15. Ind-Ra expects timely payments from Central
Organisation for Railway Electrification (CORE) considering the
high impetus given on railway electrification during the current
Five-Year Plan (2012-2017).

Comfortable Cash Flow Management: Ind-Ra believes IBJV will manage
liquidity without much discomfort considering the timely payment
from CORE and the line of the credit availed from Axis Bank. The
company received a cumulative payment of INR265m as against
cumulative expenses of INR382m leading to a deficit of INR116m
till 31 July 2015. The deficit includes INR50m as security deposit
and retentions.


INDIAN CROP: ICRA Reaffirms B+ Rating on INR5.0cr Cash Loan
-----------------------------------------------------------
ICRA has reaffirmed its long-term rating of [ICRA] B+ to the
INR6.5 Crore bank facilities of Indian Crop Science Private
Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit            5.00       [ICRA]B+; reaffirmed
   Term Loan              0.64       [ICRA]B+; reaffirmed
   Unallocated            0.86       [ICRA]B+; reaffirmed

ICRA's rating reaffirmation takes into account the company's weak
financial profile characterized by declining profitability in FY15
compared to previous year, weak debt protection matrices and
moderate return indicators. The ratings are further constrained by
the fragmented nature of the domestic zinc sulphate industry and
vulnerability of demand to agro climatic conditions and
vulnerability of profitability to any adverse fluctuations in the
price of zinc ash, which is the key raw material. ICRA also takes
into account the geographical concentration risk as the company's
operations are largely concentrated in the states of Uttar Pradesh
and Uttarakhand. ICRA, however, positively factors in the
promoter's extensive experience in the fertilizer and pesticides
industry, steady growth prospects for zinc sulphate in India due
to prevalent zinc deficiency in the soil and rising policy
emphasis towards encouraging consumption of micronutrients. The
ratings also factor in the healthy growth in the company's
operating income, albeit on a low base, achieved by the company
since inception.

The ability of the company to increase its scale of operations,
improve profitability and manage its working capital cycle
efficiently will be the key rating sensitivities.

Mr. Bijendra Lohia and Mr. Praveen Kumar incorporated ICSPL in
February 2011 and are its directors. The company commenced
operations in April 2012 from its manufacturing facility at
Meerut, Uttar Pradesh. The company is engaged in the manufacturing
of fertilizers and pesticides and its product profile includes
products with nutrients like zinc, iron, copper, sulphur, calcium,
magnesium, and boron in varying proportions, pesticides and
organic fertilizers.

Recent Results
In FY15, ICSPL reported an operating income (OI) of INR12.77
crores and a profit after tax (PAT) of INR0.01 crore as against an
OI of INR9.45 crores and a PAT of INR0.04 crore in the previous
year.


INDUS VEGPRO: ICRA Assigns B+ Rating to INR0.70cr LT Loan
---------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B+' to the INR0.70
crore fund based facilities and '[ICRA]A4' to the INR4.50 crore
short term fund based and non-fund based facilities of Indus
Vegpro Private Limited. ICRA has also assigned a long term rating
of [ICRA]B+ and a short term rating of [ICRA]A4 to the INR0.30
crore of unallocated limits of IVPL.

                          Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Long Term Fund Based      0.70       [ICRA]B+ (Assigned)
   Short term-Fund
   based and Non-fund
   based                     4.50       [ICRA]A4 Assigned

   Unallocated limits        0.30       [ICRA]B+/A4 Assigned

The rating assigned takes into account the promoter's long track
record in the food processing industry and the established network
with suppliers and their key customer providing revenue visibility
in the near term. The rating also takes into account the strategic
location of the plant in the gherkin producing region of India
giving it easy access to raw material and the financial profile
marked by adequate coverage indicators.

The rating is, however, constrained by the nascent stage and
moderate scale of operations of the company. The rating factors in
the intense competition due to the fragmented nature of the
industry and the high client concentration with top 3 customers
contributing 97% of total sales in 8M FY15-16 and geographic
concentration risk with entire operations based in Karnataka. The
rating also considers the vulnerability of profits due to the
exposure of raw material prices to seasonality and regulatory risk
and also margins being vulnerable to fluctuations in exchange
rates, as the company is a 100% export oriented unit (EOU). ICRA
also takes note of the regulatory and policy risks associated with
export of food products.

Indus Vegpro Private Limited, promoted by Mr. G Girish and Mr. S
Mahadevaiah, established in 2013 at Devangere is engaged in
growing, procuring, processing and export of semi-finished
gherkins (in natural vinegar, acetic acid and in brine) and other
vegetables for the food processing industry.

Recent Results
The company reported a Profit after Tax (PAT) of INR0.31 crore on
an operating income (OI) of INR10.21 crore during FY 2015.


INDUSTRIAL ENGINEERING: CRISIL Reaffirms B+ Rating on INR20M Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Industrial Engineering
Corporation (IEC) continue to reflect IEC's modest scale of
operations in the intensely competitive industry and modest
financial risk profile because of small net worth. These
weaknesses are partially offset by the extensive experience of the
promoters, their strong relationship with customers and suppliers.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         100      CRISIL A4 (Reaffirmed)
   Cash Credit             20      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that IEC will continue to benefit over the medium
term from its promoters' extensive experience in the industry. The
outlook may be revised to 'Positive' if there is significant
improvement in its scale of operations or profitability leading to
a better financial risk profile. Conversely, the outlook may be
revised to 'Negative' in case of a significant decline in IEC's
revenue or profitability margin or stretch in the working capital
cycle or large debt-funded capital expenditure, resulting in a
weak financial risk profile.

Established in 1997, IEC manufactures, supplies, and exports a
wide range of mild-steel drums and barrels. The firm has capacity
to manufacture around two million drums and barrels a year; it
utilises 80 to 90 per cent of its capacity. The firm, based in
Kochi (Kerala), is managed by Mr.Biju Nair.


JAGADAMBHA COTTON: CRISIL Suspends 'D' Rating on INR345MM Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Jagadambha Cotton Industries Private Limited (JCPL).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            345       CRISIL D
   Rupee Term Loan         14.5     CRISIL D

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

JCPL is engaged in ginning and pressing of raw cotton and its
ginning unit is located in Khammam district in Andhra Pradesh. The
company is owned and managed by Mr. G Srinivasa Rao and Mr. Vinod
Kumar Agarwal.


JOYGURU STEELS: Ind-Ra Suspends B- Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated M/s Joyguru
Steels' 'IND B-' Long-Term Issuer Rating to the suspended
category.  The Outlook was Stable.  The rating will now appear as
'IND B- (suspended)' on the agency's website.  The agency has also
migrated Joyguru's INR62.5 mil. fund-based limits to
'IND B-(suspended)' from 'IND B-'.

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

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


KINGS IMPEX: Ind-Ra Affirms 'IND BB' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Kings Impex Pvt.
Ltd.'s (KIPL) Long-Term Issuer Rating at 'IND BB'. The Outlook is
Stable. The agency has also affirmed the company's INR100m fund-
based working limits at 'IND A4+'.

KEY RATING DRIVERS

KIPL's ratings continue to reflect its moderate credit profile
with interest coverage of 3.7x in FY15 (FY14: 4.1x) and net
financial leverage of negative 0.2x (4.1x) due to its high cash
balances. The ratings are constrained by KIPL's exposure to forex
risks due to its exports oriented business, without any hedging
strategies. The ratings also consider the marginal dip in the
company's revenue to INR268m in FY15 from INR344m in FY14 due to
fewer orders from its African customers.

The ratings benefit from the promoter's experience of more than a
decade in the trading business. However, the ratings are supported
by the company's comfortable liquidity position as indicated by
26% average peak utilisation of working capital utilisation over
the six months ended November 2015.


KRISHNA KNITWEAR: Ind-Ra Withdraws 'IND D' LT Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Krishna Knitwear
Technologies Limited's (KKTL) 'IND D(suspended)' Long-Term Issuer
Rating.

The ratings have been withdrawn due to lack of adequate
information. Ind-Ra will no longer provide ratings or analytical
coverage for KKTL.

Ind-Ra suspended KKTL's ratings on 16 June 2015.

KKTL's ratings:

-- Long-Term Issuer Rating: 'IND D(suspended)'; rating withdrawn

-- INR1.6bn long terms loan: Long-term 'IND D(suspended)';
    rating withdrawn

-- INR6.4bn fund based limit: Long-term 'IND D(suspended)' and
    Short-term 'IND D(suspended)'; ratings withdrawn

-- INR317.5m non fund based limit: Short-term
    'IND D(suspended)'; rating withdrawn


KSC ENGINEERS: Ind-Ra Assigns BB Long-Term Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned KSC Engineers
Private Limited a Long-Term Issuer Rating of 'IND BB'.  The
Outlook is Stable.  The agency has also assigned KSC's INR69 mil.
fund based limits Long-term 'IND BB'/Stable' and Short-term
'IND A4+' ratings.

KEY RATING DRIVERS

The ratings factor in KSC's small scale of operations, consistent
improvement in EBITDA margins and moderate-to-strong credit
metrics.  Overall revenue stood at INR289.64m in FY15 (FY14:
INR238.15 mil.; FY13: INR203m), EBITDA margins at 8.11% (7.35%;
7.16%), gross coverage (operating EBITDA/gross interest expense)
at 7.21x (7.17x) and net leverage at 3.20x (3.28x).

The ratings also factor in KSC's tight liquidity position as shown
by its almost full utilization of the pre shipment working capital
limits during the 12 months ended November 2015.

The ratings are supported by KSC's established operating track
record of over 30 years and decades of experience of KSC's
director in the same line of business.

RATING SENSITIVITIES

Negative: A negative rating action could result from a substantial
dip in the EBITDA margin leading to weaker credit metrics.

Positive: A positive rating action could result from a substantial
improvement in the revenue and liquidity profile while maintaining
the current credit metrics.

COMPANY PROFILE

KSC was incorporated as a private limited company in 1985. It
manufactures auto components such as fasteners, sheet metal
components, brake & clutch parts, auto electric parts, suspension
parts, etc at its factory located in Noida, Uttar Pradesh.  KSC
mainly supplies its products to overseas markets.


MAA SHEETLA: ICRA Assigns B+ Rating to INR6.50cr Cash Loan
----------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B+ to the INR6.50
crore cash credit limits of Maa Sheetla Industries Private
Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long term fund
   based limits Cash
   Credit                6.50         [ICRA] B+; assigned

ICRA's rating takes into account the status of MSIPL as a sole
distributor for various distilleries and its wide liquor
assortment, with Indian Made Foreign Liquor (IMFL) and beer which
cater to diverse customer preferences, and also help mitigate the
risk of seasonality. The rating also takes into account the
experience of the company's management in the field. However, the
rating is constrained by MSIPL's nascent stage of operations, with
operations having commenced from March, 2014. The rating also
factors in the company's highly leveraged capital structure and
weak coverage indicators. ICRA also takes note of the company's
stretched liquidity position as reflected in the high utilisation
of its bank limits.

Going forward, the company's ability to ramp up its scale of
operations while bringing about a sustained improvement in its
profitability will be the key rating sensitivity. MSIPL also has
plans to set up a brewery, the funding mix for the project and the
timing for its execution will also be key monitorables.

MSIPL was incorporated in March 2014 and is engaged in the
distribution of IMFL and beer in Uttarakhand. The company has two
warehouses in Uttarakhand, in Haldwani and Rudrapur. MSIPL has two
other group companies, Maa Sheetla Autowheels Private Limited
(having dealership of Volkswagen) and BTC Industries Limited
(engaged in manufacturing of Thermo Mechanically Treated bars).

Recent Results
In FY2015, its first year of operations, the company reported a
net profit of INR0.14 crore on an operating income of INR47.14
crore.


MANJEET FIBERS: Ind-Ra Raises Long-Term Issuer Rating to BB+
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Manjeet Fibers
Private Limited's (MFPL) Long-Term Issuer Rating to 'IND BB+' from
'IND BB'.  The Outlook is Stable.

KEY RATING DRIVERS

The upgrade reflects MFPL's consistent improvement in revenue
since FY13 on account of an increase in demand for its products.
Revenue was INR1,559 mil. in FY15 (FY14: INR907.4 mil.).  The
ratings also factor in the company's moderate credit profile, with
interest coverage of 1.8x in FY15 (FY14: 1.7x), net financial
leverage of 4.4x (8.9x) and EBITDA margin of 4.1% (3.7%).  The net
working capital cycle also improved to 55 days in FY15 (FY14: 96
days) on account of the improvement in receivable and inventory
days.

However, the ratings also factor in MFPL's seasonal nature of
operations, inherent risk of operating in a commodity market
characterized by volatile cotton prices and competitive pressures.

The ratings are supported by the over two decades of experience of
MFPL's founders in the cotton industry and the company's proximity
to the cotton producing belt of the country.

RATING SENSITIVITIES

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

Negative: Further deterioration in the operating profitability
leading to deterioration in the credit profile will be negative
for the ratings.

COMPANY PROFILE

Incorporated in June 2012, MFPL is engaged in agro processing,
ginning and pressing of cotton and allied activities.  Its annual
installed capacity for processing raw cotton is 900294 quintals.

MFPL's ratings:

   -- Long Term Issuer Rating: upgraded to 'IND BB+' from
      IND BB'; Outlook Stable

   -- INR66.7 mil. long-term loans (Decreased from INR87.0 mil.):
      upgraded to 'IND BB+'/Stable from 'IND BB'

   -- INR200.0 mil. fund-based working capital limits: upgraded
      to 'IND BB+'/Stable from 'IND BB' and affirmed at 'IND A4+'


MJ AND SONS: CRISIL Reaffirms 'D' Rating on INR470MM LT Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facility of MJ and Sons
Distilliery and Breweries Private Limited (MJS) continues to
reflect instances of delay by MJS in servicing its term debt; the
delays have been caused by cash flow mismatches and low cash
accruals vis-a-vis large repayment obligations, which, in turn,
have been caused by MJS' weak liquidity.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           170       CRISIL D (Reaffirmed)
   Long Term Loan        470       CRISIL D (Reaffirmed)

MJS also has working-capital-intensive operations. However, MJS'
business risk profile is supported by its promoters' industry
experience.

MJS was established in October 2005 by Mr. Shiv Kumar to
manufacture extra neutral alcohol and country liquor from food
grains. The company's plant is located in Patna (Bihar).


MULTICHEM SPECIALITIES: CRISIL Suspends B+ Rating on INR150M Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Multichem Specialities Private Limited (MSPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Letter of Credit       150      CRISIL B+/Stable

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

MSPL was established in 1976 as a proprietorship, and was
reconstituted as a private limited company in 2007. The company
trades in pharmaceutical chemicals, water treatment chemicals,
agro-chemicals, and other industrial chemicals. Mr. Manish
Karnani, managing director oversees the company's day-to-day
operations.


MURANO TILES: Ind-Ra Assigns BB- Long-Term Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Murano Tiles
Private Limited (MTPL) a Long-Term Issuer rating of 'IND BB-'.
The Outlook is Stable.

KEY RATING DRIVERS

The ratings factor in MTPL's small scale of operations and
moderate credit metrics.  Revenue was INR302 mil. in FY15 (FY14:
INR213 mil.), EBITDA interest coverage (operating EBITDA/gross
interest expense) was 3.1x (2.4x) and net financial leverage
(Ind-Ra adjusted net debt/operating EBITDA) was 3.2x (4.2x).
EBITDA margins remained volatile in the range of 8.3%-10.2% during
FY12-FY15 on raw material price fluctuations.

The ratings however are supported by the company's comfortable
liquidity position with the fund-based facilities being utilized
at an average of 65.4% over the 12 months ended November 2015.

The ratings are also supported by the over 10 years of experience
of the company's promoter in the ceramic tile industry.

RATING SENSITIVITIES

Positive: Substantial growth in the top line and profitability
leading to a sustained improvement in the overall credit metrics
will lead to a positive rating action.

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

COMPANY PROFILE

Incorporated in 2010, MTPL commenced commercial production of
ceramic wall tiles in August 2011.  The 36,000 MTPA plant of the
company is located in Morbi, Gujarat.

MTPL ratings:

   -- Long Term Issuer Rating: assigned 'IND BB-', Outlook Stable
   -- INR18.36 mil. long-term loan: assigned 'IND BB-'/Stable
   -- INR40 mil. fund-based facilities: assigned
      'IND BB-'/Stable/'IND A4+'
   -- INR19 mil. non-fund-based facilities: assigned 'IND A4+'


MURUGAN IDLI: Ind-Ra Affirms B+ Long-Term Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Murugan Idli
Shop's Long-Term Issuer Rating at 'IND B+'.  The Outlook is
Stable.

KEY RATING DRIVERS

The affirmation reflects MIS' continued small scale of operations
and weak credit metrics.  Revenue was INR375 mil. in FY15 (FY14:
INR285 mil.), EBITDAR interest coverage was 1.6x (1.5x) and net
financial leverage was 6.2x (6.8x).  The ratings also reflect the
year-on-year deterioration in the operating margin to 14.9% in
FY15 (FY14: 15.8%, FY13: 19.6%, FY12: 19.8%).  The ratings
continue to factor in the company's proprietorship structure.

The ratings are however supported by MIS' negative working capital
cycle of 46 days during FY15 and over 10 years of experience of
the proprietor in the present line of business.

RATING SENSITIVITIES

Positive: An improvement in the EBITDA interest coverage would
lead to a positive rating action.

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

COMPANY PROFILE

MIS is a proprietary concern set up by Mr S Manoharan in 2003.
The business is operated through 18 branches in Chennai and two in
Madurai.

S Manoharan is the proprietor of the firm.

MIS' ratings:

   -- Long-Term Issuer Rating: affirmed at 'IND B+'/Stable

   -- INR5.00 mil. fund-based working capital limit: 'IND B+'
      rating withdrawn because of repayment of entire loan

   -- INR95.00 mil. long-term loans: 'IND B+' rating withdrawn
      because of repayment of entire loan

   -- Proposed INR120.00 mil. long-term loan: assigned
      'Provisional IND B+'/Stable


NEERAKKAL LATEX: CRISIL Assigns 'B' Rating to INR80MM Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Neerakkal Latex (NL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan              12       CRISIL B/Stable
   Cash Credit            80       CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility      3       CRISIL B/Stable

The rating reflects NL's modest scale of operation and exposure to
risks related to volatility in raw material prices. The rating
also factors in the firm's below-average financial risk profile
because of small networth and weak debt protection metrics. These
weaknesses are partially offset by the extensive experience of the
promoters in the rubber processing business.

Outlook: Stable
CRISIL believes NL will continue to benefit over the medium term
from promoters' extensive experience in the industry. The outlook
may be revised to 'Positive' if the company reports a sustainable
increase in its revenue and profitability leading to larger than
expected accruals, thereby strengthening its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
NL generates significantly low cash accruals or undertakes a large
debt-funded capital expenditure programme, resulting in
deterioration in its financial risk profile.

Set up in 1987 as a proprietorship firm and reconstituted as a
partnership in 2013, NL trades in centrifuged and ammoniated
latex. The firm also started manufacturing of centrifuged latex
from April 2014. Currently, the day to day operations are managed
by Mr. NJ James.


NEWGEN AGRO: ICRA Reaffirms 'B' Rating on INR7.80cr Term Loan
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B outstanding on
the INR7.80 crore (revised from INR8.88 crore) term loan
facilities, INR7.00 crore (revised from INR1.07 crore) fund based
facilities and INR0.20 crore (revised from INR0.05 crore) proposed
facilities of the Newgen Agro Processors Private Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term: Term
   loans                 7.80        [ICRA]B/reaffirmed

   Long term: Fund
   based facilities      7.00        [ICRA]B/reaffirmed

   Long term: Proposed
   Facilities            0.20        [ICRA]B/reaffirmed

The rating reaffirmation reflects the stretched financial profile
of the company characterized by the stretched capital structure
with a gearing of 17.4 times and coverage indicators. The rating
favourably factors in the healthy growth in the company's revenues
during 2014-15 on the back of healthy order flows from existing as
well as new customers. With the improvement in the capacity
utilization levels, the operating margins improved aided by better
absorption of fixed costs. Coupled with the decline in the working
capital intensity, this resulted in improvement in the cash flows
during the period. The rating also takes into account the efforts
undertaken by the management to increase the share of exports by
adding customers in new geographies to its clientele. The rating
is however, constrained by the seasonal nature of operations given
the raw material availability which results in high working
capital intensity during part of the year and low capacity
utilization levels during the remaining period. Further, the
company's small scale of operations limits the benefits from scale
economies and financial flexibility. Going forward, the company's
ability to successfully venture into the new markets and scale up
its operations while sustaining the profit margins and efficiently
managing its working capital cycle will be critical to generating
strong cash flows and thereby improving its credit profile.

Incorporated in 2010, Newgen Agro Processors Private Limited is
engaged in processing and exporting fruit pulp (with focus mainly
on products such as Totapuri Mango pulp, Alphanso Mango Pulp,
Guava Pulp). With its processing facility located at Krishnagiri,
Tamil Nadu, the company is close to the mango growing belt of
South India. The company has installed capacity to process
~10800MT/year. The Company is equipped with aseptic processing
facilities.

Recent Results
As per the audited results, the company recorded net loss of
INR0.0 crore on an operating income of INR18.0 crore for the year
2014-15, as against a net loss of INR2.7 crore on an operating
income of INR7.8 crore for the year 2013-14.


NITHIN TEXTILES: CRISIL Reaffirms B+ Rating on INR273.5MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Nithin Textiles Private
Limited (Nithin) continue to reflect NITHIN's weak financial risk
profile, because of high gearing and below-average debt protection
metrics, and its susceptibility to volatility in raw material
prices. These rating weaknesses are partially offset by the
promoters' experience in the textile business.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           200        CRISIL B+/Stable (Reaffirmed)
   Letter of Credit       50        CRISIL A4 (Reaffirmed)
   Long Term Loan        273.5      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes Nithin will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of substantial
increase in cash accrual, leading to steady improvement in
liquidity and capital structure. Conversely, the outlook may be
revised to 'Negative' in case the financial risk profile
deteriorates owing to a large debt-funded capital expenditure, or
a decline in revenue and cash accrual.

Set up in 2006 by Mr. K Jaikumar and his wife, Mrs. J Vanitha,
Nithin commenced commercial operations in 2008. The company is
engaged in spinning of cotton yarn at its unit in Dindigul (Tamil
Nadu).


ORFINA CERAMIC: ICRA Reaffirms 'B' Rating on INR9.0cr Term Loan
---------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B to INR4.00
crore* fund based cash credit facility and INR9.00 crore term loan
facility of Orfina Ceramic Private Limited. ICRA has also
reaffirmed an [ICRA]A4 rating to the INR2.25 crore bill
discounting under LC (sublimit of Cash Credit facility) and
INR2.00 Letter of Guarantee facility of OCPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loans             9.00       [ICRA]B; Reaffirmed
   Cash Credit Limits     4.00       [ICRA]B; Reaffirmed
   Bill discount under
   LC                    (2.25)      [ICRA]A4; Reaffirmed
   Letter of Guarantee    2.00       [ICRA]A4; Reaffirmed

The ratings continues to remain constrained by OCPL's modest scale
of operations with a limited operating history; delays of around
three months observed in commencement of operations as well as
modest debt protection metrics and attaining break even capacity
utilization would critically affect the debt servicing
capabilities of the firm. While reaffirming the ratings, ICRA
considers the vulnerability of profitability and cash flows to
fluctuating prices of gas and power and cyclicality inherent in
the real estate industry, which is the main consumer sector. The
ratings are further constrained by the restricted pricing
flexibility in the business due to fragmented nature of the
industry and intense competition among the players.

The ratings however, favorably consider the commencement of
operations experience of the key promoters in the ceramic industry
as well as the location advantage enjoyed by the company, giving
it easy access to raw material.

Incorporated in February 2014, Orfina Ceramic Private Limited
(OCPL) is engaged in the manufacture of digitally printed ceramic
glazed wall tiles of three sizes i.e. 12X12, 12X18 and 12X24. The
manufacturing unit of the company is located in Morbi, Gujarat,
with an installed capacity of 45,000 MTPA. The company has
commence its commercial production from March 2015. The company is
promoted and managed by Mr. Jayantilal Baraiya along with other
family members and relatives having experience in the line of
ceramic business.

Recent Results
For the year ended 31st March, 2015, the company reported an
operating income of INR0.21 crore and has incurred net losses of
INR0.05 crore as per audited results.


PERFECT INFRAENGINEERS: Ind-Ra Cuts Long-Term Issuer Rating to D
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Perfect
Infraengineers Ltd's (PIL) Long-Term Issuer Rating to 'IND D' from
'IND BB'.  The Outlook was Stable.

KEY RATING DRIVERS

The ratings reflect PIL's delays in servicing interest on the term
loans for the 12 months ended November 2015 due to stretched
liquidity.

RATING SENSITIVITIES

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

COMPANY PROFILE

Incorporated in 1993, PIL (listed with NSE) is a turnkey project
contractor for the supply, installation, testing, commissioning
and maintenance of mechanical, electrical and plumbing and
heating, ventilation and air conditioning equipment.  The company
also undertakes annual maintenance contracts and supplies air
conditioners on rentals.

RFL's ratings:

   -- Long-Term Issuer Rating: downgraded to 'IND D' from
      'IND BB'

   -- INR0.9 mil. term loans: downgraded to 'IND D' from
      'IND BB+'

   -- INR47.5 mil. fund based limits: downgraded to 'IND D' from
      'IND BB+'

   -- INR45 mil. non-fund-based limits: downgraded to 'IND D'
      from 'IND A4+'


PINE EXPORTERS: ICRA Reaffirms B Rating on INR3.50cr Loan
---------------------------------------------------------
ICRA has reaffirmed long term rating of [ICRA]B to the INR3.50
crore (enhanced from INR0.50 crore) long term fund based
facilities of Pine Exporters Private Limited. ICRA has also
reaffirmed the short term rating at [ICRA]A4 to the INR4.59 crore
short-term non-fund based facilities of PEPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           3.50        [ICRA]B reaffirmed
   Forward Contract
   Limit                 0.09        [ICRA]A4 reaffirmed

   Letter of Credit      4.50        [ICRA]A4 reaffirmed

The rating reaffirmation takes into account PEPL's small scale of
current operations with limited track record and weak financial
profile, as characterized by thin profitability, adverse capital
structure, and weak debt protection metrics. The ratings also
factor in the highly competitive business environment on account
of the fragmented industry structure and low entry barriers for
the new players. The ratings are further constrained by the
vulnerability of the company's profitability to adverse
fluctuations in imported timber prices as well as to currency
fluctuations, with entire raw material requirement currently being
met through imports, in the absence of a formal currency hedging
policy.

The assigned ratings, however, favourably factor in the long track
record of the key promoter in the timber business. The ratings
also take into consideration the locational advantages arising
from the presence of the manufacturing facility in close proximity
to Kandla port.

Incorporated in 2011, Pine Exporters Pvt. Ltd (PEPL) is engaged in
trading of timber logs as well as cleaning and sawing of timber
logs to manufacture clean squared timber wood at its factory
located at Gandhidham (Gujarat). Mr. Manojkumar Surana, the key
promoter of the company, has long standing experience of more than
25 years in timber trading through the partnership firm Pine
Exporters based out of Delhi. The company majorly deals in Radiata
Pine logs which majorly find application in furniture making and
light construction work.

Recent Results
For the year ended 31st March 2015 (provisional financials), PEPL
has reported an operating income of INR17.07 crore and profit
before tax of INR0.05 crore as against operating income of
INR10.37 crore and profit after tax of INR0.05 crore for the year
ended 31st March 2014.


RAGHUKUL COTTEX: CRISIL Suspends B+ Rating on INR110MM Cash Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Raghukul
Cottex and Processing Private Limited (RCPPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           110       CRISIL B+/Stable
   Rupee Term Loan        23.4     CRISIL B+/Stable

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

RCPPL was incorporated on December 14, 2009. The company is
promoted by Mr. Govindbhai Pansuriya and his son, Mr. Kamleshbhai
Pansuriya. RCPPL is engaged in ginning and pressing of raw cotton
to make cotton bales. The unit is located in Jasdan (Gujarat). The
company is also under process to set up a cotton seed crushing
unit, which is expected to be operational by 2013-14.


RAJ POLY: CRISIL Assigns B+ Rating to INR140MM Cash Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Raj Poly Products Limited (RPPL).

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

The rating reflects RPPL's large working capital requirements,
susceptibility to volatile raw material prices, and its below-
average financial risk profile marked by modest net worth, high
total outside liability to tangible net worth ratio, and weak
interest coverage. These rating weaknesses are partially offset by
the promoters' extensive experience in polymer trading, and their
funding support.

Outlook: Stable

CRISIL believes RPPL will continue to benefit over the medium term
from the promoters' extensive experience and funding support. The
outlook may be revised to 'Positive' if the cash accrual improves,
backed by improvement in scale of operations and profitability and
prudent working capital management, leading to improvement in debt
protection metrics and liquidity. Conversely, the outlook may be
revised to 'Negative' if significant decline in revenue or
margins, stretch in working capital cycle, or any large, debt-
funded capital expenditure weakens financial risk profile.

Incorporated in 1992, RPPL trades in plastic granules such as low-
linear low- and high-density polyethylene (LDPE, LLDPE & HDPE),
polyvinyl chloride (PVC) etc. used in manufacturing buckets, pens,
and pipes. Mr. Rajendra Salot, Ms. Hema Salot and Mr. Pankaj Salot
are the promoters.


RAMYA SPINNING: ICRA Suspends B+ Rating on INR8.93cr Loan
---------------------------------------------------------
ICRA has suspended long term rating of [ICRA]B+ assigned to the
INR8.93 crore fund based facilities, INR0.44 crore non fund based
facilities and INR6.92 crore unallocated limits of Ramya Spinning
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.


RAVIRAJ FOILS: Ind-Ra Raises Long-Term Issuer Rating to BBB-
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Raviraj Foils
Limited's (RFL) Long-Term Issuer Rating to 'IND BBB-' from
'IND BB+'.  The Outlook is Stable.

KEY RATING DRIVERS

The upgrade reflects an improvement in RFL's profitability and
liquidity.  EBITDA margins increased 180bp yoy during FY15 to 7.9%
on the introduction of high-margin value-added coated and
laminated foils in the product portfolio for pharmaceutical
packaging.  The liquidity of the company also improved as evident
from its 79% use of fund-based limits for the 12 months ended
October 2015 (96.1% for the 12 months ended June 2014).  Cash
conversion cycle remained stable at 58 days in FY15 (FY14: 57
days).

Direct orders from pharmaceutical clients for supplying blister
and strip packaging foils resulted in margin expansion during
FY15.  Till FY14, convertors would coat and laminate RFL's
aluminum foils and sell it directly to end users.  Ind-Ra expects
RFL's declining reliance on the low-margin business, which is
routed through converters, to drive future profitability.

The upgrade also reflects RFL's continued comfortable credit
profile despite the debt-led capex of INR257m in FY15, for
upgrading the unit as well as for building of staff quarters.  Net
leverage and interest coverage remained relatively flat at 2.6x
(FY14: 2.5x) and 3.3x (3.1x), respectively.  The ratings also
reflect RFL's stable revenue growth at a CAGR of 21.6% over FY11-
FY15 due to an increase in sales supported by additional rolling
capacity.  RFL's FY15 revenue grew 11.6% yoy to INR1,795 mil.  The
ratings are also supported by the two decades of experience of
promoters in the same line of business.

The ratings however continue to be constrained by RFL's presence
in the highly fragmented domestic aluminum rolling industry with
low entry barriers, high competition and limited value addition
leading to low operating margins.

RATING SENSITIVITIES

Positive: A further improvement in the operating margins along
with growth in the revenue resulting in improved credit metrics
will be positive for the ratings.

Negative: Weakening in the operating margins along with
deterioration in the liquidity and elongation in the working
capital cycle will be negative for the ratings.

COMPANY PROFILE

Incorporated in 1996, Ahmedabad-based RFL manufactures light (7-12
microns) and medium gauge (15-50 microns) aluminum foils.  These
are used for food and pharmaceutical packaging.  About 60% of the
business is routed through converters while the remaining is
generated directly.  RFL has two rolling mills with a combined
installed rolling capacity of 9,000MTPA.

RFL's ratings:

   -- Long-Term Issuer Rating: upgraded to 'IND BBB-' from
      'IND BB+'; Outlook Stable

   -- INR158.1 mil. term loans (increased from INR101.5 mil.):
      upgraded to 'IND BBB-'/Stable from 'IND BB+'

   -- INR98.5 mil. fund based limits (increased from INR60 mil.):
      upgraded to 'IND BBB-'/Stable from 'IND BB+'

   -- INR67.5 mil. non-fund-based limits: upgraded to 'IND A3'
      from 'IND A4+'


RICHLOOK GARMENTS: CRISIL Suspends D Rating on INR180MM Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Richlook
Garments Pvt Ltd (RGPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           180       CRISIL D
   Term Loan              52       CRISIL D
   Working Capital
   Term Loan              48       CRISIL D

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

RGPL was established in 1993 as a proprietorship firm, Richlook
Apparels, which was reconstituted as private limited company in
1996. RGPL manufactures and retails in garments and accessories
for men and women. The company also trades in fabrics. RGPL's day-
to-day operations are currently managed by Mr. Shiv Rattan Goyal.


ROYALE EDIBLE: CRISIL Assigns B Rating to INR70MM Cash Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Royale Edible Company (REC).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            70       CRISIL B/Stable
   Long Term Loan         30       CRISIL B/Stable

The rating reflects REC's below-average financial risk profile
marked by high gearing, modest debt protection metrics and
networth and its modest scale of operations in the intensely
competitive oil industry. These weaknesses are partially offset by
the extensive industry experience of the firm's promoters.

Outlook: Stable
CRISIL believes REC will continue to benefit over the medium term
from promoters' extensive industry experience. The outlook may be
revised to 'Positive' if significant improvement in scale of
operations and profitability or substantial equity infusion leads
to a better financial risk profile. Conversely, the outlook may be
revised to 'Negative' if accruals decline, or working capital
cycle deteriorates, or if the firm undertakes a large, debt-funded
capital expenditure programme, leading to deterioration in
financial risk profile.

Established as a partnership firm in 2014, REC manufactures
coconut oil of premium quality and trades in edible oil such as
sunflower oil, palmolien oil, and rice bran oil. Based in
Thrissur, Kerala, the firm is promoted and managed by Mr. E N
Gopakumar and his wife, Ms. Anju Gopakumar.

For 2014-15 (refers to financial year, April 1 to March 31), the
firm reported a profit after tax (PAT) of INR0.1 million on net
sales of INR123 million, against a PAT of INR0.4 million on net
sales of INR37.5 million for 2013-14.


S.S.S. FIBRE: Ind-Ra Affirms BB Long-Term Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed S.S.S. Fibre
Limited's (SSSFL) Long-Term Issuer Rating at 'IND BB' with a
Stable Outlook.

KEY RATING DRIVERS

The affirmation reflects SSSFL's continued small scale of
operations along with its moderate credit metrics.  Revenue was
INR302 mil. during FY15 (FY14: INR498 mil.), financial leverage
(Ind-Ra adjusted debt/operating EBITDAR) was 2.6x (2.4x) and
interest coverage (operating EBITDA/gross interest expense) was
2.9x (3.1x).

The ratings factor in the improved liquidity position of the
entity as reflected through its average use of 87.8% of the fund-
based limits for the 12 months ended November 2015.

The ratings are supported by the company's promoters over 20 years
of experience in the iron and steel industry.

RATING SENSITIVITIES

Positive: A significant improvement in the scale of operations
while maintaining the current credit profile will lead to a
positive rating action.

Negative: Deterioration in the liquidity and interest coverage
would lead to a negative rating action.

COMPANY PROFILE

Incorporated in 2006, SSSFL is a public limited company.  It
manufactures knitted cloth at its 3,275MTPA facility in Samana
(Punjab).

SSSFL's ratings:

   -- Long-Term Issuer Rating: affirmed at 'IND BB'/Stable

   -- INR10.6 mil. Long-Term Loans (reduced from INR53 mil.):
      affirmed at 'IND BB'/Stable

   -- INR11.5 mil. long-term loans: assigned 'IND BB'/Stable

   -- INR50.0 mil. fund-based working capital limits: affirmed at
      'IND BB'/Stable


SHAKTIMAN CEMENTS: ICRA Suspends 'B' Rating on INR13.75cr Loan
--------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to the
INR20.00 crore fund based bank facilities of Shaktiman Cements and
Packaging Industries Limited.  The ratings were suspended due to
lack of cooperation by the client to provide any further
information.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit            6.25        [ICRA]B; Suspended
   Term Loan             13.75        [ICRA]B; Suspended

Incorporated in 2012, SCPIL is engaged in the manufacturing of
Poly Propylene and High Density Polypropylene woven fabric bags
which are used for packaging mainly by cement companies. The
company is promoted by Mr. Harvinder Oberoi and his family
members. The major customers of the company include cement
manufacturing companies which are located in Haryana, Punjab and
New Delhi. SCPIL's plant is located in the industrial area in
Rajpur, Haryana with an installed capacity of 3600 MT per annum.


SHRI RAMSWAROOP: Ind-Ra Affirms 'IND B+' Rating on Trust's Loans
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) affirms Shri Ramswaroop
Memorial Charitable Trust's (SRMCT) INR532.7m term loans (reduced
from INR690m) and INR120m working capital loans at 'IND B+' with a
Stable Outlook.

KEY RATING DRIVERS

The rating is constrained by the limited ability of available
funds - cash and unrestricted investments to cover debt at 9.73%
and the moderate ability to cover for the operating expenditure at
51.56%. This resulted in the trust's working limits remaining
fully utilized over the last 20 months.

Also, the trust continues to have considerable debt burden (debt
to current balance before interest and depreciation) of 4.22x in
FY15 (declined from 20.79x in FY13) with a limited debt service
coverage of 1.01x. Unlike other rated institutes, wherein staff
cost and operating cost are the heaviest expenditures, interest
cost (average: 32.24%) burdened SRMCT's expense profile the most
and it grew at a CAGR of 25.54%. In FY15 it had interest coverage
of 2.06x. Due to planned capex of INR1,037.4m, Ind-Ra expects the
trust's coverage for debt servicing to remain between 1.0x-1.7x
during FY16-FY20.

The rating is cushioned by strong operating margins, improving
operational performance and declining debt burden. The rating
benefits from SRMCT's average operating margins of 50.2%. Its
margins improved to 54.16% in FY15 from 32.63% in FY13 on the back
of stronger growth in tuition fees (CAGR:105.3%) than the
corresponding expenditure(CAGR:63.5%). Tuition fees grew on the
back of strong growth in student strength of 136.9% CAGR.  In
FY15, with a 55.36% yoy growth in student strength the tuition
income grew 31.11% yoy.

The university under the trust is in its fourth year of operation.
With a headcount of 4,921 students the trust has an average
acceptance rate of 68.22% and a high average enrolment rate of
97.96%. Its acceptance rate has improved to 66.64% in FY15 from
86.13% in FY13.

RATING SENSITIVITIES

Positive: A positive rating action could result from a sustained
improvement in operational matrix along with operating margins and
a decline in debt burden clubbed with substantial improvements in
its liquidity profile.

Negative: Any unexpected fall in the student demand coupled with a
quantum jump in the debt resulting in weaker coverage ratios will
lead to a negative rating action.

COMPANY PROFILE

Established in May 2010, SRMCT has Shri Ramswaroop Memorial
University under its aegis. Spread across 52.46 acres, the
university was established under the Uttar Pradesh State
Government Act 1 of 2012. It offers a range of undergraduate, post
graduate and doctoral programs in engineering, computer
application, management and arts. It also offers polytechnic
courses.


SLN CNC: ICRA Assigns B+ Rating to INR4.50cr Cash Loan
------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to the INR4.50
crore fund based limits and INR1.16 crore term loan of SLN CNC
Tech Private Limited. ICRA has also assigned the long-term rating
of [ICRA]B+ to the INR2.59 crore unallocated limits of the
company.  ICRA has assigned a short-term rating assigned of
[ICRA]A4 to the INR0.75 crore non fund based limits and INR2.59
crore unallocated limits of the company.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based-Cash
   Credit                4.50         [ICRA]B+; assigned

   Fund Based-Term
   Loan                  1.16         [ICRA]B+; assigned

   Fund Based-Packing
   Credit                1.00         [ICRA]A4; assigned

   Non Fund Based        0.75         [ICRA]A4; assigned

   Unallocated-FB/NFB    2.59         [ICRA]B+/A4; assigned


The ratings assigned take into account the consistent growth and
high operating margin of the company since its inception. The
ratings also take comfort from the long standing experience of the
promoters in the engineering product manufacturing industry with
reputed client base in the aerospace and defense sector which is
resilient to economic downturn providing stability to the revenue.

The ratings are, however, constrained by high working capital
intensity with significantly high inventory holding and stretched
receivables cycle and the modest scale of operations in a highly
competitive and fragmented industry which limits the bargaining
power of the company. The ratings also factor in the high gearing
level, weak coverage indicators and the high repayment obligations
of the company in the near term vis-…-vis the cash accruals
witnessed in the past. The rating is also constrained by the
persisting sectoral concentration as majority of the company's
revenue are driven by the aerospace and defence sector.

Established in 2008, SCTPL is engaged in the manufacture of
precision in its CNC machining facility. Based out of Bangalore,
Karnataka, the company is promoted by Mr. M V Ashok and Mr M L
Gowda and specializes in manufacturing of aluminium, stainless
steel, titanium, nimonic, inconel and cobalt alloy products. The
company caters to customers in the aviation, automotive, space,
defence, power generation and telecommunication sectors.

Recent Results
The company reported an operating income of INR13.6 crore and a
profit after tax of INR0.9 crore during FY2015, as compared to an
operating income of INR9.6 crore and a profit after tax of INR0.5
crore during FY2014.


SRI VANI: CRISIL Suspends 'D' Rating on INR90MM Term Loan
---------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Sri Vani
Educational Society (SVES).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            10       CRISIL D
   Term Loan              90       CRISIL D

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

SVES was registered in 2008, with its first academic year being
2009-10 (June 1 to April 30). The society operates three
institutions - Sri Vani School of Engineering, Sri Vani School of
Pharmacy, and Sri Vani School of Management. These institutes are
located in an integrated campus at Chevuturu (Andhra Pradesh).


SRI VENKATESHWARA: CRISIL Suspends D Rating on INR76MM Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sri Venkateshwara Spinning Mills India Pvt Ltd (SVSM).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee          4       CRISIL D
   Cash Credit            30       CRISIL D
   Long Term Loan         76       CRISIL D

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

Set up in 2005, SVSM manufactures cotton yarn in count of 40s. Its
day-to-day operations are managed by Mr. Thiyagarajan.


SSV TECHNOCRATES: ICRA Assigns 'B+' Rating to INR1.60cr Loan
------------------------------------------------------------
ICRA has assigned an [ICRA]B+ rating to the INR3.00 crore fund
based working capital facilities and INR4.57 crore term loans
facility of SSV Technocrates. ICRA has also assigned an [ICRA]B+
and [ICRA]A4 ratings to the INR4.96 crore proposed bank facilities
of SSVT.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit Limits     1.40        [ICRA]B+; Assigned
   EPC Credit             1.60        [ICRA]B+; Assigned
   Term loans             4.57        [ICRA]B+; Assigned
   Proposed Limits        4.96        [ICRA]B+/[ICRA]A4; Assigned

The assigned ratings take into account the firm's modest scale of
operations, financial profile characterized by thin profitability,
stretched capital structure, modest coverage indicators and high
working capital intensive nature of operations as well as
stretched liquidity position resulting from recent capex in FY15.
ICRA also notes that firm's margins remain exposed to
vulnerability in raw material fluctuations mainly steel and
special alloy items however; risk augmented by high inventory
holding. The assigned ratings further take note of the
susceptibility towards the firm's profitability to foreign
exchange fluctuations risk following more than 60% exports.
The assigned ratings, however, consider the long experience of the
promoters in the valves manufacturing business as well as the
reputed customer profile, which indicates good product quality.

SSV Technocrates (SSVT) was incorporated in 2013 and is engaged in
manufacturing of different kinds of Valve Guides, Valve Seat
Inserts and Valve tappets. SSVT is promoted and managed by Mr.
Rajendrasingh Jadav. The promoters have long experience of ~four
decades in valve manufacturing industry through its other group
concern i.e. "SSV Valves". SSV Valves was promoted by Mr.
Maharsingh Jadav and currently managed by Mr. Rajendrasingh Jadav.
SSV Valves is also into manufacturing of valves, however it's
mainly into manufacturing of "Engine Valves" and the new entity
i.e. SSV Technocrates is established in order to diversify its
product profile wherein more advanced machineries are equipped in
order to manufacture specialized products with good quality which
can find applications in locomotive, automotive, high performance
and defence locomotive industry.

Recent Results
During FY15 as per audited results, the firm reported operating
income of INR15.29 crore and profit after tax of INR0.16 crore.


SUN STEEL: Ind-Ra Assigns BB- Long-Term Issuer Rating
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Sun Steel
Industries Pvt Ltd. (SSIPL) a Long-Term Issuer Rating of
'IND BB-'.  The Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect SSIPL's small scale of operations along with
its weak credit profile.  Revenue was INR202 mil. during FY15
(FY14: INR325 mil.), interest coverage was 1.2x (1.0x) and net
financial leverage was 5.1x (4.4x).  The ratings also factor in
SSIPL's long working cycle of 252 days in FY15 (FY14: 188 days)
leading to high working capital requirements on account of its
high receivables and high inventory days.

The ratings are supported by the company's promoter's experience
of more than three decades in the fabrication and erection of
transmission towers.

RATING SENSITIVITIES

Positive: An improvement in the scale of operations and overall
credit metrics will be positive for the ratings.

Negative: Deterioration in the overall credit profile will be
negative for the ratings.

COMPANY PROFILE

SSIPL was incorporated by Mr R.K. Sharma in 1973.  The company is
engaged in the fabrication and erection of transmission towers in
West Bengal, Assam and other north-eastern states.  SSIPL is also
engaged in the trading of iron products.

SSIPL's ratings:

   -- Long-Term Issuer Rating: assigned 'IND BB-'; Outlook Stable

   -- INR60 mil. fund-based working capital limit: assigned
      'IND BB-'; Outlook Stable

   -- INR115 mil. non-fund-based limits: assigned 'IND A4+'


USHA IMPEX: CRISIL Suspends B+ Rating on INR60MM Cash Loan
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Usha Impex (UI). The suspension of ratings is on account of non-
cooperation by UI with CRISIL's efforts to undertake a review of
the ratings outstanding.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            60       CRISIL B+/Stable
   Letter of Credit      240       CRISIL A4

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

UI was set up in 2000 by Mr. Atul Jindal. The Ludhiana (Punjab)-
based firm trades in metals such as nickel, zinc, and ferroalloys,
which are used in the electroplating and automotive industries,
and for manufacturing components used in galvanised iron
equipment. It has a marketing base in Ludhiana. In 2011-12 (refers
to financial year, April 1 to March 31), the firm opened marketing
offices in Mumbai, New Delhi, and Bengaluru (Karnataka); it is in
the processing of opening an office in Haridwar (Uttarakhand).


VARDAN INTENSIVE: Ind-Ra Affirms BB Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Vardan Intensive
Care Hospital Pvt Ltd's (VICHPL) Long-Term Issuer Rating at
'IND BB'.  The Outlook is Stable.

KEY RATING DRIVERS

The affirmation reflects VICHPL's continued small scale of
operations and moderate credit metrics.  Revenue was INR145 mil.
in FY15 (FY14: INR130 mil.), interest coverage (operating
EBITDA/gross interest expense) was 2.5x (3.1x) and net financial
leverage (net debt/operating EBITDAR) was 4.7x (2.5x).  The
deterioration in the credit metrics despite the company
maintaining robust EBITDA margins (FY15: 27.6%; FY14: 26.5%) was
due to an increase in the total debt to INR193m in FY15 from
INR89m in FY14.

The ratings are supported by the company's comfortable liquidity
position as evident from its 95.91% average maximum working
capital utilization during the 12 months ended November 2015.

The ratings are also supported by the around two decades of
experience of the company's promoter in the health care sector.

RATING SENSITIVITIES

Positive: A sizeable improvement in the revenue and margins while
maintaining strong credit metrics would result in a positive
rating action.

Negative: Deterioration in the operating EBITDA margins and/or a
significant increase in the net financial leverage on account of
major debt-led capex would result in a negative rating action.

COMPANY PROFILE

VICHPL is a hospital situated in Bhopal.  It has departments such
as cardiac, orthopaedics, gynecology, paediatrics.  It also
provides pharmacy and pathology services.

VICHPL's ratings:

   -- Long-Term Issuer Rating: affirmed at 'IND BB'/Stable

   -- INR113.04 mil. term loan (increased from INR23.3 mil.):
      affirmed at 'IND BB'/Stable

   -- INR100 mil. fund-based working capital limits (increased
      from INR90 mil.): affirmed at 'IND BB'/Stable


VIJAYA LAKSHMI: CRISIL Suspends B+ Rating on INR45MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Vijaya
Lakshmi Ginning and Pressing Company (VLGPC).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            45       CRISIL B+/Stable
   Long Term Loan         34       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      1       CRISIL B+/Stable

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

Established in 2011 and based in Guntur (Andhra Pradesh), VLGPC is
engaged in cotton ginning and pressing. The firm is promoted by
Mr. Jagadeesh Babu.


VIJAYA SAI: CRISIL Suspends B Rating on INR50MM Cash Loan
---------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Vijaya
Sai Cotton Corporation (VSCC).

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

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

VSCC was established in 2009 as a proprietorship concern by Mr. P
Sai Suresh Kumar. The firm is primarily engaged in trading of
cotton bales. The firm is also ginning and pressing of raw cotton.
The trading division accounts for around 70 per cent of the firm's
revenues. The firm's ginning unit is based in Guntur (Andhra
Pradesh).


VISHWAS MILK: CRISIL Reaffirms B+ Rating on INR35MM Cash Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Vishwas Milk
Products Private Limited (VMP) continues to reflect the company's
modest scale of operations in the highly fragmented dairy
industry, and low profitability. These weaknesses are partially
offset by its promoters' extensive industry experience, efficient
working capital management, and above-average financial risk
profile because of healthy debt protection metrics.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            35       CRISIL B+/Stable (Reaffirmed)

   Proposed Cash
   Credit Limit           10       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     22.2     CRISIL B+/Stable (Reaffirmed)

   Term Loan              17.8     CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes VMP will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' in case of significant improvement in
revenue and profitability, leading to increase in cash accrual, or
improvement in capital structure resulting in a better financial
risk profile. Conversely, the outlook may be revised to 'Negative'
if profitability or revenue declines, resulting in lower-than-
expected cash accrual, or if the company undertakes any larger-
than-expected debt-funded capital expenditure programme,
constraining its financial risk profile.

VMP, incorporated in 2008 by Mr. Sanjeev Arora and his wife Ms.
Upasana Apora, processes milk, and manufactures skimmed milk
powder and ghee. Its plant is in Fatehgarh Churian (Punjab) and
has capacity to process 200,000 litres of milk per day.


VITAL HEALTHCARE: CRISIL Cuts Rating on INR113MM Loan to B
----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Vital Healthcare Private Limited (Santacruz) [VHPL] to 'CRISIL
B/Stable' from 'CRISIL B+/Stable', and has reaffirmed its rating
on the short-term bank facilities at 'CRISIL A4'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         150      CRISIL A4 (Reaffirmed)

   Bill Negotiation        20      CRISIL A4 (Reaffirmed)

   Buyers Finance          20      CRISIL A4 (Reaffirmed)

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

   Letter of Credit       100      CRISIL A4 (Reaffirmed)

   Long Term Loan          37      CRISIL B/Stable (Downgraded
                                   from 'CRISIL B+/Stable')

   Proposed Long Term     113      CRISIL B/Stable (Downgraded
   Bank Loan Facility              from 'CRISIL B+/Stable')

   Term Loan               30      CRISIL B/Stable (Downgraded
                                   from 'CRISIL B+/Stable')

   Working Capital         30      CRISIL B/Stable (Downgraded
   Demand Loan                     from 'CRISIL B+/Stable')

The downgrade reflects deterioration in VHPL's business risk
profile on account of a stretched working capital cycle resulting
from delayed realisation of receivables from state government
agencies. Revenue has remained stagnant at around INR322 million
in 2014-15 (refers to financial year, from April 1 to March 31)
with a higher proportion of export revenue. Liquidity remains
stretched on account of higher reliance on bank borrowing; average
bank limit utilisation was 95 per cent over the 12 months through
June 2015. The company's financial risk profile remains average
because of a modest capital structure and subdued debt protection
metrics.

The ratings reflect VHPL's modest business risk profile because of
working capital-intensive operations and exposure to risks
inherent in the highly competitive pharmaceutical formulations
industry. These rating weaknesses are partially offset by the
extensive industry experience of the company's promoters and their
established customer relationship.

Outlook: Stable

CRISIL believes VHPL will continue to benefit over the medium term
from the extensive industry experience of its promoters and their
established customer relationship. The outlook may be revised to
'Positive' in case of a significant and sustainable increase in
revenue and margins while the company maintains its capital
structure and improves its working capital cycle. Conversely, the
outlook may be revised to 'Negative' in case of significant debt-
funded capital expenditure, or a considerable decline in cash
accrual, resulting in deterioration in the financial risk profile.

Incorporated in 1992, VHPL manufactures and markets pharmaceutical
formulations and healthcare products. The company, which commenced
operations in 1997, has its manufacturing facilities at Nashik,
Maharashtra.


WONDERLAND AMUSEMENT: CRISIL Assigns B+ Rating to INR50MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Wonderland Amusement Park Private Limited
(Wonderland)'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Overdraft Facility     50       CRISIL B+/Stable

The rating reflects geographical concentration in terms of revenue
stream leading to modest scale of operations and factors in modest
networth constraining the financial risk profile. These weaknesses
are partially offset by the established track record of operations
of amusement park and high operating margins on account of low
fixed expenditure.

Outlook: Stable

CRISIL believes that Wonderland will continue to benefit from the
established track record of promoters in operating the amusement
park. The outlook may be revised to positive, in case the company
significantly improves its scale of operation along with
maintenance of its profitability and financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of
lower-than-expected accruals or larger than expected debt-funded
capital expenditure (capex) leading to pressure on overall
financial risk profile.

Wonderland was established by Mr. Kulwant Singh and Mr. Kuldeep
Singh in 1997 as a partnership firm and was incorporated as
private limited company in 2001. The company is engaged in
operating an amusement park in Jalandar, Punjab.

For 2014-15 (refers to financial year, April 1 to March 31),
Wonderland has reported profit-after tax (PAT) of INR1.7 million
on operating income of INR66.6 million, against PAT of INR4.0
million on operating income of INR62.3 million for 2013-14.



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


LIPPO KARAWACI: Fitch Affirms 'BB-' Issuer Default Ratings
----------------------------------------------------------
Fitch Ratings has affirmed Indonesia-based property developer PT
Lippo Karawaci Tbk's (Lippo) Long-Term Foreign- and Local-Currency
Issuer Default Ratings (IDRs) at 'BB-' with a Stable Outlook. The
agency has also affirmed Lippo's National Long-Term Rating at
'A+(idn)' with a Stable Outlook. A full list of rating actions is
given at the end of this commentary.

Lippo's ratings reflect its strong market position and its
demonstrated track record as a property developer in Indonesia.
The ratings also consider its strong recurring cash flows
generated by its portfolio of owned and/or managed healthcare,
retail, and hospitality assets, its fee-based income, and
dividends from the real estate investment trusts (REITs) that it
manages. Lippo has strong access to US dollar bond markets, which
it has used to stagger its debt maturities, minimising refinancing
risk.

Lippo's ratings also reflect its smaller operating scale compared
with higher-rated international peers, as well as its aggressive
medium-term expansion plan, which is likely to keep leverage
(defined as net adjusted debt / net property assets) high.

KEY RATING DRIVERS

Cash Generation to Improve in 2016: We expect Lippo's cash
generation to improve in 2016, mainly due to the planned sale of a
few of its mature retail and healthcare assets to the REITs it
sponsors. Housing sales should also pick-up in 2016 off a lower
base in 2015, supported by Lippo's brand. Lippo sold just under
IDR3trn worth of property during the first nine months of 2015,
which was 73% of its revised annual target of around IDR4trn.
Lippo lowered its 2015 marketing sales target from around IDR5trn
initially, because of weak domestic demand. Many of Lippo's
domestic peers also lowered their sales targets for 2015, as a
result of challenging macroeconomic conditions and regulatory
uncertainty.

Strong Recurring Cash Flows: Lippo has a portfolio of assets that
generate strong recurring income, including one of the largest
private-sector hospital operators in Indonesia, for which there is
robust demand, and also one of the largest retail-mall franchises.
The portfolio also includes several hotels, and educational
institutions. Lippo also receives dividends from the REITs that it
manages. In aggregate, these sources generated recurring EBITDA of
around IDR1.2trn at end-2014. Lippo's hospitals accounted for more
than half of these cash flows, which support its fairly stable
coverage of fixed-charges, such as interest and operating lease
rent. We expect Lippo's recurring EBITDA / fixed charge cover to
improve to more than 1.2x in 2016 and beyond (2014: 0.9x; 2013:
1.0x) in line with the planned expansion of its hospitals and
malls.

Aggressive Medium-Term Expansion: Lippo plans to continue
expanding its hospital portfolio outside of Jakarta, in a bid to
gain a first-mover advantage in its targeted geographies. The
company expects to spend between IDR4trn and IDR8trn through 2018
on expanding its hospitals and retail malls, depending on the
demand for and priority of such projects. However only about half
of this capex is committed, and we expect that much of the funding
for the expansion will be generated via asset sales to its REITs.

Limited Rating Headroom: Lippo's leverage stood at 49% at end-
September 2015, higher than the 39% at end-2014 mainly because of
slower presales and cash collections, as well as a sharp
depreciation of the Indonesian rupiah in 3Q15. Fitch notes that
Lippo's leverage is high for its 'BB-' IDR. However the agency
expects Lippo to maintain leverage below 50% over the medium term,
supported by its ability to prefund its capex and land-banking
through its sponsored-REITs. The company's inability to prefund
its capex and land-banking in this manner or via other non-debt
sources may result in negative rating action.

Fitch has also revised the rating sensitivities, including the
measure for interest coverage, which will now be assessed on a
consolidated basis for the company (see Rating Sensitivities
below). This is in line with our treatment of most property
developers in the Asian region, and is a better measure of the
evolving risk profile stemming from the medium-term expansion of
Lippo's recurring revenue businesses.

KEY ASSUMPTIONS

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

-- Housing sales will increase to more than IDR4.5trn in 2016
-- EBITDA margin will weaken in 2015 to around 30%, but improve
    in 2016
-- Asset sales to sponsored REITs will increase in 2016 and 2017
-- Lippo will spend between IDR4trn and IDR8trn on capex through
    2018

RATING SENSITIVITIES

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

-- A sustained increase in leverage to more than 50%
-- A sustained weakening in the ratio of EBITDA from recurring
    sources to interest cost and operating lease rent to below
    1.2x
-- Inability to pre-fund capex

Positive: A rating upgrade is not expected in the medium term
given Lippo's smaller operating scale and recurring income base
compared with higher-rated international peers. We also expect
Lippo's leverage to remain high over the medium term as it
executes its expansion plans.

FULL LIST OF RATING ACTIONS

PT Lippo Karawaci Tbk
Long-Term Foreign-Currency IDR affirmed at 'BB-';Outlook Stable
Long-Term Local-Currency IDR affirmed at 'BB-'; Outlook Stable
Senior unsecured rating affirmed at 'BB-'
National Long-Term Rating affirmed at 'A+(idn)'; Outlook Stable

Theta Capital Pte Ltd
USD250 million outstanding 7% senior unsecured notes due 2019
affirmed at 'BB-'
USD403 million outstanding 6.125% senior unsecured notes due 2020
affirmed at 'BB-'
USD150 million outstanding 7% senior unsecured bonds due 2022
affirmed at 'BB-'



                             *********

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
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Information contained herein is obtained from sources believed
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                 *** End of Transmission ***