TCRAP_Public/160108.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Friday, January 8, 2016, Vol. 19, No. 5


                            Headlines


A U S T R A L I A

COUDERT BROTHERS: 2nd Circuit Again Revives $85M Statek's Claim
DENHAM CONSTRUCTIONS: First Creditors' Meeting Set For Jan. 15
DICK SMITH: Customers Lose Out After Firm Goes Into Receivership
LAURA ASHLEY: Placed Into Voluntary Administration
MAC 1: First Creditors' Meeting Set For Jan. 14

STREAM GROUP: Placed Into Administration


C H I N A

CHINA: May Have 'Hard Landing' Amid Credit Bubble, Faber Says
CHINA: Shipping Bankruptcies to Rise as Dry-Bulk Rates Plunge


I N D I A

AGGARWAL AUTOMOTIVE: CRISIL Rates INR190MM Loan at B+
AMBIKA OVERSEAS: ICRA Reaffirms 'B' Rating on INR17cr Loan
APOLLO ZIPPER: CARE Lowers Rating on INR135cr LT Loan to D
ASR INDUSTRIES: CRISIL Assigns 'B+' Rating to INR69.9MM Cash Loan
ASTON CERAMIC: CRISIL Reaffirms 'B' Rating on INR35MM Cash Loan

ATLAS CYCLES: ICRA Reaffirms B Rating on INR48cr LT Loan
BHAGWATI SPONGE: CRISIL Suspends B+ Rating on INR195MM Loan
BIRTHPLACE HEALTHCARE: CRISIL Cuts Rating on INR118.2MM Loan to C
C. SURESH: CRISIL Suspends 'B' Rating on INR50MM Cash Credit
CICB - CHEMICON: CRISIL Reaffirms 'D' Rating on INR454.8MM Loan

CITY'S KITCHEN: ICRA Assigns 'D' Rating to INR2.55cr Term Loan
CLASSIC CORRUGATIONS: ICRA Assigns 'B' Rating to INR6.11cr Loan
DINCO 4: CRISIL Assigns 'B' Rating to INR60MM e-DFS
G. P.  TIMBER: CRISIL Assigns 'B' Rating to INR30MM Cash Loan
GLOBUS LIFESTYLE: ICRA Lowers Rating on INR12cr Loan to D

HERALD MARINE: CRISIL Ups Rating on INR35MM Term Loan to B+
IFMR CAPITAL: ICRA Assigns B-(SO) Rating to PTC Series A2
JAYSHREE TOOLS: ICRA Suspends 'D' Rating on INR3cr Cash Loan
JUMBO BAG: CRISIL Reaffirms B+ Rating on INR267.5MM Cash Loan
K.R. PADMANABHAN: CRISIL Reaffirms B Rating on INR55MM Cash Loan

K.T. MATHEW: CRISIL Assigns 'B' Rating to INR40MM Cash Loan
KALOL STEEL: ICRA Reaffirms B+ Rating on INR4.0cr Cash Loan
KAPIL ENTERPRISES: Ind-Ra Assigns B+ Long-Term Issuer Rating
KESHAR SAFETY: ICRA Suspends 'D' Rating on INR7cr Term Loan
MAGNIFICO CRAFTS: CRISIL Suspends B+ Rating on INR86.5MM Loan

MAHADEB RICE: CRISIL Suspends 'B' Rating on INR37.5MM Term Loan
MALHATI TEA: ICRA Assigns B- Rating to INR6.46cr Unallocated Loan
MAYFLOWER HOTELS: CRISIL Assigns 'B' Rating to INR100MM Term Loan
MITTAL RICE: ICRA Reaffirms 'B' Rating on INR6cr LT Loan
MOYALAN AGRO: CRISIL Assigns 'B+' Rating to INR10MM LT Loan

MUKTSAR COTTON: ICRA Reaffirms 'B' Rating on INR10cr LT Loan
NARAYAN COLD: CRISIL Suspends B Rating on INR50MM Cash Loan
NOBLE MOULDS: CRISIL Ups Rating on INR140MM Loan to 'B+'
PASWARA PAPERS: ICRA Lowers Rating on INR8.50cr Loan to B+
PONGALUR PIONEER: ICRA Suspends B-/A4 Rating on INR30cr Loan

PONMANI INDUSTRIES: CRISIL Reaffirms B+ Rating on INR57.5MM Loan
PRANI AUTO: ICRA Reaffirms B+ Rating on INR17.40cr LT Loan
PURE PHARMA: CRISIL Suspends 'B' Rating on INR64MM Cash Loan
RAJHANSMETALS PRIVATE: CARE Ups Rating on INR25.27cr Loan to B+
RAJNI EXPORTS: CRISIL Reaffirms B+ Rating on INR100MM Cash Loan

RATANPUR LAND: CRISIL Suspends B+ Rating on INR36MM Term Loan
SAMRA INDUSTRIES: CRISIL Assigns 'B' Rating to INR70MM Cash Loan
SANDEEP RICE: ICRA Reaffirms 'B' Rating on INR10cr LT Loan
SANKAR PRASAD: CRISIL Suspends 'B+' Rating on INR75MM Cash Loan
SARADAMBIKA POWER: CRISIL Assigns 'B' Rating to INR50MM Loan

SFS GLOBAL: ICRA Suspends B+ Rating on INR17cr Bank Loan
SHAKTI CABLES: ICRA Assigns B- Rating to INR1.75cr Loan
SHIVAM COTTON: ICRA Reaffirms B Rating on INR8.0cr Cash Loan
SHREE AMBIKA: ICRA Cuts Rating on INR254cr Fund Based Loan to D
SHREE SAIBABA: CRISIL Reaffirms D Rating on INR88MM Term Loan

SHRI BALAJI: ICRA Reaffirms 'D' Rating on INR8.21cr Term Loan
SHRINATHJI SPINTEX: ICRA Lowers Rating on INR12.20cr Loan to D
STANDARD AUTOGEARS: CRISIL Cuts Rating on INR37.5MM Loan to D
TALIN INT'L: CARE Reaffirms B+/A4 Rating on INR6.25cr Loan
UDAY VIJAY: CRISIL Suspends 'B+' Rating on INR52MM Cash Loan

V.K.GOPAL: ICRA Reaffirms 'B' Rating on INR7.50cr LT Loan
VASHU YARN: ICRA Suspends B Rating on INR6.05cr Term Loan
VENKATESHWARA COTTON: CARE Ups Rating on INR8.34cr Loan to BB-
VIRTUAL GALAXY: ICRA Cuts Rating on INR16.52cr Loan to 'D'
YOUNG BRAND: Ind-Ra Affirms BB+ Long-Term Issuer Rating


M A L A Y S I A

1MALAYSIA: Confusion Over Valuation Casts Doubt on Restructuring


T A I W A N

GIGAMEDIA LTD: Regains NASDAQ Minimum Bid Price Rule


                            - - - - -


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


COUDERT BROTHERS: 2nd Circuit Again Revives $85M Statek's Claim
---------------------------------------------------------------
Pete Brush at Bankruptcy Law360 reported that the Second Circuit
has breathed new life into Statek Corp.'s Chapter 11 claim against
the remains of Coudert Brothers LLP stemming from its $85 million
malpractice suit lodged against the now-defunct law firm, finding
that its initial order directing a bankruptcy judge to revive the
claim was improperly brushed aside.

A three-judge panel on Dec. 29 reinstated the quartz crystal
maker's bid to recover from Coudert bankruptcy plan administrator
Development Specialists Inc.

The Second Circuit first revived Statek's claim in 2012.

                      About Coudert Brothers

Coudert Brothers LLP was an international law firm specializing in
complex cross-border transactions and dispute resolution. The firm
had operations in Australia and China. Coudert filed for
Chapter 11 protection (Bankr. S.D.N.Y. Case No. 06-12226) on
Sept. 22, 2006. John E. Jureller, Jr., Esq., and Tracy L.
Klestadt, Esq., at Klestadt & Winters, LLP, represented the Debtor
in its restructuring efforts. Brian F. Moore, Esq., and David J.
Adler, Esq., at McCarter & English, LLP, represented the Official
Committee of Unsecured Creditors. Coudert scheduled total assets
of $30.0 million and total debts of $18.3 million as of the
Petition Date. The Bankruptcy Court in August 2008 signed an order
confirming Coudert's chapter 11 plan. The Plan contemplated on
paying 39% to unsecured creditors with $26 million in claims.

Coudert has been succeeded by Development Specialists, Inc. in its
capacity as Plan Administrator under the confirmed chapter 11
plan.


DENHAM CONSTRUCTIONS: First Creditors' Meeting Set For Jan. 15
--------------------------------------------------------------
Gavin Moss of Chifley Advisory Pty Ltd was appointed as
administrator of Denham Constructions Project Company 950 Pty Ltd
on Jan. 5, 2016.

A first meeting of the creditors of the Company will be held at
The Boardroom of Servcorp, Level 56, MLC Centre, 19-29 Martin
Place, in Sydney, on Jan. 15, 2016, at 3:00 p.m.


DICK SMITH: Customers Lose Out After Firm Goes Into Receivership
----------------------------------------------------------------
nz.finance.yahoo.com reports that consumers who got a Dick Smith
gift voucher in their Christmas stocking might have to write it
off.

The electronic chain has been plagued with financial problems, but
has continued selling vouchers to prevent those problems becoming
worse, according to nz.finance.yahoo.com.

Now receivers have stepped in, and are refusing to refund deposits
or honor gift vouchers, the report notes.

Consumer New Zealand Chief Executive Sue Chetwin said because
customers are unsecured creditors, they aren't likely to get their
money back, the report discloses.

"It's really unfair for consumers who have bought these vouchers,
they are basically cash -- also for people who've paid deposit,"
the report says.

But Ms. Chetwin is advising people to keep their vouchers and
register with creditors just in case, the report relays.

"There may be a chance if Dick Smith is sold or is able to trade
out of its difficulties that down the track they might be honored,
it's probably worth hanging onto them," the report quoted Ms.
Chetwin as saying.

                         About Dick Smith

Dick Smith Holdings Limited Ltd (ASX:DSH) --
http://dicksmithholdings.com.au/-- is a retailer of consumer
electronics products. The Company sells a range of products across
four categories: office, mobility, entertainment, and other
products and services. The Company has two segments: Dick Smith
Australia and Dick Smith New Zealand. The Company connects with
its customers through four physical store formats, catering for
three distinct consumer demographics: Dick Smith, MOVE, David
Jones Electronics Powered by Dick Smith and MOVE by Dick Smith
Sydney International Airport. The Company's store network consists
of approximately 393 stores across Australia and
New Zealand, which include approximately 351 Dick Smith stores,
approximately 10 MOVE stores, approximately four MOVE by Dick
Smith stores and approximately 28 David Jones Electronics Powered
by Dick Smith stores.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 6, 2016, Dick Smith Holdings Ltd was placed in receivership
on Jan. 5 following the appointment of Voluntary Administrators.

Ferrier Hodgson partners Mr James Stewart, Mr Jim Sarantinos and
Mr Ryan Eagle were appointed Receivers and Managers over DSH and a
number of associated entities.  The appointment was made by a
syndicate of lenders which hold security over the group.

Receiver Mr James Stewart said it was too early to clearly
identify the primary causes of the company's current financial
position and the reasons for its decline other than saying the
business had become cash constrained in recent times. He said it
would be business as usual while the Receivers look at the
restructuring and realisation opportunities for the Group.

"Dick Smith is one of the best known brands associated with,
consumer electronics in Australia and New Zealand," Mr Stewart
said. "We are immediately calling for expressions of interest for
a sale of the business as a going concern."

Mr Stewart said that employees will continue to be paid by the
Receivers and that it is expected that Australian employee
entitlements will be covered under the Fair Entitlements Guarantee
(FEG) scheme if the business cannot be sold as a going concern.

Mr Stewart added that the New Zealand business was profitable and
expected it would be attractive to potential buyers. He also
stated that due to the financial circumstances of the Group,
unfortunately, outstanding gift vouchers cannot be honoured and
deposits cannot be refunded.  Affected customers will become
unsecured creditors of the Group.


LAURA ASHLEY: Placed Into Voluntary Administration
--------------------------------------------------
Broede Carmody at SmartCompany reports that Laura Ashley Australia
has collapsed into voluntary administration.

External directors were called in on Jan. 7 to manage the
business, with Ross Blakeley, Quentin Olde and John Park from FTI
Consulting appointed as administrators, SmartCompany says.

Laura Ashely was founded in Australia in 1971 and operates 38
stores in Australia and four in New Zealand under a licence
agreement from Laura Ashely UK.

The appointment of administrators only applies to the retailer's
Australian stores, the report relates.

Laura Ashley's New Zealand stores and Laura Ashley UK are not
affected by the collapse of the Australian business, SmartCompany
notes.

According to SmartCompany, John Park from FTI Consulting said it
is the administrators' intention for the business to continue to
trade as normal while an "urgent assessment of the company's
financial position is conducted".

"While no immediate significant changes to the company's trading
operations are anticipated, it will be necessary for the
administrators to assess performance and trading of individual
stores," Mr. Park said.

The first creditors meeting will be held on or before January 19.

SmartCompany says the administrators will be calling for
expressions of interest immediately.

A spokesperson for FTI Consulting said it was too soon to
determine what factors led to the administration, adds
SmartCompany.

Laura Ashley Australia sells fashion, homewares and furniture.
Laura Ashley was a Welsh fashion designer who first launched her
furnishings business in the 1950s, before expanding into clothing.


MAC 1: First Creditors' Meeting Set For Jan. 14
-----------------------------------------------
Joseph David Hayes, Jason Preston, William James Harris, and
Matthew Caddy of McGrath Nicol were appointed as administrators of
Mac 1 Pty Limited on Jan. 4, 2016.

A first meeting of the creditors of the Company will be held at
Wesley Conference Centre, 220 Pitt Street, in Sydney, on Jan. 14,
2016, at 10:00 a.m.


STREAM GROUP: Placed Into Administration
----------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Stream Group Aust
Pty Ltd has been placed into administration. John Park and Kelly-
Anne Trenfield of FTI Consulting have been appointed
administrators of the company.

Dissolve.com.au relates that at least 70 of the company's
employees were told about the termination of their positions.

Brisbane-based Stream Group Aust Pty Ltd was established in 2007
processing insurance claims after disasters. In its last annual
report, the group posted AUD12.8 million loss.



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


CHINA: May Have 'Hard Landing' Amid Credit Bubble, Faber Says
-------------------------------------------------------------
Natasha Doff and Lorenzo Totaro at Bloomberg News report that the
Chinese economy may be headed for a "hard landing" as borrowers
are taking on record amounts of debt to repay interest on their
existing obligations, said Marc Faber.

"We had a hard landing in the stock market already and we had a
hard landing in commodities and we might have a hard landing in
the economy," Faber, the publisher of the Gloom, Boom & Doom
Report, said in an interview with Bloomberg Television's Francine
Lacqua on Jan. 6. "We have a colossal credit bubble in China."

After a 7 percent selloff at the start of the year, China revived
intervention to stop some of the world's biggest investors from
fleeing its $6.5 trillion stock market. State-controlled funds
bought equities on Jan. 5, Bloomberg relates citing people
familiar with the matter. The securities regulator signaled a
selling ban on major investors will remain in place beyond its
scheduled Jan. 8 expiration, they said, Bloomberg relays.

"How it will unwind, we don't know," Mr. Faber said, adding that
there might be a cut in investments in research and development.
"It could also happen through significant weakness in the economy
and some sectors of the economy in China, like steel production,
they already have experienced hard landing. My sense: I would
rather be overly cautious on China than overly optimistic."

Bloomberg relates that after reviewing what he sees as the buildup
of a global asset bubble, Faber said: "I think that the next thing
that will happen is that all the asset markets, like the Titanic,
will crash."


CHINA: Shipping Bankruptcies to Rise as Dry-Bulk Rates Plunge
-------------------------------------------------------------
Brenda Goh at Reuters reports that China's dry-bulk shipping
industry will likely see a surge in bankruptcies this year as
freight rates hit record lows and the country's demand for imports
wanes, consultancy Shanghai International Shipping Institute
(SISI) said.

Reuters relates that a number of firms have already gone bust over
the past year as the industry grapples with the worst downturn on
record due to stalling demand for iron ore and coal from China and
a global surplus of vessels. With benchmark freight rates now at
an all-time low, finances will be further stretched for shippers.

According to Reuters, the SISI said more than 60 percent of the
dry-bulk shipping firms it surveyed were struggling with long-term
losses, while about 40 percent faced liquidity problems. It said
it had spoken to 50 of China's largest dry bulk shipping lines.

"The market is extremely depressed and these conditions are likely
to continue in 2016, exacerbating dry bulk firms' losses,
increasing costs and creating obstacles to obtaining financing.
This will kick-start a wave of bankruptcies," state-backed SISI
said in a report published on Jan. 5, Reuters relays.

Reuters notes that among the Chinese firms that have already gone
bust are dry cargo shipper Winland Ocean Shipping Corp, which
filed for bankruptcy protection in February last year, and state-
owned shipbuilder Wuzhou Ship Repairing & Building Co Ltd, which
filed for bankruptcy last month.

In a move to improve the competitiveness of its state-owned
shipping giants, Beijing last month approved a merger between
China Ocean Shipping (Group) Co and China Shipping Group that will
see them shuffle assets between their listed units, the report
relays.

But the outlook for the sector looks gloomy with the Baltic Dry
Index plumbing a record low of 468 points on Jan. 5, says the
report. The index has dropped around 80 percent from a high in
2014 and 96 percent from its 2008 peak.

Reuters relates that the SISI said that more than 60 percent of
the survey respondents did not expect the Baltic Dry Index to
climb above 800 points. It was last at this level in October 2015.

The chance of a recovery in the index is slim as prices of the
main products shippers carry remain near multi-year lows, Reuters
notes.

Thermal coal futures are near 12-1/2 year lows, down more than 80
percent from their peak in 2008, while iron ore prices .IO62-
CNI=SI are close to record lows, according to Reuters.

Reuters says prices for these commodities are not expected to rise
anytime soon as China's industrial rise and appetite for raw
materials slows.

The report relates that reflecting the overall bearish sentiment,
a global index measuring the confidence of logistic companies fell
in December to its lowest level since March 2012.

The SISI, which also surveyed container shipping, ports and
shipping services firms, said business sentiment across these
sectors had also slumped, adds Reuters.



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


AGGARWAL AUTOMOTIVE: CRISIL Rates INR190MM Loan at B+
-----------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Aggarwal Automotive Pvt Ltd (AAPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Inventory Funding
   Facility               190      CRISIL B+/Stable

The rating reflects AAPL's average financial risk profile because
of high total outside liabilities to tangible net worth ratio, low
pricing power with its principal, Hyundai Motor India Ltd (HMIL;
rated CRISIL A1+), and susceptibility to intense competition in
the automobile dealership market. These weaknesses are mitigated
by the established position in automobile market for HMIL and
AAPL's efficient working capital management.
Outlook: Stable

CRISIL believes AAPL will benefit over the medium term from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if scale of operations and operating margin
improve substantially or if a sizeable equity infusion strengthens
capital structure while prudently managing working capital
requirement. Conversely, the outlook may be revised to 'Negative'
if market share reduces, thereby significantly impacting revenue
and profitability or if any large, debt-funded capex or stretched
working capital requirement weakens liquidity.

AAPL was incorporated in 2014 by the Delhi-based Bansal family.
AAPL runs a HMIL dealership in Delhi. AAPL has two sales showrooms
along with one service and spares workshop. Mr. Harsh V Bansal is
the director in the company, actively managing the company's
operations. AAPL is a part of the Unity group based in Delhi,
having extensive presence in the commercial real estate sector. It
started operations in February 2015.

Net loss of INR0.2 million was reported on net sales of INR90
million in 2014-15 (refers to financial year, April 1 to
March 31).


AMBIKA OVERSEAS: ICRA Reaffirms 'B' Rating on INR17cr Loan
----------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B  rating on the
INR17 crore (enhanced from INR15.00 crore) bank facilities of
Ambika Overseas. ICRA has also assigned its short term rating of
[ICRA]A4 to the INR1.00 crore bank facilities of AOS.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund
   Based Limit           17.00        [ICRA]B; Reaffirmed

   Short Term Non
   Fund Based Limits      1.00        [ICRA]A4; Assigned

ICRA's ratings take into account the year-on-year decline in AOS'
revenues in FY15, on account of the slowdown in the demand for its
products in domestic markets. Further, the ratings continue to
take into account the firm's modest financial profile as reflected
in modest profitability and debt protection indicators. The
operations of AOS' are highly working capital intensive owing to
high inventory and receivable days, impacting liquidity. Further,
ICRA also takes note of the vulnerability of AOS' profitability to
fluctuations in exchange rates, given that about half of its
revenues are derived from exports. ICRA also takes note of the
entity's status as a partnership firm exposing it to risks of
capital withdrawal, dissolution etc. ICRA however, favorably
factors in the extensive experience of the promoters and the
firm's well diversified sales mix, due to its even dependence on
domestic and export markets.

The ability of the firm to register a sustained improvement in its
sales and profit margins, along with attaining optimal working
capital intensity, will be key rating sensitivities.

Incorporated in 1999, AOS manufactures hand tools like spanners,
plumbing tools, pliers, punches, hammers etc and sells them under
its brand name 'Ambika'. The firm's plant at Jalandhar, Punjab,
has a manufacturing capacity of about 2,500 metric tonnes per
annum (MTPA).

Recent Results
AOS reported a net profit of INR1.21 crore on an operating income
of INR35.08 crore in FY15, as against a net profit of INR1.28
crore on an operating income of INR39.51 crore in the previous
year.


APOLLO ZIPPER: CARE Lowers Rating on INR135cr LT Loan to D
----------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Apollo Zipper India Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      135       CARE D Revised from
                                            CARE BBB- (SO)

   Long-term Bank Facilities       25       CARE D Revised from
                                            CARE BBB- (SO)

Rating Rationale

The revision in the ratings assigned to the bank facilities of
Apollo Zipper India Ltd takes into consideration the on-going
delays in debt servicing on account of liquidity mismatches. The
rating also factors in the downgrade of Bharat Hotels Ltd (BHL) to
CARE D on account of on-going delays in BHL.

Apollo Zipper India Ltd (AZIL) is a subsidiary of Bharat Hotel Ltd
(BHL) with BHL holding 90% stake and 10% stake held by West Bengal
Government. AZIL has developed a 244 rooms 5 star hotel in
Kolkatta under the brand name of 'Lalit'. AZIL has commenced
commercial operations from Q4FY14.


ASR INDUSTRIES: CRISIL Assigns 'B+' Rating to INR69.9MM Cash Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of ASR Industries (ASR).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Long Term Loan        10.1      CRISIL B+/Stable
   Open Cash Credit      69.9      CRISIL B+/Stable

The rating reflects ASR's modest scale of, and working capital-
intensive, operations in the fragmented rice industry, below-
average financial risk profile because of high gearing, weak debt
protection metrics, and small networth, and susceptibility of its
operating profitability to volatility in raw material prices.
These weaknesses are partially offset by the promoters' extensive
experience in the rice milling industry and established
relationship with customers and suppliers.

Outlook: Stable

CRISIL believes ASR will continue to benefit over the medium term
from promoters' extensive industry experience. The outlook may be
revised to 'Positive' if revenue and profitability increase
substantially, leading to better financial risk profile, or if
partners infuse significant capital, resulting in improved capital
structure. Conversely, the outlook may be revised to 'Negative' if
the firm undertakes aggressive, debt-funded expansions, or if
revenue and profitability decline sharply, or if partners withdraw
large capital, leading to deterioration in financial risk profile.

Established as a partnership firm by Mr. G Srinivas and Mr. G
Manikumar in 2009 in Nalgonda, Telangana, ASR mills and processes
paddy into rice, rice bran, and husk.

ASR reported a profit after tax (PAT) of INR3 million on net sales
of INR238 million in 2014-15 (refers to financial year, April 1 to
March 31), against a PAT of INR3 million on net sales of INR161
million for 2013-14.


ASTON CERAMIC: CRISIL Reaffirms 'B' Rating on INR35MM Cash Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Aston Ceramic (AC)
continue to reflect the firm's start-up phase and modest scale of
operations in the highly competitive ceramic industry, and large
working capital requirement. These weaknesses are partially offset
by partners' extensive industry experience, and proximity of
manufacturing facilities to sources of cheap raw material and
labour.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         14       CRISIL A4 (Reaffirmed)

   Cash Credit            35       CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     16       CRISIL B/Stable (Reaffirmed)

   Term Loan              35       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes AC will continue to benefit over the medium term
from its partner's extensive industry experience. The outlook may
be revised to 'Positive' in case of higher-than-expected accrual
driven by significant increase in revenue, and better financial
risk profile, including liquidity. Conversely, the outlook may be
revised to 'Negative' if financial risk profile, particularly
liquidity, deteriorates because of lower-than-expected accrual or
lengthening of working capital cycle or large debt-funded capital
expenditure (capex).

Update
AC commenced operations in March 2015 and recorded revenue of
INR52 million and operating margin of 10.7 per cent in the first
half of 2015-16 (refers to financial year, April 1 to March 31).
CRISIL expects revenue at INR120 million in 2015-16, and operating
margin at 11.5 per cent over the medium term. Cash accrual is
expected at INR6.2 million in 2015-16.

Gearing is expected to be high, at 2.15 times as on March 31,
2016, because of debt-funded capex. Networth was modest, at INR29
million, as on March 31, 2015. CRISIL believes the firm will
sustain its financial risk profile over the medium term in the
absence of debt-funded capex plan. Debt protection metrics are
expected to be moderate, with interest coverage and net cash
accrual to total debt ratios at 1.9 times and 0.10 time,
respectively, in 2015-16.

The firm is likely to have large working capital requirement, with
gross current assets expected at 215 days as on March 31, 2016.
Because of start-up phase of operations, working capital limits
were utilised moderately, at an average of 62 per cent over the
six months through September 2015. The utilisation will increase
with ramp-up in operations. Liquidity is supported by unsecured
loans of INR20 million from partners as on September 30, 2015.
Accrual will be sufficient to meet debt obligation of INR3.1
million in 2015-16.

AC, a Morbi (Gujarat)-based partnership firm set up in 2014,
manufactures digital wall tiles, and has installed capacity of
24,375 tonne per annum. The partners have been involved in the
ceramic industry for about 10 years through associate concerns.


ATLAS CYCLES: ICRA Reaffirms B Rating on INR48cr LT Loan
--------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B  and short
term rating of [ICRA]A4 on the INR84.55 crore bank lines of Atlas
Cycles (Haryana) Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term-Fund
   Based Limits          48.00       [ICRA]B; Reaffirmed

   Long Term-Non
   Fund Based Limits      0.25       [ICRA]B; Reaffirmed

   Short Term-Non
   Fund Based Limits     29.50       [ICRA]A4; Reaffirmed

   Unallocated            6.80       [ICRA]B; Reaffirmed

ICRA's rating reaffirmation takes into account the continued
weakness in ACL's operating performance in FY15 wherein the
company's operating income declined by 8.5% relative to the
previous year and net loss increased to INR28.0 crore, from net
loss of INR10.1 crore in FY14. A significant portion of the
company's loss can be attributed to the Malanpur unit, which
ceased production in FY15. This also impacted the operating
performance of other manufacturing units resulting in lower
capacity utilisation. The financial risk profile of the company
remains weak, though the net losses during H1 FY16 have come down
relatively, due to the closure of Malanpur unit and improved
production in other units. ICRA's ratings continue to take note of
ACL's long track record of operations and its established brand,
Atlas. While the industry's recent performance has been subdued,
however, the prospects for the domestic bicycle industry remain
healthy with scope for further penetration in rural markets,
continuing replacement demand, and support from institutional
sales backed by state government run programmes. The company
however faces significant competition from well-entrenched
players, as well as Chinese imports in the growing fancy bicycles
segment.

The company's ability to increase its sales volumes and improve
profitability while bringing about a sustained improvement in its
liquidity position will remain the key rating sensitivities.

ACL was started by Mr Janki Das Kapur in 1950. The company started
with manufacturing bicycle saddles in 1951 and bicycles in 1952.
Currently the company is one of the top bicycle manufacturers in
India by virtue of its strong brand. The company was engaged in
the manufacture of bicycles with units located at Sonepat
(Haryana), Sahibabad (Uttar Pradesh) and Malanpur (Madhya
Pradesh), besides a steel tube manufacturing unit at Bawal
(Haryana). As part of a family settlement, Mr. Janki Das Kapur's
three sons signed an MoU under which the company was divided into
three profit centres, each under the management of one of his sons
or their families. In late 2014, however, the Malanpur unit was
closed down. The bicycles manufactured by the company range from
necessity bicycles to high-end bicycles, including the e-Bike
segment.

Recent Results
The company reported an OI of INR594.59 crore and a net loss of
INR28.03 crore for FY15, as against an OI of INR650.11 crore and a
net loss of INR10.08 crore for the previous year. As per the
unaudited results for 6M FY16, the company reported an OI of
INR306.12 crore and a net loss of INR4.27 crore.


BHAGWATI SPONGE: CRISIL Suspends B+ Rating on INR195MM Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Bhagwati Sponge Private Limited (BSPL; part of the AIC group).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           195       CRISIL B+/Stable
   Letter of Credit       95       CRISIL A4
   Proposed Long Term
   Bank Loan Facility      4       CRISIL B+/Stable
   Term Loan              24       CRISIL B+/Stable

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

For arriving at the ratings, CRISIL has combined the business and
financial risk profile of BSPL, AIC Steel Pvt Ltd (ASPL), AIC Iron
Industries Pvt Ltd (AIIPL), and AIC Casting Pvt Ltd (ACPL),
together referred to as the AIC group. This is because there are
operational and financial linkages among these companies. ASPL
supplies pig iron to the other companies. BSPL manufactures sponge
iron, which is the key raw material for the steel ingots/billets
manufactured by AIIPL, and hence, results in backward integration.
Furthermore, all the companies are under a common management and
they extend need-based financial support to each other.

The AIC group is involved in trading in and manufacturing steel
intermediaries. ASPL trades in pig iron and scrap. BSPL
manufactures sponge iron, while AIIPL manufacturers steel ingots.
This results in partly integrated operations for the group, as
sponge iron is the key raw material for ingot manufacturing. ACPL
is engaged in grey iron casting. ACPL's product profile includes
gear boxes, electric motor bodies, and manhole covers, among other
products.


BIRTHPLACE HEALTHCARE: CRISIL Cuts Rating on INR118.2MM Loan to C
-----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Birthplace Healthcare Private Limited (BHPL) to 'CRISIL C' from
'CRISIL B/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Long Term Loan        118.2     CRISIL C (Downgraded from
                                   'CRISIL B/Stable')

   Proposed Long Term     21.8     CRISIL C (Downgraded from
   Bank Loan Facility              'CRISIL B/Stable')

The rating downgrade reflects the deterioration in BHPL's
liquidity with its depressed cash accruals expected to tightly
match its term debt repayment obligations over the medium term.
CRISIL believes that the company will need capital infusion from
its promoters, or will have to register substantial increase in
its profitability levels, to alleviate the pressure on its
liquidity.

The company's registered cash accruals of INR16 million in 2014-15
(refers to financial year, April 1 to March 31). Though the cash
accruals of the company are expected to increase in 2015-16
supported by increase in its occupancy levels, the same are
expected to tightly match its term debt repayment obligations of
INR19 million maturing in that year.

The rating continues to reflect BHPL's below-average financial
risk profile because of its small net worth, high gearing, and
average debt protection metrics. The rating is also constrained by
its limited track record and modest scale of operations, and
geographical concentration in the revenue profile. These rating
weaknesses are partially offset by the benefits the company
derives from its team of experienced doctors, and the healthy
demand prospects for the healthcare industry.

BHPL was set up in 2011 by Mr. Tarun Siripurapu and his family
members. The company provides healthcare in the obstetrics and
gynaecology segments, through its 25-bed hospital'The Birthplace.
The hospital is located in Hyderabad (Telangana), and commenced
operations in 2013.


C. SURESH: CRISIL Suspends 'B' Rating on INR50MM Cash Credit
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
C. Suresh Reddy and Co (CSR).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         20       CRISIL A4
   Cash Credit            50       CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by CSR
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, CSR is yet to
provide adequate information to enable CRISIL to assess CSR'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 2006, CSR is a Hyderabad-based partnership firm, which
undertakes civil construction work for the South Central Railways.
The firm's day-to-day operations are managed by its partners, Mr.
Sukesh Reddy and Mr. Rameshwar Reddy.


CICB - CHEMICON: CRISIL Reaffirms 'D' Rating on INR454.8MM Loan
---------------------------------------------------------------
CRISIL's rating on the bank facilities of CICB - Chemicon Private
Limited (CICB-Chemicon) continue to reflect CICB-Chemicon's
continuously overdrawn cash credit facility; this has been due to
the company's weak liquidity.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee        80        CRISIL D (Reaffirmed)

   Cash Credit           30        CRISIL D (Reaffirmed)

   Letter of Credit      95        CRISIL D (Reaffirmed)

   Packing Credit        22.5      CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility   454.8      CRISIL D (Reaffirmed)

The ratings also reflect the company's weak financial risk
profile, marked by weak debt protection metrics, and its small
scale of, and working-capital-intensive, operations, which
constrains its operating efficiency. These rating weaknesses are
partially offset by the benefits that CICB-Chemicon derives from
its technology tie-ups with global players, FS-Elliott Co LLC
(USA) and Hangzhou-Chinen Steam Turbine Power Co Ltd (China).

CICB-Chemicon, established in 1971 and based in Bengaluru,
primarily manufactures engineering goods, including compressors,
heat exchangers, and pressure vessels.


CITY'S KITCHEN: ICRA Assigns 'D' Rating to INR2.55cr Term Loan
--------------------------------------------------------------
ICRA has assigned [ICRA]D  rating to the INR5.05 crore long term
fund based facility of City's Kitchen.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long term fund
   based limits-
   Cash Credit           2.50       [ICRA]D

   Long term fund
   based limits-
   Term Loan             2.55       [ICRA]D

The assigned ratings take into account the irregularities in debt
servicing by City's Kitchen due to stretched capital structure and
elongated working capital cycle leading to tight liquidity
condition. In spite of the healthy revenue growth over the years,
the scale of operations remains at a modest level. Further, the
firm faces high customer concentration and geographic risk as the
current operations are limited Pune. The ratings also take into
consideration the risks arising from proprietorship nature of
business including risk of capital withdrawal.

ICRA however has taken note of the long standing experience of the
promoters in the catering and hospitality business as well as the
healthy revenue growth witnessed by the firm backed by the
increasing demand of catering services due to increasing presence
of corporate offices in Kharadi - Magarpatta area. Going forward,
timely servicing of debt obligations and scaling up of operations
to achieve desired revenue levels and accruals will be the key
rating sensitivities.

Incorporated in the year 2009, the firm is engaged in providing
catering services to various corporate, public agencies and
educational institutions as well as taking party and wedding
orders. The firm is based out of Kharadi, Pune and caters to the
various corporate offices in the IT parks in and around the
Kharadi - Magarpatta - Viman nagar area. Mr. Srinivas Mekala, the
proprietor of the firm has a long standing experience in the
catering and hospitality business.


CLASSIC CORRUGATIONS: ICRA Assigns 'B' Rating to INR6.11cr Loan
---------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B  to the INR6.00
crore cash credit facility, INR6.11 crore term loans and INR0.39
crore unallocated limits of Classic Corrugations Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit Limit      6.00        [ICRA]B assigned
   Term Loans             6.11        [ICRA]B assigned
   Unallocated Limits     0.39        [ICRA]B assigned

The assigned rating is constrained by the company's moderate scale
of operations, though the same has witnessed healthy growth in FY
15, and its weak financial profile characterized by net losses,
low profitability levels and weak coverage indicators. The rating
is further constrained by vulnerability of profitability to
adverse fluctuations in raw material (kraft paper) prices, though
the presence of price variation clause in some contracts mitigates
this risk to a certain extent, as well as the highly fragmented
nature of the industry which results in intense competitive
pressures.

The rating, however, takes comfort from the experience of the
promoters spanning over 15 years in the packaging industry, its
reputed clientele and the locational advantage owing to proximity
to kraft paper manufacturers in Morbi and Vapi, ensuring easy
accessibility to raw materials.

Classic Corrugations Pvt. Ltd. (CCPL) was incorporated in April
2011, and started its commercial operations from July 2013
onwards. The company is engaged in the business of manufacturing
kraft paper based corrugated boxes. CCPL has an installed capacity
to process ~18000 MTPA of kraft paper at its sole manufacturing
facility located in Daskroi area near Ahmedabad, Gujarat. The
corrugated boxes are used for packaging purposes and find their
application in a wide range of industries including home
appliances, food products, liquor, kitchen ware, spare parts, milk
products, mobiles manufacturing, confectioneries, pharmaceutical
and personal care. CCPL is a closely held entity with the members
of the Todi family being the key stakeholders.

Recent Results
For FY15, CCPL reported an operating income of INR38.17 Cr. and
net loss of INR0.09 Cr as against an operating income of INR19.04
crore and net loss of INR0.91 crore for FY 14. For 7M FY16
(unaudited provisional financials), CCPL has reported an operating
income of INR24.04 Cr. and profit before depreciation and taxation
of INR0.66 Cr.


DINCO 4: CRISIL Assigns 'B' Rating to INR60MM e-DFS
---------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Dinco 4 Wheels LLP (Dinco).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Long Term
   Bank Loan Facility      15      CRISIL B/Stable

   Cash Credit             15      CRISIL B/Stable

   Electronic Dealer
   Financing Scheme
   (e-DFS)                 60      CRISIL B/Stable

The rating reflects Dinco's early stage of operations and short
track record in automotive (auto) dealership of Maruti Suzuki
India Ltd (MSIL) and weak financial risk profile owing to high
gearing. These rating weaknesses are mitigated by the partners'
extensive experience in the auto dealership business and healthy
demand prospects of the existing and new passenger car models of
MSIL.

Outlook: Stable

CRISIL believes Dinco will benefit from its partners' extensive
industry experience and healthy demand prospects of the existing
and new passenger car models of MSIL. The outlook may be revised
to 'Positive' if scale of operations increases sustainably while
efficiently managing cost structure and working capital cycle.
Conversely, the outlook may be revised to 'Negative' if financial
risk profile deteriorates owing to lower-than-expected
profitability or stretched working capital cycle.

Dinco, is a partnership firm set up in August 2015 by Mr. Hitesh
Kumar Goyal and Mr. Dinesh Kumar Goyal. The firm is an authorised
dealer of passenger cars of MSIL in Rewari, Haryana. The firm
began operations in October 2015.


G. P.  TIMBER: CRISIL Assigns 'B' Rating to INR30MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of G. P.  Timber (GPT). The ratings reflect the
firm's modest scale of operations and large working capital
requirement. These weaknesses are partially offset by its
promoters' extensive experience in the timber business.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            30       CRISIL B/Stable
   Letter of Credit       70       CRISIL A4

Outlook: Stable

CRISIL believes GPT will continue to benefit over the medium term
from its promoters' industry experience. The outlook may be
revised to 'Positive' if the firm significantly scales up
operations while improving working capital management, resulting
in better financial risk profile. Conversely, the outlook may be
revised to 'Negative' if revenue declines or working capital
management deteriorates, resulting in weakening of financial risk
profile, especially liquidity.

GPT, founded in 1990 by Mr. Premjibhai Ramjibhai Patel, trades in
and processes timber. It operates a saw mill in Gandhidham with
sawing capacity of 72-80 cubic meter of timber per day.


GLOBUS LIFESTYLE: ICRA Lowers Rating on INR12cr Loan to D
---------------------------------------------------------
ICRA has revised its ratings on the INR12 crore bank facilities
Globus Lifestyle Private Limited to [ICRA]D  from the long-term
rating of [ICRA]BB.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           12.00       [ICRA]D; revised from
                                     [ICRA]BB (Stable)

The ratings revision is driven by the delays in debt servicing by
GLPL on account of its stretched liquidity position owing to the
sluggish demand in the real estate market. ICRA takes note of the
the company's dependence on a single project for its entire cash
flows and the high regional dependence of the group with most of
the past and ongoing projects concentrated in Bhopal. ICRA also
takes cognizance of the established track record of the promoters
in the real estate market in Bhopal. Going forward, a track record
of timely debt servicing and a sustained improvement in the
company's liquidity position will be the key rating sensitivities.

GLPL was incorporated in June 2011 and is developing a residential
project in Bhopal (Madhya Pradesh) under the name Coral Casa which
comprises 252 duplex bungalows and 240 multi-storey apartments (10
towers each having Parking+6 floors). The company is presently
developing the bungalows which have a total saleable area of 4.27
lac square feet (built up area of 3.71 lac square feet) and the
multi-storey apartments would be launched later, the timelines for
which have not been finalized yet. The project is being developed
on an area of 16 acres, out of which bungalows are being developed
on 13 acres and the multi-storey apartments would be developed on
3 acres.


HERALD MARINE: CRISIL Ups Rating on INR35MM Term Loan to B+
-----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Herald Marine Products Pvt Ltd (HMPL) to 'CRISIL B+/Stable' from
'CRISIL B/Stable', and reaffirmed its rating on the short-term
facility at 'CRISIL A4'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee          8       CRISIL A4 (Reaffirmed)

   Cash Credit            30       CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

   Proposed Long Term      7       CRISIL B+/Stable (Upgraded
   Bank Loan Facility              from 'CRISIL B/Stable')

   Rupee Term Loan        35       CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

The rating upgrade reflects expected growth in HMPL's business
risk profile due to better operating margin and hence, improved
liquidity.

The rating reflects start-up phase of HMPL's operations, below-
average financial risk profile because of small net worth and high
gearing, and susceptibility to volatility in raw material prices.
These weaknesses are partially offset by promoters'
entrepreneurial experience.
Outlook: Stable

CRISIL believes HMPL will benefit over the medium term from
promoters' entrepreneurial experience. The outlook may be revised
to 'Positive' if significant improvement in scale of operations
and profitability leads to substantial increase in accrual.
Conversely, the outlook may be revised to 'Negative' if low cash
accrual or stretched working capital cycle weakens liquidity.

HMPL was established in 2012 by Mr. Abdul Shukoor and his friends,
Mr. Shyamsundar and Mr. Roshan. The company manufactures fish oil
and fish meal and commenced production from May 2014.


IFMR CAPITAL: ICRA Assigns B-(SO) Rating to PTC Series A2
---------------------------------------------------------
ICRA had assigned Provisional [ICRA]BBB(SO) rating and Provisional
[ICRA]B-(SO) rating to proposed PTC A1 and PTC A2 issuance by IFMR
Capital Mosec Glaucus 2015 backed by micro loan receivables
originated by Intrepid Finance and Leasing Private Limited
(Intrepid), Light Microfinance Private Limited (Light), Disha
Microfin Private Limited (Disha), Fusion Microfinance Private
Limited (Fusion), Pahal Financial Services Private Limited (Pahal)
and Saija Finance Private Limited.

                                Initial
Transaction                     Principal              Credit
Name            Description     (INR cr)   Rating      Collateral
-----------     -----------     --------   -------     ----------
IFMR Capital    PTC Series A1     66.87    [ICRA]BBB(SO)   5.77%
Mosec Glaucus   PTC Series A2     10.02    [ICRA]B-(SO)
2015

Since the executed transaction documents are in line with the
rating conditions and the legal opinion and due diligence audit
certificate have been provided to ICRA, the said ratings have now
been confirmed as final.


JAYSHREE TOOLS: ICRA Suspends 'D' Rating on INR3cr Cash Loan
------------------------------------------------------------
ICRA has suspended [ICRA]D rating assigned to the INR3.00 crore
cash credit facility and INR2.00 crore working capital term loan
of Jayshree Tools and Assemblies Private Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.


JUMBO BAG: CRISIL Reaffirms B+ Rating on INR267.5MM Cash Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Jumbo Bag Limited (JBL)
continues to reflect JBL's  subdued operating efficiencies leading
to below-average financial risk profile marked by weak debt
protection metrics.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           267.5     CRISIL B+/Stable (Reaffirmed)

   Foreign Bill
   Discounting            35       CRISIL B+/Stable (Reaffirmed)

   Letter of Credit       27.5     CRISIL A4 (Reaffirmed)

These rating weaknesses are partially offset by the company's
established regional market position in the Flexible Intermediate
Bulk Containers (FIBC) segment.
Outlook: Stable

CRISIL believes that JBL will maintain its established position in
the FIBC market over the medium term, supported by its established
relationships with customers and suppliers. The outlook may be
revised to 'Positive' in case of significant improvement in the
company's scale of operations and profitability, or substantial
equity infusion, leading to a better financial risk profile.
Conversely, the outlook may be revised to 'Negative' if JBL's
accruals decline, or if it undertakes a large debt-funded capital
expenditure programme, or if its working capital management
deteriorates, resulting in weakening of its financial risk
profile.

JBL, established in 1990 in Chennai, manufactures FIBCs, also
known as jumbo bags. The company is a part of Bliss group and is
promoted by Mr. G P N Gupta.

JBL reported a net loss of INR38.1 million on operating income of
INR937.8 million for 2014-15 (refers to financial year, April 1 to
March 31), against net loss of INR22.1 million on operating income
of INR912.2 million for 2013-14.


K.R. PADMANABHAN: CRISIL Reaffirms B Rating on INR55MM Cash Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of K.R. Padmanabhan and
Sons (KRP; part of the KRP group) continue to reflect the KRP
group's modest scale of operations and below-average financial
risk profile, marked by high external indebtedness. These rating
weaknesses are partially offset by the extensive experience of the
group's promoters in the rice industry.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             55      CRISIL B/Stable (Reaffirmed)

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of KRP and P. Sri Ramulu (PRS). This is
because both the entities, together referred to as the KRP group,
are engaged in the same business and have significant financial
fungibility.
Outlook: Stable

CRISIL believes that the KRP group will benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the group reports
substantial improvement in revenue and margins, while improving
its capital structure. Conversely, the outlook may be revised to
'Negative' if the group reports low revenue and margins or if its
working capital cycle lengthens, leading to deterioration in its
financial risk profile.

The KRP group is engaged in rice trading. The group is based in
Chennai and is managed by Mr. P Sri Ramulu, Mr. P Damodaran, and
Mr. P Venkatesan.


K.T. MATHEW: CRISIL Assigns 'B' Rating to INR40MM Cash Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of K.T. Mathew & Co. (KTMC).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Working
   Capital Facility        10      CRISIL B/Stable

   Bank Guarantee          40      CRISIL A4

   Cash Credit             40      CRISIL B/Stable

The ratings reflect modest scale of operations, high customer
concentration in revenue profile, exposure to intense competition
in the civil construction industry, and below-average financial
risk profile because of modest networth and weak debt protection
metrics. These weaknesses are partially offset by promoters'
extensive industry experience.

Outlook: Stable

CRISIL believes KTMC will continue to benefit over the medium term
from its promoters' extensive experience in the civil construction
industry. The outlook may be revised to 'Positive' if KTMC scales
up operations significantly and improves working capital
management, resulting in better liquidity. Conversely, the outlook
may be revised to 'Negative' if revenue and profitability decline
on account of delays in execution of projects, or if working
capital management deteriorates resulting in stretched liquidity,
or if the firm undertakes a large debt-funded capital expenditure
programme, leading to weakening of financial risk profile.

KTMC, set up in 1962, is a partnership firm. It is engaged in
civil construction, primarily construction of roads, bridges, and
canals, for government entities. It is based in Ernakulam, Kerala
and is promoted by Mr. Paul T Mathew.

KTMC's profit after tax (PAT) was INR0.6 million on revenue of
INR9.7 million for 2014-15 (refers to financial year, April 1 to
March 31), against PAT of INR1.7 million on revenue of INR42.5
million for 2013-14.


KALOL STEEL: ICRA Reaffirms B+ Rating on INR4.0cr Cash Loan
-----------------------------------------------------------
ICRA has reaffirmed an [ICRA]B+ rating to the INR0.56 crore term
loan and INR4.00 crore working capital facilities of Kalol Steel &
Alloys Private Limited. ICRA has also reaffirmed an [ICRA]A4
rating to INR2.00 crore non fund based facilities of KSAPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit Limits     4.00       [ICRA]B+ reaffirmed
   Term Loan              0.56       [ICRA]B+ reaffirmed
   ILC/FLC/BG             2.00       [ICRA]A4 reaffirmed

The ratings are constrained by KSAPL's stretched financial
position characterized by de growth in operations, low profit
margins and highly leveraged capital structure on account of high
working capital utilization. The ratings also take into account
the highly competitive and fragmented nature of the industry with
competition from both unorganized and established players and
vulnerability of operating profitability to fluctuations in cost
of key raw material i.e. steel prices given the company's limited
ability pass on the same to its customers. The ratings also takes
into account margins exposed to vulnerability in raw material
fluctuations and finished goods prices; risk augmented by high
inventory holding.

The ratings however favorably consider KSAPL's experienced
management with long track record in iron and steel business. The
rating also favorable considers the operational support from group
concern in terms of easy access of raw material at a competitive
price.

Incorporated in 2010 as a private limited company, Kalol Steel &
Alloys Private Limited was promoted by Mr. Satyapal Singhal, Mr
Varun Singhal, Mr Pankaj Singhal and Mr. Narinder Bansal and is
engaged in the manufacturing of Mild Steel Ingots through
Induction furnace route. The company has an installed capacity of
12500 MTPA of ingot manufacturing at its manufacturing unit in
Kalol and has registered office in Bhavnagar.

Recent Results
For the year FY 2015, the company reported an operating income of
INR39.28 Cr. (against INR45.76 Cr in FY 2014) and profit after tax
of INR0.04 Cr (against INR0.07 Cr in FY2014).


KAPIL ENTERPRISES: Ind-Ra Assigns B+ Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Kapil Enterprises
Private Limited a Long-Term Issuer Rating of 'IND B+'.  The
Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect Kapil Enterprises' small scale of operations
and weak credit metrics.  In FY15, revenue was INR171.31 mil.,
gross interest coverage (operating EBITDA/gross interest expense)
was 1.51x and net leverage (total Ind-Ra adjusted net
debt/operating EBITDA) was 5.85x.

The ratings also factor in KEPL's tight liquidity position as
evident from its around 105% utilization of working capital limits
during the 12 months ended November 2015.

The ratings are, however, supported by KEPL's moderate margins of
5.66% in FY15.  The ratings are further supported by the over two
decades of experience of KEPL's promoters.

RATING SENSITIVITIES

Positive: Substantial revenue growth along with an improvement in
the profitability leading to improved interest coverage could lead
to a positive rating action.

Negative: A decline in the operating profitability leading to
further deterioration in the credit metrics and further stretch on
the liquidity will be negative for the ratings.

COMPANY PROFILE

KEPL is a rubber tyres and agricultural engineering equipment
manufacturer having manufacturing plants in Bhiwadi, Neemrana,
Kosi and a sales office in New Delhi.  KEPL manufactures rubber
tyres and a wide variety of agricultural engineering equipment
such as tail wheels, leather goods, leather shoe, footwear,
uppers, steel rims, hubs, top link, chain links, axle pin.  KEPL
exports 100% of its products to the US.

KEPL's ratings:

   -- Long-Term Issuer Rating: assigned 'IND B+'/Stable
   -- INR1.11 mil. term loan: assigned 'IND B+'/Stable
   -- INR70.00 mil. fund-based working capital limit: assigned
      'IND B+'/Stable/'IND A4'


KESHAR SAFETY: ICRA Suspends 'D' Rating on INR7cr Term Loan
-----------------------------------------------------------
ICRA has suspended the [ICRA]D  rating assigned to the INR7.00
crore term loan and INR2.00 crore cash credit facility of Keshar
Safety Glass. ICRA has also suspended the [ICRA]D  rating assigned
to the INR3.63 crore import letter of credit, which is a sub-limit
of the term loan. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.


MAGNIFICO CRAFTS: CRISIL Suspends B+ Rating on INR86.5MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Magnifico Crafts Private Limited (MCPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         2        CRISIL A4
   Cash Credit            8        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility    53.5      CRISIL B+/Stable
   Term Loan             86.5      CRISIL B+/Stable

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

MCPL was incorporated on July  2011, in Kolkata (West Bengal). The
company is promoted by Mr. Ashis Bose, Mr. Arunava Nandan and Mr.
Subhamoy Banerjee. MCPL is setting up a plant to manufacture
bamboo mat corrugated sheets, bamboo composite panels and other
bamboo-based products in Howrah (West Bengal).


MAHADEB RICE: CRISIL Suspends 'B' Rating on INR37.5MM Term Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Mahadeb
Rice Mill Private Limited (MRML).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           12.5      CRISIL B/Stable
   Inland/Import
   Letter of Credit       2        CRISIL A4
   Term Loan             37.5      CRISIL B/Stable

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

MRML, incorporated in 2011, is engaged in milling and processing
of paddy into rice; in the process, it also produces by-products
such as broken rice, bran, and husk. The company has installed
paddy milling capacity of 24,000 tonnes per annum at its facility
in Burdwan (West Bengal). MRML is promoted by Mr. Kartik Chandra
Ghosh and his associates.


MALHATI TEA: ICRA Assigns B- Rating to INR6.46cr Unallocated Loan
-----------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B- for the INR0.89
crore term loan facilities, INR2.50 crore fund based facilities,
and INR6.46 crore unallocated facilities of Malhati Tea &
Industries Limited. ICRA has also assigned a short term rating of
[ICRA]A4 to the INR0.15 crore non fund based facilities of the
company.

                          Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Term Loan                0.89        [ICRA]B- assigned
   Unallocated              6.46        [ICRA]B- assigned
   Fund based limits        2.50        [ICRA]B- assigned
   Non fund based limits    0.15        [ICRA]A4 assigned

The assigned ratings take into account MTIL's adverse financial
risk profile as reflected by low net profitability, depressed debt
coverage indicators and negative tangible net worth of the
company. The rating also takes into consideration the risks
associated with tea being an agricultural commodity, which is
dependent on agro-climatic conditions as well as the inherent
cyclicality of the fixed cost intensive tea industry that leads to
variability in profitability and cash flows of bulk tea producers
like MTIL. The small scale of operations at present, with a single
garden in Jalpaiguri district of West Bengal further accentuates
the risk for the company. The rating also incorporates the
experience of the promoters in the tea industry and favourable
long term outlook on the domestic bulk tea industry. However, any
moderation in tea prices going forward could exert pressure on the
operating margins given the continuous rise in input cost
including wage rates, which would increase the operating costs for
the company, going forward.

Malhati Tea & Industries Limited was acquired by the present
management in 2010-11 from the erstwhile promoters. MTIL has a tea
garden in the Jalpaiguri district of West Bengal, with a total
area of around 463.47 hectares under plantation. The total
production capacity of SBTEPL is around 14 lac kg of tea.

Recent Results
The company reported a net profit of INR0.15 crore on an OI of
INR14.56 crore, as compared to a net profit of INR0.46 crore on an
OI of INR13.64 crore during FY14.


MAYFLOWER HOTELS: CRISIL Assigns 'B' Rating to INR100MM Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Mayflower Hotels and Resorts (MHFR).

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

The rating reflects the firm's exposure to risks related to
stabilisation of operations, and its expected modest scale of
operations in the intensely competitive hospitality industry.
These rating weaknesses are partially offset by an advantageous
location and the entrepreneurial experience of its promoters.
Outlook: Stable

CRISIL believes MFHR's credit risk profile will remain sensitive
over the medium term to timely infusion of funds by its promoters
to support liquidity, given the low cash accrual expected on
account of its early stage of operations. The outlook may be
revised to 'Positive' in case of successful stabilisation of
operations by achieving higher-than-expected average room rent and
occupancy rates, resulting in improvement in cash accrual and
hence, a better financial risk profile. Conversely, the outlook
may be revised to 'Negative' in case of lower-than-expected cash
accrual as a result of low occupancy or room tariffs, or
substantial debt-funded capital expenditure, leading to
deterioration in the firm's financial risk profile.

MFHR, a partnership firm established in 2008, is setting up a 40-
key three-star hotel on AT Road, Guwahati, which is expected to
commence commercial operations by January 2016. The firm is
primarily owned and managed by the Guwahati-based Borah family.
Mr. Biswadeep Borah and Mr. Kuladhar Borah are the key promoters
and also actively manage the operations of the firm.


MITTAL RICE: ICRA Reaffirms 'B' Rating on INR6cr LT Loan
--------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B  on the
INR6.00 crore long term fund based limits of Mittal Rice & General
Mills.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund
   Based Limits           6.00        [ICRA]B; (reaffirmed)

The rating reaffirmation takes into account the elevated gearing
of the firm due to large working capital requirements, which have
been primarily funded by working capital borrowings. Also, the low
value added nature of operations and the intensely competitive
nature of the rice milling industry have led to low profitability
margins. The low margins coupled with the high gearing have
resulted in weak coverage indicators as reflected in low interest
coverage of 0.94 times during FY 2014-15. However, the ratings
favourably take into account the extensive experience of the
promoters and their strong relationships with several customers
and suppliers, coupled with proximity of the mill to major rice
growing areas, which results in easy availability of paddy.

MRGM was set up in 1978 by Mr. R.D.Mittal and his family as a
partnership firm. The firm is engaged in the milling and trading
of rice (which includes both basmati and non basmati rice). It has
a plant at Cheeka (Haryana) with a milling capacity of 3 tonnes
per hour.

Recent Results
MRGM has reported a net profit of INR0.01 crore on an operating
income of INR15.29 crore in FY 2014-15 as compared to a net profit
of INR0.01 crore on an operating income of INR122.65 crore in the
previous year.


MOYALAN AGRO: CRISIL Assigns 'B+' Rating to INR10MM LT Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Moyalan Agro Pipes (Moyalan).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Overdraft Facility      70      CRISIL A4

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

The ratings reflect the firm's below-average financial risk
profile, marked by a small net worth, and its modest scale of
operations. This rating strength is partially offset by the
extensive experience of Moyalan's promoters in the pipes industry.
Outlook: Stable

CRISIL believes that Moyalan will continue to benefit over the
medium term from the promoters' extensive industry experience and
established dealership network. The outlook may be revised to
'Positive' in case of significant improvement in the firm's scale
of operations and profitability, or substantial equity infusion,
leading to improvement in its financial risk profile. Conversely,
the outlook may be revised to 'Negative' if Moyalan undertakes
aggressive, debt-funded expansions, or reports lower-than-expected
revenues and operating profit margin, leading to deterioration in
its financial risk profile.

Moyalan is based in Thrissur (Kerala) and manufactures Polyvinyl
Chloride (PVC) pipes. The firm is a proprietorship concern
promoted by Mr. Rainy Jose.


MUKTSAR COTTON: ICRA Reaffirms 'B' Rating on INR10cr LT Loan
------------------------------------------------------------
ICRA has reaffirmed its [ICRA] B rating on the INR10.00 crore long
term fund based bank limits of Muktsar Cotton (P) Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term-Fund
   Based Limits          10.00        [ICRA]B; Reaffirmed

ICRA's rating continues to be constrained on account of the low
value additive nature of MCPL's' operations, which results in thin
profit margins. The rating is also constrained by the company's
low profitability and high leverage, which results in weak debt
coverage indicators. The competitive intensity in the business
remains high given the low entry barriers and the commoditized
nature of the product. The high levels of cotton inventory
maintained at the end of the cotton season continues to result in
vulnerability of the company's profitability to adverse movements
in cotton prices.

The rating continues to favorably take into account the experience
of the promoters in the cotton ginning industry, of close to three
decades, and the favorable location of the ginning unit in the
cotton belt and in close vicinity to the textile hub in Punjab,
which provides easy access to both raw materials and customers.
While the company's profitability is expected to remain low due to
the nature of the business, improvement in the working capital
cycle and funding thereof, will be the key determinants of the
company's coverage indicators and would thus be the key rating
sensitivities.

MCPL was incorporated in September 1996 and is engaged in cotton
ginning to produce cotton lint and cotton seeds. The company also
crushes cotton seeds to produce cotton seed oil and cotton seed
cake, however their proportion in the company's total sales is
modest. The company has a ginning unit in Muktsar (Punjab) with 32
ginning machines and 7 expellers and an installed capacity for
ginning 750 quintals of kapas and crushing 600 quintals of cotton
seeds per day. The entire cotton produced is sold to a group
company, which is engaged in cotton yarn spinning.

Recent Results
The company reported an Operating Income (OI) of INR48.71 crore
and a net profit of INR0.16 crore for FY15, as against an OI of
INR37.41 crore and a net profit of INR0.12 crore for the previous
year.


NARAYAN COLD: CRISIL Suspends B Rating on INR50MM Cash Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Narayan
Cold Storage Private Limited (NCSPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee          1       CRISIL A4
   Cash Credit            50       CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility     29       CRISIL B/Stable

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

NCSPL, incorporated in 1995, is engaged in the business of
providing cold storage services to the potato farmers and traders.
The company is owned by West Bengal-based Kundu family who has
experience of three and half decades in same line of business.


NOBLE MOULDS: CRISIL Ups Rating on INR140MM Loan to 'B+'
--------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Noble Moulds Private Limited (NMPL) to 'CRISIL B+/Stable' from
'CRISIL B-/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Medium Term Loan        10      CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B-/Stable')

   Open Cash Credit       140      CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B-/Stable')

The upgrade reflects improvement in NMPL's liquidity because of
adequate net cash accrual to meet debt obligation in 2014-15, the
net cash accruals are expected to be comfortable at INR19.3
million against the repayment obligation of INR16.1 million for
2015-16. Liquidity is also supported by need-based support from
promoters by way of unsecured loans; the promoters had infused
USL's of INR127.1 million as on 30th September 2015.  The upgrade
also factors in expected healthy revenue growth to INR900 million
in 2015-16 from 606.7 million in 2014-15 driven by revival of
demand and addition of new customers. Capital structure is also
expected to improve steadily because of repayment of existing
long-term debt and absence of any significant debt-funded capital
expenditure plan

The rating reflects NMPL's modest scale of operations, low
profitability, large working capital requirement, and weak
financial risk profile because of high gearing and subdued debt
protection metrics. These weaknesses are partially offset by
promoters' extensive experience in manufacturing and assembly of
consumer durables.
Outlook: Stable

CRISIL believes NMPL will continue to benefit from its promoters'
extensive industry experience. The outlook may be revised to
'Positive' in case of substantial and sustained improvement in
revenue and profitability, or in working capital management.
Conversely, the outlook may be revised to 'Negative' if revenue or
profitability is lower than expected, or if capital structure
deteriorates on account of larger-than-expected working capital
requirement or sizeable debt-funded capex.

NMPL, set up in 1999, manufactures mouldings and other plastic
products used in electronic goods such as televisions, washing
machines, and refrigerators. Its facilities are in Noida (Uttar
Pradesh).


PASWARA PAPERS: ICRA Lowers Rating on INR8.50cr Loan to B+
----------------------------------------------------------
ICRA has revised its long term rating on the INR8.50 crore bank
facilities of Paswara Papers Limited to [ICRA]B+ from [ICRA]BB-
(Stable) with a Stable outlook. ICRA has also revised its rating
on the INR1.64 crore unallocated limits of the company to [ICRA]B+
from [ICRA]BB-(Stable) on the long-term scale, and reaffirmed the
rating on the short-term scale at [ICRA]A4.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long term-Fund        8.50       [ICRA]B+; revised from
   based                            [ICRA]BB- (Stable)

   Long term/Short       1.64       [ICRA]B+;revised from
   Term-Unallocated                 [ICRA]BB- (Stable);
                                    [ICRA]A4;reaffirmed

ICRA's rating action is driven by the significant increase in the
scope of PPL's ongoing brown-field capital expenditure, with a 60
% increase in the planned capacity, which is estimated to result
in a revision in the project cost of around INR114.50 crore (from
INR132.50 crore to INR247.00 crore) and will also result in a one
year delay in the Commercial Operations Date (COD). While the
scope of the project has been enhanced, debt funding is yet to be
tied up and the repayment of the term loan which was initially
availed is commencing from December 2015, as per the original
schedule, hence, tie-up with banks for additional funding is
critical for completion of the project. Large pending capex and
scheduled debt repayments will result in increased pressure on the
company's liquidity and will require timely infusion of funds by
the promoters. Also, the revised scope of the project is
significantly higher than the company's current production
capacities.

Further, the ratings are constrained by the company's low
profitability and moderate coverage indicators; and the moderately
low capacity utilisation for the paper board manufacturing
facility in the last few years. The ratings, however factor in the
long experience of the promoters and the established presence of
the company in the paper business which facilitates access to raw
materials, and its proximity to the National Capital Region (NCR),
which is the major market for kraft paper in North India.

Going forward, tie up of debt for the revised project scope,
timely infusion of funds by the promoters to meet the scheduled
debt repayments, as well as completion of the ongoing capital
expenditure will be the key rating sensitivities. Any shift in the
COD or any cost overrun will also be key monitorables.

PPL was incorporated in November, 1980 and is a part of the
Paswara Group of companies, which also includes Paswara Chemicals
Ltd (rated [ICRA]BB-), Paswara Impex Ltd. and Modern Chemicals
(rated [ICRA]BB-). The company's current product portfolio
includes two products i.e. Kraft paper and Paper board. The
company has two manufacturing lines: one each for Kraft paper and
Paper board with installed capacities of 14,000 Metric Tonnes (MT)
and 16,000MT per annum respectively, at its manufacturing facility
located in Meerut, Uttar Pradesh. The Kraft paper manufactured by
the company is used in the packaging industry for making
corrugated boxes, while paper board finds application in making
cones that are used for rolling purposes in cloth shops etc.

The company is setting up new facilities for manufacturing Multi-
layer Kraft paper on the land adjoining the existing plant of the
company. The multi-layer Kraft paper will have Burst Factor (BF)
in the range of 27 BF to 40 BF which will be significantly
superior to the present levels of products which are single layer
Kraft paper of 18 BF. Initially, the company planned a capex of
INR132.51 crore to set up the unit with annual production capacity
of 82,500MT, however, the scope of the capex has been expanded,
with a revised production capacity of 1,32,000 MT. Owing to the
change in the scope of the project, the project cost has been
revised to INR247 crore and the COD has been shifted by one year,
to April 1, 2016.

Recent Results
PPL registered an Operating Income (OI) of INR65.96 Crore and a
Profit After Tax (PAT) of INR0.30 Crore in FY15, as compared to an
OI of INR58.58 Crore and a PAT of INR0.15 Crore in the previous
year.


PONGALUR PIONEER: ICRA Suspends B-/A4 Rating on INR30cr Loan
------------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B- and the short-
term rating of [ICRA]A4 assigned to the INR30.00 crore bank
facilities of Pongalur Pioneer Textiles Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
Company.


PONMANI INDUSTRIES: CRISIL Reaffirms B+ Rating on INR57.5MM Loan
----------------------------------------------------------------
CRISIL's rating on the bank facilities of Ponmani Industries (PI)
continues to reflect PI's modest scale of operations and customer
concentration. These rating weaknesses are partially offset by the
extensive industry experience of PI's proprietor and its above-
average financial risk profile, marked by a healthy capital
structure.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee        12.5      CRISIL A4 (Reaffirmed)
   Cash Credit           57.5      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that PI will continue to benefit from its
proprietor's extensive industry experience over the medium term.
The outlook may be revised to 'Positive' in case PI scales up its
operations significantly while diversifying its customer profile
and maintaining its financial risk profile, leading to a
substantial increase in its cash accruals. Conversely, the outlook
may be revised to 'Negative' if there is a decline in orders from
the Tamil Nadu government, or deterioration in PI's working
capital management, or if the firm undertakes a larger-than-
expected debt-funded capital expenditure (capex) programme,
weakening its financial risk profile.

PI, set up in 1985, is a sole proprietorship concern that
manufactures and supplies table-top wet grinders, primarily to the
Tamil Nadu government. Its day-to-day operations are managed by
its proprietor, Mr. P Kumaresan.

PI reported a net profit of INR4.82 million on sales of INR225.9
million for 2014-15 (refers to financial year, April 1 to
March 31), as against a PAT of INR25 million on net sales of
INR442.7 million for 2013-14.


PRANI AUTO: ICRA Reaffirms B+ Rating on INR17.40cr LT Loan
----------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ assigned to
INR17.75 crore fund based limits of Prani Auto Plaza Private
Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund
   based Limits          17.40        [ICRA]B+; reaffirmed

   Unallocated Limits     0.35        [ICRA]B+; reaffirmed

The rating reaffirmation continues to be constrained by decline in
sales of the company in FY15 owing to a decrease in sales volume
of passenger vehicles, in line with the principal's (Tata Motors
Limited) sales. The rating is further constrained by low operating
margins and return indicators in the auto dealership business; and
low pricing flexibility due to commission structure being decided
by the principal; and strong competitive pressure from other OEMs.
The rating reaffirmation however takes comfort from the long-
standing experience of the promoters in the automobile industry
and limited competition faced by the firm in Anatapur and Kurnool
districts of Andhra Pradesh with one other authorized dealer for
TML in both districts and sole dealership for new models (Zest and
Bolt) launched by the principal.

Going forward, the company's ability to improve its profitability
and liquidity given the competitive environment would be the key
rating sensitivity.

Prani Auto Plaza Private Limited was started in 2003 as a
partnership firm which was subsequently converted into a private
limited company in 2009. The company is the authorized dealer of
passenger vehicles of Tata Motors Limited (TML) in Anantapur and
Kurnool districts in Andhra Pradesh. It opened its first showroom
in Ananthapur in 2003, followed by showrooms in Kurnool in 2007
and Nandyala in 2009. These three showrooms are located in the
company's own premises. Additionally, the company opened showrooms
in Hindupur in 2011 and Tadipatri in 2012 on a lease basis In
2013, the company started a 3S showroom in Tirupati. It has 6
showroom outlets and 3 service centers.

Recent Results
For FY15, the firm reported net profit of INR0.06 crore on an
operating income of INR60.24 crore, as against net profit of
INR0.07 crore on an operating income of INR65.37 crore during
FY14. For 7MFY16 (provisional), it has reported an operating
income of INR39.89 crore.


PURE PHARMA: CRISIL Suspends 'B' Rating on INR64MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Pure
Pharma Limited (PPL).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         40        CRISIL A4
   Cash Credit            64        CRISIL B/Stable
   Letter of Credit       35        CRISIL A4
   Proposed Long Term
   Bank Loan Facility      9.7      CRISIL B/Stable

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

PPL was originally established as a partnership firm in 1955 by
Mr. J P Badlani and Mr. R W Valvani. It was reconstituted as a
closely held public limited. The company manufactures generic
drugs for human and veterinary application, in the form of
tablets, capsules, liquids, powders, and injections. PPL is based
in Indore (Madhya Pradesh).


RAJHANSMETALS PRIVATE: CARE Ups Rating on INR25.27cr Loan to B+
---------------------------------------------------------------
CARE revises the LT rating and reaffirms the ST rating assigned to
the bank facilities of Rajhansmetals Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     25.27      CARE B+ Revised from
                                            CARE B

   Short-term Bank Facilities    13.00      CARE A4 Reaffirmed

Rating Rationale

For arriving at the ratings of Rajhans Metals Private Limited
(RMPL), CARE has considered the combined financial and business
profile of the two entities namely, RMPL and Rajhans Alloys
Private Limited (RAPL), together referred as Rajhans Group (RG),
due to their managerial linkages and presence in the same
industry.

The revision in long-term rating of RG takes into account the
support extended by the promoters in terms of fund infusion
through unsecured loans which are subordinated to the bank loans
leading to improvement in capital structure as on March 31, 2015.
Furthermore, the revision in rating also takes into account the
consistent improvement in operating profitability and reducing net
losses over the past three years ended FY15 (refers to the period
April 1 to March 31).

The ratings, however, continue to be constrained by susceptibility
of RG's profitability margins to volatile raw material prices and
foreign currency rate fluctuation on its imports, high working
capital intensity of its operations and presence in the highly
competitive and fragmented brass and copper alloy extrusion
industry.

The ratings continue to draw strength from vast experience of the
promoters along with RG's established track record of operations
in the industry aided by effective sales and distribution network.
RG's ability to improve its profitability margin by managing raw
material price volatility and foreign exchange rate fluctuations
in a highly competitive brass and copper industry along with
improvement in its capital structure and efficient management of
its working capital would be the key rating sensitivities.

RMPL is the flagship company of RG based out of Jamnagar, Gujarat.
It was incorporated in 1987 by Mr Milan Dodhia and is engaged in
manufacturing of brass & copper alloy extruded rods and extruded
sections. RMPL's products find application in automobile
components, fixtures & fittings and lock-bodies. RMPL had an
installed melting capacity of 12,150 MTPA and extrusion capacity
for brass rods and sections of about 9,600 MTPA as on
September 30, 2015. Apart fromits own extrusion facility, RMPL
also gets some work done on job work from outside parties and its
associates.

RAPL, group concern of RMPL, was incorporated in 2009 at Jamnagar
(Gujarat) to undertake manufacturing of brass & copper extrusion
rods and components. As on June 30, 2015, RAPL has an installed
capacity of 18,000 MTPA for melting and 9,600 MTPA for extrusion
of brass rods & sections.


RAJNI EXPORTS: CRISIL Reaffirms B+ Rating on INR100MM Cash Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Rajni Exports &
Imports (REI) continues to reflect REI's below-average financial
risk profile, marked by a modest net worth, and exposure to
intense competition in the agro commodities trading industry.
These rating weaknesses are partially offset by the extensive
experience of REI's partners in the agro commodities trading
business.

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

Outlook: Stable

CRISIL believes that REI will continue to benefit over the medium
term from its promoters' extensive experience in the agro
commodities trading business. The outlook may be revised to
'Positive' in case the firm significantly scales up its operations
and improves its profitability, while it maintains its working
capital requirements. Conversely, the outlook may be revised to
'Negative' in case  the cash accruals decline significantly or if
its working capital management deteriorates, leading to weakening
of its financial risk profile.

REI, set up in 2010, is based in Chennai. It trades in agro
commodities, mainly pulses. Its operations are managed by Mr.
Munirathnam and Mr. Rajiv Naaram.


RATANPUR LAND: CRISIL Suspends B+ Rating on INR36MM Term Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Ratanpur
Land and Tea Estates Private Limited (RLTEPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            24       CRISIL B+/Stable
   Term Loan              36       CRISIL B+/Stable

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

RLTEPL, set up in 1984, was acquired by the Bokahola group in
2009. At present, 97.4 per cent of RLTEPL's shares are held by
Kasojan Tea Company Pvt Ltd (KTCPL, part of the Bokahola group).
The group, promoted by the Bezboruah family, cultivates and
processes tea. RLTEPL is into tea cultivation and sells tea leaves
in the auction markets. RLTEPL's registered office and
manufacturing facility is at Johrat, Assam.


SAMRA INDUSTRIES: CRISIL Assigns 'B' Rating to INR70MM Cash Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Samra Industries Limited (SIL).

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

The rating reflects SIL's modest scale of operations in the highly
fragmented rice industry and weak financial risk profile because
of high gearing and weak debt protection metrics. These weaknesses
are mitigated by promoters' extensive experience and their funding
support.
Outlook: Stable

CRISIL believes SIL will benefit over the medium term from its
promoters' extensive experience and their funding support. The
outlook may be revised to 'Positive' if financial risk profile
improves owing to higher-than-expected cash accrual or substantial
capital infusion along with efficient working capital management.
Conversely, the outlook may be revised to 'Negative' if lower-
than-expected cash accrual, significantly large working capital
requirement, or any large, debt-funded capital expenditure weakens
liquidity.

Promoted by Mr. Bimalpal Singh, Mr. Taranbir Singh and Mr. Satbir
Sharma, SIL was incorporated 2012 and processes basmati and non-
basmati rice at its plant in Faridkot (Punjab). SIL has total
milling capacity of 5 metric tonne per hour.


SANDEEP RICE: ICRA Reaffirms 'B' Rating on INR10cr LT Loan
----------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B  to the
INR10.00 crore (enhanced from INR8.0 crore) long term fund based
limits of Sandeep Rice Mills.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long Term Fund
   Based Limits          10.00      [ICRA]B; Reaffirmed

The rating reaffirmation take into account the low value add
nature of operations and intensely competitive nature of the rice
milling industry which has led to low profitability margins. In
addition the company has high gearing arising out of large working
capital requirements which have primarily been funded by working
capital borrowings. Low profitability margins coupled with high
gearing has led to weak coverage indictors as reflected by low
interest coverage of 1.47 times during March 2015. Nevertheless
the ratings favourably take into account the long standing
experience of promoters with strong relationships with several
customers and suppliers coupled with proximity of the mill to
major rice growing area which results in easy availability of
paddy.

SRM was established in 2000 as a partnership firm by Mr. Amarjeet
Goyal, Mrs. Meena Devi and Mr. Jai Bhagwan Goyal. The firm is
engaged in milling of basmati rice. The firm's milling unit is
based out of Cheeka and has an installed capacity of 6 ton/hour
for milling of rice. The key raw material for the firm is basmati
paddy which is mostly procured from the "mandi" of Karnal and
Cheeka (Haryana) during the paddy buying season i.e. September to
December every year. However, if required firm also buys paddy
from the market in off season period.

Recent Results
SRM reported a net profit (PAT) of INR0.06 crore on an operating
income of INR38.60 crore in FY 2014-15 as compared to net profit
(PAT) of INR0.06 crore on an operating income of INR38.43 crore in
the previous year.


SANKAR PRASAD: CRISIL Suspends 'B+' Rating on INR75MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Sankar
Prasad Rice Mill (SPRM).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         3.1      CRISIL A4
   Cash Credit           75        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility    35        CRISIL B+/Stable
   Term Loan              6.9      CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by SPRM
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SPRM is yet to
provide adequate information to enable CRISIL to assess SPRM'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'
Formed in 2003, SPRM is a proprietorship concern of Mr.
Bhabhasindhu Gorai. The firm is engaged in milling and processing
of par boiled rice in Bankura (West Bengal).


SARADAMBIKA POWER: CRISIL Assigns 'B' Rating to INR50MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long term
bank facilities of Saradambika Power Plant Private Limited.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Working Capital
   Term Loan               49      CRISIL B/Stable

   Working Capital
   Demand Loan             50      CRISIL B/Stable

   Proposed Long Term
   Bank Loan Facility       6.4    CRISIL B/Stable

   Open Cash Credit        35.0    CRISIL B/Stable

   Funded Interest
   Term Loan               43.6    CRISIL B/Stable

   Long Term Loan         266      CRISIL B/Stable

The rating reflects SPP's modest scale of operations, geographical
and customer concentration in its revenue profile and exposure to
volatility in raw material prices. The rating also factors in its
working capital intensive nature of operations and its weak
financial risk profile marked by high gearing, weak debt
protection metrics and a modest net worth. These ratings
weaknesses are partially offset by the benefits derived from the
promoter's extensive experience in the power generation industry
and the revenue visibility supported by its power purchase
agreement with the Maharashtra State Electricity Board.
Outlook: Stable

CRISIL believes that SPP will benefit over the medium term from
its experienced promoters and its long-term offtake agreement. The
outlook may be revised to 'Positive' in case of significant and
sustained improvement in the company's revenue and profitability,
coupled with an improvement in working capital cycle. Conversely,
the outlook may be revised to 'Negative' if the company reports
lower-than-expected revenue and profitability or undertakes a
larger-than-expected debt-funded capital expenditure programme, or
if its working capital cycle lengthens, resulting in further
weakening of its financial risk profile.

Incorporated in August, 2004 and based in Srikakulam (Andhra
Pradesh), SPP operates a biomass power plant with installed
capacity of 10MW. The plant is located in Chandrapur district
(Maharashtra). The company is promoted by Mr. B Govinda Rajulu and
the day-to day operations are managed by his son Mr. B Satya
Srinivasa. The company started its commercial operations in June,
2008.


SFS GLOBAL: ICRA Suspends B+ Rating on INR17cr Bank Loan
--------------------------------------------------------
ICRA has suspended its long-term rating of [ICRA]B+ assigned to
the INR17.0 crores bank facilities of SFS Global Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in absence of requisite information from the company.


SHAKTI CABLES: ICRA Assigns B- Rating to INR1.75cr Loan
-------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B- to the INR1.75
crore fund based limits of Shakti Cables Private Limited. ICRA has
also assigned long-term/short-term ratings of [ICRA]B-/[ICRA]A4 to
the INR4.50 crore non fund based limits and INR3.75 crore
unallocated limits of SCPL.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Fund Based Limits        1.75       [ICRA]B- assigned
   Non Fund Based Limits    4.50       [ICRA]B-/[ICRA]A4 assigned
   Unallocated Limits       3.75       [ICRA]B-/[ICRA]A4 assigned

The assigned ratings are constrained by the small scale of
operations of the company in cable manufacturing industry with
thin operating margins at ~6% over the last 2 years; stretched
liquidity profile owing to high debtor and inventory levels as
reflected by full utilisation of working capital limits; and a
highly competitive industry characterized by presence of large
companies with high financial flexibilities and lower cost
structures. The ratings are further constrained by the high client
concentration risk with more than 90 percent of revenues being
derived from 3 clients; high geographic concentration risk with
revenues and orders emanating from Andhra Pradesh and Telangana
and significant vulnerabilities to raw material price fluctuations
in light of limited bargaining power of SCPL.

The assigned ratings, however, factor in the promoter's experience
of nearly three decades in the cable manufacturing business; small
but healthy order book of INR10.57 crore (1.25 times FY15
revenues) as on November 30, 2015 which provides near term
revenues visibility; and favourable demand for cables in the
medium term given the central government's focus on providing
uninterrupted power throughout the country.

Going forward, the ability of the company to increase its size and
profitability, diversify order book and while managing its working
capital requirements effectively remain the key credit rating
drivers.

Shakti Cables Pvt. Ltd. (SCPL) was incorporated in 1984 by Mr.
Anil Parikh to manufacture cables and conductors. The company is
engaged in the manufacturing of Low Tension (LT) power cables,
control cables, and instrumentation cables for supply to Andhra
Pradesh and Telangana Transmission and Distribution companies.
SCPL's plant is located in Patancheru, Hyderabad having
manufacturing capacity of 150 tons per month.

Recent Results
As per the audited results for FY2015, the company reported profit
after tax of INR0.08 crore on turnover of INR8.47 crore as against
profit after tax of INR0.06 crore on turnover of INR7.93 crore
during FY2014.


SHIVAM COTTON: ICRA Reaffirms B Rating on INR8.0cr Cash Loan
------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B  to the
INR8.00 crore (enhanced from INR6.00 crore) cash credit facility
and INR1.16 crore (reduced from INR1.50 crore) term loan facility
of Shivam Cotton & Oil Industries.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           8.00        [ICRA]B reaffirmed
   Term Loan             1.16        [ICRA]B reaffirmed

The reaffirmation of the rating continues to factor in SCOI's weak
financial profile characterized by stretched capital structure,
weak debt coverage indicators and low operating margins on account
of low value addition in the business; highly competitive and
fragmented industry structure owing to low entry barriers. The
rating continues to be constrained by the vulnerability of the
firm's profitability to raw material (i.e. raw cotton) prices,
which are subject to seasonality, crop harvest and regulatory
risks. ICRA also notes that as SCOI is a partnership firm, any
significant withdrawals from the capital account by the partners
would affect its net worth and thereby its capital structure.

The rating, however, continues to favourably consider the long
experience of the firm's promoters in the cotton industry and
favourable location of the firm's manufacturing facility at
Saraya, Rajkot in Gujarat giving it an easy access to quality raw
material.

Established in October 2012 as a partnership firm, Shivam Cotton &
Oil Industries (SCOI) is engaged in the business of ginning &
pressing of raw cotton and crushing of cotton seeds. The firm's
manufacturing facility is located at Saraya, Rajkot in Gujarat and
is equipped with twenty-four ginning machines, one pressing
machine and five expeller machines. The firm started commercial
operations from September 2013. The firm is currently promoted by
Mr. Hasmukh Viramgama, Mr. Harjivan Bhimani along with other
relatives/friends who have a long-standing experience in the
cotton industry.

Recent Results
For FY 15, the firm has reported an operating income of INR46.91
crore and profit after tax of INR0.23 crore as against an
operating income of INR41.43 crore and profit after tax of INR0.01
crore in FY14.


SHREE AMBIKA: ICRA Cuts Rating on INR254cr Fund Based Loan to D
---------------------------------------------------------------
ICRA has revised the long term rating to [ICRA]D  from [ICRA]BB
(negative) to INR230.45 crore term loans, INR254.00 crore fund
based facilities and INR27.85 crore proposed fund based facilities
of Shree Ambika Sugars Limited. ICRA has also revised the short
term rating to [ICRA]D  from [ICRA]A4 to INR40.87 crore of non
fund based facilities and INR9.13 crore proposed non fund based
facilities of SASL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loan            230.45       [ICRA]D, revised from
                                     [ICRA]BB (negative)

   Fund Based Limits    254.00       [ICRA]D, revised from
                                     [ICRA]BB (negative)

   Proposed Fund Based   27.85       [ICRA]D, revised from
   Limits                            [ICRA]BB (negative)

   Non Fund Based        40.87       [ICRA]D, revised from
   Limits                            [ICRA]A4

   Proposed Non Fund      9.13       [ICRA]D, revised from
   Based Limits                      [ICRA]A4

The rating revision factors in the delays in the debt servicing by
the company on account of losses at operating level and at net
level of the Thiru Arooran group given the high cane cost of
production coupled with low sugar realizations. The ratings
continue to factor in the weak capital structure and coverage
metrics of the group on account of consequent erosion in net worth
coupled with relatively high debt. While the sugar realizations
are firming up since Sep, 2015, the sustainability of the same is
yet to see given the surplus domestic and international stock
positions. The ratings continue to remain constrained by the
vulnerability of sugar operations to agro climatic variations and
government policies relating to cane pricing and exports. However,
ICRA favorably factors in the recent discussions with the lenders
which include conversion of fund based limits to non fund based
limits and could ease liquidity pressure on SASL to an extent. The
ratings continue to factor in SASL's fully integrated nature of
operations with cogeneration and distillery units which provide
alternate revenue streams and some cushion against cyclicality in
sugar business. The ratings also take into consideration SASL's
experienced management, the dominant position of the company in
its command area and proximity of the plants of the company to
ports which it has used favorably to export sugar in the recent
past.

Shree Ambika Sugars Limited, is part of Thiru Arooran group, and
was incorporated in 1988. Thiru Arooran Sugars Limited has 36.14%
stake in SASL. SASL's sugar plants are based in Cuddalore and
Thanjavur districts of Tamil Nadu. It has 11,500 TCD of cane
crushing capacity, 56 MW cogeneration unit and 60 klpd distillery.
It also has 750 TPD sugar refinery.

Recent Results
During FY15, the consolidated entity has reported operating income
of INR540.49 crore and net loss of INR66.52 crore as against
operating income of INR485.86 crore and net loss of INR21.16 crore
during FY14.


SHREE SAIBABA: CRISIL Reaffirms D Rating on INR88MM Term Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Shree Saibaba
Jeevandhara Hospital India Pvt Ltd (Shree Saibaba Hospital)
continue to reflect instances of delay by the company in servicing
its term debt. The delays have been caused by the company's weak
liquidity, as delays in commencement of its operations have led to
low revenue.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan               88      CRISIL D (Reaffirmed)

Shree Saibaba Hospital also has a below-average financial risk
profile and is exposed to demand offtake risk because of the
initial phase of its operations. However, the company benefits
from its promoters' extensive experience in the healthcare
industry.

Shree Saibaba Hospital was incorporated in 2012-13 (refers to
financial year, April 1 to March 31). It is promoted by Mr. Anand
Haldiwal, Mr. Omprakash Haldiwal, Mrs. Rakhi Haldiwal, Dr. Jagdish
Chand Yadav, Dr. Manoj Gurjar, and Dr. Vishal Yadav. The company
operates a hospital in Barwani (Madhya Pradesh); the hospital
started operations in July 2014.


SHRI BALAJI: ICRA Reaffirms 'D' Rating on INR8.21cr Term Loan
-------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]D for the
INR10.21 crore fund-based bank facilities (reduced from INR11.21
crore earlier) and INR1.79 crore proposed bank facilities
(increased from INR0.79 crore earlier) of Shri Balaji Literary and
Charitable Society (SBLCS). The rating suspension done in November
2015 stands revoked.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund based bank        2.00       [ICRA]D reaffirmed;
   facilities: CC/OD                 suspension revoked

   Fund based bank        8.21       [ICRA]D reaffirmed;
   facilities: Term                  suspension revoked
   Loan

   Proposed bank          1.79       [ICRA]D reaffirmed;
   facilities                        suspension revoked

For arriving at the rating, ICRA has taken into account the
consolidated business and financial risk profiles of Bahra
Educational and Charitable Society, Shri Balaji Literary and
Charitable Society, Rayat and Bahra Group of Institutes: An
Educational and Charitable Society and Rayat Educational and
Research Trust, given the common management and fungible nature of
the cash flows between these entities.

The rating reaffirmation reflects continued delays in debt-
servicing by the society on account of its stretched liquidity
position. The group has been undertaking sizeable capital
expenditure over the past few years, which together with
fungibility of cash flows between group entities as well as
inadequacy of long-term funds vis-a-vis funding requirements and
consequent reliance on short-term sources of finance (such as bank
overdraft limits) continues to keep the group's liquidity position
stretched. Further, the group often faces cash flow mismatches
owing to lumpy nature of fee receipts (which are collected on a
half-yearly basis) vis-a-vis monthly interest payment obligations
and other operating expenses.

While reaffirming the rating, ICRA has taken a note of the
established presence of Rayat-Bahra group in the Punjab region,
where the group caters to over 30,000 students through more than
30 higher educational institutes and varied course offerings.
Further, ICRA has also taken a note of the society's healthy
operating surplus margins. Nevertheless, these strengths are
largely offset by the concerns mentioned above.

In ICRA's view, scale of capital expenditure undertaken at the
group level and adequacy and timeliness of long-term funding
availed to fund the same will be the key determinants of the
group's liquidity profile and will thus remain the key rating
sensitivities going forward. Further, the society's ability to
improve its occupancy levels and hence its scale of operations
will be a critical determinant of its debt-coverage indicators.

Operational since 2009, Shri Balaji Literary and Charitable
Society (SBLC) is a part of Punjab based Rayat-Bahra Group. The
group caters to over 30,000 students across more than 30 colleges
and two Private Universities. SBLCS has set up five colleges,
Bahra Faculty of Engineering, Bahra Faculty of Management, Bahra
Polytechnic College, Bahra Institute of Pharmacy and Bahra College
of Law, which offer degree and diploma courses in streams such as
engineering, management, pharmacy and law. All the colleges are
located in a single campus in Patiala (Punjab) and the degree
colleges are affiliated to Punjab Technical University, Jalandhar.


SHRINATHJI SPINTEX: ICRA Lowers Rating on INR12.20cr Loan to D
--------------------------------------------------------------
ICRA has downgraded the long term rating assigned to the INR12.20
crore working capital limits and term loan limits from [ICRA]B to
[ICRA]D. ICRA has also downgraded the short term rating assigned
to the INR1.50 crore export packaging limits (sublimit of Cash
Credit facility) from [ICRA]A4 to [ICRA]D of Shrinathji Spintex
Private Limited. The rating continues to remain Suspended.

The revision in ratings factor in the recent instances of delays
in debt servicing.

Shrinathji Spintex Private Limited (SSPL), promoted by Mr. Dilip N
Marakana, was incorporated in November 2010 and is engaged in the
business of producing carded yarn ranging between 20s to 40s
counts. The manufacturing facility of the company is located at
Gondal, Gujarat with an installed capacity of 10,000 spindles
translating to 5 tons of yarn per day.


STANDARD AUTOGEARS: CRISIL Cuts Rating on INR37.5MM Loan to D
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Standard Autogears Private Limited (SAPL) to 'CRISIL D' from
'CRISIL B/Stable'. The downgrade reflects recent instances of
delay by SAPL in servicing its long-term debt due to weak
liquidity.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bill Discounting      37.5      CRISIL D (Downgraded from
                                   'CRISIL B/Stable')

   Open Cash Credit      30        CRISIL D (Downgraded from
                                   'CRISIL B/Stable')

   Proposed Cash          5        CRISIL D (Downgraded from
   Credit Limit                    'CRISIL B/Stable')

SAPL's relationship with its key client is under pressure leading
to lower offtake from installed capacities and consequently, to
stress on liquidity. In 2014-15 (refers to financial year,
April 1 to March 31), SAPL raised funds through unsecured loans
from banks and non-banking financial companies to support
liquidity. However, continued dispute with the key client and
management's inability to add customers has led to suboptimal
capacity utilisation. SAPL's cash credit limits are also
frequently overdrawn, but are regularised within 30 days.

SAPL has a below-average financial risk profile because of high
gearing, and has high customer concentration in revenue. However,
it benefits from promoter's extensive industry experience in
diversified technical industries.

SAPL, incorporated in 1997 in Mohali (Punjab) by Mr. Anil Atri,
manufactures ceiling fan blades and refrigerator components. It
has a fan blade manufacturing plant in Mohali with capacity of
100,000 packs.

Profit after tax (PAT) was INR0.004 million on revenue of
INR127.68 million for 2014-15, against PAT of INR0.86 million on
total revenue of INR134.99 million for 2013-14.


TALIN INT'L: CARE Reaffirms B+/A4 Rating on INR6.25cr Loan
----------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Talin International Private Limited.

                            Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Long-term/Short-term       6.25      CARE B+/CARE A4
   Bank Facilities                      Reaffirmed

   Short-term Bank
   Facilities                 0.50      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Talin International
Private Limited (TIPL) continue to remain constrained on account
of its modest scale of operations, thin profitability, leveraged
capital structure, weak debt coverage indicators and weak
liquidity position marked by working capital intensive nature of
operations. The ratings remained constrained on account of its
presence in the highly fragmented industry, susceptibility of
profit margins to fluctuation in metal prices and foreign exchange
rates.

The ratings, however, continues to derive benefit from experience
of the promoters, presence of its manufacturing facility in the
brass cluster of Jamnagar with ease of availability of raw
material.

The ability of TIPL to increase its scale of operations and
improvement in profitability and capital structure coupled with
efficient working capital management are the key rating
sensitivities.

Incorporated in the year 2002, Ahmedabad-based (Gujarat) Talin
International Private Limited (Erstwhile Arpit International
Private Limited) is a private limited company promoted by Mr
Naresh Jhawar and Mr Anoop Jhawar. The company is primarily
engaged in the trading of ferrous and non-ferrous metals. TIPL
also manufactures brass products like fasteners, anchors, plumbing
fittings, hardware and electrical accessories which find
application in construction, real estate and other industries.
TIPL has installed capacity of 720 Metric Tonnes per Annum (MTPA)
at its sole manufacturing establishment situated at Jamnagar. It
sells its products in the domestic and international market.

As per the audited results of FY15 ( refers to the period April 1
to March 31), TIPL reported profit after tax (PAT) of INR0.08
crore on a total operating income (TOI) of INR54.45 crore as
against PAT of INR0.20 crore on a TOI of INR46.76 crore during
FY14. As per the provisional results of 8MFY16 (refers to the
period from April, 2015 to November, 2015), TIPL achieved TOI of
INR37.50 crore.


UDAY VIJAY: CRISIL Suspends 'B+' Rating on INR52MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Uday
Vijay Steel Private Limited (UVSPL).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee        27.4       CRISIL A4
   Cash Credit           52         CRISIL B+/Stable
   Letter of Credit       9.1       CRISIL A4
   Term Loan             23.9       CRISIL B+/Stable

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

UVSPL was set up in 2005 by Mr. Sudhir Kumar Rai, Mr. Sanjay Kumar
Rai, Mr. Vijay Kumar Rai, and Mr. Chandralok Prasad. It
manufactures mild steel ingots at its unit in Bokaro (Jharkhand).


V.K.GOPAL: ICRA Reaffirms 'B' Rating on INR7.50cr LT Loan
---------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B assigned to
INR7.50 crore term loan facilities of V.K.Gopal.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term limits       7.50        [ICRA]B (reaffirmed)

The ratings are constrained by the firm's small scale of
operations which restricts operational and financial flexibility
to an extent, vulnerability of profits to changes in prices of key
raw materials and the geographic and client concentration risk as
the firm's operations are confined to road construction orders
from the government agencies in Karnataka only. Further, the
rating is constrained by the stretched liquidity position of the
firm as reflected by the high working capital intensity, resulting
from increase in inventory holding during FY15. The rating also
takes into account the modest coverage indicators of the firm as
indicated by Total Debt/OPBDITA of 2.46 times and Net Cash
Accruals (NCA)/Total Debt of ~5% as on 31st March 2015.
The ratings, however, take comfort from the longstanding
experience and track record of the promoter in the construction
industry, spanning nearly two decades. The ratings factors in the
comfortable capital structure of the firm as indicated by a
gearing of 0.44 times as on 31st March 2015 and the healthy order
book, which provides revenue visibility in the near to medium
term.

M/s V.K.Gopal was established by Mr. V.K.Gopal in the year 1995 as
a proprietorship firm. Mr.V.K.Gopal has been in the construction
industry for more than 20 years through this firm. Since the
inception, the firm has been involved in construction of civil
works, formation of roads, and asphalting. The firm has completed
projects mainly in the state of Karnataka and most of them have
been done in and around Bangalore.

Recent Results
V.K.Gopal earned a profit before tax (PBT) of INR1.28 crore on an
operating income (OI) of INR14.66 crore in the FY 2014-15 as
compared to a PBT of INR4.94 crore on an OI of INR39.98 crore in
FY 2013-14.


VASHU YARN: ICRA Suspends B Rating on INR6.05cr Term Loan
---------------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to the INR6.05 crore
term loans, INR5.00 crore fund based facilities, INR0.40 crore
non-fund based facilities and INR2.55 crore proposed facilities,
and [ICRA]A4 rating assigned to the INR1.00 crore short term, non-
fund based facilities of Vashu Yarn Mills India Private Limited.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
Company.

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.


VENKATESHWARA COTTON: CARE Ups Rating on INR8.34cr Loan to BB-
--------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Venkateshwara Cotton Mills.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     8.34       CARE BB- Revised from
                                            CARE B+

Rating Rationale

The revision in the rating assigned to the bank facilities of
Venkateshwara Cotton Mills (VCM) was on account of improvement in
the profitability, capital structure and debt coverage indicators
during FY15 (refers to the period April 1 to March 31). The rating
continues to draw strength from vast experience of the promoters
and geographically diversified operations.

The rating, however, continues to remain constrained on account of
constitution as a partnership firm and presence in highly
fragmented cotton ginning industry with limited value addition,
seasonality associated with raw material availability and prices
and supply for cotton being highly regulated by the government.
The rating also factors in the weak financial profile marked by
moderate liquidity.

The ability of VCM to increase its scale of operations, improve
its profitability and capital structure with efficient working
capital management are the key rating sensitivities.

VCM was established on April 12, 2013 as a partnership firm by Mr
Ravi Kumar, Mr Rameshwar Garg, Mr Gokulsingh, Mr Chunnilal Dhobal,
Mr Gopaldas Ramdayal Mittal and Mr Pavan Manoharlal Mittal. VCM
has its cotton ginning & pressing unit located at Sadashivepet,
Andhra Pradesh having processing capacity of 10,000 bales per
month. All partners of the firm are dealing in cotton business as
a partner in various firms of Suraj group of Sendhwa i.e. Radha
Madhav Trading Co. (RMTC), Suraj Cotex (SC), Suraj Fibers (SF).

As per the audited results of FY15, VCM earned a net profit of
INR0.57 crore on a total operating income (TOI) of INR37.28
crore as against a net profit of INR0.14 crore on a TOI of
INR23.20 crore during FY14. During 8M, FY16 (Provisional) VCM
has registered TOI of INR14.73 crore.


VIRTUAL GALAXY: ICRA Cuts Rating on INR16.52cr Loan to 'D'
----------------------------------------------------------
ICRA has downgraded the long term rating assigned to INR16.52
crores bank facilities of Virtual Galaxy Infotech Private Limited
(VGIPL) to [ICRA]D  from [ICRA]BB+ . ICRA has also downgraded the
short term rating assigned to INR5 crores bank facilities of VGIPL
to [ICRA]D  from [ICRA]A4+.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund        16.52        [ICRA]D; Downgraded from
    Based Limits                      [ICRA]BB+(Stable)

   Short Term Non         5.00        [ICRA]D; Downgraded from
   Fund based Limits                  [ICRA]A4+

The revised rating reflects delays in debt servicing by the
company on account of stretched liquidity condition arising out of
issue pertaining to timely realization of receivables.

Virtual Galaxy Infotech Private Limited provides include core
banking solutions for co-operative banks and ERP solutions for
SMEs. It has implemented CBS in more than 400 branches of co-
operative banks. It was established as a partnership firm in 1995
and later incorporated as a private limited company in 1997. VGIPL
is promoted by Mr. Avinash Shende and Mr. Sachin Pande. The
company employs about 200 people across development, marketing and
implementation functions.


YOUNG BRAND: Ind-Ra Affirms BB+ Long-Term Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Young Brand
Apparel Private Limited's Long-Term Issuer Rating at 'IND BB+'.
The Outlook is Stable.

KEY RATING DRIVERS

The affirmation reflects YBA's sustained moderate credit profile
despite volatile EBITDA margins.  In FY15, net leverage (total
Ind-Ra adjusted net debt/operating EBITDAR) was 4.2x (FY14: 3.1x),
EBITDA interest cover was 3.0x (2.9x) and EBITDA margins were 5.9%
(9.7%).  EBITDA margins fluctuated between negative 4.7% and 9.7%
over FY12-FY15 due to raw material price volatility.

Top line continued to grow at a brisk pace (CAGR of 26.9% over
FY12-FY15) on increasing order flow from the existing customers.
The ratings also factor in YBA's comfortable liquidity position
with its fund-based facilities being utilized at an average of
70.7% over the 12 months ended November 2015.

RATING SENSITIVITIES

Positive: The stabilization in the profitability leading to a
sustained improvement in the credit metrics will be positive for
the ratings.

Negative: Any deterioration in the EBITDA margins leading to
sustained deterioration in the credit metrics could be negative
for the ratings.

COMPANY PROFILE

YBA, which commenced production in 2010, manufactures and exports
undergarments and knitted apparel.

YBA's ratings:

   -- Long-Term Issuer Rating: affirmed at 'IND BB+', Outlook
      Stable
   -- INR213.01 mil. long-term loans: affirmed at 'IND BB+'/
      Stable
   -- INR200.00 mil. fund-based facilities: affirmed at
      'IND BB+'/Stable
   -- INR100.00m non-fund-based working capital: affirmed at
      'IND BB+'/Stable/'IND A4+'



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


1MALAYSIA: Confusion Over Valuation Casts Doubt on Restructuring
----------------------------------------------------------------
The Wall Street Journal reports that Malaysian Prime Minister
Najib Razak in his New Year's message said a troubled state
investment fund he created six years ago had resolved its debt
problem.

But critics of the fund, 1Malaysia Development Bhd., or 1MDB, have
raised doubts about the progress in paying down the massive debt,
increasing concerns that the state will have to step in with a
bailout, the report says.

The Journal relates that the 1MDB fund, whose advisory board is
headed by Mr. Najib, announced last week that it is selling a
majority stake in a real-estate project in Kuala Lumpur called
Bandar Malaysia to a partly Chinese-owned consortium for MYR7.41
billion ($1.7 billion).

According to the Journal, the sale is a central component of
1MDB's plan to auction land and power plants and swap borrowings
for other assets in a bid to reduce its debt pile of more than $11
billion. After 1MDB announced the sale of Bandar Malaysia, Mr.
Najib said the fund's problems were behind it, the report says.

But China Railway Group, the parent of one of the buyers of the
land, told regulators in Hong Kong this week that the consortium
would pay only MYR5.28 billion for the consortium's stake in the
Bandar Malaysia project, according to the report.

Reuters relates that the 1MDB fund, in response to the
discrepancy, said Jan. 6 that it had still not been decided
whether the consortium would take over some of the debt owed by
1MDB units that hold the land. If the consortium does so, it would
pay the lower valuation. If it doesn't take over the debt, it
would pay the higher one, 1MDB said.

China Railway Group didn't immediately respond to requests for
comment, the Journal notes.

"There is the risk of them getting lower than what they announced
due to the lack of transparency," the Journal quotes Ng Weiwen, a
Singapore-based economist with ANZ, as saying. "The uncertainty of
the amount transacted will create an overhang to the Malaysia
economy, which is already facing a tough time on declining oil
prices."

That uncertainty has raised concerns about the restructuring plan,
with some opposition politicians saying the state is likely to
have to step in to finance a bailout of 1MDB. The fund in the past
year has rescheduled debt repayments, the report adds.

"It is crucial for 1MDB to secure the highest possible valuation
when stripping its assets in order to pay off its mountain of
debt," the report quotes Tony Pua, an opposition politician who is
a member of a parliamentary committee that is investigating 1MDB.
"If not, then the government will have to step in to bail out the
difference, which may well amount to billions of dollars."

The Journal adds that Rafizi Ramli, another opposition lawmaker,
said on Jan. 6 that if 1MDB "still fails to meet its restructuring
target, the government will surely have to bail out the fund with
its cash coffer."

As reported in the Troubled Company Reporter-Asia Pacific on
July 23, 2015, Reuters said Singapore Police Force has frozen two
bank accounts to help with an investigation in to Malaysia's
troubled state-owned investment fund 1Malaysia Development Bhd
(1MDB), which is being probed by authorities in Malaysia for
financial mismanagement and graft.  Reuters said the freezing of
the Singapore bank accounts follows a similar move in Malaysia
where a task force investigating 1MDB said earlier in July that it
had frozen half a dozen bank accounts following a media report
that nearly $700 million had been transferred to an account of
Malaysia's Prime Minister Najib Razak.

The Wall Street Journal reported on July 3 that investigators
looking into 1MDB had traced close to US$700 million of deposits
moving through Falcon Bank in Singapore into personal bank
accounts in Malaysia belonging to Najib, Reuters related.

The TCR-AP, citing Bloomberg News, reported on Nov. 26 that 1MDB
agreed to sell its power assets to China General Nuclear Power
Corp. for MYR9.83 billion ($2.3 billion) as the state investment
company moved one step closer to winding down operations after its
mounting debt raised investor concern.

Bloomberg related that the company faced cash-flow problems after
a planned initial public offering of Edra faced delays amid
unfavorable market conditions, President Arul Kanda said Oct. 31.
The listing plan was later canceled as the company opted for a
sale of the assets, Bloomberg noted.

Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) operates as a
government agency. The Company offers financial assistance,
analysis, and advice through investors, corporations, and
consultants to startups and growth companies. 1MDB focuses on
investments with strategic value and high multiplier effects on
the economy, particularly in energy, real estate, tourism, and
agribusiness.



===========
T A I W A N
===========


GIGAMEDIA LTD: Regains NASDAQ Minimum Bid Price Rule
----------------------------------------------------
GigaMedia Limited, an online games and computing services
provider, on Jan. 4 disclosed that on December 31, 2015, NASDAQ
notified the Company that it has regained compliance with Rule
5550(a)(2), which requires a minimum bid price of $1.00 for
continued listing on the NASDAQ Capital Market. As a
result of satisfying the minimum bid price requirement, this
matter is now closed.

                         About GigaMedia

Headquartered in Taipei, Taiwan, GigaMedia Limited --
http://www.gigamedia.com-- is a diversified provider of online
games and cloud computing services. GigaMedia's online games
business is an innovative leader in Asia with growing game
development, distribution and operation capabilities, as well as
platform services for games; focus is on mobile games and social
casino games. The company's cloud computing business is focused on
providing enterprises in Greater China with critical
communications services and IT solutions that increase
flexibility, efficiency and competitiveness.



                             *********

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 2016.  All rights reserved.  ISSN: 1520-9482.

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

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



                 *** End of Transmission ***