TCRAP_Public/160111.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

           Monday, January 11, 2016, Vol. 19, No. 6


                            Headlines


A U S T R A L I A

DICK SMITH: Senator Xenophon Calls for ASIC Inquiry
GIRO CONSTRUCTION: First Creditors' Meeting Set For Jan. 18
QUEENSLAND NICKEL: Insolvency Experts Called Into Nickel Refinery


C H I N A

CIFI HOLDINGS: Fitch Affirms 'BB-' IDR; Outlook Stable
GENERAL STEEL: To Divest Steel Manufacturing Business
GENERAL STEEL: Receives Noncompliance Notice From NYSE


H O N G  K O N G

CHINA FISHERY: Risk for Liquidation Reduced, Fitch Says
NOBLE GROUP: S&P Lowers CCR to BB+ & Remains on CreditWatch Neg.


I N D I A

AGRAWAL EDUCATION: ICRA Suspends 'C' Rating on INR12cr Loan
ALUMILITE ARCHITECTURALS: ICRA Cuts Rating on INR3.5cr Loan to B
ANANTNATH SILK: Ind-Ra Assigns 'IND BB+' Long-Term Issuer Rating
AVIRAT COTTON: CARE Reaffirms B+ Rating on INR17.98cr LT Loan
BAHRA EDUCATIONAL: ICRA Reaffirms D Rating on INR37.73cr Loan

BHARAT HOTELS: CARE Lowers Rating on INR771.07cr LT Loan to 'D'
CLASSICAL NATURAL: CARE Assigns B+ Rating to INR3.0cr LT Loan
DEEPAK PROTEINS: CARE Reaffirms B+ Rating on INR9.09cr LT Loan
DINDIGUL FARM: ICRA Assigns B+ Rating to INR14.25cr Term Loan
DINODIA EDUCATIONAL: ICRA Suspends 'D' Rating on INR10cr Loan

EMTELLE INDIA: Ind-Ra Affirms 'IND B' Long-Term Issuer Rating
FACOR POWER: CARE Reaffirms 'C' Rating on INR15cr LT Loan
FOUNTAIN IMPORTS: CARE Lowers Rating on INR10cr LT Loan to D
GCL PRIVATE: CARE Cuts Rating on INR17.71cr LT Loan to D
GLOVE INFRACON: ICRA Suspends D Rating on INR5.0cr Loan

GUINEAMOTORS PVT: CARE Reaffirms B Rating on INR15cr LT Loan
HIGH STREET: ICRA Reaffirms B- Rating on INR6.44cr Term Loan
HMT: Government Closes Three MHT Subsidiaries
JAY BUILDERS: CARE Assigns B+ Rating to INR6.40cr LT Loan
KAVERI GINNING: CARE Raises Rating on INR20.56cr Loan to B+

KEDAR COTTON: CARE Reaffirms B+ Rating on INR9.97cr LT Loan
KG FABRIKS: ICRA Lowers Rating on INR43.54cr Term Loan to D
KRIFOR INDUSTRIES: ICRA Reaffirms 'B' Rating on INR33.14cr Loan
KRUPANIDHI CONSTRUCTION: CARE Rates INR4.32cr LT Loan at B+
LALSONS PLYBOARD: CARE Reaffirms B+ Rating on INR1.0r LT Loan

M J ENGINEERINGWORKS: CARE Assigns C Rating to INR15.67cr Loan
MAA JAYCHANDI: CARE Reaffirms B Rating on INR7.59cr LT Loan
METRO AGRI-INDUSTRIES: CARE Assigns B+ Rating to INR13.84cr Loan
MILIND PULSES: ICRA Assigns 'B' Rating to INR5.0cr Cash Loan
MINAKSHI RURAL: ICRA Suspends 'D' Rating on INR5.10cr Loan

MONTANA TILES: ICRA Reaffirms 'B' Rating on INR6.0cr Loan
MURARILAL AGARWAL: CARE Assigns B+ Rating to INR10cr LT Loan
NEHA EXPORTS: CARE Assigns 'B' Rating to INR1cr LT Loan
PARAMOUNT RICE: ICRA Reaffirms B+ Rating on INR15cr LT Loan
RAJALAXMI AGROTECH: Ind-Ra Assigns IND D Long-Term Issuer Rating

RAJHANS ALLOYS: CARE Assigns B+ Rating to INR15.50cr LT Loan
REED AND PICK: CARE Assigns B+ Rating to INR1cr LT Loan
RLJ MULTIGRAIN: ICRA Reaffirms 'B' Rating on INR6.50cr Loan
SANT BABA: CARE Assigns B+ Rating to INR13.28cr LT Loan
SREE VINAYAKA: ICRA Reaffirms 'B' Rating on INR7.60cr Loan

SRI ANNAPURNA: ICRA Suspends B- Rating on INR5.50cr Bank Loan
SMS POLYMERS: CARE Assigns B+ Rating to INR57cr LT Loan
TELAWNE POWER: ICRA Assigns B+ Rating to INR6.70cr LT Loan
VENUS PIPES: CARE Assigns B+ Rating to INR7.50cr LT Loan
VIDHANI VENEERS: CARE Reaffirms B+ Rating on INR1.0cr LT Loan

VIJAI MAHALAXMI: Ind-Ra Lowers Long-Term Issuer Rating to 'IND D'
VIRAAT FASHION: CARE Revises Rating on INR4.2cr LT Loan to BB-
WORLD STEEL: ICRA Assigns B- Rating to INR5.80cr Term Loan
WRC ENGINEERING: Ind-Ra Assigns 'IND B-' Long-Term Issuer Rating


S O U T H  K O R E A

HANJIN HEAVY: Seeks Voluntary Debt Restructuring; Sees 2015 Loss


                            - - - - -


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A U S T R A L I A
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DICK SMITH: Senator Xenophon Calls for ASIC Inquiry
----------------------------------------------------
Eloise Keating at SmartCompany reports that independent Senator
Nick Xenophon said Australia's corporate watchdog and the former
private equity owners of Dick Smith have questions to answer
following the collapse of the electronics retail chain.

Sen. Xenophon is pushing for a Senate inquiry into the
circumstances that lead to Dick Smith Holdings being placed in
voluntary administration and then receivership on Jan. 5,
SmartCompany says.

According to the report, Sen. Xenophon said he has written to the
Senate Economics Reference Committee, of which he is a member,
asking for the committee to conduct an inquiry into the collapse,
which would involve calling the Australian Securities and
Investments Commission and Dick Smith's former private equity
owners Anchorage Capital to give evidence.

Anchorage Capital purchased Dick Smith from Woolworths in late
2012 for $115 million and floated the business on the Australian
Securities Exchange a year later with a valuation of
AUD520 million, SmartCompany discloses.

"This collapse highlights the need for close scrutiny of private
equity deals in this country," SmartCompany quotes Sen. Xenophon
as saying in a statement.

"Even though the private equity firm here may not have any legal
obligation to look after employees or consumers, the fact that
they made a killing on the float (or around $400 million) would
indicate they have the resources to assist employees and consumers
left in the lurch."

SmartCompany relates that Sen. Xenophon said Anchorage Capital has
a role to play in supporting Dick Smith's 3300 employees and
honouring the customer gift vouchers that receivers Ferrier
Hodgson have said are no longer valid.

The senator said ASIC must also urgently investigate the
circumstances that led to the collapse, particularly in terms of
whether the company complied with the continuous disclosure
provisions under the Corporations Act, according to SmartCompany.

"The corporate watchdog ASIC needs to explain to Australians how
this great Australian company went into receivership with
seemingly little warning," SmartCompany quotes Sen. Xenophon as
saying.  "We also need to know whether our corporate watchdog has
in fact been asleep on the front porch while Dick Smith Holdings
unraveled."

Sec. Xenophon told SmartCompany this "should not be seen as
criticism of ASIC."

"There are questions as to whether the current regulatory
framework is adequate and whether ASIC has enough teeth to act,"
he said.

Sen. Xenophon believes there should be a "natural wariness" when
it comes to private equity investment in Australia, which he
describes as a "very big issue".

While Sen. Xenophon said he will need to "get the numbers" for a
parliamentary inquiry to proceed, he said if it does proceed, the
inquiry would consider all parties affected by the collapse of
Dick Smith, including any SMEs that have supplied goods and
services to the company.

"There are a lot of people caught up," the report quotes Sen.
Xenophon as saying.  "It's like a case of pass the parcel . . .
it's almost though companies keep passing the parcel but
inevitably the music will stop. And those left holding the toxic
parcel are the employees and shareholders and ultimately the
consumers."

But Sen. Xenophon called on shoppers to continue supporting the
the Dick Smith brand and its employees during the receivership
process, saying they can be assured that the receivers will be
able to supply products and honour warranties, SmartCompany
relays.

Tasmanian MP Andrew Nikolic has also spoken out about the collapse
of Dick Smith and asked any Dick Smith employees in the state who
are concerned about their entitlements to contact his office,
SmartCompany reports citing the Mercury.

Australia's consumer watchdog, the Australian Competition and
Consumer Commission, has confirmed to SmartCompany it is
monitoring how the situation affects consumers.

A spokesperson for the ACCC told SmartCompany on Jan. 5 it is
working with other state and territory fair trading agencies in
light of the receivership and "will be engaging with the receiver
to monitor the approach to consumer issues".

                         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.


GIRO CONSTRUCTION: First Creditors' Meeting Set For Jan. 18
-----------------------------------------------------------
Gavin Moss of Chifley Advisory Pty Ltd was appointed as
administrator of Giro Construction Group Pty. Ltd., trading as
Giro Construction (NSW), on Jan. 6, 2016.

A first meeting of the creditors of the Company will be held at
the boardroom of Servcorp, Level 57, MLC Centre, 19-29 Martin
Place, in Sydney, on Jan. 18, 2016, at 11:00 a.m.


QUEENSLAND NICKEL: Insolvency Experts Called Into Nickel Refinery
-----------------------------------------------------------------
Australian Associated Press reports that the strained relationship
between Clive Palmer and the Queensland government shows no signs
of easing as fresh tensions emerge over the mining magnate's
nickel refinery.

According to the news agency, the government has been told
insolvency experts have been called in to talk with Queensland
Nickel directors as the fate of the Yabulu refinery remains
uncertain.

AAP says Mr Palmer lashed out in a statement on Jan. 7 saying the
government's recent refusal to assist Queensland Nickel by
guaranteeing a AUD35 million loan was making it "near impossible"
to compete in the international marketplace.

The report relates that Employment Minister Grace Grace said the
government had been advised QN was liaising with insolvency
experts, "that they are looking at all available options, and that
the company intends to work to trade through this period.

"Any decision to close the business rests entirely with the
company's owner, but the Palaszczuk government stands ready to
deploy our rapid response team to help affected workers if this
unfortunately happens," the report quotes Ms. Grace as saying.

The team would help workers secure their entitlements and provide
other services, including financial advice, and job searching,
adds AAP.

Queensland Nickel operates the Palmer Nickel and Cobalt Refinery
in Queensland, Australia.



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C H I N A
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CIFI HOLDINGS: Fitch Affirms 'BB-' IDR; Outlook Stable
------------------------------------------------------
Fitch Ratings has affirmed China-based property developer CIFI
Holdings (Group) Co. Ltd.'s Long-Term Foreign-Currency Issuer
Default Rating and its senior unsecured ratings at 'BB-'.  The
Outlook on the IDR is Stable.

The ratings affirmation is supported mainly by the Chinese
homebuilder's healthy contracted sales and EBITDA margin.  Its
increased participation in JV projects would not put significant
pressure on cash flow, and the land bank expansion in 2015 has
raised leverage but remained below our negative guideline.

KEY RATING DRIVERS

Manageable JV Impact on Cash Flow: Fitch expects CIFI's
substantial increase in JV projects in 2015 to have just a
manageable impact on operating cash flow, although it may delay
the contracted sales cash flow back to the holding company by a
few months.  CIFI largely adopted the JV strategy in 2015 to
reduce the burden on land premium and gain land bank in Tier 1 and
Tier 2 cities, and over 70% of the land acquired was via the JV
model. CIFI actively manages JV cash flow; and will extract the
excess cash from the JV to the holding group company when the JV
projects break even and achieve a surplus.  This process may delay
the cash return for two to three months, but would not tie up much
cash over the longer term.

Landbank Expansion Raising Leverage: CIFI's land bank expansion in
2015 has raised leverage (measured by net debt/adjusted Inventory)
from 34% in 2014 to 44% in 1H15, and Fitch expects leverage to
remain above 40% by end-2015.  Fitch sees lower leverage in 2016
in light of the quality of land acquired and that CIFI is
considering a slowdown in land acquisition, and we believe the
2015 expansion will not constrain CIFI's rating in the long term.
The company acquired gross floor area (GFA) of 1.8 million square
metres on an attributable basis in January-November 2015, with
total attributable land premium of CNY11 bil.  Almost all the land
acquired was in Tier 1 and 2 cities, which explains CIFI's use of
the JV structure in these projects - given the higher capital
outlay needed.

Higher Cash Requirement Boosts Debt: CIFI's total debt increased
by 70%, and was around CNY23.5 bil. by end-2015.  This is due
partly to the high land premium in 2015, and partly because CIFI
maintained a higher cash level in the holding group company - from
CNY7 bil. in 2014 to over CNY11bn by end-2015.  Fitch thinks the
increase in the holding company's total cash is essential for
CIFI's current JV business model, and expects this to be sustained
in order to enhance liquidity.  Fitch do not expect total debt to
rise significantly in 2016 if the company reduces its pace of land
acquisition.

The attributable contracted sales/total debt ratio has dropped
from over 1x in 2014 to 0.8x by year-end 2015 due to the rise in
debt.  Fitch believes this ratio will recover from 2016 but remain
below 1.0x.  Fitch thinks CIFI's liquidity would not be
constrained in the next 12 months, as almost all new debt is long
term.

Healthy Contracted Sales and EBITDA: Total contracted sales in
January-November 2015 reached CNY25.3 bil., representing 33% yoy
growth, and attributable contracted sales consist of about 70% of
total sales.  The growth in attributable contracted sales is
slower than the land bank expansion in 2015, and dragged down the
turnover ratio (measured by attributable contracted sales/net
inventory) to below 1.0x, although Fitch expects this ratio to
recover in 2016 if land purchases were to slow down.  CIFI's
EBITDA margin has remained healthy at 28%; we expect the full-year
2015 margin to be around 30% and to remain above 25% in 2016.

KEY ASSUMPTIONS

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

   -- No aggressive land acquisition in 2016 and 2017.  All
      future land acquisitions are assumed to be 100%-owned by
      CIFI in forecasts

   -- Average land costs to rise in the cost of goods and
      services (COGS) due to limited land supply and fierce
      competition for land in target cities

   -- The company will diversify its land acquisition focus from
      Tier 1 to Tier 2 cities starting from 2016

   -- Contracted sales growth in the mid-teens on an attributable
      basis in 2016 and 2017

   -- Adjusted EBITDA margin to remain around 25% in 2016 and
      2017.

RATING SENSITIVITIES

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

   -- Attributable contracted sales/total debt sustained below
      0.8x

   -- Major decrease in attributable contracted sales scale from
      2015, or the ratio of attributable contracted sales/net
      inventory falling below 1x on a sustained basis

   -- EBITDA margin declining to 15% or lower

   -- Net debt/adjusted net inventory rising towards 45% on a
      sustained basis.

Positive: Developments that may, individually or collectively,
lead to positive rating action include:

   -- Annual contracted sales rising above CNY30 bil. on an
      attributable basis, with a healthy financial profile and
      current product mix

   -- Maintaining high cash flow turnover despite the JV business
      model, and attributable contracted sales to total debt
      sustained at over 1.2x

   -- EBITDA margin over 20% on a sustained basis

   -- Leverage measured by net debt/adjusted inventory sustained
      below 35%.

FULL LIST OF RATING ACTIONS

  Long-Term Foreign-Currency IDR affirmed at 'BB-';
  Outlook Stable
  Senior unsecured ratings affirmed at 'BB-'
  USD500 mil. 12.25% senior unsecured notes due 2018 affirmed at
    'BB-'
  USD400 mil. 8.875% senior unsecured notes due 2019 affirmed at
    'BB-'
  USD400 mil. 7.75% senior unsecured notes due 2020 affirmed at
   'BB-


GENERAL STEEL: To Divest Steel Manufacturing Business
-----------------------------------------------------
General Steel Holdings, Inc., has signed a series of restructuring
agreements on Dec. 30, 2015, to effect the sale of its steel
manufacturing business.

Due to persistently depressed market trends for the steel business
in China, the Company's steel manufacturing business had
repeatedly suffered heavy net losses in recent years, and as the
depressed market is expected to prolong in 2016 it is estimated
that the steel manufacturing business will continue to further
deplete the Company's working capital.  The Company and its Board,
as previously announced, had thoroughly evaluated strategic
alternatives and been exploring optimal solutions for the
divesture of its steel manufacturing business.

On Dec. 30, 2015, the Board approved the Company's entering into
an agreement to sell its wholly-owned General Steel (China) Co.,
Ltd. and its entire equity interest in Shaanxi Longmen Iron and
Steel Co., Ltd. for $1 million to an affiliate of Victory Energy
Resource Limited, a HK registered company indirectly-owned by
Henry Yu, the Company's Chairman.  Comparatively, the net equity
of the assets and liabilities included in the transaction was
negatively valued by a third party.

Through the transaction, the Company expects to receive a net
working capital injection of $1 million, and realize a reversal of
equity deficiency of approximately $1.6 billion, benefiting from a
large reduction in total liabilities.  The transaction will also
save the Company from incurring future losses and obligations from
steel manufacturing.

After the sale, the Company plans to focus on accelerating its
cleantech business via its 84.5% equity ownership in Catalon
Chemical Corp. ("Catalon"), which develops and manufactures De-NOx
honeycomb catalysts and industrial ceramics.  The Company will
also own 32% of Tianwu Tongyong (Tianjin) International Trading
Co., Ltd, which mainly sources overseas iron ore for steel mills,
and 99% of Maoming Hengda Iron and Steel Co., Ltd, which holds
valuable land assets worth an estimated RMB 250 million.

"The timely divesture of the steel manufacturing business is
necessary for General Steel in order to preserve liquid assets
that will enable the Company to survive and to focus on the
promising cleantech business," commented Ms. Yunshan Li, chief
executive officer of General Steel.  "We are thankful to Chairman
Yu with his generous offer to acquire our steel manufacturing
business which will alleviate the Company from incurring further
losses that would potentially consume all of our remaining working
capital.

Following the transaction, we expect our balance sheet will be
much stronger due to a lower debt burden and higher equity.  We
also expect to be able to liquidate the land assets in Maoming
that could potentially provide as much as $30-40 million cash
gain."

"As we concentrate our efforts on where we can have the greatest
growth and return on investments, we are fully committed to
accelerating our cleantech business.  With the air pollution
getting worse throughout China, the government in December
launched a new policy to curb emissions from coal in its next
five-year plan.  The new policy will offer additional subsidies
for power plants that can meet ultra-low emission requirements,
including minimum oxygen content and concentration level of smoke
dust, sulfur dioxide, and NOx emission.  We anticipate our De-NOx
honeycomb catalysts business will contribute to our growth and
profitability in 2016," Ms. Li concluded.

                    About General Steel Holdings

General Steel Holdings, Inc., headquartered in Beijing, China,
produces a variety of steel products including rebar, high-speed
wire and spiral-weld pipe.  General Steel --
http://www.gshi-steel.com/-- has operations in China's Shaanxi
and Guangdong provinces, Inner Mongolia Autonomous Region and
Tianjin municipality with seven million metric tons of crude steel
production capacity under management.

General Steel reported a net loss of $78.3 million on $1.9 billion
of sales for the year ended Dec. 31, 2014, compared with a net
loss of $42.6 million on $2 billion of sales for the year ended
Dec. 31, 2013.

As of March 31, 2015, the Company had $2.5 billion in total
assets, $3.14 billion in total liabilities and a $637 million
total deficiency.

Friedman LLP, in New York, issued a "going concern" qualification
on the consolidated financial statements for the year ended
Dec. 31, 2014, citing that the Company has an accumulated deficit,
has incurred a gross loss from operations, and has a working
capital deficiency at Dec. 31, 2014.  These conditions raise
substantial doubt about the Company's ability to continue as a
going concern.


GENERAL STEEL: Receives Noncompliance Notice From NYSE
------------------------------------------------------
General Steel Holdings, Inc., announced that the New York Stock
Exchange, Inc. has notified the Company that it has fallen below
the NYSE's continued listing standard set forth in Section 802.01C
of the Listed Company Manual that requires a minimum average
closing price of $1.00 per share of the Company's common stock
over a consecutive 30-trading-day period.

In a notification letter dated Jan. 4, 2016, the NYSE notified the
Company that as of Dec. 30, 2015, the average closing price of the
Company over a consecutive 30-day trading period of $0.97.  Under
the NYSE regulations, the Company has a cure period of six months
from receipt of the NYSE's notice to achieve compliance with the
continued listing standard of Section 802.01C.  The Company can
regain compliance at any time during the six-month cure period if
on the last trading day of any calendar month during the cure
period, the Company has a closing share price and an average
closing share price of at least $1.00 over the 30 trading-day
period ending on the last trading day of that month.

The Company will provide the NYSE with the required response
within 10 business days of its receipt of the NYSE Notice, stating
its intent to cure this deficiency.  Subject to compliance with
the NYSE's other continued listing standards and ongoing
oversight, the Company's common stock will continue to be listed
and traded on the NYSE during the six-month cure period, under the
symbol "GSI", but will continue to be assigned a ".BC" indicator.
The Company's business operations and United States Securities and
Exchange Commission reporting requirements are not affected by the
receipt of the NYSE's notice.  The Company intends to actively
monitor the closing price of its common stock during the cure
period and will evaluate all available options to resolve this
non-compliance and regain compliance with the pricing standard.

                    About General Steel Holdings

General Steel Holdings, Inc., headquartered in Beijing, China,
produces a variety of steel products including rebar, high-speed
wire and spiral-weld pipe.  General Steel --
http://www.gshi-steel.com/-- has operations in China's Shaanxi
and Guangdong provinces, Inner Mongolia Autonomous Region and
Tianjin municipality with seven million metric tons of crude steel
production capacity under management.

General Steel reported a net loss of $78.3 million on $1.9 billion
of sales for the year ended Dec. 31, 2014, compared with a net
loss of $42.6 million on $2 billion of sales for the year ended
Dec. 31, 2013.

As of March 31, 2015, the Company had $2.5 billion in total
assets, $3.14 billion in total liabilities and a $637 million
total deficiency.

Friedman LLP, in New York, issued a "going concern" qualification
on the consolidated financial statements for the year ended
Dec. 31, 2014, citing that the Company has an accumulated deficit,
has incurred a gross loss from operations, and has a working
capital deficiency at Dec. 31, 2014.  These conditions raise
substantial doubt about the Company's ability to continue as a
going concern.



================
H O N G  K O N G
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CHINA FISHERY: Risk for Liquidation Reduced, Fitch Says
-------------------------------------------------------
Fitch Ratings says that the risk of China Fishery Group Limited
(China Fishery, Issuer Default Rating: C) being liquidated has
been reduced after the High Court of Hong Kong's order to remove
its provisional liquidators.

The court decision came after China Fishery's parent, Pacific
Andes International Holdings Limited (Pacific Andes), reached an
agreement with a majority of China Fishery's club loan lenders in
December 2015.  In return for the lenders' support to dismiss the
winding-up petition filed by HSBC, Pacific Andes has agreed to a
number of measures to restructure China Fishery.  These measures
include an independent accounting review, appointment of a chief
restructuring officer and new CFO, as well as disposal of key
assets.

There are several key events to watch in the coming few weeks: the
court hearings on Jan. 8 and Jan. 27, 2016, on the winding-up
petition by HSBC in which the petition could be dismissed, as well
as the coupon payment on January 30 for China Fishery's USD300
mil. 9.75% senior notes.

If the outcomes of these events are favorable to Pacific Andes,
Fitch will review the ratings for China Fishery and consider
positive rating action.  If the company fails to pay the coupon
after a 30-day grace period, the ratings will be downgraded to
'RD', indicating a restricted default.

In addition, Pacific Andes has also announced that it has received
non-binding memorandums of understanding from two potential buyers
for China Fishery's Peruvian business at an indicative enterprise
value of USD1.7 bil.  The Peruvian business is China Fishery's key
asset, and accounts for the vast majority of China Fishery's
revenue and EBITDA.  In the event of a sale, Fitch believes that
there will be substantial improvement in China Fishery's financial
profile, but the remaining company would have a vastly changed
business profile.  Fitch believes that the Peruvian business is
the most stable of China Fishery's different segments.

The provisional liquidators did not participate in Fitch's
analytical process.


NOBLE GROUP: S&P Lowers CCR to BB+ & Remains on CreditWatch Neg.
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term corporate
credit rating on Hong Kong-based commodities trading company Noble
Group Ltd. to 'BB+' from 'BBB-'.  At the same time, S&P lowered
the long-term issue rating on Noble's outstanding senior unsecured
notes to 'BB' from 'BBB-'.

Standard & Poor's also lowered its long-term Greater China
regional scale rating on Noble to 'cnBBB' from 'cnBBB+' and on the
company's notes to 'cnBB+' from 'cnBBB+'.  The ratings remain on
CreditWatch with negative implications.

"We downgraded Noble because the company's liquidity is below what
we expect for a strong liquidity position, despite the sale of its
agricultural unit," said Standard & Poor's credit analyst Cindy
Huang.  "In our view, the company's credit standing in the capital
markets and with lenders has weakened, reflected in its depressed
securities prices."

The rating remains on CreditWatch negative because the outlook for
Noble's capital raising could be challenged by the weak commodity
markets, in S&P's view.  The company has a good track record in
executing on its capital plans, including the recent sale of Noble
Agri Ltd.  However, the current depressed commodities markets and
heightened risk aversion by lenders could complicate the company's
fund raising plans for the next few months, in S&P's view.  In
addition, S&P believes Noble's earnings and cash flow visibility
is limited and heightened downside risks to S&P's base-line
expectation may increase as the commodities industry downturn
looks to be prolonged.

S&P projects the company's cash sources over its cash uses to be
below 1.5x over the next 12 months.  This is a deterioration from
greater than 1.5x previously, which resulted in S&P's revising its
liquidity assessment to "adequate" from "strong."  As of September
2015, Noble had about US$2 billion in undrawn committed lines and
cash balance.

Assuming the company uses the US$750 million cash proceeds from
the sale of Noble Agri to repay debt, Noble's short-term debt
maturities in the next 12 months are about US$2.2 billion.  The
combination of available marketable inventory and funds from
operations (FFO) can cover working capital, maintenance capital
expenditure, and potential credit-related margin calls by more
than 1.2x but less than 1.5x, as projected by Standard & Poor's.

"Given the prospects for a prolonged slump in commodities prices,
we expect lenders to take a more cautious view toward financing
commodities businesses," Ms. Huang said.  Over the next few
months, the company has about US$360 million of bonds maturing as
well as about US$2.2 billion under a credit revolving facility due
in May 2016.

S&P lowered the rating on Noble's notes to a notch below the
corporate credit rating on the company because S&P believes
subordination risk has risen due to increased secured funding.
Noble's priority claims are about 37% of total consolidated assets
as of September 2015 based on our calculations.  This is above
Standard & Poor's structural subordination threshold of 15% for
speculative-grade companies.  In S&P's view, the company's
substantial downstream loans to subsidiaries could somewhat limit
the subordination risk and therefore S&P did not lower the issue
rating two notches below the corporate credit rating.

The CreditWatch negative status reflects S&P's view that the
outlook for the company's capital raising is uncertain due to the
tough commodity markets and lenders' increased risk aversion.

S&P could lower the rating if Noble's liquidity position
deteriorates.  This could happen if the company has not secured a
firm refinancing or debt repayment plan within the CreditWatch
period or cash flow generation or working capital management are
weaker than S&P expects.

S&P could also lower the rating if the company's earnings and
profitability shows no sign of improvement despite resource
allocation and cost-cutting measures.  This could occur on a
decline in the company's return on capital to below 9% or to
weaker than its industry peers'.

S&P could affirm the rating if (1) Noble's liquidity position
stabilizes such that refinancing plans are highly visible and
certain and fund-raising plans materialize; (2) its profitability
stabilizes and is consistent with or above that of its industry
peers; and (3) FFO to debt is materially above 25% on a sustained
basis.



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


AGRAWAL EDUCATION: ICRA Suspends 'C' Rating on INR12cr Loan
-----------------------------------------------------------
ICRA has suspended the [ICRA]C rating assigned to the INR12.00
crore long term fund based term loan facilities of Agrawal
Education Mandal. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.

Formed in 1996 and registered in 2006, Agrawal Education Mandal is
a public trust which operates in the union territory of Daman. The
trust conducted a medical laboratory technology course from 2002
to 2006. In 2007, it forayed into dental education through the
establishment of Vaidik Dental College in Daman which offers a
five year [i.e. four year academic course and one year internship]
Bachelor in Dental Surgery degree course (B.D.S) as per Dental
Council of India guidelines.


ALUMILITE ARCHITECTURALS: ICRA Cuts Rating on INR3.5cr Loan to B
----------------------------------------------------------------
ICRA has revised the long term rating assigned to the INR3.50
crore cash credit fund based facility of Alumilite Architecturals
Pvt. Ltd. to [ICRA]B from [ICRA]B+. ICRA has reaffirmed the short
term rating of [ICRA]A4 to the INR3.50 crore non fund based
limits.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long Term Fund        3.50       [ICRA]B+ to [ICRA]B; revised
   Based Cash Credit
   Facility

   Short Term Non        2.50       [ICRA]A4; reaffirmed
   Fund Based Bank
   Guarantee(BG)

   Short Term Non        1.0        [ICRA]A4; reaffirmed
   Fund Based Letter
   of Credit (LC)

The rating revision factors in the stretched liquidity position of
the company resulting from significant delays in receivables along
with considerable high inventory holding in the business leading
to high working capital limit utilization. This is primarily on
account of company's high dependence on the real estate sector
which is facing a slowdown thus exposing it to the cyclicality of
same. The ratings also factor in the company's leveraged capital
structure; however significant proportion of loans have been
funded by directors and related parties which provides some
comfort.

The ratings nevertheless, take note of the vast experience of the
promoters in equipment and hardware industry, established
relationship with a number of reputed players like Lodha, Raheja,
Oberoi Splender, Hiranandani, Essar Group, etc.

Alumilite Architecturals Private Limited (AAPL) was incorporated
in 1992 by Mr. S.K. Damani. The company is presently engaged in
design, fabrication of aluminium windows, glass cladding and
aluminium cladding for various types of constructions. The
manufacturing facility of the company is located in Bhiwandi,
Mumbai.

Recent Results
AAPL has recorded a profit after tax of INR0.68 crore on an
operating income of INR18.91 crore for the year ending 31st March
2015.


ANANTNATH SILK: Ind-Ra Assigns 'IND BB+' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Anantnath Silk
Mills Private Limited (ASMPL) a Long-Term Issuer Rating of
'IND BB+'.  The Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect ASMPL's moderate credit profile, tight
liquidity and volatile profitability.  In FY15, revenue was
INR1,013 mil. (FY14: INR840 mil.), net leverage was 2.7x (3.6x)
and EBITDA interest cover was 2.8x (2.6x).  EBITDA margins
fluctuated between 5.8% and 8.9% over FY12-FY15.  The company's
revenue was INR720 mil. in 8MFY16.  The revenue is unlikely to
increase substantially in FY16 while increased business from
existing customers could support moderate growth.  The company has
no near-term capex plans.

ASMPL's liquidity is tight with the fund-based facilities being
utilized at an average of 95% during the 12 months ended November
2015.

The ratings are supported by the promoters' over three decades of
experience in the suiting fabric manufacturing business.

RATING SENSITIVITIES

Positive: Substantial growth in the top line while maintaining the
profitability leading to a sustained improvement in the credit
metrics will be positive for the ratings.

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

COMPANY PROFILE

Incorporated in 1982, ASMPL manufactures suiting fabric.  It is
equipped with in-house fabric weaving facilities and manufactures
6.5 million meters of fabric per annum.  ASMPL operates with a
capacity of 94 looms.

ASMPL's ratings:

   -- Long-Term Issuer Rating: assigned 'IND BB+', Outlook Stable
   -- INR39 mil. long-term loans: assigned 'IND BB+'/Stable
   -- INR191.5 mil. fund-based facilities: assigned
      'IND BB+'/Stable/'IND A4+'


AVIRAT COTTON: CARE Reaffirms B+ Rating on INR17.98cr LT Loan
-------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Avirat Cotton Industries Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     17.98      CARE B+ Re-affirmed

Rating Rationale

The rating assigned to the bank facilities of Avirat Cotton
Industries Private Limited (ACIPL) continues to remain
constrained on account of the weak financial profile marked by
thin profit margins, moderately leveraged capital structure and
weak debt coverage indicators. The rating also continues to remain
constrained owing to the susceptibility of operating margins to
cotton price fluctuation, regulatory changes governing cotton
industry and its presence in lowest segment of textile value chain
and highly fragmented cotton ginning industry.

The rating, however, continues to derive strength from the
promoters' experience of more than a decade in cotton ginning
business and its proximity to cotton-producing area of Gujarat.
The rating further takes into cognizance its modest increase in
cash accruals and moderate improvement in debt coverage indicators
during FY15 (refers to the period April 1 to
March 31).

ACIPL's ability to manage volatility associated with cotton prices
& improvement in its overall financial risk profile by improving
its profitability, capital structure and debt coverage indicators
via efficient working capital management are the key rating
sensitivities.

Rajkot-based ACIPL was formed in 2005 as a partnership firm under
the name M/s. Avirat Cotton Industries and subsequently converted
into a private limited company in 2010. ACIPL is involved in
cotton ginning & pressing, cotton seed crushing and trading in
agro commodities. ACIPL operates from its sole manufacturing unit
located at Gondal with an installed processing capacity to
manufacture 8,250 metric tonnes per annum (MTPA) of cotton bales,
1,460 MTPA of oil extraction and 10,950 MTPA of de-oiled cake.

During FY15, ACIPL reported a total operating income (TOI) of
INR80.75 crore with a PAT of INR0.01 crore as against TOI of
INR85.04 crore with a PAT of INR0.06 crore during FY14.
Furthermore, during 8MFY16 (Provisional), ACIPL achieved a TOI
of INR19.99 crore.


BAHRA EDUCATIONAL: ICRA Reaffirms D Rating on INR37.73cr Loan
-------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]D for the
INR39.23 crore fund-based bank facilities (reduced from INR44.40
crore earlier) and INR5.77 crore proposed bank facilities
(increased from INR0.60 crore earlier) of Bahra Educational and
Charitable Society (BECS). The rating suspension done in November
2015 stands revoked.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund based bank       1.50        [ICRA]D reaffirmed;
   facilities: CC/OD                 suspension revoked

   Fund based bank      37.73        [ICRA]D reaffirmed;
   facilities:                       suspension revoked
   Term Loan

   Proposed bank         5.77        [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 servicing of
debt obligations by the society on account of its stretched
liquidity position resulting from its modest cash accruals vis-a-
vis scheduled debt repayment obligations. Given its weak accruals,
the society has been largely dependent on advances from other
group entities to meet its funding requirements.

Overall, 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.
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, improvement in the accruals which would be driven
by improvement in the occupancy levels, scale of capital
expenditure incurred and adequacy & timeliness of funding of the
same and improvement in the liquidity position of the group, given
the significant financial inter-linkages between the various group
entities shall be the key rating sensitivities going forward.

Bahra Educational and Charitable Society (BECS) was formed in 2009
and has set up a state private university in Shimla named Bahra
University. Bahra University has six constituent colleges which
offer courses in engineering, management, hospitality,
pharmaceutical sciences, law and applied sciences

streams. For the academic year (AY) 2015-16, the University had a
sanctioned intake capacity of 1140 across courses.

Recent results
BECS reported a net surplus of INR1.4 crore on revenue receipts of
INR21.7 crore in FY15 as against a net surplus of INR1.3 crore on
revenue receipts of INR21.6 crore in FY14.


BHARAT HOTELS: CARE Lowers Rating on INR771.07cr LT Loan to 'D'
---------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of Bharat
Hotels Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    771.07      CARE D Revised from
                                            CARE BBB-

   Long-term Bank Facilities    143.31      CARE D Revised from
                                            CARE BBB-

   Short-term Bank Facilities    30.00      CARE D Revised from
   (Non-fund-based)                         CARE A3

   Short-term Bank Facilities    25.00      CARE D Revised from
   (Fund-based)                             CARE A3

Rating Rationale

The revision in the ratings assigned to the bank facilities of
Bharat Hotels Ltd (BHL) takes into consideration the on-going
delays in debt servicing on account of liquidity mismatches.

BHL, incorporated in 1981, was founded by Late Mr Lalit Suri and
his family members. Presently, the operations are being managed by
Dr Jyotsna Suri (wife of Late Mr Lalit Suri). BHL is operating
eleven 5-star hotels at Delhi, Mumbai, Bangalore, Udaipur, Goa,
Khajurao, Jaipur, Kolkata, Chandigarh, Srinagar and Bekal
(Kerala), of these, properties at Kolkata and Chandigarh has
commenced commercial operations in Q4FY14. The total room
inventory as on March 31, 2014, stood at 2,066 rooms. The hotels
are run under the brand 'The Lalit' and the operations are managed
by the company itself.

For FY15 (refers to the period April 01 to March 31), BHL on
consolidated financials registered a total income of INR517
crore with a loss at PAT level of INR57 crore against total income
of INR435 crore with a loss at PAT level of INR15 crore in
FY14.


CLASSICAL NATURAL: CARE Assigns B+ Rating to INR3.0cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Classical Natural Stones.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     3.00       CARE B+ Assigned
   Short-term Bank Facilities    5.90       CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Classical Natural
Stone (CNS) are primarily constrained on account of its nascent
stage of operations in the natural stone processing industry,
moderate solvency position owing to recently completed greenfield
project and its constitution as a partnership concern. The ratings
are, further, constrained on account of its linkage to the
cyclical real estate sector and vulnerability of margins to
fluctuation in raw material prices and foreign exchange rate with
easy availability of substitute products.

The ratings, however, favourably take into account wide experience
of the partners in the natural stone industry and strategic
location of manufacturing units with close proximity to raw
material sources.

The ability of CNS to stabilize its operations with achievement of
envisaged level of Total Operating Income (TOI) and profitability
are the key rating sensitivities.

Jaipur-based (Rajasthan) CNS was formed in October 2014 as a
partnership concern by Mr Hari Shankar Kanchhal along with his
family members with an objective to establish a greenfield unit
for processing and export of natural stones based products (like
granite, marble, veneer tiles, decorative stones). CNS has
completed its project and started commercial production from July
2015. The firm incurred total cost of INR7.32 crore towards the
project funded through debt equity ratio of 1:1.09. The unit of
the firm has well equipped in-house processing facility to deliver
optimum variety of products and finishing according to customer
specifications. The products of the firm find applications in real
estate as well as various allied activities. It exports its
product mainly to UK and Norway.


DEEPAK PROTEINS: CARE Reaffirms B+ Rating on INR9.09cr LT Loan
--------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Deepak Proteins Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      9.09      CARE B+ Re-affirmed

Rating Rationale

The rating assigned to the bank facilities of Deepak Proteins
Private Limited (DPPL) continues to remain constrained on account
of its modest scale of operations in highly fragmented and working
capital intensive cotton seed oil industry and weak financial risk
profile marked by thin profitability, leveraged capital structure,
moderate liquidity and weak debt coverage indicators. The rating,
further, continue to remain constrained on account of
vulnerability of profit margins to fluctuation in raw material
prices. The rating also factors improvement in capital structure
and liquidity position during FY15 (refers to the period April 1
to March 31).

The rating continues to derive benefits from the long track record
of the promoters in the cotton seed oil industry and proximity to
raw material source.

DPPL's ability to increase its scale of operations along with the
improvement in profitability amidst high competition and
improvement in capital structure, debt coverage indicators coupled
with better working capital management are the key rating
sensitivities.

DPPL was incorporated by Mr Satishchandra Thakkar and Mr
Gunvantlal Thakkar along with other family members in 2008. The
company is engaged in the manufacturing of cotton seed wash oil
and de-oiled cake (DOC). DPPL's plant is located at Harij,
Gujarat, which has an installed capacity of 22,000 metric tonnes
per annum (MTPA) as on March 31, 2015, and 18 expellers at its
crushing facility. DPPL's operations are concentrated in North
Gujarat. DPPL market its products under the brand name 'SATISH'.

The promoters also run two entities in the name of P.V. Agro and
Kalptaru Finstock. P.V. Agro is engaged in trading of various agro
commodities like castor seeds, guar seeds, cumin seed, cotton DOC
and guar dal while Kalptaru Finstock is engaged in commodities
trading and investments in shares.

During FY15, DPPL reported a PAT of INR0.01 crore [FY14: INR0.05
crore] on a total operating income (TOI) of INR38.21 crore [FY14:
INR39.82 crore]. Furthermore, during 8MFY16 (Provisional), DPPL
achieved a TOI of INR20.83 crore.


DINDIGUL FARM: ICRA Assigns B+ Rating to INR14.25cr Term Loan
-------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to the INR14.25
crore term loan facilities and INR1.30 crore fund based facilities
of Dindigul Farm Product Private Limited. ICRA has also assigned
long/short term rating of [ICRA]B+/[ICRA]A4 to the INR4.45 crore
unallocated facilities.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   LT-Term loan
   facilities            14.25       [ICRA]B+/Assigned

   LT-Fund based
   facilities             1.30       [ICRA]B+/Assigned

   LT/ST-Unallocated
   facilities             4.45       [ICRA]B+/[ICRA]A4 Assigned

The rating factors in the significant experience of the promoters
in the dairy industry over two decades and the favourable long
term demand outlook for the dairy products and the operational
support from the group company. The rating also factors in the
planned product mix of the Company comprising of high margin milk
derivates which is expected to aid in generation of healthy
profits going forward. However, the ratings are constrained by the
stressed financial position given the nascent stage of operations.
The rating is also constrained by the exposure of profitability to
the risk of adverse changes in weather conditions and cattle
diseases which could result in supply constraints and thereby lead
to fluctuations in milk prices, which the Company may not be able
to fully pass on to its customers. Going forward, the Company's
ability to scale up its operations at the earliest with the
commencement of production of casein and other derivatives,
achieve higher margins and generate strong cash flows will be the
key rating sensitivity.

Dindigul Farm Product Pvt Ltd. was established in 2011 by Mr. R.
Rajasekaran and started the production of Skimmed Milk Powder,
Milk Protein Concentrates, Special Protein Powder, Whey Powder,
Whey Protein Concentrates, Lactose and Casein from Skimmed Milk in
2015.

The procurement of milk is from RAAJ Group's Main Unit, A.R Dairy
Food Private Limited at Dindigul, 50km away from DFPPL and has a
well-established network of 14 chilling centers with procurement
being made from almost 18 different districts in Tamil Nadu.

Recent Results
The Company reported a net loss of INR3.8 crore on an operating
income of INR22.3 crore during 2014-15.


DINODIA EDUCATIONAL: ICRA Suspends 'D' Rating on INR10cr Loan
-------------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]D assigned to the
INR10.0 crore term loan of Dinodia Educational Society. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
Company.


EMTELLE INDIA: Ind-Ra Affirms 'IND B' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Emtelle India
Limited's (EIL; formerly Parixit Industries Limited) Long-Term
Issuer Rating at 'IND B'.  The Outlook is Stable.

KEY RATING DRIVERS

The affirmation reflects EIL's continued weak credit metrics.  EIL
switched its accounting period to January-December from June-July
and hence 2014 was a six months period ended December 2014.
According to the audited annual reports for CY14, revenue was
INR541 mil. (FY14: INR1,156 mil. (July-June), financial leverage
(Ind-Ra adjusted debt/operating EBITDAR) was 82.4x (negative 1.2x)
and interest coverage (operating EBITDA/gross interest expense)
was 0.1x (negative 5.2x).  Operating margins improved to 0.9% in
2014 after a sharp decline to negative 28.1% in FY14 due to the
write-offs of slow-moving inventory and bad and doubtful debts
following EIL's 100% acquisition by Emtelle Holdings BV (Emtelle).

The ratings factor in the moderate liquidity position of EIL as
reflected in its average use of 95.5% of the fund-based limits for
the 12 months ended November 2015.

The ratings continue to be supported by the strong financial
support by Emtelle, demonstrated by an equity infusion of
INR486.9 mil. over FY11-FY14.

RATING SENSITIVITIES

Positive: A sustained recovery in the operating profitability and
margins will lead to a positive rating action.

Negative: Inability to sustain EBITDA margins leading to
deterioration in the credit profile may result in a negative
rating action.

COMPANY PROFILE

Incorporated in 1989, Ahmedabad-based EIL is engaged in the
manufacturing and turnkey supply of MIS and a range of
polyethylene pipes.  In 2010, Netherland-based Emtelle holdings BV
acquired 70% equity in EIL.  Since November 2013, EIL is a 100%
subsidiary of Emtelle.  Total debt outstanding on March 31, 2015,
was INR486.0 mil., comprising long-term loans of INR103.85 mil.
and working capital debt of INR382.14 mil.

PRL's ratings:

   -- Long-Term Issuer Rating: affirmed at 'IND B'/Stable
   -- INR87 mil. long-term loans (reduced from INR112.5 mil.):
      affirmed at Long-term 'IND B'/Stable
   -- INR400 mil. cash credit limits: affirmed at Long-term
      'IND B'/Stable
   -- INR220 mil. non-fund-based limits: affirmed at Short-term
      'IND A4'


FACOR POWER: CARE Reaffirms 'C' Rating on INR15cr LT Loan
---------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Facor Power Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term bank facilities      15        CARE C Reaffirmed

   Long/short term bank
   facilities                     15        CARE D/CARE D
                                            Reaffirmed

Rating Rationale

The reaffirmation of the rating ((ii) above) of FPL takes into
account instances of delays in servicing the debt obligations
by the company.

The reaffirmation in the ratings ((i) above) continued to remain
constrained by weak financial risk profile of the FPL marked by
continuous losses at the net level and its weak capital structure
as well as debt coverage indicators. Further, the ratings are also
constrained by FPL's limited power off take arrangement and its
exposure towards volatility of coal prices.

The ratings, however, continue to derive strength from the
experienced promoter group with demonstrated financial support
over the years, presence of Coal Supply Agreement with MCL for the
supply of coal for phase I and successful completion of project
with erection of third boiler.

Going forward, the company's ability to improve its debt servicing
track record while improving its capital structure and debt
coverage indicator coupled with achievement of envisaged Plant
Load Factor (PLF) shall remain the key rating sensitivities.

FPL, promoted by Ferro Alloys Corporation Ltd (FACOR) was
incorporated on August 24, 2005. FPL has implemented a coal-based
thermal power plant of 100-MW capacity at village Randia, District
Bhadrak, Orissa. The project was divided into two phases with
phase I of 45 MW and phase II of 55 MW. The company has
successfully achieved commercial operations of project (both
phases) in March 2015. Initially, the project cost was envisaged
at INR568.11 crore funded by debt and equity of INR397.68 crore
and INR170.43 crore, respectively, and project was expected to be
completed by September 2012. The project has seen few time and
cost overruns which led to delay in execution and revision of
project cost. The project cost was first revised to INR674.14
crore and finally to INR747.55 crore with revision in Commercial
Operation Date (COD) from January 2014 to March 2015. The project
cost of INR747.55 crore is funded through a term debt of INR517.90
crore sanctioned from Rural Electrification Corporation (REC) and
the remaining INR229.65 crore through promoter contribution. For
the power off-take arrangement, the company has signed a long-term
Power Purchase Agreement (PPA) with the group companies, viz,
FACOR (35 MW) and Facor Alloys Ltd (30 MW). Also the company has
signed a long term PPA with Balasore Alloys Limited (35 MW), ferro
alloys producer in Orissa under group captive scheme.


FOUNTAIN IMPORTS: CARE Lowers Rating on INR10cr LT Loan to D
------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Fountain Imports Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       10       CARE D Revised from
                                            CARE BB-

   Short-term Bank Facilities       5       CARE D Revised from
                                            CARE A4

Rating Rationale

The revision in the rating of Fountain Imports Private Limited
(FIPL) is on account of overdrawing in cash credit account and
delay in servicing of interest due to weak liquidity position
mainly on account of delay in receiving payments from debtors.

Establishing a clear track record of timely servicing of debt
obligations is the key rating sensitivity.

Incorporated in November 2011, FIPL by Mr Bhawanji Jeram Mewawala.
FIPL is engaged in trading of dry fruits and agricultural products
(viz, coco, sugar and others). The company has commenced
operations from October 2012.

Furthermore, during FY15 (refers to the period April 1 to
March 31), FIPL procured entire trading material from domestic
market and sold it to dealers and traders in the domestic market.
FIPL is part of the Fountain group which was established in 1922
by late Mr Bhawanji Jeram Mewawala after whom Mr Narendra Mewawala
looked after the entire business. The group is engaged into dry
fruit trading business comprising FIPL and other group company,
namely, Fountain Dry Fruit Stores Limited.

During FY15 (refers to the period April 1 to March 31), FIPL
reported total operating income of INR50.47 crore (vis-…-vis
Rs.47.70 crore in FY14) and PAT of INR0.62 crore (vis-…-vis
INR0.55 crore in FY14). Furthermore, till H1FY16, the firm has
reported total income of INR40 crore.


GCL PRIVATE: CARE Cuts Rating on INR17.71cr LT Loan to D
--------------------------------------------------------
CARE revises ratings assigned to the bank facilities of GCL
Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    17.71       CARE D Revised from
                                            CARE B

   Short-term Bank Facilities    4.00       CARE D Revised from
                                            CARE A4

Rating Rationale

The revision in the rating of GCL Pvt. Ltd. (GPL) is on account of
the ongoing delays in servicing debt by the company owing to
stressed liquidity.

GCL Private Limited (GPL) formerly known as Girish Circular Looms
Private Limited (GCLPL) was established by Mr. Harish Kamath, Mr.
Girish Kamath andMrs. Sangeeta Kamath in June, 1985. GPL is
engaged in manufacturing of circular weaving machine, tape
extrusion line and conversion machinery with an annual installed
capacity of 1000, 50 and 100 units respectively.

More than 90% of the revenue is generated through circular weaving
machine. The company has its branches at Bangalore, Delhi,
Ahmedabad, Mumbai and Kolkata.


GLOVE INFRACON: ICRA Suspends D Rating on INR5.0cr Loan
-------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]D assigned to the
INR5.00 crore cash credit facility and INR0.20 crore unallocated
limits of Glove Infracon Private Limited (GIPL). ICRA has also
suspended the short term rating of [ICRA]D to the INR2.80 crore
non fund based facility of GIPL. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the Company.


GUINEAMOTORS PVT: CARE Reaffirms B Rating on INR15cr LT Loan
------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Guineamotors Pvt. Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      15        CARE B Reaffirmed

Rating Rationale

The rating of Guinea Motors Pvt. Ltd. (GMPL) continues to remain
constrained by its small scale of operation and weak financial
risk profile marked by low profitability margins, leveraged
capital structure, depressed debt service coverage indicators and
elongated operating cycle. The rating is also constrained by
limited bargaining power with Tata Motor Limited (TML) and
dependence on volume momentum, renewal-based dealership agreement
and increasing competition in the automobile sector.

The ratings, however, draw comfort from the long-standing
experience of the promoters in the automobile dealership business,
its long track record of operations and the advantage of being an
authorized dealer of TML in the nine districts of Bihar.

The ability of the company to further grow its scale of operations
along with improvement in profitability margins and manage its
working capital requirements efficiently shall remain the key
rating sensitivities.

GMPL was incorporated in February 2000 by Mr Arjun Kumar Gupta, Mr
R. K. Singh and Mr Anand Gupta of Patna, Bihar. The company
commenced operation from January 2001 as an authorized dealer of
Tata Motors Ltd (TML) for its passenger cars, spares & accessories
for nine districts of Bihar. Subsequently, in the year 2007, the
company also took the dealership of Fiat India Automobiles Limited
(Fiat), which was discontinued from the end of March 2013 owing to
expiration of TML's agreement with Fiat India Limited (Fiat) for
sharing of TML's automobile showrooms.

At present, GMPL offers passenger vehicles of TML through its two
showrooms (self-owned) equipped with 3-S facilities (Sales,
Service and Spare-parts) at Patna and Begusarai districts of Bihar
along with four selling outlets (one each in Begusarai, Bihar
Sharif, Samastipur and Hazipur districts of Bihar). Apart from
this, the company also purchases and sells pre-owned cars. It has
two stock-yards (rented), having a capacity to store around 150
passenger cars each.

During FY15 (refers to the period April 1 to March 31), GMPL had
reported a total operating income of INR53.62 crore (as against
INR49.38 crore in FY14) and a PAT (after def. tax) of INR0.08
crore (as against INR0.16 crore in FY14). Furthermore, in 8MFY15,
the company has achieved TOI of INR24.50 crore.


HIGH STREET: ICRA Reaffirms B- Rating on INR6.44cr Term Loan
------------------------------------------------------------
ICRA has reaffirmed its long-term rating of [ICRA]B- on the
INR10.441 crore fund-based bank facilities, INR0.55 crore non
fund-based bank facilities and INR0.51 crore unallocated limits of
High Street Fashions Private Limited.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund Based bank
   Facilities-Cash
   Credit                4.00       [ICRA]B-; Reaffirmed

   Fund Based bank
   Facilities-Term
   Loans                 6.44       [ICRA]B-; Reaffirmed

   Non Fund Based
   Bank Facilities       0.55       [ICRA]B-; Reaffirmed

   Unallocated           0.51       [ICRA]B-; Reaffirmed

ICRA's rating continues to factor in HSFPL's modest scale of
operations and its high working capital intensity owing to high
levels of inventory and receivables. ICRA has taken note of the
company's declining operating margins and the net losses incurred
by the company in FY15. The rating also continues to be
constrained by the company's high customer concentration, and its
stretched liquidity position, as reflected in the near full
utilisation of working capital limits. While reaffirming the
rating, ICRA has noted that while HSFPL has received some of the
advances it had earlier provided to its group companies, it has
extended part of the same, as loans to other companies.

Notwithstanding the above, the rating is supported by the
significant experience of the promoters in the socks manufacturing
business, and the company's relationship with large brands such as
Adidas and Reebok, which have given repeat orders to the company
in the past.

HSFPL's ability to ramp up its revenues while diversifying its
customer base and reduce its working capital requirements will be
the key rating sensitivities.

HSFPL promoted by Mr. R. K. Sethia and Mrs. Neeta Sethia in June
2000, is engaged in the manufacturing and export of socks,
leggings, wrist bands and head bands. Socks and leggings are made
using mercerized cotton, lycra, spandex and the complete
manufacturing process, which includes knitting, washing,
embroidery and packaging, is undertaken in house at its
manufacturing unit in Jaipur, Rajasthan.

Recent Results
The company reported an Operating Income (OI) of INR8.86 crore and
a net loss of INR0.50 crore for FY15, as against an OI of INR8.75
crore and a net profit of INR0.04 crore for the previous year.


HMT: Government Closes Three MHT Subsidiaries
---------------------------------------------
The Times of India reports that after months of discussion, the
government on Jan. 6 announced the closure of three unviable HMT
units -- HMT Watches, HMT Chinar Watches and HMT Bearings. But the
iconic watches would be produced from a facility housed in one of
the HMT plants, likely in Bengaluru.

TOI relates that while a press release was silent on the fate of
watch manufacturing, a high-ranking source said that, given the
interest in the watches, production will not stop completely. But
the defunct units would be shut down by offering an "attractive"
voluntary retirement scheme (VRS) to the employees linked to 2007
pay scales.

"With a cash assistance of Rs 427.48 crore, the three lossmaking
subsidiaries of HMT, namely HMT Watches, HMT Chinar Watches and
HMT Bearings, will attain closure after separation of about a
thousand employees through attractive VRSVSS and settlement of
their dues," an official statement said, the report relays.

It further said that the movable and immovable assets of the
companies would be disposed of in line with government policy,
which was being discussed, says TOI. The closure of the three
facilities would also set the precedent for similar steps in other
ailing state-run firms that were set up in the 1950s and 1960s but
are no longer profitable and cannot be revived, according to the
report.

TOI says the Cabinet had earlier approved in-principle the closure
of five PSUs, including Tungabhadra Steel and Hindustan Cables.


JAY BUILDERS: CARE Assigns B+ Rating to INR6.40cr LT Loan
---------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4+' ratings to the bank
facilities of Jay Builders.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      6.40      CARE B+ Assigned
   Short term Bank Facilities     2.05      CARE A4 Assigned


Rating Rationale

The ratings assigned to the bank facilities of Jay Builders are
constrained by project funding and execution risk, marketing
risk, cyclical nature of the real estate industry and partnership
constitution of the entity.

The ratings however derive strength from experienced partners in
the real estate industry, and favorable location of the project.

The ability of the entity to successfully complete the project in
the timely manner without any cost overrun and thereby
successfully monetize the space is the key rating sensitivity.

Established in 2002, Jay Builders (JBD) is a partnership concern
engaged in developing real estate properties in Mumbai, Panvel and
Goa regions. At present, JBD is executing a residential
redevelopment project named 'Ganaraje Co-operative Housing Society
Redevelopment' at Mulund, Mumbai with a total construction area of
50,200 sq.ft (and total saleable area of 26,500 sq.ft.). The
existing tenants have already vacated their respective premises
and have shifted to rental transitionary premises. The erstwhile
building premises have been completely demolished and the
construction work has commenced since February 2014 and is
expected to be completed by March 2016. The project involves
development of a residential building having G+17 floors and 62
flats (including 27 saleable flats and the remaining flats for
existing tenants). Furthermore, JBD has partially developed 10
floors till October 29, 2015, consisting of partial development of
34 flats for the existing tenants and 4 saleable flats.


KAVERI GINNING: CARE Raises Rating on INR20.56cr Loan to B+
-----------------------------------------------------------
CARE revises the rating to the bank facilities of Kaveri Ginning
Industries Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     20.56      CARE B+ Revised from
                                            CARE B

Rating Rationale

The revision in the rating assigned to the bank facilities of
Kaveri Ginning Industries Private Limited (KGIPL) takes into
account commencement of commercial operations of the project
within scheduled time and achievement of moderate revenue and
profit margins during three months of operations in FY15 (refers
to the period April 1 to March 31). The rating also factors in the
experience of the promoter for more than two decades in the cotton
ginning industry, location advantage and operational synergies
from established group companies.

The rating is, however, constrained by leveraged capital structure
and weak debt coverage indicators, presence in highly fragmented
industry and seasonal nature of business operations resulting in
high dependence on working capital bank borrowings.

The ability of the company to stabilize, increase its scale of
operations and profits in light of stiff competition, improve its
capital structure and effectively manage its working capital
requirements are the key rating sensitivities.

Incorporated in 2014, Nalgonda-based (Telangana) KGIPL was
promoted by Mr K. Ramesh and Mr J. Srinivas. The company has
successfully completed the project within scheduled time, without
cost overrun and started its commercial operations from January
2015. The company purchases raw material (raw cotton) from local
farmers (90%) and traders (10%) located in and around Nalgonda and
sells products like cotton bales and seeds to spinning mills
located in Tamil Nadu, Andhra Pradesh, Telangana and Bangladesh.
During 8MFY16 (Provisional), the company generated 50% of the
revenue from domestic market and balance 50% from exports
(Bangladesh).

During FY15, KGIPL reported a PAT of INR0.40 crore on a total
operating income of INR17.98 crore. Furthermore, as per the
provisional financials for 8MFY16, the company has reported sales
of around INR56 crore.


KEDAR COTTON: CARE Reaffirms B+ Rating on INR9.97cr LT Loan
-----------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Kedar Cotton Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      9.97      CARE B+ Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Kedar Cotton
Industries (KCI) continues to remain constrained on account of
declining turnover, low profit margins, leveraged capital
structure and weak debt coverage indicators during FY15 (refers
to the period April 1 to March 31) coupled with susceptibility to
volatility in the raw material prices and inherent risks
associated with the cotton industry such as high degree of
fragmentation, seasonality and impact of the government policies.

The rating, however, continues to derive comfort from the vast
experience of the partners of KCI in the cotton industry.
Improvement in the scale of operations, profit margins, capital
structure as well as better working capital management would
remain the key rating sensitivities.

Initially started as a partnership firm in 1999, KCI is currently
managed by six members of the Patel family who took over the firm
in August 2008 from the Parikh family. Mr Bharatbhai Patel andMr
Laljibhai Patel are the key partners of the firm and all the
partners collectively look after the overall operations of the
firm. KCI is involved in the cotton ginning & pressing and
crushing of cotton seeds activity with main products as cotton
bales, cotton seeds, cotton seed oil and cotton cake. It has an
installed capacity of 12,750 metric tonnes per annum (MTPA) for
cotton bales and 9,000 MTPA for crushing cotton seed as on
March 31, 2015, at its sole manufacturing facility located at Kadi
(Gujarat).

During FY15, KCI reported TOI of Rs 61.88 crore and PAT of INR0.11
crore as against TOI of INR88.82 crore and PAT of INR0.17 crore
during FY14. During 8MFY16 (Provisional), KCI has reported TOI of
INR20.00 crore.


KG FABRIKS: ICRA Lowers Rating on INR43.54cr Term Loan to D
-----------------------------------------------------------
ICRA has revoked the suspension and revised the rating for the
INR43.54 crore term loan facilities and the INR29.12 crore long
term fund based facilities of KG Fabriks Limited to [ICRA]D from
[ICRA]C+. ICRA has also revoked the rating suspension and revised
the rating for the INR11.12 crore short term non-fund based
facilities of the company to [ICRA]D from [ICRA]A4.

                          Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Term loan facilities     43.54      [ICRA]D/downgraded
                                       from [ICRA]C+

   Long term fund based     29.12      [ICRA]D/downgraded
   facilities                          from [ICRA]C+

   Short term non fund      11.12      [ICRA]D/downgraded
   based facilities                    from [ICRA]A4

The revision in the rating takes into account the delays in debt
servicing by KGFL. The delays have been on account of stretched
liquidity position arising from weak profitability margins and the
high working capital intensive nature of operations. The ratings
also consider the intense competition in the denim industry which
inhibits pricing flexibility and exposure of earnings to high
volatility in raw material prices, as is being witnessed
currently. Going forward, ability of the company to improve its
liquidity position and service its debt in a timely manner will be
key rating sensitivity.

K G Fabriks Limited (KGFL) was originally incorporated as a Non
Banking Finance Company in 1994 in the name 'K G Denim Finance
Limited', engaged in the business of hire purchase and leasing. In
1999, the company changed its line of business activity, wherein
it focused on trading activities and was subsequently renamed as
"Southern Technologies Limited (STL)". In 2004, the company
ventured into textile business, backed by its group's established
presence in the textile value chain and the name was changed to 'K
G Fabriks Limited'. Presently, the company is engaged in yarn
processing and manufacturing grey fabric.

Recent results
During the financial year 2014-15, the company reported net loss
of INR2.2 crore on an operating income of INR161.2 crore as
against a net loss of INR5.0 crore on an operating income of
INR151.1 crore for the year 2013-14.


KRIFOR INDUSTRIES: ICRA Reaffirms 'B' Rating on INR33.14cr Loan
---------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B and a short-
term rating of [ICRA]A4 to the fund based and non-fund based bank
facilities aggregating to INR53.14 crore of Krifor Industries
Private Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term-Term
   loans                33.14        [ICRA]B; reaffirmed

   Long Term-Cash
   Credits              20.00        [ICRA]B; reaffirmed

   Short Term-Import
   Letter of Credit
   Cum Buyers credit   (22.84)       [ICRA]A4; reaffirmed

The ratings reaffirmation takes into account Krifor Industries
Private Limited's (KIPL's) limited track record of operation with
weak financial risk profile indicated by loss incurred during
2014-15, stretched liquidity position as well as highly leveraged
capital structure. The ratings are further constrained by the
risks associated with the availability of key raw materials, the
threat from substitute products and intensely competitive industry
structure characterized by the presence of a large number of
players both in the organized and unorganised segments.

The ratings however favorably factor in financial support from its
group companies, locational advantages derived by the company by
virtue of proximity to raw material suppliers and major
consumption centers as well as steady ramp up of manufacturing
activities during initial stage of operations.

Krifor Industries Private Limited (KIPL) was incorporated in April
2012 with the objective of manufacturing particle boards from
sugar cane bagasse. Manufacturing operations of the company
initiated during March 2014. Mr. Sanjeev Dalmia, Mr. Mandeep
Bajaj, Mr. Chetandas Khatri and Mr. Jugal Bhutra are the key
management personnel of the company who look after overall
operations of the company. KIPL has nine other operational group
companies, seven of which are associated with the textile
industry. The particle board manufacturing unit in Surat under
KIPL is a step forward to further diversity in the operations of
the group.


KRUPANIDHI CONSTRUCTION: CARE Rates INR4.32cr LT Loan at B+
-----------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Krupanidhi Construction.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      4.32      CARE B+ Assigned
   Long-term/Short-term Bank      3.25      CARE B+/CARE A4
   Facilities                               Assigned

Rating Rationale

The ratings assigned to the bank facilities of Krupanidhi
Construction (KNC) are primarily constrained on account of its
modest scale of operations and proprietorship nature of its
constitution. The ratings are further constrained on account of
its financial risk profile marked by thin profitability, leveraged
capital structure, weak debt coverage indicators and its presence
in competitive infrastructure industry.

The ratings, however, derive strength from the experienced
proprietor, established track record of operations and modest
liquidity position.

KNC's ability in bidding for the new construction projects to
increase its sales of operations along with improvement in
profitability and operating cycle would be the key rating
sensitivities.

Vadodara-based (Gujarat) KNC is a Proprietorship firm established
by Mr Ajay Shah in the year 2000. Mr Ajay Shah has an experience
of 15 years in the construction industry. KNC undertakes
construction work of roads and canals for the state of Gujarat and
Madhya Pradesh. KNC is 'AA' class rated contractor by Water
Resources Department, Gujarat and Water Resources Department,
Madhya Pradesh.

KNC has also formed a joint venture with Phaloudi Constructions
and Infrastructure Private Limited (PCIPL) named as Phaloudi
Constructions and Infrastructure Private Limited JV Krupanidhi
Construction (PCJVKC).

As per the audited results for FY15 (refers to the period April 1
to March 31), KNC reported the profit after tax (PAT) of INR0.35
crore on a total operating income (TOI) of INR16.19 crore as
against PAT of INR0.08 crore on a TOI of INR1.86 crore in FY14. As
per the provisional results for H1FY16, KNC has registered TOI of
INR10.17 crore.


LALSONS PLYBOARD: CARE Reaffirms B+ Rating on INR1.0r LT Loan
-------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Lalsons Plyboard Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     1.00       CARE B+ Reaffirmed
   Short-term Bank Facilities    5.60       CARE A4 Reaffirmed

Rating Rationale

For arriving at the ratings of Lalsons Plyboard Private Limited
(LPPL), CARE has considered the combined financial and business
profile of two entities, namely, LPPL and Vidhani Veneers Private
Limited (VVPL) as the Vidhani Group (VG), due to their managerial
linkages.

The ratings continue to be constrained on account of modest scale
of operations of VG and their presence in the highly fragmented
and competitive wood products industry, moderately weak financial
risk profile as characterized by low profit margins, leveraged
capital structure and moderate debt coverage indicators. The
ratings also continue to remain constrained on account of
vulnerability of profits to fluctuation in raw material prices and
foreign exchange rates.

The ratings, however, continue to derive benefit from the vast
experience of the directors in the wood products industry.
The ratings also factor in the increase in the group's scale of
operations marked by healthy growth in its operating income
in FY15 (refers to the period April 1 to March 31) and a marginal
improvement in the capital structure during the same financial
year.

The ability of the group to increase its scale of operations and
improve profitability and capital structure with efficient working
capital management remains the key rating sensitivity.

LPPL was incorporated on October 09, 2002, and was promoted by Mr
Girdhar Vidhani who spearheads the company in assistance with
other family members/directors including Mr Hemant Girdhar
Vidhani, Mr Govind Lalchand Vidhani, Ms Kanchan Vidhani and Ms
Varsha Girdhar Vidhani. The company is engaged in the
manufacturing and trading of plyboards, flush doors, block boards,
core veneer and face veneer at its manufacturing facility situated
at Kutch, Gujarat. LLPL imports its key raw material, ie, timber
from Malaysia, USA and Germany and sells the final product in
Gujarat, Maharashtra, Rajasthan and Delhi.

Vidhani Veneers Pvt. Ltd. (VVPL; rated 'CARE B+/CARE A4') and
Ishwari Wood Products Pvt. Ltd. (IWPPL) are the group companies of
LPPL. VVPL was incorporated in August 8, 2006, and operated in the
same line of business as LLPL up to March 31, 2014. From April
2014, VVPL discontinued manufacturing activities and solely
focused on trading activity and have rented out their
manufacturing facilities to LPPL. IWPPL started operations in FY13
and is engaged in trading of wood work machinery.


M J ENGINEERINGWORKS: CARE Assigns C Rating to INR15.67cr Loan
--------------------------------------------------------------
CARE assigns 'CARE C/CARE A4' ratings to the bank facilities of
M J Engineeringworks Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     15.67      CARE C Assigned
   Long-term/ Short-term          2.70      CARE C/CARE A4
   Bank Facilities                          Assigned

Rating Rationale

The ratings assigned to the bank facilities of M J Engineering
Works Private Limited (MJL) are constrained by its past history of
delays, small and fluctuating scale of operations coupled with
continuing net losses in the last three years ended FY15 (refers
to the period April 1 to March 31) leading to erosion of networth
base. The ratings are further constrained by the working capital
intensive nature of operations, susceptibility of profits to
volatility in raw material prices and its presence in the highly
competitive industry. The ratings, however, draw strength from the
experienced promoters.

Going forward, MJL's ability to turn around its operations and
improve capital structure would be the key rating sensitivities.

MJL was incorporated in 1991 and is currently being managed by Mr
Pradeep Kumar Jain. The company is engaged in designing and
manufacturing of transmission line towers, microwave towers, sub-
station structures, and cable trays up to 400 Kilovolts along with
hot-dip galvanizing at its manufacturing facility located at
Alwar, Rajasthan with installed capacity of 8,000 metric tonne per
annum (MTPA). MJL has completed various projects for State
Electricity Boards and Telecom operators. The main raw materials
of the company are steel and zinc which are procured from various
mills across the country.

For FY15, MJL achieved a total operating income (TOI) of INR14.35
crore with net loss of INR1.55 crore, as against TOI of INR8.67
crore with net loss of INR2.51 crore in FY14.


MAA JAYCHANDI: CARE Reaffirms B Rating on INR7.59cr LT Loan
-----------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Maa Jaychandi Multipurpose Cold Storage Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      7.59      CARE B Reaffirmed

Rating Rationale

The rating of Maa Jaychandi Multipurpose Cold Storage Private
Limited (MJMCSPL) continues to be constrained by its relatively
small scale of operation, high competition, high dependence on
vagaries of nature and seasonality of business, risk of
delinquency in loans extended and high leverage ratio. The rating,
however, continues to draw comfort from the moderately experienced
promoters with moderately long track record of operations and
proximity to the potato growing area.

Going forward, the ability to improve the scale of operations and
profitability margins and ability to manage working capital
effectively would be the key rating consideration.

Maa Jaychandi Multipurpose Cold Storage Private Ltd. (MJMCSPL),
incorporated in 2008, was promoted by Samui family of Paschim
Medinipur, West Bengal to set up a cold storage facility with a
storage capacity of 2,00,000 quintals at Anandapur of Paschim
Medinipur district, West Bengal. The company is engaged in the
business of providing cold storage facility primarily for
potatoes. Besides providing cold storage facility the unit also
works as a mediator between the farmers and marketers of potato,
to facilitate sale of potatoes stored and it also provides
interest free advances to farmers for farming purposes of potato
against potato stored.

In FY15 (A) (refers to the period April 01 to March 31), the
company has reported a total operating income of INR2.95 crore (as
against INR2.96 crore in FY14) and PAT INR0.02 crore (as against
PAT of INR0.01 crore in FY14). Till November, 2015, the company
has maintained to have achieved total revenue of INR2.10 crore.


METRO AGRI-INDUSTRIES: CARE Assigns B+ Rating to INR13.84cr Loan
----------------------------------------------------------------
CARE assigns 'CARE B+/CARE A4' rating to the bank facilities of
Metro Agri-Industries Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     13.84      CARE B+ Assigned
   Short term Bank Facilities     2.66      CARE A4 Assigned

Rating Rationale

The rating assigned to the bank facilities of Metro Agri-
Industries Limited is constrained by the weak financial risk
profile of the company, working capital intensive nature of
operations, susceptibility of profitability margins to raw
material prices and highly regulated and fragmented industry with
low entry barriers. However, the rating derives strength from
the proximity of raw material to the company's location.
Going forward, the ability of the company to sustain its growth in
operations, further improve its profitability and capital
structure alongwith effectively managing its working capital
requirements shall be the key rating sensitivities.

Metro Agri-Industries Limited (MAIL) was incorporated in 2011 by
Mr Vijay Garg,Mr Himank Garg and Mrs Ankita Garg as a limited
company. The company is engaged in milling and processing of
basmati rice which is sold in the export and domestic markets. The
company commenced its operations in November 2013. The total
project cost was INR16 crore funded by Term Loan of INR7.5 crore,
remaining being equity. The processing facility is at Tehsil
Israna Karnal district in Panipat (Haryana) with an installed
capacity of around 28,800 metric tonnes per annum (MTPA) as
onMarch 31, 2015.

The capacity utilization of MAIL was approximately 60% for FY15
(refers to the period April 1 to March 31). The promoters
are previously experienced in the steel industry and have now
diversified into the food industry.

During FY15 (refers to the period April 1 toMarch 31), MAIL had
achieved a total income of INR116.24 crore (P.Y: INR32.20 crore)
with a PAT of INR(0.26) crore (P.Y: 0.21 crore). During
Q1FY16(Provisional), the company has achieved total operating
income of INR27 crore.


MILIND PULSES: ICRA Assigns 'B' Rating to INR5.0cr Cash Loan
------------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B to the INR5.00
crore cash credit facility of Milind Pulses.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit            5.00        [ICRA]B; assigned

The assigned rating is constrained by the relatively moderate
scale of operations of Milind Pulses (MP) and its weak financial
profile characterized by thin profitability, weak coverage
indicators and high gearing level. The rating is further
constrained by the vulnerability of the entity's profitability to
agro-climatic risks, the inherently low value additive nature of
high fragmented pulse processing business and intense competitive
pressures. ICRA further notes the risks inherent in proprietorship
form of business.

The rating however positively considers the long experience of the
promoter in pulse processing industry and the favourable demand
outlook for the entity's products in the domestic market.

Milind Pulses (MP) a proprietorship firm, established in 2000 is
engaged in trading and processing of tuvar dal, gram pulse (chana
dal) and lakhodi dal. The firm is promoted by Mr. Milind Agarawal
who holds long experience in pulse processing industry. MP's plant
is located at Nagpur and currently has a combined capacity to
process 18,000 MTPA of split pigeon peas (tuver dal), gram pulses
and lakhodi. MP markets premium quality of tuvar dal and chana dal
under "Vanraj Brand" and lakhodi dal under "Vina Brand" whereas
lower quality of tuver and chana dal is sold under brand "MP-
Milind Pulses".

Recent Results
For the year ended on March 31, 2015, MP reported an operating
income of INR56.90 crore and PAT of INR0.17 crore.


MINAKSHI RURAL: ICRA Suspends 'D' Rating on INR5.10cr Loan
----------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]D assigned to the
INR5.10 crore term loan, INR0.60 crore cash credit facilities of
Minakshi Rural Agri Business Private Limited. The long term/short
term ratings of [ICRA]D/[ICRA]D for INR1.30 crore of unallocated
facilities have also been suspended. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the Company.


MONTANA TILES: ICRA Reaffirms 'B' Rating on INR6.0cr Loan
---------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B to INR2.75
crore fund based secured overdraft facility and INR6.00 crore term
loan facility of Montana Tiles Private Limited. ICRA has also
reaffirmed an [ICRA]A4 rating to the INR1.25 crore Inland Bank
Guarantee facility of MTPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loans            6.00        [ICRA]B; Reaffirmed

   Secured Overdraft
   (SOD)                 2.75        [ICRA]B; Reaffirmed

   Inland Bank
   Guarantee             1.25        [ICRA]A4; Reaffirmed

The ratings continues to remain constrained by MTPL's limited
operating history with delays of around two months observed in
commencement of operations . AS a result of aggressively debt
funded capex and nascent stages of operations the capital
structure has remained highly leveaged along with weak coverage
indicators. While reaffirming the ratings, ICRA considers the
vulnerability of profitability and cash flows to fluctuating
prices of gas and power and cyclicality inherent in the real
estate industry, which is the main consumer sector. The ratings
are further constrained by the restricted pricing flexibility in
the business due to fragmented nature of the industry and intense
competition among the players.

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

Incorporated in December 2013, Montana Tiles Private Limited
(MTPL) is engaged in the manufacture of digitally printed ceramic
glazed wall tiles of three sizes i.e. 10X15, 12X18 and 12X24. The
manufacturing unit of the company is located in Morbi, Gujarat,
with an installed capacity of 45,000 MTPA. The company has
commenced its commercial production from February 2015. The
company is promoted and managed by Mr. Manoj Sharma, Mr. Mahesh
Padsumbia, Mr. Manoj Bhumbharia and Mr. Pawankumar Mangal having
experience in the line of ceramic business.

Recent Results
For the year ended 31st March, 2015, the company reported an
operating income of INR0.33 crore and has incurred a loss of
INR0.78 crore as per audited results.


MURARILAL AGARWAL: CARE Assigns B+ Rating to INR10cr LT Loan
------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Murarilal
Agarwal Contractor Private Limited.

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

Rating Rationale

The rating assigned to the bank facilities of Murarilal Agarwal
Contractor Private Limited (MACPL) is primarily constrained on
account of its declining total operating income (TOI) for last
three financial years ended FY15 (refers to the period April 1 to
March 31) along with absence of construction equipment and price
escalation clause in its contract which led to risk of
vulnerability of margins to fluctuation in construction material
prices. The rating is, further, constrained on account of
its linkage to cyclical real estate sector and high competition
intensity in civil construction segment.

The rating, however, favourably takes into account the established
track record of the company with experience of executing large
project. The rating, further, takes into account healthy PBILDT
margin and comfortable capital structure along with high value
single contract in hand.

The ability of MACPL to achieve envisaged level of TOI with speedy
execution of contract and efficient management of working capital
are the key rating sensitivities.

Jaipur-based (Rajasthan) MACPL was incorporated in 2004 by Mr
Murari Lal Agarwal, Mr Nawal Singh Ratnawat and the Ratnawat
family. Over the period, shareholding of the company changed and
currently, Mr Bhupendra Singh Rathore and Mr Narendra Singh
Rathore have entire shareholding. Earlier, the company was engaged
in civil and road construction along with toll collection
business. It had completed one road project from Nasirabad to
Deoli via Kekri on Build Operate Transfer (BOT) basis and
collected toll from 2007 to 2014.

During FY15, the company received a contract from Shree Shyam
Kripa Landmart Private Limited (SSKLPL) for construction
of residential building project. The company is also engaged in
trading of building materials which constituted around 48.21% of
the TOI of FY15.

During FY15, MACPL reported a total operating income of INR1.82
crore (FY14: INR2.52 crore) with a Net loss of INR0.07 crore
(FY14: PAT of INR0.55 crore).


NEHA EXPORTS: CARE Assigns 'B' Rating to INR1cr LT Loan
-------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to bank facilities of
Neha Exports.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       1        CARE B Assigned
   Short term Bank Facilities     14        CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Neha Exports are
constrained by the firm's moderate financial risk profile
characterized by the relatively small scale of operations, low
profitability margins and stretched operating cycle. The
ratings are further constrained by constitution of the entity
being a proprietorship firm, its exposure to the foreign
exchange fluctuation risk and presence of the firmin a highly
competitive and fragmented industry.

The ratings, however, draw strength from experienced promoter,
established presence of the firm in the export market for consumer
electronics, established relationship with distributors along with
diverse customer base and moderate order book position.

Going forward, Neha Exports' ability to manage its working capital
cycle as well as its ability to improve its scale of operations
and profitability margins would be the key rating sensitivities.

Neha Exports was incorporated on December 20, 2006 by Ms Madhu
Gulati. The firm is involved in the manufacturing, assembling and
export of public address (PA) systems and components, including
loud speakers, amplifiers, microphones, and woofers, and related
electronic and electrical equipments. The firm commenced operation
in 2008 and its manufacturing facility is located in Dharuhera,
Haryana.

Ms Madhu Gulati is sister of the promoter of the '5 Core' group
i.e. Amarjit Singh Kalra. The '5 core' group was established in
1983 and is involved in the manufacturing and export of public
address equipment and electronic goods under the brand '5 Core'.
Neha Exports is also using the brand name '5 Core' for marketing
and selling its products.

During FY15 (refers to the period April 01 to March 31), Neha
Exports reported total operating income of INR60.07 crore
and PAT of INR0.43 crore as against total operating income of
INR54.75 crore and PAT of INR0.37 crore during FY14.
Furthermore, during H1 FY16 (refers to the period April 01 to
September 30), the firm reported total operating income of
INR30.97 crore and PAT of INR0.35 crore.


PARAMOUNT RICE: ICRA Reaffirms B+ Rating on INR15cr LT Loan
-----------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B+ on the
INR15.00 crore long term fund based limits and INR6.86 croreterm
loan limits of Paramount Rice Pvt. Ltd.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund
   Based Limits          15.00        [ICRA]B+; (reaffirmed)

   Term Loan              6.86        [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 1.77 times during FY 2014-15. ICRA also takes note of
the debt funded expansion of PRPL capacity which has resulted in
further weakening of debt protection metrics of the company over
the short to medium term. However, the ratings favourably take
into account promoter's support in the form of equity infusion in
FY2015, 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. The ratings also take into account
PRPL's significant capacity expansion of milling plant at Bundi,
Rajasthan. ICRA notes that the aforementioned expansion will help
PRPL to tap the growing demand of domestic as well as
international market.

Business was established by Jhanwar & Nyati family as a
partnership firm, in the name of Rameshwar Industry. However in
the year 2000 partnership firm was converted into a private
limited company with all the partners as shareholders. PRPL is
engaged in milling and trading of rice at its manufacturing
facility located at Chittor Road Bundi (Rajasthan). Further in
FY2015, the company has enhanced its milling capacity from 2 tph
to 10tph in order to meet the growing domestic and export demand.
The expenditure for capacity expansion was funded by the term loan
and promoter's contribution in the form of capital and unsecured
loans.

Recent Results
PRPL has reported a net profit of INR0.57 crore on an operating
income of INR70.12 crore in FY 2014-15 as compared to a net profit
of INR0.56 crore on an operating income of INR52.32 crore in the
previous year.


RAJALAXMI AGROTECH: Ind-Ra Assigns IND D Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Rajalaxmi
Agrotech India Limited (RAIL) a Long-Term Issuer Rating of
'IND D'.

KEY RATING DRIVERS

The ratings reflect RAIL's continuous overutilisation in the fund-
based working capital limit for more than 30 days during the three
months ended November 2015.

RATING SENSITIVITIES

The utilization of fund-based limits within the sanctioned limit
for three consecutive months will be positive for the ratings.

COMPANY PROFILE

Incorporated in 1995, RAIL manufactures agricultural fertilizers
and has an installed capacity of 60,000 metric ton per annum.

RAIL's ratings:

   -- Long-Term Issuer Rating: assigned 'IND D'
   -- INR145.00 mil. fund-based facilities: assigned Long-term
      'IND D'
   -- INR90.00 mil. non-fund-based facilities: assigned Long-
      term/Short-term 'IND D'


RAJHANS ALLOYS: CARE Assigns B+ Rating to INR15.50cr LT Loan
------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Rajhans Alloys Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     15.50      CARE B+ Assigned
   Short-term Bank Facilities     7.00      CARE A4 Assigned

Rating Rationale

For arriving at the ratings of Rajhans Alloys Private Limited
(RAPL), CARE has considered the combined financial and business
profile of the two entities namely, RAPL and Rajhans Metals
Private Limited (RMPL; rated: CARE B+ / CARE A4), together
referred as Rajhans Group (RG), due to their managerial linkages
and presence in the same industry.

The ratings assigned to RG are constrained by its weak financial
risk profile, marked 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, however, draw strength from vast experience of RG's
promoters, their established track record of operations in the
industry with adequate distribution network and improvement in
capital structure as on March 31, 2015 post subordination of
unsecured loans.

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.

RAPL is part of RG based out of Jamnagar, Gujarat. The company was
incorporated in October 2009 to undertake manufacturing of brass &
copper extrusion rods and components. RG is promoted by Mr Milan
Dodhia and his family members and it has presence in the brass and
copper extrusion business since more than two decades. As on June
30, 2015, RAPL has an installed capacity of melting 18,000 metric
tonnes per annum (MTPA) of brass/copper and extruding 9,600 MTPA
of brass/copper rods & sections.

The other entity of RG, RMPL, was incorporated in 1987 and is also
engaged in manufacturing of brass & copper alloy extruded rods and
extruded sections which find application in automobile components,
fixtures & fittings and lockbodies.

As on September 30, 2015 RMPL has an installed capacity of melting
12,150 MTPA of brass/copper and 9,600 MTPA of extruding
brass/copper rods and sections.


REED AND PICK: CARE Assigns B+ Rating to INR1cr LT Loan
-------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' Ratings to the bank
facilities of Reed and Pick.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       1        CARE B+ Assigned
   Short term Bank Facilities      7        CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Reed and Pick (RAP)
are primarily constrained by its weak financial risk profile
characterized by small scale of operations coupled with low net
worth base, declining operating margins, leveraged capital
structure, weak debt service coverage indicators and working
capital intensive nature of business operations. The ratings are
further constrained by its presence in the highly competitive and
fragmented industry, foreign exchange fluctuations risk,
volatility in raw material prices and its constitution as a
partnership firm.

The ratings, however, draw comfort from experienced partners,
locations advantage and growing scale of operations.

Going forward, the ability of the firm to increase its scale of
operations while improving its profitability margins and capital
structure coupled with efficient working capital management shall
be the key rating sensitivities.

Panipat-based (Haryana) Reed and Pick (RAP) was established in
2001 as a proprietorship concern by Mr Kapil Aggarwal.

In April 2010, RAP was reconstituted into partnership firm with Mr
Kapil Aggarwal, Mr Sumit Aggarwal and Mrs Neelam Garg as partners
sharing profit and loss in the ratio 40%, 40%, 20% respectively.
The firm is engaged in trading and manufacturing of home decor
which includes bathmat, towel, carpet, rugs and handloom products
with an installed capacity of 30, 00,000 pieces per annum
(PPA).RAP procures traded goods and raw materials for
manufacturing of home d‚cor products such as cotton yarn and
fabrics from Haryana, Delhi, Punjab and Uttar Pradesh. The firm
primarily exports 90% of its product to USA, Europe, United
Kingdom, Australia etc. while remaining 10% of the product in sold
in the domestic market to wholesaler and traders.

During FY15 (refers to the period April 1 to March 31), RAP has
achieved a total operating income (TOI) of INR28.35 crore with
PBILDT and PAT of INR1.08 crore and INR0.27 crore, respectively,
as against TOI of INR21.77 crore with PBILDT and PAT of INR0.85
crore and INR0.08 crore, respectively in FY14. RAP has achieved a
total operating income approximately INR14crore till October,
2015.


RLJ MULTIGRAIN: ICRA Reaffirms 'B' Rating on INR6.50cr Loan
-----------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B assigned to
the INR5.50 crore (revised from INR7.93 crore) term loan and
INR6.50 crore (revised from INR4.00 crore) fund-based limits of
RLJ Multigrain Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loan             5.50         [ICRA]B reaffirmed
   Cash Credit           6.50         [ICRA]B reaffirmed

The reaffirmation in the rating primarily reflects the weak
financial risk profile of the company characterised high gearing
and depressed coverage indicators. The rating also takes into
account the low value addition and fragmented nature of the
industry, leading to intense price competition, adversely
impacting the operating margins and the vulnerability of the
company to adverse changes in Government policies towards agro
based commodities like rice and the agro climatic risks which can
affect the availability of paddy. The rating also favourably
factors in the improvement in operating margins as well as net
cash accruals during FY15, the strategic location of the mill in a
major rice growing region thereby ensuring easy availability of
paddy and the favourable demand prospects of the industry with
rice being a staple food grain and India being the world's second
largest producer and consumer of rice.

RLJ Multigrain Private Limited was originally incorporated as a
partnership firm M/s Swastik Udyog. Subsequently the promoters
reconstituted the company as a private limited entity in 2012. The
company is promoted by Jain family based out of Kolkata and the
unit has rice milling annual capacity of 63,000 tons.

Recent Results
The company reported a net loss of INR0.04 crore in FY15 on an OI
of INR17.34 crore, as compared to a net loss of INR0.28 crore on
an OI of INR22.35 crore during FY14.


SANT BABA: CARE Assigns B+ Rating to INR13.28cr LT Loan
-------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Sant Baba
Bhag Singh Memorial Charitable Society.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     13.28      CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Sant Baba Bhag Singh
Memorial Charitable Society (SBBS) constrained by it's small scale
of operations and low enrolment ratio. The rating is further
constrained by high regulation in the education sector in India
and increasing competition and limited reach. The rating, however,
favourably takes into account experienced management, moderate
solvency position and favourable prospects of higher/professional
education sectors.

Going forward, the ability of the society to profitably scale-up
its operations in a highly competitive scenario and improve the
surplus margins while maintaining its solvency position shall
remain the key rating sensitivities.

SBBS was formed in June 2000 by Sant Malkit Singh (President),
Sant Dilawar Singh (Vice President), S. Kewal Singh (Joint
Secretory) and Mr Sunil Vats (member & legal advisor) as the
society members. The society was formed with an objective
to provide higher education in the field of engineering,
computers, science, education and management. The society,
currently manages four higher education institutions, two schools
(upto XII standard) and a multi facility charitable hospital. All
the institutions of SBBS are located in Jalandhar, Punjab. The
different courses offered are duly approved by AICTE (All India
Council of Technical Education), PTU (Punjab Technical
University), Jalandhar, GNDU (Guru Nanak Dev University), Amritsar
and NCTE (National Council of Teacher Education), Jaipur.

For FY15 (refers to the period of April 1 to March 31), SBBS
reported a total income of INR20.69 crore with PAT of INR0.02
crore, as against the total income of INR19.58 crore and PAT of
INR2.20 crore in FY14.


SREE VINAYAKA: ICRA Reaffirms 'B' Rating on INR7.60cr Loan
----------------------------------------------------------
ICRA has reaffirmed the long-term rating [ICRA]B to INR7.60 crore
(revised from INR5.60 crore) fund based limits of Sree Vinayaka
Rice Mill.  ICRA has also reaffirmed the short term rating of
[ICRA]A4 to INR3.40 crore (revised from INR5.40 crore) unallocated
limits of SVRM.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund based limits      7.60       [ICRA]B re-affirmed
   Unallocated limits     3.40       [ICRA]A4 re-affirmed

The ratings are constrained by the weak financial profile of the
firm characterised by low profitability, high gearing, modest
coverage indicators, and stretched liquidity position. The ratings
are further constrained by small scale of operations and the
susceptibility of profitability and revenues to agro-climatic
risks which can impact the availability of the paddy in adverse
weather conditions. ICRA notes that the reduction in levy has
resulted in greater supplies to the open market, which has
resulted in improved average realizations for the industry.
However, the sustainability of the prices in a competitive
environment is yet to be seen. The rating continues to be
constrained by the vulnerability to any other regulatory changes,
especially those pertaining to minimum support price and export
restrictions. The rating also takes into account the risks
inherent to the partnership nature of the firm.

The ratings, however, take comfort from the long track record of
the promoters in the rice mill business, the easy availability of
paddy with proximity of the plant to the major paddy cultivating
region of Andhra Pradesh. Further, favourable demand prospects for
the industry, with India being the second largest consumer and
producer of rice internationally, augurs well for the firm.

Sree Vinayaka rice Mill (SVRM) was incorporated in the year 2011
as a partnership firm and is engaged in the trading and milling of
paddy. The firm has a milling unit in Rangampeta mandal of East
Godavari district of Andhra Pradesh with an installed capacity of
13 tons per hour.

Recent Results
According to audited results, the firm reported profit after tax
of INR0.10 crore on an operating income of INR27.89 crore for
FY2015, as against a profit after tax of INR0.08 crore on an
operating income of INR21.40 crore during FY2014.


SRI ANNAPURNA: ICRA Suspends B- Rating on INR5.50cr Bank Loan
-------------------------------------------------------------
ICRA has suspended the [ICRA]B- rating assigned to the INR5.50
crore bank facilities of Sri Annapurna Agro Industries. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


SMS POLYMERS: CARE Assigns B+ Rating to INR57cr LT Loan
-------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of SMS
Polymers Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     57.00      CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of SMS Polymers
Industries (SMSPI) are constrained by project implementation
risk, small size of the proposed unit, fragmented nature of
industry, profitability susceptible to volatility in raw-material
prices, working capital intensive nature of operation and weak
financial risk profile. The rating weakness is, however,
partially offset by experienced promoters, regulatory & other
approvals already in place and favourable government policies. The
ability of the firm to commission the project on time without cost
overrun, ability to achieve expected capacity utilization and
profitability margins as envisaged and efficient management of
working capital are the key rating sensitivities.

SMSPI, a partnership firm, was incorporated in March 2015 by
Guwahati-based SM Group of Industries to set up a 6,500 MTPA
polypropylene (PP) block bottom bag and woven sack packaging unit
at Byrnihat, Ri Bhoi District, Meghalaya at a cost of INR61.83
crore. The project is proposed to be funded at a debt-equity ratio
of 2:1. The financial closure of the project has not yet been
achieved. The project is expected to be completed by December
2016. The PP block bottom bag and woven sack is mainly used in
packaging of cement, mineral, chemicals and food.


TELAWNE POWER: ICRA Assigns B+ Rating to INR6.70cr LT Loan
----------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ to the INR6.70
crore of fund based facilities of Telawne Power Equipments Private
Limited. ICRA has also assigned a short term rating of [ICRA]A4 to
the INR6.00 crore of non fund based facilities of the company.
Further, ICRA has assigned the ratings of [ICRA]B+/[ICRA]A4 to the
INR2.30 crore of unallocated amount.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term Fund-
   based Limits          6.70        [ICRA]B+ assigned

   Short term non-
   fund based Limits     6.00        [ICRA]A4 assigned

   Long term and
   Short term-
   Unallocated           2.30        [ICRA]B+/[ICRA]A4 assigned

The assigned ratings are constrained by Telawne Power Equipments
Private Limited's (TPEPL) moderate scale of operations, low profit
margin and high reliance on outside borrowings as evident from
TOL/Net Worth of 6.36 times as on 31st March 2015. ICRA also notes
that the reliance on external borrowings will increase further
owing to debt funded capex in near term and to fund the increasing
working capital requirement. The ratings also take into account
the susceptibility of margin to fluctuation in raw material prices
as majority of the orders are not covered under price variation
clause and intense competition from established players in the
industry exerting downward pressure on the profitability.
The ratings, however, take into account management's significant
experience in the transformer industry, order book position
providing revenue visibility in near term and approved vendor
status from reputed players in various industries.

Incorporated in January 2004, Telawne Power Equipments Private
Limited (TPEPL) is engaged in manufacture and repair of industrial
transformers. The company is equipped for manufacturing and
repairing of different type of transformers up to 50MVA 132kV
class transformers. The products are sold under the brand name of
'Telawne' in domestic as well as overseas market. The factory is
located in Rabale, Navi Mumbai across an area of 38,000 sq.ft and
with an installed capacity to manufacture ~500 units per annum.
The factory is ISO 9001-2008 and ISO 14001:2004 certified and the
company has received approvals for its products from agencies such
as Electrical Research and Development Association and Central
Power Research Institute.

Recent Results:
The company recorded a net profit after tax of INR1.01 crore on an
operating income of INR41.97 crore in the financial year 2014-15.


VENUS PIPES: CARE Assigns B+ Rating to INR7.50cr LT Loan
--------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Venus
Pipes And Tubes Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      7.50      CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Venus Pipes and
Tubes Private Limited (VPTL) is constrained primarily on account
of its project implementation and stabilization risk associated
with debt-funded green-field project coupled with its presence in
highly fragmented and competitive nature of steel industry. The
rating is further constrained on account of susceptibility of
margins to the volatility in prices of raw material and forex
fluctuation risk.

The rating, however, derives strength from the experienced and
resourceful promoters having diversified business interests.

The ability of VPTL to implement the project within envisaged time
and cost coupled with the ability to stabilize the operations and
achieve the envisaged revenue and profit margins would be the key
rating sensitivity.

Gandhidham-based (Gujarat) VPTL was incorporated in February 2015
as a private limited company by Mr Meghram Choudhary along with
four other promoters, namely, Mr Jayantiram Choudhary, Mr Mahesh
Puj, Mr Hemant Shah and Mr Dhruv Patel.

The promoters have undertaken the green filed project to set-up a
manufacturing facility at Bhuj (Kutch), Gujarat, which will be
equipped to manufacture 3,000 metric tonnes (MT) of stainless
steel welded pipes and tubes per annum. The project cost is
estimated at INR6.98 crore (including margin money for working
capital of INR0.75 crore) which is proposed to be funded by term
loan of INR4.50 crore, INR2.00 crore through share capital and
balance INR0.48 crore through unsecured loans from relatives and
friends. With the given funding mix the project gearing stood at
1.81 times. Till December 1, 2015, the company has incurred the
cost of INR3.54 crore which was funded through term loan of
INR2.54 crore and balance of INR1.00 crore through share
application money pending allotment. The trial run production is
expected to start in February 2016 and the company is expected to
commence the operations from April 2016.


VIDHANI VENEERS: CARE Reaffirms B+ Rating on INR1.0cr LT Loan
-------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Vidhani Veneers Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      1.00      CARE B+ Reaffirmed
   Short-term Bank Facilities     5.49      CARE A4 Reaffirmed

Rating Rationale

For arriving at the ratings of Vidhani Veneers Private Limited
(VVPL), CARE has considered the combined financial and business
profile of two entities, namely, Lalsons Plyboard Private Limited
(LPPL) and VVPL as the Vidhani Group (VG), due to their managerial
linkages.

The ratings continue to be constrained on account of modest scale
of operations of VG and their presence in highly fragmented and
competitive wood products industry, weak financial risk profile as
characterized by low profit margins, leveraged capital structure
and moderate debt coverage indicators. The ratings also continue
to remain constrained on account of vulnerability of profits to
fluctuation in raw material prices and foreign exchange rates.

The ratings, however, continue to derive benefit from the vast
experience of the directors in the wood products industry.

The ratings also factor in the increase in the group's scale of
operations marked by healthy growth in its total operating
income in FY15 (refers to the period April 1 to March 31) and a
marginal improvement in the capital structure during the same
financial year.

The ability of the group to increase its scale of operations,
improve profitability and capital structure with efficient
working capital management remains the key rating sensitivity.

VVPL was incorporated in Gujarat during August 2006 by Mr Jay
Vidhani in assistance with Mr Girdhar Vidhani, Mr Romesh Vidhani
and Mr Govind Lalchand Vidhani. VVPL manufactures veneers, ply
boards, flush board, and block boards and is also engaged in the
trading of pine timber and fire wood. The Vidhani family is in
this line of business since last 15 years. VVPL has two group
companies Lalsons Plyboard Pvt. Ltd. (LPPL - engaged into
manufacturing of veneers, ply boards, flush boards and block
boards) and Ishwari Wood Products Pvt. Ltd. (engaged in the trade
of wood work machinery).

From April 2014 onwards, VVPL solely concentrates on trading
activities and its manufacturing operations are discontinued and
leased out to LPPL in order to increasing the scale of operations
of its group company. VVPL imports its key raw material, ie,
timber logs from Malaysia, USA and Germany and sells the final
product in Gujarat, Maharashtra, Rajasthan and Delhi.

During FY15, VG reported a PAT of INR0.24 crore on a TOI of
INR36.06 crore as against a PAT of INR0.31 crore on a TOI of
INR23.71 crore in FY14. During H1FY16 (Provisional), VG has
achieved a turnover of INR18.50 crore.


VIJAI MAHALAXMI: Ind-Ra Lowers Long-Term Issuer Rating to 'IND D'
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Vijai Mahalaxmi
Spinning Mills India Private Limited's (VMSMIPL) Long-Term Issuer
Rating to 'IND D' from 'IND B+'/Stable.

KEY RATING DRIVERS

Timely debt servicing and the use of working capital within
sanctioned limits for three consecutive months could result in a
positive rating action.

RATING SENSITIVITIES

Timely debt servicing and the use of working capital within
sanctioned limits for three consecutive months could result in a
positive rating action.

COMPANY PROFILE

VMSM was incorporated in 2010 and started its commercial
operations in December 2011.  The company has an installed
capacity of 12,960 spindles located in Dharapuram Taluk, Tirupur
District.  It procures Shankar-6 type cotton from Gujarat and
Maharashtra and caters mainly to Tirupur markets.

C Dhandapani, D Prena and K.S Padmavathi are the directors of the
company.

VMSMIPL's ratings:

   -- Long-Term Issuer Rating: downgraded to 'IND D' from
      'IND B+'/Stable
   -- INR240.10 mil. long-term loans: downgraded to 'IND D' from
      'IND B+'/Stable
   -- INR170.00 mil. fund-based limits: downgraded to 'IND D'
      from 'IND B+'/Stable
   -- INR30.00 mil. non-fund-based limits: downgraded to 'IND D'
      from 'IND A4'


VIRAAT FASHION: CARE Revises Rating on INR4.2cr LT Loan to BB-
--------------------------------------------------------------
CARE revises/reaffirms the ratings assigned to bank facilities of
Viraat Fashion.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     4.20       CARE BB- Revised from
                                            CARE B+

   Short-term Bank Facilities    6.00       CARE A4 Reaffirmed

   Long-term/ Short-term         4.00       CARE BB-/CARE A4
   Bank Facilities                          Long-term rating
                                            revised from CARE B+
                                            & short-term rating
                                            Reaffirmed
Rating Rationale

The revision in the long term rating assigned to the bank
facilities of Viraat Fashion (VIF) was primarily on account of
stabilization of operations leading to improvement in scale of
operations, profitability and cash accruals during FY15 (refers to
the period April 1 to March 31) along with improvement in capital
structure and improvement in debt coverage indicators as on
March 31, 2015. Further, the ratings continue to derive strength
from the vast experience of the promoters in the textile industry.

The ratings, however, continue to remain constrained due to its
short track record and modest scale of operations in the highly
fragmented and competitive textile industry high leverage though
improved compared to previous year and highly working capital
intensive nature of business. The ratings also remain constrained
on account susceptibility of operating margins to raw-material
price fluctuations and its presence in competitive textile
industry.

The ability of VIF to increase its scale of operations while
sustaining its operating profitability along with improvement in
capital structure and liquidity indicators would be the key rating
sensitivities.

VIF is promoted by five partners in the year 2012, and led by
Mr.Dipesh Shah who has more than two decade of experience through
its various group entities namely Vishal Fashion Private Limited
(VFPL; rated CARE BBB-/CARE A3 in March, 2015) and M/s. Sidhant
Tradecomm Private Limited which are engaged in similar line of
business. In December 2013, VIF set-up a plant for manufacturing
of linen fabric for suiting, shirting and furnishing with
installed capacity of 1,080,000 meters per annum (MPA) at
Khadodra, Surat(Gujarat).

During FY15 (refers to the period April 1 to March 31), VIF
reported TOI of INR24.85 crore and PAT of INR0.17 crore as against
TOI of INR4.71 crore and net loss of INR0.98 crore during FY14.
During 6M FY16 (Provisional), VIF has registered TOI of INR12.88
crore.


WORLD STEEL: ICRA Assigns B- Rating to INR5.80cr Term Loan
----------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B- to the fund
based INR5.80 crore term loan and INR4.00 crore cash credit
facilities of World Steel Tech (India) Private Limited. ICRA has
also assigned the short term rating of [ICRA]A4 to the INR1.50
crore non fund based bank guarantee facilities of (WSTPL).

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           4.00        [ICRA]B-; assigned
   Term Loan             5.80        [ICRA]B-; assigned
   Bank Guarantee        1.50        [ICRA]A4; assigned

The assigned rating take into account World Steel Tech (India)
Private Limited's limited track record of operations and weak
financial profile as evident by losses, adverse capital structure
on account of aggressively debt funded capex and weak coverage
indicators impinged by high finance costs in the initial years.
Further, the assigned ratings are constrained by highly
competitive and fragmented nature of the Steel industry with
competition from both unorganized and established players and
vulnerability of WSTPL's operating profitability to fluctuations
in cost of key raw material i.e. steel prices given the company's
limited ability to pass on the same to its customers.

The ratings however favorably consider WSTPL's location advantage
which provides sourcing benefits to company and its experienced
promoters with long track record in ceramic, textile and steel
industry.

Incorporated in March 2012 as a private limited company, World
Steel Tech (India) Private Limited was promoted by Mr. Kailash
Kanani, Mr. Rohit Kanani and Mr. Vishal Nandasana along with
family members and is engaged in the manufacturing of Mild Steel
Billets through Induction furnace route. The company has an
installed capacity of 2, 030 MT per month of billets manufacturing
at its manufacturing unit in Rajkot.

Recent Results
For the year ended 31st March, 2015, WSTPL reported an operating
income of INR16.92 crore and net loss of INR2.65 crore.


WRC ENGINEERING: Ind-Ra Assigns 'IND B-' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned WRC Engineering
Company Private Limited (WRC) a Long-Term Issuer Rating of
'IND B-'.  The Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect WRC's tight liquidity and weak credit metrics.
FY15 financials indicate revenue of INR98.67 mil. (FY14: INR31.32
mil.), net leverage of 4.33x (84.4x) and EBITDA interest cover of
1.2x (0.0x).  The company reported instances of over utilization
of the working capital limits for the eight months ended November
2015 which were regularized within 23 days.

The ratings are supported by WRC's healthy EBITDA margins of
15.29% in FY15 (FY14: 0.29%).  The ratings also benefit from the
strong promoter experience of two decades in the designing and
manufacturing of environment friendly pollution control equipment.

RATING SENSITIVITIES

Positive: A positive rating action could result from an
improvement in the liquidity position of the company.

Negative: Deterioration in the liquidity position of the firm
could lead to a rating downgrade.

COMPANY PROFILE

WRC was established as WRC Engineering Company in 1995 and was
converted to its current constitution in 2007.  It is engaged in
designing and manufacturing of dust control equipment such as
ventilation system, dust extraction system, dust suppression
system, refrigeration & air conditioning machinery & spares, and
other sheet metal & structural fabrication.

The total debt outstanding on March 31, 2015, was INR72.24 mil.,
comprising long-term loans of INR6.82 mil., unsecured loans from
promoters of INR36.52 mil. and working capital debt of
INR28.9 mil.

WRC's ratings:

   -- Long-Term Issuer Rating: assigned 'IND B-'/Stable
   -- INR3 mil. long-term loans: assigned Long-term
      'IND B-'/Stable
   -- INR28 mil. fund-based limits: assigned Long-term
      'IND B-'/Stable
   -- INR40 mil. non-fund-based limits: assigned Short-term
      'IND A4'



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


HANJIN HEAVY: Seeks Voluntary Debt Restructuring; Sees 2015 Loss
----------------------------------------------------------------
Lee Hong Liang at Seatrade reports that Hanjin Heavy Industries &
Construction (HHIC) is seeking a debt restructuring with its
creditors and is expecting to post its sixth consecutive year of
losses in 2015.

Seatrade relates that in a regulatory filing to the stock
exchange, HHIC said it faces a temporary liquidity shortage and
seeks to restructure its debts with creditors under a voluntary
agreement.

According to Seatrade, local media reports mentioned that HHIC is
requesting its major creditor Korea Development Bank (KDB) to
approve the debt restructuring plan, allowing the yard to then
delay debt repayments and obtain extra funding.

Seatrade, citing Bloomberg, reports that the Busan-based
shipbuilder also said its projected deficit is a result of weak
demand for ships amid the oversupply of vessel tonnage, as well as
troubles with its investment in a shipyard in the Philippines and
labour disputes.

"The weakening demand for new ships is hitting Hanjin Heavy. The
Philippines yard hasn't been generating much business because
there are so many delays in delivering the ships to customers,"
the report quotes Park Moo Hyun, analyst at Hana Daetoo Securities
Co, as saying.

Korea-based HHIC established a shipyard in Subic, west of Manila,
and delivered its first vessel from the yard in July 2008. It uses
the Philippine yard to build big ships while its facility in Korea
focuses on smaller vessels.



                             *********

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
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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
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