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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Thursday, January 14, 2016, Vol. 19, No. 9


                            Headlines


A U S T R A L I A

DICK SMITH: Jaycar Electronics Expresses Interest in Sites
DIY AUDIO: First Creditors' Meeting Set For Jan. 25
I.W.S. GROUP: First Creditors' Meeting Slated For Jan. 21
J.E. ABEL: First Creditors' Meeting Set For Jan. 20
PEET TRI: First Creditors' Meeting Slated For Jan. 19


C H I N A

ADAMANT DRI: Loss, Capital Deficit Cast Going Concern Doubt
CHINA SHANSHUI: Dollar Bonds Climb on Early Repayment Plan
ZHIYUAN GROUP: Fitch Gives Final 'BB+' Rating to USD200M Notes


I N D I A

4 GENIUS: ICRA Assigns B+ Rating to INR20cr LT Loan
A2Z INFRA: CARE Assigns 'D' Rating to INR1,018.54cr LT Loan
AGRAWAL OIL: ICRA Reaffirms 'B' Rating on INR10cr Cash Loan
ARVIND EXPORTS: ICRA Reaffirms B+ Rating on INR10cr Cash Loan
BUDDING BRAINS: ICRA Assigns 'B' Rating to INR7.25cr Loan

BMS PROJECTS: ICRA Assigns B- Rating to INR5.0cr Cash Loan
DAMODAR TIMBER: CRISIL Reaffirms B Rating on INR5MM Loan
FEROZEPUR FOODS: CRISIL Suspends B+ Rating on INR260MM Loan
GAJRAJ STEELS: CARE Assigns 'B' Rating to INR16.50cr LT Loan
GEMINI EQUIPMENT: CARE Lowers Rating on INR17.49cr Loan to C

GVK INDUSTRIES: CARE Reaffirms D Rating on INR520.07cr LT Loan
HES INFRA: Ind-Ra Withdraws 'IND BB-' Long-Term Issuer Rating
HYQUIP SYSTEMS: CARE Reaffirms 'D' Rating on INR27cr ST Loan
HYQUIP TECHNOLOGIES: CARE Reaffirms D Rating on INR2.14cr Loan
INOX WORLD: CRISIL Suspends B Rating on INR250MM Term Loan

KOPALLE PHARMA: CARE Revises Rating on INR15cr LT Loan to BB
KRISHNAMURTHY SPINNING: CARE Rates INR19.20cr LT Loan at 'B'
LENZ CERAMIC: ICRA Assigns 'B' Rating to INR8.0cr Cash Loan
LUXMI RICEMILLS: CARE Assigns 'B' Rating to INR8.84cr LT Loan
MAHESH RICE: ICRA Reaffirms 'B' Rating on INR12cr Fund Based Loan

MALPANI COTTONS: CARE Revises Rating on INR14cr LT Loan to BB-
MANTRA PACKAGING: ICRA Reaffirms B Rating on INR3.0cr Loan
MEDHASSU E-SOLUTIONS: ICRA Reaffirms B Rating on INR3cr Loan
MITTAL OCEAN: CRISIL Suspends 'B' Rating on INR50MM LT Loan
N. M. ROOF: CRISIL Suspends 'B' Rating on INR112.5MM Cash Loan

NEXO STRUCTURES: ICRA Lowers Rating on INR5cr Cash Loan to D
OMEGGA POWER: ICRA Assigns B- Rating to INR3.50cr Loan
PRAFULLA KUMAR: CRISIL Assigns B+ Rating to INR30MM Cash Loan
PUNJAB LIGHTING: CARE Lowers Rating on INR23cr LT Loan to 'D'
RAMA RICE: CARE Assigns 'B+' Rating to INR11.20cr LT Loan

RAMDEV STAINLESS: CARE Reaffirms B+ Rating on INR13.16cr LT Loan
RAICHUR LABORATORIES: ICRA Assigns B+ Rating to INR15cr LT Loan
REGENT GRANITO: ICRA Assigns B+ Rating to INR37cr Cash Loan
RIDDHI SIDDHI: ICRA Assigns 'B' Rating to INR6.50cr Cash Loan
SAHYOG GINNING: CARE Revises Rating on INR15cr LT Loan to BB-

SAPPHIRE PROJECTS: ICRA Cuts Rating on INR25cr Term Loan to D
SHANTHA TRUST: ICRA Lowers Rating on INR8.0cr Term Loan to B+
SIYARAM EXPORTS: CRISIL Assigns 'D' Rating to INR60MM Cash Loan
SPARK INSULATORS: ICRA Assigns B+ Rating to INR5.60cr LT Loan
SRI PANCHAMUKHI: CARE Assigns 'B' Rating to INR15cr LT Loan

SRK GROUP: CARE Revises Rating on INR50cr LT Loan to BB
SUJANA METAL: CARE Reaffirms D Rating on INR1,701.84cr LT Loan
SUJANA TOWERS: CARE Reaffirms D Rating on INR1,420.24cr LT Loan
SUN SHINE: CARE Reaffirms B+ Rating on INR16.50cr LT Loan
SUYASH KRAFT: CRISIL Suspends B- Rating on INR114.1MM LT Loan

TEESTA RANGIT: ICRA Reaffirms D Rating on INR40cr Term Loan
TIRUPATI BALAJEE: CARE Reaffirms B+ Rating on INR8.28cr LT Loan
UNITECH COTSPIN: ICRA Reaffirms B Rating on INR24.32cr Loan
YASHVEER CERAMICS: ICRA Lowers Rating on INR5.25cr Loan to B
V.K. GOPAL: ICRA Assigns B Rating to INR9.50cr LT Loan


P H I L I P P I N E S

RURAL BANK OF VILLAVICIOSA: Placed Under PDIC Receivership


                            - - - - -


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


DICK SMITH: Jaycar Electronics Expresses Interest in Sites
----------------------------------------------------------
Ronelle Richards at SmartCompany reports that electronics retailer
Jaycar has put up its hand to snap up current Dick Smith premises
and sites, as the receivership of Dick Smith enters its second
week.

In an advertisement in The Australian Financial Review on
Jan. 12, Jaycar called for Dick Smith landlords potentially
concerned about the future of their tenancy to get in touch,
SmartCompany relates.

According to SmartCompany, concerned landlords are urged to
contact the Jaycar head office for a "confidential no-obligation
discussion" about their properties.

Jaycar managing director Gary Johnston told SmartCompany the ad is
already working, with Jaycar receiving 15 enquires on Jan. 12.

SmartCompany says Mr. Johnston is specifically interested in
freestanding Dick Smith sites and stores, including those in bulky
good centres and on retail shopping strips, but not those in
shopping centres.

Shopping centre Dick Smith stores currently account for 80 of the
retailer's 393 retail outlets, the report notes.

"We don't operate a business plan that includes shopping centres,"
SmartCompany quotes Mr. Johnston as saying.

"We are what we like to think as a 'destination retailer' where
shopping centre locations tend to be a little on the parasitic
side . . . Dick Smith Electronics started off as a destination
retail business and they still have a fairly large number of
freestanding sites which may or may not be of interest of us."

According to SmartCompany, Mr. Johnston said Jaycar's
advertisement will be running twice more in AFR, which he says
will give his company a "pretty good handle" on available sites in
Australia and New Zealand.

Mr. Johnston described the Dick Smith story as a "tragedy",
particularly as he was a former employee of the chain, working
alongside entrepreneur Dick Smith for seven years during the
company's rapid growth in the 1970s.

In 1981, Mr. Johnston left his role of marketing director to found
Jaycar, opening the first Jaycar store in Sydney, the report
relates.

From that single store in Sydney, the company now has 90 stores in
Australia and New Zealand and is reportedly worth more than AUD500
million, according to SmartCompany.

Mr. Johnston was unsure of Jaycar's exact valuation but believed
the reported value to be "roughly" correct or possibly, in fact,
worth more, says SmartCompany.

SmartCompany relates that Mr. Johnston left just before Dick Smith
was sold to Woolworths in 1982 for about AUD25 million.

Dick Smith was then acquired in 2012 by private equity firm
Anchorage Capital for AUD94 million, before being floated 15
months later for an astounding AUD520 million valuation,
SmartCompany adds.

                         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.


DIY AUDIO: First Creditors' Meeting Set For Jan. 25
---------------------------------------------------
Darrin Paine -- dpaine@tigroup.net.au -- of TI Group was appointed
as administrator of DIY Audio Visual Pty Limited on Jan. 13, 2016.

A first meeting of the creditors of the Company will be held at
Suite 15, 103 George St, in Parramatta, on Jan. 25, 2016, at
11:00 a.m.


I.W.S. GROUP: First Creditors' Meeting Slated For Jan. 21
---------------------------------------------------------
Messrs Ozem Kassem & Mark Hutchins of Cor Cordis Chartered
Accountants were appointed as administrators of I.W.S. Group Pty
Limited on Jan. 11, 2016.

A first meeting of the creditors of the Company will be held at
Cor Cordis Chartered Accountants, Level 6, 55 Clarence Street, in
Sydney, on Jan. 21, 2016, at 11:00 a.m.


J.E. ABEL: First Creditors' Meeting Set For Jan. 20
---------------------------------------------------
Gavin Moss of Chifley Advisory Pty Ltd was appointed as
administrator of J.E. Abel Real Estate Propriety Limited, trading
as Frankston Estate Agency and Frankston Real Estate, on Jan. 8,
2016.

A first meeting of the creditors of the Company will be held at
the Boardroom of Servcorp, Level 2, Riverside Quay 1, Southbank
Boulevard, in Southbank, Victoria, on Jan. 20, 2016, at
10:30 a.m.


PEET TRI: First Creditors' Meeting Slated For Jan. 19
-----------------------------------------------------
Alan Edson Ledger of Ledger Corporate was appointed as
administrator of Peet Tri State Syndicate Limited on Jan. 12,
2016.

A first meeting of the creditors of the Company will be held at
Level 3, 46 Ord Street, in West Perth, on Jan. 19, 2016, at
2:00 p.m.



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


ADAMANT DRI: Loss, Capital Deficit Cast Going Concern Doubt
-----------------------------------------------------------
Adamant DRI Processing and Minerals Group incurred a net loss of
$1,912,673 for the three months ended September 30, 2015, compared
with a net loss of $812,198 for the same period in 2014,
as a result lack of sales and production of Zhuolu Jinxin Mining
Co., Ltd. (China Jinxin) and Haixing Huaxin Mining Industry Co.,
Ltd. (China Huaxin).

Moreover, the company incurred a net loss of $5.15 million for the
nine months ended September 30, 2015. The company also had a
working capital deficit of $53.14 million as of September 30,
2015.

In addition, China Jinxin has refused to sell its iron ore
concentrate to its sole customer because of the low price offered.

"These conditions raise a substantial doubt about the company's
ability to continue as a going concern," Changkui Zhu, chief
executive officer of the company, said in a regulatory filing with
the U.S. Securities and Exchange Commission on November 16, 2015.

"China Jinxin is upgrading its facility and equipment, which when
completed, will enable the Company to produce DRI. A shareholder
of the company has indicated that she will continue to fund China
Jinxin, although there is no written agreement in place and Jinxin
currently owes $11.27 million to this shareholder. In addition,
China Huaxin currently owes $25.44 million to three of the
company's shareholders who are also the company's management (one
is also the fund provider of China Jinxin who lent $17.15 million
to China Huaxin) for constructing its DRI facility, and borrowed
$0.69 million from a company owned by its major shareholder. China
Huaxin completed the trial production and commenced the commercial
production in May 2015. However, as a result of recent
environmental initiatives by national, provincial and local
government authorities in China, starting from June 2015, China
Huaxin is upgrading the DRI facilities by converting the existing
coal-gas station systems to liquefied natural gas (LNG) station
systems. The conversion to LNG systems will reduce pollutants and
produce higher quality DRIs with less impurity."

At September 30, 2015, the company had total assets of
$54,085,340, total liabilities of $58,422,698, and total
stockholders' deficit of $4,337,357.

A full-text copy of the company's quarterly report is available
for free at: http://tinyurl.com/z86zqeb

Adamant DRI Processing and Minerals Group is engaged in producing
Direct Reduced Iron (DRI), which is used in the production of high
quality metal with a low content of harmful impurities that can be
used in high-tech and standard industries. The company operates in
China through Zhuolu Jinxin Mining Co., Ltd. (China Jinxin), an
early stage mining company that processes ore at its production
facility in Hebei Province.


CHINA SHANSHUI: Dollar Bonds Climb on Early Repayment Plan
----------------------------------------------------------
Bloomberg News reports that China Shanshui Cement Group Ltd.'s
dollar bonds due for repayment in 2020 climbed after the cement
maker said it would repay them early, boosting investors'
confidence following a shareholder scrap.

China Shanshui plans to commence buying back the $500 million of
outstanding notes by Jan. 19 after the tussle triggered early
redemption, according to a statement on Jan. 7, Bloomberg relays.
According to Bloomberg, the company also intends to pay the
principal of CNY2 billion ($303.6 million) of onshore bonds that
defaulted in November, said Zhao Yongkui, who was appointed as
director of its Shandong unit on Dec. 3, in an interview on
Jan. 8.

Bloomberg says investors hope the plans signal a path to normality
as new bosses, backed by biggest shareholder Tianrui Group Co.,
seek to wrest control of the cement maker's operations from
founder Zhang Caikui. The dispute intensified last week as
Shanshui's Shandong unit, its main operating arm, said it filed a
lawsuit against the parent company alleging it released "false and
illegal statements," Bloomberg relays.

"We think it's a positive sign that the new management is looking
at getting banks' financing, to allow Shanshui to operate as an
ongoing entity," Bloomberg quotes Nuj Chiaranussati, a Singapore-
based credit analyst at Gimme Credit LLC, as saying. "Investors
will need to monitor the viability of the cement business. The
recent turmoil would have had a negative impact on its business
and cash flow."

Hong Kong-based China Shanshui's 2020 dollar notes rose 2.1 cents
in the dollar to 83 cents as of 3:43 p.m. [Jan. 8] in Hong Kong,
according to prices compiled by Bloomberg.

Shanshui said it expects to repay the notes at 101 cents on the
dollar, Bloomberg relates. The company is also considering making
an offer to purchase its outstanding 8.5 percent senior notes due
2016, it said.

                      About China Shanshui

China Shanshui Cement Group Limited is engaged in manufacturing
and sale of cement and clinker, and limestone mining. The Company
is engaged in the production and sales of various types of
cements, and the production of commodity clinker necessary for
various types of high grade cements in Shandong and Liaoning
Provinces. The commodity clinker produced by the Company is mainly
sold to clients with cement grinding station. The cement produced
by the Company under the brand of Shanshui Dongyue is widely used
in construction works for roads, bridges, housing and various
types of construction projects. The Company operates in four
geographical areas: Shandong Province, Northeastern China,
Xinjiang Region and Shanxi Province.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 17, 2015, Standard & Poor's Ratings Services said that it had
lowered its long-term corporate credit rating on China Shanshui
Cement Group Ltd. to 'D' from 'CC'.  At the same time, S&P lowered
its long-term Greater China regional scale rating on the company
to 'D' from 'cnCC'.

S&P also lowered its issue rating on Shanshui's U.S. dollar-
denominated senior unsecured notes to 'D' from 'CC' and the
Greater China regional scale rating on the notes to 'D' from
'cnCC'. Shanshui is a China-based cement producer.


ZHIYUAN GROUP: Fitch Gives Final 'BB+' Rating to USD200M Notes
--------------------------------------------------------------
Fitch Ratings has assigned ZHIYUAN Group (BVI) Co., Ltd.'s USD200
million 6.2% senior unsecured notes due 2019 a final rating of
'BB+'.

The assignment of the final ratings follows the receipt of
documents conforming to information already received. The final
ratings are in line with the expected ratings assigned on 3
January 2015.

The notes issued by ZHIYUAN Group (BVI) Co., Ltd are
unconditionally and irrevocably guaranteed by HK Zhiyuan Group
Limited (HKZY), a wholly owned subsidiary of Jiangsu NewHeadLine
Development Group Co., Ltd. (Jiangsu NHL, BB+/Stable). The notes
will be senior unsecured obligations of HKZY and rank pari passu
with all other obligations of HKZY. The proceeds will be used
primarily onshore to fund the Jiangsu NHL's city infrastructure
development projects, refinance the indebtedness of the Jiangsu
NHL, replenish working capital and for general corporate purpose.

KEY RATING DRIVERS

In place of a guarantee, Jiangsu NHL has granted a keepwell and
liquidity support deed and a deed of equity interest purchase
undertaking to ensure that HKZY has sufficient assets and
liquidity to meet its obligations under the guarantee for the
notes.

The notes are rated at the same level as Jiangsu NHL's Issuer
Default Rating, given the strong link between Jiangsu NHL and HKZY
and because the keepwell and liquidity support deed and deed of
equity interest purchase undertaking transfer the ultimate
responsibility of payment to Jiangsu NHL.

In Fitch's opinion, both the keepwell and liquidity support deed
and the deed of equity interest purchase undertaking signal a
strong intention from Jiangsu NHL to ensure that HKZY has
sufficient funds to honour the debt obligations. The agency also
believes Jiangsu NHL intends to maintain its reputation and credit
profile in the international offshore market, and is unlikely to
default on its offshore obligations. Additionally, a default by
HKZY could have significant negative repercussions on Jiangsu NHL
for any future offshore funding.

The ratings of Jiangsu NHL are credit linked to Lianyungang
Municipality, which is located in China's north-eastern Jiangsu
Province. This is reflected in the 100% state ownership of Jiangsu
NHL, strong municipal oversight of its financials, and strategic
importance of the entity's operation to the municipality.

RATING SENSIVITIES

Any rating action on Jiangsu NHL will result in a similar rating
action on the rated bond issued by HKZY.

An upgrade of Fitch's credit view on Lianyungang Municipality, as
well as a stronger and/or more explicit support commitment from
the municipality, may trigger positive rating action on Jiangsu
NHL.

Significant weakening of Jiangsu NHL's strategic importance to the
municipality, dilution of the municipality's shareholding to below
75%, and/or reduced explicit and implicit municipality support,
may result in a downgrade. A downgrade could also result from a
weaker fiscal performance or increased indebtedness of the
municipality, leading to deterioration in the sponsor's internally
assessed creditworthiness and, as a result, of Jiangsu NHL's
ratings.



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


4 GENIUS: ICRA Assigns B+ Rating to INR20cr LT Loan
---------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B+ to the INR20.00
crore bank facilities of 4 Genius Minds (4GM).

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund
   Based-Cash Credit     20.00        [ICRA]B+; assigned

ICRA's ratings favorably factor in 4GM's healthy market position
as an authorized service provider for Apple Inc in India and its
strong growth over the last few years (CAGR of 87% during FY13 to
FY15) backed by buoyant demand for Apple products.

The rating also factors in 4GM's growing revenue diversity across
products and end consumers (corporate clients, educational
institutions, retail clients etc) and the presence of service
based contracts which lead to stability of revenues to an extent.
The ratings are, however, constrained by the thin operating profit
margins given the largely trading nature of business (1.8% in FY15
and 1.6% in 8mFY16) and the leveraged, though improving capital
structure (Gearing of 3.1 times as of Nov 30, 2015 improved from
7.4 times as of March 31, 2015). This apart, being a partnership
firm the ratings factor in the risk of capital withdrawals as has
been witnessed in the past; notwithstanding the moderate working
capital cycle (NWC/OI of 8% in 8mFY16 and 14% in FY15). In the
backdrop of robust revenue growth, the firm's funding requirements
have been increasing, the firm's ability to receive limit
enhancement in a timely manner will be crucial for maintaining
growth and smooth cash flow management.

4GM's ability to improve its profitability, maintain the
improvement in the capital structure and manage its liquidity
position will be the key rating sensitivities.

4GM incorporated in 2006 is an Apple Solution Expert and one of
the 14 partners authorized by Apple Inc. in India. It provides an
end to end experience for different players ranging from B2B,
Educational institutes and B2C. 55% of the revenue has been
derived from B2B followed by 35% from Newfinder business
(educational institutes) and 10% is achieved from B2C and other
AMC services.

Recent Results
The firm reported an operating income (OI) of INR166.3 crore in
FY15 with a net profit of INR1.2 crore, as compared to an OI of
INR73.8 crore in FY14 with a net profit of INR0.4 crore. On a
provisional basis, the firm reported an OI of INR226.3 cr. in
8MFY16 with a net profit of INR1.9 crore. The net worth of the
firm as on November 30, 2015 stood at INR8.4 cr. with a total debt
of INR26.4 cr.


A2Z INFRA: CARE Assigns 'D' Rating to INR1,018.54cr LT Loan
-----------------------------------------------------------
CARE assigns 'CARE D' rating to the bank facilities of A2Z Infra
Engineering Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities   1,018.54     CARE D Assigned
   Short-term Bank Facilities  1,251.46     CARE D Assigned

Rating Rationale

The rating assigned to the bank facilities of A2Z Infra
Engineering Ltd (A2Z) takes into account the ongoing delays in
debt servicing by the company.

Incorporated in January 2002 as A2Z Maintenance Services Private
Ltd, the company was renamed 'A2Z Maintenance & Engineering
Services Private Ltd' in May 2005. Subsequently, the company
became a public limited company in March 2010. A2Z came up with an
IPO in December 2010 and raised INR776.2 crore. The company is
primarily engaged in providing Engineering, Procurement and
Construction (EPC) services in power transmission and distribution
sector with focus on distribution. It also forayed in the
renewable energy generation business through by setting up three
biomassbased power plants (15 MW each) in Punjab in collaboration
with sugar mills on Built Own Operate and transfer (BOOT)
basis.

In FY15 (refers to the period April 1 to March 31), the company
reported operating loss (PBILDT) of INR84.24 crore and net loss of
INR123.88 crore on a total operating income of INR226.28 crore.
Furthermore, in H1FY16 (refers to the period April 1 to September
30), the company reported PBILDT of INR10.43 crore and net loss of
INR45.05 crore on a total operating income of INR342.41 crore.


AGRAWAL OIL: ICRA Reaffirms 'B' Rating on INR10cr Cash Loan
-----------------------------------------------------------
ICRA has reaffirmed the [ICRA]B rating to INR10.00 crore long term
cash credit facility of Agrawal Oil and General Industries.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term, Fund
   based limits
   Cash Credit           10.00        [ICRA]B reaffirmed

The rating reaffirmation takes into account substantial experience
of promoters in cotton seed oil business with established
relations with customers and easy availability of raw material by
virtue of favourable location. The rating is however constrained
by leveraged capital structure and weak coverage indicators due to
working capital intensive nature of operations and low profit
margins in line with low value adding nature of business. ICRA
also takes note of modest scale of operations in an intensely
competitive industry and vulnerability associated with agro
climatic conditions which has direct bearing on profitability of
the firm. Going forward, scaling up operations while managing
inventory levels, remains key rating sensitivity.

Established in 1982, AOGI is a partnership firm promoted by Mr.
Sanjay Agrawal. The firm is engaged in crushing of cotton seeds to
produce cotton seed wash oil and cotton seed cake. The
manufacturing facility of the firm is located in Amravati district
of Maharashtra with an installed crushing capacity of 100 quintal
per day.


ARVIND EXPORTS: ICRA Reaffirms B+ Rating on INR10cr Cash Loan
-------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating to the INR10.00 crore
fund-based cash credit facility of Arvind Exports Solvent Oil
Industries.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit           10.00        [ICRA]B+; Reaffirmed

The rating continues to factor in Arvind Export Solvent Oil
Industries' (AESOI) modest scale of operations; financial profile
characterized by thin profitability, leveraged capital structure
and modest coverage indicators. The rating also factors in the
vulnerability to movement of raw material prices, which are
subject to seasonality and crop harvest as well as low profit
margins on account of limited value addition and highly fragmented
industry structure. The margins are also exposed to regulatory
risk with regard to export quota and Minimum Support Price (MSP)
for raw cotton fixed by the Government of India. Also, being a
partnership firm, any substantial withdrawals from capital account
would impact the net worth and thereby the capital structure.

The rating, however, favorably consider the long experience of the
promoters in the edible oil and DOC (de-oiled cake) segment and
location advantage by virtue of being in Gujarat, providing it
easy access to quality raw material.

Established in 2005, Arvind Export Solvent Oil Industries is
managed by Mr. Jagdish Dobariya and other family members. The firm
is engaged in the business of crushing of groundnut seeds to
produce groundnut oil and groundnut cake. The firm is also engaged
in solvent extraction of groundnut oil from groundnut cake and
refining of raw groundnut oil.

Recent Results
For the year ended 31st March, 2015, the company reported an
operating income of INR54.16 crore with profit after tax (PAT) of
INR0.48 crore.


BUDDING BRAINS: ICRA Assigns 'B' Rating to INR7.25cr Loan
---------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B to the INR14.0
crore term loans and unallocated facilities of Budding Brains
International School.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loan              7.25        [ICRA]B; assigned
   Unallocated            6.75        [ICRA]B; assigned

ICRA's rating favourably factors in the commencement of the school
operations with set up of basic infrastructure and the moderate
initial response to the school having admitted 100 students in its
first academic session. The ratings are however constrained by the
limited experience of the promoters in the field of education,
competition from other schools in the vicinity and exposure to
regulatory risks as is prevalent in the sector. With part of the
capex still under process, the society remains exposed to
execution risks.

Given that the school operations will take time to ramp up and
that substantial repayment obligations will start from FY18
onwards, the society will remain dependent on promoter support to
manage its cashflows in the initial years. Going forward, timely
completion of the pending capex as well as BBIS' ability to
achieve the desired operating metrics and receive timely support
when required will be the key rating sensitivities.

Budding Brains International School established in 2015 in Raikot,
Punjab is an English medium co-ed school registered under Bhagat
Sucha Singh Ji Memorial Educational Society. The school presently
caters to Nursery to 2nd Class and has been laid down as per the
norms of CBSE. The school is located in the main city of Raikot
and the management has planned to take admissions till Class 5th
from FY17. The school has a total intake capacity of 300 students
as per the initial construction of INR4.0 cr. and expects to
achieve a total intake capacity of 1100 students from the total
cost of INR9.25 cr.


BMS PROJECTS: ICRA Assigns B- Rating to INR5.0cr Cash Loan
----------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B- to the INR5 crore
cash credit facility and a short term rating of [ICRA]A4 to the
INR4 crore bank guarantee facility of BMS Projects. ICRA has also
assigned a long term rating of [ICRA]B- and a short term rating of
[ICRA]A4 to an untied limit of INR1 crore of BMS.

                            Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Cash Credit Facility       5        [ICRA]B- assigned
   Bank Guarantee             4        [ICRA]A4 assigned
   Untied                     1        [ICRA]B-/[ICRA]A4 assigned

The assigned ratings take into account BMS's small scale of
operations at present, its weak financial profile characterized by
high gearing and its high working capital requirements that are
largely met through creditors and mobilisation advance resulting
in high total outside liabilities relative to the tangible net
worth. The ratings are also constrained by the firm's exposure to
high client and geographical concentration risks since majority of
the revenues and the current order book outstanding are
contributed by a few clients in Chhattisgarh. Moreover, the
sectoral concentration risk remains high, with operations being
limited to the construction of buildings and roads. The ratings
further incorporate the risks associated with the entity's status
as a partnership firm, including the risk of capital withdrawal by
the partner's. The absence of price escalation clause in contracts
makes the entity vulnerable to the movement in the raw material
prices. The ratings take note of the established track record of
the promoters in the civil construction business, with an
experience of around a decade through its erstwhile company, and
its healthy order book position of INR97.3 crore as on November
30, 2015, providing revenue visibility over the medium term. In
ICRA's opinion, the ability of the entity to scale-up its
execution capabilities to achieve revenue growth and profitability
while maintaining a conservative capital structure and effectively
managing the working capital requirements would remain key rating
sensitivities going forward.

Established in September, 2014 as a partnership firm, BMS is
engaged in construction of buildings and roads in the state of
Chhattisgarh. The firm is a registered Class I category contractor
with P.W.D. - Chhattisgarh. The promoters have been engaged in the
civil construction business for around a decade through its
erstwhile company, BIPPL.

Recent Results
During H1 FY16, as per provisional financials, BMS reported a net
profit of INR0.62 crore on an OI of INR17.76 crore as against a
net profit of INR0.49 crore and OI of INR19.05 crore during FY15.


DAMODAR TIMBER: CRISIL Reaffirms B Rating on INR5MM Loan
--------------------------------------------------------
CRISIL's ratings on the bank facilities of Damodar Timber Depot
(DTD) continue to reflect the firm's weak financial risk profile
because of a small net worth, high total outside liabilities to
tangible net worth ratio, and below-average debt protection
metrics.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bill Discounting        1.5       CRISIL A4 (Reaffirmed)
   Letter of Credit      180         CRISIL A4 (Reaffirmed)
   Overdraft Facility      5         CRISIL B/Stable (Reaffirmed)

The ratings also factor in large working capital requirement,
exposure to intense competition in the timber and cashew trading
business resulting in low profitability margins, and
susceptibility of profitability margins to fluctuations in foreign
exchange rates. These rating weaknesses are partially offset by
the extensive industry experience of the firm's partners.

Outlook: Stable

CRISIL believes DTD will continue to benefit over the medium term
from its partners' extensive industry experience and established
relationship with customers. The outlook may be revised to
'Positive' if there is sustained improvement in the firm's working
capital cycle, or if liquidity improves on the back of sizeable
capital infusion. Conversely, the outlook may be revised to
'Negative' in case of a steep decline in  profitability margins,
or significant deterioration in the firm's capital structure
caused most likely because of a stretch in its working capital
cycle or larger-than-expected capital expenditure.

Established in 1977 by Mr. Devshi Patel, DTD trades in and saws
timber. The firm mainly imports teakwood and hardwood from
Myanmar, Latin America, and Africa. It also trades in cashews,
from which it derives around 45 per cent of its revenue.


FEROZEPUR FOODS: CRISIL Suspends B+ Rating on INR260MM Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Ferozepur Foods Private Limited (FFPL).

                            Amount
   Facilities             (INR Mln)    Ratings
   ----------             ---------    -------
   Cash Credit              260        CRISIL B+/Stable
   Export Packing Credit     60        CRISIL A4
   Term Loan                  6.4      CRISIL B+/Stable

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

FFPL, set up in 1994, produces a variety of basmati and non-
basmati rice and its by-products. The company undertakes milling
and sorting at its facility in Ferozpur (Punjab). Its day-to-day
operations are managed by Mr. Brij Bhushan Mittal and Mr. Hemant
Mittal.


GAJRAJ STEELS: CARE Assigns 'B' Rating to INR16.50cr LT Loan
------------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank facilities
of Gajraj Steels Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     16.50      CARE B Assigned
   Short-term Bank Facilities     0.50      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Gajraj Steels
Private Limited (GSPL) are constrained by the relatively short
track record of operations of the company with FY15 (refers to the
period April 01 to March 31) being the first year of commercial
operations, working capital intensive nature of operations,
leveraged capital structure and intense competition from the
organized and unorganized sector.

The ratings derive support from the experienced and resourceful
promoters; completion of project capex with commencement of the
commercial operations during last quarter of FY15. The ability of
the company to achieve the envisaged revenue and profitability
margins and manage working capital cycle effectively remains the
key rating sensitivity.

GSPL is a part of the Latur-based (Maharashtra) 'Malang Group'.
GSPL was incorporated in June 2013 to manufacture Thermo-
Mechanical Treatment (TMT) bars of 6 mm to 12 mm round and square
and 3/4 to 2 inch patti. The company in FY13 commenced
construction of its production facility with an installed
production capacity of 180 metric tonnes per day (MTPD). The cost
of the project is INR14.18 crore funded through term loan of
INR7.50 crore and promoter's contribution of INR6.68 crore. The
products find applications in building construction,
infrastructure companies largely to the real estate sector. The
company achieved commercial production in January 2015.

During FY15, the company reported a total operating income of
INR24.09 crore and a PBILDT and PAT of INR0.41 crore and INR0.02
crore, respectively.


GEMINI EQUIPMENT: CARE Lowers Rating on INR17.49cr Loan to C
------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Gemini Equipment and Rentals Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     17.49      CARE C Revised from
                                            CARE BB+

   Short-term Bank Facilities     0.60      CARE A4 Revised from
                                            CARE A4+

Rating Rationale

The revision in the ratings assigned to the bank facilities of
Gemini Equipment and Rentals Private Limited (GEAR) primarily take
into consideration the stretched liquidity position resulting in
delays in debt servicing of vehicle loans (not rated by CARE) and
over-drawal in working capital limits.

The ratings, further, continue to be constrained by relatively
modest scale of operations, weak debt coverage indicators, working
capital intensive nature of operations with elongated collection
period and cyclical nature of the end-user construction industry.

The ratings however continue to derive strength from experienced
management, established relationship with reputed client base,
financial support from its shareholders and moderate profit
margins and capital structure. The ratings further continue to
derive strength from increasing diversification of revenue stream
and moderate utilization of its equipment base.

Improvement in liquidity position with better collection period
and improving profitability and capital structure while
increasing its scale of operations are the key rating
sensitivities.

Incorporated in 2007, Gemini Equipments and Rental Private Limited
(GEAR) is engaged in renting and leasing of construction equipment
(CE; viz. concreting, earth moving, cranes and others) and
material handling equipment (MHE; viz. forklifts and others). GEAR
owns around 716 equipment and employs around 1,400 people across
145 client sites in India. The company also offers customized
operating lease packages and lease & sale back arrangement to its
end users.

During FY15 (refers to April 01 to March 31), the total operating
income (TOI) of GEAR stood at INR64.33 crore (compared to INR59.80
crore in FY14), while gross cash accruals reported by the company
stood at INR1.18 crore in FY15 (compared to INR9.72 crore FY14).


GVK INDUSTRIES: CARE Reaffirms D Rating on INR520.07cr LT Loan
--------------------------------------------------------------
CARE reaffirms the ratings assigned to bank facilities of GVK
Industries Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    520.07      CARE D Reaffirmed
   Short term Bank Facilities    19.60      CARE D Reaffirmed

Rating Rationale

The reaffirmation in the ratings assigned to the bank facilities
of GVK Industries Limited (GIL) is on account of continued
delays in debt servicing owing to the stretched liquidity position
of the company at the back of low availability of gas.

GIL, incorporated in June, 1992, is a wholly-owned subsidiary of
GVK Energy Limited (GEL), which in turn is the subsidiary of GVK
Power & Infrastructure Limited, the flagship company of the GVK
group. GIL is engaged in generation of electricity at its mixed
fuel combined cycle power plants situated in Jegurupadu in Andhra
Pradesh (AP). Total installed capacity of the company is 437 MW,
which was set up in two stages of 217 MW(Phase I) and 220 MW(Phase
II).

For FY15 (refers to the period April 01 to March 31), GIL
registered a total operating income of INR285.02 crore with net
loss of INR69.16 crore vis-a-vis total operating income of
INR348.18 crore with net loss of INR78.87 crore in FY14.


HES INFRA: Ind-Ra Withdraws 'IND BB-' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn HES Infra Pvt
Ltd's (HES) Long-Term Issuer Rating of 'IND BB-(suspended)'. A
full list of rating actions is at the end of this commentary. The
ratings have been withdrawn due to lack of adequate information.
Ind-Ra will no longer provide ratings or analytical coverage for
HES.

Ind-Ra suspended HES' ratings on 8 June 2015.

HES' ratings are as follows:
-- Long-Term Issuer Rating: 'IND BB-(suspended)'; rating
    withdrawn
-- INR600 million term loan limits: 'IND BB-(suspended); rating
    withdrawn
-- INR900 million fund-based working capital limit: 'IND BB-
    (suspended)' and 'IND A4+ (suspended)'; ratings withdrawn
-- INR3,140 million non-fund-based working capital limit:  'IND
    A4+(suspended)' ; rating withdrawn


HYQUIP SYSTEMS: CARE Reaffirms 'D' Rating on INR27cr ST Loan
------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Hyquip Systems Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      5.38      CARE D Reaffirmed
   Short term Bank Facilities    27         CARE D Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Hyquip Systems
Limited (HSL) continue to be constrained by the strained liquidity
position owing to delayed realization from debtors resulting in
ongoing delays in debt servicing.

HSL was incorporated in 1984, and it is the flagship company of
the Hyderabad-based Hyquip group. HSL is primarily engaged in the
designing and manufacturing of material handling system and also
has interests in flow control equipment and industrial automation.
Mr K. B. K. Reddy, the founder promoter of the Hyquip group has
well over three decades of experience in the material handling
equipment industry.

During FY15 (refers to the period April 1 to March 31), HSL
reported PAT of INR0.19 crore (INR0.28 crore in FY14) on a total
income of INR38.52 crore (INR43.86 crore in FY14).


HYQUIP TECHNOLOGIES: CARE Reaffirms D Rating on INR2.14cr Loan
--------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Hyquip Technologies Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      2.14      CARE D Reaffirmed
   Short term Bank Facilities     1.30      CARE D Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Hyquip Technologies
Limited (HTL) continue to be constrained by the strained liquidity
position owing to delayed realization from debtors resulting in
ongoing delays in debt servicing.

The company was incorporated in the year 2003 under the name
Hyquip Exports Limited as a part of the Hyquip group, primarily
established for exporting municipal solid waste management
processing equipments manufactured by the associate concerns.
Later in 2006, the company changed the name of the company to
Hyquip Technologies Limited (HTL).

HTL developed clean and green technologies for recycling of
Municipal Solid Waste (MSW), conversion of MSW into compost,
Refused Derived Fuel Facility (RDF), power from waste and also
generation of power frombiomass.

During FY15 (refers to the period April 01 to March 31), HTL
reported net loss of INR2.66 crore (INR-0.81 crore in FY14) on
a total income of INR1.03 crore (INR3.24 crore in FY14).


INOX WORLD: CRISIL Suspends B Rating on INR250MM Term Loan
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of INOX
World Industries Private Limited (IWIPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Bank
   Guarantee              2        CRISIL A4

   Proposed Packing
   Credit                82.5      CRISIL A4

   Proposed Term Loan   250        CRISIL B/Stable

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

IWIPL promoted by Mr. Pramod Kumar Gupta and Mr. Ram Babu Gupta,
is setting up a unit to manufacture stainless steel utensils (80-
85%) and floor coverings in Sonepat (Haryana). The project is
expected to start operation by April 2015.


KOPALLE PHARMA: CARE Revises Rating on INR15cr LT Loan to BB
------------------------------------------------------------
CARE revises the LT rating and reaffirms the ST rating assigned to
bank facilities of Kopalle Pharma Chemicals Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     15.00      CARE BB Revised from
                                            CARE B

   Short-term Bank Facilities     9.75      CARE A4 Reaffirmed

Rating Rationale

The revision in the long-term rating of Kopalle Pharma Chemicals
Private Limited (KPC) takes into account improvement in the
overall financial risk profile of the company marked by
significant growth in the scale of operation and revenue
during FY15 (refers to the period April 1 to March 31) along with
substantial improvement in capital structure, operating
cycle and expanding product portfolio. The ratings continue to
factor in the experience of the promoters and management team in
the pharmaceutical industry and established relationship with
reputed players in the industry.

However, the ratings are constrained by still moderate scale of
operation, declining profitability margins, working capital
intensive nature of business and intense competition in the
industry with high dependence on government regulations.

The ability of the company to continue to further expand the scale
of operation along with improvement in profitability in a highly
competitive scenario and manage the working capital requirement to
ensure adequate liquidity are the key rating sensitivities.

Incorporated in 1981, KPC is engaged in the manufacturing of
active pharmaceutical ingredients (API) & intermediaries. KPC is
an ISO 9001:2008 certified company and has a GMP Certified
manufacturing facility at Jeedimetla in Hyderabad. The company is
primarily a domestic player and has product portfolio of nearly 20
products with focus on anti psychotic segment.

During FY15, KPC reported a PBILDT of INR5.17 crore (FY14: INR4.73
crore) and a PAT of INR0.51 crore (FY14: INR0.56 crore) on a total
operating income of INR46.83 crore (FY14: INR26.39 crore). As per
the unaudited results for H1FY16, KPC has reported a PAT of
INR0.64 crore on a total operating income of INR28.36 crore.


KRISHNAMURTHY SPINNING: CARE Rates INR19.20cr LT Loan at 'B'
------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of
Krishnamurthy Spinning Mills Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     19.20      CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Krishnamurthy
Spinning Mills Private Limited (KSMPL) is constrained by the
relatively small scale of operations, highly leveraged capital
structure, working capital intensive nature of business,
volatility associated with the raw material prices and highly
regulated industry with Government fixing the minimum support
price of cotton. The rating is, however, underpinned by the
experience of the promoter, adequate availability of raw material
due to presence of manufacturing facility in cotton growing area
of Andhra Pradesh, interest subsidy under Technology Upgradation
Fund Scheme and infusion of unsecured loans by promoters.

The ability of the firm to increase its scale of operations
coupled with improvement in profitability and efficiently manage
its working capital are the key rating sensitivities.

KSMPL, was incorporated in June 2006 and is promoted by Mr M A V R
Phani Krishna. KSMPL has commenced its operations in October 2007
with setting up a cotton yarn spinning facility (installed
capacity of 12,360 spindles) at its manufacturing facility located
at Thimmapuram, Guntur District in Andhra Pradesh. KSMPL produces
cotton yarn in the count range of 32s and 40s.

The company was initially started by Mr V. Srinivasa Rao and Mr
V.S. Subba Rao and was taken over by the present promoter during
June 2012. The entire shareholding of KSMPL is held by the present
promoter and his family members. KSMPL has registered PBILDT of
1.56 crore (INR3.25 crore in FY14 [refers to the period April 1 to
March 31]) on a total operating income of 26.50 crore (INR28.74
crore in FY14) in FY15.


LENZ CERAMIC: ICRA Assigns 'B' Rating to INR8.0cr Cash Loan
-----------------------------------------------------------
ICRA has assigned an [ICRA]B rating to the INR5.00 crore term loan
and INR8.00 cash credit facility of Lenz Ceramic Private Limited.
ICRA has also assigned an [ICRA]A4 rating to the INR2.50 crore non
fund based bank guarantee of LCPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based-Term
   Loan                  5.00        [ICRA]B assigned

   Fund Based-Cash
   Credit                8.00        [ICRA]B assigned

   Non Fund Based-
   Bank Guarantee        2.50        [ICRA]A4 assigned

The ratings assigned to Lenz Ceramic Private Limited (LCPL) are
constrained by the modest scale of company's operations with
single product portfolio amidst competitive pressure from the
presence of established organized tile manufacturers and
unorganized players. While assigning the ratings, ICRA also takes
note of the dependence of operations and cash flows on the
performance of the real estate industry (which is the main
consuming sector for the company's products), the vulnerability of
margins to raw material price volatility and gas prices. The
ratings are also further constrained on account of low net
profitability margins coupled with stretched liquidity due to
slowdown in debtor realizations and higher inventory levels.
The ratings however, favorably factors in the experience of the
key promoters in the ceramic business and easy availability of raw
materials by virtue of its location. The ratings also favourably
consider its foray into glazed vitrified tiles using digital
printing technique and sales arrangement with Cera sanitaryware
will support the revenue growth in near to medium term.

Lenz Ceramic Private Limited is a vitrified tiles manufacturer
with its plant situated in Morbi, Gujarat. LCPL was incorporated
in February 2010 as a private limited company and commenced
operations in April 2011. The company is managed and promoted by
Mr. Ashokbhai Patel, Mr. Babulal Nayakpara, Mr. Jayendrabhai Sanja
and Mr. Jitendrabhai Nayakpara. It has an installed capacity to
manufacture 1440000 boxes (in weight terms around 50000 metric
tonnes) of vitrified tiles per annum in a single size 600X600mm.
The company has initially started production of soluble salt
vitrified tiles. In FY14, LCPL has incurred capex to install
digital print technologies to initiate the production of
digitalize PGVT products.

Recent Results
In FY15, the company reported an operating income of INR40.20
crore and net profit of INR0.49 crore against an operating income
of INR42.61 crore and net profit of INR0.56 crore in FY14.


LUXMI RICEMILLS: CARE Assigns 'B' Rating to INR8.84cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE B' rating assigned to bank facilities of Luxmi
Ricemills.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      8.84      CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Luxmi Rice Mills
(LRM) factors in small scale of operations with low net worth
base, working capital intensive nature of operations, thin
profitability margins, leveraged capital structure and weak debt
service coverage indicators. The rating is further constrained by
partnership nature of constitution, presence in highly fragmented
and competitive industry, regulatory policy risk and dependence on
the vagaries of nature.

The rating constraints are partially offset by experienced
partners, long track record of operations and favorable
manufacturing location.

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

Karnal-based LRM was established in 1983 as a partnership firm.
Currently, it is being managed by Mr Ishwar Chand Goel, Mr Rohtash
Goel and Mr Rampal Goel sharing profit and loss in the ratio of
34:33:33. LRM is engaged in milling and processing of Basmati and
Non-Basmati rice at its processing unit located at Karnal with an
installed capacity of 8 tonnes/per day. LRM procures paddy from
local grain markets through dealers and agents mainly from the
state of Haryana. The firm sells both Basmati and Non-Basmati rice
through brokers and agents domestically.

In FY15 (refers to the period April 01 to March 31), LRM has
achieved a total operating income (TOI) of INR35.99 crore with
PBILDT and net profit of INR2.07 crore and INR0.04 crore,
respectively, as against total operating income (TOI) of INR22.04
crore with PBILDT and net profit of INR1.68 crore and INR0.02
crore, respectively, in FY14.


MAHESH RICE: ICRA Reaffirms 'B' Rating on INR12cr Fund Based Loan
-----------------------------------------------------------------
ICRA has reaffirmed the long term rating at [ICRA]B for the
INR12.00 crore fund based limits of Mahesh Rice Mill.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based limits     12.00        [ICRA]B (reaffirmed)

The rating reaffirmation factors in MRM's weak financial profile,
reflected by low profitability metrics, high gearing and
consequently weak coverage indicators. The rating also takes into
account high intensity of competition in the industry and agro
climatic risks, which can affect the availability of paddy in
adverse weather conditions. The rating, however favorably takes
into account long standing experience of promoters in rice
industry and the proximity of the mill to major rice growing area
which results in easy availability of paddy.

Mahesh Rice Mill (MRM) was established in 1993 as partnership
firm. The Company is primarily engaged in the milling of Rice with
an installed capacity of 3 Tons per hour which is located in
Taraori, Karnal District (Haryana). The company has sortex plant
with capacity of 3 tons/hour. The company is professionally
managed by Mr. Mukesh Goel.

Recent Results
During the financial year 2014-15, the firm reported a profit
after tax (PAT) of INR0.09 crore on an operating income of
INR62.37 crore as against PAT of INR0.07 crore on an operating
income of INR46.89 crore in 2013-14.


MALPANI COTTONS: CARE Revises Rating on INR14cr LT Loan to BB-
--------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Malpani Cottons Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       14       CARE BB- Revised from
                                            CARE B+

Rating Rationale

The revision in the rating assigned to the bank facilities of
Malpani Cottons Private Limited (MCPL) takes into improvement in
the revenue, profit and debt servicing parameters during H1FY16
(refers to the period April 01 to March 31). The rating also
factors in the experienced promoters, location advantage with
presence in the cotton growing area, diversified customer base and
satisfactory operating cycle. The rating is, however, constrained
by the subdued performance witnessed in FY15, susceptibility of
profit margins to cotton prices fluctuation, leveraged capital
structure, seasonality associated with cotton ginning industry and
presence in highly fragmented industry regulated by government.

The ability of the company to improve its profitability margins,
capital structure and continue to manage its working capital
requirements efficiently are the key rating sensitivities.

MCPL was incorporated in the year 2005 by Mrs Mohini Devi, Mr
Mukesh Malpani and Mr Manish Malpani. The company is engaged in
the manufacturing and processing of Kapas to produce cotton bales
and processing of cotton seeds to produce cotton seed oil & cotton
seed oil cake. MCPL's processing unit is located at Adilabad,
Telangana.

For FY15, MCPL registered PBILDT of INR1.85 crore (FY14 - INR2.24
crore) and PAT of INR0.29 crore in FY15 (FY14 - INR0.51 crore) on
the total operating income of INR68.26 crore (FY14 - INR203.80
crore).  During H1FY16 (Provisional), MCCPL reported a total
operating income of INR262.25 crore, PBILDT of INR1.17 crore and
PBT of INR0.61 crore.


MANTRA PACKAGING: ICRA Reaffirms B Rating on INR3.0cr Loan
----------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B assigned to
the INR5.00 crore fund based facilities of Mantra Packaging
Private Limited. ICRA has also reaffirmed the short-term rating of
[ICRA]A4 assigned to the INR2.00 crore non-fund based facilities
of the company.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-term Fund
   Based Limit
   Demand Cash credit     3.00        [ICRA]B; reaffirmed

   Long-term Fund
   Based - Term loan      2.00        [ICRA]B; reaffirmed

   Short-term Fund
   Based - EPC           (1.10)       [ICRA]A4; reaffirmed

   Short-term Fund
   Based - EBD/EBN       (0.65)       [ICRA]A4; reaffirmed

   Non Fund Based
   Letter of Credit       2.00        [ICRA]A4; reaffirmed

   Non Fund Based
   Bank Guarantee        (0.50)       [ICRA]A4; reaffirmed

The reaffirmation of ratings factors in Mantra Packaging Private
Limited's (MPPL's) small scale of operations and stretched
liquidity position emanating from high inventory levels. The
ratings are further constrained by the exposure of MPPL's profit
margins to foreign exchange fluctuations and fluctuations in raw
material prices which are linked to the movement of crude oil
prices. ICRA also notes the intense competition arising due to the
fragmented nature of the plastic industry.

The ratings however, continue to favorably factor in the
promoters' long standing experience in the plastic industry and
the geographically diversified customer base of the company with
presence in domestic as well as international markets. The ratings
also factor in the improvement in the company's financial profile
as reflected by an improvement in the profitability, gearing and
coverage indicators.

Mantra Packaging Pvt. Ltd. (MPPL) was incorporated as a private
limited company in June 2010 and commenced manufacturing
operations from September 2011. MPPL is engaged in the
manufacturing of various types of plastic bags which find myriad
applications as grocery bags, retail shopping and apparel bags,
garbage can liners, industrial, food, and agricultural packaging
and protective covering for painting. The company has its
registered office in Mumbai and a manufacturing facility at
Silvassa, Dadra & Nagar Haveli.


MEDHASSU E-SOLUTIONS: ICRA Reaffirms B Rating on INR3cr Loan
------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B assigned to
INR2.50 crore cash credit facility and INR3.00 crore unallocated
limits of Medhassu E-Solutions Private Limited. ICRA has also
reaffirmed the short term rating of [ICRA]A4 assigned to INR4.50
crore non-fund based limits of MEPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit            2.50       [ICRA]B; reaffirmed
   Bank Guarantee         4.50       [ICRA]A4; reaffirmed
   Unallocated Limits     3.00       [ICRA]B; reaffirmed

The rating reaffirmation continues to be constrained by the small
scale of operations of the company as indicated by operating
income of INR20.95 crore in FY15 in the software development
industry; weak financial profile of the company as indicated by
high gearing of 1.82 times, weak debt coverage indicator as
indicated by Net cash accruals-to-Total Debt of 14% as on 31st
March, 2015 and high working capital requirements on the back of
delays in receiving payments from the customers which are
primarily government clients. The rating is further constrained by
high order book concentration as indicated by the dependence of
revenue generation on a single contract (Assam E-District Project)
and the highly fragmented & competitive nature of the software
development industry which limits the pricing power of the
company. ICRA notes that being a growing company in a tender based
industry, the financial profile of MEPL is characterised by
volatility in revenues and profitability. The rating however
positively factors in over a decade long experience of promoters
in the software development industry and the healthy growth in
operating income of the company from INR10.16 crore in FY14 to
INR20.95 crore in FY15 on the back of higher order execution by
the company during the year albeit on a low base.

Going forward, the ability of the company to increase its scale of
operations while maintaining its profitability and managing its
working capital requirements would remain the key rating drivers.

Medhassu e Solutions Pvt. Ltd. (MSPL) provides turnkey software
solutions that help in automation of business processes. The
company has, in the past executed the Pilot project for
implementing e-District projects in two districts, Sonitpur and
Golpara in Dec'12 as a sub-contractor to group company, Medha
Servo Drives Private Limited. After the completion of the pilot
project, Department of IT, New Delhi accorded clearance to the
government of Assam for rolling out the project across the state
i.e. in the balance 25 districts of order value INR75.41 crore.
Medhassu won the bid for this full scale project along with IL &
FS as a consortium partner. The company has entered into a
Memorandum of Understanding (MOU) IL & FS Technologies to partner
for the e-District opportunity pan India, wherein IL & FS would be
outsourced the hardware part of the project while MSPL would
undertake the Application Development, Site Preparation, Training,
Connectivity and maintenance of the project.

Recent Results
According to audited FY 2015 results, the company has achieved
operating income of INR20.95 crores with an operating profit of
INR1.26 crore and net profit of INR0.66 crore as against operating
income of INR10.16 crore with operating profit of INR1.55 crore
and net profit of INR0.83 crore for FY 2014.


MITTAL OCEAN: CRISIL Suspends 'B' Rating on INR50MM LT Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Mittal
Ocean Trade Private Limited (MOTPL; part of the Mittal group).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            15       CRISIL B/Stable
   Letter of Credit       60       CRISIL A4
   Proposed Long Term
   Bank Loan Facility     50       CRISIL B/Stable

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

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of MOTPL and Mittal Timber Store (MTS).
This is because both the entities, together referred to as the
Mittal group, are controlled by the same family and are engaged in
the same business.

Incorporated in 1999, MOTPL trades in timber and processes timber
logs from softwood and hardwood. The company has a timber
processing plant in Kandla (Gujarat). It is promoted and managed
by Mr. Rajiv Mittal and Mr. Vijay Mittal.

MTS was set up in 1975 as a proprietorship firm. It also trades in
timber and processes timber logs from softwood and hardwood at its
timber processing plant in Kandla. It is promoted by Mr. Krishna
Mittal.


N. M. ROOF: CRISIL Suspends 'B' Rating on INR112.5MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of N. M.
Roof Designers Limited (NMRDL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         5        CRISIL A4
   Cash Credit          112.5      CRISIL B/Stable
   Overdraft Facility    37.5      CRISIL A4

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

NMRDL was established in 1986 by Mr. Deepak Sognai as a private
limited company and reconstituted as a public limited company in
the late 1990s. The company is engaged in construction of malls,
commercial and residential buildings, and industrial and
institutional buildings. It also undertakes project consultancy
and designing of buildings. Its registered office is in Jaipur
(Rajasthan).


NEXO STRUCTURES: ICRA Lowers Rating on INR5cr Cash Loan to D
------------------------------------------------------------
ICRA has revised its rating on the INR5 crore long term fund based
facilities of Nexo Structures Private Limited (NSPL) to [ICRA]D
from [ICRA]B. ICRA has also revised its rating on the INR2.50
crore non fund based facilities of NSPL to [ICRA]D from [ICRA]A4.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund-Based Limits
   Cash Credit           5.00         [ICRA]D; revised from
                                      [ICRA]B

   Non Fund Based       2.50         [ICRA]D; revised from
   Limits                            [ICRA]A4

The rating revision factors in the stretched liquidity position of
the company, mainly on account of the delay in payments from a few
clients leading to high working capital requirements, which in
turn resulted in overutilization of the cash credit account in a
few months. The rating continues to be constrained by Nexo's
relatively modest scale of operations and its weak profitability
in its steel fabrication business. Further, the ratings take into
account the highly competitive and fragmented nature of the steel
fabrication industry, limited value additive nature of the
business and vulnerability of margins to raw material price
volatility although the risk is mitigated to an extent given the
presence of price escalation clause in majority of the contracts.
However, the ratings draw comfort from the long experience of the
promoters in the metal fabrication business, long track record of
operations of the company, and its established relationships with
reputed customers such as Bharat Heavy Electricals Limited (BHEL),
Alstom T&D India Limited, Larsen & Toubro Limited etc. which has
enabled it to secure regular orders from them.

Going forward, a track record of timely debt servicing and an
improvement in the company's liquidity position will be the key
rating sensitivities.

NSPL was incorporated in 1997 by Mr. Baldev Singh and its
manufacturing facility is situated in Ludhiana (Punjab). The
company is engaged in the fabrication of steel products and
structures for transmission towers and sub stations. Some of the
customers of the company include reputed names such as Bharat
Heavy Electricals Limited (BHEL), Alstom T&D India Limited, Larsen
& Toubro Limited etc.


OMEGGA POWER: ICRA Assigns B- Rating to INR3.50cr Loan
------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B- to the INR3.50
crore fund based working capital limits and INR1.25 crore term
loan of Omegga Power Industry Pvt. Ltd. ICRA has also assigned its
short term rating of [ICRA]A4 to the INR1.25 crore non fund based
limits of the company.

                        Amount
   Facilities         (INR crore)    Ratings
   ----------         -----------    -------
   FBWC Limits             3.50      [ICRA]B-; (assigned)
   Term Loan Limit         1.25      [ICRA]B-; (assigned)
   Non Fund Based Limits   1.25      [ICRA]A4; (assigned)

ICRA's ratings are constrained by OPIPL's relatively modest scale
of operations and its weak profitability as reflected in the
decline in its operating income in FY15 and losses at the
operating and net level, on account of limited orders from players
in the transmission sector. The ratings are also constrained by
the company's highly leveraged capital structure and moderate
order book position which limits revenue visibility. The ratings,
however, derive support from the long standing experience of the
promoters in the electrical industry, diversification in business
line and its reputed client profile.

Going forward, OPIPL's ability to secure new orders, successfully
ramp up the capacity utilisation of its new wires manufacturing
plant, thereby registering an improvement in scale and
profitability, along with an improvement in leverage will be the
key rating sensitivities.

OPIPL was incorporated in 2011 by Mr. Ajay Agarwal and Mrs. Monia
Agarwal. OPIPL manufactures various types of transmission and
stringing tools, clamps and equipment. The company also
manufactures customized products as per the requirements of its
customers. OPIPL has also set up plant and machinery for
manufacturing steel wire ropes. The major customers of the company
are reputed players such as Power Grid Corporation of India
Limited, L&T Ltd, Tata Projects Ltd, EMC Ltd etc.

Recent Results
OPIPL incurred a net loss of INR2.68 crore on an operating income
of INR3.03 crore in FY 2014-15, as compared to a net profit of
INR0.15 crore on an operating income of INR13.72 crore in the
previous year.


PRAFULLA KUMAR: CRISIL Assigns B+ Rating to INR30MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Prafulla Kumar Mohanty (PKM).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan             1.8       CRISIL B+/Stable
   Bank Guarantee       35         CRISIL A4
   Cash Credit          30         CRISIL B+/Stable

The ratings reflect working capital intense and tender based
nature of operations along with the geographic concentration in
revenue profile. These weakness are partially offset by the
extensive experience of PKM's promoters in the civil construction
industry and revenue visibility because of moderate order book.

Outlook: Stable

CRISIL believes PKM will benefit over the medium term from its
promoters' extensive experience in the civil construction
industry. The outlook may be revised to 'Positive' if significant
improvement in scale of operations and operating profitability
leads to higher-than-expected cash accrual and diversification in
geographic presence. Conversely, the outlook maybe revised to
'Negative' if operating margin and topline decline, or financial
risk profile weakens because of larger-than-expected debt-funded
capital expenditure, or working capital cycle stretches, thereby
constraining liquidity.

Established as a proprietorship firm, PKM is engaged in civil
construction work mainly related to road construction for state
and central governments. The firm is based in Cuttack (Odisha). It
is promoted by Odisha-based Mr. Prafulla Kumar Mohanty, with over
a decade's experience.


PUNJAB LIGHTING: CARE Lowers Rating on INR23cr LT Loan to 'D'
-------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Punjab Lighting Industries Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      23        CARE D Revised from
                                            CARE BB

   Short term Bank Facilities      5        CARE D Revised from
                                            CARE A4

Rating Rationale

The revision in the ratings of Punjab Lighting Industries Limited
(PLIL) takes into account ongoing delays in debt servicing due to
stressed liquidity position of the company.

Incorporated in 1992, PLIL is promoted by Mr Vinay Gupta. The
company manufactures lead-in wires (electrodes) and caps used in
lamps, bright annealed wires, and various ferrous/non-ferrous
alloy-plated wires used in electrical items and has its plant
located inMohali (Punjab). The company is catering to the need of
various Multi-National Corporations.

For FY14 (refers to the period April 1 to March 31), PLIL reported
net profit of INR0.84 crore on an operating income of
INR48.70 crore compared with net profit of INR0.15 crore on an
operating income of INR43.73 crore in FY13.


RAMA RICE: CARE Assigns 'B+' Rating to INR11.20cr LT Loan
---------------------------------------------------------
CARE assigns 'CARE B+/CARE A4' rating to the bank facilities of
Rama Rice and General Mills.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    11.20       CARE B+ Assigned
   Short term Bank Facilities    0.80       CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Rama Rice and
General Mills (RRGM) are primarily constrained by its small
scale of operations, weak financial risk profile characterized by
low profitability margins, leveraged capital structure, weak
debt coverage indicators, and working capital intensive nature of
operations. The ratings are further constrained by partnership
nature of its constitution, fragmented and competitive nature of
the industry, regulatory risk and business being susceptible to
the vagaries of nature.

The rating constraints are partially offset by experience of
partners in trading and processing of rice, its growing scale of
operations and favorable manufacturing location.

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

Karnal-based (Haryana) RRGM was established as a partnership firm
in 1998 by Mr Mamu Ram and his family members comprising Mr Sohan
Lal, Mr Dharam Pal, Mr Sish Pal, Mr Rajinder Kumar and Mr Pawan
Kumar sharing profits and loss in the ratio of 1:2:1:2:2:2,
respectively. The firm is engaged in milling, processing and
trading of basmati rice with an installed capacity of 2 tonnes per
hour (TPH) as on March 31, 2015. The processing unit of the firm
is located in Karnal, Haryana. RRGM procures paddy from local
grain markets through dealers and agents mainly from the state of
Haryana.  RRGM primarily sells its product to export houses in
Haryana.

In FY15 (refers to the period April 1 to March 31), RRGM has
achieved a total operating income (TOI) of INR31.73 crore
with PBILDT and profit after tax (PAT) of INR0.98 crore and
INR0.03 crore, respectively, as against TOI of INR24.71 crore
with PBILDT and PAT of INR0.77 crore and INR0.02 crore,
respectively, in FY14. Furthermore, in FY16 the firm has achieved
TOI of around INR18.50 crore till November 2015.


RAMDEV STAINLESS: CARE Reaffirms B+ Rating on INR13.16cr LT Loan
----------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Ramdev Stainless Strips Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     13.16      CARE B+ Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Ramdev Stainless
Strips Private Limited (RSSPL) continues to remain constrained on
account of its financial risk profile marked by modest scale of
operations with thin profitability margins, weak solvency
position, moderate liquidity position and significant intergroup
transactions. The rating, further, remains constrained due to its
presence in the highly fragmented and competitive downstream
segment of the steel industry and raw material price variability.

The rating, however, continues to derive strength from vast
experience of the promoters in Stainless Steel (SS) industry
for more than three decades.

RSSPL's ability to increase its scale of operations with
improvement in capital structure and liquidity position are the
key rating sensitivities.

Jodhpur-based (Rajasthan) RSSPL, incorporated in May 2010, is
promoted by Mr Mohan Lal Agarwal along with his family members.
RSSPL was formed with a purpose to manufacture SS sheets & circles
and utensils from SS flats. RSSPL does cutting, rolling, re-
rolling, annealing, pickling and grinding process to convert SS
flat into sheets/circles and consequently to utensils. The company
took the plant & machineries of its group concerns, Jupitor
Industries (JPI) and Jupitor Enterprises (JPE), on lease to
manufacture SS sheets & circles and undertook a project for
manufacturing of utensils. It started commercial production of SS
sheets & circles and utensils from October 2011. The plant of the
company is located at Jodhpur with an installed capacity of 9,000
metric tonne per annum (MTPA) for manufacturing of SS sheets and
3,000 MTPA for manufacturing SS utensils as on March 31, 2015. It
sales its product under the brand name of 'Jupitor' and
'Sunshine'.

During FY15 (refers to the period April 1 to March 31), RSSPL
reported a total operating income of INR70.10 crore (FY14:
INR53.57 crore) with a net loss of INR1.24 crore (FY14: PAT
INR0.25 crore).


RAICHUR LABORATORIES: ICRA Assigns B+ Rating to INR15cr LT Loan
---------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ to the INR15.00
crore fund based limits and INR5.00 crore unallocated limits of
Raichur Laboratories Pvt. Ltd.

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

   Long Term
   Unallocated
   Limits                 5.00        [ICRA]B+; assigned

The assigned rating is constrained by the project implementation
risk with the plant expected to commence commercial operations
from February 2016; product concentration risk with company
proposing to manufacture two products Folic Acid and Phenylephrine
Hcl; and highly fragmented pharmaceutical API industry and high
competition from cheap Chinese imports as alternatives
constraining the margins. With the term loan repayments starting
from May 2016, ability of the company to ramp up sales and
generate sufficient cash accruals remains to be seen. The rating,
however, positively factors in significant experience of the
promoters in the pharmaceutical industry especially in the API
(Active Pharmaceutical Ingredient) manufacturing segment and
healthy demand prospects for the products being manufactured due
to supply constraints from China in the last 12 months.

The ability of the company to execute the project in a timely
manner, stabilize its operations within a reasonable timeframe,
addition of new products in its portfolio and timely repayment of
debt will remain key rating sensitivity going forward.

Raichur Laboratories Pvt. Ltd (RLPL) was incorporated in the year
2013 by Mr. P. Giridhar Gopal and Dr. M. Vijender for setting up a
drug intermediate and API's manufacturing unit. The manufacturing
unit of the company is located at Industrial Growth Centre in
Raichur District of Karnataka. The company has a total reactor
capacity of 75,000 KL. The facility at present will be used for
manufacturing two products i.e. Folic acid and Phenylephrine HCL
relating to multivitamin and decongestant segment. The project
cost for the company is INR27.07 crore which is being funded by
way of INR12.07 crore equity and INR15.00 crore debt and plans to
start commercial production by February 2016.


REGENT GRANITO: ICRA Assigns B+ Rating to INR37cr Cash Loan
-----------------------------------------------------------
ICRA has assigned a rating of [ICRA]B+ to the INR37.00 crore cash
credit facility and INR5.33 crore term loan facility of Regent
Granito (India) Ltd (RGL). ICRA has also assigned a short term
rating of [ICRA]A4 to the INR15.03 crore non fund based limits of
RGL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loan             5.33        [ICRA]B+ assigned
   Cash Credit          37.00        [ICRA]B+ assigned
   Letter of Credit     10.00        [ICRA]A4 assigned
   Bank Guarantee        5.00        [ICRA]A4 assigned
   Credit Exposure
   Limit                 0.03        [ICRA]A4 assigned

The assigned ratings are constrained by the declining revenues and
suppressed profitability and coverage metrics in the past 5 years
owing to delay in addressing the technological changes required in
the plant to manufacture latest variants of vitrified tiles. The
assigned ratings are further constrained by the stretched capital
structure on account of debt funded capex and tight liquidity
position of the company expected in the near term; due to
impending debt repayments and maintenance of high raw material
inventories at its plant and finished goods stocked at its
warehouses in various locations across the country.

While assigning the ratings, ICRA also notes the high competitive
intensity with presence of large established organized and
unorganized players in the industry, vulnerability of RGL's
profitability to the cyclicality associated with the real estate
industry and to the availability and increasing prices of gas
which is a major source of fuel.

The assigned ratings, however favourably consider the experience
of the promoters in the industry for more than 12 years and the
location advantage enjoyed by the company in terms of proximity of
its plant to major raw material sources. The ratings also takes
strength from the recent capex incurred by the company to
manufacture double charged vitrified tiles which is expected to
fetch higher realizations, production for which commenced from
June 2015.

Regent Granito (India) Limited is a vitrified tiles manufacturer
with its plant situated at Himmatnagar in Gujarat. The company was
established in 2003 and has an installed capacity to manufacture
~19000 sq.mtr of double charged vitrified tiles per day. RGL
currently manufactures vitrified tiles of sizes 800mm x 800mm,
600mm x 600mm and 800mm x 1200mm with the current set of
machineries at its production facilities.

Recent Results
During FY 2015, the company reported an operating income of
INR102.81 crore and net profit of INR0.95 crore as against an
operating income of INR124.18 crore and net profit of INR1.00
crore in FY 2014.


RIDDHI SIDDHI: ICRA Assigns 'B' Rating to INR6.50cr Cash Loan
-------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B to the INR6.50
crore cash credit facility and INR3.50 crore proposed bank
facilities of Riddhi Siddhi Jewellers Pvt Ltd.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit           6.50         [ICRA]B assigned
   Unallocated           3.50         [ICRA]B assigned

The assigned ratings are constrained by weak financial profile of
the company characterized by small scale of operations with de-
growth in FY15, thin profitability margins, stretched capital
structure owing to high working capital borrowings and
subsequently weak debt and interest coverage metrics. Further, the
ratings are constrained by predominantly working capital intensive
nature of business owing to high inventory levels to be maintained
and stock clearance being vulnerable to changing consumer tastes,
dynamic fashion trends and economic environment. The ratings also
take into account the highly fragmented and competitive industry
structure with increasing competition from organized segment and
susceptibility of profitability to gold price fluctuations in wake
of un-hedged inventory exposure.

The ratings positively consider the extensive experience of the
promoters in the gold jewellery business and favourable outlook
for the industry in the near future with positive economic growth,
rising disposable income and evolving lifestyle.

Riddhi Siddhi Jewellers Pvt Ltd. was established as a private
limited company in the year 2010 by Patel family. The company is
primarily managed by Mr. Prashant Patel. The company is mainly
engaged in trading and retailing of gold jewellery. The company
deals only in BIS certified gold jewellery to ensure purity of the
product it sells.

Results
For FY 2015, RSJ has reported an operating income of INR17.98
crore and profit after tax of INR0.08 crore as against an
operating income of INR40.32 crore and profit after tax of INR0.28
crore reported in FY 2014.


SAHYOG GINNING: CARE Revises Rating on INR15cr LT Loan to BB-
-------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Sahyog Ginning And Pressing Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      15        CARE BB- Revised from
                                            CARE B+

Rating Rationale

The revision in the rating of Sahyog Ginning and Pressing Private
Limited (SGPPL) takes into account growth in the total operating
income (TOI) during FY15 (refers to the period April 1 to
March 31) along with improvement in its overall gearing as on
March 31, 2015.

The rating continues to be constrained due to SGPPL's presence in
the highly fragmented cotton ginning industry with limited value
addition resulting in thin profitability which is susceptible to
inherent volatility associated with cotton prices.

The rating is further constrained on account of its susceptibility
to regulatory changes governing the cotton industry.

The rating, however, continues to derive strength from the vast
experience of the promoters of SGPPL in the agro business
(including cotton ginning) and its proximity to the cotton ginning
region of Gujarat.

SGPPL's ability to further grow its TOI while managing volatility
associated with cotton prices along with improvement in
profitability and capital structure would be key rating
sensitivities.

Amreli-based SGPPL was initially set-up in 2006 as a partnership
firm namedM/s Sahyog Cotton Industries by Mr Kalubhai Bhanderi and
six other partners for undertaking the business of cotton
processing, trading and oil mill. Subsequently in November 2008,
it was converted into a private limited company under its current
name. Prior to venturing into this business, the main promoters
were engaged in the groundnut oil trading business through their
firm M/s Vivek Oil Industry. Mr Kalubhai Bhanderi, Chairman of
SGPPL, has an experience of around two decades in the trading of
agricultural commodities and oil mill business.

During FY15, SGPPL reported a TOI of INR216.48 crore (FY14:
INR188.01 crore) with a PAT of INR0.58 crore (FY14: INR0.49
crore).


SAPPHIRE PROJECTS: ICRA Cuts Rating on INR25cr Term Loan to D
-------------------------------------------------------------
ICRA has revised its rating on the INR25.00 crore long term bank
facilities of Sapphire Projects Private Limited (SPPL) to [ICRA]D
from [ICRA] BB(Stable).

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loans            25.00        [ICRA] D; Revised

The rating revision is driven by delays in debt servicing on
account of cash flow mismatches despite the presence of an escrow
mechanism. The mismatches are mainly on account of delays in
timing of SPPL's monthly rental income. ICRA however, takes note
of SPPL's experienced management and the favourable location of
the mall under operation.

Going forward the ability of the company to resolve its cash flow
mismatches and demonstrate a track record of timely debt servicing
will be the key rating sensitivity.

SPPL is part of the National Capital Region based real estate
group TDI, which is promoted by the Taneja family. In May 2012,
the group's flagship company TDI Infrastructure Ltd (TDIIL) was
awarded a concession by DMRC to operate, manage and maintain a
commercial complex at the Nehru Place metro station in New Delhi
for a lease period of 30 years. TDIIL sub-licensed this space to
group entity SPPL and another entity- V Cube Pvt Ltd jointly with
equal share (50% each) for use of license space for the leased
period. SPPL has leased the space to various food retailers and an
electronic retail store with a mix of minimum guaranteed rental
with periodic escalations and on a revenue sharing basis. The
complex became operational in June 2013. SPPL has availed lease
rental discounting loans for its portion of lease rentals for a
duration of nine years.


SHANTHA TRUST: ICRA Lowers Rating on INR8.0cr Term Loan to B+
-------------------------------------------------------------
ICRA has downgraded the long-term rating outstanding on the
INR8.00 crore fund based facilities of Shantha Trust from
[ICRA]BB- to [ICRA]B+.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Term Loan facilities     8.00        [ICRA]B+ downgraded from
                                        [ICRA]BB-(Stable)

The rating revision takes into account the aggressive debt-funded
expansion being carried out towards construction of arts and
science college and hostel infrastructure leading to large debt
repayment obligations against tightly matched cash flows, thereby
stretching the Trust's liquidity position. The rating is also
constrained by the Trust's modest business risk profile
characterised by small scale owing to nascent stage of operation,
and intense competition in the industry. Further, the education
industry is highly regulated thereby restricting the operational
flexibility. The financial profile of the Trust is stretched with
an annual debt repayment obligation of INR2.0 crore and coverage
indicators being weak with interest coverage at 0.7 times and
NCA/TD at 10.3%.

The rating however derives comfort from the healthy increase in
the gross receipts during 2014-15 on the back of new courses
offered and the group's established presence in the field of
education for several decades. Further, the rating also favourably
factors in the timely financial support extended by group
entities, which cushions the liquidity profile of the Trust. Going
forward, the offering of courses in arts and science is expected
to diversify the revenue stream. Furthermore, the anticipated rise
in demand for nursing professionals, owing to structurally
favourable factors for healthcare services, is likely to spur
demand for nursing colleges thereby providing revenue visibility
over the long term. The rating will remain sensitive to the timely
completion and commencement of the arts and science college, and
the improvement in the occupancy levels of the existing courses,
which would aid in the improvement of cash flows to meet the debt
obligations in a timely manner.

Shantha Trust, part of E.S. Group of Institutions, was registered
in November 2011 with four trustees and was promoted by Mr. S.
Senthil Kumar. In December 2013, Shantha Trust took-over the
operations of E.S College of Nursing ("ESCON") from a group
entity, Shantha Medical Foundation.

Based in Villupuram, ESCON offers six courses viz., Diploma in
General Nursing and Midwifery (DGNM), Bachelor of Science in
Nursing (B.Sc (N)), Post Basic Bachelor of Science in Nursing
(P.B.B.Sc (N)), Diploma in Medical Laboratory Technology (DMLT)
and Auxiliary Nursing and Mid-wifery (ANM). The college started
offering Master of Science in Nursing (M.Sc (N)) during the
academic year 2014-15. The College is recognized by Indian Nursing
Council (INC) and Tamil Nadu Nurses and Midwives Council (TNC),
and is affiliated to The Tamil Nadu Dr. M.G.R. Medical University.
Besides Shantha Trust, E.S. Group of Institutions has four other
trusts under its fold viz., E.S Educational Charities, ESSM
Educational & Charitable Trust (rated ([ICRA]BB+(Stable)), Shantha
Medical Foundation and ESSK Educational Charities, which offer a
variety of courses across streams such as engineering,
polytechnic, animation, teacher training and arts among others.
The entities are managed separately by different members of the
group.


SIYARAM EXPORTS: CRISIL Assigns 'D' Rating to INR60MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Siyaram Exports India Private Limited (SEIPL) as
there were instances of more than 30 days overdrawals in the fund
based working capital limits of the company.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Working Capital
   Demand Loan           17.9      CRISIL D

   Cash Credit           60        CRISIL D

   Foreign Exchange
   Forward                0.2      CRISIL D

SEIPL has a weak financial risk profile on account of weak capital
structure and debt protection metrics. SEIPL's working capital
cycle also remains stretched on account of stretched receivables.
SEIPL benefits from the extensive experience of its promoters in
the textile industry.

SEIPL, incorporated in 1986, manufactures and exports bed linen,
table linen, mattress, cushion cover, and pillow cover. It is
located in Durgapura (Jaipur). The daily operations of the company
are managed by Mr.Satish Chandra Katta.


SPARK INSULATORS: ICRA Assigns B+ Rating to INR5.60cr LT Loan
-------------------------------------------------------------
ICRA has assigned long term rating of [ICRA]B+ to the INR5.60
crore fund based limits and INR2.00 crore non-fund based limits.
ICRA has also assigned [ICRA]B+/[ICRA]A4 to the INR2.00 crore
long/short term non-fund based limits and INR0.35 crore
unallocated limits of Spark Insulators Pvt. Ltd.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund
   Based Limits           5.60        [ICRA]B+; assigned

   Long Term Non-
   Fund Based Limits      2.00        [ICRA]B+; assigned

   Long/Short Term
   Non-Fund Based
   Limited                2.00        [ICRA]B+/[ICRA]A4; assigned

   Long/Short Term
   Unallocated Limits     0.35        [ICRA]B+/[ICRA]A4; assigned

The ratings assigned takes into account by the small scale of
operations and limited track record of operations in the business,
high dependency on single product i.e. insulators being
manufactured which is highly competitive with low entry barriers
and has presence of many large and established players in the
industry. The ratings also notes that the nature of operations is
highly working capital intensive and the financial profile of the
company remained moderate with gearing of 1.07 times, interest
coverage ratio of 2.14 times and NCA/Total Debt at 19% as on March
31, 2015. The ratings however, positively take into account the
vast experience of the promoters in the Electrical parts
manufacturing industry and capacity of the company to manufacture
insulators upto 765 KV. ICRA also notes that the company has been
able to secure orders from many state electricity boards and has
diversified customer concentration with both government and
private players leading to healthy cash flow and lower risk of
default from government entities. Going forward, the ability of
the company to enhance its scale of operations, improve
profitability and capital structure will remain the key rating
sensitivities.

SIPL is a Hyderabad based company which was established in 2009.
SIPL is involved in the manufacture of electrical insulators. The
Company has an established manufacturing plant with design and R&D
design Department and testing facilities spread over an area of
3,700 sq. yards. The plant is located in an industrial area at
Cherlapally in Hyderabad. The company is ISO 9001:2008 certified
by TCL.

Recent Results
As per audited financials for FY2015, SIPL reported an operating
income of INR19.02 crore with profit after tax of INR0.66 crore
and INR20.03 crore of operating income with profit after tax of
INR0.57 crore in FY2014.


SRI PANCHAMUKHI: CARE Assigns 'B' Rating to INR15cr LT Loan
-----------------------------------------------------------
CARE assigns 'CARE B' ratings to bank facilities of Sri
Panchamukhi Nutrients Pvt Limited.

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

Rating Rationale

The rating assigned to the bank facilities of Sri Panchamukhi
Nutrients Pvt Ltd (SPNPL) is constrained by working capital
intensive nature of operations, susceptibility of operations to
volatility in raw material prices, highly fragmented nature
of cattle feed industry with low entry barriers.

However, the rating derives strength from experience of the
promoters, satisfactory performance in first year of operations,
advantage of the plant location to raw material source.

Going forward, the ability of the company to increase its scale of
operations with effective management of working capital would
remain the key rating sensitivities.

SPNPL was incorporated on May 23, 2013, as a private limited
company, by Mr Puttaraju. It started operations from June
2014. The company is engaged in the business of manufacturing
cattle feed. The company has an installed capacity of 250-300 tpd.

The company's revenue stood at INR10.06 crore and net loss at
INR0.09 crore in FY15 (Prov; refers to the period April 1 to
March 31).


SRK GROUP: CARE Revises Rating on INR50cr LT Loan to BB
-------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
SRK Group.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      50        CARE BB Revised from
                                            CARE B+

The rating assigned by CARE is based on the capital deployed by
the partners and the financial strength of the firm at present.
The rating may undergo a change in case of withdrawal of the
capital or of the unsecured loans brought in by the partners, in
addition to the changes in the financial performance and other
relevant factors.

Rating Rationale

The revision in the rating of the bank facilities of SRK Group
(SRK) takes in to account healthy booking status along with
satisfactory project progress as per the envisaged time and cost
parameters.

The rating continues to be constrained by its project execution
and marketing risk associated with large-size on-going real estate
project and its presence in the highly competitive and cyclical
real estate industry.  The rating, however, derives comfort from
the experience of the partners and their track record in the real
estate market of Surat.

The ability of SRK to complete its ongoing real estate project
within the envisaged time and cost parameters, and sale of units
at the envisaged price and timely receipt of funds are the key
rating sensitivities.

Incorporated in 2008, RIPL is promoted by Mr Nilesh Gandhi and Mr
Rajendra Kumar Mahajan along with their family members, who are
working in the similar line of business. RIPL is engaged in the
processing of raw cotton along with trading of ginned cotton and
cotton seeds. Its manufacturing unit located at Khargone in Madhya
Pradesh and had an installed capacity for processing around 1,000
bales of cotton per day as on March 31, 2015. Rajeshree group also
operates other cotton ginning and pressing units under partnership
firms Rajeshree Cotex (rated 'CARE BB-/CARE A4') and Rajeshree
Fibers (rated 'CARE BB-').

During FY15 (refers to the period April 1 to March 31), RIPL
reported a total operating income of INR202.01 crore with a
PAT of INR0.18 crore as against a total operating income of
INR212.58 crore with a PAT of INR0.17 crore in FY14.


SUJANA METAL: CARE Reaffirms D Rating on INR1,701.84cr LT Loan
--------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Sujana Metal Products Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities   1,701.84     CARE D Reaffirmed
   Short-term Bank Facilities    269.13     CARE D Reaffirmed

Rating Rationale

The ratings of the facilities of Sujana Metal Products Limited
(SMPL) continue to remain constrained by the stretched liquidity
position resulting in delays in debt servicing.

SMPL, belongs to Hyderabad-based Sujana group. SMPL was
incorporated in May 1988 under the name of Sujana Steel
Re-Rolling Industries (P) Limited. The name of the company was
later changed to Sujana Steels Private Limited in March 1992 and
got converted into public limited company in April 1992 and
changed the name to current nomenclature in November 2001. SMPL is
engaged in trading of steel products and manufacturing of TMT bars
& structural steel products at its facilities located at
Hyderabad, Chennai and Vizag. Sujana group, promoted by Mr Y. S.
Chowdhary, is a South Indiabased industrial house having about two
decades of experience in the steel industry. The group is involved
in manufacturing of Thermo Mechanical Treated (TMT) bars,
Structural Steels, Galvanised Steel towers (used in power
transmission & telecom sector) and steel trading through its
companies; Sujana Universal Industries Ltd, Sujana Towers
Ltd, etc. SMPL has total capacity of 1.07 million tons of
different steel products.

In FY15 (refers to the period April 01 to March 31), SMPL reported
a total operating income of INR3,460.87 crore (as
against INR2,864.85 crore in FY14) and PAT of INR0.94 crore (as
against net loss of INR38.16 crore in FY14).


SUJANA TOWERS: CARE Reaffirms D Rating on INR1,420.24cr LT Loan
---------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Sujana Towers Limited.

                                  Amount
   Facilities                  (INR crore)    Ratings
   ----------                  -----------    -------
   Long-term Bank Facilities    1,420.24      CARE D Reaffirmed
   Short-term Bank Facilities     200.02      CARE D Reaffirmed

Rating Rationale

The ratings of the bank facilities of Sujana Towers Limited (STL)
continue to remain constrained by the stretched liquidity position
resulting in delays in debt servicing.

STL was established in April 2006 after demerger of Towers
Division of Sujana Metal Products Limited, pursuant to the
scheme of arrangement and amalgamation as approved by the High
Court of Andhra Pradesh. STL is engaged in the manufacturing of
galvanized steel towers used in the power transmission and telecom
tower sector.

STL is a part of the Sujana group which has diversified business
activity with presence in construction & structural steel, power
transmission & telecom towers and allied services, energy
(generation, distribution, green energy consulting and manufacture
of energy saving LEDs), basic and urban infrastructure
development, precision engineering components, domestic appliances
and international trade.

In FY15 (refers to the period April 01 to March 31), STL reported
PBILDT of INR259.25 crore (as against INR225.55 crore) and PAT of
INR3.83 crore (as against INR1.80 crore in FY14) on a total
operating income of INR2,119.06 crore (as against INR1,805.98
crore in FY14).


SUN SHINE: CARE Reaffirms B+ Rating on INR16.50cr LT Loan
---------------------------------------------------------
CARE reaffirms the rating assigned to bank facilities of Sun Shine
Rice Unit.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     16.50      CARE B+ Reaffirmed

Rating Rationale

The rating assigned to Sun Shine Rice Unit (SSR) continues to be
constrained by its small scale of operations with low
profitability margins, leveraged capital structure and working
capital intensive nature of business operations. The rating is
further constrained by SSR's presence in fragmented industry with
high government regulations, susceptibility of margins to vagaries
of nature and partnership nature of its constitution.

The rating, however, continues to draw comfort from experienced
partners, location 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.

Karnal (Haryana) based Sun Shine Rice Unit (SSR) is a partnership
firm established in 2010 by Mr. Inder Parkash, Mr. Narain Parkash,
Mr. Vijay Kumar, Mr Sanjay Kumar andMs. Sudesh Rani sharing
profits and loss equally. SSR commenced its commercial operations
from July 2011, and is engaged in the processing of basmati rice.
The manufacturing facility is located at Taraori, Haryana, with an
annual installed capacity of 32,120 metric tonnes per annum (MTPA)
as on March 31, 2015. SSR procures paddy through commission agents
and stockist from the local grain markets located in Haryana,
Punjab, and Uttar Pradesh. The firm sells rice through network of
commission agents to exporters based in Haryana, Punjab and
Gujarat.

SSR achieved a total operating income (TOI) of INR60.46 crore with
PBILDT and profit after tax (PAT) of INR2.75 crore and INR0.13
crore respectively in FY15 (refers to the period April 01 to March
31) as against TOI of INR43.23 crore with PBILDT and PAT of
INR2.82 crore and INR0.13 crore, respectively, in FY14. During
8MFY16, the firm has achieved total operating income of INR40
crore.


SUYASH KRAFT: CRISIL Suspends B- Rating on INR114.1MM LT Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Suyash
Kraft and Papers Limited (SKPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             64      CRISIL B-/Stable
   Foreign Letter
   of Credit               20      CRISIL A4

   Letter of Credit        10      CRISIL A4

   Long Term Loan         114.1    CRISIL B-/Stable

   Proposed Cash
   Credit Limit             8.3    CRISIL B-/Stable

   Proposed Term Loan      33.6    CRISIL B-/Stable

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

Set up in 2004 by the Mittal family of Uttar Pradesh (UP), SKPL
manufactures absorbent kraft paper from waste paper. Its plant in
Muzaffarnagar (UP) has an installed capacity of 24,600 tonnes per
annum.


TEESTA RANGIT: ICRA Reaffirms D Rating on INR40cr Term Loan
-----------------------------------------------------------
ICRA has reaffirmed the [ICRA]D rating assigned to the INR40.00
crore term loans of Teesta Rangit Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limits
   (Term Loans)           40.00       [ICRA]D reaffirmed

The reaffirmation of the rating primarily takes into account
continuing delays in servicing of debt obligations by the company
on account of its stretched liquidity position, leading to overdue
principal and interest on term loans. The rating is also
constrained by the small scale of current operations on account of
single property based in Gangtok, intensely competitive nature of
the hospitality market in the region marked by the presence of
several renowned international and domestic players, and low
operating profits against the sizeable debt servicing commitments.
Moreover, ICRA notes that the company has incurred cash losses
during 2014-15, which has further led to a deterioration in the
financial risk profile of the company. The rating, however,
favourably factors in the experience of the promoters in the hotel
business and its association with the Sarovar group, which imparts
management expertise and brand recognition.

Incorporated in 1991, TRPL owns and operates a four star hotel -
"The Royal Plaza" located at Gangtok, Sikkim. The company has a
tie-up with Sarovar Hotels & Resorts Private Limited for managing
the property and also handling sales and marketing functions of
the hotel business. The hotel has eighty-one rooms with a dining
cum restaurant, tea & coffee shop, banquet hall and a bar. In
addition, the company operates a casino -- "Casino Sikkim" in the
same premises.

Recent Results
The company reported a net loss of INR0.83 crore on an operating
income of INR16.22 crore in 2014-15, as compared to a net profit
of INR5.20 crore on an operating income of INR19.86 crore in 2013-
14.


TIRUPATI BALAJEE: CARE Reaffirms B+ Rating on INR8.28cr LT Loan
---------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Tirupati Balajee Nutrition Private Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      8.28      CARE B+ Reaffirmed

Rating Rationale

The rating of Tirupati Balajee Nutrition Private Ltd (TBNPL)
continues to be constrained by its nascent stage of operations,
short track record of promoters, raw material price fluctuation
and availability risk with susceptibility to vagaries of nature,
highly competitive and government controlled industry. The rating,
however, continues to draw comfort from the locational advantage,
government support and insulation from economic cycle with stable
demand outlook.

Going forward, the ability of the company to increase the scale of
operations and profitability margin and effective working capital
management would be the key rating consideration.

TBNPL, incorporated in December 2008, was promoted by the Roy
family based out of Danapur, Bihar, under the guidance of Mr
Ritesh Kumar Roy to set up a flour mill (both Roller Flour Mill
and Atta 'Chakki') at a project cost of INR8.6 crore being
funded at a debt-equity ratio of 0.97:1. TBNPL commenced
commercial production on August 2012, upon commissioning of
its plant at Bihta (Bihar) with an installed capacity of 54,000
MTPA and in view of rising demand of flour products the
company further expanded its flour mill facility (by 54,000 MTPA)
at its existing plant at an aggregate cost of INR3.46 crore,
being financed at a debt: equity of 2.26:1. The project was
completed in October 2015. Since its inception, it has been
engaged in manufacturing of different flour qualities like "Atta",
"Maida" and "Suzi" and markets its products in the brand
name of "Nandan Bhog". TBNPL procures wheat from wholesalers and
commission agents present in local grain markets and sell its
products to wholesale traders in the states of Bihar, Orissa,
Jharkhand andWest Bengal.

TBNPL is a closely-held company with all the three member of the
board being from the promoter's family. The day-to-day affairs of
the company are looked after by Mr Ritesh Kumar Roy, MD with
adequate support from other directors and staffs.

In FY15 (A) (refers to the period April 01 to March 31), the
company has reported a total operating income of INR51.76 crore
(as against INR51.30 crore in FY14) and PAT INR0.18 crore (as
against PAT of INR0.36 crore in FY14). Furthermore, till 8M FY16
TBNPL has achieved a total operating income of INR20.14 crore.


UNITECH COTSPIN: ICRA Reaffirms B Rating on INR24.32cr Loan
-----------------------------------------------------------
ICRA has reaffirmed the [ICRA] B long term rating to the INR24.32
crore* term loan and INR6.00 crore cash credit facility of Unitech
Cotspin Limited. A rating of [ICRA] A4 has also been reaffirmed to
the INR1.50 crore non-fund based facilities of UCL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit            6.00       [ICRA]B reaffirmed
   Term Loan             24.32       [ICRA]B reaffirmed
   Bank Guarantee         1.50       [ICRA]A4 reaffirmed

The rating reaffirmation continues to be factor in Unitech Cotspin
Limited's (UCL) relatively small scale of operations with limited
track record, as well as weak financial profile as reflected by
adverse capital structure, weak debt coverage indicators and high
working capital intensity. The ratings further take into account
the vulnerability of profitability to adverse fluctuations in
cotton prices considering the high inventory maintained by the
company. Further the capital structure and credit metrics is
expected to remain stretched, given the debt funded expansion and
impending debt repayments.

The ratings however continues to favorably consider the long
standing experience of promoters in the cotton ginning industry,
favourable location of the plant in the cotton producing belt of
India giving it easy access to raw cotton, backward integrated
operations of associate concerns which is expected to provide
synergies in terms of raw material availability and pricing.

Incorporated in 2007, Unitech Cotspin Limited (UCL) was promoted
by Mr. Manubhai Patel and Mr. Hasmukh Patel. However in May, 2011
it was taken over by present promoters Mr. Mahesh Patel, Mr.
Narendra Patel and Mr. Pravin Khut having vast experience in
textile industry. The company is engaged in the manufacture of
cotton yarn ranging between 24's to 40's with 29376 spindles of
installed capacity of 5470MT per annum.

Recent Results
During FY 2015, UCL reported an operating income of INR35.54 crore
and net losses of INR4.23 crore.


YASHVEER CERAMICS: ICRA Lowers Rating on INR5.25cr Loan to B
------------------------------------------------------------
ICRA has revised the long term rating assigned to INR5.25 crore
term loans and INR3.00 crore cash credit facility of Yashveer
Ceramics from [ICRA]B+ to [ICRA]B. ICRA has reaffirmed [ICRA]A4
rating to INR2.00 crore short-term non-fund based bank guarantee
facilities of YC.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term Fund
   Based-Cash Credit     3.00        [ICRA]B; revised from
                                     [ICRA]B+

   Long Term Fund
   Based-Term loan       5.25        [ICRA]B; revised from
                                     [ICRA]B+

   Short Term Non
   Fund Based-Bank
   Guarantee             2.00        [ICRA]A4; reaffirmed

The revision of ratings takes into account YC's stressed financial
profile as evident from declining profitability resulting into low
return indicators, leveraged capital structure owing to high debt
and stretched liquidity position due to high inventory days. ICRA
also takes into account the highly competitive and fragmented
nature of the industry as well as susceptibility of margins to raw
material price volatility & increasing prices of gas, as it is the
major source of fuel. . ICRA also notes the dependence of
operations and cash flows of the firm on the performance of the
real estate industry which is the main consumer sector.

The ratings however have favorably considers the experience of the
key promoters in the ceramic industry, and location advantage
enjoyed giving it easy access to raw material.

Yashveer Ceramic (YC) is a wall tiles manufacturer with its plant
situated at Morbi, Gujarat. The firm was established in 2010, and
commenced commercial operations from May 2011. Yashveer Ceramics
is promoted by Mr. Vipul Patel having 10 years of experience in
ceramic industry along with other partners.. It currently
manufactures wall tiles of sizes 18"x12" and 12"x24" with the
current set of machineries and production facilities.

Recent Results
For the year ended 31st March 2015, the firm reported an operating
income of INR14.16 crore and profit after tax of INR0.00 crore.


V.K. GOPAL: ICRA Assigns B Rating to INR9.50cr LT Loan
------------------------------------------------------
ICRA has assigned the long term rating of '[ICRA]B' to INR9.50 Cr
(enhanced from INR7.50 crore) enhanced bank facilities of V.K.
Gopal.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long Term limits       9.50      [ICRA]B assigned/outstanding

The ratings are constrained by the firm's small scale of
operations which restricts operational and financial flexibility
to an extent, vulnerability of profits to changes in prices of key
raw materials and the geographic and client concentration risk as
the firm's operations are confined to road construction orders
from the government agencies in Karnataka only. Further, the
rating is constrained by the stretched liquidity position of the
firm as reflected by the high working capital intensity, resulting
from increase in inventory holding during FY15. The rating also
takes into account the modest coverage indicators of the firm as
indicated by Total Debt / OPBDITA of 2.46 times and Net Cash
Accruals (NCA)/ Total Debt of ~5% as on 31st March 2015.

The ratings, however, take comfort from the longstanding
experience and track record of the promoter in the construction
industry, spanning nearly two decades. The ratings factors in the
comfortable capital structure of the firm as indicated by a
gearing of 0.44 times as on 31st March 2015 and the healthy order
book, which provides revenue visibility in the near to medium
term.

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

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



=====================
P H I L I P P I N E S
=====================


RURAL BANK OF VILLAVICIOSA: Placed Under PDIC Receivership
----------------------------------------------------------
The Monetary Board (MB) placed Rural Bank of Villaviciosa (Abra),
Inc. under the receivership of the Philippine Deposit Insurance
Corporation (PDIC) by virtue of MB Resolution No. 4 dated Jan. 7,
2016. As Receiver, PDIC took over the bank on Jan. 8, 2016.

Rural Bank of Villaviciosa is a single unit rural bank located in
Provincial Road, Poblacion, Villaviciosa, Abra. Based on the Bank
Information Sheet filed by the bank with the PDIC as of June 30,
2015, Rural Bank of Villaviciosa is owned by Jose W. Lagen, Jr.
(34.78%), Daisy L. Lagen (31.77%), Land Bank of the Phils.
(13.34%), and Luisa A. Sotelo (5.09%). The Bank's President and
Chairman is Cresencio D. Somera.

Latest available records show that as of Sept. 30, 2015, Rural
Bank of Villaviciosa had 173 accounts with total deposit
liabilities of PHP2.30 million. All deposits are insured.

PDIC said that during the takeover, all bank records shall be
gathered, verified and validated. The state deposit insurer
assured depositors that all valid deposits shall be paid up to the
maximum deposit insurance coverage of PHP500,000.00.

Depositors with valid deposit accounts with balances of
PHP100,000.00 and below shall be eligible for early payment and
need not file deposit insurance claims, except accounts maintained
by business entities, or when they have outstanding obligations
with Rural Bank of Villaviciosa or acted as co-makers of these
obligations. Depositors have to ensure that they have complete and
updated addresses with the bank. PDIC targets to start mailing
payments to these depositors at their addresses recorded in the
bank by the third week of January 2016.

Depositors may update their addresses until Jan. 15, 2016 using
the Mailing Address Update Forms to be distributed by PDIC
representatives at the bank premises.

For depositors that are required to file deposit insurance claims,
the PDIC targets to start claims settlement operations for these
accounts by the fourth week of January 2016.

The PDIC also announced that it will conduct a Depositors-
Borrowers Forum on January 18, 2016. It enjoins all depositors to
attend the Forum to verify with PDIC representatives if they are
eligible for early payment. Those not eligible will be informed of
the requirements and procedures for filing deposit insurance
claims. The time and venue of the Forum will be posted in the
bank's premises and announced in the PDIC website,
www.pdic.gov.ph. Likewise, the schedule of the claims settlement
operations, as well as the requirements and procedures for filing
claims will be announced through notices to be posted in the bank
premises, other public places and the PDIC website.



                             *********

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

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

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


                            *********


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

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

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

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

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
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