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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

           Friday, January 15, 2016, Vol. 19, No. 10


                            Headlines


A U S T R A L I A

DICK SMITH: Receivers to Seek More Time to Probe Collapse
JAYMAC INTERNATIONAL: First Creditors' Meeting Set For Jan. 27
KOKO BLACK: Grill'd Founder Buys Firm Out of Administration
WEST ROW: First Creditors' Meeting Slated For Jan. 22


C H I N A

AOXING PHARMACEUTICAL: Grants 80,000 Stock Options to Officers
EVERGRANDE REAL: Moody's Lowers CFR to B2; Outlook Negative
EVERGRANDE REAL: Moody's Assigns B3 Rating to Sr. Unsec. Notes
POWERLONG REAL: Moody's Affirms B2 CFR, Outlook Changed to Pos.

* Small Insurers More at Risk to Stock Market Decline, Fitch Says


I N D I A

ABBELINE IMPEX: CRISIL Cuts Rating on INR75MM Loan to 'D'
ACTION ISPAT: ICRA Cuts Rating on INR836.54cr Term Loan to D
AKAS MEDICAL: CRISIL Assigns B+ Rating to INR55MM Cash Loan
AKLAVYA INDUSTRIES: ICRA Reaffirms B+ Rating on INR7cr Loan
AMARNATH AGGARWAL: ICRA Assigns B+ Rating to INR8cr LT Loan

AMBEY METALLIC: ICRA Reaffirms B+ Rating on INR5.65cr Loan
ANU SOLAR: ICRA Assigns SP 2C Grading on Low Fin'l. Strength
BHAGATPUR TEA: ICRA Reaffirms 'B' Rating on INR6.44cr Loan
BHARAT BUSINESS: CRISIL Suspends B+ Rating on INR50MM Cash Loan
BLUE MOUNTAIN: CRISIL Ups Rating on INR160MM LT Loan to B-

BOMBAY SUPER: ICRA Assigns B+ Rating to INR4.90cr Cash Loan
CARITAS HEALTHCARE: CRISIL Assigns B+ Rating to INR60MM Loan
D.K.S. ENTERPRISES: ICRA Assigns SP4D Grading
DIVYA CONSTRUCTION: ICRA Assigns B- Rating to INR6.0cr Loan
DSG CORP: ICRA Reaffirms B- Rating on INR10.10cr Loan

GYAN SHAKTI: CRISIL Cuts Rating on INR100MM Term Loan to D
IMPERIAL GRANITES: CRISIL Reaffirms B Rating on INR95MM Loan
JAS EQUIPMENT: CRISIL Assigns B+ Rating to INR55MM Cash Loan
JAYSHREE ENTERPRISES: CRISIL Assigns B+ Rating to INR100MM Loan
JUPITER BUILDTECH: CRISIL Suspends B+ Rating on INR90MM Loan

M.K. GUPTA: CRISIL Suspends B+ Rating on INR47.7MM Cash Loan
MAHAVISHNU RICE: CRISIL Suspends B+ Rating on INR65MM Cash Loan
MALHOTRA RICE: CRISIL Suspends B Rating on INR195MM Cash Loan
MASSIMO ENTERPRISE: ICRA Reaffirms B+ Rating on INR9.75cr Loan
MAYA RETAIL: CRISIL Suspends 'D' Rating on INR65MM Cash Loan

MEERA GOPI: CRISIL Assigns B+ Rating to INR85MM Cash Loan
MEGHA GRANULES: CRISIL Assigns 'B' Rating to INR429.7MM Loan
METALLOY IMPEX: CRISIL Assigns 'B' Rating to INR82.5MM Cash Loan
MITTAL TIMBER: CRISIL Suspends B Rating on INR20MM Cash Loan
MOHATA COAL: CRISIL Cuts Rating on INR20MM Cash Loan to B+

MOTHERLAND GARMENTS: CRISIL Assigns B+ Rating to INR59.4MM Loan
N J EXPORTS: CRISIL Assigns 'B+' Rating to INR90MM Cash Loan
OMNICAST PRECISION: CRISIL Suspends 'D' Rating on INR40.7MM Loan
OSWAL AGRIMPEX: CRISIL Assigns B+ Rating to INR4.3MM LT Loan
PREET REALTORS: CRISIL Suspends D Rating on INR97.5MM Term Loan

R.S. RICE: CRISIL Suspends 'B' Rating on INR210MM Packing Loan
RABIN SINGHA: CRISIL Suspends 'D' Rating on INR120MM Cash Loan
RAJENDRA ENGINEERING: ICRA Assigns B+ Rating to INR5.0cr Loan
REGENCY LINX: CRISIL Assigns B+ Rating to INR4MM Term Loan
REGENCY YAMUNA: ICRA Ups Rating on INR33.79cr Loan to 'B'

S. G. AGRO: CRISIL Suspends 'B' Rating on INR100MM Cash Loan
SARDAR COTTON: ICRA Reaffirms B Rating on INR10.50cr Cash Loan
SHAKUMBHRI PULP: ICRA Assigns B+ Rating to INR4.90cr LT Loan
SHIRDIWALE SAI: ICRA Assigns B+ Rating to INR8.0cr LT Loan
SHITARAM INDUSTRIES: ICRA Revises Rating on INR4.50cr Loan to B-

SREE HARSHA: CRISIL Assigns B+ Rating to INR70MM Loan
SRI DURGA: CRISIL Lowers Rating on INR80MM Cash Loan to B-
SRI SAINADH: CRISIL Assigns B+ Rating to INR60MM Cash Loan
SUMITRA SONS: CRISIL Assigns 'B' Rating to INR80MM Loan
SWAN ELECTRIC: CRISIL Suspends B+ Rating on INR30MM Cash Loan

TATA STEEL: S&P Lowers CCR to 'BB-'; Outlook Stable
TIRUPATHI YARNTEX: ICRA Reaffirms C+ Rating on INR15cr LT Loan
VISHWAKARMA BUILDERS: CRISIL Suspends D Rating on INR190MM Loan
VTC STEELS: CRISIL Suspends 'B' Rating on INR50MM Cash Loan


I N D O N E S I A

LIPPO KARAWACI: S&P Revises Outlook to Neg. & Affirms 'BB-' CCR


N E W  Z E A L A N D

INTAGR8 LTD: Creditors' Bid to Replace Liquidators Fails


S I N G A P O R E

VEDANTA RESOURCES: Moody's Ba2 CFR Unaffected by Tender Offer


                            - - - - -


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


DICK SMITH: Receivers to Seek More Time to Probe Collapse
---------------------------------------------------------
Stuart Condie at Herald Sun reports that Dick Smith's fate may not
be decided for another six months, with administrators set to
apply for more time to investigate the downfall of the electrical
retailer.

At the first meeting of creditors on Jan. 14, McGrathNicol
administrator Joe Hayes said it would be impossible to resolve all
the issues by the current February 9 deadline, Herald Sun relates.

He told an audience of about 150 people he would make a court
application next week and expected the bank-appointed receivers to
ask for six months in which to conduct their business, according
to Herald Sun.

Herald Sun says the retailer went into receivership just over a
week ago and has been advertised for sale, with the receiver
Ferrier Hodgson weighing whether it is possible to offload the
business as a going concern.

Dick Smith owes secured creditors about AUD140 million and
unsecured creditors, which include customers with unredeemed gift
cards, another AUD250 million, the report discloses.

According to the report, Mr Hayes said initial estimates suggested
Dick Smith had employee liabilities of about AUD15 million,
covering things such as long service leave but excluding any
potential redundancy payments.

He said it holds about AUD220 million of inventory but cautioned
that this was just a snapshot of the business, Herald Sun relays.

"We've only been in Dick Smith for 10 days or so, so our
information is limited," Herald Sun quotes Mr. Hayes as saying.

                         About Dick Smith

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

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

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

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

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

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

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


JAYMAC INTERNATIONAL: First Creditors' Meeting Set For Jan. 27
--------------------------------------------------------------
Brendan Nixon of Stanley Morgan Accountants was appointed as
administrator of Jaymac International Pty Ltd on Jan. 14, 2016.

A first meeting of the creditors of the Company will be held at
Stanley Morgan Accountants, Level 8/490 Upper Edward Street, in
Spring Hill, Queensland, on Jan. 27, 2016, at 10:00 a.m.


KOKO BLACK: Grill'd Founder Buys Firm Out of Administration
-----------------------------------------------------------
Eloise Keating at SmartCompany reports that premium chocolate
brand Koko Black will emerge out of voluntary administration with
a new owner, after the founder of the Grill'd burger chain, Simon
Crowe, bought the brand.

Administrators Deloitte confirmed to SmartCompany on Jan. 13 Koko
Black has been bought out of administration by a company owned by
Crowe.

SmartCompany relates that a spokesperson for Deloitte said the
settlement of the sale is still being finalised and therefore the
administrators "cannot comment further on specific details at this
time". However, the administrators did confirm that no Koko Black
outlets were closed during the voluntary administration process.

According to SmartCompany, Fairfax reported that Koko Black
employees were told of the sale this week, with the administrators
indicating in a letter to employees that the majority of Koko
Black's 14 stores are expected to be included in the sale, saying
it is likely "only two or three salons will not be transferred to
the new owners".

The company's 300 employees are also expected to continue on with
the business, with staff to be offered employment under the new
ownership structure later this month, SmartCompany relates.

SmartCompany says Deloitte has reportedly told employees work is
underway on a "transition plan" for the business to come out of
voluntary administration and a decision on which outlets will
close will be made by January 22.  A new chief executive is also
expected to be appointed, SmartCompany notes.

Koko Black, which was founded in Melbourne in 2003, traded
throughout its voluntary administration, which began in early
November.


WEST ROW: First Creditors' Meeting Slated For Jan. 22
-----------------------------------------------------
Tony Lane and Steven Staatz of Vincents Chartered Accountants were
appointed as administrators of West Row Nominees Pty Ltd ATF WRN
Unit Trust, trading as Soju Girl, on Jan. 12, 2016.

A first meeting of the creditors of the Company will be held at
Vincents Chartered Accountants, Level 7, AMP Building,1 Hobart
Place, in Canberra, on Jan. 22, 2016, at 9:30 a.m.



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


AOXING PHARMACEUTICAL: Grants 80,000 Stock Options to Officers
--------------------------------------------------------------
Aoxing Pharmaceutical Company, Inc.'s Board of Directors granted
common stock options to each of the Company's senior officers.
Zhenjiang Yue, the chief executive officer, received an option to
purchase 50,000 shares; Guoan Zhang, the interim chief financial
officer, received an option to purchase 30,000 shares. The
purchase price on exercise of the options will be $0.64 per share,
which was the closing market price on Jan. 4, 2016. The options
have a term of five years. The options will not vest until the
grant has been approved by a vote of the Company's shareholders.

                            About Aoxing

Aoxing Pharmaceutical Company, Inc., has one operating subsidiary,
Hebei Aoxing Pharmaceutical Co., Inc., which is organized under
the laws of the People's Republic of China. Since 2002, Hebei
Aoxing has been engaged in developing narcotics and pain
management products. In 2008 Hebei Aoxing supplemented its product
lines by acquiring Shijiazhuang Lerentang Pharmaceutical Company,
Ltd., a specialty pharmaceutical company focusing on herbal pain
related therapeutics. The Company owns 95% of the equity in Hebei
Aoxing.

Aoxing Pharmaceutical reported net income attributable to
shareholders of the Company of $5.49 million on $25.48 million of
sales for the year ended June 30, 2015, compared to a net loss
attributable to shareholders of the Company of $8.21 million on
$12.7 million of sales for the year ended June 30, 2014.

As of Sept. 30, 2015, the Company had $55.0 million in total
assets, $41.4 million in total liabilities and $13.6 million in
total equity.

BDO China Shu Lun Pan Certified Public Accountants LLP, in
Shanghai, People's Republic of China, issued a "going concern"
qualification on the consolidated financial statements for the
year ended June 30, 2015, stating that the Company accumulated a
large deficit and a working capital deficit that raise substantial
doubt about its ability to continue as a going concern.


EVERGRANDE REAL: Moody's Lowers CFR to B2; Outlook Negative
-----------------------------------------------------------
Moody's Investors Service has downgraded Evergrande Real Estate
Group Limited's corporate family rating to B2 from B1 and its
senior unsecured debt rating to B3 from B2.

The outlook for the ratings is negative.

RATINGS RATIONALE

"The downgrade reflects Evergrande's increased level of financial
risk, which is in turn because of its highly acquisitive appetite
and debt-funded strategy for acquisitions," says Franco Leung, a
Moody's Vice President and Senior Analyst.

In 2H 2015, Evergrande announced acquisitions including but not
limited to (1) various Chinese property-development project
companies from New World Development (China) Limited (unrated) and
Chow Tai Fook Enterprises Ltd (unrated); (2) an investment
property in Hong Kong; and (3) a 50% equity stake in a life
insurance company.

These acquisitions -- which totaled around RMB59.5 billion in cost
-- will be paid for by instalments over the next 2-6 years,
starting from the dates of each transaction's announcement.

In 2016, Evergrande will be required to pay around RMB30 billion.

Moody's considers such acquisitions as highly aggressive, and they
also raise business risk because the company is expanding when
China's property market remains challenging due to the oversupply
of inventory in the lower tier cities.

Evergrande also still has land banks in these lower tier cities.

Moody's expects Evergrande's debt leverage -- measured by
revenue/adjusted debt -- to remain weak in the 47%-53% range over
the next 12-18 months, versus around 53% at end-June 2015.

Such a level is weak for its B2 corporate family rating.

The company's high level of debt -- with the resultant heavy
annual repayments -- will also strain cash flow over the next 2
years, in turn weakening its liquidity position.

"The downgrade also reflects the aggressive buy-back options
offered in its presales contracts, a situation which adds
uncertainty to its cash flow," says Leung, who is also the Lead
Analyst for Evergrande.

Evergrande has offered buyers an option to sell back their
purchased properties, and Moody's expects cash outflows will
consequently increase when the property market weakens.

The B2 corporate family rating reflects Evergrande's strong market
position as one of the top five property developers in China in
terms of contracted sales and the size of its land bank.

In addition, the rating reflects its national coverage in China,
as well as its broad geographic coverage, strong sales execution,
low-cost land bank and focus on mass-market residential
properties.

On the other hand, the rating is constrained by the high business
and financial risks associated with Evergrande's strategy to
pursue rapid debt-funded growth.  Its debt leverage and financial
metrics are weak for its B2 corporate family rating.

Evergrande's liquidity position is also weak because it has to
fund high levels of construction costs and deferred acquisition
payments -- in addition to its debt repayments -- to support its
large scale of development.

Such cash outflows will consume its cash-on-hand and presales
proceeds.

Moody's notes that the company raised contracted sales and
borrowings in 2015, resulting in a high level of cash at end-
December 2015, and which totaled RMB158 billion on an unaudited
basis.

The negative outlook reflects Evergrande's high levels of
business, financial and liquidity risks, given its aggressive
debt-funded acquisitions.

Downward rating pressure could emerge if: (1) Moody's expects the
company's liquidity position to weaken further due to a
deterioration in contracted sales, and/or high levels of payments
on debt and land, or high levels of deferred acquisition payables;
(2) the company raises more debt, and which results in
revenue/adjusted debt (including perpetual securities) falling
below 40%, or (3) the company takes on more debt-funded
acquisitions.

Upward rating pressure is unlikely, given the negative outlook.

However, the rating could return to stable if the company (1)
reduces its debt leverage, such that revenue/adjusted debt rises
above 60% and EBIT/interest rises to 2x or higher; and (2)
improves its liquidity position.

The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in April 2015.

Evergrande Real Estate Group Limited is one of the major
residential developers in China.  It has a standardized operating
model.

Founded in 1996 in Guangzhou, the company has rapidly expanded its
business across the country over the past few years.  At
June 30, 2015, its land bank totaled 144 million square meters in
gross floor area across 154 Chinese cities.


EVERGRANDE REAL: Moody's Assigns B3 Rating to Sr. Unsec. Notes
--------------------------------------------------------------
Moody's Investors Service has assigned a B3 rating to the USD
senior unsecured notes proposed by Evergrande Real Estate Group
Limited.  The rating outlook is negative.

The proceeds from the issuance will be used for refinancing the
company's existing debt and general corporate purposes.

RATINGS RATIONALE

"The rating of the proposed USD notes is notched down to B3 --
from its corporate family rating of B2 -- due to subordination
risk from the company's secured and subsidiary debt," says Franco
Leung, a Moody's Vice President and Senior Analyst.

The B2 corporate family rating reflects Evergrande's strong market
position as one of the top five property developers in China in
terms of contracted sales and the size of its land bank.

In addition, the rating reflects its national coverage in China,
as well as its broad geographic coverage, strong sales execution,
low-cost land bank and focus on mass-market residential
properties.

On the other hand, the rating is constrained by the high business
and financial risks associated with Evergrande's strategy to
pursue rapid debt-funded growth.  Its debt leverage and financial
metrics are weak for its B2 corporate family rating.

The negative outlook reflects Evergrande's high levels of
business, financial and liquidity risks, given its aggressive
debt-funded acquisitions.

Downward rating pressure could emerge if: (1) Moody's expects the
company's liquidity position to weaken further due to a
deterioration in contracted sales, and/or high levels of payments
on debt and land, or high levels of deferred acquisition payables;
(2) the company raises more debt, and which results in
revenue/adjusted debt (including perpetual securities) falling
below 40%, or (3) the company takes on more debt-funded
acquisitions.

Upward rating pressure is unlikely, given the negative outlook.

However, the rating could return to stable if the company (1)
reduces its debt leverage, such that revenue/adjusted debt rises
above 60% and EBIT/interest rises to 2x or higher; and (2)
improves its liquidity position.

The principal methodology used in this rating was Homebuilding And
Property Development Industry published in April 2015.

Evergrande Real Estate Group Limited is one of the major
residential developers in China.  It has a standardized operating
model.

Founded in 1996 in Guangzhou, the company has rapidly expanded its
business across the country over the past few years.  At
June 30, 2015, its land bank totaled 144 million square meters in
gross floor area across 154 Chinese cities.


POWERLONG REAL: Moody's Affirms B2 CFR, Outlook Changed to Pos.
---------------------------------------------------------------
Moody's Investors Service has changed to positive from stable the
outlook of Powerlong Real Estate Holdings Limited's B2 corporate
family rating and B3 senior unsecured ratings.

At the same time, Moody's has affirmed both ratings.

RATINGS RATIONALE

"The change in outlook reflects the improving trend in Powerlong's
credit profile, stemming in turn from its strengthened sales
execution, lower borrowing costs, and growth of non-development
revenue," says Dylan Yeo, a Moody's Analyst.

Powerlong has exhibited strong sales execution, as reflected in
its contracted sales of RMB14.3 billion in FY2015 -- 10% above its
target for that year -- and up 34% from FY2014.

Moody's expects the company to maintain this improving trend
because it has established a successful sales record in China's
higher-tier cities, such as Shanghai and Hangzhou, where demand
for its properties has been favourable.

Therefore, Powerlong is expected to generate growth in contracted
sales of more than 5% per annum in support of its positive ratings
outlook.

The company has also benefited from regulatory changes that allow
developers to borrow from the domestic bond market, where costs
are lower than for bank loans or trust loans.

Moody's estimates that the average borrowing costs for the company
was around 8.0-8.5% in FY2015, an improvement from 9.3% in FY
2014.

Moody's also expects it to deliver strong growth in revenue
recognition due to its contracted sales growth, which -- together
with lower borrowing costs -- will in turn improve its credit
metrics.

EBIT/interest coverage is expected to improve to about 2.3-2.5x in
2016 from about 2.0x in 2014 and 2015, a level which is robust for
B2-rated developers.

Powerlong has also increased its non-development revenue which
comprises rental, management service and hotel revenue.

Moody's estimates that its non-development revenue rose by 5% in
FY2015 from FY2014, helped by a rise in the leasing of its retail
malls.

After commencing operations at 6 retail malls in 2015, Moody's
expects Powerlong to ramp up a total of 12 new retail malls during
2016-2017, and generate annual recurring revenue of RMB1.6 billion
to RMB 2.0 billion.

This stream of revenue provides some stability to the company's
debt-servicing capacity. Its non-development revenue/interest
payment is estimated at 0.8-1.0x in the next 2 years compared with
0.7x in FY2015 and FY2014. Such a development is positive to its
ratings.

Powerlong's liquidity position is adequate. Its cash and deposit
balances totalled RMB4.9 billion at end-June 2015 which was
adequate to cover short-term debt of around RMB 4.9 billion.

Moody's notes that the company issued a $200 million bond in
November 2015, strengthening its capacity to manage debt
refinancing.

The ratings could be upgraded if Powerlong: (1) achieves stable
sales growth in line with its targets and executes its strategy to
increase its exposure to higher tier cities; (2) improves its
financial flexibility and liquidity position; and (3) demonstrates
a material increase in recurring rental income.

Credit metrics that could trigger an upgrade include: (1) adjusted
EBIT/interest above 2.25x; (2) recurring income/interest above
1.0x; and (3) revenue-to-debt above 55% on a sustained basis.

On the other hand, the ratings could return to stable if Powerlong
shows: (1) weaker-than-expected sales or revenue growth, cash
collection rate, or profit margin; (2) non-development
revenue/interest falls below 0.7-0.8x; (3) a decline in balance-
sheet liquidity; or (4) a step-up in land acquisitions.

Credit metrics that could change the outlook to stable include:
(1) adjusted EBIT/interest below 2.0x; or (2) revenue-to-debt
below 45%.

Powerlong Real Estate Holdings Limited is a Chinese developer
focused on building large-scale integrated residential and
commercial properties in China. At 30 June 2015, its land bank
totaled 10.8 million square meters (sqm) in gross floor area (GFA)
under development and for future development, as well as 2.0
million sqm of malls in operation.

The company listed on the Hong Kong Stock Exchange in October
2009. The founding Hoi family held an aggregate 64% at 30 June
2015.


* Small Insurers More at Risk to Stock Market Decline, Fitch Says
-----------------------------------------------------------------
Small- and medium-sized Chinese life insurers are more vulnerable
to potentially significant unrealized investment losses following
the sharp decline of the stock market in China, Fitch Ratings
says.

Smaller life insurers generally have more aggressive risk
appetites compared with their larger counterparts.  The smaller
companies are also more reliant on bancassurance channels due to
smaller agency distribution networks, and they face intense
competition from peers and banking products.

Many smaller insurers concentrate on low-margin savings-type
products with short durations, such as single-premium universal
life policies.  They often pursue high investment returns to offer
attractive rates to policy holders (generally between 4% and 6.5%
and occasionally up to 8% from some small insurers, compared with
a three-year deposit rate of 2.75%) and to generate interest
spreads for profits, resulting in greater exposure to equities
compared with large insurers.  Some insurers allocate more than
five times their shareholders' equity to equity investments.  The
short durations of their insurance liabilities might lead them to
dispose of some of their investments at unfavorable prices.

Fitch believes that the impact of recent stock market correction
in China remains manageable for large life insurers.  More
conservative asset allocations with bigger shares of long-duration
insurance policies should make them more resilient to stock market
volatility.  The 3Q15 results of four listed insurers and
insurance groups - China Life Insurance Company Limited
(A+/Stable), Ping An Insurance (Group) Company of China, Ltd.,
China Pacific Insurance (Group) Co., Ltd., and New China Life
Insurance Company Ltd. - showed their capital positions remained
intact.  Their shareholders' equity decreased by less than 10% in
3Q15 despite the 29% drop in the Shanghai Composite Index.  This
resilience may be attributed to their dynamic asset management,
which reduced equity exposure.  Continuing premium inflows and
flexibility to reduce policyholders' payments also cushion the
impact of a volatile stock market.

Fitch closely monitors stock market movements and may take
negative rating action if a persistent stock-market decline
results in significant deterioration of rated entities'
capitalisation, and they do not take action, such as raising new
capital, to restore their capital positions.



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ABBELINE IMPEX: CRISIL Cuts Rating on INR75MM Loan to 'D'
---------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Abbeline Impex Private Limited (AIPL) to 'CRISIL D' from 'CRISIL
B/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Buyer Credit Limit      75      CRISIL D (Downgraded from
                                   'CRISIL B/Stable')

The rating downgrade reflects devolvement of AIPL's letter of
credit with no regularisation for more than 30 consecutive days;
this was due to weak liquidity.

The company also has a weak financial risk profile and is
susceptible to price volatility because of the commodity nature of
its business. However, it benefits from its promoters' extensive
industry experience.

AIPL, incorporated in November 2009, is promoted by Mr. Manish
Gupta and his wife Mrs. Poorvi Gupta. It import heavy metal and
copper scrap in which it trades in the domestic market. Mr. Gupta
and his father-in-law, Mr. Anil Garg, manage business operations.
The registered office of the company is in Mumbai.


ACTION ISPAT: ICRA Cuts Rating on INR836.54cr Term Loan to D
------------------------------------------------------------
ICRA has revised the long term ratings from [ICRA]B+ to [ICRA]D
for the INR836.54 crore term loans and INR126.54 crore fund based
bank facilities of Action Ispat and Power Private Limited (AIPPL).
ICRA has also revised the short term rating from [ICRA]A4 to
[ICRA]D assigned earlier to the INR15.0 crore non-fund based
faculties of AIPPL.

                          Amount
   Facilities           (INR crore)   Ratings
   ----------           -----------   -------
   Term Loans              836.54     [ICRA]D (Downgraded)
   Fund Based Limits       126.54     [ICRA]D (Downgraded)
   Non-Fund Based Limits    15.00     [ICRA]D (Downgraded)

The rating revision reflects stretched liquidity profile of the
company as exhibited by delays in the debt servicing by the
company. The financial risk profile of the company has
deteriorated on account of lower profitability because of slowdown
in demand for its products. Going forward, ability to service the
debt in time and stabilization of the new facilities will be
amongst the key rating sensitivity factors for the company.

Action Ispat & Power Pvt. Ltd. (AIPPL), incorporated in July 2004,
is a closely held company engaged in manufacturing of Sponge Iron
and Steel Billets. AIPPL is a part of the Action Group promoted by
Mr. Nand Kishore Aggarwal that commenced its business operations
in 1971 as a manufacturer and supplier of footwear and its
components. Currently, the group has presence in various
diversified areas including Chemicals and Plastics, Computer
Monitors and Peripherals, Power Back Up/ Inverters, Batteries,
Housing Projects, Health Care and Steel.

With its manufacturing facilities located in District Jharsugada
(Orissa), AIPPL is engaged in manufacturing of sponge iron (with
an installed capacity of 245,000 TPA), steel billets (with an
installed capacity of 298,080 TPA) and Ferro Alloys (14,250 TPA).
AIPPL is also setting up a Rebar mill facility with a capacity of
180,000 TPA. AIPPL has 123MW power generation capacity (16 MW
WHRB, 21MW AFBC and 46 MW CFBC). The company commenced operations
in August 2006 with its sponge iron plant getting operational. At
present, the entire sponge iron production of the company is being
used for captive consumption for manufacturing billets. AIPPL's
corporate debt restructuring package got approved in June 2013.

Recent Results
In FY14, the company reported an OI of INR325.4 crore with a
operating margin and net margin of 7.2% and -18.1% respectively as
compared to an OI of INR313.5 crore and an operating margin and
net margin of -3.6% and -20.8% respectively in FY13.


AKAS MEDICAL: CRISIL Assigns B+ Rating to INR55MM Cash Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Akas Medical (AM).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Long Term Loan        28.2      CRISIL B+/Stable
   Letter of Credit      10.8      CRISIL A4
   Bank Guarantee         6        CRISIL A4
   Cash Credit           55        CRISIL B+/Stable

The ratings reflect AM's below-average financial risk profile
because of leveraged capital structure, and modest scale of
operations in the intensely competitive healthcare equipment
industry. These weaknesses are partially offset by promoters'
extensive experience, and the firm's diversified customer profile.
Outlook: Stable

CRISIL believes AM will continue to benefit over the medium term
from promoters' extensive industry experience. The outlook may be
revised to 'Positive' in case of significant increase in revenue
and profitability, or substantial equity infusion, leading to
improvement in financial risk profile. Conversely, the outlook may
be revised to 'Negative' if financial risk profile declines on
account of reduced cash accrual, or aggressive debt-funded
expansion, or increased working capital requirement.

AM, set up in 2007 in Chennai (Tamil Nadu), manufactures and
trades in medical equipment. It is promoted by Mr. Arjun Sooraj
and Mr. Arun Krishna.

AM's net profit was INR3.1 million on sales of INR147.8 million
for 2014-15 (refers to financial year, April 1 to March 31),
against net profit of INR2.5 million on sales of INR114.2 million
for 2013-14.


AKLAVYA INDUSTRIES: ICRA Reaffirms B+ Rating on INR7cr Loan
-----------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ to the
INR7.00 crore working capital facilities and INR4.49 crore of term
loans facilities of Aklavya Industries Private Limited. ICRA has
also reaffirmed the short term rating of [ICRA]A4 to the INR0.0045
crore of bank guarantee facility and INR2.65 crore of ILC/FLC
facility which is a sub-limit of working capital facility.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund Based-Cash
   Credit Limits        7.00        [ICRA]B+;Reaffirmed

   Fund Based-Term
   Loans                4.49        [ICRA]B+;Reaffirmed

   Non-fund based
   Bank Guarantee       0.0045      [ICRA]A4;Reaffirmed

   Non-fund based
   ILC/FLC             (2.65)       [ICRA]A4;Reaffirmed

The rating reaffirmation takes into account Aklavya Industries
Private Limited's (AIPL) moderate scale of operations and its
financial profile characterized by low profitability, weak
coverage indicators, high working capital intensity of operations
and adverse capital structure. Further, the ratings incorporate
the vulnerability of operations to the cyclicality observed in the
textile industry. They also factor in the forex risk to some
extent and intensely competitive business environment owing to the
highly fragmented nature of the industry.

The rating, however, draws comfort from the long track record of
the company's promoters in the fabric processing industry,
operational synergy through group companies engaged in same line
of business, and locational advantage on account of proximity to
sources of key raw materials and end customers. The ratings also
factor in the fiscal incentives to be received under Technology
Upgradation Fund Scheme for the proposed capex.

Aklavya Industries Private Limited (AIPL) was originally
incorporated in 1998 as Sheetal Dyeing & Printing Mills Pvt. Ltd.
The name of the company was changed to Aklavya Industries Private
Limited in February 2007, when Mr. Abhishek Kanodia and Mr. Kamal
Bhutra took over the company. At present, Mr. Abhishek Kanodia and
Mr Kamal Bhutra look after the operations of the company. The
company is engaged in the processing of synthetic, polyester
cotton and viscose fabrics on job work basis. The fabrics
processed by the company are used to make saris and dress
materials. AIPL's manufacturing unit is located in Surat and has a
capacity to dye 1,25,000 meters fabric per day and print 35000
meters fabric per day.


AMARNATH AGGARWAL: ICRA Assigns B+ Rating to INR8cr LT Loan
-----------------------------------------------------------
ICRA has assigned its long-term rating of [ICRA]B+ to the INR10.00
crore, fund-based and non fund-based bank facilities of Amarnath
Aggarwal Constructions Pvt Ltd (AAC).

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund-        8.00        [ICRA]B+; Assigned
   based bank
   facilities

   Long Term Non fund     2.00        [ICRA]B+; Assigned
   based bank facilities

ICRA's rating is constrained on account of AAC's modest scale of
operations and its modest current order book position, which is of
similar size to its operating revenue in FY15. Thus the revenue
shall depend on the fresh orders secured. In the past, the company
has suffered losses owing to a sharp decline in operating income
on account of inadequate orders in hand. The rating is also
constrained on account of high working capital intensity. The
rating however favorably factor in AAC's healthy gearing level and
coverage metrics in FY15 on account of low dependence on debt.
Further, ICRA also takes into consideration the long experience of
its promoters in the construction segment.

AAC's ability to grow its top-line and maintain its financial
profile will be the key rating sensitivities.

Incorporated in 1979, Amarnath Aggarwal Constructions Pvt Ltd
(AAC) is in to the construction of roads, bridges, road over
bridges (RoB) etc. AAC is a part of the Amarnath Aggarwal group,
which has been in the construction and real estate business for
past 30 years through various group companies and primarily has
presence in Punjab, Haryana and Himachal Pradesh.


AMBEY METALLIC: ICRA Reaffirms B+ Rating on INR5.65cr Loan
----------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ to the
INR5.65 crore (enhanced from INR4.80 crore) fund-based bank
facility of Ambey Metallic Limited. ICRA has also reaffirmed the
short term rating of [ICRA]A4 to the INR24.35 crore (enhanced from
INR15.20 crore) non-fund based bank facilities of AML.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit            5.65       [ICRA]B+ reaffirmed
   Letter of Credit      24.00       [ICRA]A4 reaffirmed
   Bank Guarantee         0.35       [ICRA]A4 reaffirmed

Rating Rationale

The rating reaffirmation continues to take into account the long
standing experience of AML's promoters in the sponge iron
manufacturing business; and the locational advantage of the plant
on account of its proximity to key customers and raw material
suppliers. The ratings, however, continue to remain constrained by
AML's weak financial profile characterized by modest
profitability, stretched coverage indicators, and high working
capital intensity of operations arising out of large inventory
requirements which keeps the liquidity under stress. The ratings
further take into account the company's exposure to fluctuations
in exchange rates and prices of raw materials; high customer
concentration risk; and strong competitive pressures within the
fragmented sponge iron industry.

Incorporated in 2001, AML is engaged in the manufacturing of
sponge iron using iron ore and coal as key raw materials. AML has
an installed capacity of 36,000 Metric Tonnes Per Annum (MTPA) at
its manufacturing facility in Pissurlem, Goa.

Recent Results
For the financial year ended March 31, 2015, the company reported
an operating income of INR58.62 crore and profit after tax of
INR0.45 crore as against an operating income of INR54.26 crore and
profit after tax of INR0.36 crore for the financial year 2013-14.
Further, in the current financial year, for the eight months
period ended November 30, 2015, the company reported operating
income of INR34.44 crore and profit before tax of INR0.30 crore.


ANU SOLAR: ICRA Assigns SP 2C Grading on Low Fin'l. Strength
------------------------------------------------------------
ICRA has assigned 'SP 2C' grading to Anu Solar Power Private
Limited (ASPPL), indicating the 'High Performance Capability' and
'Low Financial Strength' of the channel partner to undertake solar
thermal projects. The grading is valid till 31st December 2019
after which it will be kept under surveillance.

Grading Drivers
Strengths
* Significant track record of operations with presence in the
industry for more than two decades leading to an established brand
and market position
* Strong in-house research and development team, facilitating
development of newer designs leading to competitive advantages
* Backward integrated business model with presence across all the
major activities in the value chain giving the company necessary
flexibility and advantage with respect to the competitors
* Diversified customer base belonging to residential as well as
commercial segments with exposure to governmental clientele
* The business is supported with service and delivery teams in the
markets of Andhra Pradesh, Tamil Nadu, Kerala, Karnataka,
Maharashtra and Rajasthan

Risk Factors
* Large number of unorganized players indicating high level of
competition which may lead to pressure on margins
* Continuous de-growth in the top-line witnessed in the last three
years owing to slowdown in the thermal segment that contributes
more than 80% of the revenues of the company
* Fluctuating operating margins added with negative net margins in
the past three years
* The company is exposed to raw material price volatility which
has impacted its margins in the past

SI Related Business - High Performance Capability

* Promoter Track Record: The promoter of the company has more than
25 years of experience in the solar space. The Company initially
established solar water heaters manufacturing and provided
solutions based on solar thermal technologies at Bangalore.
Subsequently, in 2008, the company forayed into solar PV
technologies by establishing a PV module manufacturing facility.
Over the years, ASPPL has developed expertise in Design,
Engineering, Manufacturing, and Integration & Installation of a
broad range of solar thermal and solar photovoltaic systems and
aspires to achieve a dominant position in the growing thermal
market in India and other global markets under the guidance and
support of its promoters.

* Technical competence and adequacy of manpower: The Company's
operations are backward integrated, with the manufacturing
facility located at Bangalore. Moreover, the company's
technological knowhow has been strengthened over a period of time
by the projects being executed by them. Further, the company has
in-house design and developmental teams which are constantly
working on innovations and introduction of new products. The
company has adequate manpower resources. As on December 2015, the
company had more than 200 employees looking into Engineering,
Marketing, Purchases, Customers support, Logistics, Thermal
Production, Administration, HR, Quality check, Accounts, PV
modules manufacturing etc. The above work force has qualifications
like B.E, MBA, M-Tech, CA, MCOM, MS, B Com, PUC, ITI, PUC etc.

* Quality of suppliers and tie ups: The Company has the capability
to undertake module manufacturing and system integration
activities in-house and hence its reliance on outside suppliers
and vendors is limited. The company only outsources installation
activities to certain approved vendors across the country. The
Company has a rigorous process for choosing the suppliers
indicating their highest level of commitment to best quality
delivery.


BHAGATPUR TEA: ICRA Reaffirms 'B' Rating on INR6.44cr Loan
----------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B assigned to
the INR6.44 crore (revised from INR5.44 crore) cash credit
facility and INR0.06 crore (revised from INR1.06 crore) term loans
of Bhagatpur Tea Company Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loans            0.06        [ICRA]B reaffirmed
   Fund Based Limits     6.44        [ICRA]B reaffirmed

The rating action takes into consideration the adverse financial
risk profile as reflected by the depressed debt coverage
indicators and negative tangible net worth of the company, with
the share application money, which formed a significant portion of
the net worth till FY14, being converted into zero coupon fully
convertible debentures (ZCFD) in FY15. The fully paid ZCFDs, are
fully convertible into equity shares at a predetermined price at
the end of 10 years from allotment. ICRA also notes that BTCL's
TOL/TNW remains stretched on account of significant creditor
funding as well as advance from customers.

The rating also takes into account BTCL's small scale of
operations at present, a single garden located in Jalpaiguri
district of West Bengal that accentuates the agro climatic risks
associated with tea, and the inherent cyclicality in the tea
industry that leads to variability in profitability and cash flows
of players, including BTCL. The rating, favourably factors in
consistent increase in the production and turnover in the last
three years and the improvement in operating profitability despite
impact of wage rate hike during FY2015. During the current
financial year, the expected increase in the tea production
supported by higher bought leaf operations and the firm tea
prices, are expected to support the operating profits of the
company. The rating also incorporates the experience of the
promoters in the tea industry and the favourable long term outlook
on the domestic bulk tea industry.

BTCL was acquired by the present management in October 2000 from
the erstwhile promoters. BTCL has a tea garden in the Jalpaiguri
district of West Bengal, with a total area of around 632 hectares
under plantation. The total production capacity of BTCL is around
20 lakh kg of tea.

Recent Results
BTCL recorded a profit after tax (PAT) of INR1.04 crore on
operating income of INR27.94 crore during FY15 as against a PAT of
INR0.94 crore on operating income of INR26.74 crore during FY14.


BHARAT BUSINESS: CRISIL Suspends B+ Rating on INR50MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Bharat
Business Corporation (BBC).

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

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

BBC, set up in 2012, is a proprietorship owned by Nandini Garg,
family member of Mr. Umesh Garg. The firm is the city distributor
of Lava and Micromax mobiles along with other related accessories.
The firm is based in Agra.


BLUE MOUNTAIN: CRISIL Ups Rating on INR160MM LT Loan to B-
----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Blue Mountain Estates (BME) to 'CRISIL B-/Stable' from 'CRISIL D'.
The upgrade reflects timely payment of its term loan installment
on June 30, 2015, supported by the equity infusion of INR38
million by the promoters in 2014-15 (refers to financial year,
April 1 to March 31).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Long Term Loan         160      CRISIL B-/Stable (Upgraded
                                   from 'CRISIL D')

The rating also factors in BME's small scale and working capital-
intensive operations and the vulnerability of its operations to
global coffee prices and rainfall. It, however, benefits from the
extensive experience of the promoters in the coffee industry and
the firm's healthy financial risk profile.
Outlook: Stable

CRISIL believes BME will continue to benefit from the promoters'
extensive experience in the coffee industry. The outlook may be
revised to 'Positive' if the firm's sales or profitability improve
significantly leading to higher cash accrual. Conversely, the
outlook may be revised to 'Negative' in case of lower-than-
expected revenue or profitability, or a significant stretch in the
working capital cycle, impacting liquidity leading to a delay in
the repayment of term loan installment.

BME was acquired by the current promoters in 2001 and operates a
coffee plantation in Chikmagalur district, Karnataka.

The firm reported net profit of INR7.0 million on net sales of
INR99.5 million for 2012-13 as against net profit of INR1.8
million on net sales of INR72.3 million for 2011-12.


BOMBAY SUPER: ICRA Assigns B+ Rating to INR4.90cr Cash Loan
-----------------------------------------------------------
The rating of [ICRA]B+ has been assigned to the INR4.90 crore long
term fund based cash credit facility. ICRA has also assigned an
[ICRA]B+ and [ICRA]A4 ratings to the INR4.60 crore proposed bank
facilities of Bombay Super Hybrid Seeds Private Limited.


                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Cash Credit Limits        4.90       [ICRA]B+ assigned
   Cash Credit Limits-
   Proposed                  0.60       [ICRA]B+ assigned
   Term Loan-Proposed        2.50       [ICRA]B+ assigned
   Long Term/Short
   Term- Unallocated         1.50       [ICRA]B+/A4 assigned

The assigned ratings are constrained by the modest scale of
company's operations weak financial profile as characterized by
thin profitability, high gearing and stretched coverage
indicators. The ratings also take into account the highly
fragmented and competitive market exposed to agro-climatic
conditions. The ratings also consider a potential impact of
seasonality and crop harvest on business operations.
The ratings, however, take comfort from the company's well
established business relationships with distributors across India
and the long standing experience of the promoters in the seed
industry business.

Incorporated in 2014, Bombay Super Hybrid Seeds Pvt Ltd (BSHSPL),
was earlier established in 1990 as partnership company under name
of "Patel Jadavjibhai Devrajbhai" and was subsequently converted
to Bombay Super Hybrid Seeds Pvt Ltd. The company is managed by
Mr. Arvind Kakadia and Mr. Kirit Kakadia. The company is engaged
into the business of commercial seeds processing and markets its
products under the brand "Bombay Super Seed". The plant is located
in Kuvadva with an installed output capacity of 20 metric tons per
day (MTPD).

Recent Results
During FY 2015, BSHSPL reported an operating income of INR31.32
crore and a profit after tax of INR0.19 crore as against an
operating income of INR30.12 crore and a profit after tax of
INR0.37 crore in FY 2014. Further, during H1 FY 2016, the company
reported operating income of INR35.11 crores.


CARITAS HEALTHCARE: CRISIL Assigns B+ Rating to INR60MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Caritas Healthcare Private Limited (CHPL).

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit                20      CRISIL B+/Stable

   Export Packing Credit      60      CRISIL B+/Stable

The rating reflects CHPL's short track record, modest scale of
operations, and large working capital requirement. These
weaknesses are partially offset by promoters' extensive experience
in the pharmaceutical industry, and the company's above-average
financial risk profile marked by comfortable debt protection
metrics.
Outlook: Stable

CRISIL believes CHPL will benefit over the medium term from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' in case of higher-than-expected accrual
because of improvement in profitability or revenue, and prudent
working capital management. Conversely, the outlook may be revised
to 'Negative' if revenue or operating margin declines, or
financial risk profile weakens due to stretch in working capital
cycle or large debt-funded capital expenditure.

Incorporated in 2012, CHPL is a Ahmedabad (Gujarat) based company.
The company supplies and markets a wide range of pharmaceutical
products across the globe. It is promoted by Mr. Ketan Patel and
Mr. Jogendra Bhati.


D.K.S. ENTERPRISES: ICRA Assigns SP4D Grading
---------------------------------------------
ICRA has assigned SP4D grading to D.K.S. Enterprises. The grading
indicates Weak performance capability and Weak financial strength
of the channel partner to undertake solar projects. The grading is
valid for a period of two years from December 28, 2015 after which
it will be kept under surveillance

Grading Drivers
Strengths
*Technically sound promoters with long experience in power sector.
* Positive feedback from customers, suppliers and banker.

Risk Factors
* Smaller scale of operations
* Nascent stage of operations in solar business
* Losses being made at the operating levels.
* Large number of unorganized players indicating high level of
competition may lead to pressure on margins. Fact Sheet

Year of Establishment
April 15, 2015

Office Address
J.C. Bose Lane, Dhaka, P.O. Asansol 713302, West Bengal

Started in April 15, 2015, D.K.S. Enterprise (DKSE) has been set
up under the proprietorship of Mr. Partha Pratim Sengupta. The
entity operates as a retailer and system integrator solar power
devices and Healthcare devices. Under the healthcare segment, DKSE
rents out and sales medicinal instruments like BiPAP (Bilevel
Positive Airway Pressure), CPAP (Continuous Airway Pressure),
oxygen concentrator, Nebuliser and orthopedic instruments. The
company has an employee base of 6 members.

Product profile of the firm under solar power devices segment is
as follows:

* Solar home light systems (both DC and AC)
* Solar power plants
* Solar lanterns
* Solar LED bulbs and tubes

SI Related Business - Weak Performance Capability
Proprietor Track Record: The proprietor of the entity is Mr.
Parthpartim Sengupta having 34 years of experience in the field of
engineering and quality assurance with NTPC Limited.
Technical competence and adequacy of manpower:
The entity operates as a retailer and system integrator solar
power devices and Healthcare devices.

DKSE is a new player in the solar PV space. In the last 8 months
of operation, the entity has carried out two solar projects. DKSE
has a technical team of 6 professionals and is open to recruitment
as per requirement. The technical competence is moderate as
represented by well qualified promoter's profile.

As on date, the entity has 6 employees. The employee base for the
entity is adequate for the size of operations for the company.
Quality of suppliers and tie ups: As per management, DKSE deals
with two suppliers in order to procure solar panel, hybrid
invertors, solar batteries, solar lanterns, home light systems,
etc.

Customer and O&M Network: Till date, DKSE has executed two solar
projects. The entity operates as a retailer and system integrator
solar power devices and Healthcare devices. DKSE is a new player
in the solar PV space. The entity has executed two orders till
date.


DIVYA CONSTRUCTION: ICRA Assigns B- Rating to INR6.0cr Loan
-----------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B- for the fund
based facility of INR6.00 crore for Divya Construction Company,
and also assigned a long-term rating of [ICRA]B- and a short term
rating of [ICRA]A4 to the non-fund based facility of INR14.00
crore.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit            6.0        [ICRA]B- Assigned
   Non-Fund Based,
   Rated on Short-
   Term Scale Bank
   Guarantee             14.0        [ICRA]B-/[ICRA]A4 Assigned

The rating re-affirmation continues to factor in the small scale
of operations of the firm which limits the bidding capacity of the
firm, intensely competitive industry resulting in modest order
book position and, slow movement of projects due issues pertaining
to approval at local corporations end. However, the ratings
favorably factor in the long track record of the firm in the
construction industry in Mumbai.

Divya Construction Company (DCC) was formed in 1970 as a
partnership firm and is registered as a class AA contractor. The
firm was started by Mr. Kirit Shah who has 60% share in the firm.
The remaining 40% is owned by Smt. Ratikanta Kirit Shah. The firm
is currently being managed by Mr. Kirit Shah and his son Mr. Nehal
Shah. The firm has executed civil works for government and semi-
government departments in Mumbai. In the past, DCC has executed
civil contracts for Public Works Department, Municipal Corporation
of Greater Mumbai and Mumbai Metropolitan Region Development
Authority.

Recent Results
During the year ended March 31, 2015, the firm reported a profit
after tax of INR0.42 crore on a topline of INR17.03 crore as
compared to a profit after tax of INR0.09 crore on a topline of
INR8.46 crore as on March 31, 2014.


DSG CORP: ICRA Reaffirms B- Rating on INR10.10cr Loan
-----------------------------------------------------
ICRA has reaffirmed the long term rating assigned to the INR10.10
crore (reduced from INR11.20 crore) non fund based facility of
DSG Corp Private Limited at [ICRA]B-.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Non Fund Based
   Bank Guarantee        10.10        [ICRA]B- reaffirmed

Rating Rationale

The rating reaffirmation factors in the countenance of company's
suspension of business operations post acquisition of its business
by Blue Star Limited (BSL) in August 2010 which has resulted in
losses at operating level for past three years. ICRA notes that
although the non-compete agreement signed with BSL at the time of
acquisition has ended in June 2014, there is still uncertainly
regarding recommencement of any business activity in DSGCPL
offering low revenue visibility for the near to medium term. The
rating also remains constrained on account of the company's tight
liquidity position as reflected by full utilization of overdraft
limit which is likely to be impacted further on account of
continued financial support provided to the group entities.
Nonetheless, there is an adequate cover in the form of fixed
deposits for its working capital (bank overdraft) facility which
offers some comfort.

DSGCPL was started as a proprietorship firm by Mr. Sunil Gupta in
1992 which was converted to a partnership firm in 1995 and
subsequently converted to a private limited company in 1997 with
Mr. Sunil Gupta and Mrs. Kavita Gupta holding 100% shares of the
company. DSGPL offered plumbing and fire-fighting equipment-
related systems and services to hotels, hospitals, information
technology parks, residential multiplexes, and educational
institutions. On August 31, 2010 Blue Star Limited (BSL) acquired
the business of DSGCPL; consequently DSGCPL currently has no
business operations.

Recent Results
For the financial year ended March 31, 2015, the company reported
operating income of INR0.05 crore and net loss of INR0.40 crore as
against an operating income of INR0.35 crore and profit after tax
of INR0.56 crore for the financial year 2013-14.


GYAN SHAKTI: CRISIL Cuts Rating on INR100MM Term Loan to D
----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Gyan Shakti Education Welfare Trust (GSEWT) to 'CRISIL D' from
'CRISIL B/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan              100      CRISIL D (Downgraded from
                                   'CRISIL B/Stable')

The downgrade factors in GSEWT's weak liquidity due to nascent
stage of operations because of which there have been instances of
delays in servicing debt repayment obligations. The repayment is
being funded by infusion of unsecured loans by trustees.

The trust also has a small scale of and early stage of operation,
below-average financial risk profile because of high dependence on
trustee funds to service debt, and exposure to intense competition
and regulatory risks. However it benefits from healthy demand
prospects for the elementary schooling (K-12) in India.

Incorporated in December 2013, with the registered office in New
Delhi, GSEWT has set up a public school'affiliated to the Central
Board of Secondary Education'at Crossings Republik, Ghaziabad,
Uttar Pradesh.


IMPERIAL GRANITES: CRISIL Reaffirms B Rating on INR95MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Imperial Granites
Private Limited (IGPL) continues to reflect IGPL's modest scale
of, and working-capital-intensive operations and susceptibility of
its operating margin to volatility in foreign exchange rates.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bill Discounting        10      CRISIL B/Stable (Reaffirmed)

   Cash Credit             95      CRISIL B/Stable (Reaffirmed)

   Export Packing Credit   50      CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      23.5    CRISIL B/Stable (Reaffirmed)

   Letter of credit &
   Bank Guarantee          10      CRISIL A4 (Reaffirmed)

These rating weaknesses are partially offset by the company's
moderate financial risk profile, marked by comfortable gearing and
moderate debt protection metrics, its promoters' extensive
experience in the granite industry, and its established market
position.
Outlook: Stable

CRISIL believes that IGPL's business risk profile will be
maintained over the medium term marked by its promoters'
established track record in the quarry industry and its
diversified end-user profile. The outlook may be revised to
'Positive' if the company's working capital cycle improves along
with sustained improvement in margins and scale of operations.
Conversely, the outlook may be revised to 'Negative' if IGPL
reports lower than expected cash accruals or it undertakes a
larger-than-expected debt-funded capital expenditure programme,
leading to deterioration in its financial risk profile or if its
liquidity deteriorates due to further elongation of its working
capital cycle.

IGPL was incorporated in Chennai (Tamil Nadu) in 1986 by Mr. R
Veeramani and is engaged in quarrying and processing granites and
monuments.

IGPL, provisionally reported a net profit of INR4.6 million on
operating income of INR343.5 million for 2014-15 (refers to
financial year, April 1 to March 31), against net profit of
INR34.2 million on operating income of INR422.1 million for 2013-
14.


JAS EQUIPMENT: CRISIL Assigns B+ Rating to INR55MM Cash Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of JAS Equipment & Engineers Private Limited
(JEEPL).

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

The rating reflects JEEPL's modest scale of operation with
susceptibility to cyclicality of capacity additions in end-user
industries and average financial risk profile because of modest
net worth and highly working capital intensive operations. These
rating weaknesses are partially offset by the benefits that JEEPL
derives from its promoters' extensive industry experience and
established relations with customers.

CRISIL has treated unsecured loans of INR 14.1 million extended by
the promoters as neither debt nor equity, as the loans bear
nominal interest rate and are expected to remain in the business
over the medium term.
Outlook: Stable

CRISIL believes that JEEPL will benefit over the medium term from
its promoter`s extensive industry experience. The outlook may be
revised to 'Positive' if JEEPL reports a sustained and substantial
improvement in scale of operation and cash accruals or a
significant improvement in its working capital cycle, leading to
better financial risk profile and liquidity. Conversely, the
outlook may be revised to 'Negative' if continued pressure on
profitability and cash accruals, larger-than-expected working
capital requirement or an unanticipated large debt funded capex
leads to further stretch in liquidity.

Incorporated in 2007, by Mr. Ahindra Narayan Basuroychowdhury,
JEEPL is engaged in fabrication of heavy structural components of
boilers, conveyors & pollution control equipments. The company has
its fabrication and machining units at Durgapur (West Bengal).


JAYSHREE ENTERPRISES: CRISIL Assigns B+ Rating to INR100MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Jayshree Enterprises - Pune (Jayshree).

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

The rating reflects Jayshree's modest scale of operations along
with customer concentration in its revenue profile, average
profitability, and exposure to project risks on the proposed large
capital expenditure (capex). These weaknesses are partially offset
by the extensive experience of the proprietor in manufacturing
precision components, established relationship with JCB India Ltd
(JCB), and moderate capital structure despite small networth.
Outlook: Stable

CRISIL believes Jayshree will benefit from the extensive industry
experience of the proprietor and its established association with
JCB. The outlook may be revised to 'Positive' if the firm records
significant increase in revenue and cash accrual backed by quick
ramp up in production from the new unit. Conversely, the outlook
may be revised to 'Negative' if the delayed ramp up from the new
project or a stretched working capital cycle weakens the financial
risk profile, particularly liquidity.

Jayshree, based in Pune (Maharashtra), was established by Mr.
Madhukar Pulgam in 1998 as his proprietorship firm. The firm
manufactures various precision-machined components such as bushes,
shafts, fixtures, and tubes. It is associated with JCB since
inception and supplies various precision components to JCB and its
vendors. The firm is expected to undertake large capex to set up a
new manufacturing unit near Pune in the next 12-15 months.


JUPITER BUILDTECH: CRISIL Suspends B+ Rating on INR90MM Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Jupiter
Buildtech Private Limited (JBPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan               90      CRISIL B+/Stable

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

JBPL, established in 2009, is part of the Maruti Builders group of
Agra (Uttar Pradesh). The group was founded by Mr. Brijesh
Vashistha, Mr. Rakesh Kumar Mangal, Mr. Arun Kumar Agarwal, and
Mr. Bharat Bhushan Goyal. It undertakes construction and
development work mainly for residential projects in and around
Agra.


M.K. GUPTA: CRISIL Suspends B+ Rating on INR47.7MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of M.K.
Gupta and Co -Siliguri (MKGC).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee        90        CRISIL A4
   Cash Credit           47.7      CRISIL B+/Stable

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

Formed in 1981 by the Siliguri (West Bengal)-based Gupta family,
MKGC is engaged in civil construction work related to construction
of roads and bridges. The firm's day-to-day operations are managed
by Mr. Suresh Kumar Gupta and Mr. Nikhil Gupta.


MAHAVISHNU RICE: CRISIL Suspends B+ Rating on INR65MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of M/s.
Mahavishnu Rice Industries (MVRI).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            65       CRISIL B+/Stable
   Long Term Loan         35       CRISIL B+/Stable
   Proposed Cash
   Credit Limit           30       CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by MVRI
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, MVRI is yet to
provide adequate information to enable CRISIL to assess MVRI'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 2010, MVRI is engaged in milling and processing of paddy
into rice, rice bran, broken rice and husk. The firm is promoted
by Mr.G.Krishnaiah and his family.


MALHOTRA RICE: CRISIL Suspends B Rating on INR195MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Malhotra
Rice and Gen. Mills (MRGM).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            195      CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility      55      CRISIL B/Stable

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

MRGM was established in 1991 as a partnership firm by Mr.
Charanjeet Khosla and his sons, Mr. Ajay Khosla, Mr. Arvind
Khosla, and Mr. Vivek Khosla in Batala (Punjab). The firm is
engaged in milling and selling of rice, mainly basmati. The firm
is managed by Mr. Arvind Khosla and his brother, Mr. Ajay Khosla.


MASSIMO ENTERPRISE: ICRA Reaffirms B+ Rating on INR9.75cr Loan
--------------------------------------------------------------
ICRA has re-affirmed the long-term rating of [ICRA]B+ for the
INR9.75 crore term loan facility of Massimo Enterprise.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term, fund
   based: Term Loan      9.75        [ICRA]B+/Re-affirmed

The rating re-affirmation continues to take into account the long
experience of the partners in the real estate business, low
funding risk as the entire debt has been tied up and 100% equity
has been infused into the project as on October 2015 and low
project execution risk, as significant construction work has been
completed.

The rating is, however, constrained by the delays in execution of
the project, which has resulted in cost overruns and significant
market risk, given that the firm is yet to sell 40% of its
inventory. ME has also faced muted collection efficiency till
date. The rating, moreover, continues to remain constrained by the
exposure of the firm's operations to the cyclicality inherent in
the real estate sector, and the geographical concentration risk it
faces. ICRA notes that being a partnership firm, any substantial
capital withdrawal would impact the net worth, and thereby the
capital structure of the firm.

Massimo Enterprise (ME) was established in 2012 as a partnership
firm based in Surat, Gujarat. The firm is engaged in the
construction of a commercial project'Massimo. A Business Bench' at
Althan-Bhimrad in Surat. The firm is a part of the White Wings
Group, which is engaged in many real estate development projects
in Surat. The partners have almost a decade of experience in the
real estate business through the White Wings Group.


MAYA RETAIL: CRISIL Suspends 'D' Rating on INR65MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Maya Retail Limited (Maya Retail).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             65      CRISIL D
   Proposed Long Term
   Bank Loan Facility      33.7    CRISIL D

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

Maya Retail (formerly, Salasar Retail Ltd) was, set up in 2002, is
a chain of retail outlets that primarily deals in apparels and
branded jewellery. Maya was acquired by Gitanjali Gems Ltd in
December 2009, which held a 95.94 per cent equity stake in Maya as
on March 31, 2011, with the remaining shares being held by the
previous promoters. Maya's name was changed to the current one in
June 2011.


MEERA GOPI: CRISIL Assigns B+ Rating to INR85MM Cash Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Meera Gopi Jewels Private Limited (MGJPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             85      CRISIL B+/Stable

The rating reflects MGJPL's small scale of operations in the gems
and jewellery industry and below-average financial risk profile
marked by high total outside liabilities to tangible net worth
ratio. These weaknesses are mitigated by favorable location of its
showroom in Rohtak, Haryana.
Outlook: Stable

CRISIL believes MGJPL will benefit over the medium term from
favorable location of its showroom in Rohtak. The outlook may be
revised to 'Positive' if significant increase in sales and
profitability leads to more-than-expected cash accrual and
improved financial risk profile. Conversely, the outlook may be
revised to 'Negative' if financial risk profile weakens because of
lower-than-expected profitability, significantly large working
capital requirement or debt-funded capital expenditure.

MGJPL was incorporated in 2012 by Rohtak-based Gupta family. The
company is an authorised dealer of P P Jewellers Pvt Ltd for gold
and diamond studded gold jewellery and operates its showroom in
Rohtak. MGJPL has also started selling gold and diamond studded
gold jewellery purchased from the local market. Mr. Bharat Bhushan
Gupta, and his son, Mr. Abhishek Gupta are the key promoters of
the company.


MEGHA GRANULES: CRISIL Assigns 'B' Rating to INR429.7MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Megha Granules Private Limited (MGPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Working Capital
   Term Loan            102.7      CRISIL B/Stable
   Term Loan            429.7      CRISIL B/Stable
   Funded Interest
   Term Loan            119.1      CRISIL B/Stable
   Bank Guarantee        29.7      CRISIL A4
   Cash Credit          268.8      CRISIL B/Stable

The ratings reflect the company's average financial risk profile
because of high gearing and weak debt protection metrics, exposure
to raw material price fluctuation, and working capital-intensive
operations. These rating weaknesses are partially offset by its
promoters' established industry experience and its reputed client
base.
Outlook: Stable

CRISIL believes MGPL will continue to benefit over the medium term
from its promoters' extensive industry experience and established
relationship with customers and suppliers. The outlook may be
revised to 'Positive' in case of a significant increase in scale
of operations while maintaining margins and improving its working
capital management. Conversely, the outlook may be revised to
'Negative' if the financial risk profile deteriorates due to
larger-than-expected debt-funded capital expenditure, or
deterioration in margins.

Incorporated in May 2005, MGPL has been manufacturing block bottom
valve bags since December 2012. Presently, the company has an
installed capacity of 10,000 tonnes per annum at its facility in
Guwahati, Assam. It is promoted by Mr. Trilok Agarwal and his son.
The promoters have various other companies engaged in the
manufacturing of bulk packaging materials and ferroalloys. They
have been in this line of business for the past two decades.


METALLOY IMPEX: CRISIL Assigns 'B' Rating to INR82.5MM Cash Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Metalloy Impex (MI).

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Bill Purchase-
   Discounting Facility      7.5      CRISIL A4
   Cash Credit              82.5      CRISIL B/Stable

The ratings reflect MI's weak financial risk profile because of
high total outside liabilities to tangible networth (TOLTNW)
ratio, weak debt protection metrics, and moderate networth, small
scale of operations with susceptibility to volatility in raw
material prices, and limited pricing flexibility. These weaknesses
are mitigated by promoters' experience in the steel industry and
diversified customer base.

Outlook: Stable

CRISIL believes MI will benefit over the medium term from its
promoters' experience and established customer relationships.
However, financial risk profile is expected to remain weak because
of high TOLTNW ratio, large working capital requirement and modest
debt protection metrics. The outlook may be revised to 'Positive'
if better-than-expected operating margin improves debt protection
metrics or capital structure enhances because of substantial
capital infusion. Conversely, the outlook may be revised to
'Negative' if operating margin declines or financial risk profile
weakens because of stretched working capital.

Established in 2011, MI trades in stainless steel scrap, ferrous
and non-ferrous metal scrap. The firm sells its products primarily
in Rajkot (Gujarat). The firm is promoted by Kishor Patel.

Profit after tax (PAT) of INR2.5 million was reported on net sales
of INR381.9 million in 2014-15 (refers to financial year, April 1
to March 31), against PAT of INR0.2 million on net sales of
INR29.4 million in 2013-14.


MITTAL TIMBER: CRISIL Suspends B Rating on INR20MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Mittal
Timber Store (MTS; part of the Mittal group).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            20       CRISIL B/Stable
   Letter of Credit       90       CRISIL A4

The suspension of ratings is on account of non-cooperation by MTS
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, MTS is yet to
provide adequate information to enable CRISIL to assess MTS'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 MTS and Mittal Ocean Trade Pvt Ltd
(MOTPL). 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.

MTS was set up in 1975 as a proprietorship firm. It trades in
timber and processes timber logs from softwood and hardwood. The
firm has a timber processing plant in Kandla (Gujarat). It is
promoted by Mr. Krishna Mittal.

Incorporated in 1999, MOTPL also trades in timber and processes
timber logs from softwood and hardwood at its timber processing
plant in Kandla. It is promoted and managed by Mr. Rajiv Mittal
and Mr. Vijay Mittal.


MOHATA COAL: CRISIL Cuts Rating on INR20MM Cash Loan to B+
----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Mohata
Coal Company Pvt Ltd (MCCPL) to 'CRISIL B+/Stable/CRISIL A4' from
'CRISIL BB/Stable/CRISIL A4+'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            20       CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB/Stable')

   Letter of credit &     35       CRISIL A4 (Downgraded from
   Bank Guarantee                  'CRISIL A4+')

The downgrade reflects MCCPL's significantly lower-than-expected
sales over the two years through 2014-15 (refers to financial
year, April 1 to March 31) and further pressure on revenue as the
company stopped trading in sponge iron due to lower margin. This
resulted in a decline in revenue, which was INR159.6 million in
2014-15 as compared with INR266.6 million in 2013-14. CRISIL
expects revenue to deteriorate and be INR40-50 million per annum
over the medium term in the absence of trading and low capacity
for locomotive wheels. MCCPL, however, sustained operating margin
at 5.8 percent in 2014-15 driven by low prices of raw materials in
the locomotive wheel segment. Due to low revenue and moderate
profitability, CRISIL expects cash accrual to decline over the
medium term but liquidity is expected to remain moderate due to
the absence of long-term debt obligations. The extent of
improvement in sales turnover and sustainability of profitability
remain to be seen and will be key monitorables over the medium
term.

The ratings continue to reflect the moderate financial risk
profile, because of an adequate total outside liabilities to
tangible networth ratio and a healthy interest coverage ratio,
though constrained by small networth. These strengths are
partially offset by MCCPL's small scale of operations and
vulnerability to cyclicality in the steel industry.
Outlook: Stable

CRISIL believes MCCPL will continue to benefit over the medium
term from the promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company reports
substantial revenue and accrual or significant fresh equity
infusion translating into increased networth. Conversely, the
outlook may be revised to 'Negative' in case of pressure on
revenue and margin or stretch in the working capital cycle leading
to pressure on liquidity, or if large, debt-funded capital
expenditure results in weakening of the capital structure.

Incorporated in 1991, MCCPL is promoted by the members of the
Goyal family; the company is based in Kolkata. It undertakes
machining of locomotive wheels and axles, and trades in steel
products and intermediaries.


MOTHERLAND GARMENTS: CRISIL Assigns B+ Rating to INR59.4MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Motherland Garments Private Limited (MGPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   SME Credit              2       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility     59.4     CRISIL B+/Stable
   Cash Credit            20       CRISIL B+/Stable
   Long Term Loan         18.6     CRISIL B+/Stable

The rating reflects MGPL's small scale and working capital-
intensive operations, and average financial risk profile because
of small net worth. These rating weakness are partially offset by
the extensive industry experience of its promoters and its healthy
operating capabilities.

Outlook: Stable

CRISIL believes MGPL will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' in case the company significantly
increases its scale of operations and profitability, leading to
healthy cash accrual, and capital structure. Conversely, the
outlook may be revised to 'Negative' in case the financial risk
profile weakens because of a large, debt-funded capital
expenditure, or a significant decline in volumes or operating
margin.

Incorporated in 2005 by Mr. A J Pandian, MGPL undertakes chemical
washing and colouring work on job work basis. It has manufacturing
facilities in Chennai and Bengaluru.

For 2014-15 (refers to financial year, April 1 to March 31), MGPL
had net profit of INR3.3 million on sales of INR87.70 million, as
against net profit of INR3.2 million on net sales of INR83.10
million for 2013-14.


N J EXPORTS: CRISIL Assigns 'B+' Rating to INR90MM Cash Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of N J Exports.

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

The rating reflects NJE's modest scale of operations in a highly
fragmented seafood processing and export business, and working
capital-intensive nature of operations. These rating weaknesses
are partially offset by the extensive experience of the firm's
partners in the marine export industry, and moderate financial
risk profile because of a moderate total outside liabilities to
tangible net worth ratio and moderate debt protection metrics.
Outlook: Stable

CRISIL believes NJE will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' in case of a substantial and sustained
improvement in the firm's revenue and profitability while
maintaining its working capital requirement. Conversely, the
outlook may be revised to 'Negative' in case of lower-than-
expected cash accrual owing to low operating income, or
significant deterioration in the firm's capital structure caused
most likely by large, debt-funded capital expenditure or a
stretched working capital cycle.

NJE, a registered partnership firm established in 2014, is a
merchant exporter of Vannamei shrimps. Its registered office is in
Andhra Pradesh. Mr. K Natrajan and Mrs. Jona Sahaya Rani are the
partners of the firm.


OMNICAST PRECISION: CRISIL Suspends 'D' Rating on INR40.7MM Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Omnicast Precision Products Private Limited (OPPPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         5        CRISIL D
   Cash Credit           20        CRISIL D
   Proposed Long Term
   Bank Loan Facility    40.7      CRISIL D
   Term Loan              1.8      CRISIL D
   Working Capital
   Term Loan             32.5      CRISIL D

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

OPPPL, based in Chennai (Tamil Nadu), manufactures castings. The
company's daily operations are managed by Mr. Rajshekhar.


OSWAL AGRIMPEX: CRISIL Assigns B+ Rating to INR4.3MM LT Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank loan facilities of Oswal Agrimpex (Oswal).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Packing Credit in
   Foreign Currency       85       CRISIL A4

   Proposed Long Term
   Bank Loan Facility      4.3     CRISIL B+/Stable

The rating reflects the nascent stage of Oswal's operations and
its expected small scale of operations in the highly fragmented
castor oil industry and vulnerability to volatility in raw
material prices. These rating weaknesses are partially offset by
promoter's extensive experience in agri commodities and other
businesses through group companies and established relationship
with customers and suppliers.
Outlook: Stable

CRISIL believes Oswal will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if there is substantial
increase in scale of operations and profitability, leading to
higher-than-expected cash accrual and improved capital structure.
Conversely, the outlook maybe revised to 'Negative' if the accrual
are is low due to reduced order flow or profitability, or if the
financial risk profile weakens because of stretched working
capital cycle or any debt-funded capital expenditure plan.

Oswal was incorporated in the year 2014. The company is engaged in
manufacturing of various grades of castor oil, and also sells its
by-product castor deoiled cake. The company has its solvent
extraction unit located in Gandhidham (Kutch), Gujarat.


PREET REALTORS: CRISIL Suspends D Rating on INR97.5MM Term Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Preet
Realtors Private Limited (PRPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Long Term
   Bank Loan Facility     2.5      CRISIL D
   Term Loan             97.5      CRISIL D

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

PRPL was incorporated in 2006 and was taken over in 2010-11
(refers to financial year, April 1 to March 31) by the SS group.
The company is engaged in real estate development in Lucknow, and
is implementing its first residential project, Rohit Residency, at
Gomti Nagar in Lucknow.

The SS group has been engaged in the real estate business for
around eight years. The group, headed by directors Mr. Narendra
Kumar, Mr. Mohit Maurya, Mr. Arun Gupta, and Mr. Anul Gupta, has
implemented four residential projects in and around Lucknow under
two group entities, India Infrahitech (P) Ltd and Rohit Colonisers
(P) Ltd.


R.S. RICE: CRISIL Suspends 'B' Rating on INR210MM Packing Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of R.S. Rice
Mills (RSRM).
                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Packing Credit         210      CRISIL B/Stable

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

RSRM was set up in 1982 as a partnership firm by Mr. Satish Kumar,
Mr. Ravinder Singh, and Mr. Rajinder Singh. The Amritsar (Punjab)-
based firm processes and markets a high grade variety of basmati
rice. The firm sells rice under its brand, Double Diamond, in the
domestic market.


RABIN SINGHA: CRISIL Suspends 'D' Rating on INR120MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Rabin Singha Heavy Earth Movers Co. Private Limited (RHEMCO).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         65       CRISIL D
   Cash Credit           120       CRISIL D
   Long Term Loan          5       CRISIL D

The suspension of rating is on account of non-cooperation by
RHEMCO with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, RHEMCO is yet to
provide adequate information to enable CRISIL to assess RHEMCO'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 as a proprietorship firm in 1985 by Mr. Rabin Singha and
reconstituted as a private limited company in 1990, RHEMCO
undertakes construction activities, particularly earthwork and
civil construction. Mr. Sanjib Singha manages the company's
operations. The company is located in Kolkata, West Bengal.


RAJENDRA ENGINEERING: ICRA Assigns B+ Rating to INR5.0cr Loan
-------------------------------------------------------------
ICRA has assigned its long-term rating of [ICRA]B+ to the INR9.0
crore, fund based bank facilities of Rajendra Engineering Udyog
Private Limited (REUL).

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund-
   based bank
   facilities             5.0         [ICRA]B+; Assigned

   Term loans             1.5         [ICRA]B+; Assigned

ICRA's rating is constrained on account of REUL's modest scale of
operations; highly competitive and fragmented nature of the
industry in which it operates, with low value additive nature and
the company's modest scale of operations. The rating also factors
in the company's high debt requirement to fund its working capital
cycle, which coupled with modest profitability margins, results in
modest coverage indicators. ICRA also takes note of the company's
weak liquidity position as reflected in the full utilization of
its working capital limits. The rating, however favorably factors
in the extensive experience of the promoters in the textile
business and operational synergies with its other group entities.

Going forward, the company's ability to improve its profitability
and scale while effectively managing its working capital cycle
shall be the key rating sensitivities.

REUL was established by Mr Rakesh Kumar Jain, Mrs Pushpa Jain and
Mr Rajeev Kishore Jain, who operated the company till 2001. In
2001, the ownership as well as the management of the company
changed hands and the directorship was transferred to Mr Gulshan
Kumar Luthra, Mr Kshitij Kumar Luthra and Mr Gautam Kumar Luthra.
The company is currently into dyeing and processing of grey
fabric. Further, the Luthra family also operates another company,
Anupam Synthetics Private Limited (ASPL, rated [ICRA]B+), which
operates in three different lines of business: supplying cotton
and polyester fabrics for suiting and shirting to garment
exporters; selling fabric for furniture products/ work station
fabric to IT companies and garment manufacturing on job work
basis.

Recent Results
REUL reported a net profit of INR0.25 crore on an operating income
of INR33.98 crore in FY 2014-15, as against a net profit of
INR0.19 crore on an operating income of INR31.93 crore in the
previous year.


REGENCY LINX: CRISIL Assigns B+ Rating to INR4MM Term Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Regency Linx Exports Pvt Ltd (RLEPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan               4       CRISIL B+/Stable
   Foreign Documentary
   Bills Purchase        126       CRISIL A4
   Packing Credit        110       CRISIL A4

The ratings reflect the company's nascent stage of operations in a
fragmented industry and modest financial risk profile because of
subdued debt protection metrics. These weaknesses are partially
offset by its promoter's extensive experience in the marine food
industry.

Outlook: Stable

CRISIL believes RLEPL will continue to benefit over the medium
term from the promoters extensive experience. The outlook may be
revised to 'Positive' if the company's business risk profile
improves because of improved operating performance resulting in
increase in cash accrual. Conversely, the outlook may be revised
to 'Negative' in case of lower-than-expected revenue or
profitability, or large debt-funded capital expenditure, resulting
in deterioration in financial risk profile.

RLEPL, set up in 2013 and based in Chennai, processes and exports
marine products. Operations are managed by Mr. Alagumuthu Raja.


REGENCY YAMUNA: ICRA Ups Rating on INR33.79cr Loan to 'B'
---------------------------------------------------------
ICRA has upgraded its long term rating on the INR33.79 crore fund
based bank facilities of Regency Yamuna Energy Limited to [ICRA]B
from [ICRA]C. The rating suspension of June 2015 has been revoked.

                           Amount
   Facilities            (INR crore)   Ratings
   ----------            -----------   -------
   Fund based facilities    33.79      [ICRA]B revised from
                                       [ICRA]C; suspension revoked

The rating revision takes into account the operating track record
of RYEL's plant, of more than a year with satisfactory Plant Load
Factor, which has provided support to cash flows, enabling regular
debt servicing. The rating also takes into account the company's
qualified and experienced promoters who have successfully executed
and operate four Small hydro power projects (SHPs) in Uttarakhand
and Himachal Pradesh. The rating also draws comfort from the
limited demand risks for the energy generated by the company's
5.70 Mega Watt (MW) hydroelectric plant at Uttarkashi,
Uttarakhand, given the significant energy deficit in the state,
affordable tariff of the plant and the presence of a long-term
Power Purchase Agreement (PPA) with Uttarakhand Power Corporation
Limited (UPCL). ICRA further draws comfort from the Trust and
Retention Account (TRA) mechanism, which is in place for debt
servicing.

The rating is however constrained by high capital cost of the
project (INR66 crore as against originally expected cost of
INR31.42 crore) on account of cost over runs due to cloud bursts
that have occurred twice in the past few years (Initially in
August 2012 and subsequently in June 2013) causing extensive
damage to the project site. The rating also factors in the
hydrological risks due to shortage of water or loss of generation
due to silting. Given that the revenues of the company are linked
to actual unit sales, this exposes the company to the risk of cash
flow mismatches.

Going forward, satisfactory hydrology and the ability of the
company to meet the designed performance parameters thereby
ensuring timely repayment of its debt obligations will be the key
rating drivers.

RYEL is an Independent Power producer (IPP) promoted by the
Regency group to develop, own and operate a 5.70 MW small hydro
power (SHP) project in Uttarkashi District of Uttarakhand.
The Regency group, which is based in Paonta Sahib, Himachal
Pradesh, commenced operations by setting up a calcium carbide
manufacturing unit in a company called Regency Carbide Limited
(RCL). Subsequently, the company diversified into power generation
mainly for meeting the captive power requirement of RCL.
Thereafter, the group has commissioned a number of other units as
well, with a total commissioned capacity of 27.50MW.

Recent Results
For FY 2015, the company reported a net profit of INR0.33 crore on
an operating income of INR4.61 crore.


S. G. AGRO: CRISIL Suspends 'B' Rating on INR100MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of S. G.
Agro Foods (SGAF).

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

   Proposed Long Term
   Bank Loan Facility      50      CRISIL B/Stable

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

Incorporated in 2005 by Mr Tejinder Singh and his family members
in Amritsar (Punjab), S. G. Agro Foods (SGAF) is engaged in
shelling & milling of rice.


SARDAR COTTON: ICRA Reaffirms B Rating on INR10.50cr Cash Loan
--------------------------------------------------------------
ICRA has reaffirmed rating of [ICRA] B to the INR10.50 crore
(enhanced from INR7.50 crore) fund-based cash credit facility,
INR0.79 crore (reduced from INR1.15 crore) term loan facility.
ICRA has also assigned [ICRA]B rating to INR0.01 crore unallocated
long term facility of Sardar Cotton.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           10.50       [ICRA]B reaffirmed
   Term loan              0.79       [ICRA]B reaffirmed
   Unallocated limits     0.01       [ICRA]B reaffirmed

The ratings continue to be constrained by the firm's weak
financial profile as reflected by low profitability, adverse
capital structure as well as weak debt coverage indicators. The
ratings also take into account the low value additive nature of
operations and intense competition on account of fragmented
industry structure leading to thin profit margins. Further, the
firm is exposed to adverse movements in raw material (cotton)
prices which coupled with low value additive nature of the work,
keeps the profitability metrics and cash accruals at low levels.
ICRA also notes that SC is a partnership firm and any significant
withdrawals from the capital account would affect its net worth
and thereby the gearing levels.

The rating, however; favorably takes into account stabilization in
operations achieved by firm as can be seen from steady rise in
operating income. The rating further considers favorable location
of the plant giving it easy access to high quality raw cotton.

Established in 2012, Sardar Cotton is engaged in ginning and
pressing of raw cotton. The business is owned and managed by Mr.
Pravin Patel along with two other partners. The firm's
manufacturing facility is located near Rajkot, Gujarat. The firm
has 24 ginning machines and 1 pressing machine having a cumulative
processing capacity to manufacture 100 bales per day.

Recent Results
For the year ended 31st March, 2015, the firm has reported an
operating income of INR56.53 crore with net profit of INR0.20
crore.


SHAKUMBHRI PULP: ICRA Assigns B+ Rating to INR4.90cr LT Loan
------------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B+ and short term
rating of [ICRA]A4 to the INR8.10 crore bank limits of Shakumbhri
Pulp & Paper Mills Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long term Fund
   Based-CC Limit         4.90        [ICRA]B+; Assigned

   Long term Fund
   Based-Term Loan        1.20        [ICRA]B+; Assigned

   Short term Non
   Fund Based             2.00        [ICRA]A4; Assigned

ICRA's ratings factor in the risks associated with the paper
industry, including high competitive intensity as well as
fragmentation, vulnerability of profitability to competition from
imports and fluctuations in product prices due to fluctuations in
prices of waste paper. ICRA has also taken note of the sluggish
growth in SPPL's revenue in the past couple of years (FY14 and
FY15) owing to tepid demand for low quality 'kraft paper' (with 16
burst factor) which resulted in weak realizations. The ratings
also factor in the progressive decline in the operating profit
margins of the company, which have declined to ~6% in FY15 from
~16% in FY12, owing to spurt in raw material prices and power
costs, with inadequate rise in realizations. Further, high working
capital intensity owing to high level of receivables, along with
weak net cash accruals have resulted in a stretched liquidity
position. ICRA also notes that the company's capacity utilisation
levels were low in the past, due to production restriction from
the Pollution Control board, which was lifted in FY14.

However, the ratings favourably factor in the promoter's extensive
experience and long track record in paper manufacturing and
trading industry, established relationships with customers and
suppliers, favourable location with proximity to the National
Capital Region which is the hub for waste paper collection and
favourable demand prospects for the kraft paper industry in India.
ICRA has also taken into account the planned capex on
modernisation and expansion of the plant which will help in
generating higher revenues and increased profitability through
improvement in the quality of kraft paper (18-24 burst factor)
manufactured by the company. However, timely approval from the
pollution control board will be critical for attaining optimal
capacity utilisation levels.

Going forward, the ability of the company to improve its
profitability, diversify its customer base and manage its working
capital requirements efficiently will be the key rating
sensitivities. Any major debt funded capex will also be a key
monitorable.

SPPL was incorporated in 1986 and is engaged in the manufacturing
of kraft paper at Muzzaffarnagar, Uttar Pradesh. Presently, SPPL
has an installed capacity of 10,000 Metric Tonnes Per Annum
(MTPA); it manufactures kraft paper of 16 burst factor with 80-120
grams per square meter (GSM). The present promoters of the company
acquired control of SPPL in 2009 from its erstwhile promoters.
Presently, the overall management of the company is with Mr. Arjun
Agarwal and family who are also managing the affairs of another
paper manufacturing company. The company is undertaking capex in
FY16, to expand its capacity to 13,200 MTPA and produce higher
quality paper.

Recent Results
In FY15, the company reported a Profit After Tax (PAT) of INR0.14
crore on an Operating Income (OI) of INR19.38 crore, as against a
PAT of INR0.10 crore on an OI of INR19.76 crore in the previous
year.


SHIRDIWALE SAI: ICRA Assigns B+ Rating to INR8.0cr LT Loan
----------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B+ to the INR8.00
crore fund based bank facilities of Shirdiwale Sai Exim Private
Limited.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund Based Limits
   Long Term              8.00      [ICRA]B+; assigned

ICRA's rating takes into account the long track record, of more
than a decade, of the promoters of SSPL, with extensive experience
in managing other group companies under the 'Josh Group', which is
involved in a diverse line of businesses. However, the rating is
constrained by the company's currently moderate scale of
operations, and thin profit margins due to the trading nature of
its business.

The profitability of the company is expected to remain subdued on
account of high competition and is also vulnerable to fluctuations
in the prices of raw materials, which are volatile in nature. The
margins are also exposed to forex fluctuation risk, as the company
does not have a hedging mechanism in place. The rating also takes
into account the company's elevated gearing, weak coverage
indicators and stretched liquidity, as reflected in the near full
utilization of its working capital limits. Further, the rating is
also constrained by the high client concentration risk, to which
SSPL is exposed, as three clients account for bulk of its sales,
with its group company, Shree Hari Overseas Private Limited,
accounting for about a third of the revenues in the first half of
FY16.

Going forward the ability of the company to achieve healthy growth
in operating income, with improved profitability and diversify its
customer base, will be the key rating sensitivities.

SSPL is a private limited company which was incorporated in 2005
and is managed by Mr. Deepak Gupta and his wife, Mrs. Pallavi
Gupta. In the last few years there was not much activity in the
business and active operations have commenced from July, 2015. The
company is involved in merchant trading of betel nuts and memory
cards used in mobile phones. The company imports betel nuts from
Indonesia and exports to Dubai. The memory cards are imported from
China and sold to group companies, as well as in the domestic
market.

Recent Results
SSPL, on a provisional basis, reported sales of INR145.17 crore
for the six months period ended September 30, 2015.


SHITARAM INDUSTRIES: ICRA Revises Rating on INR4.50cr Loan to B-
----------------------------------------------------------------
ICRA has revised the long-term rating from [ICRA]B to [ICRA]B-
assigned to the INR0.83 crore (reduced from INR1.07 crore) term
loan and the INR4.50 crore cash credit facility of Shitaram
Industries.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long Term fund
   based Term Loans      0.83       Revised to [ICRA]B-
                                    from [ICRA]B

   Long Term fund        4.50       Revised to [ICRA]B-
   Based-Cash Credit                from [ICRA]B

The rating revision takes into consideration the de-growth in
operations reported during FY 2015 and the current year; and the
deterioration in the financial risk profile characterised by
operating and net losses during FY 2015 caused due to small scale
of operations which has resulted in under recovery of high fixed
costs and exerted pressure on profitability; aggressive capital
structure and weak debt coverage indicators. The rating continues
to factor in the vulnerability of profitability to adverse
movements in raw cotton prices which are subject to seasonality
and crop harvest; the regulatory risk with regard to MSP; and the
firm's low bargaining power given the limited value addition and
the highly competitive & fragmented industry structure due to low
entry barriers. The ratings also factor in the adverse potential
impact on the firm's net worth and gearing levels in case of any
substantial withdrawal from capital account given the constitution
as a partnership firm.

The rating, however, continues to favourably factor in the
longstanding experience of the promoters in the cotton industry
and the favourable location of the firm in Rajkot, Gujarat in
proximity to raw material suppliers and downstream processing
units.

Established in April 2012 as a partnership firm, Shitaram
Industries (SI) is engaged in ginning and pressing of raw cotton.
The manufacturing facility is located in Rajkot, Gujarat and is
equipped with 18 ginning machines having an input capacity of
~11,860 MTPA. The commercial operations commenced in December
2013. The firm is promoted and managed by Mr. Harshad K Ratanpara,
Mr Suresh N Ratanpara, Mr. Bhudar R Chikani, Mr Harjivan V Bhadja
and Mr. Pravin B Vachhani along with other family members and
relatives.

Recent Results
During FY 2015, the firm reported an operating income of INR7.41
crore and net loss of INR1.11 crore crore as against operating
income of INR16.27 crore and profit after tax of INR0.18 crores in
FY 2014. Further during the first seven months of FY 2016, the
firm reported an operating income of INR1.15 crore and profit
after tax of INR0.02 crore (as per provisional unaudited
financials).


SREE HARSHA: CRISIL Assigns B+ Rating to INR70MM Loan
-----------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating on the bank
facilities of Sree Harsha Automotive Services Private Limited
(SHAPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Inventory Funding
   Facility               70       CRISIL B+/Stable

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

The rating reflects SHAPL's stretched liquidity with its cash
accruals expected to tightly match its term debt repayment
obligations; and its below-average financial risk profile marked
by its small net-worth, moderate total outside liabilities to
tangible net-worth ratio, and below-average debt protection
metrics. The rating of the company is also constrained on account
of its exposure to intense competition in automobile spares
dealership business. These rating weaknesses of the company are
partially offset by the extensive industry experience of its
promoters, the company's efficient working capital management, and
its low exposure to inventory and debtor risks.
Outlook: Stable

CRISIL believes that SHAPL will continue to benefit over the
medium term from its promoters' extensive industry experience and
its efficient working capital management. The outlook may be
revised to 'Positive' in case of a substantial and sustained
improvement in its profitability, or a substantial improvement in
its capital structure on the back of sizeable equity from its
promoters. Conversely, the outlook may be revised to 'Negative' in
case of steep decline in its profitability margins, or significant
weakening in its capital structure caused most likely by a stretch
in its working capital cycle.

SHAPL was set up in 2005 by Mr. Harshavardhan and Mr. M.R.K.
Prasada Rao. The company is an authorized dealer for spares and
service provider for trucks and buses of Volvo India Pvt Ltd.  It
is based in Hyderabad, Telangana.


SRI DURGA: CRISIL Lowers Rating on INR80MM Cash Loan to B-
----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Sri Durga Estates (SDE) to 'CRISIL B-/Stable' from 'CRISIL
B/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            80       CRISIL B-/Stable (Downgraded
                                   from 'CRISIL B/Stable')

The rating downgrade reflects deterioration in the firm's
financial risk profile, with sizeable capital withdrawal by its
partners resulting in a decline in its networth and hence
deterioration in its capital structure. CRISIL believes the firm
will need capital infusion, or substantially increase its cash
accrual, to alleviate the pressure on its balance sheet.

The partners have withdrawn INR8 million over the four quarters
through September 2015. Consequently, the networth declined to
around INR5 million as on September 30, 2015, from INR12 million
as on March 31, 2014. The decline in networth, coupled with large
debt funding of working capital requirement, resulted in an
increase in gearing to around 17.5 times as on September 30, 2015,
from 8.9 times as on March 31, 2014.

The rating reflects the firm's weak financial risk profile because
of a small networth, high gearing, and weak debt protection
metrics. The rating also factors in its small scale of operations,
large working capital requirement, and high degree of project
concentration in its order book. These rating weaknesses are
partially offset by the extensive experience of the firm's
promoters in the construction industry.

Outlook: Stable

CRISIL believes SDE will continue to benefit over the medium from
its promoters' extensive industry experience. The outlook may be
revised to 'Positive' if there is a sustained improvement in the
company's working capital cycle, or a significantly better capital
structure 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 further deterioration in the
capital structure caused most likely by large, debt-funded capital
expenditure or a stretch in the working capital cycle.

SDE was set up in 2008 by Dr. K L Narayana and Mrs. K Anupama. The
firm undertakes construction of buildings in Andhra Pradesh. It is
based in Hyderabad.


SRI SAINADH: CRISIL Assigns B+ Rating to INR60MM Cash Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities Sri Sainadh Rice Industries (SSRI).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Open Cash Credit      60        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility    10        CRISIL B+/Stable

The rating reflects SSRI's modest scale of operations in the
intensely competitive rice milling industry, and the
susceptibility to changes in government regulations and to
volatility in raw material prices. These rating weaknesses are
partially offset by the extensive experience of partners in the
rice industry and their established relationships with customers
and suppliers.
Outlook: Stable

CRISIL believes SSRI will maintain a stable business risk profile
over the medium term on the back of the promoter's extensive
industry experience. The outlook may be revised to 'Positive' if
the revenue and profitability increase substantially, leading to
an improvement in the financial risk profile or in case of
significant infusion of capital leading to an improved capital
structure. Conversely, the outlook may be revised to 'Negative' if
any larger-than-expected, debt-funded capital expenditure or
capital withdrawal by partners leads to deterioration in the
financial risk profile.

Set up in 2000 as a partnership firm, SSRI mills and processes
paddy into rice, rice bran, broken rice, and husk. Its rice mill
is located in Nellore, Andhra Pradesh. The operations are managed
by Mr. A V Subba Rao.


SUMITRA SONS: CRISIL Assigns 'B' Rating to INR80MM Loan
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank loan facilities of Sumitra Sons (SS).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Inventory Funding
   Facility                80      CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility      20      CRISIL B/Stable

The rating assigned reflects the firm's modest scale of
operations, below-average financial risk profile, because of a
high total outside liabilities to tangible net worth ratio, and
low bargaining power with the principal, Hero Motocorp Ltd (Hero
Motocorp). These weaknesses are partially offset by the extensive
experience of the partners in the automobile dealership industry
and Hero Motocorp's established position in the two-wheeler
domestic market.

Outlook: Stable

CRISIL believes SS will continue to benefit over the medium term
from its established position in the automobile dealership market
for Hero Motocorp in Shahjahanpur (Uttar Pradesh) and the
extensive industry experience of the partners. The outlook may be
revised to 'Positive' if the firm strengthens its capital
structure and debt protection metrics supported by significant
equity infusion by the partners, increase in accretion to reserves
along with improvement in working capital management. Conversely,
the outlook may be revised to 'Negative' if SS's market share
reduces, thereby significantly impacting revenue and
profitability, or if it undertakes any large, debt-funded capital
expenditure programme, or if its working capital requirements
increase leading to further stretch in liquidity.

SS was set up as a partnership firm in 2009 by the Singh family.
The firm is an authorised exclusive dealer of Hero Motocorp in
Shahjahanpur with two showrooms and two service stations. The
partners of the firm are Mr. Balvir Singh, Mr. Jagjeet Singh, Mr.
Simarjeet Singh, and Ms. Jasmin Kaur.


SWAN ELECTRIC: CRISIL Suspends B+ Rating on INR30MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Swan Electric Contracts Company Private Limited (SECCPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         10       CRISIL A4
   Cash Credit            30       CRISIL B+/Stable
   Letter of Credit       10       CRISIL A4

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

SECCPL, established in 2007 in Chennai (Tamil Nadu), undertakes
electrical turnkey projects including design, installation,
testing, and commissioning of electrical equipment. The company's
day-to-day operations are managed by its director, Mr. Philip
Samuel.


TATA STEEL: S&P Lowers CCR to 'BB-'; Outlook Stable
---------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit rating on India-based steelmaker Tata
Steel Ltd. to 'BB-' from 'BB'.  The outlook is stable.  S&P also
lowered its issue rating on the company's guaranteed senior
unsecured notes to 'BB-' from 'BB'. ABJA Investment Co. Pte. Ltd.
issued the notes.

"We downgraded Tata Steel because we expect the company's weak
cash flows and compressed profitability to keep its leverage high
over the next 12-18 months," said Standard & Poor's credit analyst
Vishal Kulkarni.  S&P lowered its assessment of Tata Steel's
financial risk profile to highly leveraged from aggressive to
reflect the company's weakened cash flow leverage ratios.  Subdued
demand and low steel prices have kept operating performance weak
at Tata Steel's India and European operations.  S&P expects the
company's operating performance to improve, but only gradually,
beginning in fiscal 2017 (year ending March 31, 2017).

Profitability at Tata Steel's backward integrated India operations
has suffered by the more than 40% fall in the average selling
prices of steel in the domestic market over the past 18 months.
EBITDA per ton declined to about Indian rupee (INR) 8,500 in the
quarter ended Sept. 30, 2015, from INR15,000 in the previous
quarter.  The India operations contribute a significant part of
the consolidated group EBITDA.  Steel prices have come down
globally in line with the decline in iron ore and coking coal
prices.  In addition, demand is likely to stay subdued and
production volumes should remain largely stable.  Exports from
countries in Asia and Eastern Europe with excess capacity have
further contributed to lower prices in India and Europe.  Steel
imports, priced competitively, increased to about 10% of domestic
demand In India in fiscal 2015, further pushing down domestic
prices and the profitability of local steel producers.

The India operations also faced some regulatory challenges in
fiscal 2015, which S&P believes Tata Steel has largely addressed.
Disruptions in the mining of iron ore, coal, and ferro chrome
increased raw material costs and lowered EBITDA in the past 12-15
months.  S&P expects the resumption of mining to partly help
restore profitability.  However, profitability is unlikely to
revert to the historical highs (of about INR13,000-INR15,000 a
ton) over the next two years, given the steep fall in steel
prices.  Tata Steel's new steel facility in the state of Odisha in
India has been delayed and will now come on-stream in the last
quarter of fiscal 2016, more than a year later than S&P had
previously expected.  This delay has pushed back the potential
improvement in the company's financial ratios.  Even with
incremental production from Odisha and possibly higher margins in
India, Tata Steel's ratio of funds from operations (FFO) to debt
will still remain below 10% over the next two years.  S&P expects
the company's debt to remain high and free operating cash flows to
remain negative until fiscal 2018.

Tata Steel's European operations continue to face tough operating
conditions.  Volumes were slightly low as demand remained sluggish
and imports increased.  Fixed costs stayed high at certain
facilities and currency movements were unfavorable for
profitability.  In S&P's view, Tata Steel's intent to restructure
its weaker operations in Europe could usher in operating stability
and better margins.  However, downside risks remain for European
operations due to competitively priced imports, high costs, anemic
demand, and potential delays in meaningful restructuring.

In S&P's view, any significant improvement in steel demand in
India is tied to several factors.  These include the
implementation of various infrastructure projects and restarting
the capital expenditure cycle to enable job creation, which could
result in growth in both housing and auto demand.  The Indian
government's steps in this direction, although well intentioned,
could take some time to result in real demand growth.  While
global steel capacity utilization remains at less than 70%, low
raw material prices help marginal producers in maintaining their
production levels, causing a supply glut.  Therefore, an
improvement in prices will be only gradual and imports will likely
remain competitive.

S&P expects Tata Steel's financial risk profile to approach the
stronger end of the highly leveraged category over the next two
years.  The gradual recovery in profitability at the India
operations and stability at the European operations will support
the improvement in financial ratios.  Also, when compared with
peers, Tata Steel is at the upper end for the rating.  S&P
therefore assigns a positive score to Tata Steel in S&P's
comparable rating analysis.

"The stable outlook reflects our expectation that Tata Steel's
operating performance will gradually recover over the next 12-15
months," said Mr. Kulkarni.  A gradual improvement in
profitability at the India operations as mining operations revert
to pre-disruption levels and demand and steel prices pick up from
current lows should support the recovery in the company's
financial ratios.  The stable outlook also envisages the
additional production from the new Odisha facility and stable
operating performance in Europe over the next 12 months to improve
the company's currently weak EBITDA interest coverage to 2.0x in
fiscal 2017.

S&P could lower the rating if the improvement in Tata Steel's
operating performance is weaker than S&P anticipated, such that it
expects EBITDA interest coverage to remain below 2.0x for a
prolonged period.  EBITDA per ton stagnating below INR8,000 at the
India operations will likely result in such weakness in operating
and financial metrics.

Rating upside is unlikely over the next 12 months because S&P
expects the improvement in Tata Steel's operating and financial
performance to come only gradually.  Nevertheless, S&P could
upgrade the company if the FFO-to-debt ratio stabilizes near 15%.
This could happen if EBITDA per ton at the India operations
reaches INR15,000 sustainably; strategic fund raising could
further help swifter deleveraging.


TIRUPATHI YARNTEX: ICRA Reaffirms C+ Rating on INR15cr LT Loan
--------------------------------------------------------------
ICRA has re-affirmed the long-term rating of [ICRA]C+ outstanding
on the INR11.41 crore (revised from INR14.72 crore) term loan
facilities, the INR15.00 crore (revised from INR13.00 crore) fund
based facilities, the INR0.75 crore non-fund based facilities and
the INR8.19 crore (revised from INR6.88 crore) proposed facilities
of Tirupathi Yarntex Spinners Private Limited. The short-term
rating on the INR1.50 crore non-fund based facilities has been re-
affirmed at [ICRA]A4.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   LT-Term Loans         11.41       [ICRA]C+/re-affirmed

   LT-Fund based
   facilities            15.00       [ICRA]C+/re-affirmed

   LT-Non-fund based
   facilities             0.75       [ICRA]C+/re-affirmed

   Proposed facilities    8.19       [ICRA]C+/re-affirmed

   ST-Non-fund based
   facilities             1.50       [ICRA]A4/re-affirmed

The re-affirmation of the ratings factors in the decline in
operating income of the company by ~2.5% during 2014-15 due to a
drop in cotton yarn realisations, although the impact was
partially offset by an increase in share of value-added yarns
during the year. Operating margin, too, contracted during the
period owing to inventory losses incurred on account of lower
realisations and increase in maintenance costs during the year.
The ratings remain constrained by the company's financial profile
characterised by stretched capital structure and weak coverage
indicators due to debt-funded capital expenditure incurred in the
past and its high dependence on working capital funding to support
operations. Further, the company's scale of operations remains
moderate and its presence in a highly fragmented industry
characterised by intense competition restricts the company's
pricing flexibility thereby exposing the margins to volatility in
cotton and yarn prices.

The ratings, however, continue to favourably factor in the long
standing experience of the promoters in the spinning industry and
the funding support in the form of unsecured loans from the
promoters. ICRA believes that the company would benefit from the
increasing share of value added yarns and the ability of the
company to capitalise on its investments to improve the product
mix thereby increasing its margins while maintaining its scale
remains critical to service the debt in a timely manner.

TYSPL commenced operations as a partnership firm (M/s. Tirupathi
Spinners), with an installed capacity of 2,032 spindles, and was
converted into a private limited company in 1996. TYSPL is engaged
in manufacturing 100% cotton yarn with a capacity of 30,696
spindles. The factory units are located at two separate locations
in Rajapalayam, Tamil Nadu. Unit A has an installed capacity of
19,080 spindles, which produces hank yarn and cone yarn catering
to domestic markets such as Tamil Nadu and Maharashtra; while Unit
B is installed with 11,616 spindles of modern equipments to
produce cone yarn. The company is closely held by the promoters
and their family. The company has also installed wind mills with a
total generation capacity of ~2.1MW.

Recent Results
For the financial year 2014-15 the company reported a net loss of
INR0.5 crore on an operating income of INR69.4 crore, as against a
net profit of INR0.01 crore on an operating income of INR71.2
crore during the financial year 2013-14.


VISHWAKARMA BUILDERS: CRISIL Suspends D Rating on INR190MM Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of
Vishwakarma Builders (VB).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Working Capital
   Demand Loan            190      CRISIL D

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

VB, a partnership firm established in 2002 by the Siliguri, West
Bengal based Agarwal family, with Mr. Anil Agarwal and his brother
Mr. Amit Agarwal managing the overall operations of the firm, is
engaged in construction of North City, a 13 acre residential
project located at Siliguri.

The firm has one ongoing project located at Siliguri, North City.
The entire project comprises of 9 towers, with 15 floors and 90
flats in each tower, with the saleable area of ~1.5 lakh sq. ft in
each tower. The project has been designed and planned by Hafeez
Contractor, Mumbai based architect.


VTC STEELS: CRISIL Suspends 'B' Rating on INR50MM Cash Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facility of VTC Steels
(VTCS).

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

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

VTCS, a proprietorship firm, was set up in 2009. It is engaged in
trading of Thermo mechanically treated (TMT) bars and wire rods.
The firm is a part of the VTC group, which has diversified
interests in the logistics, warehousing, hospitality, and
education sectors. VTCS is managed by Mr. Akshay Verma.



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


LIPPO KARAWACI: S&P Revises Outlook to Neg. & Affirms 'BB-' CCR
---------------------------------------------------------------
Standard & Poor's Ratings Services said it has revised its outlook
on PT Lippo Karawaci Tbk. to negative from stable.  At the same
time, S&P affirmed its 'BB-' long-term corporate credit rating on
the company.  In line with the outlook revision, S&P lowered its
ASEAN regional scale rating on Lippo to 'axBB' from 'axBB+'.  In
addition, S&P also affirmed its 'BB-' long-term issue ratings on
its outstanding notes.

S&P revised the outlook to negative to reflect its forecast that
Lippo's cash flow adequacy ratios and leverage could be weaker
than S&P previously anticipated over the next 12 to 18 months
following some delays in the disposal of certain assets to its
affiliated listed REITs.  At the same time, S&P believes the
company remains committed to further growth, especially in its
healthcare segments.  This may require further external funding
through 2016 and raising debt.

S&P's earlier base case considered sales of two assets, worth
about Indonesian rupiah (IDR) 1.5 trillion, to Lippo Mall
Indonesia Retail Trust (LMIRT) in fiscal 2015, and a further IDR2
trillion annually in 2016 and 2017.  At present, Lippo has only
signed a conditional sale and purchase agreement for one of the
two malls (the Kuta retail mall).  The other mall, in Yogyakarta,
is in the final stage of completion.  While S&P is confident that
the company will close both sales in 2016, asset sales we earlier
anticipated for 2016, which had higher margins, could be postponed
by another year to 2017.

The delay in Lippo's asset sales to LMIRT will translate into a
much weaker EBITDA and thinner credit ratios in 2015 and 2016 than
S&P had earlier anticipated.  As a result, S&P expects Lippo's
ratio of debt-to-EBITDA to exceed 5.5x in 2015, beyond S&P's
rating tolerance, compared with its earlier forecast of 5.0x.  The
ratio could stay close to 5.0x in 2016, barring much improved
market conditions.  S&P earlier anticipated Lippo's debt-to-EBITDA
ratio to improve toward 4.0x in 2016.  S&P adjusts its debt,
EBITDA, and interest calculations to factor in the company's
sizable operating leases, especially in its healthcare operations.

A recovery in Lippo's cash flow adequacy and leverage ratios will
hinge on the company's ability to continue disposing of assets to
LMIRT and the Singapore-listed healthcare-focused First REIT
beyond 2016.  Instrumental to the success of this strategy is also
the REITs ability to raise sufficient funds to acquire these
assets in 2017.  S&P acknowledges Lippo's REITs have been able to
fund asset purchases from the sponsor over the past few years, but
this could become increasingly difficult over the next 12-18
months.  S&P has limited visibility on the availability and cost
of funding beyond 2016 given its forecast of subdued regional
growth, the macroeconomic situation in China, and, more generally,
investors' attitude toward companies exposed to emerging markets
with volatile currency fluctuations such as Indonesia (all of
LMIRT's and First REIT's assets are in Indonesia with revenues in
domestic currencies).

Effective January 2016, regulations set the maximum leverage at
Singapore-listed REITs to 45%, which will constrain the debt
raising capacity of both REITs and, indirectly, the quantity of
assets that they can purchase from Lippo using only debt.  This is
over and above the refinancing of debt maturing at both REITs,
respectively.  S&P estimates that LMIRT's debt-to-asset ratio will
be about 40% by the end of 2016, leaving it limited room to
further increase its debt without impairing its credit standing.

S&P believes that Lippo remains committed to growing its retail
mall and healthcare operations to cement its first-mover advantage
in Indonesia, notwithstanding softer domestic conditions.  S&P
believes that capital spending could top IDR3.5 trillion in 2016
and remain above IDR2.5 trillion in 2017.  S&P forecasts that free
operating cash flow will remain negative over the period, with
Lippo potentially needing further debt to fund the shortfall.  Any
additional debt would erode credit metrics further.

S&P affirmed the ratings because it expects the company's
competitive advantage to remain intact despite softer market
conditions.  The company's operations are also more diversified
than its peers, with about 30% of gross profit from more stable
healthcare and real estate investment operations.  Lippo's
liquidity is also adequate, thanks to a long-dated maturity
profile.  Capital spending is also predominantly discretionary in
nature, which adds to the company's financial flexibility.

The negative outlook indicates a one-in-three likelihood of a
downgrade over the next 12 months if Lippo's capital spending
stays elevated and asset sales to the listed REITs fail to
materialize, leading to the company's debt-to-EBITDA ratio failing
to recover to comfortably below 5.0x.

S&P could lower the rating if it assess Lippo's credit metrics as
having sustainably eroded.  This could materialize if the company
continues to aggressively invest in working capital and expansion,
which is not offset by timely asset sales to its REITs.

S&P could lower the rating if Lippo's operating performance is
materially weaker than S&P's expectations.  This could happen if
(1) Lippo's planned asset sales to its listed REITs in 2017 does
not materialize due to the REITs inability to secure funding; (2)
the company raises further debt without any commensurate near-term
improvement in its EBITDA or cash flows; or (3) its execution of
property and hospital development projects is slower than S&P
expects.  S&P could also lower the rating if delays in Lippo's
asset sales and sustained capital spending result in eroded
liquidity.  EBITDA interest coverage of less than 2.0x or a debt-
to-EBITDA ratio of over 5.0x with no prospect for recovery are
clear indications of weakness.

S&P could revise the outlook on Lippo to stable if the company can
execute its asset disposal plan in a timely manner.  A revision of
the outlook to stable would also be contingent on a stronger
commitment to a prudent financial policy, supported by viable
capital expenditure plans.



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


INTAGR8 LTD: Creditors' Bid to Replace Liquidators Fails
--------------------------------------------------------
Richard Meadows at Stuff.co.nz reports that major creditors of
telco Intagr8 have failed in a bid to replace the company's
liquidators.

Damien Grant and Steven Khov of Waterstone Insolvency disposed of
the business on December 18, the day after it collapsed.

Vodafone, understood to be chasing debts of about NZ$1.7 million,
objected to the quick NZ$100,000 transaction.

According to Stuff.co.nz, Bell Gully partner Murray Tingey said
Vodafone's concern was that it had been a "fire sale" which left
no prospect of return for unsecured creditors.

He called for chartered accountants from BDO to replace Grant and
Khov so they could independently investigate, the report relays.

If the Waterstone liquidators had breached their duty to obtain
the best possible price, there could be a claim against them,
Mr. Tingey, as cited by Stuff.co.nz, said.

"If the current liquidators remain, there's no chance that the
transaction will be reviewed," the report quotes Mr. Tingey as
saying.

Stuff.co.nz notes that Telcos Voyager and Vibe, two other major
creditors, questioned why the liquidators had not approached them
to put in an offer.

Stuff.co.nz relates that Mr. Grant said he spent the limited time
he had available in courting three potential buyers. He said
Voyager and Vibe were both aware of the liquidation, and had not
given "a signal" that they were interested.

According to the report, entrepreneur Lance Wiggs, one of Vibe's
backers, said a single day was not a long timeframe to do so.
"We were quite shocked the company was sold that quickly," he
said.

Stuff.co.nz relates that Mr. Grant said the liquidators had no
choice but to get rid of Intagr8 immediately, and take what they
could get.

"Selling the business on that day was the only viable option," Mr.
Grant, as cited by Stuff.co.nz, said.

With bills incoming and no wholesale agreement, the liquidators
would rack up liabilities if they continued running the business.

The only other option besides selling would have been to disclaim
the customers "off into the wind", Mr. Grant said, Stuff.co.nz
relays.

"If I disclaim the contracts, and the customers are all now
sitting with other retailers, who's going to pay me any more than
a dollar and a bagel for those customers?" the report quotes Mr.
Grant as saying.

The resolution to appoint new liquidators failed to achieve a
majority on numbers, although it did by the dollar value of money
owed.  Both were required in order to unseat the Waterstone pair.

Intagr8 Ltd was a telecommunication company based in New Zealand.



=================
S I N G A P O R E
=================


VEDANTA RESOURCES: Moody's Ba2 CFR Unaffected by Tender Offer
-------------------------------------------------------------
Moody's Investors Service said that Vedanta Resources' tender
offer on its convertible bond maturing in July 2016 is unlikely to
be treated as a distressed exchange.

However, Moody's final treatment of the offer will depend on the
settlement price, which will become known when the offer closes on
January 18.

Vedanta Resources plc's Ba2 corporate family rating and B1 senior
unsecured rating, as well as the negative ratings outlook, are
unaffected by the offer.

On 11 January 2016, Vedanta Resources announced an offer to
repurchase for cash up to $500 million of its outstanding $1.134
billion convertible bonds due July 2016.

The offer impacts only around 3% of Vedanta Resources' total
outstanding debt.

The offer will be conducted as a modified Dutch auction and it
allows the company to increase or decrease the offer amount.

The tender offer will be funded from the term loan raised at
Vedanta Resources PLC and the funds received through the part
repayment of an intercompany loan by Vedanta Ltd.

"Moody's is likely to view the contemplated deal as an
opportunistic buyback since the issue of default avoidance is
currently unclear, pending the emergence of clarity on the
purchase price" says Kaustubh Chaubal, a Moody's Vice President
and Senior Analyst.

"However, a distressed exchange could materialize if the note-
holder losses exceed current expectations, estimated based on
current market prices," adds Chaubal, who is also Moody's lead
analyst for Vedanta Resources.

"While Vedanta Resources has not stated any intention on further
buybacks, additional discounted note repurchases may be treated as
a distressed exchange when viewed in combination with the current
proposed transaction," says Chaubal.

Moody's definition of distressed exchanges, which we consider a
default, captures cumulative losses for investors.

Although this offer does not affect Vedanta Resources' ratings,
the persistent weakening in energy and metals prices since
November 2015 has increased negative pressure on the ratings.

Headquartered in London, Vedanta Resources plc is a diversified
resources company with interests mainly in India. Its main
operations are held by Vedanta Ltd, a 62.9%-owned subsidiary which
produces zinc, lead, silver, aluminum, iron ore and power.

In December 2011, Vedanta Resources acquired control, of Cairn
India Ltd (CIL), an independent oil exploration and production
company in India, which is a 59.9%-owned subsidiary of Vedanta
Ltd.

On June 14 2015, Vedanta Ltd announced the proposed merger of CIL
with itself, in a cash-less all-stock transaction, subject to
approvals. If the merger goes through as announced, Vedanta
Resources' shareholding in Vedanta Ltd will decline to 50.1%.

Listed on the London Stock Exchange, Vedanta Resources is 69.8%
owned by Volcan Investments Ltd. For the year ended March 2015,
Vedanta Resources reported revenues of US$12.9 billion and EBITDA
of US$3.7 billion.


                             *********

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

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

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


                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
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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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                 *** End of Transmission ***