TCRAP_Public/160119.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Tuesday, January 19, 2016, Vol. 19, No. 12


                            Headlines


A U S T R A L I A

ILLAWARRA 2011-1: Fitch Affirms 'BBsf' Rating on Class E Notes
OUTLAW COATINGS: Creditors Opt to Put Firm Into Liquidation
QUEENSLAND NICKEL: Goes Into Voluntary Administration
STITCH AND CO: First Creditors' Meeting Set For Jan. 27
WOOWORTH: To Sell or Wind up Masters; Thousands of Jobs at Risk


C H I N A

SUNRISE REAL ESTATE: Incurs $717,000 Net Loss in Q1 2014


I N D I A

A. K. L. INFRACON: ICRA Assigns B+ Rating to INR3.50cr Loan
BIG TILES: ICRA Reaffirms B+ Rating on INR8.13cr Term Loan
BOMMINENI RAMANJANEYULU: ICRA Reaffirms B+ Rating on INR6cr Loan
BURAKIA STEEL: ICRA Assigns B+ Rating to INR5.0cr Cash Loan
CORDON BLEU: ICRA Assigns B+ Rating to INR38cr Term Loan

DESAI TEXTILES: CRISIL Cuts Rating on INR46.2MM Term Loan to D
DIVINE ALLOYS: ICRA Reaffirms D Rating on INR209.46cr Term Loan
GAURISHANKER BIHANI: ICRA Reaffirms B+ Rating on INR20cr Loan
GRESS CERAMICA: ICRA Lowers Rating on INR5.25cr Loan to D
GURURAMDAS KNIT: ICRA Assigns B Rating to INR6.35cr LT Loan

HARIOM INGOTS: ICRA Reaffirms B+ Rating on INR25cr Loan
IRINJALAKUDA CREDITS: CRISIL Rates INR100MM Cash Loan at B-
JAIN AGENCIES: ICRA Reaffirms B+ Rating on INR10cr Cash Loan
JAINAM COATEX: ICRA Assigns 'B' Rating to INR5.0cr Cash Loan
JANKI RICE: ICRA Reaffirms B Rating on INR25cr Cash Loan

KAMDAR CARZ: CRISIL Assigns B+ Rating to INR300MM LT Loan
KAYA KNITS: ICRA Assigns B Rating to INR9.90cr Term Loan
KHUSHI EXIM: CRISIL Assigns B- Rating to INR140MM Cash Loan
KRISHIKA FARMS: CRISIL Cuts Rating on INR60MM Term Loan to 'D'
LAKSHMI VENKAT: CRISIL Cuts Rating on INR42MM Cash Loan to 'D'

LARIYA ART: ICRA Assigns 'B+' Rating to INR5.70cr Loan
MADHUCON PROJECTS: ICRA Assigns 'D' Rating to INR682.85cr Loan
MALWA AUTOMOTIVES: ICRA Reaffirms B+ Rating on INR13cr Cash Loan
MVR GAS: ICRA Reaffirms B+ Rating on INR10.20cr LT Loan
PERFECT ENGINEERING: ICRA Upgrades Rating on INR10cr Loan to C

PIONEER TEA: ICRA Reaffirms B+ Rating on INR4.0cr Cash Loan
RAMESH COMPANY: ICRA Reaffirms B+ Rating on INR17.50cr Loan
RAMESHWAR INDUSTRIES: ICRA Reaffirms B Rating on INR7cr Loan
RAMESWAR UDYOG: ICRA Assigns B+ Rating to INR34cr LT Loan
RAMGARH SPONGE: CRISIL Assigns B+ Rating to INR40MM Cash Loan

SAVFAB DEVELOPERS: ICRA Reaffirms B+ Rating on INR35cr Loan
SHREE HAZARILAL: ICRA Reaffirms B Rating on INR4.15cr Cash Loan
SHREE RAM: ICRA Reaffirms B Rating on INR30cr Cash Loan
SHREENATHJI COTGIN: ICRA Revises Rating on INR8cr Loan to B-
SIR SHADI: ICRA Raises Rating on INR159.98cr Loan to C-

SRI BALAMURUGAN: CRISIL Suspends 'B' Rating on INR70MM LT Loan
SRI LAKSHMI: CRISIL Cuts Rating on INR150MM Cash Loan to 'B'
SRI VENKATA: ICRA Lowers Rating on INR33cr Loan to D
SUNIL INDUSTRIES: ICRA Reaffirms B+ Rating on INR7.0cr Loan
SURYANSH METAL: ICRA Assigns 'B' Rating to INR2.20cr Loan

THE BUXA: CRISIL Ups Rating on INR58MM Term Loan to B-
THE TAJPUR: CRISIL Assigns B+ Rating to INR150MM Whse Loan
TRILOK CHAND: CRISIL Suspends D Rating on INR75MM Bank Loan
UNIVERSAL INDIA: ICRA Assigns B Rating to INR5.cr LT Loan
VINAYAK COTTEX: ICRA Reaffirms 'B' Rating on INR5.0cr Cash Loan


J A P A N

SHARP CORP: Lenders Weigh Extra Financial Support


P H I L I P P I N E S

LBC DEVELOPMENT: PSE Won't Seize LBC Express Shares


S I N G A P O R E

GLOBAL MARITIME: Knowles of Dean Marine Advisors Tapped as CRO
GLOBAL MARITIME: Creditors' Panel Taps CBIZ as Financial Advisor


X X X X X X X X

* BOND PRICING: For the Week Jan. 11, 2016 to Jan. 15, 2016


                            - - - - -


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


ILLAWARRA 2011-1: Fitch Affirms 'BBsf' Rating on Class E Notes
--------------------------------------------------------------
Fitch Ratings has affirmed the ratings of Illawarra Series 2011-1
CMBS Trust (Illawarra 2011-1 CMBS). The transaction is a
securitisation of Australian small balance commercial mortgages
originated by IMB Limited (IMB). The rating actions are as
follows:

AUD38.4 million Class A (ISIN AU3FN0014007) notes affirmed at
'AAAsf'; Outlook Stable;
AUD3.1 million Class B (ISIN AU3FN0014015) notes affirmed at
'AAsf'; Outlook Stable;
AUD5.0 million Class C (ISIN AU3FN0014023) notes affirmed at
'Asf'; Outlook Stable;
AUD5.8 million Class D (ISIN AU3FN0014031) notes affirmed at
'BBBsf'; Outlook Stable; and
AUD1.2 million Class E (ISIN AUSFN0014049) notes affirmed at
'BBsf'; Outlook Stable.

KEY RATING DRIVERS
The affirmations reflect Fitch's view that available credit
enhancement is sufficient to support the notes' current ratings,
and can withstand deterioration of economic conditions in
Australia in line with the agency's expectations. The credit
quality and performance of the loans in the collateral pools have
also remained in line with expectations. Arrears have been
consistently low, there have been no losses and excess spread has
remained stable.

As the mortgage portfolio reduces in size, the risk of principal
losses resulting from the concentrated default of large loans
becomes the primary driver for Fitch's analysis.

At end-December 2015, no loans were in arrears. The transaction
has experienced no defaults since closing in August 2011.

RATING SENSITIVITIES
Current and expected concentration levels are a constraint on the
ratings. Sequential pay-down has increased credit enhancement for
all notes.

The ratings are not expected to be affected by any foreseeable
change in performance.
Fitch's 'AAAsf' breakeven default rate is 22.4 %. The Class A
notes can withstand 17.9% additional in defaults at Fitch's
'AAAsf' loss severity. All of the remaining notes can withstand
additional defaults at their respectively rating scenarios. This
analysis excludes credit to excess spread.

Upgrades are unlikely as the transaction is amortising pro-rata
and the ratings are constrained by concentration risk. Negative
rating actions would be considered if there was an unexpected
increase in losses that reduced excess spread and resulted in
charge-offs.

DUE DILIGENCE USAGE
No third party due diligence was provided or reviewed in relation
to this rating action.

DATA ADEQUACY
Fitch conducted a file review of 10 sample files focusing on the
underwriting procedures conducted by IMB Limited compared to its
credit policy at the time of underwriting. Fitch has checked the
consistency and plausibility of the information and no material
discrepancies were noted that would impact Fitch's rating
analysis.


OUTLAW COATINGS: Creditors Opt to Put Firm Into Liquidation
-----------------------------------------------------------
Timothy Clifton and Daniel Lopesti were appointed as Joint and
Several Administrators of Outlaw Coatings & Conveyors Pty Ltd on
Oct. 12, 2015.

At the second meeting of creditors on Jan. 12, 2016, creditors
resolved to wind up the Company.

The Company is now in Liquidation.


QUEENSLAND NICKEL: Goes Into Voluntary Administration
-----------------------------------------------------
Christie Anderson at Townsville Bulletin reports that dark days
are ahead for the hundreds of workers still left at Queensland
Nickel's Yabulu Refinery as the company goes into voluntary
administration.

According to the report, FTI consulting announced on Jan. 18 that
Queensland Nickel directors had appointed John Park, Stefan
Dopking, Kelly-Anne Trenfield and Quentin Olde from the firm as
voluntary administrators.

Townsville Bulletin relates that the Directors of Queensland
Nickel have advised the appointment of the administrators from FTI
Consulting was made after full consideration of Queensland
Nickel's obligations and its duties to ensure it acts in the best
interests of employees, creditors and other stakeholders.

It comes as a restructure of the Yabulu refinery was announced on
Jan. 15 and 237 workers were retrenched, the report says.

According to Townsville Bulletin, Mr. Park said their aim was to
give the company the best chance of be able to continue to trade.

"We will undertake an urgent assessment of the financial position
and ongoing viability of the company and its business operations,"
the report quotes Mr. Park as saying. "No significant changes to
the company's trading operations are anticipated in the immediate
term.

"As Administrators, we will act independently at all times,
although we will work with Queensland Nickel management and staff
in continuing to operate the business."

Creditors are expected to be updated at a meeting later this
month, the report adds.

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


STITCH AND CO: First Creditors' Meeting Set For Jan. 27
-------------------------------------------------------
Gavin Charles Morton of Morton's Solvency Accountants was
appointed as administrator of Stitch And Co Footwear Pty Ltd on
Jan. 14, 2016.

A first meeting of the creditors of the Company will be held
Morton's Solvency Accountants, Level 11, 410 Queen Street, in
Brisbane, Queensland, on Jan. 27, 2016, at 10:00 a.m.


WOOWORTH: To Sell or Wind up Masters; Thousands of Jobs at Risk
---------------------------------------------------------------
Nick Toscano at The Age reports that Woolworths' looming sale or
closure of its Masters hardware chain has left thousands of
workers and their families facing an "uncertain future", unions
said.

The Age relates that Australia's retail union -- the Shop,
Distributive and Allied Employees Association -- said up to 9,000
Masters workers were grappling with the grim news after waking up
on Jan. 18.

"This is obviously a devastating time for workers and their
families," the report quotes union national secretary Gerard Dwyer
as saying.  "The SDA will be doing everything we can to support
them during this uncertain period."

According to The Age, Mr. Dwyer said Woolworths had assured him
that its preferred outcome was to sell the business.

"If this is achieved the SDA will promptly engage the new owners
on behalf of our members," Mr. Dwyer, as cited by The Age, said.
"If a sale cannot be secured, we'll be ensuring that every
possible avenue for redeployment of Masters' dedicated, hard-
working employees is explored."

The Age reports that Woolworths announced on Jan. 18 that it was
looking to either sell or wind up Masters and Home Timber and
Hardware after heavy losses.

Although the union referred to up to 9,000 workers affected,
Woolworths put the figure at 7,000, says The Age.

There are 63 Masters stores in Victoria, NSW, Queensland, South
Australia, Western Australia and the ACT, the report discloses.

The Age relates that Mr. Dwyer said Woolworths was a large company
with a "good track record" of re-deploying staff where brands have
been closed or downsized.

"The union has already sought and been given assurances that
Woolworths would be working closely with staff and the SDA to
maximise redeployments should the business have to close," The Age
quotes Mr. Dwyer as saying.  "We can assure staff that all
employee entitlements will be protected whether the business is
sold or closed."

The union would have representatives available to support Masters
employees and their families and urged employees to contact their
SDA branch, adds The Age.

The Age notes that the decision to pull the plug on Masters came
after a review started in September showed it was years from
returning a profit.


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


SUNRISE REAL ESTATE: Incurs $717,000 Net Loss in Q1 2014
--------------------------------------------------------
Sunrise Real Estate Group, Inc., filed with the Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing a
net loss of $717,000 on $2.72 million of net revenues for the
three months ended March 31, 2014, compared to a net loss of $1.33
million on $2.11 million of net revenues for the same period in
2013.

As of March 31, 2014, the Company had $69.9 million in total
assets, $67.7 million in total liabilities, and $2.20 million in
total shareholders' equity.

Liquidity and Capital Resources

In the first quarter of 2014, the Company's principal sources of
cash were revenues from its agency sales and property management
business. Most of the Company's cash resources were used to fund
its property development investment and revenue related expenses,
such as salaries and commissions paid to the sales force, daily
administrative expenses and the maintenance of regional offices.
The Company ended the period with a cash position of $3,227,632.
The Company's operating activities used cash in the amount of
$7,988,203, which was primarily attributable to the other
receivables and deposits.

The Company's investing activities used cash resources of $42,978,
which was primarily attributable to the acquisition of property,
plant and equipment and long-term investments.

A full-text copy of the Form 10-Q is available for free at:
http://is.gd/B8wCYA

                      About Sunrise Real Estate

Headquartered in Shanghai, the People's Republic of China, Sunrise
Real Estate Group, Inc. was initially incorporated in Texas on
Oct. 10, 1996, under the name of Parallax Entertainment, Inc.

On Dec. 12, 2003, Parallax changed its name to Sunrise Real
Estate Development Group, Inc. On April 25, 2006, Sunrise Estate
Development Group, Inc., filed Articles of Amendment with the
Texas Secretary of State, changing the name of Sunrise Real Estate
Development Group, Inc. to Sunrise Real Estate Group, Inc.,
effective from May 23, 2006.

The Company and its subsidiaries are engaged in the property
brokerage services, real estate marketing services, property
leasing services and property management services in China.
Sunrise Real Estate reported a net loss of $1.93 million in 2013
following a net loss of $3.47 million in 2012.

Finesse CPA, P.C., in Chicago, Illinois, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2013. The independent auditors noted that the
Company has a working capital deficiency, accumulated deficit from
recurring net losses for the current and prior years, and
significant short-term debt obligations currently in default or
maturing in less than one year. These conditions raise
substantial doubt about its ability to continue as a going
concern.


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


A. K. L. INFRACON: ICRA Assigns B+ Rating to INR3.50cr Loan
-----------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ to the INR3.50
crore cash credit facility and a short term rating of [ICRA]A4 to
the INR7.50 crore bank guarantee facility of A. K. L. Infracon
Private Limited.

                          Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Cash Credit Facility     3.50        [ICRA]B+ assigned
   Bank Guarantee           7.50        [ICRA]A4 assigned

The assigned ratings take into account AKLIPL's small scale of
operations at present, its high working capital requirements that
are largely met through creditors and mobilisation advance
resulting in high total outside liabilities relative to the
tangible net worth and its exposure to high client and geographic
concentration risks since majority of the revenues and the current
order book outstanding are contributed by a few clients in West
Bengal and Sikkim. The highly fragmented and competitive nature of
the industry, which coupled with tender based contract awarding
system, keeps a check on the entity's profitability. The ratings
also factor in the vulnerability of its profitability to the
movement in the raw material prices because of the absence of
price escalation clause in the contracts. The ratings take note of
the established track record of the promoter in the civil
construction business, with an experience of more than three
decades through its erstwhile proprietorship concern, its reputed
client profile leading to low counterparty risks, and healthy
order book position of INR40.3 crore as on November 30, 2015,
provides revenue visibility over the medium term. In ICRA's
opinion, the ability of the entity to scale-up its execution
capabilities to achieve revenue growth and profitability while
maintaining a conservative capital structure would remain key
rating sensitivities going forward.

Established in June, 2013 as a private limited company, AKLIPL is
engaged in construction of buildings, roads, bridges, canals and
sewerage distribution system, etc. in the states of West Bengal
and Sikkim. The promoter has been engaged in the civil
construction business for more than three decades through its
erstwhile proprietorship concern, M/s. A.K. Engineers since 1982.
However, the operations of the concern were transferred to AKLIPL
in July 2013.

Recent Results
During FY15, AKLIPL reported a net profit of INR0.33 crore on an
OI of INR14.48 crore as against a net profit of INR0.20 crore and
OI of INR11.65 crore during FY14.


BIG TILES: ICRA Reaffirms B+ Rating on INR8.13cr Term Loan
----------------------------------------------------------
A rating of [ICRA]B+ has been reaffirmed to INR8.13 crore term
loans and INR6.00 crore cash credit facility of Big Tiles. ICRA
has also reaffirmed [ICRA]A4 rating to INR1.50 crore short-term
non-fund based facilities of BT.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           6.00        [ICRA]B+ reaffirmed
   Term Loans            8.13        [ICRA]B+ reaffirmed
   Bank Guarantee        1.50        [ICRA]A4 reaffirmed

The reaffirmation of ratings takes into account decline in
profitability at operating level caused by increase in raw
material and fuel costs. The rating is also constrained by the
competitive business environment in which the firm operates
limiting improvement in realizations, vulnerability of its
profitability to cyclicality and slowdown in real estate industry.
ICRA also notes that BT is a partnership firm and any significant
withdrawals from the capital account would affect its net worth
and thereby its capital structure.

However, the ratings favorably factors in the promoters' extensive
experience in the ceramic industry and favorable location of the
plant with its proximity to raw material sources. The ratings also
positively factor in addition of new size of tiles to existing
product profile e catering to the premium segment. ICRA also
considers the increasing revenue trend since inception of the
firm.

Big Tiles (BT) was established in 2008 and commenced commercial
operations since 2009. It is engaged into manufacturing of wall
tiles. The manufacturing facility is located in Morbi. The firm is
managed by Pankaj Marvaniya and other family members. The plant
has an installed capacity to produce 40000 MTPA of ceramic wall
tiles. Apart from the newly added size 10" X 30" in FY16, it also
deals in "18 X 12" and 24" X 12" with the current set of
machineries at its production facilities.

Recent Results
For the year ended March 31, 2015, the firm has reported an
operating income of INR47.14 crore and profit after tax of INR1.97
crore.


BOMMINENI RAMANJANEYULU: ICRA Reaffirms B+ Rating on INR6cr Loan
----------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ to the
INR4.00 crore (revised from INR3.00 crore) fund based limits and
INR6.00 crore (revised from INR5.00 crore) Non-fund based limits
of Bommineni Ramanjaneyulu. ICRA has also reaffirmed the short-
term rating at [ICRA]A4 to the INR5.00 crore non-fund based sub-
limits of BR.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund based            4.00       [ICRA]B+ reaffirmed
   Non-fund based        6.00       [ICRA]B+ reaffirmed
   Short term non-
   fund based
   (sub-limit)         (5.00)       [ICRA]A4 reaffirmed

The rating reaffirmation continues to be constrained by the modest
scale of operations of the entity in the highly competitive
industry, exposure to high geographic concentration with its
operations restricted to Andhra Pradesh and Telangana regions and
high sectoral concentration as only Comprehensive Protected Water
Supply works are carried out. The rating also factors in the
limited revenue visibility over the medium term with order book to
OI ratio of 1.29x as on September 30, 2015 owing to limited number
of contract awards by the government department. ICRA also takes
note of the risks associated with a proprietorship concern, which
includes limited ability to raise capital, risk of capital
withdrawals and dissolution upon death / retirement/insolvency of
the proprietor.

However, the rating positively factors in the healthy growth of
57% in the entity's top line from INR20.43 crore in FY14 to
INR32.15 crore in FY15 on the back of higher order execution. The
rating also favourably factors in the long track record of more
than two decades of the proprietor in the construction industry
and established relationship with the Rural Water Supply and
Sanitation departments of Andhra Pradesh and Telangana.
Going forward, ability of the entity to further improve its scale
of operations with regular order inflow and timely execution of
orders on hand, maintain its profitability and capital structure
would be the key rating sensitivities.

M/s. Bommineni Ramanjaneyulu (BR) was incorporated as a
proprietorship concern in 2001 to take up public water supply and
drinking water supply projects. BR is a Special Class Contractor
(SCC) in the State of Andhra Pradesh (AP). BR used to work on
projects related to AP Rural Water Supply & Sanitation Department
(APRWSSD) and Accelerated Rural Water Supply (ARWS) projects
earlier. The firm was able to grow because of new projects coming
under NRDWP (National Rural Drinking Water Programme) -- starting
from Eleventh five year plan period and APRWSS projects starting
March 2010. BR is one of twenty such special class contractors in
the Rural Water supply in the state of AP eligible to take up
works.

Recent Result
According to audited FY2014 results, BR recorded an operating
income of INR20.43 crore with a net profit of INR0.85 crore. As
per audited FY2015 results, the institution recorded an operating
income of INR32.15 crore with a net profit of INR1.40 crore.


BURAKIA STEEL: ICRA Assigns B+ Rating to INR5.0cr Cash Loan
-----------------------------------------------------------
ICRA has assigned an [ICRA]B+ rating to the INR9.30 crore of fund
based facilities of Burakia Steel & Alloys.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund Based Limits
   (Term Loan)           2.80       [ICRA]B+ assigned

   Fund Based Limits
   (Working Capital
   Term Loan)            1.50       [ICRA]B+ assigned

   Fund Based Limits
   (Open Cash Credit)    5.00       [ICRA]B+ assigned

The assigned rating takes into account the firm's relatively small
scale of current manufacturing operations, nominal profits and
cash accruals from the business, high gearing, and depressed level
of coverage indicators. The rating continues to be impacted by the
stretched liquidity profile of the firm as reflected by high
utilization of working capital limits that also restricts its
financial flexibility. The rating is also constrained by the
ongoing weakness and cyclicality inherent in the steel industry,
which is likely to keep the firm's profitability and cash flows
volatile. The rating also takes note of the risks associated with
the status of the entity being a partnership firm, including the
risks of withdrawal of capital by the partners.

The rating, however, derives comfort from the experience of the
partners in the steel business and consistent growth witnessed
since last few years, primarily supported by revenue generated
from the trading activity. ICRA notes that the firm is entitled to
enjoy various fiscal benefits under the North Eastern Industrial
and Investment Promotion Policy (NEIIPP) and the scheme of the
Government of Assam that is likely to support its profitability to
some extent for the next few years.

Established in 2011, BSA is engaged in the manufacturing of mild
steel (MS) ingot with an installed capacity of 5,700 metric tonne
per annum (MTPA). The manufacturing facility of the firm is
located at Kamrup, Assam. The firm commenced its commercial
operations in September 2011. Besides, the firm is also engaged in
the trading of TMT bar in the domestic market.

Recent Results
Till December 25, 2015 in the current financial year, the firm has
achieved a turnover of INR17.60 crore. The firm reported a net
profit of INR0.07 crore on an operating income of INR30.06 crore
during 2014-15.


CORDON BLEU: ICRA Assigns B+ Rating to INR38cr Term Loan
--------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ to the INR38.00
crore term loans facilities of Cordon Bleu Properties &
Infrastructures Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-term-Term
   Loans                38.00         [ICRA]B+/Assigned

The ratings consider the favorable location of the ongoing
projects near the IT industry corridor in Coimbatore and healthy
bookings achieved by the company for its completed project in the
vicinity.

The ongoing projects are in advance stage of completion, which
also mitigates the funding and execution risk to an extent,
although the required debt for remaining project expenditure is
not yet fully tied up.

However, ICRA takes note of the current slowdown in real estate
market in Coimbatore which has impacted the bookings of the
ongoing projects, which remain at modest level at present,
exposing the company to marketing risk. The ratings also considers
the geographic and project concentration risks, inherent
cyclicality of the real estate sector and financial profile
characterized by highly geared capital structure, weak coverage
indicators and high working capital intensity. Going forward,
healthy bookings for the ongoing projects will be critical for the
company to meet its debt repayment obligations and remains a key
sensitivity factor.

Cordon Bleu Properties and Infrastructures Private Limited (CBPL)
was incorporated in May 2008, was promoted by Mr. V. Senthil
Kumar, Ms. Uma Bharathi, Mr. P.N.Kumaresan and Mr. P.N.
Padmanabhan and took over the business of . CBPL took over the
business of the partnership firm Cordon Bleu Properties and
Infrastructures, whereby the partners of the firm became promoter
directors of CBPL. The firm was not involved in any real estate
development activity and their operations were restricted to
purchase of land. CBPL is currently engaged in development of two
residential projects "Central Park" and "Darshan" near the IT
industry corridor of Coimbatore with the former in the luxury
segment and latter targeting the economically weaker segment
(EWS). The company has already completed the phase 1 of "Central
Park" project while phase 2 and Darshan project are in advance
stages of completion.

Recent Results
As per the audited results, the company has reported a net profit
of INR2.3 crore on an operating income of INR21.9 crore during
2014-15, as against a net profit of INR5.7 crore on an operating
income of INR35.8 crore during 2013-14.


DESAI TEXTILES: CRISIL Cuts Rating on INR46.2MM Term Loan to D
--------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Desai
Textiles (DT) to 'CRISIL D' from 'CRISIL B-/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            30       CRISIL D (Downgraded
                                   from 'CRISIL B-/Stable')

   Proposed Long Term      8.8     CRISIL D (Downgraded
   Bank Loan Facility              from 'CRISIL B-/Stable')

   Term Loan              46.2     CRISIL D (Downgraded
                                   from 'CRISIL B-/Stable')

The rating downgrade reflects instances of delay by DT in meeting
its debt servicing obligations. The delays are due to weak
liquidity driven by stretched receivables.

DT has a below average financial risk profile marked by high
gearing and weak interest coverage ratio, is exposed to intense
competition in the textiles industry, and has large working
capital requirements. However the firm benefits from its partners'
extensive experience.

Set up in 1991, DT is a partnership firm based in Surat (Gujarat),
promoted by Mr. Pankajbhai Arvindlal Desai and Mr. Chetankumar
Arvindlal Desai. The firm manufactures and markets yarn and grey
fabric and undertakes sizing of beam.


DIVINE ALLOYS: ICRA Reaffirms D Rating on INR209.46cr Term Loan
---------------------------------------------------------------
ICRA has reaffirmed/ assigned the long term rating at [ICRA]D
assigned to the INR461.08 crore (enhanced from INR216.99 crore
earlier) fund based bank facilities of Divine Alloys & Power Co.
Limited. ICRA has also assigned the rating of [ICRA]D under both
long term and short term scale to an untied limit of INR0.91 crore
of DACPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based Limits
   (Term Loan)          209.46       [ICRA]D reaffirmed

   Fund Based Limits
   (Cash Credit)         99.74       [ICRA]D assigned

   Fund Based Limits
   (WCTL)                72.78       [ICRA]D assigned

   Fund Based Limits
   (FITL)                61.10       [ICRA]D assigned

   Fund Based Limits
   (NTL)                 18.00       [ICRA]D assigned

   Fund Based/Non
   Fund Based Limit
   (Untied limit)         0.91       [ICRA]D/[ICRA]D assigned

Rating Rationale
The rating primarily takes into account DAPCL's unsatisfactory
track record in timely servicing of its debt obligations. ICRA
also notes that, despite commissioning of the project in June
2013, the commercial operations of all the facilities could not be
started yet and any further delay in commencement of operations
may lead to cash-flow mismatch and further impact the company's
debt servicing ability. The rating also takes into account the
risks associated with the stabilization of the plants as per
expected operating parameters post-commencement of operations of
the facilities, and the cyclical nature and ongoing weakness in
the steel industry that is likely to adversely impact the
profitability and cash flows of all the players in the steel
business including DAPCL. The rating is also constrained by
adverse finance profile of the company characterized by cash
losses incurred in the last two years, which eroded the net-worth
of the company to a large extent and also led to a highly
leveraged capital structure. The rating though derives comfort
from the experience of the promoters and senior management in the
steel industry and an integrated nature of the newly set-up
facilities, which are likely to lead to a significant growth in
revenue and profitability post-commencement of operations,
generation of sufficient cash flows from the business and
servicing of debt obligations in a timely manner would remain
crucial, going forward.

Incorporated in 2004, DAPCL is engaged in the manufacturing of
mild steel billet and pig iron. The manufacturing facilities of
the company are located at Kaushalgarh, Jharkhand. The company has
commissioned an integrated steel plant with a capacity of 350,000
metric tonne per annum (MTPA) of mild steel structural items in
June, 2013. However, the company has not started commercial
operations of all the facilities except mild steel billet and pig
iron.

Recent Results
The company reported a net loss of INR58.14 crore on an operating
income of INR339.10 crore in 2014-15, as compared to a net loss of
INR59.37 crore on an operating income of INR279.06 crore in 2013-
14.


GAURISHANKER BIHANI: ICRA Reaffirms B+ Rating on INR20cr Loan
-------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ to the
INR20.00 crore cash credit facility of Gaurishanker Bihani.

                           Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Cash Credit Facility      20.00       [ICRA]B+ reaffirmed

The rating reaffirmation takes into account GSB's low operating
profitability on account of the trading nature of the business,
which leads to nominal profits and cash accruals. The rating also
factors in the working capital intensity of the business due to
stretched receivables which adversely impacts the liquidity
profile of the firm and also the fact that the firm has to make
cash payment for purchases from TSL and in turn extend credit
period to its customers, which has led to increasing working
capital debt to support the growth in business. High working
capital debt, coupled with nominal accretion, results in high
gearing levels and depressed debt coverage indicators for the
firm. The rating also takes into account the risk associated with
the entity's profile as a partnership firm, including the risk of
capital withdrawal by the partners.

The rating, however, favourably factors in the experience of the
promoters in the trading business and the firm's established
relationship with TSL, the firm being an exclusive project
distributor for TSL's "TISCON" brand in West Bengal. The rating
also derives support from the significant growth in turnover of
the firm during FY15 owing to increased sales volume.

Gaurishanker Bihani was incorporated in the year 1936 as a
proprietorship firm by late Mr. Gaurishanker Bihani and in 1974,
it was reconstituted as a partnership firm. Based at Kolkata, West
Bengal, GSB is an exclusive project distributor for Tata Steel's
"TISCON" TMT bars in West Bengal (WB) and an authorized dealer of
TSL's HR flat products.

Recent Results
The firm reported an operating income (OI) of INR190.91 crore and
a PAT of INR0.85 crore during FY15 as compared to an OI of
INR163.46 crore and a PAT of INR0.27 crore during FY14.


GRESS CERAMICA: ICRA Lowers Rating on INR5.25cr Loan to D
---------------------------------------------------------
ICRA has revised the long term rating assigned to the INR3.00
crore cash credit facilities and INR5.25 crore (reduced from
INR5.68 crore) term loan facilities of Gress Ceramica Private
Limited  from [ICRA]B+ to [ICRA]D. ICRA has also revised the
short-term rating assigned to the INR1.00 crore non fund based
bank guarantee of GCPL from [ICRA]A4 to [ICRA]D.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit           3.00       Downgraded to [ICRA]D
   Term Loans            5.25       Downgraded to [ICRA]D
   Bank Guarantee        1.00       Downgraded to [ICRA]D


The rating revision factors in current delay in servicing term
loan instalment and consistent over utilisation of working capital
borrowings in recent past reflecting the stressed liquidity
position of company emanating from current delay in debtor
realisations and weak cash accruals. The sales volumes and
capacity utilizations have remained modest as per the provisional
figures shared by the management, resulting in lower than
anticipated accruals and consequently weak debt coverage
indicators.

The ratings also take into account its limited product profile and
high competitive intensity given the fragmented structure of the
tiles industry which is expected to result in inability of the
company to entirely pass on the increase in raw material. The
ratings also take into consideration the vulnerability of
profitability and cash flows of the company to the cyclicality
inherent in the real estate industry which is the main consuming
sector.

The ratings, however, consider the experience of the key promoters
in the ceramic industry and the location advantage enjoyed by GCPL
with its plant located in Wankaner giving it easy access to raw
materials.

Gress Ceramica Private Limited (GCPL) was incorporated in December
2011 by Mr. Bhadresh Bhalodiya, Mr. Nitin Panchotiya and Mr.
Hasmukh Panchotiya. GCPL is engaged in manufacturing of digitally
printed wall tiles with current production capacity of 43,200
MTPA. GCPL has commenced the commercial production from June 2012
and has achieved capacity utilization of 77% in FY 2015. The
company currently manufactures wall tiles of size 12"X18", 24" X
8" and 24"X12".

Recent Results
As per audited results for the year ended 31st March, 2015, the
company reported an operating income of INR18.15 crore with profit
after taxes of INR0.07 crore.


GURURAMDAS KNIT: ICRA Assigns B Rating to INR6.35cr LT Loan
-----------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B to INR7.85 crore
fund based facilities of Gururamdas Knit Fab. ICRA has also
assigned the short term rating of [ICRA]A4 to the INR6.16 crore of
non-fund based facility, which is the sublimit of long term fund
based limit.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund
   Based-Term Loan       6.35         [ICRA]B assigned

   Long Term Fund
   Based-Cash Credit     1.50         [ICRA]B assigned

   Short Term Non-
   Fund based-Letter
   of Credit           (6.16)         [ICRA]A4 assigned

The ratings assigned to Gururamdas Knit Fab are constrained on
account of risks associated with greenfield project to operate the
plant at healthy utilization levels, post-commissioning. Given the
aggressive debt funding, ICRA notes that the firm's cash flows are
likely to remain stretched in the medium term on account of
repayment of term loan and high working capital requirements. The
ratings also factor in the firm's exposure to volatility in the
prices of raw material and intense competition in textile
industry. The firm also remains exposed to the risks associated
with its legal status as a partnership firm.
The ratings, however, take into account experienced management
team ensuring strong relations with customers and suppliers,
locational advantage enjoyed by the firm due to proximity to raw
material sources and customers and low execution risk as the trial
runs are in progress and full-fledged commercial production is
expected to commence from January 2016.

Promoted by Mr. Sunil Juneja, Mr. Charanjeet Juneja and Mrs. Neha
Juneja in April 2015, GKF was promoted with an objective to
undertake manufacture of knitted fabric. The partners have engaged
in trading of knitted fabric used in sarees and for furnishing.
The manufacturing facility is located in Sachin, Surat with an
installed capacity of 9.45 lakh kgs per annum. The full-fledged
commercial production is likely to commence from January 2016.


HARIOM INGOTS: ICRA Reaffirms B+ Rating on INR25cr Loan
-------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ assigned to
the INR10.64 crore (revised from INR6.61 crore) term loan
facilities and INR25.00 crore fund-based facilities of Hariom
Ingots & Power Pvt. Also, ICRA has reaffirmed the short term
rating of [ICRA]A4 assigned to the INR2.36 crore (revised from
INR6.39 crore) unallocated facilities of HIPPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loans           10.64        [ICRA]B+ reaffirmed
   Fund Based Limits    25.00        [ICRA]B+ reaffirmed
   Unallocated Limits    2.36        [ICRA]A4 reaffirmed

The ratings reaffirmation factors in the long track record of the
promoters in the steel sector, which helps secure business for the
company, and its partially integrated nature of operations that
supports HIPPL's profitability to an extent. The ratings are,
however, constrained by HIPPL's aggressive capital structure and
the company's weak financial profile as reflected by its nominal
profits and moderate debt coverage indicators. The ratings are
also constrained by the moderate size of the company's operations
and the decline in revenues in FY15 owing to sluggish demand, and
its exposure to the cyclicality associated with steel industry,
which is likely to keep profitability and cash flows volatile.

HIPPL is a closely held private limited company incorporated in
2004, belonging to the Bhilai-based Agrawal family. HIPPL has
facilities at Bhilai, Chhattisgarh for manufacturing billets and
thermo mechanically treated (TMT) bars with an annual capacity of
60,000 MT each, and is a fully integrated plant. The TMT bars of
the company are sold under the brand 'Hariom TMT'. They have
recently started manufacturing epoxy coated bars, which would be
more durable and are sold under the brand 'Hariom Epoxy Shield'.

Recent Results
HIPPL recorded a profit after tax (PAT) of INR0.49 crore on
operating income of INR158.51 crore during FY15 as against a PAT
of INR0.01 crore on operating income of INR180.08 crore during
FY14.


IRINJALAKUDA CREDITS: CRISIL Rates INR100MM Cash Loan at B-
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the proposed
long term bank loan facility and INR30 million non-convertible
debentures of Irinjalakuda Credits & Leasing Company Limited.

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

The rating reflects ICL's weak asset quality, small scale of
operations and geographic concentration. These rating weaknesses
are partially offset by ICL's moderate capitalisation.
Outlook: Stable

CRISIL believes ICL's asset quality will continue to remain under
stress over the medium term. The outlook may be revised to
'Positive' if ICL significantly improves its asset quality and
it's scale of operations. Conversely, the outlook may be revised
to 'Negative' if ICL's liquidity is stretched significantly
leading to potential delay in repayment of borrowings.
About the Company

ICL was registered in 1991 in Chennai, Tamil Nadu. The company was
acquired by the current promoters in 2005. It offers gold loan (37
percent), hire purchase loans (home appliances; 46 percent) and
business loans (Micro Small and Medium Enterprise loans; 17 per
cent). The promoters also operates in real estate, chits, and
tours and travel business through separate firms. The company had
a portfolio outstanding of INR25 million as on September 30, 2015.
The gross non performing assets stood at 10.5 per cent as on June
30, 2015 as against 29.4 per cent as on March 31, 2015.

For 2014-15 (refers to financial year, April 1 to March 31), ICL
had profit after tax (PAT) of INR1.2 million on revenue of INR14.8
million as against PAT of INR0.1 million on revenue of INR5.4
million for 2013-14. For the quarter ended June 30, 2015 ICL had
PAT of INR0.3 million on revenue of INR3.3 million.


JAIN AGENCIES: ICRA Reaffirms B+ Rating on INR10cr Cash Loan
------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ to the INR10
crore cash credit facility of Jain Agencies.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit            10         [ICRA]B+ reaffirmed

The reaffirmation of rating takes into account JA's modest scale
of operations at present and its weak financial profile as
reflected by low business returns and subdued interest and debt
coverage indicators. The ratings take note of the fact that the
margin structure is decided by the principal which coupled with
low value additive nature of business keeps a check on the
profitability. The rating is further constrained by the stretched
liquidity position of the firm because of high receivables and
inventory as also reflected by high utilisation of its working
capital limits, which in turn restricts its financial flexibility.
JA operates in the demarcated territory, as earmarked by its
principal, limiting its growth opportunities and geographical
diversification in future. The rating further incorporate the
risks associated with the entity's status as a partnership firm,
including the risk of capital withdrawal by the partners. The
rating, however, takes note of the promoters' experience in the
distribution business in Assam. JA is the authorized distributor
of Samsung Electronics India Limited (SEIL) in Assam, one of the
leading manufacturers of consumer durables in various categories
in India and steady growth outlook for the consumer durables
industry in India, driven by a widening middle class, provides
healthy revenue growth potential. Going forward, the ability of
the entity to improve its scale of operations and effectively
manage the working capital requirements shall remain key rating
sensitivities.

Jain Agencies was established in August 2012 as a partnership
firm. It deals in electronic consumer durable goods such as
television, refrigerator, air conditioners, etc. The firm is an
authorized distributor of Samsung Electronics India Limited in
various districts of Assam. Apart from that, the firm is also an
authorized distributor of Mirc Electronics Ltd. for selling ONIDA
CRTs in Guwahati and Barpeta.

Recent Results
During FY15, JA reported a net profit of INR0.29 crore on an OI of
INR46.03 crore as against a net profit of INR0.21 crore and OI of
INR51.21 crore during FY14.


JAINAM COATEX: ICRA Assigns 'B' Rating to INR5.0cr Cash Loan
------------------------------------------------------------
ICRA has assigned long term rating of [ICRA]B rating to INR8.25
crore long term fund based facilities of Jainam Coatex LLP.

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

   Fund Based-Term
   Loan                  3.25         [ICRA]B; Assigned

The ratings are constrained by high levels of market risk
associated with greenfield venture as well as uncertainty related
to the level of product off take and commercial success, given the
lack of experience of management in this business; and possible
stress on debt servicing ability in case ramp up of cash flows is
lower than anticipated. The ratings also takes into account the
vulnerability of the firm's profitability post-commissioning, to
the adverse fluctuations in the prices of PVC resin and other raw
materials and high competitive intensity in the PVC leather
business. ICRA also takes into account the firm's constitution as
a partnership firm which exposes it to risks of capital
withdrawal, dissolution etc.

The ratings, however, favourably take into account positive demand
prospects for the product driven by its varied applications.

JCLLP was established in September 2014 as a limited liability
partnership. The firm is involved into business of
rexine/artificial and synthetic leather with an installed capacity
of producing 4800 thousand meters being production plan comprising
of 300 days and two shifts. The affairs of the firm are managed by
Mr. Hitesh Parekh, Mr. Chintan Parekh, Mr. Kunal Shah & Mr.
Ramniklal Gol.


JANKI RICE: ICRA Reaffirms B Rating on INR25cr Cash Loan
--------------------------------------------------------
ICRA has reaffirmed [ICRA]B rating assigned to the INR25.65 crore*
(enhanced from INR18.30 crore) long term fund based facilities of
Janki Rice & Solvent Industries Private Limited. The rating of
[ICRA]A4 has been assigned to the INR0.50 crore non fund based
limits of JRSIPL.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Term Loans            0.65       [ICRA]B reaffirmed
   Cash Credit          25.00       [ICRA]B reaffirmed
   CEL                   0.50       [ICRA]A4 assigned

The reaffirmation of the rating takes into account the low profit
margins and weak return indicators of the company due to the
inherently low value addition in the business and stretched
capital structure. The rating further takes into account the
highly competitive and fragmented nature of the industry and
vulnerability of profit margins to volatility in paddy prices
which are exposed to seasonality, variations in crop harvest and
regulatory risks.

The ratings, however, continues to positively consider the
longstanding experience of the promoters in the rice milling and
trading business and the strategic location of the plant which
provides easy access to raw material.

Janki Rice & Solvent Industries Private Limited (JRSIPL) was
incorporated in 2008 by Ramwani and Vaghela families and is
engaged in the business of milling par boiled rice. The promoters
have around two decades of experience in the rice milling industry
and operate other associate concerns engaged in similar business.
The company operates from its plant located at Sanand (near
Ahmedabad, Gujarat) and started commercial production in FY10. The
company's production capacity stands at 192 TPD (Tonne per Day).


KAMDAR CARZ: CRISIL Assigns B+ Rating to INR300MM LT Loan
---------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank
facilities of Kamdar Carz Pvt Ltd (KCPL), and has assigned its
'CRISIL B+/Stable' ratings to these facilities. CRISIL had
suspended the ratings on August 20, 2015, as the company had not
provided the necessary information required for a rating view.
KCPL has now shared the requisite information, enabling CRISIL to
assign ratings to the company's bank facilities.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            100      CRISIL B+/Stable (Assigned;
                                   Suspension revoked)

   Proposed Long Term     300      CRISIL B+/Stable (Assigned;
   Bank Loan Facility              Suspension revoked)

The rating reflects KCPL's small scale of operation, weak
financial risk profile because of high total outside liabilities
to tangible net worth ratio, average interest coverage ratio, and
intense competition in the automobile dealership business. These
weaknesses are partially offset by the extensive experience of
promoters, and the financial support receives through its group
company, Automotive Manufacturers Pvt Ltd (rated 'CRISIL A-
/Stable/CRISIL A2+').
Outlook: Stable

CRISIL believes KCPL will maintain its credit risk profile over
the medium term backed by its experience in the vehicle dealership
business. The outlook may be revised to 'Positive' in case of
significant improvement in scale of operations along with
geographical diversification and higher profitability, leading to
better than expected cash accrual. Conversely, the outlook may be
revised to 'Negative' in case revenue declines because of intense
competition or slowdown in business, or capital structure weakens
due to a large debt-funded capex or stretch in the working capital
cycle.

Incorporated in 2011, KCPL is engaged in automobile dealer of
Renault India Pvt Ltd in Ahmedabad. The company owns three
showrooms in Gujarat.

KCPL, on a provisional basis, reported net loss of INR92 million
on sales of INR1.05 billion in 2014-15 (refers to financial year,
April 1 to March 31), against net loss of INR22 million on sales
of INR1.69 billion for 2013-14.


KAYA KNITS: ICRA Assigns B Rating to INR9.90cr Term Loan
--------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B to the INR9.90
crore fund based limit of Kaya Knits. ICRA has also assigned a
long-term rating of [ICRA]B and a short-term rating of [ICRA]A4 to
the INR0.10 crore un-allocated limits of the firm.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-term Fund
   Based Limit-
   Term loan             9.90         [ICRA]B; assigned

   Un-allocated
   limits                0.10         [ICRA]B/[ICRA]A4; assigned

The assigned ratings take into account the small scale and limited
track record of operations of Kaya Knits. The ratings are further
constrained by the firm's highly leveraged capital structure owing
to primarily debt funded nature of capex which is likely to keep
the credit metrics stretched in the medium term. The ratings also
factor in the firm's presence in the highly fragmented and
competitive fabric manufacturing industry and the vulnerability of
the firm's profitability to adverse movements in yarn prices. ICRA
also notes that Kaya Knits is a partnership firm and any
significant withdrawals from the capital account will affect its
net worth and thereby its capital structure.

The assigned ratings however, favorably factor in the established
experience of the partners in the textile industry and the
location advantages enjoyed by the firm by virtue of its location
in Surat, which provides easy accessibility to key raw materials
and proximity to customers.

Kaya Knits was established as a partnership firm in April, 2014
and commenced operations in December, 2014. The partners, Mr.
Manish Khurana, Mr.Piyush Khurana and Mr. Prabhodchandra Patel who
collectively have experience of over two decades in the textile
industry manage the firm. The firm has several group concerns
engaged in manufacturing and trading business across different
value chains in textile industry. The manufacturing facility of
the firm is located at Surat, spans across 13,000 square feet and
has an installed production capacity of 1,57,500 kgs per annum.


KHUSHI EXIM: CRISIL Assigns B- Rating to INR140MM Cash Loan
-----------------------------------------------------------
CRISIL has revoked the suspension of its rating on the long term
bank facility of Khushi Exim Private Limited (KEPL) and has
assigned its 'CRISIL B-/Stable' rating to these bank facilities.
CRISIL had suspended the rating on Sept. 3, 2015, as the company
had not provided the necessary information required for a rating
review. KEPL has now shared the requisite information enabling
CRISIL to assign rating to the bank facilities.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            140      CRISIL B-/Stable (Assigned;
                                   Suspension revoked)

The rating reflects KEPL's weak financial risk profile because of
poor debt protection metrics, modest net worth, low margins, and
increasing competition. These rating weaknesses are partially
offset by the extensive experience of its promoters in the
jewellery business.
Outlook: Stable

CRISIL believes KEPL will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' in case of improvement in liquidity and
debt protection metrics driven by strong cash accrual. Conversely,
the outlook may be revised to 'Negative' if the company's
liquidity weakens, most likely due to a substantial increase in
working capital requirements or low cash accrual.

KEPL was established in 2003 by Mr. Hiralal Jalan and his son, Mr.
Vikash Jalan, in Kolkata. The company is in wholesaling and
retailing of gold jewellery, silver articles, and diamond - and
kundan-studded jewellery. It sells to retail showrooms in Raipur
(Chhattisgarh), Nagpur (Maharashtra), Indore (Madhya Pradesh),
Jamshedpur (Jharkhand), Ranchi (Jharkhand), and a few other
locations.


KRISHIKA FARMS: CRISIL Cuts Rating on INR60MM Term Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Krishika Farms Pvt Ltd (KFPL; part of the Mayuri group) to
'CRISIL D' from 'CRISIL B/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            60       CRISIL D (Downgraded from
                                   'CRISIL B/Stable')

   Term Loan              60       CRISIL D (Downgraded from
                                   'CRISIL B/Stable')

The rating downgrade reflects instances of delay by KFPL in
servicing its debt. The delays have been caused by the weakening
in the group's weak liquidity arising from a stretch in its
working capital cycle.

The Mayuri group has a weak financial risk profile marked by its
high gearing, and weak debt protection metrics. The group has
large working capital requirements, is exposed to intense
competition in the poultry industry, its profitability margins are
susceptible to volatility in raw material prices, and the group is
susceptible to risks inherent in the poultry industry such as
outbreak of epidemics. However, the group benefits the extensive
industry experience of its promoter.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of KFPL, Mayuri Broiler Breeding Farms Pvt
Ltd (MBFPL), and Lakshmi Venkat Farms Ltd (LVFL). This is because
these three companies, collectively referred to as the Mayuri
group, have operational synergies being in the same line of
business, have common promoters, and fungible cash flow.

LVFL, incorporated in 1995, produces hatching eggs and day-old
chicks. MBFPL, incorporated in 2006, produces hatching eggs and
broiler birds. KFPL, incorporated in 2010, produces table eggs.
The group is promoted by Mr. V Harshvardhan Reddy, Mr.
V.Krishnaveni, Mr. V.Venkat Ram Reddy, and their family members,
is based in Hyderabad.


LAKSHMI VENKAT: CRISIL Cuts Rating on INR42MM Cash Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Lakshmi
Venkat Farms Limited (LVFL; part of the Mayuri group) to 'CRISIL
D' from 'CRISIL B/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            42       CRISIL D (Downgraded from
                                   'CRISIL B/Stable')

   Proposed Cash          33       CRISIL D (Downgraded from
   Credit Limit                    'CRISIL B/Stable')

   Term Loan              39       CRISIL D (Downgraded from
                                   'CRISIL B/Stable')

The rating downgrade reflects instances of delay by LVFL in
servicing its debt. The delays have been caused by the weakening
in the group's weak liquidity arising from a stretch in its
working capital cycle.

The Mayuri group has a weak financial risk profile marked by its
high gearing, and weak debt protection metrics. The group has
large working capital requirements, is exposed to intense
competition in the poultry industry, its profitability margins are
susceptible to volatility in raw material prices, and the group is
susceptible to risks inherent in the poultry industry such as
outbreak of epidemics. However, the group benefits the extensive
industry experience of its promoter.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of LVFL, Mayuri Broiler Breeding Farms Pvt
Ltd (MBFPL), and Krishika Farms Pvt Ltd (KFPL). This is because
the three companies, collectively referred to as the Mayuri group,
have operational synergies being in the same line of business, and
have a common promoter and fungible cash flow.

LVFL, incorporated in 1995, produces hatching eggs and day-old
chicks. MBFPL, incorporated in 2006, produces hatching eggs and
broiler birds. KFPL, incorporated in 2010, produces table eggs.
The group is promoted by Mr. V Harshvardhan Reddy, Mr.
V.Krishnaveni, Mr. V.Venkat Ram Reddy, and their family members,
is based in Hyderabad.


LARIYA ART: ICRA Assigns 'B+' Rating to INR5.70cr Loan
------------------------------------------------------
ICRA has assigned its long-term rating of [ICRA]B+ to the INR5.70
crore fund based facilities of Lariya Art Palace Private Limited.
ICRA has also assigned its long term rating of [ICRA]B+ and short
term rating of [ICRA]A4 to the INR1.30 crore unallocated limits of
LAPPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based Limits      5.70       [ICRA]B+; Assigned
   Long Term/Short
   Term Unallocated       1.30       [ICRA]B+/A4; Assigned

ICRA's ratings take into account the high competitive intensity to
which LAPPL is exposed, which limits its bargaining power and
results in subdued margins. The ratings also factor in the
vulnerability of the company's profitability to foreign exchange
fluctuations due to lack of a hedging mechanism. The ratings also
factor in risks associated with the company's concentrated
customer base, as more than 80% of its revenues are derived from
five major customers. The ratings also take cognizance of the
company's modest scale of operations, relatively high working
capital requirements and low net worth. ICRA also takes into
account the company's stretched liquidity position, as reflected
in high utilization of its bank limits. However, the ratings
derive comfort from the extensive experience of the promoters and
the company's established relationships with its key customers,
enabling it to procure repeat orders. ICRA also takes note of the
healthy growth in the company's operating income over the past few
years.

Going forward, the company's ability to attain a sustained
improvement in scale in a profitable manner, while optimally
managing its working capital intensity, will be the key rating
sensitivities.

Incorporated in 2004, LAPPL is a closely held private limited
company engaged in manufacturing and exports of handicraft
furniture. The company deals in wooden as well as wrought iron
furniture and mainly caters to export markets like USA and Europe.
The company's manufacturing facility located at Jodhpur,
Rajasthan, employs more than 150 labourers and artisans for craft
work.

Recent Results
The company reported a profit after tax (PAT) of INR0.04 crore on
an operating income of INR12.09 crore in FY2015, as against a PAT
of INR0.19 crore on an operating income of INR11.32 crore in the
previous year.


MADHUCON PROJECTS: ICRA Assigns 'D' Rating to INR682.85cr Loan
--------------------------------------------------------------
ICRA has assigned an [ICRA]D rating to the INR494.19 crore long-
term fund based facilities and INR682.85 crore long term non-fund
based facilities of Madhucon Projects Limited. ICRA has also
assigned an [ICRA]D rating to the INR71.17 crore short-term fund
based facilities and INR151.79 crore unallocated limits of MPL.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-term fund
   based limits         494.19        [ICRA]D; Assigned

   Long-term non-
   fund based limits    682.85        [ICRA]D; Assigned

   Short-term non-
   fund based limits     71.17        [ICRA]D; Assigned

   Unallocated limits   151.79        [ICRA]D; Assigned

The assigned ratings are primarily constrained by significant
delays in debt servicing owing to stretched liquidity profile of
MPL. Poor operational performance of BOT portfolio has adversely
affected the financial profile at the consolidated level as
reflected in cash losses over last few years (barring FY 15),
highly leveraged balance sheet, negative networth and poor
coverage indicators. Further, TOL/TNW is high given that
significant portion of balance sheet funding is through
mobilization advances and creditors. The ratings are also
constrained by high order book concentration with top 5 projects
contributing to 70% of outstanding order book and execution risks
for newly awarded projects which account for around 28% of current
order book. Therefore, securing all the design approvals in a
timely manner for newly awarded projects will be key to achieve
growth in revenues and profits.

The ratings however favourably factor in MPL's established track
record of over two decades with demonstrated capabilities across
segments roads, irrigation and over burden removal works and the
medium term revenue visibility with pending order book position of
INR4109 crore (3.61 times of the operating income in FY15) as on
September 2015. ICRA notes that significant portion of equity
commitments for existing BOT projects under construction could be
met from sale proceeds pertaining to recent stake sale in one of
the BOT assets-Madhucon Agra Jaipur Expressway Limited thereby
limiting dependence on external funding.

Going forward, ability of the company to service its debt
obligations in a timely manner would remain a key rating
sensitivity.

Originally incorporated in 1990 as Madhu Continental Constructions
Private Limited and subsequently converted into a listed public
limited company in March 1995, Madhucon Projects Limited (MPL) is
primarily engaged in the road construction and irrigation projects
business. MPL was promoted by Mr. N Seethaiah and Mr. N
Krishnaiah. It is engaged in a diverse range of construction and
turnkey activities like roads, major canals, building
construction, deep excavation, heavy rock cuttings, high railway
embankments, earthen dams, dykes and tunnels. Out of the total
outstanding order book of INR4,109 crore as on Sept 30, 2015,
around 70% comprises of projects from road sector, 20% of the
comprises of the projects from the Irrigation Sector and 8% from
mining and 2% from building construction. Currently, MPL has one
operational power plant of 600 MW capacity; 7 BOT road projects in
its portfolio of which 4 are operational toll road projects and 3
are annuity projects which are under execution.
At the consolidated level, MPL reported operating income (OI) of
INR2038.05 crore with operating profit of INR654.64 crore during
FY 15 as against OI and operating profit of INR1618.06 crore and
INR357.84 crore respectively during FY 14.


MALWA AUTOMOTIVES: ICRA Reaffirms B+ Rating on INR13cr Cash Loan
----------------------------------------------------------------
ICRA has reaffirmed its long-term rating of [ICRA]B+ on the
INR13.0 crore cash credit limit and INR4.0 crore term loan of
Malwa Automotives Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit           13.0         [ICRA]B+; reaffirmed
   Term Loan              4.0         [ICRA]B+; reaffirmed

ICRA's rating reaffirmation factors in the company's weak
financial profile as reflected by its moderate scale of
operations, net loss during initial period of operation , weak
debt protection metrics in FY15 with high gearing level (Total
Debt/Tangible Net Worth). The rating also takes into account the
high competitive intensity of the automotive dealership industry,
with the pressure to pass-on discounts to end customers that
limits the company's profitability.

However, ICRA favourably factors in the rich experience of the
promoters in the auto dealership business, strategic location of
the showroom, and growing demand for luxury vehicles.
MAPL's ability to maintain its operating profit margin,
improvement in capital structure and effective working capital
management will be the key rating sensitivities.

MAPL incorporated in 2012, is an authorized dealer of Jaguar Land
Rover luxury cars. The company has established a 3S (sales,
service and spares) showroom in Karnal (Haryana), commenced
commercial operations from October, 2014. Apart from MAPL, the
group also has dealerships of Tata Motors Limited, Hyundai Motor
India Limited, Nissan Motor India Private Ltd, Chevrolet (GM) and
Honda Motorcycle and Scooter India Pvt Limited in Haryana and
Delhi.

Recent Results
MAPL reported an operating income of INR17.87 crore and net loss
of INR0.2 crore during the initial six months of operations in
FY15.


MVR GAS: ICRA Reaffirms B+ Rating on INR10.20cr LT Loan
-------------------------------------------------------
ICRA has re-affirmed the long-term rating of [ICRA]B+ to the
INR10.20 crore fund based facilities of MVR Gas and the short-term
rating of [ICRA]A4 to the INR1.80 crore non-fund based bank limits
of MVR Gas.

                          Amount
   Facilities           (INR crore)      Ratings
   ----------           -----------      -------
   Long-term, fund
   based facilities         10.20        [ICRA]B+ re-affirmed

   Short-term, non-
   fund based facilities    1.80         [ICRA]A4 re-affirmed

The re-affirmation of ratings takes into account the long standing
experience of the promoter in this industry and the established
track record of the firm. The ratings are further supported by the
low working capital intensity and the higher demand for the LPG
cylinders in the residential segment. The ratings, are however,
constrained by the firm's small scale of operations, highly geared
capital structure and negative free cash flows. The ratings also
take note of the regulatory risks and the risk of capital
continuity associated with a proprietorship firm.

M/s.MVR Gas is a proprietorship concern, established in the year
1999 by Mr. B.V.Sadanand. The proprietor has an experience of 28
yrs in the oil and gas industry and is looking after the entire
operations. The concern is engaged in the business of bottling and
marketing of LPG for domestic use as well for use in commercial
establishments such as hotels, restaurants and industries. The
concern purchases LPG from domestic suppliers, does bottling in
its own centre near Bangalore and supplies them to end users
through distributors.


PERFECT ENGINEERING: ICRA Upgrades Rating on INR10cr Loan to C
--------------------------------------------------------------
ICRA has upgraded the long term rating assigned to the INR17.50
crore long term bank facilities of Perfect Engineering Associates
Private Limited to [ICRA]C from [ICRA]D. ICRA has also upgraded
the short term rating assigned to the INR1.50 crore short term
facility of PEAPL to [ICRA]A4 from [ICRA]D.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit           1.50       Upgraded to [ICRA]C
                                    from [ICRA]D

   Term Loans           10.00       Upgraded to [ICRA]C
                                    from [ICRA]D

   Bank Guarantee        6.00       Upgraded to [ICRA]C
                                    from [ICRA]D

   Letter of Credit      1.50       Upgraded to [ICRA]A4
                                    from [ICRA]D

The rating upgrade takes into consideration the regularization of
debt service obligations by the company in the current fiscal.
However, the ratings continue to remain constrained by PEAL's weak
financial profile characterized by leveraged capital structure,
weak coverage indicators, high working capital intensity of
operations arising out of stretched receivables which keeps the
liquidity under stress, and its modest scale of operations in a
highly competitive construction industry. Further, the ratings
factor in the company's exposure to customer as well as
geographical concentration risks as majority of its projects are
executed for MCGM and are located in Mumbai region. ICRA also
takes note of the sizeable repayments that are falling due for the
company in the near term which makes timely execution and recovery
of payment from clients crucial from debt servicing point of view.
Nonetheless, the ratings favourably take into account the long
experience of management in municipal water works related
business; highest certification for water works from Municipal
Corporation of Greater Mumbai (MCGM) and established relations of
the company with various government departments.

Incorporated in 1972, Perfect Engineering Associates Pvt. Ltd.
(PEAPL) is based out of Mumbai, Maharashtra and is involved in
repair and construction of water pipe lines and construction of
water reservoirs for various municipal corporations. The company
specializes in work involving cement mortar lining of various
diameter pipes, new pipe laying and construction of water storage
tank for urban water distribution.

Recent Results
For the financial year ended March 31, 2015, the company reported
an operating income of INR37.30 crore and profit after tax of
INR1.04 crore as against an operating income of INR19.03 crore and
profit after tax of INR0.67 crore for the financial year 2013-14.


PIONEER TEA: ICRA Reaffirms B+ Rating on INR4.0cr Cash Loan
-----------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating assigned to the INR0.39
crore (reduced from INR2.49 crore earlier) term loans and INR4.00
crore cash credit facilities of Pioneer Tea & Exports Limited.
ICRA has also reaffirmed the [ICRA]A4 rating assigned to the
INR0.40 crore of Bank Guarantee of PTEL. ICRA has also assigned
[ICRA]B+ and [ICRA]A4 ratings to a untied limit of INR2.10 crore
of PTEL.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund Based Limits
   Term Loans           0.39        [ICRA]B+ reaffirmed

   Fund Based Limits
   Cash Credit          4.00        [ICRA]B+ reaffirmed

   Non-Fund Based
   Limits-Bank
   Guarantee            0.40        [ICRA]A4 reaffirmed

   Fund Based/Non
   Fund Based Bank
   Limits (Untied
   limit)               2.10        [ICRA]B+/[ICRA]A4 assigned

The reaffirmation of ratings take into consideration the weak
financial profile of PTEL characterized by declining operating
margin over the last three years, nominal profits and cash
accruals at an absolute level, depressed level of coverage
indicators and a highly adverse capital structure. The ratings
also consider PTEL's small scale of current operations; top-line
remained almost stagnant over the past few years, and its
dependence on purchased leaves as it has no gardens of its own,
which exposes the company to availability, quality and price risks
of purchased green leaves. The ratings also take into account the
risks associated with tea being an agricultural commodity, which
is dependent on agro-climatic conditions that leads to variability
in profitability and cash-flows of all players in the tea industry
including PTEL. In addition, domestic tea prices to a large extent
are influenced by international prices and hence the demand-supply
situation in the global tea market, in ICRA's opinion, would
continue to impact the profitability of Indian players including
PTEL. The ratings, however, derive comfort from the experience of
the management in the tea business and the favourable price
outlook for the domestic bulk tea industry over the long term.

Incorporated in 1995, PTEL has been engaged in the production of
black tea of CTC variety. The company has no plantation facility;
therefore it has to depend entirely on bought green leaves for
production of black tea. The factory of the company is located at
Siliguri, West Bengal. The annual installed capacity for
production of black tea is 3.5 million kg. The company markets its
tea under the brand name of 'Raajdhanee', 'Pioneer', 'Daffodil',
'Anubhuti', 'Remajuli' and 'Saffron Valley'.

Recent Results
During the first half of 2015-16 (provisional), the firm has
reported a turnover of INR11.28 crore. The company has reported a
net profit of INR0.03 crore on an operating income of INR20.70
crore during 2014-15.


RAMESH COMPANY: ICRA Reaffirms B+ Rating on INR17.50cr Loan
-----------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ to the
INR17.50 crore* cash credit facility and INR2.50 crore unallocated
limits of Ramesh Company. The above unallocated limits of INR2.50
crore had also been rated on a short term scale for which the
rating has been reaffirmed at [ICRA]A4.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Cash Credit Facility    17.50       [ICRA]B+ reaffirmed
   Unallocated              2.50       [ICRA]B+/[ICRA]A4
                                       Reaffirmed

The ratings reaffirmation take into account RC's low operating
profitability on account of the trading nature of the business,
which leads to nominal profits and cash accruals. The ratings also
factor in the working capital intensity of the business due to
stretched receivables which adversely impacts the liquidity
profile of the firm and also the fact that the firm has to make
cash payment for purchases from TSL and in turn extend credit
period to its customers, which has led to high working capital
debt to support the growth in business. High working capital debt,
coupled with nominal accretion, results in high gearing levels and
depressed debt coverage indicators for the firm. The ratings also
take into account the risk associated with the entity's profile as
a partnership firm, including the risk of capital withdrawal by
the partners. The ratings, however, favourably factor in the
experience of the promoters in the trading business and the firm's
established relationship with TSL, the firm being a dealer of
TSL's HR products over four decades.

Based out of Kolkata, West Bengal (WB), Ramesh Company is a
partnership firm and is an authorized dealer of TSL's HR products,
sold under the brand, "Tata Astrum", in WB.

Recent Results
The firm reported an operating income (OI) of INR107.15 crore and
a PAT of INR0.40 crore during FY15 as compared to an OI of
INR108.62 crore and a PAT of INR0.12 crore during FY14.


RAMESHWAR INDUSTRIES: ICRA Reaffirms B Rating on INR7cr Loan
------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B assigned to
the INR7.00 crore cash credit facility and the INR1.03 crore
(reduced from INR1.75 crore) term loan of Rameshwar Industries.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term Fund
   Based-Cash Credit     7.00        [ICRA]B reaffirmed

   Long Term Fund
   Based-Term Loan       1.03        [ICRA]B reaffirmed

The reaffirmation of the rating continues to take into account
RI's weak financial risk profile characterized by the moderate
profitability, leveraged capital structure and weak coverage
indicators as well as the limited track record and small scale of
firm's operations. The rating also takes into account the
vulnerability of firm's profitability to adverse movements in raw
material prices which are subject to seasonality and crop harvest;
limited value additive nature of firm's operations; the highly
competitive and fragmented industry structure given the low entry
barriers as well as the exposure to regulatory risks with regard
to MSP for raw cotton and export restriction. ICRA also takes note
of RI's constitution as a partnership concern and the risks
inherent in a partnership firm with respect to capital withdrawals
and its potential impact on credit profile as well as on
continuity of the organization.

The rating, however, continues to favorably take into account the
longstanding experience of the partners in the cotton industry;
the firm's favorable location in Tankara, Gujarat, an area with
easy availability of raw cotton; and the moderately diversified
product profile due to its presence in crushing operations.

Established in May 2013, Rameshwar Industries (RI) is engaged in
cotton ginning, pressing and cotton seed crushing at Tankara,
Rajkot in Gujarat. The facility is equipped with 24 ginning
machines, 1 pressing machine and 5 crushing machines with
processing capacity of 17,740 metric tonnes of finished cotton and
13,140 metric tonnes of oil annually. The firm is currently
managed by Mr. Keshav Kalola, Mr. Malabhai Lamka, Mr. Nikhil
Kabra, Mr. Pragaj Kundariya, Mr. Rasik Dalsaniya, Mr. Vaghajibhai
Savsani, Mrs. Anila Dalsaniya, and Mrs. Sarda Kundariya. RI is a
partnership firm with the promoters having extensive experience in
the cotton industry.

Recent Results
During FY 2015, the firm reported an operating income of INR24.94
crore and profit after tax of INR0.29 crore as against operating
income of INR6.82 crore and profit after tax of INR0.14 crores
during 3MFY 2014. The firm reported an operating income of
INR11.48 and profit after tax of INR0.04 crore during 8MFY 2016.


RAMESWAR UDYOG: ICRA Assigns B+ Rating to INR34cr LT Loan
---------------------------------------------------------
ICRA has reaffirmed/assigned the long term rating of [ICRA]B+ to
the INR4.75 crore cash credit facility (sub limit of PC) and
INR34.00 crore term loan facility of Rameswar Udyog Private
Limited. ICRA has also reaffirmed/assigned an [ICRA]A4 rating to
INR15.75 crore short term fund based facilities of RUPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term Fund
   Based-Cash Credit     (4.75)      [ICRA]B+; Reaffirmed

   Long Term Fund
   Based-Term loan       34.00       [ICRA]B+; Assigned

   Short Term-Fund
   Based-Export
   Packing Credit        14.75       [ICRA]A4, Reaffirmed

   Short Term-Fund
   Based-FDBP/FUDBP     (14.75)      [ICRA]A4; Reaffirmed

   Short Term-Non
   Fund Based-Bank
   Guarantee              1.00       [ICRA]A4, Assigned

The ratings continue to remain constrained by the company's
financial risk profile marked by shrinking sales from industrial
garments division, low profitability, stretched capital structure
and weak coverage indicators. The ratings also incorporate the
Intense competition from yarn exporters in India as well as from
other countries who export cotton yarn at highly competitive
prices, exposure of earnings to price risks arising from
volatility in yarn price movements and risks arising from
susceptibility of profitability to the currency fluctuation risk
due to export dominated sales profile; though the same is
mitigated to the extent of hedging undertaken by the company. The
ratings further factor in the exposure of the company operations
to change in export incentive structure which currently forms a
considerable portion of operating profits as well as the linkage
of demand for company's product to the overall economic scenario,
though legal bindings and increasing awareness towards safety
renders marginal stability to demand. ICRA further takes note of
the execution and implementation risks associated with the
spinning project and the consequent stretch on the credit metrics
given the aggressive project gearing.

The ratings positively considered the experience and long standing
presence of the Nowrangroy Rameswar Group in varied businesses,
favourable location of company for procurement of raw material and
cotton yarn as well as foray into spinning from FY17 could render
stable growth to operations.

Rameswar Udyog Private Limited (RUPL) was incorporated in 1996 to
engage in manufacturing and export of industrial garments. The
company is a part of Nowrangroy Rameswar Group founded by Late
Rameswar Ajitsaria in 1920. The group has its core activities in
aluminum trading, flour milling and export of textile products.
Earlier RUPL was involved in aluminum trading and used to get the
manufacturing of industrial garments done on job work basis. In
2006 it started its own garment stitching unit. Its product
profile consists of boiler suit, pant, long coat, short coat,
jacket and trouser. Given the modest market size for industrial
garments the company started a new division 'Home-Tex' for the
manufacturing of bed sheets and made-ups in 2008 however, RUPL
discontinued its Bed Linen Division in FY13 as it involved high
processing cost which made it less profitable when compared to the
industrial garment segment. Further in order to diversify its
operations and increase its scale of operations the company
commenced export of cotton yarn from FY14. As a step towards
vertically integration in the cotton yarn segment, RUP is now
setting up its own spinning unit and the same is expected to
operational from FY17.

Recent Results
During FY15, RUPL reported an operating income of INR181.04 crore
and profit after tax of INR1.20 crore. Further during current
fiscal (H1 FY16) the company reported operating income of INR80.33
crore.


RAMGARH SPONGE: CRISIL Assigns B+ Rating to INR40MM Cash Loan
-------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Ramgarh Sponge Iron Private Limited (RSIPL) and has
assigned its 'CRISIL B+/Stable/CRISIL A4' rating to these bank
facilities.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         25       CRISIL A4 (Assigned;
                                   Suspension revoked)

   Cash Credit-Book       10       CRISIL B+/Stable (Assigned;
   Debt                            Suspension revoked)

   Cash Credit-Stock      40       CRISIL B+/Stable (Assigned;
                                   Suspension revoked)

   Proposed Long Term      1       CRISIL B+/Stable (Assigned;
   Bank Loan Facility              Suspension revoked)

CRISIL had suspended the rating on April 02, 2015, as the company
had not provided the necessary information required for a rating
review. RSIPL has now shared the requisite information enabling
CRISIL to assign rating to the bank facilities.

The ratings reflect the company's working capital-intensive
operations and susceptibility of its profitability to fluctuation
in raw material prices. These rating weaknesses are partially
offset by the extensive industry experience of the company's
promoters and its above-average networth.
Outlook: Stable

CRISIL believes RSIPL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of higher-than-
expected operating income and profitability, or substantial
improvement in working capital management, leading to a better
business risk profile and liquidity. Conversely, the outlook may
be revised to 'Negative' in case the company's financial risk
profile, particularly liquidity, weakens, most likely because of
lower-than-expected cash accrual, or increase in working capital
requirement, or large, debt funded capital expenditure.

RSIPL, incorporated in 2004 and promoted by Mr. Mahabir Prasad
Rungta, manufactures sponge iron. Its plant is at Ramgarh,
Hazaribagh (Jharkhand). Mr. Rungta has almost two decades of
experience in the steel industry.


SAVFAB DEVELOPERS: ICRA Reaffirms B+ Rating on INR35cr Loan
-----------------------------------------------------------
ICRA has reaffirmed its [ICRA]B+ rating on the INR35.00 crore term
loan of Savfab Developers Private Limited.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Term Loan             35.00      [ICRA] B+; Reaffirmed

ICRA's rating continues to favourably factor in the experience and
track record of SDPL's promoters in the real estate sector in the
National Capital Region (NCR) and the substantial fund infusion
made by them in the project so far. The rating also factors in the
healthy pace of construction in the company's project over the
last year, increase in flat bookings seen in FY16 and the receipt
of approvals for increase in project scope.

However, the rating remains constrained by the company's exposure
to execution risks, especially given the increase in project scope
and the corresponding increase in estimated overall cost by ~Rs 34
crore. The financial tie-up for this increase in cost is currently
pending, with the company planning to avail additional term loan
of INR15 crore. Further, with the entire term loan scheduled to be
repaid in FY17, the company is exposed to refinancing risk, in the
absence of further improvement in pace of bookings and consequent
collections.

Going forward, the company's ability to achieve external funding
for the project and the exact terms of the funding will be the key
rating sensitivities. Further, the company's ability to improve
booking levels while managing its cashflows would be critical for
execution of the project in a timely manner, and will be a key
monitorable.

Incorporated in 2012, SDPL is developing a residential project,
Jasmine Grove, at Village Mehrauli, on NH-24, Ghaziabad, Uttar
Pradesh. The company is a part of the Saviour group which is
promoted by Mr. Dhanesh Goel and Mr. Vineet Goel who have been
executing projects in NCR for many years. Over the last year the
company has increased the scope of the project to 517 flats from
the originally envisaged 370 flats. Correspondingly, the estimated
total cost has increased to INR139 crore from INR106 crore. While
the company had tied up the funding for the original project cost,
the funding tie-up for the incremental costs is yet to be
completed. The same is envisaged to be part funded through
additional bank term loans of INR15 crore, promoter infusion of
INR4 crore and customer advances of INR15 crore.

As of end November, 2015, 165 flats (out of 517 i.e. 32%) had been
booked and ~49% of the total construction cost had been incurred.


SHREE HAZARILAL: ICRA Reaffirms B Rating on INR4.15cr Cash Loan
---------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B to the INR4.15
crore (revised from INR3.77 crore) seasonal cash credit, INR0.60
crore (revised from INR0.73 crore) working capital loan and
INR0.50 crore (reduced from INR0.75 crore) working capital term
loan facility of Shree Hazarilal Cold Storage Private Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based Limit
   Seasonal Cash
   Credit                4.15        [ICRA]B reaffirmed/assigned

   Fund Based Limit
   Working Capital
   Loan                  0.60        [ICRA]B reaffirmed

   Fund Based Limit
   Working Capital
   Term Loan             0.50         [ICRA]B reaffirmed

The rating reaffirmation factors in SHCSPL's small scale of
current operations with single storage unit, and weak financial
profile as reflected by losses incurred at net level in 2014-15,
high gearing and depressed level of coverage indicators. The
company extends significant amount of advances to the farmers,
which is funded by bank borrowings earmarked for the same,
affecting SHCSPL's working capital intensity of operations and
gearing. ICRA also notes that the advances and rentals recoverable
from the farmers may lead to delinquency if potato prices fall to
a low level, exposing the company to counterparty risks. The
rating also reflects the regulated nature of the industry, making
it difficult to pass on increase in operating costs in a timely
manner, leading to downward pressure on profitability, and
SHCSPL's exposure to agro-climatic risks, with its business
performance being entirely dependent upon a single commodity, i.e.
potato.

The rating however, continues to derive comfort from the
promoters' experience in the cold storage business and the
favourable location of the company's cold storage unit in West
Bengal, a state with large potato output.

Incorporated in 2003, SHCSPL was promoted by Agarwalla family and
is engaged in providing cold storage facility to potato farmers
and traders on a rental basis. The facility of the company is
located at Dhupguri, West Bengal having storage capacity of 14,000
tonne. Besides SHCSPL, the promoters also owns and operates three
other cold storages namely, Somnath Cold Storage (outstanding
rating [ICRA]B) situated in Burdwan, West Bengal with a storage
capacity of 38,000 tonne, Bansidhar Agarwalla & Company Private
Limited Unit: Chinsurah Cold Storage (outstanding rating [ICRA]B-)
located in Chinsurah, Hooghly with a storage capacity of 20,000
tonne, and Himgarh Udyog Pvt. Ltd. (outstanding rating [ICRA]B-)
located in Bankura, West Bengal with a storage capacity of 14,800
tonne).

Recent Results
During 2014-15, SHCSPL reported a net loss of INR0.11 crore on an
operating income of INR1.65 crore, as compared to a net profit of
INR0.03 crore on an operating income of INR1.92 crore during 2013-
14.


SHREE RAM: ICRA Reaffirms B Rating on INR30cr Cash Loan
-------------------------------------------------------
The rating of [ICRA]B has been reaffirmed for the INR30.00 crore
fund based cash credit facility of Shree Ram Cottex Industries
Private Limited (erstwhile Shree Ram Cotton Industries).

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit           30.00        [ICRA]B reaffirmed

The rating continues to be constrained by the SRCIPL's weak
financial profile as reflected by low profitability, stretched
liquidity as evident from high limit utilization and highly
adverse capital structure due to high reliance on external
borrowings. The rating also takes into account the low value
additive nature of operations and intense competition on account
of fragmented industry structure that exerts pressure on profit
margins. The rating is further constrained by vulnerability of
profitability to adverse fluctuations in raw material prices which
are subject to seasonal availability of raw cotton and government
regulations on MSP and export quota.

The rating, however, positively considers the long experience of
the promoters in the cotton ginning and pressing industry. The
rating also favourably considers the advantage company enjoyed by
virtue of its location in cotton producing region giving it easy
access to raw cotton.

Shree Ram Cotton Industries was established in 2006 by Mr. Chandu
Vasoya along with three other partners; however the partnership
firm was reconstituted in November 2011 and subsequently in April
2012, Mr. Ramnik along with two other partners took over the
management. Later in July 2013 there was a reconstitution of the
partnership firm and its name was changed to "Shree Ram Cottex
Industries". In September 2013, the partnership firm was converted
into private limited company 'Shree Ram Cottex Industries Private
Limited' (SRCIPL). SRCIPL is engaged in cotton ginning and
pressing to produce cotton bales and cotton seeds. The
manufacturing plant of the company is located at Gondal in Rajkot,
Gujarat.


SHREENATHJI COTGIN: ICRA Revises Rating on INR8cr Loan to B-
------------------------------------------------------------
ICRA has revised the long term rating from [ICRA]B to [ICRA]B-
assigned to the INR0.17 crore (reduced from INR1.57 crore) term
loan and the INR8.00 crore cash credit facility of Shreenathji
Cotgin Private Limited. Further, ICRA has reaffirmed the [ICRA]A4
rating for the INR0.10 crore short term non fund based facilities
of SCPL.
                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           8.00        Revised to [ICRA]B-
                                     from [ICRA]B

   Term Loans            0.17        Revised to [ICRA]B-
                                     from [ICRA]B

   Non Fund Based        0.10        [ICRA]A4 reaffirmed

The ratings revision takes into consideration the de-growth in
operations reported during FY 2015 resulting from fall in the
sales realisations for company's products; deterioration in the
financial risk profile characterised by fall in operating margins
and losses at net levels during FY 2015, stretched capital
structure and weak debt coverage indicators. The ratings continue
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
company's low bargaining power given the limited value addition
and highly competitive & fragmented industry structure due to low
entry barriers.

However, the ratings continue to positively consider the long
experience of the promoters in the ginning industry and favorable
location of the company's manufacturing facility in Rajkot giving
easy access to raw material.

Shreenathji Cotgin Private Limited (SCPL) was incorporated in
December 2010 and is involved in the business of ginning and
pressing of raw cotton. The company's plant is located in Jasdan,
Rajkot and is equipped with twenty four ginning machines and one
pressing machine with a capacity to produce 120 bales per day. The
company is promoted and managed by Mr. Sudhirkumar Raja, Mr.
Kamlesh Thakkar and Mr. Chandresh Jogi along with other relatives
and friends.

Recent Results
For the year ended on March 31, 2015, the company reported an
operating income of INR37.30 crore and net losses of INR0.63 crore
as against an operating income of INR45.85 crore and profit after
tax of INR0.06 crore for the year ended on March 31, 2014.


SIR SHADI: ICRA Raises Rating on INR159.98cr Loan to C-
-------------------------------------------------------
ICRA has revised the long-term rating for INR159.98 crore long
term FB limits and term loans of Sir Shadi Lal Enterprises Limited
from [ICRA]D to [ICRA]C-. ICRA has also upgraded the short-term
rating for INR1.60 Crores non-fund based limits of SSLEL from
[ICRA]D to [ICRA]A4.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long term FB
   limits & Term
   Loans                159.98        [ICRA]C-; Upgraded from
                                      [ICRA]D

   Non Fund Based
   Limits                 1.60        [ICRA]A4; Upgraded from
                                      [ICRA]D

The rating action takes into account timely servicing of debt
obligations in last six months. The rating action also factored in
the favorable industry scenario as reflected by improvement in
domestic sugar realization due to expected decline in sugar
production in SY16 coupled with government notified compulsory
export scheme. Further the rating action takes comfort from long
track record of promoters in the sugar business.

The ratings however, continue to be constrained by continued
pressures on the operating profitability and liquidity of the UP
based sugar mills, including SSLEL, arising mainly on account of
high cane costs in the state coupled with weak sugar prices. These
pressures have resulted in large financial losses also resulting
in cane price arrears as on date. Moreover the sugar operations of
the company remain vulnerable to the Government of Uttar Pradesh's
policy on cane prices, the cyclical nature of the sugar industry
and agro-climatic risks related to cane availability. SSLEL's
rating is also constrained by its weak financial profile in 6m
FY16 as reflected by net cash losses and erosion of net worth.

Going forward, the improvement in profitability and liquidity
position of the company remain key rating sensitivities.

SSLEL, promoted by Sir Shadi Lal in the year 1933, is a partially
integrated sugar manufacturer and is engaged in the production of
sugar and alcohol. It currently operates two units, one each at
Shamli District and Unn District (Muzaffarnagar, Uttar Pradesh).
The company has an aggregate crushing capacity of 11250 MTPA and a
distillery capacity of 25 KLPD. The company has sold its Unn unit
(5000 TCD) for a total consideration of INR75.50 crores.

Recent results
In 6m FY16, the company reported net loss of INR11.81 crores on
operating income of INR141.77 crores as against net loss of
INR5.97 crores on an operating income of INR223.46 crores in the
corresponding period last year.


SRI BALAMURUGAN: CRISIL Suspends 'B' Rating on INR70MM LT Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sri Balamurugan Modern Rice Mill (SBMRM).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             60      CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility      70      CRISIL B/Stable
   Short Term Loan         20      CRISIL A4

The suspension of ratings is on account of non-cooperation by
SBMRM with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SBMRM is yet to
provide adequate information to enable CRISIL to assess SBMRM'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 1991, SBMRM is engaged in milling and processing of
paddy into rice. The firm is promoted by Mr. Mani and his family
members.


SRI LAKSHMI: CRISIL Cuts Rating on INR150MM Cash Loan to 'B'
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Sri Lakshmi Narayana Rice Mill (SLRM) to 'CRISIL B/Stable' from
'CRISIL B+/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             150     CRISIL B/Stable (Downgraded
                                   from 'CRISIL B+/Stable')

The rating downgrade reflects CRISIL's belief that the firm's
liquidity will remain subdued over the medium term due to a weak
operating performance. Revenue declined 15 percent year-on-year to
INR417 million in 2014-15 (refers to financial year, April 1 to
March 31). The operating performance is expected to remain weak
over the medium term as reflected in sales of INR150 million for
the six months ended September 30, 2015. Consequently, cash
accrual would remain low constraining liquidity.

The rating reflects the firm's below-average financial risk
profile because of a highly leveraged capital structure and modest
debt protection metrics, exposure to intense competition in the
fragmented rice milling industry, and susceptibility to changes in
government regulations. These weaknesses are mitigated by its
promoters' extensive industry experience.
Outlook: Stable

CRISIL believes SLRM will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' if revenue and profitability increase
substantially and the capital structure improves significantly.
Conversely, the outlook may be revised to 'Negative' in case of
aggressive debt-funded capital expenditure or sizeable capital
withdrawal, leading to deterioration in the financial risk
profile.

Set up in 1984 as a partnership firm by Mr. Lakshmi Narayana Setty
and his son, Mr. Raghavendra Setty, SLRM mills and processes paddy
into rice.


SRI VENKATA: ICRA Lowers Rating on INR33cr Loan to D
----------------------------------------------------
ICRA has revised the long term rating assigned to INR33.00 crore
fund based limits of Sri Venkata Umasankar Spintex Private Limited
to [ICRA]D from [ICRA]B+.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based Limits     33.00       Revised to [ICRA]D
                                     from [ICRA]B+

The revision in ratings takes into consideration delays in term
loan repayments owing to stretched liquidity position of the
company on account of significant decline in the operating margins
with decline in yarn realizations leading to net loss of INR2.77
crore in FY15 and high fixed overheads with significant repayment
obligations and high interest costs. ICRA also takes note that the
ratings are constrained by the vulnerability of margins to cotton
and yarn price fluctuations coupled with the intense competition
in the fragmented spinning industry which restricts pricing
flexibility and vulnerability to regulatory risks with regards to
minimum support price for kapas and export restrictions on kapas
and yarn. The ratings also reflect the company's relatively small
scale of operations in cotton spinning industry and the intense
competition from larger and well-established players in the
segment. The ratings also factor in overall stretched financial
profile characterized by high gearing, large debt repayments and
low coverage indicators. The ratings however positively factors in
the longstanding experience of promoters in the spinning & ginning
industry and close Proximity to cotton growing areas of Andhra
Pradesh (AP).

Going forward, the ability of the company to regularize its term
loan repayments by improving its profitability and liquidity
position, and improve its capital structure there by reducing its
interest costs will remain key rating sensitivities.

Sri Venkata Umashankar Spintex Private Limited, incorporated on
4th May 2010 and commenced Cotton Spinning unit with 20,160
spindles in July 2013. The mill has been manufacturing cotton yarn
of 32s carded counts. The company is promoted by Sri Chundur Naga
Veeranjaneyulu and his family members who have been involved in
the cotton industry for more than 2 decades through partnership
firms involved in conversion jobs.

Recent Results
According to audited FY2015, the company has reported net losses
of 2.77 crore on an operating income of 46.41 crore as against net
losses of INR0.89 crore on an operating income of INR20.92 crore
during FY2014.


SUNIL INDUSTRIES: ICRA Reaffirms B+ Rating on INR7.0cr Loan
-----------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating to the INR7.25 crore long
term fund based facilities of Sunil Industries.


                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long term, fund
   based limits
   Cash credit           7.00         [ICRA]B+ Reaffirmed

   Long term, fund
   based limits
   Term Loan             0.25         [ICRA]B+ Reaffirmed

The rating reaffirmation takes into consideration long standing
experience of the promoters in the pulse processing and trading
business with over three decades of experience and favourable
demand prospects of the pulses from the end consumer as they form
an essential constituent of Indian diet. The ratings, however, are
constrained by modest scale of operations, financial risk profile
characterized by low profitability, high gearing and modest
coverage indicators. ICRA takes note of the fragmented industry
structure with presence of various organized and unorganized
players which limits the pricing flexibility coupled with
vulnerability of the firm's operations to agro-climatic risks and
government regulations. Further Sunil Industries business
constitution as partnership firm makes it vulnerable to withdrawal
of capital by partners. Going forward, increasing scale of
operations and profitability leading to higher cash accruals
together with improvement in capital structure will be key rating
sensitivities.

SI was incorporated in 1985 by Mr. Ramesh Totla and his few
relatives as a partnership firm. With gradual retirement of the
initial partners, Mr. Ramesh Totla along with his son Mr. Manish
Totla took over the entire business in 2002. The firm is primarily
involved in processing of pulses, mainly Moong dal (Moong bean)
and Toor dal (Pigeon pea). SI's plant is located in Jalna,
Maharashtra and has combined capacity to produce 7000 MTPA of
moong dal and toor dal.

Recent Results
SI reported operating profit before depreciation, interest,
amortization and tax (OPBDITA) of INR0.98 crore in FY15 on an
operating income of INR39.35 crore.


SURYANSH METAL: ICRA Assigns 'B' Rating to INR2.20cr Loan
---------------------------------------------------------
ICRA has assigned its long-term rating of [ICRA]B to the INR2.20
crore* fund based facilities of Suryansh Metal & Alloys. ICRA has
assigned its short term rating of [ICRA]A4 to the INR5.00 crore
non-fund based limits and INR2.80 crore unallocated limits of SMA.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based Limits      2.20       [ICRA]B; Assigned
   Non Fund Based
   Limits                 5.00       [ICRA]A4; Assigned

   Long Term/Short
   Term Unallocated       2.80       [ICRA]B/A4; Assigned

ICRA's ratings take into account the high competition in the
industry which limits SMA's bargaining power and results in
subdued margins. The ratings also factor in the limited value
additive nature of the firm's business and vulnerability of the
firm's profitability to raw material price fluctuations as well as
adverse foreign exchange fluctuations, as the forex transactions
are not fully hedged. The ratings are also constrained by the
firm's concentrated customer base with majority of the sales being
made to its sister concern. ICRA also takes note of the firm's
modest scale of operations, high gearing and weak debt coverage
indicators. ICRA has also taken cognizance of the proprietorship
constitution of the firm which exposes it to risks of dissolution,
withdrawal of capital etc. However, the ratings derive comfort
from the extensive experience of the promoters and SMA's
established relationships with its key customers enabling it to
procure repeat orders.

Going forward, the firm's ability to attain a sustained
improvement in scale in a profitable manner, while maintaining an
optimal capital structure, will be the key rating sensitivities.

SMA was incorporated in 2008 as a proprietorship concern by Mr.
Akash Gupta. SMA undertakes trading of silicon steel strips,
aluminium, copper alloys etc. SMA has a group company, Topline
Lamination Private Limited (TLPL), which is engaged in
manufacturing transformer lamination cores and strips.

Recent Results
The firm reported a profit after tax (PAT) of INR0.10 crore on an
operating income of INR22.27 crore in FY2015, as against a PAT of
INR0.05 crore on an operating income of INR21.95 crore in the
previous year.


THE BUXA: CRISIL Ups Rating on INR58MM Term Loan to B-
------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of The Buxa
Dooars Tea Co. India Limited (TBD) to 'CRISIL B-/Stable/CRISIL A4'
from 'CRISIL D/CRISIL D'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         10       CRISIL A4 (Upgraded from
                                   'CRISIL D')

   Cash Credit            40       CRISIL B-/Stable (Upgraded
                                   from 'CRISIL D')

   Cash Credit &          12       CRISIL B-/Stable (Upgraded
   Working Capital                 from 'CRISIL D')
   demand loan

   Proposed Cash          20       CRISIL B-/Stable (Upgraded
   Credit Limit                    from 'CRISIL D')

   Proposed Long Term     30       CRISIL B-/Stable (Upgraded
   Bank Loan Facility              from 'CRISIL D')

   Term Loan              58       CRISIL B-/Stable (Upgraded
                                   from 'CRISIL D')

The rating upgrade reflects TBD's timely servicing of its term
debt obligations over the five months through December 2015.

The ratings reflect TBD's weak financial risk profile, marked by
high gearing and subdued debt protection metrics. The ratings also
reflect TBD'S modest scale of operations. These rating weaknesses
are partially offset by the extensive industry experience of the
company's promoters.
Outlook: Stable

CRISIL believes that TBD will continue to benefit over the medium
term from its promoters' industry experience. The outlook may be
revised to 'Positive' if the company registers a sustained and
substantial increase in its operating income and cash accrual
along with improved working capital management. Conversely, the
outlook may be revised to 'Negative' if TBD reports low operating
income or accrual, or if its financial risk profile deteriorates
significantly, most likely because of large debt-funded capital
expenditure or stretch in working capital cycle.

TBD, incorporated in 1975, owns two tea gardens, Raimatang and
Kalchini, near Siliguri (West Bengal). The operations are managed
by Mr. Roshanlal Agarwal.


THE TAJPUR: CRISIL Assigns B+ Rating to INR150MM Whse Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of The Tajpur Rice and General Mills (TRGM).

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Warehouse Receipts      150      CRISIL B+/Stable

The rating reflects the extensive experience of TRGM's promoters
in the rice industry and their financial support. These strengths
are partially offset by the firm's below-average financial risk
profile because of a high total outside liabilities to tangible
networth ratio and weak debt protection metrics, and modest scale
of, and working capital-intensive, operations.
Outlook: Stable

CRISIL believes TRGM will continue to benefit over the medium term
from promoters' extensive experience. The outlook may be revised
to 'Positive' if better-than-expected cash accrual leads to
improvement in financial risk profile, or if capital infusion is
sizeable or working capital management efficient. Conversely, the
outlook may be revised to 'Negative' in case of lower-than-
expected cash accrual or larger-than-expected working capital
requirement and debt-funded capital expenditure, or if scale of
operations and profitability decline.
About the Firm

TRGM was established in 1982 in Raikot, Punjab, as a partnership
concern by Mr. Jaswinder Singh and his wife, Ms. Ranjeet Kaur. In
2013, Mr. Raman Kumar and his son, Mr. Nitin Goyal, joined the
firm as partners. TRGM mills and sorts basmati rice.

TRGM registered book profit and net sales of INR0.97 million and
INR438.4 million, respectively, for 2014-15, against a book profit
of INR0.92 million on net sales of INR309.3 million for 2013-14.


TRILOK CHAND: CRISIL Suspends D Rating on INR75MM Bank Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Trilok
Chand Gupta and Co. (TCG).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         75       CRISIL D
   Cash Credit            40       CRISIL D

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

TCG was set up as a partnership firm in 1987 by Mr. Trilok Chand
Gupta and his family members in Haridwar (Uttarakhand). It is a
Class-A contractor that executes road construction projects. Mr.
Sudhir Kumar Gupta (son of Mr. Trilok Chand Gupta) was inducted
into the firm as a partner in 2006-07 (refers to financial year,
April 1 to March 31). TCG is currently managed by Mr. Sudhir Kumar
Gupta.


UNIVERSAL INDIA: ICRA Assigns B Rating to INR5.cr LT Loan
---------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B to the INR5.00
crore* fund based bank facilities of Universal India Agro Foods.

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

ICRA's rating is constrained on account of UIAF's modest scale of
operations and the highly competitive nature of the industry in
which it operates. This has resulted in weak profitability due to
the company's low bargaining power vis-…-vis its suppliers and
customers. The company's profitability has been impacted due to
high raw material costs (waste from meat processing) for its
rendering plant, as the Agricultural and Processed Food Products
Export Development Authority's (APEDA's) export registration
requires exporters to ensure proper waste disposal. As a result,
many meat processing plants have set up their own rendering
plants, leading to low availability and hence higher prices, of
raw materials. This has also resulted in low utilization of
capacity over the last two years. ICRA also takes note of the
vulnerability of the company to disease outbreaks and other risks
which can disrupt raw material availability. Nevertheless, the
rating derives comfort from the long track record of the promoter
family in the industry and expected healthy growth of the meat
exports sector.

Going forward, the ability of the company to improve the capacity
utilization of the rendering plant, backward integration of the
existing plant to an abattoir to mitigate the raw material risk
and maintaining its profitability will be the key rating
sensitivities.

UIAF was incorporated in 2013 and operates a rendering plant in
Meerut, Uttar Pradesh. The unit procures animal waste such as
bones, fat, and offal from slaughter houses and produces Tallow
and Meat Bone Meal (MBM). Tallow finds application in soap
manufacturing, lubricants etc and MBM is used in cattle/poultry
feed. The company has been promoted by Mr. Haji Aas Mohd and Mrs.
Shabana Parveen. The promoter's family has been engaged in a
similar line of business for the past several years.

Recent Results
The company reported, a net profit of INR0.01 crore on an
operating income of INR15.37 crore in FY15, as against a net
profit of INR0.00 crore on an operating income of INR11.42 crore
in the previous year.


VINAYAK COTTEX: ICRA Reaffirms 'B' Rating on INR5.0cr Cash Loan
---------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B for the
INR5.00 crore* cash credit facility and the INR2.67 crore (reduced
from INR3.45 crore) term loan of Vinayak Cottex.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           5.00        [ICRA]B reaffirmed
   Term Loan             2.67        [ICRA]B reaffirmed

The rating reaffirmation takes into consideration the weak
financial risk profile characterized by low profitability,
leveraged capital structure and modest debt coverage indicators.
The rating continues to take into account limited value addition
in the cotton ginning and cottonseed crushing business and the
highly fragmented and competitive nature of the industry as well
as the exposure to regulatory risks with regards to Minimum
Support Price (MSP) for raw cotton and imposition of any
restriction on cotton exports by Government of India (GOI).
Further, ICRA also takes note of the risk of substantial
withdrawal from capital account given the entity's constitution as
a partnership firm, which could impact its net worth and thereby
its capital structure.

The rating, however, takes comfort from the reasonable experience
of the promoters in the cotton Industry and the favourable
location of the firm's plant with respect to raw material
procurement.

Established in February 2013, Vinayak Cottex (VC) is engaged in
cotton ginning and pressing activity at its facility located at
Amreli in Gujarat. The plant is equipped with 24 ginning machines,
1 pressing machine and 6 crushing machines with production
capacity of 60 cotton bales per day and 38 MT oil per day. The
firm is promoted and managed by Mr. Kamlesh B. Bokarvadiya, Mr.
Kantilal B. Bokarvadiya, Khimji G. Virpara, Mr. Narendra M. Patel,
Mr. Natha Virpara and Mr. Vikas N. Patel. The promoters have a
prior experience in the cotton industry by virtue of their earlier
association as partners/employee in cotton ginning and pressing
entities.

Recent Results
During FY 2015, the firm reported an operating income of INR59.85
crore and profit after tax of INR0.12 crore as against operating
income of INR13.82 crore and profit after tax of INR0.01 crores in
FY 2014.



=========
J A P A N
=========


SHARP CORP: Lenders Weigh Extra Financial Support
-------------------------------------------------
Nikkei Asian Review reports that Mizuho Bank and the Bank of
Tokyo-Mitsubishi UFJ are considering additional measures to help
struggling electronics manufacturer Sharp, likely through a fresh
round of debt-for-equity swaps.

Nikkei relates that Sharp, which is in the midst of a rebuilding
program, discussed the topic with the two key lenders on Jan. 15.
They will screen proposals from parties including the state-backed
fund Innovation Network Corp. of Japan, which has a stake in
small- and midsize panel manufacturer Japan Display, and Taiwanese
electronics manufacturing service provider Hon Hai Precision
Industry, according to Nikkei.

According to the report, the banks and Sharp plan to set a
direction by the end of January.

Nikkei says the INCJ is asking that Sharp spin off its financially
unstable liquid crystal display business and turn
JPY150 billion ($1.25 billion) of some JPY760 billion in interest-
bearing debt into preferred stock with no voting rights. This
debt-for-equity swap would improve Sharp's finances, but banks
will face the risk of being unable to recover the loans if the
company fails in its reconstruction efforts, the report relates.

The report notes that the two banks have repeatedly helped Sharp
since 2012. Between that year and 2013, they created a credit line
of 510 billion yen and sent personnel to Sharp's board. Earnings
improved temporarily. But in June of last year, they injected 200
billion yen into Sharp through a debt-for-equity swap as the
company fell into a crisis. The lenders are now ready to consider
a similar arrangement, in an unusually short interval.

Mizuho Financial Group President Yasuhiro Sato said Jan. 14 that
the group will help Sharp, noting the importance of the company to
the Japanese economy. He declined to comment on specifics, adds
Nikkei.

Based in Osaka, Japan, Sharp Corporation (TYO:6753) --
http://sharp-world.com/-- manufactures and sells electronic
telecommunication devices, electronic machines and components.

As reported in Troubled Company Reporter-Asia Pacific on
Nov. 6, 2015, Standard & Poor's Ratings Services said that it has
lowered its long-term corporate credit and debt ratings on Japan-
based electronics company Sharp Corp. to 'CCC+' from 'B-' and its
short-term corporate credit and commercial paper program ratings
on the company to 'C' from 'B'.  S&P has also lowered its long-
term corporate credit rating on overseas subsidiary Sharp
International Finance (U.K.) PLC to 'CCC+' and the rating on its
commercial paper program to 'C'.  The outlook on the long-term
corporate credit ratings on both companies is negative.



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


LBC DEVELOPMENT: PSE Won't Seize LBC Express Shares
---------------------------------------------------
BusinessWorld Online reports that the Philippine Stock Exchange
(PSE) is not seizing the shares of LBC Express Holdings, Inc.
despite receiving a garnishment order as part of the case filed by
the Philippine Deposit Insurance Corp. (PDIC) against the Araneta
family over alleged unpaid service fees.

According to BusinessWorld, PSE President Hans B. Sicat told
reporters last week the stock market operator has a "very little"
role in the PHP1.8-billion case filed by the PDIC on behalf of the
shuttered LBC Development Bank, Inc.

"If you're telling us why aren't we garnishing or taking hold of
the equity of the firm, there is no directive to take hold of the
equity of the firm," the report quotes Mr. Sicat as saying.  "We
are not the vehicle that basically will say 'you cannot transact
shares on the exchange . . .' The question is why would we
continue to allow that? Essentially, there is nothing wrong or a
specific order to stop trading those shares," he said.

The garnishment order, issued on Jan. 8 by Branch 143 of the
Makati City Regional Trial Court, "was probably meant for other
various entities which have a direct role or which have a mortgage
on LBC," he said, the report relays.

LBC Express Holdings has complied with disclosure rules pertaining
to the case filed by PDIC, BusinessWorld relates.

"They disclosed what they needed to disclose. The appropriate
stuff," Mr. Sicat, as cited by BusinessWorld, said.

BusinessWorld notes that the PDIC, acting as liquidator of LBC
Bank, is running after the LBC group on allegations that the
company owes its sister bank PHP1.8 billion worth of "unpaid
service fees."

BusinessWorld relates that the Makati court had earlier issued a
writ of preliminary attachment on LBC Express last Dec. 28, 2015.
A writ of attachment is a court order for the attachment or
seizure of a property, and is generally used to freeze the assets
of a defendant while awaiting the results of a legal action to
satisfy the plaintiff's claim and costs of suit.

The defendants in the case include LBC Development Corp. and LBC
Express, Inc. -- the listed firm's parent and subsidiary,
respectively -- as well as company officials, BusinessWorld
discloses.

According to BusinessWorld, LBC Express Chairman, President and
Chief Executive Officer Miguel Angel A. Camahort said on Jan. 7
that "whether or not the claims against LBC Express are
successfully proven, there can be no assurance that these claims
will not cause business interruptions or reputational harm to LBC
Express Holdings, Inc. and may ultimately have a material adverse
effect on its financial performance and prospects."

"[T]he writ [of preliminary attachment] is a provisional remedy
and the assets or cash of LBC Express shall be made to answer only
upon final judgment being rendered against LBC Express," Mr.
Camahort earlier said, BusinessWorld relays.

                            About LBC

LBC Development Bank is a 20-unit thrift bank.  Its head office
is located at 809 J. P. Rizal St., Poblacion, Makati City.  Its
19 branches are located nationwide.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 13, 2011, the Monetary Board placed LBC Development Bank
under receivership of the Philippine Deposit Insurance
Corporation by virtue of MB Resolution No. 1354 dated Sept. 9,
2011.

LBC Development incurred non-performing loans of PHP316.3 million
representing 27.29% of its total loan portfolio of more than
PHP1 billion as of December 2010, according to Manila Standard
Today.  The bank also had more than PHP725 million in classified
loans and other risk assets as of December last year.  Against
these high-risk loans, the bank had only PHP158.7 million in
specific provision for loan losses.  While LBC Development Bank
had nearly PHP6 billion in deposit liabilities, its net loans and
receivables amounted to less than PHP1 billion, the Manila
Standard disclosed.



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


GLOBAL MARITIME: Knowles of Dean Marine Advisors Tapped as CRO
--------------------------------------------------------------
GMI USA Management Inc. and its debtor-affiliates seek
authorization from the U.S. Bankruptcy Court for the Southern
District of New York to employ Justin Knowles of Dean Marine
Advisors as chief restructuring officer, nunc pro tunc to
September 15, 2015.

The Debtors first engaged Mr. Knowles in September 2015 to provide
services as CRO for for the Debtors.  Their decision to appoint a
CRO is primarily due to a desire to have an independent
professional engaged to manage their affairs. Mr. Knowles's
appointment as CRO is intended to provide the Court and the
Debtors' creditors with an independent party to manage and operate
the affairs of the Debtors under the auspices of the Court where
Mr. Knowles's primary fiduciary duties will be to the Court and
the Debtors' estate and its creditors.

Since that time, and in accordance with the Services Agreement,
Mr. Knowles' services include:

   (a) acting as the Debtors' CRO until further Court order;

   (b) acting as the Debtors' sole manager;

   (c) being a signatory on the Debtors' DIP Operating Accounts;

   (d) exercising authority to manage the business affairs of
       the Debtors, including, without limitation:

       -- making all decisions regarding the hiring and firing of
          personnel;

       -- making all decisions regarding the expenses incurred by
          Debtors, and the terms of disbursements made by Debtors
          for same;

       -- authorizing the repairs and maintenance of estate
          assets.

   (e) representing the Debtors at negotiation and liaison
       meetings, correspondence and calls with members of the
       Debtors' board of directors, the Debtors' management and
       employees, lenders and their advisors, the Debtors'
       creditors, and the Debtors' professional advisors.

   (f) making all reasonable efforts to consult with all secured
       creditors, unsecured creditors, parties-in-interest, the
       US Trustee, and the Committee;

   (g) making all reasonable efforts to present to the UST all
       Information required for the Initial Debtor's Conference;

   (h) making all reasonable efforts to assist bankruptcy counsel
       in preparing and filing schedules, statements of financial
       affairs, amendments thereto, and monthly operating reports
       on a timely basis;

   (i) investigating and pursuing all available chapter 5 causes
       of action and non-chapter 5 causes of action against
       creditors, whether they be insiders or non-insiders,
       members, and other potential defendants unless such
       causes of action are transferred via a chapter 11 plan to
       a creditors' trust;

   (j) causing the Debtors to pay all UST Quarterly fees on a
       timely basis;

   (k) attending court hearings, depositions, and similar
       meetings in connection with the Debtors affairs; and

   (l) making all reasonable efforts to assist bankruptcy counsel
       in facilitating an orderly wind-down of the Debtors.

Mr. Knowles's daily rate will be $5,000 per day, which may be
recorded in increments of half a day.

Mr. Knowles will also be reimbursed for reasonable out-of-pocket
expenses incurred.

Mr. Knowles assured the Court that his firm is a "disinterested
person" as the term is defined in Section 101(14) of the
Bankruptcy Code and does not represent any interest adverse to the
Debtors and their estates.

Mr. Knowles can be reached at:

       Justin Knowles
       DEAN MARINE ADVISERS
       9-10 St. Andrew Square
       Edinburgh, UK EH2 2AF
       Tel: +44 (0) 7562 601095
       E-mail: justin.knowles@deanmarineadvisers.co.uk

                     About GMI USA Management

GMI USA Management, Inc., Global Maritime Investments Cyprus
Limited, Global Maritime Investments Holdings Cyprus Limited,
Global Maritime Investments Resources (Singapore) Pte. Limited and
Global Maritime Investments Vessel Holdings Pte Ltd filed Chapter
11 bankruptcy petitions (Bankr. S.D.N.Y. Case Nos. 15-12552 to 15-
12556) on Sept. 15, 2015.

The Debtors are engaged in three segments of the dry bulk shipping
markets, utilizing Freight Forward Agreements, physical "trading"
or supplying of ships for hire, and management of a dry bulk
shipping pool on behalf of ships owned directly or indirectly by
the Debtors, as well as for third party owners.

Debtor GMI USA Management is a recently formed New York
corporation.  All of the other Debtors are foreign corporations
based in either Singapore or Cyprus.

Global Maritime Investments Holdings Cyprus Limited is a holding
company that owns 100% of the outstanding shares of each of (i)
Debtor GMI USA Management, Inc., (ii) Debtor Cyprus Tradeco, (iii)
Debtor Vessel Holdings and (iv) non-Debtor GMI Panamax Pool
Limited.

The Debtors estimated assets in the range of $1 million to $10
million and liabilities of at least $100 million.

The Debtors tapped Gardere Wynne Sewell, LLP, as counsel, and AMA
Capital Parnters as financial advisor.


GLOBAL MARITIME: Creditors' Panel Taps CBIZ as Financial Advisor
----------------------------------------------------------------
The Official Committee of Unsecured Creditors of GMI USA
Management Inc. and its debtor-affiliates seeks authorization from
the U.S. Bankruptcy Court for the Southern District of New York to
retain CBIZ Accounting, Tax and Advisory of New York, LLC and
CBIZ, Inc. as financial advisor to the Committee, effective
November 25, 2015.

The Committee requires CBIZ to:

   (a) assist the Committee in its evaluation of the Debtors'
       post-petition cash flow and/or other projections and
       budgets prepared by the Debtors or its financial advisors;

   (b) monitor the Debtors' activities regarding cash
       expenditures and general business operations subsequent to
       the filing of the petition under Chapter 11, as well as
       assist the Committee in its review of monthly operating
       reports;

   (c) assist the Committee with any investigation into the pre-
       petition acts, conduct, property, liabilities and
       financial condition of the Debtor, its management, or
       creditors, including the operation of the Debtors'
       businesses, as instructed by the Committee.

   (d) analyze transactions with creditors, insiders, related
       and/or affiliated companies, subsequent and prior to the
       date of the filing of the petition under Chapter 11, as
       instructed by the Committee;

   (e) if applicable, provide financial analysis related to any
       debtor in possession financing, including advising the
       Committee concerning such matters;

   (f) if applicable, assist the Committee and its counsel in any
       litigation proceedings against other potential adversaries
       of the Debtors' estates;

   (g) assist the Committee in its review of the financial
       aspects of any proposed asset purchase agreement,
       including searching for and evaluating any competing
       offers. Evaluating the feasibility of any plan of
       reorganization/liquidation. If applicable, assist the
       Committee in negotiating are developing alternative
       recovery strategies for unsecured creditors;

   (h) attend meetings with representatives of the Committee and
       its Counsel. Prepare presentations to the Committee that
       provides analyses and updates on diligence performed; and

   (i) perform any other services that may be necessary in our
       role as financial advisors to the Committee or that may be
       requested by the Committee or its counsel.

CBIZ will be paid at these hourly rates:

       Directors and Managing Directors          $435-$750
       Managers and Senior Managers              $325-$435
       Senior Associates and Staff               $150-$325

CBIZ will also be reimbursed for reasonable out-of-pocket expenses
incurred.

Charles Berk, managing director of CBIZ, assured the Court that
the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtors and their estates.

CBIZ can be reached at:

       Charles Berk
       CBIZ ACCOUNTING, TAX AND ADVISORY OF
       NEW YORK, LLC AND CBIZ, INC.
       5 Bryant Park
       New York, NY 10018
       Tel: (212) 790-5883
       Fax: (212) 790-5909
       E-mail: cberk@cbiz.com

                     About GMI USA Management

GMI USA Management, Inc., Global Maritime Investments Cyprus
Limited, Global Maritime Investments Holdings Cyprus Limited,
Global Maritime Investments Resources (Singapore) Pte. Limited and
Global Maritime Investments Vessel Holdings Pte Ltd filed Chapter
11 bankruptcy petitions (Bankr. S.D.N.Y. Case Nos. 15-12552 to 15-
12556) on Sept. 15, 2015.

The Debtors are engaged in three segments of the dry bulk shipping
markets, utilizing Freight Forward Agreements, physical "trading"
or supplying of ships for hire, and management of a dry bulk
shipping pool on behalf of ships owned directly or indirectly by
the Debtors, as well as for third party owners.

Debtor GMI USA Management is a recently formed New York
corporation.  All of the other Debtors are foreign corporations
based in either Singapore or Cyprus.

Global Maritime Investments Holdings Cyprus Limited is a holding
company that owns 100% of the outstanding shares of each of (i)
Debtor GMI USA Management, Inc., (ii) Debtor Cyprus Tradeco, (iii)
Debtor Vessel Holdings and (iv) non-Debtor GMI Panamax Pool
Limited.

The Debtors estimated assets in the range of $1 million to $10
million and liabilities of at least $100 million.

The Debtors tapped Gardere Wynne Sewell, LLP, as counsel, and AMA
Capital Parnters as financial advisor.



===============
X X X X X X X X
===============


* BOND PRICING: For the Week Jan. 11, 2016 to Jan. 15, 2016
-----------------------------------------------------------

Issuer                 Coupon    Maturity    Currency   Price
------                 ------    --------    --------   -----


  AUSTRALIA
  ---------

AUSDRILL FINANCE PTY      6.88    11/1/2019   USD      71.00
AUSDRILL FINANCE PTY      6.88    11/1/2019   USD      70.43
BARRICK PD AUSTRALIA      5.95   10/15/2039   USD      69.32
BOART LONGYEAR MANAG      7.00     4/1/2021   USD      41.25
BOART LONGYEAR MANAG      7.00     4/1/2021   USD      41.25
CML GROUP LTD             9.00    1/29/2020   AUD       0.98
CRATER GOLD MINING L     10.00    8/18/2017   AUD      23.00
EMECO PTY LTD             9.88    3/15/2019   USD      55.50
EMECO PTY LTD             9.88    3/15/2019   USD      55.50
FMG RESOURCES AUGUST      6.88     4/1/2022   USD      62.00
FMG RESOURCES AUGUST      6.88     4/1/2022   USD      62.02
IMF BENTHAM LTD           6.38    6/30/2019   AUD      72.00
KBL MINING LTD           12.00    2/16/2017   AUD       0.29
KEYBRIDGE CAPITAL LT      7.00    7/31/2020   AUD       0.68
LAKES OIL NL             10.00    3/31/2017   AUD       4.57
MIDWEST VANADIUM PTY     11.50    2/15/2018   USD       5.75
MIDWEST VANADIUM PTY     11.50    2/15/2018   USD       3.99
NEWCREST FINANCE PTY      5.75   11/15/2041   USD      74.17
STOKES LTD               10.00    6/30/2017   AUD       0.35
TREASURY CORP OF VIC      0.50   11/12/2030   AUD      64.32


CHINA
-----

CHANGCHUN CITY DEVEL      6.08     3/9/2016   CNY      40.12
CHANGSHA HIGH TECHNO      7.30   11/22/2017   CNY      71.00
CHANGZHOU INVESTMENT      5.80     7/1/2016   CNY      40.36
CHANGZHOU WUJIN CITY      5.42     6/9/2016   CNY      50.08
CHANGZHOU WUJIN CITY      6.22     6/8/2018   CNY      74.80
CHINA GOVERNMENT BON      1.64   12/15/2033   CNY      75.54
CHONGQING NAN'AN DIS      6.29   12/24/2017   CNY      58.00
DANDONG CITY DEVELOP      6.21     9/6/2017   CNY      70.32
DATONG ECONOMIC CONS      6.50     6/1/2017   CNY      70.35
DRILL RIGS HOLDINGS       6.50    10/1/2017   USD      58.10
DRILL RIGS HOLDINGS       6.50    10/1/2017   USD      58.50
ERDOS DONGSHENG CITY      8.40    2/28/2018   CNY      69.11
ERDOS DONGSHENG CITY      8.40    2/28/2018   CNY      67.64
GRANDBLUE ENVIRONMEN      6.40     7/7/2016   CNY      70.30
GUOAO INVESTMENT DEV      6.89   10/29/2018   CNY      67.10
HANGZHOU XIAOSHAN ST      6.90   11/22/2016   CNY      41.41
HEBEI RONG TOU HOLDI      6.76     7/8/2021   CNY      74.66
HEILONGJIANG HECHENG      7.78   11/17/2016   CNY      41.48
HUAIAN CITY URBAN AS      7.15   12/21/2016   CNY      40.42
HUZHOU MUNICIPAL CON      7.02   12/21/2017   CNY      72.00
JIANGSU HUAJING ASSE      5.68    9/28/2017   CNY      50.72
KUNSHAN ENTREPRENEUR      4.70    3/30/2016   CNY      40.10
LIAOYUAN STATE-OWNED      7.80    1/26/2017   CNY      72.00
LINHAI CITY INFRASTR      7.98    11/6/2016   CNY      51.50
NANJING NANGANG IRON      6.13    2/27/2016   CNY      50.00
NINGDE CITY STATE-OW      6.25   10/21/2017   CNY      40.94
OCEAN RIG UDW INC         7.25     4/1/2019   USD      43.00
OCEAN RIG UDW INC         7.25     4/1/2019   USD      44.50
PANJIN CONSTRUCTION       7.70   12/16/2016   CNY      41.51
QINGZHOU HONGYUAN PU      6.50    5/22/2019   CNY      40.53
SHANDONG SHANSHUI CE      5.44    1/21/2016   CNY      61.00
SHENGZHOU HOTEL CO L      9.20    2/26/2016   CNY     100.00
TAIZHOU CITY CONSTRU      6.90    1/25/2017   CNY      70.42
TONGLIAO CITY INVEST      5.98     9/1/2017   CNY      68.00
WUXI COMMUNICATIONS       5.58     7/8/2016   CNY      50.34
WUXI HUISHAN SOFTWAR      9.00    3/19/2016   CNY      60.57
XIANGTAN JIUHUA ECON      6.93   12/16/2016   CNY      40.00
XIANYANG CITY CONSTR      7.90    12/9/2017   CNY      74.00
YANGZHOU ECONOMIC DE      6.10     7/7/2016   CNY      50.30
YANGZHOU URBAN CONST      5.94    7/23/2016   CNY      40.59
YIJINHUOLUOQI HONGTA      8.35    3/19/2019   CNY      72.80
YUNNAN INVESTMENT GR      5.25    8/24/2017   CNY      71.51
ZHUCHENG ECONOMIC DE      7.50    8/25/2018   CNY      41.04


INDONESIA
---------

BERAU COAL ENERGY TB      7.25    3/13/2017   USD      27.75
BERAU COAL ENERGY TB      7.25    3/13/2017   USD      29.43
GAJAH TUNGGAL TBK PT      7.75     2/6/2018   USD      60.50
GAJAH TUNGGAL TBK PT      7.75     2/6/2018   USD      59.00
INDONESIA TREASURY B      6.38    4/15/2042   IDR      71.94
PERUSAHAAN PENERBIT       6.10    2/15/2037   IDR      71.20


INDIA
-----

3I INFOTECH LTD           5.00    4/26/2017   USD      14.50
BLUE DART EXPRESS LT      9.30   11/20/2017   INR      10.10
BLUE DART EXPRESS LT      9.50   11/20/2019   INR      10.22
BLUE DART EXPRESS LT      9.40   11/20/2018   INR      10.15
COROMANDEL INTERNATI      9.00    7/23/2016   INR      15.61
GTL INFRASTRUCTURE L      4.03    11/9/2017   USD      25.13
INCLINE REALTY PVT L     10.85    8/21/2017   INR       7.16
JAIPRAKASH ASSOCIATE      5.75     9/8/2017   USD      71.76
JCT LTD                   2.50     4/8/2011   USD      37.00
PRAKASH INDUSTRIES L      5.25    4/30/2015   USD      20.25
PYRAMID SAIMIRA THEA      1.75     7/4/2012   USD       1.00
REI AGRO LTD              5.50   11/13/2014   USD       4.25
REI AGRO LTD              5.50   11/13/2014   USD       4.25
SVOGL OIL GAS & ENER      5.00    8/17/2015   USD      20.13


JAPAN
-----

AVANSTRATE INC            5.55   10/31/2017   JPY      31.00
AVANSTRATE INC            5.55   10/31/2017   JPY      37.00
ELPIDA MEMORY INC         0.70     8/1/2016   JPY       8.13
ELPIDA MEMORY INC         0.50   10/26/2015   JPY       8.38
ELPIDA MEMORY INC         2.03    3/22/2012   JPY       8.25
ELPIDA MEMORY INC         2.29    12/7/2012   JPY       8.25
ELPIDA MEMORY INC         2.10   11/29/2012   JPY       8.25
SHARP CORP/JAPAN          1.60    9/13/2019   JPY      69.00
TAKATA CORP               0.58    3/26/2021   JPY      68.00


KOREA
-----

2014 KODIT CREATIVE       5.00   12/25/2017   KRW      30.49
2014 KODIT CREATIVE       5.00   12/25/2017   KRW      30.49
DOOSAN CAPITAL SECUR     20.00    4/22/2019   KRW      39.53
EXPORT-IMPORT BANK O      0.50   12/22/2017   BRL      76.05
HYUNDAI HEAVY INDUST      4.90   12/15/2044   KRW      53.57
HYUNDAI HEAVY INDUST      4.80   12/15/2044   KRW      57.12
HYUNDAI MERCHANT MAR      7.05   12/27/2042   KRW      30.45
INDUSTRIAL BANK OF K      2.04    3/10/2045   KRW     100.90
KIBO ABS SPECIALTY C     10.00     9/4/2016   KRW      39.19
KIBO ABS SPECIALTY C     10.00    2/19/2017   KRW      36.78
KIBO ABS SPECIALTY C      5.00   12/25/2017   KRW      29.22
KIBO ABS SPECIALTY C      5.00    3/29/2018   KRW      29.44
KIBO ABS SPECIALTY C      5.00    1/31/2017   KRW      32.23
KIBO ABS SPECIALTY C     10.00    8/22/2017   KRW      26.11
LSMTRON DONGBANGSEON      4.53   11/22/2017   KRW      30.09
POSCO ENERGY CORP         4.72    8/29/2043   KRW      65.77
POSCO ENERGY CORP         4.72    8/29/2043   KRW      65.79
POSCO ENERGY CORP         4.66    8/29/2043   KRW      66.30
PULMUONE CO LTD           2.50     8/6/2045   KRW      58.02
SINBO SECURITIZATION      5.00    3/18/2019   KRW      26.34
SINBO SECURITIZATION      5.00    3/18/2019   KRW      26.34
SINBO SECURITIZATION      5.00    8/31/2016   KRW      34.88
SINBO SECURITIZATION      5.00    8/31/2016   KRW      34.88
SINBO SECURITIZATION      5.00    10/1/2017   KRW      31.00
SINBO SECURITIZATION      5.00    10/1/2017   KRW      31.00
SINBO SECURITIZATION      5.00    10/1/2017   KRW      31.00
SINBO SECURITIZATION      5.00    10/5/2016   KRW      34.52
SINBO SECURITIZATION      5.00    10/5/2016   KRW      32.88
SINBO SECURITIZATION      5.00    3/13/2017   KRW      32.74
SINBO SECURITIZATION      5.00    3/13/2017   KRW      32.74
SINBO SECURITIZATION      5.00    5/27/2016   KRW      38.18
SINBO SECURITIZATION      5.00   12/13/2016   KRW      33.74
SINBO SECURITIZATION      5.00    1/29/2017   KRW      33.23
SINBO SECURITIZATION      5.00     6/7/2017   KRW      22.98
SINBO SECURITIZATION      5.00     6/7/2017   KRW      22.98
SINBO SECURITIZATION      5.00    2/27/2019   KRW      26.56
SINBO SECURITIZATION      5.00    2/27/2019   KRW      26.56
SINBO SECURITIZATION      5.00    6/29/2016   KRW      35.59
SINBO SECURITIZATION      5.00    2/21/2017   KRW      32.97
SINBO SECURITIZATION      5.00    2/21/2017   KRW      32.97
SINBO SECURITIZATION      5.00    5/27/2016   KRW      38.18
SINBO SECURITIZATION      5.00    7/26/2016   KRW      35.27
SINBO SECURITIZATION      5.00    7/26/2016   KRW      35.27
SINBO SECURITIZATION      5.00    6/27/2018   KRW      28.91
SINBO SECURITIZATION      5.00    6/27/2018   KRW      28.91
SINBO SECURITIZATION      5.00    7/24/2017   KRW      30.79
SINBO SECURITIZATION      5.00    7/24/2018   KRW      28.70
SINBO SECURITIZATION      5.00    7/24/2018   KRW      28.70
SINBO SECURITIZATION      5.00    8/29/2018   KRW      28.21
SINBO SECURITIZATION      5.00    8/29/2018   KRW      28.21
SINBO SECURITIZATION      5.00    3/12/2018   KRW      29.58
SINBO SECURITIZATION      5.00    3/12/2018   KRW      29.58
SINBO SECURITIZATION      5.00   12/23/2018   KRW      27.06
SINBO SECURITIZATION      5.00   12/23/2018   KRW      27.06
SINBO SECURITIZATION      5.00   12/23/2017   KRW      29.23
SINBO SECURITIZATION      5.00    1/19/2016   KRW      65.07
SINBO SECURITIZATION      5.00     2/2/2016   KRW      59.62
SINBO SECURITIZATION      8.00     2/2/2016   KRW      65.34
SINBO SECURITIZATION      5.00    1/30/2019   KRW      26.73
SINBO SECURITIZATION      5.00    1/30/2019   KRW      26.73
SINBO SECURITIZATION      5.00   10/30/2019   KRW      19.35
SINBO SECURITIZATION      5.00    2/11/2018   KRW      29.81
SINBO SECURITIZATION      5.00   12/25/2016   KRW      32.68
SINBO SECURITIZATION      5.00    1/15/2018   KRW      30.30
SINBO SECURITIZATION      5.00    2/11/2018   KRW      29.81
SINBO SECURITIZATION      5.00    1/15/2018   KRW      30.30
SINBO SECURITIZATION      5.00     7/8/2017   KRW      31.95
SINBO SECURITIZATION      5.00     7/8/2017   KRW      31.95
SINBO SECURITIZATION      5.00    8/16/2017   KRW      31.54
SINBO SECURITIZATION      5.00    9/26/2018   KRW      27.99
SINBO SECURITIZATION      5.00    9/26/2018   KRW      27.99
SINBO SECURITIZATION      5.00    9/26/2018   KRW      27.99
SINBO SECURITIZATION      5.00    8/16/2016   KRW      33.85
SINBO SECURITIZATION      5.00    8/16/2017   KRW      31.54
SINBO SECURITIZATION      5.00    3/14/2016   KRW      48.12
SK TELECOM CO LTD         4.21     6/7/2073   KRW      64.68
TONGYANG CEMENT & EN      7.50    4/20/2014   KRW      70.00
TONGYANG CEMENT & EN      7.30    6/26/2015   KRW      70.00
TONGYANG CEMENT & EN      7.50    7/20/2014   KRW      70.00
TONGYANG CEMENT & EN      7.30    4/12/2015   KRW      70.00
TONGYANG CEMENT & EN      7.50    9/10/2014   KRW      70.00
U-BEST SECURITIZATIO      5.50   11/16/2017   KRW      31.26
WISE MOBILE SECURITI     20.00   12/14/2018   KRW      70.04


SRI LANKA
---------

SRI LANKA GOVERNMENT      5.35     3/1/2026   LKR      68.26


MALAYSIA
--------

BANDAR MALAYSIA SDN       0.35    2/20/2024   MYR      70.29
BANDAR MALAYSIA SDN       0.35   12/29/2023   MYR      70.81
BIMB HOLDINGS BHD         1.50   12/12/2023   MYR      71.13
BRIGHT FOCUS BHD          2.50    1/24/2030   MYR      70.08
BRIGHT FOCUS BHD          2.50    1/22/2031   MYR      67.30
HARKAND FINANCE INC       8.40    3/28/2019   USD      54.13
LAND & GENERAL BHD        1.00    9/24/2018   MYR       0.25
SENAI-DESARU EXPRESS      0.50   12/31/2040   MYR      68.99
SENAI-DESARU EXPRESS      0.50   12/31/2038   MYR      66.05
SENAI-DESARU EXPRESS      0.50   12/29/2045   MYR      74.19
SENAI-DESARU EXPRESS      0.50   12/31/2043   MYR      72.58
SENAI-DESARU EXPRESS      0.50   12/30/2039   MYR      67.74
SENAI-DESARU EXPRESS      0.50   12/30/2044   MYR      73.54
SENAI-DESARU EXPRESS      1.15    6/30/2023   MYR      69.40
SENAI-DESARU EXPRESS      1.35    6/30/2031   MYR      52.64
SENAI-DESARU EXPRESS      1.35    6/30/2028   MYR      58.56
SENAI-DESARU EXPRESS      1.15   12/29/2023   MYR      67.80
SENAI-DESARU EXPRESS      1.15    6/30/2025   MYR      63.54
SENAI-DESARU EXPRESS      1.35   12/31/2026   MYR      61.62
SENAI-DESARU EXPRESS      1.35    6/29/2029   MYR      56.56
SENAI-DESARU EXPRESS      1.10   12/31/2021   MYR      74.37
SENAI-DESARU EXPRESS      1.15    6/28/2024   MYR      66.34
SENAI-DESARU EXPRESS      1.35    6/30/2026   MYR      62.64
SENAI-DESARU EXPRESS      1.35   12/31/2030   MYR      53.64
SENAI-DESARU EXPRESS      1.35   12/29/2028   MYR      57.56
SENAI-DESARU EXPRESS      1.10    6/30/2022   MYR      72.56
SENAI-DESARU EXPRESS      1.35   12/31/2025   MYR      63.72
SENAI-DESARU EXPRESS      1.35   12/31/2029   MYR      55.59
SENAI-DESARU EXPRESS      1.15   12/30/2022   MYR      71.05
SENAI-DESARU EXPRESS      1.15   12/31/2024   MYR      64.89
SENAI-DESARU EXPRESS      1.35    6/30/2027   MYR      60.56
SENAI-DESARU EXPRESS      1.35   12/31/2027   MYR      59.57
SENAI-DESARU EXPRESS      1.35    6/28/2030   MYR      54.61
SENAI-DESARU EXPRESS      0.50   12/31/2041   MYR      70.12
SENAI-DESARU EXPRESS      0.50   12/31/2042   MYR      71.41
SENAI-DESARU EXPRESS      0.50   12/31/2047   MYR      76.22
SENAI-DESARU EXPRESS      0.50   12/31/2046   MYR      75.33
UNIMECH GROUP BHD         5.00    9/18/2018   MYR       1.15


PHILIPPINES
-----------

BAYAN TELECOMMUNICAT     13.50    7/15/2006   USD      22.75
BAYAN TELECOMMUNICAT     13.50    7/15/2006   USD      22.75


SINGAPORE
---------

AXIS OFFSHORE PTE LT      7.78    5/18/2018   USD      53.61
BAKRIE TELECOM PTE L     11.50     5/7/2015   USD       3.19
BAKRIE TELECOM PTE L     11.50     5/7/2015   USD       3.72
BERAU CAPITAL RESOUR     12.50     7/8/2015   USD      28.71
BERAU CAPITAL RESOUR     12.50     7/8/2015   USD      74.78
BLD INVESTMENTS PTE       8.63    3/23/2015   USD       8.25
BUMI CAPITAL PTE LTD     12.00   11/10/2016   USD      18.70
BUMI CAPITAL PTE LTD     12.00   11/10/2016   USD      18.16
BUMI INVESTMENT PTE      10.75    10/6/2017   USD      19.00
BUMI INVESTMENT PTE      10.75    10/6/2017   USD      18.02
ENERCOAL RESOURCES P      6.00     4/7/2018   USD      10.50
GOLIATH OFFSHORE HOL     12.00    6/11/2017   USD       8.50
INDO INFRASTRUCTURE       2.00    7/30/2010   USD       1.88
ORO NEGRO DRILLING P      7.50    1/24/2019   USD      59.50
OSA GOLIATH PTE LTD      12.00    10/9/2018   USD      62.00
OTTAWA HOLDINGS PTE       5.88    5/16/2018   USD      46.00
OTTAWA HOLDINGS PTE       5.88    5/16/2018   USD      48.89
SWIBER HOLDINGS LTD       7.13    4/18/2017   SGD      69.00
TRIKOMSEL PTE LTD         5.25    5/10/2016   SGD      20.00
TRIKOMSEL PTE LTD         7.88     6/5/2017   SGD      24.00


THAILAND
--------

MDX PCL                   4.75    9/17/2003   USD      37.50
G STEEL PCL               3.00    10/4/2015   USD       3.74


VIETNAM
-------

DEBT AND ASSET TRADI      1.00   10/10/2025   USD      48.00
DEBT AND ASSET TRADI      1.00   10/10/2025   USD      48.13



                             *********

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

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

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


                            *********


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

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

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

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

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



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