TCRAP_Public/160120.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

          Wednesday, January 20, 2016, Vol. 19, No. 13


                            Headlines


A U S T R A L I A

B4U COSMETICS: First Creditors' Meeting Set For Jan. 28
DICK SMITH: Creditors Mute on Overdue Millions
MR T TRANSPORT: First Creditors' Meeting Set For Jan. 28
PROJECT SUNSHINE: Moody's Affirms B2 CFR; Outlook Stable
TIMBERDEN PTY: First Creditors' Meeting Set For Jan. 27


C H I N A

SAINTY MARINE: Indebted Chinese Firms Increase Pressures on Gov't


I N D I A

A H MALLICK: CRISIL Suspends 'D' Rating on INR48.5MM Term Loan
ANANDESHWAR POLY: CRISIL Assigns B- Rating to INR50MM Cash Loan
APOLLO VIKAS: CRISIL Cuts Rating on INR40MM Cash Loan to B+
ATUL SHARMA: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
AVANTIKA-GHRA(JV): CRISIL Cuts Rating on INR150MM Loan to B+

AVVAS INFOTECH: CRISIL Assigns B- Rating to INR218MM Term Loan
BABA BEARINGS: CRISIL Reaffirms B+ Rating on INR26MM Cash Loan
BABASAHEB DESHMUKH: CRISIL Cuts Rating on INR224MM Loan to 'D'
BINJRAJKA INDUSTRIES: CRISIL Assigns B+ Rating to INR60MM Loan
BIRBAL DASS: CARE Assigns 'B' Rating to INR26cr LT Loan

CHERAN HARDWARES: CRISIL Assigns B- Rating to INR55MM Cash Loan
DELTA SUGARS: CRISIL Cuts Rating on INR600MM Cash Loan to B-
ELECTRONET EQUIPMENTS: CRISIL Reaffirms B+ Rating on INR36MM Loan
ESS DEE: CARE Lowers Rating on INR335cr Short Term Loan to D
GEMINI EQUIPMENT: CRISIL Cuts Rating on INR104.5MM Loan to D

GEOMAX MINES: CRISIL Assigns B+ Rating to INR150MM Cash Loan
GH REDDY: CRISIL Lowers Rating on INR40MM LT Loan to B+
GLOBAL FOODS: CRISIL Cuts Rating on INR200MM Packing Loan to D
GRISHI MANGO: CRISIL Suspends 'D' Rating on INR45MM Cash Loan
GUPTA OVERSEAS: CARE Assigns 'B' Rating to INR9.28cr Loan to B

HEERA RICEMILLS: CARE Assigns B+ Rating to INR26.60cr LT Loan
HLM INDIA: CRISIL Cuts Rating on INR108.5MM LT Loan to 'D'
INFISSI FENESTRATION: CRISIL Assigns 'B' Rating to INR35.5MM Loan
K D EDUCATION: CRISIL Suspends 'D' Rating on INR280MM Term Loan
K.K. BUILDERS: CRISIL Ups Rating on INR265MM Bank Loan From D

KARAN RICE: Ind-Ra Assigns 'IND B' Long Term Issuer Rating
KULDEVI COTTON: ICRA Reaffirms B Rating on INR4.75cr Cash Loan
LAHLIWALA STEELS: CRISIL Ups Rating on INR80MM Loan to B+
LEOFORTUNE INFRABUILDCON: CRISIL Cuts Rating on INR150M Loan to D
LOHR INDIA: CRISIL Cuts Rating on INR95MM Cash Loan to 'D'

LOTUS BULLIONS: CRISIL Assigns B+ Rating to INR82.2MM Cash Loan
MAA ANANDAMOYEE: CRISIL Suspends 'D' Rating on INR67.5MM Loan
MAA CHINNAMASTA: CRISIL Suspends B Rating on INR1.16BB LT Loan
MACHINO AUTO: ICRA Suspends 'D' Rating on INR28.7cr Term Loan
MANGALDEEP RICE: CRISIL Cuts Rating on INR82.4MM Term Loan to D

OMKAR COTTON: CARE Reaffirms B+ Rating on INR6cr LT Loan
PARAMOUNT CONDUCTORS: CRISIL Cuts Rating on INR110MM Loan to B
PBN CONSTRUCTIONS: CRISIL Assigns B+ Rating to INR30MM Loan
RAGHAV COTSPIN: CRISIL Assigns 'B' Rating to INR220MM Term Loan
RAM DEV: CRISIL Cuts Rating on INR1.89BB Cash Loan to 'D'

RATNAGIRI GAS: CARE Reaffirms 'D' Rating on INR9,127.01cr Loan
SBA EDUCATION: CRISIL Reaffirms 'D' Rating on INR101MM LT Loan
SHIVA GRAMODYOG: CRISIL Assigns 'B' Rating to INR25MM Loan
SHREE PARASHNATH: CARE Reaffirms 'B' Rating on INR174.54cr Loan
SHREEGLUCO BIOTECH: CARE Assigns B+ Rating to INR118cr LT Loan

SIWAL INFRACON: CARE Assigns B+ Rating to INR6.28cr LT Loan
SMARTSTONE PRIVATE: ICRA Suspends B Rating on INR7cr Loan
SRI RAMA PHARMACEUTICAL: CRISIL Cuts Rating on INR150M Loan to B+
SRI SAINATHA: CRISIL Assigns 'B' Rating to INR60MM Cash Loan
SRI SHYAM: CARE Assigns B+ Rating to INR7.0cr LT Loan

SSAB ENERGY: CARE Lowers Rating on INR10.90cr LT Loan to 'D'
SSR CREST: CRISIL Cuts Rating on INR50MM Overdraft Loan to B+
SURYA ALLOY: CRISIL Reaffirms 'D' Rating on INR1.73BB Term Loan
TANGNU ROMAI: CARE Lowers Rating on INR224cr LT Loan to 'D'
TRANSPORT SOLUTIONS: CRISIL Cuts Rating on INR200MM Loan to D

USHER AGRO: CARE Lowers Rating on INR420cr Short Term Loan to D
VASISHTA CONSTRUCTIONS: CARE Ups Rating on INR44.5cr Loan From C
VIMIT METALS: CARE Reaffirms B+ Rating on INR5.06cr LT Loan
VISHWA INFRASTRUCTURES: CARE Cuts Rating on INR494cr Loan to D
YASH PAPERS: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating


I N D O N E S I A

LIPPO KARAWACI: Fitch Rates Proposed US$-Denom. Notes 'BB-(EXP)'
LIPPO KARAWACI: Moody's Affirms Ba3 CFR; Outlook Stable


P H I L I P P I N E S

SECURITY BANK: S&P Affirms 'BB+' LT ICR & Revises Outlook to Pos.


S O U T H  K O R E A

SK E&S CO: S&P Cuts LT Issue Rating on Sub. Capital Sec. to 'BB+'


                            - - - - -


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


B4U COSMETICS: First Creditors' Meeting Set For Jan. 28
-------------------------------------------------------
James White and Luke Targett of BDO were appointed as
administrators of B4U Cosmetics Pty Ltd on Jan. 18, 2016.

A first meeting of the creditors of the Company will be held at
BDO, Level 11, 1 Margaret Street, in Sydney, on Jan. 28, 2016, at
11:00 a.m.


DICK SMITH: Creditors Mute on Overdue Millions
----------------------------------------------
Angus Whitley at Bloomberg News reports that creditors who are
owed at least AUD390 million ($270 million) by Dick Smith Holdings
Ltd. gathered on Jan. 14 for the first time. Not one of them asked
what went wrong.

Bloomberg relates that representatives of banks, suppliers,
customers and employees left out of pocket by the corporate
collapse listened in silence as Dick Smith's administrator twice
asked for questions at the meeting in central Sydney on Jan. 14.

Joe Hayes, a partner at administrator McGrathNicol, wrapped
up the proceedings in less than an hour, the report says.

Bloomberg says creditors and investors had scant warning of the
impending cave-in at Dick Smith. Little more than two months after
trimming profit guidance, the retailer crumpled on Jan. 5 after
sales promotions failed to generate enough cash to keep the
business going.

According to Bloomberg, receiver Ferrier Hodgson is seeking
takeover offers for the business and expressions of interest are
due by Jan. 27. Even so, Mr. Hayes told the meeting it's not
certain everyone will get their dues, Bloomberg relates.

"Strong offers are needed to compensate all creditors," he
said. They include 3,300 employees, two banks, 200 trade
creditors and 150 landlords. It may be months before it's clear
who will be repaid, Bloomberg quotes Mr. Hayes as saying.

Creditors at the meeting voted to appoint a 12-person
committee to represent them, Bloomberg notes.

Just two years ago, a private equity-led listing valued Dick
Smith at AUD534 million. Chief executive officer Nick Abboud
stepped down two weeks ago, leaving secured creditors owed
approximately AUD140 million and unsecured creditors about
AUD250 million out of pocket, Bloomberg relates citing Ferrier
Hodgson.

It's too soon to say exactly what went wrong at Dick Smith,
Mr. Hayes told reporters after the meeting, Bloomberg relays.

                        About Dick Smith

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

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

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

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

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

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

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


MR T TRANSPORT: First Creditors' Meeting Set For Jan. 28
--------------------------------------------------------
Anne-Marie Barley at WRA Insolvency was appointed as administrator
of Mr T Transport & Cold Storage Pty Ltd on
Jan. 15, 2016.

A first meeting of the creditors of the Company will be held at
WRA Insolvency, 185 Kelvin Grove Road, in Kelvin Grove,
Queensland, on Jan. 28, 2016, at 10:30 a.m.


PROJECT SUNSHINE: Moody's Affirms B2 CFR; Outlook Stable
--------------------------------------------------------
Moody's Investors Service has changed the outlook on Project
Sunshine IV Pty Ltd's corporate family rating and senior secured
rating to stable from negative.

At the same time, Moody's has affirmed Project Sunshine IV's B2
CFR and senior secured rating.

Project Sunshine is the 100% owner of Sensis Pty Ltd, which is in
turn Australia's leading provider of telephone directory services.

RATINGS RATIONALE

"The change in Project Sunshine's rating outlook to stable from
negative reflects our expectation that Sensis will reduce leverage
and maintain a strong financial profile, supported by strong cash
flow generation," says Ian Chitterer, a Moody's Vice President and
Senior Analyst.

"Such a situation will offset the risks associated with Sensis'
weak operating profile and the structural decline in the telephone
directory services industry".

Sensis kept its leverage -- as measured by debt/EBITDA -- at low
levels of 1.2x-1.3x during the fiscal years ended June 30, 2014,
(FY14) and June 30, 2015 (FY15).

Moody's expects Sensis' leverage to peak at about 1.4x in FY16,
following their recent refinancing, but to fall to around 1.0x-
1.2x in the following 12-24 months.  Moody's expectation is based
on Sensis' modest and diminishing CAPEX requirements, and its
ability and willingness to pay down debt, given its strong cash
flow generation.

The company has consistently generated strong operating cash flows
and Moody's expects this situation to continue.  Specifically,
Moody's expects that Sensis' cash flows will total AUD160-AUD120
million over the next three years (FY16 to FY18) despite its
declining revenues.

The stable outlook further recognizes Sensis' adequate liquidity
position.  In particular, the company holds adequate liquidity to
cover its CAPEX plans.

Looking forward, Moody's expects Sensis to adjust its dividends
and CAPEX to avoid a deterioration in its financial profile.

The stable outlook also reflects the strong cost control
initiatives that Sensis has undertaken, which saw adjusted EBITDA
margins improve to 35.6% in FY15 from 31.7% in FY14.  Moody's
expects the company to maintain such initiatives, which should in
turn support its margins over the next 12-24 months.

Moody's points out that Project Sunshine's B2 CFR takes into
account Sensis' weak operating profile and the structural decline
in the print directories sector.  The rating incorporates the
intensifying threat from the increasing availability of
alternative sources of information, including social networking
sites.

WHAT COULD CHANGE THE RATING -- UP

Upward pressure on the rating is unlikely given the uncertainties
and risks associated with the structural decline of the industry
sector in which the company principally operates in.

WHAT COULD CHANGE THE RATING -- DOWN

The rating could face negative pressure in the event that the
company's revenue and earnings deteriorate faster than our current
expectations, or if the company fails to maintain leverage below
1.4x on a sustained basis due to debt funded, shareholder-friendly
initiatives or operational weakness.

The principal methodology used in these ratings was Global
Publishing Industry published in December 2011.

Project Sunshine IV Pty Ltd is the 100% owner of Sensis Pty Ltd,
which is in turn Australia's leading provider of telephone
directory services.  Sensis prints and distributes the White Pages
and Yellow Pages directories in Australia, as well as operate
various on-line businesses, including the on-line versions of both
these print directories


TIMBERDEN PTY: First Creditors' Meeting Set For Jan. 27
-------------------------------------------------------
Robert Michael Kirman and Matthew Wayne Caddy of McGrathNicol were
appointed as administrators of Timberden Pty Ltd on Jan. 14, 2016.

A first meeting of the creditors of the Company will be held at
St Martins Centre Conference Suite, Level 9, 40 St Georges, in
Terrace, Perth on Jan. 27, 2016, at 10:00 a.m.



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


SAINTY MARINE: Indebted Chinese Firms Increase Pressures on Gov't
-----------------------------------------------------------------
Keith Bradsher at The New York Times reports that Sainty Marine
Corporation started small, buying and selling a few ships in the
1980s. But Sainty Marine, a Chinese state-owned company, went on a
debt-fueled binge over the last few years, opening its own
shipyards and signing orders worth hundreds of millions of dollars
each.

Now, heavily indebted companies like Sainty Marine are at the
center of the economic troubles in China that have unsettled
currency, commodity and stock markets of late, says the report.

Sainty Marine just found itself in court, as one of China's
biggest banks asked to dismantle the company to recoup overdue
loans.  According to the report, government regulators are
investigating the accuracy of the company's financial reports, its
bank accounts have recently been frozen and its shares have not
traded on the Shenzhen stock market since August.

"It's pretty dire," the report quotes Matthew Flynn, a Hong Kong
shipping consultant, as saying.

The New York Times notes that shipbuilding is part of a long list
of Chinese industries, including steelmaking, coal mining and auto
manufacturing, that borrowed heavily from state-run banks to
expand during the good years, helping to propel the country's
three decades of double-digit annual economic growth. But growth
has now slipped to around 7%, and many companies are running low
on cash.

The report says the direction of the Chinese economy has made
global investors nervous and weighs on the price of oil. And
troubled companies like Sainty Marine are clouding the outlook,
says the New York Times.

The New York Times relates that for years, state-owned companies
could regularly mark up their prices to help them pay off their
loans. As customers now pull back and deflationary pressures set
in, companies are being forced to cut prices, while facing the
same debt payments.

The corporate crunch is muddling the government's efforts to
manage the economy, says The New York Times.  To keep growth from
falling off a cliff, authorities are pushing a raft of stimulus
measures, like building more high-speed rail lines and encouraging
state-owned banks to keep lending, according to the report.

But ever more borrowing leaves China vulnerable, as company
blowups add to the pressures. Last year, total debts of all sorts
in China -- household, corporate and government -- increased by an
amount equal to 12 percent of the entire country's economy, the
report discloses. Overall lending expanded in December at the
fastest pace since June, The New York Times discloses citing
figures released by the central bank on Jan. 15.

China-based Sainty Marine Corporation Ltd. is principally engaged
in the manufacture, distribution and trading of motor ships and
non-motor ships. The Company primarily provides motor ships,
including container carriers, multi-purpose ships and heavy lift
vessels, among others; non-motor ships, including cargo carriers.
The Company is also involved in the operation of vessel leasing
business. It distributes its products in domestic and overseas
markets.



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


A H MALLICK: CRISIL Suspends 'D' Rating on INR48.5MM Term Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of A H
Mallick Agro Services and Cold Storage Private Limited
(AHMASCDPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         2.6      CRISIL D
   Cash Credit           38.9      CRISIL D
   Proposed Long Term
   Bank Loan Facility     4.4      CRISIL D
   Term Loan             48.5      CRISIL D
   Working Capital
   Loan                   5.6      CRISIL D

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

Incorporated in 2012, AHMASCDPL has set up a cold storage to
provide services to potato farmers and traders. The company is
based in Dadpur (West Bengal) and is promoted by the Mallick
family.


ANANDESHWAR POLY: CRISIL Assigns B- Rating to INR50MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Anandeshwar Poly Pack Private Limited
(APPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan              20       CRISIL B-/Stable
   Proposed Long Term
   Bank Loan Facility      5       CRISIL B-/Stable
   Cash Credit            50       CRISIL B-/Stable
   Letter of Credit       50       CRISIL A4

The rating reflects company's weak liquidity, below-average
financial risk profile and modest scale of operations in the
highly fragmented packaging industry. These weaknesses are
mitigated by promoters' experience and their funding support.
Outlook: Stable

CRISIL believes APPL will benefit over the medium term from its
promoters' experience. The outlook may be revised to 'Positive' if
ramp-up in scale of operations along with stable profitability and
sustainable improvement in cash accruals leads to better
financial-risk profile. Conversely, the outlook may be revised to
'Negative' if any large capital expenditure or stretched working
capital cycle constrains liquidity.

Incorporated in 1997, Kanpur (Uttar Pradesh)-based APPL
manufactures multilayer poly films which are used in the flexible
packaging industry. The company also trades in low-density
polyethylene plastic granules. It is promoted by Mr. Ashok
Maheshwari and his family.

Profit after tax (PAT) was INR6.9 million on operating income of
INR513.7 million in 2014-15 (refers to financial year, April 1 to
March 31) as against PAT of INR5.5 million on operating income of
INR426.8 million in 2013-14.


APOLLO VIKAS: CRISIL Cuts Rating on INR40MM Cash Loan to B+
-----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Apollo
Vikas Steels Private Limited (AVSL; part of the Apollo Vikas
group) to 'CRISIL B+/Stable/CRISIL A4' from 'CRISIL BB-
/Stable/CRISIL A4+'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             40      CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

   Letter of Credit       460      CRISIL A4 (Downgraded from
                                   'CRISIL A4+')

The downgrade reflects CRISIL's belief that the Apollo Vikas
group's business risk profile will remain under pressure over the
medium term on account of slowdown in ship-breaking activity.
Revenue declined to INR828 million in 2014-15 (refers to financial
year, April 1 to March 31) from INR2.14 billion in 2012-13, and
operating margin declined to 0.3 percent from 5.8 percent. The
group imports ships which are paid for in US dollars, and sells
scrap in the domestic market. Due to large hedging cost, it keeps
forex exposure open, which has led to forex losses in the past,
wiping out substantial accrual. The group does not plan to
purchase any ship in 2015-16 on account of volatility in prices.
However, it benefits from its management's cautious approach,
stable revenue from its furnace division, and its sizeable fixed
deposit balance.

The ratings reflect small scale of operations in the fragmented
and cyclical ship-breaking industry, and susceptibility to
regulatory changes and to volatility in the value of the Indian
rupee. These weaknesses are partially offset by promoters'
extensive industry experience, steady revenue from furnace
division, and healthy financial risk profile because of
comfortable capital structure.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Saibaba Ship Breaking Corporation
(SSBC) and AVSL. This is because the two entities, together
referred to as the Apollo Vikas group, are under a common
management and have operational and financial linkages.
Outlook: Stable

CRISIL believes the Apollo Vikas group will continue to benefit
over the medium term from its promoters' extensive experience in
the ship-breaking industry, along with stable revenue from its
furnace division. The outlook may be revised to 'Positive' in case
of significant increase in revenue and profitability, backed by
revival in ship-breaking activity. Conversely, the outlook may be
revised to 'Negative' if profitability declines because of decline
in scrap prices or large forex losses, affecting the group's
ability to recover cost of ships purchased.

AVSL is engaged in ship-breaking in Alang (Gujarat). It has a
track record of more than 25 years in the ship-breaking business.
AVSL installed a furnace division in 2008-09. SSBC is a
partnership firm and has a ship-breaking yard in Alang.

AVSL reported net loss of INR17.52 million on net sales of
INR442.6 million for 2014-15, vis-a-vis profit after tax of
INR1.89 million on net sales of INR540.2 million in 2013-14.


ATUL SHARMA: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Atul Sharma Solar
Energy (ASSE) a Long-Term Issuer Rating of 'IND BB-'. The Outlook
is Stable. The agency has also assigned ASSE's INR62.0m term loans
an 'IND BB-' rating with a Stable Outlook.

KEY RATING DRIVERS

The ratings reflect ASSE's small scale of operations and moderate
credit profile. During FY15, ASSE's revenue was INR23 million
(FY14: INR18 million), EBITDA interest coverage (EBITDA/ interest
coverage) was 9.8x (FY14: 6.4x) and net leverage (net debt/
EBITDA) was 2.9x (1.1x). The operating EBITDA margins were stable
at 93.3% in FY15 (FY14: 91.7%). The net leverage deteriorated in
FY15 due to the debt of INR52.5m availed by ASSE to set up a new
1.25MW solar power plant in Shajapur, Madhya Pradesh. The ratings
are also constrained by the proprietorship nature of ASSE's
business.

The ratings are also supported by the over two decades of
experience of ASSE's founders in the renewable energy sector as
well as in the mining industry. The ratings also benefit from
ASSE's agreement with Pratibha Syntex Limited and H & R Johnson
(India) (a division of Prism Cement Ltd. ('IND A-'/Outlook)) for
the supply of solar power generated from its two power plants.

RATING SENSITIVITIES

Positive: A substantial improvement in the scale of operations
along with an improvement in the overall credit profile will be
positive for the ratings.

Negative: Substantial detoriation in the credit metrics will be
negative for the ratings.

COMPANY PROFILE

Incorporated in 2013, ASSE is a proprietorship entity engaged in
the generation of solar power.

ASSE is managed solely by its proprietor, Atul Sharma.


AVANTIKA-GHRA(JV): CRISIL Cuts Rating on INR150MM Loan to B+
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Avantika-GHRA(JV) (Avantika GHRA) to 'CRISIL B+/Stable' from
'CRISIL BB/Negative'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Overdraft Facility     150      CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB/Negative')

The downgrade reflects weakening of Avantika GHRA's business risk
profile because of a substantial decline in scale of operations
and a stretched working capital cycle. The firm's revenue is
expected to decline by 56 percent year-on-year to INR100 million
in 2015-16 (refers to financial year, April 1 to March 31), and
remain muted over the medium term on account of slow-moving orders
in its order book. The working capital cycle has also lengthened
with gross current assets expected to increase to around 1500 days
as on March 31, 2016, from 969 days as on March 31, 2015. A
substantial increase in scale of operations or a sustained
improvement in the working capital cycle remains a key rating
sensitivity factor.

The rating continues to reflect Avantika GHRA's small scale of
operations, large working capital requirement, high degree of
project concentration in its order book, and exposure to intense
competition in the construction industry. These rating weaknesses
are partially offset by the extensive industry experience of the
firm's promoters, and its above-average financial risk profile
because of low gearing and above-average debt protection metrics.
Outlook: Stable

CRISIL believes Avantika-GHRA will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of a substantial
increase in scale of operations, or sustained improvement in the
working capital cycle. Conversely, the outlook may be revised to
'Negative' in case of a further decline in revenue, or weakening
of the financial risk profile caused most likely by a stretched
working capital cycle.

Avantika GHRA was set up in 2005 as a joint venture (JV) between
GH Reddy Associates (Construction) Pvt Ltd (rated 'CRISIL
B+/Stable/CRISIL A4') and Shri Avantika Contractors (I) Ltd. The
firm is undertaking a flood management control project at the
Baghmati River in Bihar.


AVVAS INFOTECH: CRISIL Assigns B- Rating to INR218MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings on
the bank facilities of Avvas Infotech Private Limited (AIPL).

                        Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Working Capital
   Term Loan              218        CRISIL B-/Stable
   Term Loan               35        CRISIL B-/Stable
   Funded Interest
   Term Loan               31.1      CRISIL B-/Stable
   Bank Guarantee          10.2      CRISIL A4
   Cash Credit             40.7      CRISIL B-/Stable

The ratings reflect weak financial risk profile as reflected in
its weak capital structure and liquidity. The ratings also reflect
its working capital-intensive operations driven by high
receivables. These rating weaknesses are mitigated by the
promoter's extensive experience of information technology (IT) and
related business and its longstanding customer relationship.
Outlook: Stable

CRISIL believes AIPL will continue to benefit over the medium term
from its promoter's extensive industry experience. The outlook may
be revised to 'Positive' in case of higher-than-expected operating
income and cash accrual, leading to improvement in the overall
financial risk profile, particularly liquidity or in case of
significant infusion of capital, resulting in an improvement in
capital structure. Conversely, the outlook may be revised to
'Negative' if revenue and margins decline, or if the working
capital cycle deteriorates, or if large financial support to
associate entities, leads to weak financial risk profile.

Incorporated in 2007 and based at Bengaluru, AIPL provides IT,
ITES and HR services. The company is managed by its managing
director, Mr. AVS Sarma.

In 2014-15 (refers to financial year, April 1 to March 31), AIPL
on a provisional basis had a loss of INR2.87 million on total
revenue of INR707.24 million, against loss of INR2.79 million on
total revenue of INR592.01 million in 2013-14.


BABA BEARINGS: CRISIL Reaffirms B+ Rating on INR26MM Cash Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Baba Bearings Private
Limited (BBPL) continue to reflect the company's modest scale of
operations in the fragmented and competitive automotive component
industry, and working capital-intensive operations. The ratings
also factor in a below-average financial risk profile because of a
small net worth, average gearing, and weak debt protection
metrics. These rating weaknesses are partially offset by the
extensive experience of its promoters in the bearing industry.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            26        CRISIL B+/Stable (Reaffirmed)
   Letter of Credit        4        CRISIL A4 (Reaffirmed)
   Term Loan              26.4      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes BBPL will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' in case of better-than-expected cash
accrual, leading to significant improvement in the financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case of lower-than-expected revenue and profitability, resulting
in low cash accrual, or a stretched working capital cycle,
constraining the financial risk profile, particularly liquidity.

Update
Revenue increased at a healthy 33 per cent year-on-year in 2014-15
(refers to financial year, April 1 to March 31). In the nine
months through December 2015, revenue was around INR130 million
and is expected to be similar to the previous year's revenue in
2015-16 due to low market demand. CRISIL believes the extensive
experience of the promoters along with an established relationship
with suppliers and customers will aid growth over the medium term.

Operating profitability was around 8.69 percent in 2014-15.
However, there was a net loss during the year mainly due to
increasing depreciation cost. CRISIL believes the operating margin
will remain at 9-10 percent over the medium term.

Operations are working capital intensive as reflected in gross
current assets of 198 days as on March 31, 2015. This has led to
moderate bank limit utilisation at an average of around 82 per
cent during the 12 months through November 2015. Due to
incremental working capital requirement, gearing increased to
around 2.02 times as on March 31, 2015. Debt protection metrics
also deteriorated with net cash accrual to total debt and interest
coverage ratios at around 0.14 time and 2.10 times, respectively,
in 2014-15. The financial risk profile is expected to remain
stable over the medium term in the absence of any large debt-
funded capital expenditure plan.

Liquidity is supported by unsecured loans from promoters, the
balance of which stood at INR14.3 million as on March 31, 2015.
Also, cash accrual is expected to be sufficient to meet debt
repayment obligations over the medium term.

BBPL was incorporated in 1992, promoted by the Kansara family. The
company manufactures all types of rollers (cylindrical, spherical,
tapered, and flat-end needles) and supplies to major bearing
manufacturing companies in India as well as in European countries
such as the UK, Germany, Italy, and France. The products find
application in the automotive and other precision engineering
industries. The company's unit is at Boranada in Jodhpur,
Rajasthan. Its operations are managed by Mr. Brijlal Kansara, Mr
Balkishan Kansara, Mr. Hari Narayan Kansara, and other family
members.


BABASAHEB DESHMUKH: CRISIL Cuts Rating on INR224MM Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Babasaheb Deshmukh Shetkari Sahakari Soot Girni Maryadit
(Babasaheb) to 'CRISIL D' from 'CRISIL B-/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan              224      CRISIL D (Downgraded from
                                   'CRISIL B-/Stable')

The downgrade reflects instances of delay in servicing term debt
by Babasaheb on account of weak liquidity because of large debt
obligation and low profitability.

Babasaheb has a weak financial risk profile because of high
gearing and inadequate debt protection metrics. It has modest
scale of operations in the competitive and fragmented cotton
industry, and its operating performance is vulnerable to
volatility in raw material prices and to regulatory changes.
However, Babasaheb benefits from its promoter's extensive
experience in the cotton industry.

Set up in 1990, Babasaheb manufactures cotton yarn at its unit in
Sangli (Maharashtra), which has installed capacity of 19,488
spindles. Operations are managed by Mr. Sukumar Powar.


BINJRAJKA INDUSTRIES: CRISIL Assigns B+ Rating to INR60MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Binjrajka Industries Private Limited (BIPL).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            60        CRISIL B+/Stable
   Long Term Loan         31.3      CRISIL B+/Stable

The rating reflects the company's modest scale of operations,
exposure to project implementation risks, and weak financial risk
profile because of weak capital structure and debt protection
metrics. These rating weaknesses are partially offset by the
extensive experience of BIPL's promoters in the steel-products
industry.
Outlook: Stable

CRISIL believes BIPL will continue to benefit over the medium term
from its established customer relationship and promoters'
extensive industry experience. The outlook may be revised to
'Positive' in case of higher-than-expected revenue and cash
accrual driven by stabilisation of the company's upcoming
facility, or significant equity infusion, leading to improvement
in the financial risk profile. Conversely, the outlook may be
revised to 'Negative' in case of lower-than-anticipated
profitability, or significant time or cost overrun in project
implementation, leading to delay in commencement of operations and
hence lower-than-expected cash accrual.

BIPL, based at Hyderabad and incorporated in 2014, manufactures
pre-galvanised steel tubes. It is also setting up a manufacturing
unit for high-frequency induction-welded carbon steel tubes. Its
operations are managed by Mr. Rakesh Binjrajka and Mr. Ramesh
Chandra Agarwal.


BIRBAL DASS: CARE Assigns 'B' Rating to INR26cr LT Loan
-------------------------------------------------------
CARE assigns 'CARE B' ratings to the bank facilities of Birbal
Dass Ritesh Kumar.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      26        CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Birbal Dass Ritesh
Kumar (BDRK) is primarily constrained on account of its financial
risk profile marked by thin profitability, weak solvency position
and working capital intensive nature of operations and its
constitution as a proprietorship concern. The rating is, further,
constrained on account of vulnerability of its margins to
fluctuations in agriculture commodities due to seasonality
associated and its presence in highly fragmented and government
regulated industry.

The rating, however, derives strength from experienced proprietor
with its established track record of operations.  The ability of
the firm to increase its scale of operations while maintaining
profitability along with efficient management of working capital
shall be the key rating sensitivities.

Hanumangarh-based (Rajasthan) BDRK was established in 2006 as a
proprietorship concern by Mr Ritesh Kumar Gupta.  BDRK is engaged
in the business of trading of agriculture commodities and also
provides commission agents services to its customers. The firm
mainly deals in barley, castor seeds, coriander, cotton bales,
mustard seeds and wheat, etc. It procures the agriculture
commodities from the local mandis as well as from farmers and
sells those to different customers directly as well as through
distributors. BDRK is also engaged in the business of land
development business.

During FY15, BDRK has registered TOI of INR95.75 crore with PAT of
INR0.06 crore as against INR87.47 crore with PAT of INR0.23 crore
in FY14.


CHERAN HARDWARES: CRISIL Assigns B- Rating to INR55MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facility of Cheran Hardwares (CH).

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

The rating reflects CH's modest scale of and working capital-
intensive operations, below-average financial profile marked by
high total outstanding liabilities to total networth, weak debt
protection metrics and net worth and its exposure to intense
competition in the steel trading industry. These weaknesses are
mitigated by the longstanding industry experience of its
promoters' and its established customer relationships.
Outlook: Stable

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

Established as a partnership firm in 1991, CH is an iron and steel
trader. Based in Coimbatore (Tamil Nadu), the firm is promoted and
managed by Mr. M Karunanithi and Mr. D Mohan.

For 2014-15 (refers to financial year, April 1 to March 31), CH
reported net loss of INR1 million on net sales of INR200 million
against net loss of INR18 million on net sales of INR 167 million
for 2013-14.


DELTA SUGARS: CRISIL Cuts Rating on INR600MM Cash Loan to B-
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Delta Sugars Limited (DSL) to 'CRISIL B-/Stable' from 'CRISIL
B/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            600      CRISIL B-/Stable (Downgraded
                                   from 'CRISIL B/Stable')

   Term Loan               30      CRISIL B-/Stable (Downgraded
                                   from 'CRISIL B/Stable')

The rating downgrade reflects deterioration in the company's
financial risk profile, particularly liquidity, amid weak sugar
prices. Its gearing was 7.7 times as on March 31, 2015, and debt
protection metrics continue to be weak. However, liquidity is
supported by need-based funding from promoters. The promoters have
extended unsecured loans of INR97 million and infused equity of
INR60 million during 2014-15 (refers to financial year,
April 1 to March 31). Timely fund support from promoters over the
medium term will remain a key rating sensitivity factor.

The rating reflects DSL's large working capital requirement, and
exposure to risks related to the regulated nature of the sugar
industry. These rating weaknesses are partially offset by the
extensive industry experience of its promoters.
Outlook: Stable

CRISIL believes DSL will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' in case of a substantial and sustained
increase in revenue with significantly higher profitability
margins, or sizeable equity infusion, leading to an improved
capital structure. Conversely, the outlook may be revised to
'Negative' in case of continuing losses, large, debt-funded
capital expenditure, or a stretched working capital cycle, leading
to further deterioration in the financial risk profile.

DSL is a part of the Laila group of companies. The company
manufactures sugar and also generates by-products such as bagasse
and molasses. Based in Vijayawada, Andhra Pradesh, it is promoted
by Mr. G Ganga Raju.

In 2014-15, DSL had a net loss of INR122 million on net sales of
INR776 million, against a net loss of INR17 million on net sales
of INR794 million in 2013-14.


ELECTRONET EQUIPMENTS: CRISIL Reaffirms B+ Rating on INR36MM Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Electronet Equipments
Private Limited (EEPL) continue to reflect the modest scale of
operations, large working capital requirement, and below-average
financial risk profile because of a small net worth and high
gearing.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         15        CRISIL A4 (Reaffirmed)
   Cash Credit            31.4      CRISIL B+/Stable (Reaffirmed)
   Long Term Loan         36        CRISIL B+/Stable (Reaffirmed)

These weaknesses are partially offset by the extensive experience
of promoters and the established clientele in the technologically
intensive electrical and electronic instrumentation products
industry.

Outlook: Stable

CRISIL believes EEPL will benefit from the promoters' extensive
industry experience. The outlook may be revised to 'Positive' in
case of significant improvement in the scale of operations and
profitability, leading to substantial cash accrual. Conversely,
the outlook may be revised to 'Negative' if the financial risk
profile, especially liquidity, weakens because of low cash accrual
driven by limited ramp-up in sales from its upcoming facility, or
a stretch in the working capital cycle, or any debt-funded capital
expenditure.

Incorporated in 2002, EEPL manufactures process control and
automation instruments. The company was promoted by Mr. Rajendra
Nagaonkar, who is an electrical engineer and has experience of
over 30 years in this field. The manufacturing facility is in Pune
(Maharashtra), and EEPL is setting up another facility at Shirwal
near Pune.


ESS DEE: CARE Lowers Rating on INR335cr Short Term Loan to D
------------------------------------------------------------
CARE revises ratings assigned to bank facilities of Ess Dee
Aluminium Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities
   (Fund-based)                   180       CARE D Revised from
                                            CARE BBB-

   Short-term Bank Facilities
   (Non-fund-based)               335       CARE D Revised from
                                            CARE A3

   Long-term Non-Convertible
   Debenture                       30       CARE D Revised from
                                            CARE BBB-

Rating Rationale

The revision in the ratings of Ess Dee Aluminium Limited (EDAL)
takes in to account the ongoing delays in debt servicing owing to
the strained liquidity position.

Established in 2004, Ess Dee Aluminum Ltd. (EDAL), promoted by Mr.
Sudip Dutta, is one of the leading suppliers of primary packing
materials in India. The company is engaged in manufacturing of
aluminium foil based high-end packaging solutions for
pharmaceuticals, FMCG and confectionery industry. The company has
pioneered manufacturing of dedicated high end Pharma packaging
products like cold form blister and child-resistant-blister
packaging in India.

EDAL reported a PAT of INR30.38 crore (P.Y. INR50.22 crore) on a
total operating income of INR776.80 crore (P.Y: INR674.96
crore) in FY15 (refers to the period April 1 toMarch 31; Audited).


GEMINI EQUIPMENT: CRISIL Cuts Rating on INR104.5MM Loan to D
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Gemini Equipment and Rentals Private Limited (GEAR) to 'CRISIL
D' from 'CRISIL BB/Negative'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Long Term    45.5      CRISIL D (Downgraded
   Bank Loan Facility              from 'CRISIL BB/Negative')

   Rupee Term Loan      104.5      CRISIL D (Downgraded
                                   from 'CRISIL BB/Negative')

The downgrade reflects instances of delays by GEAR in servicing
its debt; the delays have been caused mainly on account of weak
liquidity driven by a stretched working capital cycle.

The company has witnessed delays in debtor realisations, with
debtors at around 150 days as on Sep 2015, primarily in the
construction equipment (CE) rental segment leading to delays in
debt servicing. Though the company is in the process of selling
its assets in the CE space to repay debt related to this segment
over the next 3-4 months, CRISIL expects its liquidity to remain
weak over the near term.

The company is exposed to risk related to stretched receivables
and cyclicality in demand. However, the company benefits from
established position in the equipment-rental industry and a strong
customer base and funding support from its shareholders.

GEAR, established in 2007, rents out construction and material-
handling equipment. The company is based in Mumbai and has
regional offices in seven cities across India. Two investment
funds, Berggruen Holdings and Cycladic Capital, own about 52.8
percent and 43.2 percent stake, respectively, in the company.


GEOMAX MINES: CRISIL Assigns B+ Rating to INR150MM Cash Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Geomax Mines & Minerals Pvt Ltd (GMMPL).

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

The rating reflects GMMPL's modest scale and working capital-
intensive operations, and exposure to risks relating to
fluctuation in bauxite prices. These weaknesses are mitigated by
purchase and sales agreements with mine owners and key customer,
respectively.
Outlook: Stable

CRISIL believes GMMPL to maintain its credit risk profile backed
by its promoter's extensive experience in bauxite trading and its
agreements with mine owners and key customer. The outlook may be
revised to 'Positive' if substantially higher-than-expected cash
accrual or improved working capital management leads to better
liquidity and debt protection metrics. Conversely, the outlook may
be revised to 'Negative' if lower-than-expected cash accrual,
inefficient working capital management, or debt-funded capital
expenditure weakens financial risk profile, especially liquidity.

GMMPL incorporated in 2009 trades in bauxite ores. Its operations
are managed by Ranchi-based Mr. Chava Venu Gopal who has an
experience of around 20 years in the mining industry.


GH REDDY: CRISIL Lowers Rating on INR40MM LT Loan to B+
-------------------------------------------------------
CRISIL has downgraded its ratings on the on the bank facilities of
GH Reddy and Associates (Construction) Private Limited (GH Reddy)
to 'CRISIL B+/Stable/CRISIL A4' from 'CRISIL BB+/Stable/CRISIL
A4+'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         200      CRISIL A4 (Downgraded from
                                   'CRISIL A4+')

   Cash Credit             10      CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB+/Stable')

   Proposed Long Term      40      CRISIL B+/Stable (Downgraded
   Bank Loan Facility              from 'CRISIL BB+/Stable')

The downgrade reflects weakening of GH Reddy's business risk
profile because of a substantial decline in scale of operations
and a stretched working capital cycle. The company's revenue is
expected to decline by 55 per cent year-on-year to INR45 million
in 2015-16 (refers to financial year, April 1 to March 31) and
remain muted over the medium term on account of slow-moving orders
in its order book. The working capital cycle has also lengthened
with gross current assets expected to increase to around 2200 days
as on March 31, 2016, from 1483 days as on
March 31, 2015. A substantial increase in scale of operations or a
sustained improvement in the working capital cycle remains a key
rating sensitivity factor.

The ratings reflect GH Reddy's small scale of operations, large
working capital requirement, high degree of project concentration
in its revenue profile, and exposure to intense competition in the
construction industry. These rating weaknesses are partially
offset by the extensive industry experience of the company's
promoters, and its above-average financial risk profile because of
low gearing and above-average debt protection metrics.
Outlook: Stable

CRISIL believes GH Reddy will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of a substantial
increase in scale of operations, or sustained improvement in the
working capital cycle. Conversely, the outlook may be revised to
'Negative' in case of a further decline in revenue, or weakening
of the financial risk profile caused most likely by a stretched
working capital cycle.

GH Reddy was originally set up in 1981 as a partnership firm by
Mr. A Murali Krishna Reddy, Mrs. Indira Priyadarshini, and their
family members; the firm was reconstituted as a private limited
company in 2005. The company undertakes irrigation projects,
including construction of dams and canals. It is based in
Hyderabad.


GLOBAL FOODS: CRISIL Cuts Rating on INR200MM Packing Loan to D
--------------------------------------------------------------
CRISIL has downgraded its rating on short-term bank facility of
Global Foods (GF) to 'CRISIL D' from 'CRISIL A4'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Packing Credit         200      CRISIL D (Downgraded from
                                   'CRISIL A4')

The rating downgrade reflects instances of over utilisation of its
working capital facility by GF, primarily due to weak liquidity as
a result of large working capital requirement driven by delays in
receivables.

GF also has a below-average financial risk profile because of a
high total outside liabilities to tangible net worth ratio.
Moreover, the firm's operating margin is susceptible to volatility
in cashew prices and to intense competition in the cashew
processing industry. However, the firm benefits from its
promoters' extensive industry experience and established market
position in processing and exporting cashew kernels.

GF, founded as a partnership firm by Mr. Abhijit Mohan and Mr.
Mohan Chandra Nair in February 2013, processes and exports cashew
kernels.


GRISHI MANGO: CRISIL Suspends 'D' Rating on INR45MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Grishi
Mango Products and Exports Tamilnadu Private Limited (Grishi).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            45       CRISIL D
   Long Term Loan         44.5     CRISIL D

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

Grishi, established in 2004, primarily manufactures fruit drinks.
The company also manufactures aerated drinks and ready-to-eat
packaged snacks. The day-to-day operations of Grishi are managed
by Mr. E Prasanna, Mr. P Rajesh Kumar, and Mr. M Pratap Singh.


GUPTA OVERSEAS: CARE Assigns 'B' Rating to INR9.28cr Loan to B
--------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Gupta
Overseas Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      9.28      CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Gupta Overseas
Private Limited (GPL) factors in small scale of operations with
low net worth base, declining profitability margins, leveraged
capital structure and weak debt coverage indicators. The rating is
further constrained by susceptibility of margins to raw material
price volatility, presence of the company in a cyclical,
fragmented and competitive textile industry.

The rating, however, draws comfort from the experienced promoters,
long track record of operations along with growing scale of
operations.

Going forward, the ability of the company to increase its scale of
operations while stabilizing its profitability margins and
improving its capital structure shall be the key rating
sensitivities.

Panipat-based (Haryana) Gupta Overseas Private Limited (GPL) was
incorporated in 1998 by Mr Sandeep Garg and Mr Sudhir Garg. GPL is
engaged in the manufacturing of cotton yarn and has its
manufacturing facilities located at Panipat, Haryana, with an
installed capacity of manufacturing 36 lakh kg of yarn per annum
as on July 31, 2015. The company sells cotton yarn to
manufacturers of fabric (weaving units) in the domestic market
through various agents and distributors.

The company procures the key raw material such as raw cotton and
waste cotton from various dealers located in Haryana and its
nearby regions. The group concern of GPL, ie, Gupta Spinners is
also engaged in the manufacturing of yarn since 1993.

In FY15 (refers to the period April 1 to March 31) (as per the
unaudited results), GPL has achieved a total operating income
(TOI) of INR18.92 crore with PBILDT and profit after tax (PAT) of
INR1.60 crore and INR0.12 crore, respectively, as against TOI of
INR14.51 crore with PBILDT and PAT of INR1.90 crore and INR0.08
crore, respectively, in FY14.


HEERA RICEMILLS: CARE Assigns B+ Rating to INR26.60cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Heera
Ricemills.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     26.60      CARE B+ Assigned

Rating Rationale

The rating assigned to Heera Rice Mills (HRM) is primarily
constrained by modest scale of operations, weak financial risk
profile marked by low profitability margins, leveraged capital
structure, weak coverage indicators and working capital intensive
nature of operations. The rating is further constrained by
susceptibility to fluctuation in exchange rate, fragmented and
competitive nature of industry coupled with high level of
government regulation and partnership nature of its constitution.

The rating, however, draws comfort from experience of partners in
trading and processing of rice, and favorable manufacturing
location.

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

Heera Rice Mill (HRM) was established as a partnership firm in
1998 by Mr Ishwar Dass and Mr. Satish Kumar with an equal profit
sharing ratio. Later on in 2000, Mr. Satish Kumar and Mr. Suresh
Kumar joined as partners in the firm. They look after the overall
operations of the firm. HRM is engaged in milling, processing and
trading of rice at its processing unit located at Karnal, Haryana
having installed capacity of processing 6 tonnes of paddy/hour.
The firm procures raw material i.e. paddy from domestic players
located in Haryana. The firm derives nearly 80% of its sales
through exports to Gulf countries and the rest is through direct
supply to the wholesalers in the states of Haryana, West Bengal,
Rajasthan, Maharashtra and Delhi.

In FY15 (refers to the period April 1 to March 31), HRM has
achieved a total operating income (TOI) of INR65.34 crore
with PBILDT and PAT of INR3.09 crore and INR0.15 crore as against
total operating income (TOI) of INR61.38 crore with
PBILDT and PAT of INR2.60 crore and INR0.10 crore in FY14.


HLM INDIA: CRISIL Cuts Rating on INR108.5MM LT Loan to 'D'
----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of HLM India Private Limited (HIPL; part of the TSI group) to
'CRISIL D' from 'CRISIL B+/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             25      CRISIL D (Downgraded
                                   from 'CRISIL B+/Stable')

   Proposed Long Term     108.5    CRISIL D (Downgraded
   Bank Loan Facility              from 'CRISIL B+/Stable')

   Term Loan               26.5    CRISIL D (Downgraded
                                   from 'CRISIL B+/Stable')

The downgrade reflects HIPL's overdrawn cash credit facility for
more than 30 days because of weak liquidity.

The TSI group has modest operating profitability in the highly
competitive automotive carrier manufacturing industry, and has
large working capital requirement, constraining its business risk
profile. Its financial risk profile is below average because of
modest networth and subdued debt protection metrics. However, the
group benefits from its promoters' extensive industry experience
and their funding support, and its established market position in
the automotive carriers manufacturing industry.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of HIPL, Lohr India Automotive Pvt Ltd
(LIAPL), and Transport Solutions India Pvt Ltd (TSIPL). This is
because the three companies, together referred to as the TSI
group, are in similar lines of business and have significant
intercompany transactions. Also, TSIPL has extended corporate
guarantee for bank loan facilities of LIAPL and HIPL.

The TSI group was established in 2006 and manufactures carriers
used in logistic services. It manufactures tippers and trailers
under TSIPL, car and truck carriers under LIAPL, and refrigerated
carriers under HIPL. Its promoters have industry experience of
over four decades.


INFISSI FENESTRATION: CRISIL Assigns 'B' Rating to INR35.5MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Infissi Fenestration LLP (IFL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Long Term
   Bank Loan Facility     1.5      CRISIL B/Stable
   Cash Credit           35.5      CRISIL B/Stable
   Long Term Loan        33.5      CRISIL B/Stable

The rating reflects IFL's limited track record of operations, and
risks related to timely scale-up of operations. These weaknesses
are mitigated by partners' extensive experience.
Outlook: Stable

CRISIL believes IFL will benefit from its partner's experience.
The outlook may be revised to 'Positive' if projects are
commissioned on time and demonstrate higher-than-expected capacity
utilisation and hence healthy ramp up of operations. Conversely,
the outlook may be revised to 'Negative' if significant time and
cost overruns weakens capacity to adhere to the repayment
programme stipulated by lenders.

IFL is a limited liability partnership established on August 31,
2015 by Mr. Abhiman Kansal, Mr. Nakul Kansal, Mr. Rajender Bansal
and Ms. Aanchal Bansal. The firm is in the process of setting up a
unit to manufacture galvanised steel reinforcements, and
operations are expected to commence with effect from April 2016.
IFL will also commence trading of Unplasticised Poly vinyl
Chloride (UPVC) window's hardware from February 2016.


K D EDUCATION: CRISIL Suspends 'D' Rating on INR280MM Term Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of K D
Education Trust (KDET).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan              280      CRISIL D

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

KDET was setup in 2008 by Mr. J K Jain. The trust is promoted by
Mr. Gobind Kumar Goyal. KDET set up Arni University in 2009 as a
private university in Himachal Pradesh. The university is approved
by the University Grants Commission (UGC), and offers technical as
well as non-technical courses.


K.K. BUILDERS: CRISIL Ups Rating on INR265MM Bank Loan From D
-------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of
K.K. Builders Private Limited (Patna) to 'CRISIL B-/Stable/CRISIL
A4' from 'CRISIL D/CRISIL D'. The upgrade is owing to timely
payment made by KKB and closure of the term loan account with full
payments made on December 05, 2015 and regularisation of working
capital bank limits.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         265      CRISIL A4 (Upgraded from
                                   'CRISIL D')

   Cash Credit             45      CRISIL B-/Stable (Upgraded
                                   from 'CRISIL D')

The ratings continue to factor working capital-intensive
operations, and exposure to risks related to the highly
competitive and fragmented construction sector. However, KKB
benefits from its promoter's extensive experience.
Outlook: Stable

CRISIL believes that KKB will continue to benefit over the medium
term from the extensive experience of its promoters in the
industry and healthy order book. The outlook may be revised to
'Positive' if KKB reports substantial growth in its scale of
operations and cash accruals, while maintaining its profitability
and debt protection metrics. Conversely, the outlook may be
revised to 'Negative' in case there is a significant deterioration
in its profitability or lengthening of its working capital cycle,
thereby weakening its financial risk profile.

KKB, incorporated in 1985 and promoted by Mr. Kaushal Kishore
Singh, is a civil contractor undertaking projects for building
roads, bridges, and irrigation segments, mainly in Jharkhand and
Bihar. KKB also undertakes projects for central government
entities such as National Projects Construction Corporation Ltd,
Central Public Works Department, and Ircon International Ltd. The
company is a Class-1 contractor for government departments.


KARAN RICE: Ind-Ra Assigns 'IND B' Long Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Karan Rice Mills
(KRM) a Long-Term Issuer Rating of 'IND B'. The Outlook is Stable.
The agency has also assigned KRM's INR99.0 million fund-based
working capital limits Long-term 'IND B'/Stable and Short-term
'IND A4' ratings.

KEY RATING DRIVERS

The ratings reflect KRM's small scale of operations and weak
operating profitability with revenue of INR72.86m in FY15 (FY14:
INR31.76m) and EBITDA margins of 4.30% (6.14%). Consequently,
credit metrics are weak with interest coverage (operating
EBITDA/gross interest expense) of 1.79x in FY15 (FY14: 1.61x) and
net financial leverage (total Ind-Ra adjusted net debt/operating
EBITDAR) of 13.40x (8.13x). The ratings are also constrained by
the fragmented nature of the rice processing industry and its
susceptibility to seasonal fluctuations.

However, the ratings benefit from the over 10 years of experience
of KRM's promoters in the rice processing industry and the
company's comfortable liquidity profile as evident from the 38.84%
average maximum utilisation of its fund-based limits in  the nine
months ended December 2015.

RATING SENSITIVITIES

Positive: Substantial growth in the top line along with an
improvement in the EBITDA margins leading to the credit metrics
being sustained at the current levels will lead to a positive
rating action.

Negative: A decline in the EBITDA margins leading to deterioration
in the credit metrics will be negative for the ratings.

COMPANY PROFILE

KRM is a partnership firm based in Punjab. The entity is a
manufacturer, exporter and wholesale supplier of basmati rice and
other rice varieties with processing capability of 2tons/hr. The
entity uses paddy as raw material to produce rice as the finished
product.


KULDEVI COTTON: ICRA Reaffirms B Rating on INR4.75cr Cash Loan
--------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B rating assigned to the INR4.75
crore cash credit facility and INR1.25 crore term loan facility of
Kuldevi Cotton Industries.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit            4.75        [ICRA]B reaffirmed
   Term Loan              1.25        [ICRA]B reaffirmed

The reaffirmation of ratings factor in KCI's modest scale of
operations with limited track record and weak financial profile of
the firm with net losses reported during FY15, leveraged capital
structure, weak debt coverage indicators and moderate working
capital intensity. The ratings are further constrained by the
firm's low bargaining power given the limited value addition and
highly competitive and fragmented industry structure owing to low
entry barriers and vulnerability of the firm's profitability to
the adverse fluctuations in raw cotton prices, which are subject
to seasonality, crop harvest and regulatory risks with regards to
MSP for raw cotton. ICRA also notes that KCI is a partnership
concern and any substantial withdrawal from capital account in
future could adversely impact the credit profile of the firm.

The ratings, however, favourably take into account past experience
of the promoters in the cotton industry and the favorable location
of the firm's manufacturing facility in Rajkot giving easy access
to raw material.

Established in December 2013, Kuldevi Cotton Industries (KCI) has
set up a green field project for cotton ginning, pressing and
crushing with its facility located at Rajkot (Gujarat) and
commenced its commercial operations from November 2014. The plant
is equipped with twenty four ginning machines and one pressing
machine with total processing capacity of 12,096 metric tonnes of
raw cotton per annum. The firm is also equipped with three
expellers for cotton seed crushing. The firm is managed by Mr.
Mahesh Ghodasara along with his relatives and friends who have
experience in cotton ginning business by way of their association
with similar entities in the industry.

Recent Results
During its five months of operations (from November 2014 to March
2015), the firm has reported an operating income of INR17.11 crore
and net loss of INR0.11 crore for FY 2015.


LAHLIWALA STEELS: CRISIL Ups Rating on INR80MM Loan to B+
---------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Lahliwala Steels Private Limited (LSPL) to 'CRISIL B+/Stable' from
'CRISIL B/Stable', while reaffirming its rating on the short-term
facility at 'CRISIL A4'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee        3.5       CRISIL A4 (Reaffirmed)
   Cash Credit          80         CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')
   Proposed Long Term   15.5       CRISIL B+/Stable (Upgraded
   Bank Loan Facility              from 'CRISIL B/Stable')

The upgrade reflects improvement in LSPL's business risk profile.
Its operating profitability margin increased to 4.1 percent in
2014-15 (refers to financial year, April 1 to March 31) from 3.4
percent in 2013-14 on account of a decrease in raw material
prices. This resulted in higher-than-expected cash accrual as well
as better debt protection metrics. Cash accrual increased to
INR8.8 million from INR3.2 million over this period and is
expected to improve marginally over the medium term backed by an
increase in scale of operations, but it will remain moderate. Debt
protection metrics have also improved, with interest coverage and
net cash accrual to total debt ratios at 1.88 times and 0.11 time,
respectively, in 2014-15 against 1.28 times and 0.04 time,
respectively, in 2013-14. However, the company's financial risk
profile remains constrained by a modest networth, which stood at
of INR78 million as on March 31, 2015. CRISIL believes LSPL's
financial risk profile will remain stable over the medium term due
to absence of any major debt-funded capital expenditure plan and
management's conservative financial policy, despite its large
incremental working capital requirement.

The ratings reflect LSPL's large working capital requirement,
small networth limiting its financial flexibility, and its
exposure to volatility in raw material prices and to cyclicality
in the steel industry. These rating weaknesses are partially
offset by the extensive experience of the company's promoters in
the steel industry and established relationship with suppliers and
customers.
Outlook: Stable

CRISIL believes LSPL will continue to benefit over the medium term
from its promoters' extensive industry experience and established
customer relationship. The outlook may be revised to 'Positive' if
there is a substantial and sustained increase in revenue and
profitability margins, or sustained improvement in working capital
management. Conversely, the outlook may be revised to 'Negative'
in case of a steep decline in profitability margins, or
significant deterioration in the company's capital structure
caused most likely by large, debt-funded capital expenditure or a
stretch in its working capital cycle.

LSPL was incorporated in December 2005, promoted by Mr. Raj Kumar
Agarwal and his son Mr. Mohit Agarwal. In 2013, it was taken over
by Mr. Raj Kumar Goenka and his son Mr. Vikas Goenka. Its rolling
mill in Dhulagarh Industrial Park, West Bengal, has a capacity of
20,000 tonnes per annum. The company manufactures structural
products, such as flat bars, angles, channels, beams/joists,
rounds, and square bars. It also undertakes opportunistic trading
in structural steel.


LEOFORTUNE INFRABUILDCON: CRISIL Cuts Rating on INR150M Loan to D
-----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Leofortune Infrabuildcon Private Limited (LIPL) to 'CRISIL D' from
'CRISIL BB-/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan              150      CRISIL D (Downgraded from
                                   'CRISIL BB-/Stable')

The downgrade reflects instances of delay by LIPL in servicing its
term debt obligation, because of weak liquidity, driven by
sluggish demand adversely impacting customer advances; and time
and cost overruns in project completion, resulting in lower than
expected cash flows.

LIPL is also susceptible to risks related to its ongoing projects
and cyclicality in the Indian real estate sector. However, the
company benefits from the promoters' extensive experience in the
real estate sector.

LIPL was incorporated in 2009 by Mr. Pradeep K Swami, Mr.
Sitapathy Chavali, Mr. Dhiren Savla, Mr. Prasad K Swami and Mr.
Vasant D Bhambhaniya. The company is engaged in real estate
development in Navi Mumbai. The company currently has three
ongoing projects - Fortune Symphony, Fortune Calypso and Fortune
Oriana.


LOHR INDIA: CRISIL Cuts Rating on INR95MM Cash Loan to 'D'
----------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Lohr
India Automotive Private Limited (LIAPL; part of the TSI group) to
'CRISIL D' from 'CRISIL B-/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            95       CRISIL D (Downgraded
                                   from 'CRISIL B-/Stable')

   Proposed Long Term     35       CRISIL D (Downgraded
   Bank Loan Facility              from 'CRISIL B-/Stable')

The downgrade reflects LIAPL's overdrawn cash credit facility for
more than 30 consecutive days because of weak liquidity.

The TSI group has modest operating profitability in the highly
competitive automotive carrier manufacturing industry, and has
large working capital requirement, constraining its business risk
profile. Its financial risk profile is below average because of
modest networth and subdued debt protection metrics. However, the
group benefits from its promoters' extensive industry experience
and their funding support, and its established market position in
the automotive carriers manufacturing industry.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of HLM India Pvt Ltd (HIPL), LIAPL, and
Transport Solutions India Pvt Ltd (TSIPL). This is because the
three companies, together referred to as the TSI group, are in
similar lines of business and have significant intercompany
transactions. Also, TSIPL has extended corporate guarantee for
bank loan facilities of LIAPL and HIPL.

The TSI group was established in 2006 and manufactures carriers
used in logistic services. It manufactures tippers and trailers
under TSIPL, car and truck carriers under LIAPL, and refrigerated
carriers under HIPL. Its promoters have industry experience of
over four decades.


LOTUS BULLIONS: CRISIL Assigns B+ Rating to INR82.2MM Cash Loan
---------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the long-term
bank facility of Lotus Bullions Pvt Ltd (Lotus) and has assigned
its 'CRISIL B+/Stable' rating to the facility. CRISIL had, on
March 07, 2013, suspended the rating as Lotus had not provided the
necessary information required for a rating review. The company
has now shared the requisite information, enabling CRISIL to
assign a rating.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            82.2     CRISIL B+/Stable (Assigned;
                                   Suspension revoked)

The rating reflects Lotus's low operating margin and weak debt
protection metrics and vulnerability of operating margin to
fluctuations in gold and diamond prices as well as foreign
exchange rates. These weaknesses are mitigated by longstanding
experience of promoter in the gold jewelry trading business,
moderate working capital cycle and funding support from the
promoter.
Outlook: Stable

CRISIL believes Lotus to benefit from its promoter's extensive
experience and efficient working capital management. The outlook
may be revised to positive if improved profitability enhances debt
protection metrics. The outlook may be revised to 'Negative' if
profitability declines and working capital cycle stretches.

Lotus, mainly engaged in wholesale trading of gold and diamond
jewellery, and cut and polished diamonds, was initially
incorporated as Kanhai Diamond Manufacturing Pvt Ltd in January
2003 in Delhi by Mr. Umesh Garg. It got its current name in March
2005.


MAA ANANDAMOYEE: CRISIL Suspends 'D' Rating on INR67.5MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Maa
Anandamoyee Himghar Private Limited (MAHPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         1        CRISIL D
   Cash Credit           28.5      CRISIL D
   Proposed Long Term
   Bank Loan Facility    33        CRISIL D
   Term Loan             67.5      CRISIL D

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

Incorporated in July 2013, MAHPL has recently set up cold storage
to provide services to the potato farmers and traders. The company
is based out of Hooghly (West Bengal) and is promoted by Mr. Samir
Bali.


MAA CHINNAMASTA: CRISIL Suspends B Rating on INR1.16BB LT Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of
Maa Chinnamasta Food Processor Private Limited (MCFPPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Long Term
   Bank Loan Facility    1163      CRISIL B/Stable

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

Established in 2013, MCFPPL is setting up a par-boiled and raw
rice processing unit in Rohtas, Bihar. The company plans to start
commercial operations in December 2014 and is promoted by Mr.
Rahul Kumar and family.


MACHINO AUTO: ICRA Suspends 'D' Rating on INR28.7cr Term Loan
-------------------------------------------------------------
ICRA has suspended [ICRA]D/D ratings assigned to the INR40.7 crore
bank facilities of Machino Auto Comp Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loans             28.7        [ICRA]D suspended
   Cash Credit
   Facilities              3.0        [ICRA]D suspended

   Bank Guarantee
   Facilities              0.5        [ICRA]D suspended

   Letter of Credit
   Facilities              1.4        [ICRA]D suspended

   Unallocated             7.1        [ICRA]D/[ICRA]D suspended

MACL is a plastic mouldings manufacturer for automotive
applications with its manufacturing facility situated at Chakan,
near Pune (Maharashtra). The company's manufacturing facility
became operational in January, 2011 and is situated in close
proximity to that of its primary customer Volkswagen. MACL's
product profile consists mostly of interior and underbody parts
like front frame carrier, exterior trims, under-body panels, etc.
Incorporated in 2008, MACL is a part of Machino group of
companies. The group has presence in various businesses like
mixing of polypropylene compounds, manufacture of moulded plastic
components, vehicle dealership, investments into real estate etc.
Major companies in the group are Machino Polymers Limited (rated
[ICRA]BBB+/Negative/[ICRA]A2) engaged in the manufacture of
polypropylene compounds and Machino Plastic Limited which
manufactures injection moulded plastic components like instrument
panels, front grills etc.


MANGALDEEP RICE: CRISIL Cuts Rating on INR82.4MM Term Loan to D
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Mangaldeep Rice Mill Private Limited (MRM) to 'CRISIL D' from
'CRISIL B/Stable'. The downgrade reflects delays in servicing of
term debt obligations by the company on account of weak liquidity.

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

   Term Loan               82.4    CRISIL D (Downgraded from
                                   'CRISIL B/Stable')

MRM has a small scale of operations in the fragmented and
competitive rice milling industry. However, it benefits from its
promoters' extensive industry experience.

MRM, incorporated in 2010-11 (refers to financial year, April 1 to
March 31), processes paddy. It has milling capacity of 4 tonnes
per hour and sells mainly to the Government of Bihar under the
public distribution system. It also sells in the local market.


OMKAR COTTON: CARE Reaffirms B+ Rating on INR6cr LT Loan
--------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Omkar Cotton Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       6        CARE B+ Reaffirmed

Rating Rationale

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

The rating, however, continues to derive comfort from the vast
experience of the partners of OCI in the cotton industry.
The rating also takes into consideration improvement in capital
structure during FY15.

Improvement in the scale of operations, profit margins, debt
coverage indicators as well as better working capital
management would remain the key rating sensitivities.

Vijapur-based (Gujarat) OCI is a partnership firm established in
January 2007. OCI currently has 17 partners with an unequal profit
and loss sharing agreement among them. OCI is engaged in cotton
ginning & pressing activities with an installed capacity of 66,000
bales per annum and cottonseed crushing capacity of 840 MTPA as on
March 31, 2015, at its sole manufacturing facility located at
Vijapur in Mehsana district of Gujarat. OCI generates its entire
revenue from domestic market only. It has 24 ginning machine, 5
oil expeller machines for crushing cottonseed, one semi-automated
pressing machine and one belt conveyer.

During FY15, OCI reported TOI of INR28 crore and PAT of INR0.04
crore as against TOI of INR32.41 crore and PAT of INR0.06 crore
during FY14. During 8MFY16 (Provisional), OCI has reported TOI of
INR9.94 crore.


PARAMOUNT CONDUCTORS: CRISIL Cuts Rating on INR110MM Loan to B
--------------------------------------------------------------
CRISIL has downgraded its ratings on the long term bank facilities
of Paramount Conductors Limited (PCL) to 'CRISIL B/Stable' from
'CRISIL B+/Stable' while reaffirming its ratings on the short term
bank facilities at 'CRISIL A4'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            110      CRISIL B/Stable (Downgraded
                                   from 'CRISIL B+/Stable')

   Letter of Credit        60      CRISIL A4 (Reaffirmed)

   Proposed Long Term      35.1    CRISIL B/Stable (Downgraded
   Bank Loan Facility              from 'CRISIL B+/Stable')

   Term Loan                7.5    CRISIL B/Stable (Downgraded
                                   from 'CRISIL B+/Stable')

   Working Capital          7.4    CRISIL B/Stable (Downgraded
   Term Loan                       from 'CRISIL B+/Stable')

The ratings downgrade reflects continued pressure on PCL's
liquidity profile on account of working capital intensive nature
of operations and company incurring moderate capital expenditure
(capex) in 2014-15. The working capital cycle remains stretched
marked by GCA at 445 days as on 31st March 2015 due to high
inventory and debtor days. Additionally, PCL incurred a capex of
INR25 million in 2014-15 which led to increased pressure on its
liquidity profile. The bank lines remained fully utilized for the
twelve months ended September 2015. PCL's working capital
management and accretion to reserves will remain a key rating
sensitivity factor affecting the liquidity profile over the medium
term.
Outlook: Stable

CRISIL believes that PCL will continue to benefit over the medium
term from its promoters' extensive experience and its established
relationship with its customers. The outlook may be revised to
'Positive' if the company registers significant improvement in its
scale of operations and sustains its profitability, leading to
improvement in its cash accruals and liquidity. Conversely, the
outlook may be revised to 'Negative' in case PCI's financial risk
profile, particularly liquidity, weakens on account of larger-
than-expected working capital requirements or lower-than-expected
cash accruals or if it undertakes any further debt-funded capital
expenditure programme.

PCL was set up in 1966 by Mr. G K Tapadia and his family. The
company manufactures winding wires (aluminum and copper), coils
(high tension and low tension), and machines for manufacturing
coils including testing machines and motor rewinding. The
company's manufacturing units are in Nagpur (Maharashtra) and Goa.


PBN CONSTRUCTIONS: CRISIL Assigns B+ Rating to INR30MM Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of PBN Constructions Private Limited (PBN).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Cash
    Credit Limit          4.8      CRISIL B+/Stable
   Bank Guarantee        75.2      CRISIL A4
   Cash Credit           30        CRISIL B+/Stable

The ratings reflect the company's working capital-intensive, and
tender-based nature of, operations, along with geographical
concentration in the revenue profile. The rating weakness are
partially offset by revenue visibility because of moderate order
book and the extensive experience of promoter in the civil
construction industry.
Outlook: Stable

CRISIL believes PBN will continue to benefit over the medium term
from the promoter's extensive industry experience. The outlook may
be revised to 'Positive' if significant improvement in the scale
of operations and operating profitability leads to higher-than-
expected cash accrual, coupled with geographical diversification
in the revenue profile. Conversely, the outlook maybe revised to
'Negative' if the operating margin and topline decline, or the
financial risk profile weakens because of larger-than-expected,
debt-funded capital expenditure, or if the working capital cycle
stretches, leading to pressure on liquidity.

Incorporated in 2007 and promoted by Mr. Anil Kumar Agarwala, PBN
undertakes civil construction projects mainly related to
construction of buildings and warehouses for state and central
government bodies such as the Government of West Bengal, Public
Works Department, and Public Health Engineering department. The
company is based at Siliguri, West Bengal.


RAGHAV COTSPIN: CRISIL Assigns 'B' Rating to INR220MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Raghav Cotspin Private Limited (RCPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            80       CRISIL B/Stable
   Term Loan             220       CRISIL B/Stable

The ratings reflect modest scale of operations in a fragmented
industry, its average capital structure, and its exposure to risks
related to its ongoing project. These rating weakness are
partially offset by the  extensive experience RCPL's promoters in
the cotton industry.
Outlook: Stable

CRISIL believes RCPL will continue to benefit over the medium term
from promoters' industry experience. The outlook may be revised to
'Positive' if operations stabilise earlier than expected, leading
to healthy accrual and improvement in financial risk profile.
Conversely, the outlook may be revised to 'Negative' if operating
margin is low, or RCPL undertakes sizeable debt-funded expansion,
or if working capital management deteriorates, significantly
weakening financial risk profile.

Incorporated in 2013, RCPL is promoted by the Gondal (Gujarat)-
based Gajera family. The company is setting up a unit to spin
cotton yarn of 30s count, which is expected to commence operations
in April 2016.


RAM DEV: CRISIL Cuts Rating on INR1.89BB Cash Loan to 'D'
---------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Ram Dev International Ltd (RDIL) to 'CRISIL D/CRISIL D' from
'CRISIL BBB-/Stable/CRISIL A3'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit          1890.7     CRISIL D (Downgraded
                                   from 'CRISIL BBB-/Stable')

   Export Packing       1749.3     CRISIL D (Downgraded
   Credit                          from 'CRISIL BBB-/Stable')

   Foreign Exchange      63.5      CRISIL D (Downgraded
   Forward                         from 'CRISIL A3')

   Standby Line of      100.0      CRISIL D (Downgraded
   Credit                          from 'CRISIL BBB-/Stable')

   Term Loan            153.9      CRISIL D (Downgraded
                                   from 'CRISIL BBB-/Stable')

The downgrade reflects recent delays in term debt repayment and
interest payment on bank loan facilities availed by the company.
The delays are on account of stretched liquidity as a result of
high unexplained losses incurred during April-September 2015. The
price of Basmati rice declined by around 10 percent in the six
months after April 2015. Inventory was high at around INR4.5
billion as on March 31, 2015, and the loss during April-September
2015 is estimated at over INR1.0 billion. Additionally, profit
after tax (PAT) declined to INR54 million in 2014-15 (refers to
financial year, April 1 to March 31) from INR154 million in 2013-
14 on account of higher interest expense. CRISIL believes that the
company under-reported interest expense at INR300 million for the
nine months through December 2014, as per the provisional data
shared, against actual expense of INR553 million in 2014-15.
RDIL's liquidity is expected to remain weak over the medium term
on account of high working capital requirement and susceptibility
to volatility in raw material prices.

RDIL also has a weak financial risk profile because of high
gearing and weak debt protection metrics, and is susceptible to
volatility in paddy prices and to regulatory changes. However, the
company benefits from its established brand and diversified
presence in the domestic rice industry and global markets.

RDIL was set up in 1999 by Mr. Naresh Singla and Mr. Suresh
Singla. The company mills and processes basmati rice, which it
sells in India and abroad. It has processing plants in Daha and
Hemda, near Karnal, Haryana.


RATNAGIRI GAS: CARE Reaffirms 'D' Rating on INR9,127.01cr Loan
--------------------------------------------------------------
CARE reaffirms rating assigned to bank facilities of Ratnagiri Gas
And Power Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities   9127.01      CARE D Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Ratnagiri Gas and
Power Private Limited (RGPPL) continues to take into account
ongoing delays in servicing of company's debt obligations.

RGPPL is promoted by NTPC Ltd (25.51%), GAIL (India) Ltd (25.51%),
MSEB Holding Company Ltd (MSEBHCL) (13.51%) and Financial
Institutions (IDBI Bank, SBI, ICICI Bank and Canara Bank)
(35.47%).

RGPPL owns an integrated gas-based power generation plant having a
capacity of approximately 1,967 MW and a Re-Gasified LNG (R-LNG)
terminal with a capacity of approximately 5 MMTPA (million metric
tonnes er annum) at Dabhol, Maharashtra.

During FY15 (refers to the period April 01 to March 31), RGPPL
incurred a net loss of INR1,433.49 crore (PY: INR1,486.47
crore) on a total operating income of INR182.13 crore (PY:
INR993.38 crore).


SBA EDUCATION: CRISIL Reaffirms 'D' Rating on INR101MM LT Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facility of SBA Education
Society (SBAES) continues to reflect instances of delay by SBAES
in meeting the principal and interest obligations on its term
debt; the delays have been caused by the society's weak liquidity.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Long Term Loan         101      CRISIL D (Reaffirmed)

SBAES also has a below-average financial risk profile, marked by a
small net worth, high gearing, and weak debt protection metrics.
However, SBAES benefits from its trustees' extensive experience
and the healthy growth prospects for the education sector over the
medium term.

Set up in May 2007, SBAES offers educational courses in
engineering and management. The trust owns two colleges - Kruti
Institute of Technology and Engineering (KITE) and Kruti School of
Business and Management (KSBM) - in Raipur (Chhattisgarh). KITE,
started in 2008, offers graduate and post-graduate courses in
engineering. The institute is approved by the All India Council
for Technical Education and is affiliated to the Chhattisgarh
Swami Vivekananda Technical University, Bhilai (Chhattisgarh).
KSBM, started in 2012, offers graduate and post-graduate courses
in management and is affiliated to the Pandit Ravishankar Shukla
University, Raipur.


SHIVA GRAMODYOG: CRISIL Assigns 'B' Rating to INR25MM Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Shiva Gramodyog Sewa Sansthan (SGSS). The rating
reflects the society's average financial risk profile because of a
weak cash flow and a large receivable cycle. This weakness is
partially offset by the society's track record of implementation
of various social welfare development schemes.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Fund-
   Based Bank Limits      25       CRISIL B/Stable

Outlook: Stable

CRISIL believes SGSS's credit profile will remain constrained on
account of its small scale of operations and low cash accrual. The
outlook may be revised to 'Positive' if there is a significant
increase in its scale of operations and cash accrual leading to
improvement in the financial risk profile. Conversely, the outlook
may be revised to 'Negative' if AWF reports a decline in its
income or cash accrual or in case of any large, debt-funded
capital expenditure, leading to pressure on its financial risk
profile.

SGSS set up as a not-for-profit society, is managed by its
secretary Mr. Rajender Kumar and chairperson Mr. Jogshewar Singh.
Located in Kanpur district (Uttar Pradesh), the society is engaged
in various schemes operated by the state and central governments
in Kanpur and surrounding areas. The schemes include running the
National Urban Livelihood Mission (NULM), old-age home, shelter
home scheme, Kishori Shakti Yojana, providing training to
Anganwadi teachers, and some other government-mandated schemes.


SHREE PARASHNATH: CARE Reaffirms 'B' Rating on INR174.54cr Loan
---------------------------------------------------------------
CARE reaffirms the ratings assigned to bank facilities of Shree
Parashnath Re-Roolling Mills Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     174.54     CARE B Reaffirmed
   Short term Bank Facilities     57.75     CARE A4 Reaffirmed

Rating Rationale

The ratings of the bank facilities of Shree Parashnath Re-Roolling
Mills Ltd (SPRML) continue to be constrained by the low capacity
utilisation impacting profitability, deterioration in dismal
financial performance in FY15 (refers to the period
April 1 to March 31), increased working capital intensity due to
elongation of operating cycle, volatility in raw material prices
with lack of backward integration and intense competition. The
ratings, however, take into account the infusion of funds by the
promoters and diversified clientele.

Effective management of working capital and ability to improve
profitability amidst intense competition and volatile input
prices would remain the key rating sensitivities.

SPRML, incorporated in 2002, was promoted by two brothers, Mr.
Anil Kumar Jain and Mr. Vipin Kumar Jain, of Durgapur.

The company commenced operation by setting up TMT bars
manufacturing facility in June 2003 in Durgapur. Over the
years, the company undertook various capex plans. The company is
presently engaged in manufacturing of billets (69,100 TPA), wire
rods (1,20,000 TPA), TMT bars (30,000 TPA) and structural products
(2,20,000 TPA) like angles, channels, joints, H Beam, MS flat, MS
round and MS scrap at its manufacturing facility located in
Durgapur. The products are sold under "PARAS" brand. SPRML is also
involved in small scale trading of TMT Bars, wire rods and
structural products.

In November 2014, Corporate Debt Restructuring cell approved the
restructuring package of the company from the cutoff date of
July 1, 2014.

During FY15, SPRML earned a PBILDT of INR17.51 crore (Rs.18.19
crore in FY14) and incurred a net loss of INR15.78 crore
(net loss of INR10.58 crore in FY14) on total operating income of
INR526.86 crore (Rs.515.07 crore in FY14).


SHREEGLUCO BIOTECH: CARE Assigns B+ Rating to INR118cr LT Loan
--------------------------------------------------------------
CARE assigns 'CARE B+' ratings to bank facilities of Shreegluco
Biotech Pvt Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      118       CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of ShreeGluco Biotech
Pvt Ltd (SGBPL) is constrained by high project implementation risk
given nascent stage of execution and financial closure yet to be
achieved notwithstanding in principle sanction to part of the
debt.

However, the rating derives strength from experience of the
promoters in maize trading business, advantageous location
of the maize processing plant emanating from proximity to raw
materials which is abundantly available and nearness to
key consuming markets and product's widespread applicability
spanning various industries.

Going forward, the ability of the company to achieve timely
completion of the project within the envisaged cost and time
and achieving optimum capacity utilization would remain the key
rating sensitivities.

SGBPL was incorporated in February 2012 with the objective of
processing maize into various products. Promoted by Mr
B A Srinath, Mrs B S Mamatha and Mr B S Adinarayana Gupta, the
company is currently setting up a green field maize
processing unit (corn wet mill), with a total capacity of 500
tons/day. Mr B A Srinath has 25 years of experience in the
maize trading industry. The company will process maize into
various products: starch powder, liquid glucose, malto
dextrin, etc which find application in pharmaceutical, food,
paper, textile industry for various purposes. The project is
being set-up at a cost of INR180 crore and is expected to commence
operations from April 2017.


SIWAL INFRACON: CARE Assigns B+ Rating to INR6.28cr LT Loan
-----------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Siwal Infracon Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     6.28       CARE B+ Assigned
   Long-term /Short-term
   Bank Facilities               4.00       CARE B+/CARE A4
                                            Assigned

Rating Rationale

The ratings assigned to the bank facilities of Siwal Infracon
Private Limited (SIPL) are primarily constrained on account of
its relatively modest scale of operations in the highly
competitive civil construction industry and its financial risk
profile marked by continuous decline in total operating income
(TOI) along with net losses incurred in FY15 (refers to the period
April 1 to March 31), its moderate solvency position and working
capital intense nature of operations. The ratings are, further,
constrained on account of its geographical and customer
concentration of order book along with high project execution
risk.

The ratings, however, derive strength from long-standing
experience of the promoters in the industry with its established
track record of operations, its reputed and established clientele
base and healthy order book position translating into
medium-term revenue visibility.

The ability of the company to increase its scale of operations
while maintaining profitability along with timely execution
of the order book and efficient management of working capital
shall be the key rating sensitivities.

Jaipur-based (Rajasthan) SIPL was initially formed in 2004 as a
partnership concern in the name of M/s Siwal Builders &
Developers by its key promoter, Mr Rajesh Siwal. Subsequently,
there was amendment in partnership deed which was later
reconstituted as a private limited company in 2012 with assuming
its present name.

Initially, SIPL was primarily engaged in execution of civil
construction contract works pertaining to real estate projects for
private sector companies; however, form FY14 onwards, SIPL had
also ventured into executing project related to commercial and
institution with major contracts secured from private sector
clientele located in Rajasthan.

During FY15, SIPL has reported a total operating income of
INR12.97 crore [FY14 (A): INR23.26 crore] with net loss of
INR0.05 crore [FY14 (A): PAT of INR0.68 crore].


SMARTSTONE PRIVATE: ICRA Suspends B Rating on INR7cr Loan
---------------------------------------------------------
ICRA has suspended the [ICRA]B rating assigned to the INR7.00
crore bank facilities of Smartstone Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


SRI RAMA PHARMACEUTICAL: CRISIL Cuts Rating on INR150M Loan to B+
-----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Sri Rama Pharmaceutical Distributors (SRPD) to 'CRISIL B+/Stable'
from 'CRISIL BB/Stable'.

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

The rating downgrade reflects weakening of the firm's liquidity
with depressed cash accruals expected to tightly match its
maturing term debt repayment obligations. The large incremental
working capital requirement has also resulted in full utilisation
of its bank limit, with ad hoc limits being regularly availed.
CRISIL believes fresh capital from promoters or a sustained
improvement in cash accrual would be needed, to alleviate the
pressure on the firm's liquidity.

The firm registered depressed cash accruals of INR4 million in
2014-15 (refers to financial year, April 1 to March 31). Though
the cash accrual is expected to increase over the medium term
supported by modest improvement in profit margins, it will tightly
match its annual term debt repayment obligations of INR9 million.

The rating reflects SRPD's below-average financial risk profile
marked by its small net-worth, high total outside liabilities to
total net worth ratio, and average debt protection metrics. The
rating of the firm are also constrained on account of its moderate
scale of operations and exposure to intense competition in the
pharmaceuticals distribution business, resulting in low
profitability margins. These rating weaknesses are partially
offset by the firm's established regional presence in the
pharmaceuticals distribution segment aided by its promoter's
extensive industry experience and its established relationship
with key principals.
Outlook: Stable

CRISIL believes SRPD will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' in case of a substantial and sustained
increase in profitability, or considerable improvement in
liquidity on the back of sizeable capital infusion. Conversely,
the outlook may be revised to 'Negative' in case of a steep
decline in profitability margins, or significant deterioration in
the firm's capital structure caused most likely by a stretch in
its working capital cycle.

SRPD was set up in in 1990 by Mr. Mahidhar Reddy and his family
members. The firm, based in Hyderabad, distributes pharmaceutical
products in Telangana and Andhra Pradesh.


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

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            60       CRISIL B/Stable
   Long Term Loan         40       CRISIL B/Stable

The rating reflects SSRI's modest scale of, and working capital-
intensive, operations in the fragmented rice industry and below-
average financial risk profile because of high gearing, modest
debt protection metrics, and small networth. The rating also
factors in the susceptibility of the firm's operating
profitability to volatility in raw material prices. These
weaknesses are partially offset by the partners' extensive
experience in the rice-milling industry.
Outlook: Stable

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

Established as a partnership firm in 2013 and based in Nizamabad
(Telangana), SSRI mills and processes paddy into rice, rice bran,
broken rice, and husk. The firm is promoted by Mr. Ravinder Kuna
and Mrs. Shashikala Kuna. The operations are managed by Mr. Naresh
Kuna.


SRI SHYAM: CARE Assigns B+ Rating to INR7.0cr LT Loan
-----------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Sri Shyam
Jewellers.

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

Rating Rationale

The rating assigned to the bank facilities of Sri Shyam Jewellers
(SSJ) is primarily constrained on account of its modest scale of
operations in the highly competitive and fragmented Gems &
Jewellery (G&J) industry and its financial risk profile marked by
weak solvency and working capital intensive nature of operations.
The rating is further constrained due to vulnerability of its
profit margins to volatile raw material prices along with price
structure being decided by the franchiser, its constitution as a
partnership concern with no experience in the jewellery industry.
The rating, however, derives strength from qualified promoters in
diverse line of business, its healthy profitability margins
along with brand loyalty enjoyed by Tanishq.

The ability of the firm to increase its scale of operations while
improving/maintaining profitability along with improvement in the
solvency position and efficient management of working capital
shall be the key rating sensitivities.

SSJ was formed in 2013 as a partnership concern by its key partner
Mr Ajay Bothra along with his family members, Mr Harsh Tiberwal,
Mr Manak Chand Bothra, Ms Jhankar Devi Bothra, Ms Anjali Bothra
and Ms Anju Bothra in the profit sharing ratio of 25:50:10:5:5:5,
respectively.

SSJ is an authorized dealer of Titan Industries Limited (TIL)
under its brand name "Tanishq" with the firm engaged in retailing
of wide product offered by its principal for gold, diamond,
platinum and silver jewellery. SSJ started its operations in
February 2014 with establishing its retail showroom in Sri
Ganganagar (Rajasthan) under franchisee model from TIL for Tanishq
brand. The firm is solely dealing in Tanishq jewellery which is
being supplied by TIL itself under their pricing structure as per
the franchise agreement.

During FY15 (refers to the period April 1 to March 31) SSJ has
reported a total operating income of INR12.15 crore with
PAT of INR0.13 crore.


SSAB ENERGY: CARE Lowers Rating on INR10.90cr LT Loan to 'D'
------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Ssab Energy And Minerals Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     10.90      CARE D Revised from
                                            CARE BBB-
Rating Rationale

The revision in rating of Bank facilities of SSAB Energy and
Minerals Ltd (SSAB) takes into account the on-going delays in
debt servicing obligations of the company.

SSAB Energy and Minerals Ltd (SSAB) was incorporated in 2009 for
the purpose of setting up an iron ore beneficiation plant in the
Barbil district of Orissa. The company's plant with a
beneficiation capacity of 3.75 lacs Tonnes Per Annum (TPA) is
located near the iron mines in Barbil and in close proximity to
the various sponge iron manufacturing units of the region. The
company is executing the project in two phases. The company
completed the implementation of phase I of the project in
September 2013, whereas the commercial production commenced in May
2014. The commissioning of the project, which was earlier
envisaged inMarch 2014, got delayed due to change in size from
0.04 Metric Tonne Per Annum (MTPA) to 0.18 MTPA due to which the
total project cost has increased from INR16.85 crore to INR19.00
crore. The incremental amount of INR3.15 crore was funded by the
promoters.

Key Update:
Post the completion of the project, the company has faced
challenging industry environment with pressure on iron ore
realizations attributable to subdued steel demand scenario. The
same has adversely impacted the company's cash flows
and liquidity position thereby resulting in delays in debt
servicing.


SSR CREST: CRISIL Cuts Rating on INR50MM Overdraft Loan to B+
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
SSR Crest Engineers and Constructions Limited (SSR) to 'CRISIL
B+/Stable/CRISIL A4' from 'CRISIL BB/Stable/CRISIL A4+'.


                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         130      CRISIL A4 (Downgraded
                                   from 'CRISIL A4+')

   Overdraft Facility      50      CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB/Stable')

The rating downgrade reflects weakening of the company's liquidity
with cash accruals expected to be barely sufficient to meet
maturing term debt repayment obligations. The company's working
capital cycle is stretched, resulting in full utilisation of its
bank limits. There have also been instances of the limit being
overdrawn, though this was regularised within two weeks. CRISIL
believes fresh capital infusion or a sustained improvement in the
working capital cycle, would be needed to alleviate the pressure
on liquidity.

The company registered cash accruals of INR41 million in 2014-15
(refers to financial year, April 1 to March 31). Though this is
expected to improve over the medium term supported by increase in
scale of operations, it will be  barely sufficient to meet annual
term debt repayment obligations of INR45 million.

The stretch in the company's working capital cycle is reflected in
an increase in gross current assets to around 140 days as on
September 30, 2015 from 103 days as on March 31, 2014. The
increase was because of a build-up of inventory and a stretch in
receivables cycle. Consequently, the bank limit was almost fully
utilised over the six months through December 2015.

The ratings reflect the company's stretched liquidity with cash
accruals barely sufficient to meet term debt repayment
obligations, and large working capital requirements. The ratings
of the company are also constrained on account of its modest scale
of operations in the intensely competitive construction industry,
high degree of geographic and customer concentration in the
company's order book, and its modest net worth limiting its
financial flexibility. These rating weaknesses are partially
offset by the extensive experience of SSR's promoters in the
construction industry, and its healthy order book providing
medium-term revenue visibility.

Outlook: Stable
CRISIL believes SSR will continue to benefit over the medium term
from its promoters' extensive industry experience and its healthy
order book. The outlook may be revised to 'Positive' if there is a
sustained improvement in the working capital cycle, or an
improvement in its liquidity on the back of sizeable equity
infusion from its promoters. Conversely, the outlook may be
revised to 'Negative' in case of a steep decline in profitability
margins, or significant weakening of the company's capital
structure caused most likely by large debt-funded capital
expenditure or a stretch in the working capital cycle.

SSR was set up in 1999 by Mr. C H Pavan and his family members.
The company constructs roads and bridges. It mainly caters to the
Roads and Buildings Department of Andhra Pradesh and Andhra
Pradesh Road Development Corporation. The company is based in
Hyderabad.


SURYA ALLOY: CRISIL Reaffirms 'D' Rating on INR1.73BB Term Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Surya Alloy Industries
Ltd (Surya Alloy) continue to reflect instances of delay by Surya
Alloy in servicing its debt. The delays have been caused by the
weak financial risk profile stemming from lack of cash accrual and
high gearing.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit          914.9      CRISIL D (Reaffirmed)

   Letter of credit
   & Bank Guarantee     507.7      CRISIL D (Reaffirmed)

   Term Loan           1733.8      CRISIL D (Reaffirmed)

Surya Alloy remains susceptible to volatility in raw material
prices and to intense competition in the fragmented steel
industry, and its operations remain working capital intensive.
However, the company benefits from the backward integration of its
operations.

Surya Alloy was promoted by Mr. Ashish Rungta and the late Mr.
Motilal Rungta in 1990. The Rungta group has been mainly
manufacturing railway track material for the Indian Railways for
the past 20 years. Surya Alloy mainly manufactures and supplies
railway track material, including spheroidal graphite cast iron
inserts, elastic railway clips, grooved rubber pads, metal liners,
and fish plates. The company is approved by the Research Design &
Standards Organisation of the Indian Railways. Over the years,
Surya Alloy has expanded its product profile to include ingots and
billets (alloy/non-alloy steel), special spring steel rounds, and
rolled products such as angles, channels, joists, Z-section bars,
and flats. The company has also set up a ferroalloys division.

Surya Alloy reported a net loss of INR 503 million on sales of
INR3076 million for 2014-15 (refers to financial year, April 1 to
March 31), against a net loss of INR347 million on sales of
INR2911 million for 2013-14.


TANGNU ROMAI: CARE Lowers Rating on INR224cr LT Loan to 'D'
-----------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Tangnu Romai Power Genertion Power Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      224       CARE D Revised from
                                            CARE B

Rating Rationale

The revision in the rating of Tangnu Romai Power Generation
Private Limited (Tangnu Romai) is on account of the delay in
project implementation resulting in delays in the servicing of
debt obligations.

Tangnu Romai, a project SPV promoted by PCP International Ltd.
(PIL) and Hyderabad-based NSL group, was incorporated on January
20, 2005, for setting up a 50 MW (44 MW, referred as TR I + 6MW,
referred as TR II) 'Run of the river' hydel power plant over the
Supin and Pabbar rivers (for TR I) and Supin and Sundru rivers
(for TR II) in Shimla district in the state of Himachal Pradesh.
The project was awarded by Government of Himachal Pradesh (GoHP)
to PIL on Build, Own, Operate and Transfer (BOOT) basis for a
period of 40 years from the scheduled commercial operations date
(COD). PIL, subsequently sold 49% stake to NSL Renewable Power
Private Ltd. (NRPPL) and the balance would be transferred after
the expiry of lock-in-period, ie, 3 years from commissioning of
the projectmanufactured and installed capacity.

The revised cost of project is INR641.89 crore (against envisaged
cost of INR320 crore) which would be funded through debt to equity
ratio of 1.17:1. The company has incurred cost of INR265.70 crore
till September 20, 2015, which has been financed through equity of
INR106.91 crore and term loan of INR158.79 crore. The revised
completion date is March 1, 2016, for TRII (as against Dec. 1,
2014).


TRANSPORT SOLUTIONS: CRISIL Cuts Rating on INR200MM Loan to D
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Transport Solutions India Private Limited (TSIPL; part of the
TSI group) 'CRISIL D' to from 'CRISIL B+/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            200      CRISIL D (Downgraded
                                   from 'CRISIL B+/Stable')

   Proposed Long Term      50      CRISIL D (Downgraded
    Bank Loan Facility             from 'CRISIL B+/Stable')

The downgrade reflects TSIPL's overdrawn cash credit facility for
more than 30 consecutive days owing to weak liquidity.

The TSI group has modest operating profitability in the highly
competitive automotive carrier manufacturing industry, and has
large working capital requirement, constraining its business risk
profile. Its financial risk profile is below average because of
modest networth and subdued debt protection metrics. However, the
group benefits from its promoters' extensive industry experience
and their funding support, and its established market position in
the automotive carriers manufacturing industry.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of HLM India Pvt Ltd (HIPL), Lohr India
Automotive Pvt Ltd (LIAPL), and TSIPL. This is because the three
companies, together referred to as the TSI group, are in similar
lines of business and have significant intercompany transactions.
Also, TSIPL has extended corporate guarantee for bank loan
facilities of LIAPL and HIPL.

The TSI group was established in 2006 and manufactures carriers
used in logistic services. It manufactures tippers and trailers
under TSIPL, car and truck carriers under LIAPL, and refrigerated
carriers under HIPL. Its promoters have industry experience of
over four decades.


USHER AGRO: CARE Lowers Rating on INR420cr Short Term Loan to D
---------------------------------------------------------------
CARE revises ratings assigned to bank facilities of Usher Agro
Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     219.32     CARE D Revised from
   (Term Loan)                              CARE BBB+

   Short term Bank Facilities    420.00     CARE D Revised from
   (Fund based)                             CARE BBB+

   Short Term-Vendor Financing    10.00     CARE D Revised from
   (Fund Based)                             CARE A3+

   Short term Bank Facilities     33.00     CARE D Revised from
   (Non-Fund Based)                         CARE A3+

Rating Rationale

The revision in the ratings of Usher Agro Limited (UAL) takes in
to account the instances of delays in debt servicing owing
to strained liquidity position.

Usher Agro Ltd. (UAL) was promoted by Mr. Vinod Kumar Chaturvedi
and Mr. Manoj Kumar Chaturvedi in June 1996. UAL is mainly engaged
in rice milling (mainly non-Basmati) and wheat flour milling. The
company is also engaged in the processing of raw white rice, par-
boiled rice and steam rice of different grades of non-basmati
variety, basmati rice and wheat products like atta, maida and
suji. UAL sells its rice/wheat products primarily in domestic
markets to wholesalers, commission agents and big organised
retailers etc. (under its own brand viz. "Rasoi Raja"). In FY15
(refers to the period April 1 to March 31; Audited), sales of rice
constituted nearly 85% of the total turnover of the company, while
wheat and by-products formed the remaining, The company has three
factories at Mathura, Chatta (in Uttar Pradesh) and Buxar (in
Bihar). UAL sells its products to wholesalers and bulk purchasers
under the brand "Rasoi Raja", which is a registered trademark. In
FY14, UAL increased its capacity by 486,000 TPA for rice at Chhata
and is setting up pulses plant and pulses flour mill with
production capacities of 105, 600 TPA and 23,100 TPA respectively.

UAL reported a PAT of INR30.78 crore (P.Y. INR66.95 crore) on a
total operating income of INR1277.69 crore (P.Y: INR1224.01 crore)
in FY15 (refers to the period April 1 to March 31; Audited).


VASISHTA CONSTRUCTIONS: CARE Ups Rating on INR44.5cr Loan From C
----------------------------------------------------------------
CARE revises the ratings assigned to bank facilities of Vasishta
Constructions Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      44.50     CARE BB Revised from
                                            CARE C

   Long-term/Short term Bank
   Facilities                    130.00     CARE BB/CARE A4
                                            Revised from
                                            CARE C/CARE A4

Rating Rationale

The revision in the ratings assigned to the bank facilities of
Vasishta Constructions Pvt Ltd (VCPL) takes into account
improved financial performance during H1FY16 (refers to the period
April 1 to March 31) marked by growth in total operating income,
profit levels and the profitability margins at the back of
execution of high value projects in hand, improved liquidity
profile on account of recovery of bills receivables and improved
capital structure with reduced reliance on mobilization advance.
The ratings continue to derive strength from experienced
promoters, moderate order book size and moderate industry outlook.

The ratings are, however, constrained by concentrated order book
position and exposure of the company in executing projects of
relatively moderate size. The ability of the company to ensure
timely execution of projects with recovery of contract proceeds in
a timely manner and improve liquidity profile with effective
management of working capital are the key rating sensitivities.

Incorporated in October 1991, VCPL is engaged in construction
activities spanning irrigation & flood control, roads & bridges,
building & structures, etc.

VCPL is promoted by Mr M Naga Raju, Mr M Siva Rama Raju, Mr M.S.K.
Subba Raju and Mr M. Krishna Chaitanya. The promoters have around
25-30 years of experience in executing civil contracts for
government entities and private players in the aforesaid segments.

During FY15, VCPL achieved PAT of INR15.04 crore (against PAT of
INR8.22 crore in FY14) on a total operating income of INR266.41
crore (against total operating income of INR213.53 crore in FY14).
As per the unaudited results of H1FY16, VCPL has achieved PAT of
INR8.75 crore (INR4.91 crore in H1FY15) on a total
operating income of INR141.69 crore (INR118.84 crore in H1FY15).


VIMIT METALS: CARE Reaffirms B+ Rating on INR5.06cr LT Loan
-----------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Vimit Metals and Infrastructure Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      5.06      CARE B+ Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Vimit Metals and
Infrastructure Private Limited (VMIPL) continues to remain
constrained on account of its small scale of operations in a
highly competitive industry as well as vulnerability of margins
to fluctuations in the raw material prices. The rating, further,
remains constrained due to its financial risk profile marked
by net loss registered in FY15 (refers to the period April 1 to
March 31), weak solvency and liquidity position.

The rating, however, derives strength from experience of the
management in PVC pipes manufacturing business.

VMIPL's ability to increase its scale of operations with efficient
management of working capital and improvement in capital structure
are the key rating sensitivities.

Jaipur-based (Rajasthan) VMIPL, incorporated in May 2008, was
promoted by Mr Arun Sharma along with his son, Mr Amit Sharma.
VMIPL is engaged in the business of manufacturing of Polyvinyl
chloride (PVC), Soil, Waste & Rain Water (SWR), Un-plasticized
Poly Vinyl Chloride (uPVC) pipes and fittings that find their end
user applications in the irrigation, water management, drainage
and sewerage systems. Initially, the company was engaged in the
trading of PVC resins.

However, it discontinued its trading activities after completion
of the capex project for production of pipes and fittings in
November 2009. The installed capacity of the unit is 3,364 Metric
Tonnes Per Annum (MTPA) as on March 31, 2015 and the unit is ISO
9001:2008 certified. It markets its products under the brand name
of 'Vimit Pipes'.

During FY15, VMIPL reported a total operating income of INR5.31
crore(FY14: INR9.33 crore) with a net loss of INR0.67 crore (FY14:
PAT of INR0.0.08 crore).


VISHWA INFRASTRUCTURES: CARE Cuts Rating on INR494cr Loan to D
--------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Vishwa Infrastructures And Services Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    482.71      CARE D Revised from
                                            CARE B

   Long-term/Short-term Bank
   Facilities                   494.00      CARE D Revised from
                                            CARE B/CARE A4

Rating Rationale

The revision in the ratings assigned to the bank facilities of
Vishwa Infrastructures and Services Private Limited (VISPL) takes
into account stretched liquidity position of the company resulting
in delays in servicing debt obligations.

VISPL started its operations as Vishwa Construction Company (VCC)
in 1992 and was converted into private limited in December 2004.
VCC was started by Mr Yerra Srinivas, Mr M. L. Sridhar Reddy, Mr
J.Vikram and Mr K.Vijay Kumar. The company is engaged in the
execution of water supply and sewerage infrastructure projects.
The other infrastructure verticals that the company operates in
are Roads and Power Transmission. VISPL is also into manufacturing
of MS Pipes (Mild Steel Pipes), PSC Pipes (Pre Stressed Concrete
Pipes) and RCC Pipes (Reinforced Cement Concrete Pipes). The order
book was INR643.59 crore as on
October 31, 2015.

In FY15 (refers to the period April 1 to March 31), the company
has registered a total income of INR454.81 crore (Rs.520.93 crore
in FY14) with a net loss of INR67.59 crore (net loss of INR75.02
crore in FY14).


YASH PAPERS: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Yash Papers
Limited (YPL) a Long-Term Issuer Rating of 'IND B+'. The Outlook
is Stable.

KEY RATING DRIVERS

The ratings reflect YPL's weak credit metrics with interest
coverage (operating EBITDA/gross interest expense) of 1.62x in
FY15 (FY14: 1.58x) and leverage (total Ind-Ra adjusted net
debt/operating EBITDAR) of 3.92x (5.07x) due to high debt. The
ratings also reflect the company's moderate-to-tight liquidity
position as reflected in its 95.18% average working capital
utilisation during the 12 months ended December 2015.

However, the ratings are supported by YPL's moderate-to-stable
operating margins of 14.38% in FY15 (FY14:14.41%) along with
moderate revenue of INR1,716 million (INR1,469 million). The
ratings also benefit from an improvement in the net working
capital cycle to 162 days in FY15 (FY14: 171 days, FY13: 188 days)
leading to positive cash flow of INR138.30 million. The ratings
also reflect the company's established track record of over three
decades in paper manufacturing.

The ratings also consider the likelihood of an improvement in
revenue and margins on the back of the company's on-going capex to
the tune of INR550 million over FY16-FY17; however, the credit
metrics might get impacted due to additional debt to fund the
capex.

RATING SENSITIVITIES

Positive: An improvement in the overall liquidity and/or credit
metrics will be positive for the ratings.

Negative: Any deterioration in the liquidity profile will be
negative for the ratings. The ratings could also be downgraded if
the benefits from the on-going capex get delayed or fall below
Ind-Ra's expectations.

COMPANY PROFILE

Founded in 1981, YPL manufactures low grammage machine glazed
industrial bleached and unbleached grades of paper which provides
industrial and protective packaging solutions. Its paper
production capacity stands at 39,100mtpa.

YPL's ratings:

-- Long-Term Issuer Rating: 'IND B+', Outlook Stable
-- INR 500 million fund-based working capital limits: 'IND
    B+'/Stable/'IND A4'
-- INR 139.30 million non-fund-based limits: 'IND A4'
-- INR 701.70 million term loans: 'IND B+'/Stable



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


LIPPO KARAWACI: Fitch Rates Proposed US$-Denom. Notes 'BB-(EXP)'
----------------------------------------------------------------
Fitch Ratings has assigned Indonesia-based PT Lippo Karawaci Tbk's
(Lippo, BB-/Stable) proposed US dollar denominated notes an
expected rating of 'BB-(EXP)'. The notes are due in 2023 and will
be issued by Theta Capital Pte Ltd and guaranteed by Lippo and its
major subsidiaries. The final rating of the proposed notes is
contingent upon the receipt of final documents conforming to
information already received. The agency has also affirmed the
'BB-' ratings on Lippo's guaranteed outstanding senior unsecured
notes issued by Theta Capital, as listed at the end of this
commentary.

The new 2023 notes will include the exchange of its existing $US
250 million 7% notes maturing in 2019. Lippo is also seeking the
consent of the 2019 note holders who do not participate in the
exchange for the removal of all restrictive covenants on the
residual 2019 notes, and the consent of the 2020 and 2022
noteholders to amend certain covenants to bring them in line with
the covenants of the proposed 2023 notes.

Fitch believes that the exchange and removal of restrictive
covenants of the 2019 notes will not materially impact surviving
2019 bondholders. The outstanding $USD403 million 2020 notes and
$US 150 million 2022 notes as well as the proposed 2023 notes will
include all of the restrictive covenants that Lippo is seeking
consent to remove in the 2019 notes, so the surviving 2019
bondholders will continue to indirectly benefit in the form of the
cross acceleration clause in the 2019 notes. All series of notes
are issued by Theta Capital and guaranteed by Lippo.

Fitch expects Lippo's debt to increase in 2016 as a result of the
company's aggressive medium-term expansion of its hospital
portfolio. The new notes will, however, extend the maturity
profile of the company's debt, allowing it more flexibility to
manage its cash flows.

KEY RATING DRIVERS

Cash Generation to Improve in 2016: We expect Lippo's cash
generation to improve in 2016, mainly due to the planned sale of a
few of its mature retail and healthcare assets to the REITs it
sponsors. Housing sales should also pick up in 2016 off a lower
base in 2015, supported by Lippo's brand. Lippo sold just under
IDR3 trillion worth of property during the first nine months of
2015, which was 73% of its revised annual target of around
IDR4trn. Lippo lowered its 2015 marketing sales target from around
IDR5trn initially, because of weak domestic demand. Many of
Lippo's domestic peers also lowered their sales targets for 2015,
as a result of challenging macroeconomic conditions and regulatory
uncertainty.

Strong Recurring Cash Flows: Lippo has a portfolio of assets that
generates strong recurring income, including one of the largest
private-sector hospital operators in Indonesia for which there is
robust demand, and also one of the largest retail-mall franchises.
The portfolio also includes several hotels, and educational
institutions. Lippo also receives dividends from the REITs that it
manages. In aggregate, these sources generated recurring EBITDA of
around IDR1.2trn at end-2014. Lippo's hospitals accounted for more
than half of these cash flows, which support its fairly stable
coverage of fixed-charges, such as interest and operating lease
rent. We expect Lippo's recurring EBITDA / fixed charge cover to
improve to more than 1.2x in 2016 and beyond (2014: 0.9x; 2013:
1.0x) in line with the planned expansion of its hospitals and
malls.

Aggressive Medium-Term Expansion: Lippo plans to continue
expanding its hospital portfolio outside of Jakarta, in a bid to
gain a first-mover advantage in its targeted geographies. The
company expects to spend between IDR4 trillion and IDR8 trillion
through 2018 on expanding its hospitals and retail malls,
depending on the demand for and priority of such projects. However
only about half of this capex is committed, and we expect that
much of the funding for the expansion will be generated via asset
sales to its REITs.

Limited Rating Headroom: Lippo's leverage stood at 49% at end-
September 2015, higher than the 39% at end-2014 mainly because of
slower presales and cash collections, as well as a sharp
depreciation of the Indonesian rupiah in 3Q15. Fitch notes that
Lippo's leverage is high for its 'BB-' IDR. However the agency
expects Lippo to maintain leverage below 50% over the medium term,
supported by its ability to prefund its capex and land-banking
through its sponsored-REITs. The company's inability to prefund
its capex and land-banking in this manner or via other non-debt
sources may result in negative rating action.

KEY ASSUMPTIONS

Fitch's key assumptions within our rating case for the issuer
include:
-- Housing sales will increase to more than IDR4.5 trillion in
    2016
-- EBITDA margin will weaken in 2015 to around 30%, but improve
    in 2016
-- Asset sales to sponsored REITs will increase in 2016 and 2017
-- Lippo will spend between IDR4trn and IDR8trn on capex through
    2018

RATING SENSITIVITIES

Negative: Future developments that may, individually or
collectively, lead to negative rating action include:
-- A sustained increase in leverage to more than 50%
-- A sustained weakening in the ratio of EBITDA from recurring
    sources to interest cost and operating lease rent to below
    1.2x
-- Inability to pre-fund capex

Positive: A rating upgrade is not expected in the medium term
given Lippo's smaller operating scale and recurring income base
compared with higher-rated international peers. We also expect
Lippo's leverage to remain high over the medium term as it
executes its expansion plans

FULL LIST OF RATING ACTIONS

Theta Capital Pte Ltd
Proposed US dollar denominated senior unsecured notes due 2023:
assigned 'BB-(EXP)'
$US 250 million outstanding 7% senior unsecured notes due 2019
affirmed at 'BB-'
$US 403 million outstanding 6.125% senior unsecured notes due 2020
affirmed at 'BB-'
$US 150 million outstanding 7% senior unsecured bonds due 2022
affirmed at 'BB-'


LIPPO KARAWACI: Moody's Affirms Ba3 CFR; Outlook Stable
-------------------------------------------------------
Moody's Investors Service has affirmed the Ba3 corporate family
rating of PT Lippo Karawaci Tbk and the Ba3 senior unsecured
rating of bonds issued by Theta Capital Pte Ltd, a wholly owned
subsidiary of Lippo Karawaci.

Moody's has also assigned a (P)Ba3 rating to the proposed USD
senior unsecured notes due 2023, to be issued by Theta Capital Pte
Ltd and guaranteed by Lippo Karawaci and some of its subsidiaries.

The ratings outlook is stable.

The provisional status of the senior unsecured bond rating will be
removed upon completion of the bond issuance with all satisfactory
terms and conditions met.

RATINGS RATIONALE

On Jan. 18, 2016, Lippo Karawaci announced (1) a proposed senior
unsecured notes issuance, intending to raise up to USD100 million,
largely to fund the development of new hospitals; and (2) an
exchange offer for its existing senior unsecured notes due 2019
which will extend their maturity to 2023.

"Lippo Karawaci will further extend its debt maturity profile,
bolster its liquidity position and strengthen its ability to
pursue its aggressive expansion in the healthcare segment, if the
proposed bond issuance and exchange offer are successful," says
Jacintha Poh, a Moody's Assistant Vice President and Analyst.

However, the net increase in debt for expansion needs should not
exceed USD100 million, or downward rating pressure may emerge.
Currently, the company has 20 hospitals under construction, seven
of which are expected to open this year whilst the remaining 13
are expected to open in 2017.

"Although the additional debt and interest expense will pressure
Lippo Karawaci's financial metrics, which are expected to be weak
in 2015, the completion of its asset sales to Lippo Malls
Indonesia Retail Trust (LMIRT, Baa3 stable) in 1Q 2016 will
provide some alleviation," adds Poh, who is also Moody's lead
analyst for Lippo Karawaci and the Indonesian property sector.

Reflective of lackluster marketing sales performance and delayed
asset sales to its REITS, we had expected Lippo Karawaci to have
leverage -- as measured by adjusted debt/homebuilding EBITDA -- of
around 4.0x and homebuilding EBIT/interest expense of around 2.0x
for FY 2015, which is weak for its rating.

However, with asset sales that Moody's estimates to be around IDR2
trillion over the next 12 months, the company's adjusted
debt/homebuilding EBITDA is expected to improve to around 3.5x
while homebuilding EBIT/interest expense improves modestly to
around 2.5x in 2016.

On Jan. 8, 2016, Lippo Karawaci entered into an agreement with
LMIRT on the sale of Lippo Mall Kuta, for an aggregate
consideration of IDR800 billion (USD58 million).  In addition, the
company is in advanced discussions with LMIRT on the sale of Lippo
Plaza Jogya which they expect to enter into a conditional sale and
purchase agreement by the end of January 2016.

Lippo Karawaci's Ba3 ratings continue to reflect its established
position as one of the leading and largest property developers in
Indonesia.  More importantly, the ratings are supported by Lippo
Karawaci's diversified business profile which allowed it to
generate a well-balanced income stream between recurring income
and real estate development income, which is non-recurring.

As the bulk of the company's recurring income comes from the
resilient and growing healthcare segment, it provides a cushion
against the business and execution risks associated with real
estate development, and mitigates the lumpy nature of development
cash flow.

As of Sept. 30, 2015, Lippo Karawaci reported cash and cash
equivalents of IDR1.6 trillion, more than sufficient to cover its
IDR421 billion of banks loans coming due over the rest of this
year.

We expect Lippo Karawaci to have adequate liquidity buffer to fund
its capex plans, which we estimate to be about IDR3.5 trillion
over the next 12 months to September 2016.  In addition, the
company has access to some IDR187 billion in committed bank lines
which provides an additional liquidity buffer.

The stable ratings outlook reflects Moody's expectation that Lippo
Karawaci will be well-supported by its recurring income and
maintain financial discipline while pursuing growth.

Upward ratings pressure is unlikely over the near to medium term,
but could emerge if Lippo Karawaci successfully implements its
business plans such that there is continued revenue growth, while
maintaining gross margin in excess of 35% and solid liquidity
position in the form of cash balances and committed facilities.

Credit metrics that will support an upgrade include adjusted
debt/homebuilding EBITDA of less than 3.0x and adjusted
homebuilding EBIT/interest coverage of above 4.5x on a sustained
basis.

Lippo Karawaci's ratings could face downward pressure if: (1) the
company fails to implement its business plans such that proportion
of recurring revenue falls below 40% of total revenue and sales of
asset are continuously delayed; and (2) there is a deterioration
in the property market, leading to protracted weakness in its
operations and credit profile.

Moody's considers an adjusted debt/homebuilding EBITDA of more
than 4.0x and adjusted homebuilding EBIT/interest expense of less
than 2.5x on a sustained basis, as indications that a ratings
downgrade may be necessary.

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

PT Lippo Karawaci Tbk is one of the largest property developers in
Indonesia, with a sizable land bank of around 1,566 hectares as of
Sept. 30, 2015.  It owns and/or manages -- either directly or via
its real estate investment trusts -- 43 malls, 20 hospitals and
eight hotels.  Lippo Karawaci owns a 33.5% stake in First
Healthcare REIT (unrated) and a 29.1% stake in LMIRT.



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


SECURITY BANK: S&P Affirms 'BB+' LT ICR & Revises Outlook to Pos.
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised its
outlook on the long-term issuer credit rating on Security Bank
Corp. (SBC) to positive from stable.  At the same time, S&P
affirmed its 'BB+' long-term and 'B' short-term issuer credit
ratings and 'axBBB+' long-term and 'axA-2' short-term ASEAN
regional scale ratings on the Philippines-based bank.  S&P also
affirmed its 'BB+' long-term issue rating on SBC's outstanding
notes.

"The outlook revision reflects SBC's improved capital position
after Bank of Tokyo-Mitsubishi UFJ Ltd. (BTMU) acquired a 20%
stake in the bank," said Standard & Poor's credit analyst Ivan
Tan.  "The deal will increase SBC's capital by Philippine peso
(PHP) 36.9 billion on a pro-forma basis from PHP52.4 billion as of
Sept. 30, 2015."

S&P expects the transaction to close during the first half of
2016, subject to regulatory approval and other conditions.

S&P believes that SBC will use the additional capital to pursue
more rapid growth, particularly in the retail sector, to
complement its strengths in corporate and wholesale banking.  S&P
believes the bank's retail growth plans are ambitious.

In S&P's opinion, the retail sector offers higher yields, but also
presents greater delinquency risks, which could lead to an
increase in the bank's credit costs.  Rapid use of capital
combined with incremental operating costs could gradually reduce
SBC's enhanced capital ratios over the next 18-24 months.  S&P
continues to assess SBC's capital position as adequate.

"The alliance with BTMU will enhance SBC's products suite,
collaboration opportunities, and global banking know-how, and help
accelerate the bank's growth strategy in Philippines," said Mr.
Tan.  "SBC will also leverage BTMU's relationships to access
Japan-related business opportunities.  It could improve SBC's
earnings profile and mitigate potentially higher credit costs.
Nevertheless, the successful execution of this alliance remains to
be seen."

S&P could raise the ratings on SBC if its Standard & Poor's risk
adjusted capital ratio sustains above 10% in the next 18-24 months
despite the growth plans.

S&P could revise the outlook to stable if SBC grows aggressively
or its asset quality deteriorates, causing its capital to weaken
substantially, particularly if there are missteps as the bank
ramps up its retail ambitions in the Philippines.  S&P could also
revise the outlook to stable if SBC's deposit mobilization fails
to keep pace with loan growth, leading to deterioration in the
bank's funding and liquidity profile.



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


SK E&S CO: S&P Cuts LT Issue Rating on Sub. Capital Sec. to 'BB+'
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term corporate
credit rating on SK E&S Co. Ltd. to 'BBB' from 'BBB+'.  The
outlook is stable.  At the same time, S&P lowered the long-term
issue rating on the company's subordinated perpetual capital
securities to 'BB+' from 'BBB-'.  SK E&S is a Korea-based power
generation and metropolitan gas distribution company.

The downgrade reflects S&P's expectation that SK E&S'
creditworthiness will deteriorate over the next 12 months because
of a weakening operating performance and aggressive capital
expenditure.  Consequently, S&P estimates the company's debt-to-
EBITDA ratio after its adjustments will remain weak for the 'BBB+'
rating level, at about 3.4x-3.9x in 2015 and 2016, compared with
2.6x in 2014.

Although S&P expects SK E&S' credit quality to improve from 2017
onward because of asset sales and increasing cash flows from new
power plants, the extent of the improvement is currently unclear,
given the challenging industry conditions.  For this reason, S&P
has lowered its assessment of the company's financial risk profile
to "significant" from "intermediate."

The power generation environment is tough, mainly due to falling
electricity prices.  In S&P's view, a rise in electricity
capacity, weak growth in demand, and a rising reserve rate in
Korea could pressure the system marginal price in the country's
electricity market over the next 12 months.  S&P also thinks the
recent trend of declining global liquefied natural gas (LNG)
prices could further squeeze the company's operating
profitability.  As a result, S&P estimates SK E&S' adjusted
operating profit will decline substantially to about Korean won
(KRW) 300 billion-KRW400 billion in 2015-2016 from KRW530 billion
in 2014.  Still, S&P believes a favorable fuel-sourcing agreement
could help SK E&S maintain a relatively higher operating margin in
the power business than its domestic peers'.

S&P estimates SK E&S will incur negative discretionary cash flows
in 2016 because of large investments and ongoing dividend payouts,
leading to increasing debt levels.  The company is likely to
continue to make significant capital investments of about KRW800
billion-KRW1.2 trillion annually in 2015-2016.  SK E&S is
continuing to invest in its new LNG plant in Jangmoon and in
combined heat and power plants in Wirye, all located in South
Korea.  Also, SK E&S is trying to diversify its business portfolio
in the LNG value chain with investment in upstream and midstream
businesses, such as LNG exploration and production and LNG
terminals.

S&P believes SK E&S will make ongoing efforts to maintain its
financial soundness through asset disposals, business
restructuring, and dividend reductions.  As an example, the
company disposed of its Pyeongtaek power plant and issued hybrid
securities in 2014 and 2015.  However, S&P sees uncertainties over
the company's execution capabilities and capital market
conditions.  Still, S&P believes the company's management
expertise and efficient strategic planning continue to support its
creditworthiness.

The highly stable and regulated nature of gas distribution in
Korea underpins SK E&S' business position relative to peers'.  In
addition, the company has significant assets on its balance sheet,
which S&P believes it may use to improve its financial strength.
S&P therefore assess the comparable rating analysis as "positive."

The stable outlook reflects S&P's expectation that SK E&S will
increase cash flows from the completion of its new plants and
maintain flexible financial policies, including asset disposals,
which will keep its credit metrics stable despite challenging
industry conditions.

S&P could lower the ratings if SK E&S' debt-to-EBITDA ratio after
Standard & Poor's adjustments approaches 4.0x on a sustained basis
as a result of: (1) profitability deteriorating more significantly
than we expected due to a rapid decline in electricity sales
prices; (2) progress on asset disposals being slower than S&P
expected; or (3) SK E&S makes larger investments or dividend
payouts than S&P anticipated.

S&P sees limited potential to raise its rating on SK E&S over the
next 12 months.  S&P may upgrade the company if it reverses the
deterioration in its financial metrics through asset disposals and
business restructuring while improving its operating
profitability.  This would result in the adjusted debt-to-EBITDA
ratio remaining comfortably below 3.0x on a sustainable basis.



                             *********

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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