TCRAP_Public/160121.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

          Thursday, January 21, 2016, Vol. 19, No. 14


                            Headlines


A U S T R A L I A

DICK SMITH: RFG Steps Up For Epilepsy Charity After Firm Collapse
ELLIOT UTILITIES: First Creditors' Meeting Set For Jan. 28
EM MINING: First Creditors' Meeting Slated For Jan. 29
PALMER AVIATION: First Creditors' Meeting Set For Jan. 29
TAHITIAN GOLD: First Creditors' Meeting Set For Jan. 29


C H I N A

UTSTARCOM HOLDINGS: Promotes Dr. Zhaochen Huang to COO


I N D I A

A.G. HOSPITALITIES: CARE Reaffirms B+ Rating on INR9cr LT Loan
A.P.R. GINN: ICRA Assigns 'B' Rating to INR5.0cr LT Loan
ANAND ENGINEERING: ICRA Ups Rating on INR14cr LT Loan to 'B'
ANNAPURNA BUILDCON: CRISIL Assigns 'B' Rating to INR233MM Loan
AURO IMPEX: ICRA Reaffirms 'B' Rating on INR2.70cr Term Loan

AVON COTTEX: ICRA Suspends B+ Rating on INR13.50cr Bank Loan
BAGGA LUXURY: ICRA Assigns B+ Rating to INR7.0cr Loan
CDP (INDIA): ICRA Reaffirms B+ Rating on INR15cr Cash Loan
COASTAL ENERGEN: ICRA Assigns 'D' Rating to INR6296cr Term Loan
DHARTI COTTON: CARE Reaffirms B+ Rating on INR12cr LT Loan

DISTICHEMI PROCESS: CRISIL Assigns 'B' Rating to INR330MM Loan
DIVINE SOLUTIONS: ICRA Assigns 'B' Rating to INR6.0cr LT Loan
ENERGO ENGINEERING: ICRA Cuts Rating on INR1,150cr Loan to 'D'
FIL SEP: ICRA Reaffirms B+ Rating on INR4.0cr Cash Loan
GLOBAL NATURE: ICRA Reaffirms B+ Rating on INR6.8cr Term Loan

GMR VEMAGIRI: ICRA Cuts Rating on INR75.56cr Loan to 'B'
ILIFE MEDICAL: ICRA Withdraws 'D' Rating on INR7.5cr Loan
JAIDEEP TRADING: CRISIL Ups Rating on INR75MM Cash Loan to B
JAYANT PRINTERY: CRISIL Assigns B+ Rating to INR52.5MM Loan
KENERSYS INDIA: CRISIL Assigns 'D' Rating to INR1.80BB Corp. Loan

KHEDUT FEEDS: ICRA Suspends B/A4 Rating on INR21.38cr Loan
KLM INFRA: ICRA Assigns B+ Rating to INR29.28cr LT Loan
KOPPAL GREEN: ICRA Reaffirms B+ Rating on INR14cr Cash Loan
KOTALIPARA DEVELOPMENT: ICRA Suspends B Rating on INR17cr Loan
LAHOTY BROTHERS: Ind-Ra Assigns 'IND BB+' LT Issuer Rating

LAKSHMI ENERGY: Ind-Ra Suspends 'IND BB' Long-term Issuer Rating
M. M. PROJECTS: CRISIL Cuts Rating on INR15MM Bank Loan to 'D'
M & T CONSTRUCTIONS: CARE Assigns 'B' Rating to INR6cr LT Loan
MANISHRI REFRACTORIES: ICRA Reaffirms B Rating on INR18.6cr Loan
MMR INFRASTRUCTURE: ICRA Assigns B+ Rating to INR40cr Loan

NICOMET INDUSTRIES: ICRA Assigns 'D' Rating to INR144.76cr Loan
NINANIYA ESTATES: ICRA Assigns 'B' Rating to INR15cr Term Loan
NITASHA CONSTRUCTIONS: ICRA Reaffirms 'B' Rating on INR5cr Loan
PADMASHREE INC: ICRA Upgrades Rating on INR25cr LT Loan to B+
PAWAN SHREE: Ind-Ra Assigns 'IND B-' Long-Term Issuer Rating

PELICAN RUBBER: Ind-Ra Cuts Long-term Issuer Rating to 'IND D'
PETAL MOTOCON: ICRA Assigns B- Rating to INR10cr Funding Loan
PLANET AUTOMOTIVE: ICRA Assigns B- Rating to INR17cr Cash Loan
PRINT SOLUTIONS: ICRA Revises LT Rating on INR11cr Loan to B-
RAJRAJESHWAR COTEX: CARE Reaffirms B Rating on INR6.77cr LT Loan

RANG RASAYAN: CRISIL Suspends B+ Rating on INR70MM Cash Loan
RAVIRAJ HI-TECH: ICRA Assigns 'B' Rating to INR9.93cr Term Loan
RECORE CERAMIC: CRISIL Cuts Rating on INR67.5MM Term Loan to B-
RENERGY SYSTEMS: ICRA Assigns 'SP 4D' Grading
S.P.Y. AGRO: CARE Reaffirms B- Rating on INR215.11cr LT Loan

SAI RADHA: ICRA Reaffirms 'B' Rating on INR7.25cr Fund Based Loan
SAOMYA FORTUNE: CRISIL Lowers Rating on INR150MM Term Loan to D
SHARMA CARS: ICRA Reaffirms B+ Rating on INR25.73cr Cash Loan
SHREE RAJMOTI: ICRA Revises Rating on INR100cr Loan to 'D'
SHREE SACHIDANAND: ICRA Ups Rating on INR5.18cr Loan to 'B'

SKYLINE SOLAR: ICRA Assigns SP 4D grading on Weak Fin'l. Strength
SRI RAMA: ICRA Revises Rating on INR3.96cr Loan to 'B'
STAR SCHOOL: Ind-Ra Assigns 'IND D' Term Loans Facility Rating
SUMITA TEX: CRISIL Cuts Rating on INR1,022.8MM LT Loan to 'D'
SURYA OIL: ICRA Reaffirms B+ Rating on INR9cr LT Loan

TEX STYLES: ICRA Suspends C+/A4 Rating on INR7.18cr Loan
THREE STAR: CARE Assigns 'B' Rating to INR0.21cr LT Loan
TRADE WINGS: ICRA Suspends B- Rating on INR12cr LT Loan
TRINITY MAHALASA: ICRA Assigns B+ Rating to INR4.50cr LT Loan
VIJAY TRADING: ICRA Reaffirms B+ Rating on INR10cr Cash Loan

VINOD ENTERPRISES: CRISIL Reaffirms 'B' Rating on INR60MM Loan


N E W  Z E A L A N D

STONEWOOD HOMES: In Liquidation, Owes More Than NZ$1 Million


P H I L I P P I N E S

BACOOR DOCTORS: SEC Orders Hospital to Stop Selling Securities
LBC DEVELOPMENT: LBC Group Appeals PHP1.8BB Collection Case


S I N G A P O R E

TIGER AIRWAYS: Singapore Air Raises Bid in Push to Delist Company


                            - - - - -


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


DICK SMITH: RFG Steps Up For Epilepsy Charity After Firm Collapse
-----------------------------------------------------------------
Jenny Rogers at Gold Coast Bulletin reports that Retail Food Group
has come to the rescue of a charity supporting people with
epilepsy after it was left in financial limbo by the collapse of
Dick Smith.

The Bulletin relates that Retail Food Group, the owner of Donut
King, Brumby's Bakery, Michel's Patisserie, Gloria Jean's Coffees,
Pizza Capers and Crust Gourmet Pizza, will provide Epilepsy Action
Australia with a $50,000 donation, matching Dick Smith's promised
cash donation.

Australia's largest food franchisor also will sponsor EAA's
biggest annual fundraising event, Purple Day, to be held on
March 23, the report says.

According to the report, RFG will support the Purple Day campaign
through a variety of activities across its franchise network of
more than 1,700 outlets across Australia.

Cash-strapped Dick Smith was the major funding sponsor of EAA
before it went into receivership in January, the report notes.

According to the report, RFG chief executive -- franchise Andre
Nell said the support for the charity aligned with the company's
continued dedication to community support and commitment to expand
its corporate social responsibility activities.

"We are proud to be in a position to step in and support Epilepsy
Action Australia for the tireless work they do to support people
living with epilepsy and other seizure disorders," the report
quotes Mr Nell as saying.

He said RFG was committed to expanding the reach of its CSR
initiatives this year under its not-for-profit foundation, With
Heart, the report says.

The Bulletin relates that EAA's chief executive Carol Ireland said
the loss of sponsorship would have put a major dent in its
fundraising abilities.

"In losing that Dick Smith agreement, we lost not only the
AUD50,000 sponsorship, but up to AUD100,000 worth of merchandise
being sold through their stores," the Bulletin quotes Ms Ireland
as saying.

She said RFG had stepped in during a "time of crisis" for the
organization, the Bulletin adds.

                         About Dick Smith

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

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

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

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

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

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

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


ELLIOT UTILITIES: First Creditors' Meeting Set For Jan. 28
----------------------------------------------------------
Domenic Calabretta of Mackay Goodwin was appointed as
administrator of Elliot Utilities Locations Pty Ltd on Jan. 18,
2016.

A first meeting of the creditors of the Company will be held at
Port Augusta Business Centre, 2A Stirling Road, in Port Augusta
S.A., on Jan. 28, 2016, at 3:00 p.m.


EM MINING: First Creditors' Meeting Slated For Jan. 29
------------------------------------------------------
Peter Hillig of Smith Hancock was appointed as administrator of EM
Mining Pty Ltd, trading as Eco Study Institute, on Jan. 18,
2016.

A first meeting of the creditors of the Company will be held at
Smith Hancock, Level 4, 88 Phillip Street, in Parramatta, NSW, on
Jan. 29, 2016, at 11:00 a.m.


PALMER AVIATION: First Creditors' Meeting Set For Jan. 29
---------------------------------------------------------
John Park and Quentin Olde of FTI Consulting were appointed as
administrators of Palmer Aviation Pty Ltd on Jan. 18, 2016.

A first meeting of the creditors of the Company will be held at
FTI Consulting, Level 15, 50 Pitt Street, in Sydney, on Jan. 29,
2016, at 10:30 a.m.


TAHITIAN GOLD: First Creditors' Meeting Set For Jan. 29
-------------------------------------------------------
Alan Hayes and Christian Sprowles of Hayes Advisory were appointed
as administrators of Tahitian Gold Enterprises Pty Ltd, trading as
Sydney Freight Services, on Jan. 18, 2016.

A first meeting of the creditors of the Company will be held at
Level 16, 55 Clarence Street, in Sydney, on Jan. 29, 2016, at
4:00 p.m.



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


UTSTARCOM HOLDINGS: Promotes Dr. Zhaochen Huang to COO
------------------------------------------------------
UTStarcom had promoted Dr. Zhaochen Huang to chief operating
officer, effective Jan. 15, 2016, to oversee global sales and
business development as well as global operations, which includes
manufacturing, quality assurance, procurement, and information
technologies.

Dr. Huang brings more than 25 years of business and management
expertise to the Company. He previously served as the
vice-president, global operations, at UTStarcom and General
Manager of UTStarcom India. Prior to that, Dr. Huang served
various positions at Soliton Systems, K.K. including general
manager of Soliton Systems USA and VP of Research and Development
of Soliton Systems Shanghai. Prior to that, Dr. Huang served at
SECOM Co., LTD. and Nanjing Institute of Solid Device. He received
a Doctor of Engineer's degree in Electrical and Electronics from
Tokyo Institute of Technology.

"We are thrilled to promote Zhaochen to Chief Operating Officer,"
stated Mr. Tim Ti, UTStarcom's chief executive officer. "Zhaochen
has tremendous amount of international experience having worked in
China, Japan, United States, and India. Since he joined the
Company in 2011, Zhaochen has proved his capability to solve
complex business problems and deliver results. Zhaochen's
leadership, acumen, and work ethic will continue to be a positive
asset for our Company."

                       About UTStarcom, Inc.

UTStarcom, Inc. (Nasdaq: UTSI) -- http://www.utstar.com/-- is a
global leader in IP-based, end-to-end networking solutions and
international service and support. The Company sells its
solutions to operators in both emerging and established
telecommunications markets around the world. UTStarcom enables
its customers to rapidly deploy revenue-generating access services
using their existing infrastructure, while providing a migration
path to cost-efficient, end-to-end IP networks. The Company's
headquarters are currently in Alameda, California, with its
research and design operations primarily in China.

UTStarcom reported a net loss of $30.3 million in 2014, a net loss
of $22.7 million in 2013 and a net loss of $34.4 million in 2012.
As of Sept. 30, 2015, the Company had $209.41 million in total
assets, $105 million in total liabilities and $104 million in
total equity.



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


A.G. HOSPITALITIES: CARE Reaffirms B+ Rating on INR9cr LT Loan
--------------------------------------------------------------
CARE reaffirms rating assigned to bank facilities of A.G.
Hospitalities Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      9         CARE B+ Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of A.G. Hospitalities
Private Limited (AGH) continues to be constrained by the limited
experience of the promoters in the hotel industry, significant
competition from established hotel properties in the vicinity and
the susceptibility of revenues and profitability to the
cyclicality and seasonality of the industry. The rating factors in
the implementation risk associated with the property under
construction and takes note of the cost overruns in the same,
owing to the floods in Chennai in December 2015 and the associated
loss of material.

The rating however derives comfort from the location advantage of
the property in the heart of Chennai and project being
predominantly funded by owner's contribution. The rating takes
note of the agreement entered into by the company with AAPC India
Hotel Management Pvt Ltd., (AAPC) which is a part of Accor
International hotel group, for the management and operations of
the property.

Going forward, the ability of the company to complete the project
on time and without further cost over runs, achieve optimum
occupancy levels and average room rentals (ARRs), as envisaged
will be the key rating sensitivities.

AGH is a private limited company promoted by Mr S K Gupta and his
family to establish a three-star hotel property in the heart of
Chennai. The property is envisaged to have 10 floors with 110
rooms, one restaurant, spa, swimming pool and conference hall.

At the time of initial rating, the total cost of the project
excluding land was estimated at INR45 crore. The construction had
commenced in January 2011 and was expected to be completed by
July 2016. The project was proposed to be funded by promoter's
equity/unsecured loans of INR36 crore and term loan of INR9 crore.
However, due to the unprecedented floods in Chennai in the first
week of December 2015, AGH suffered material loss at the site. As
a result, the revised total cost of the project is expected to be
INR55 crore. The gap of INR10 crore is to be funded by additional
term loan of INR9 crore which is presently under appraisal with
the bank and balance is expected to be funded by promoter's
contribution.  However, financial closure is yet to be achieved.


A.P.R. GINN: ICRA Assigns 'B' Rating to INR5.0cr LT Loan
--------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B to the INR5.0
crore fund based facilities of A.P.R. Ginn & Pressing Mills.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long term-Fund
   based facilities       5.00        [ICRA]B/assigned

The assigned rating takes into consideration the experience of the
proprietor in the cotton ginning industry for over two decades and
the moderately healthy growth in operating income (CAGR of ~14.0%)
over the past four fiscals. The rating is, however, constrained by
the low value addition in the business leading to low margins and
returns. The rating is further constrained by the small scale of
operations of the entity in a highly competitive industry
environment restricting the pricing flexibility, and the
susceptibility of the Firm's profitability to fluctuations in
cotton prices due to seasonality and regulatory risks.

Moreover, the Firm's financial profile is characterized by high
gearing, weak coverage indicators, and stretched liquidity
position due to high inventory holding. ICRA also notes the
capital continuity risks associated with proprietorship entities
and any significant withdrawals from the capital account will
affect its net worth and thereby the gearing levels.

A.P.R. Ginn & Pressing Mills is a proprietorship concern
established in the year 1985 by Mr. A.P. Rangasamy. The Firm
operates a cotton ginning and pressing unit in Coimbatore,
Tamilnadu with 24 ginning machines each with a production capacity
of 50 kg of ginned cotton per hour. APR mainly deals in DCH
variety of raw cotton which is procured directly from farmers. The
firm produces cotton lint which is sold to various dealers.

Recent Results
The Firm reported a net profit of INR0.1 crore on an operating
income of INR20.1 crore during 2014-15 as against a net profit of
INR0.1 crore on an operating income of INR22.4 crore during 2013-
14.


ANAND ENGINEERING: ICRA Ups Rating on INR14cr LT Loan to 'B'
------------------------------------------------------------
ICRA has upgraded the long-term rating outstanding on the INR10.64
crore (revised from INR16.82 crore) term loans and the INR14.00
crore (revised from INR10.00 crore) fund based facilities of Anand
Engineering Products Private Limited from [ICRA]D to [ICRA]B. ICRA
has also upgraded the short-term rating outstanding on the INR0.50
crore (revised from INR1.00 crore) non-fund based facilities of
the Company from [ICRA]D to [ICRA]A4. ICRA has withdrawn the
rating of [ICRA]D outstanding on the INR2.94 crore working capital
term loan and INR29.83 crore proposed facilities of the Company.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term: Term       10.64        [ICRA]B/upgraded from
   loan                               [ICRA]D

   Long Term: Fund       14.00        [ICRA]B/upgraded from
   based facilities                   [ICRA]D

   Short Term: Non        0.50        [ICRA]A4/upgraded from
   fund based                         [ICRA]D
   facilities

   Long Term: Working
   Capital Term Loan       Nil        [ICRA]D withdrawn

   Long Term: Proposed     Nil        [ICRA]D withdrawn
   term loans

The rating action takes into account the regularization in debt
servicing by the Company following the restructuring of its term
loans in July 2014 which has eased the principal repayment burden
till April 2016. The ratings also take into account the healthy
improvement in the Company's operating income primarily on the
back of improvement in order flows from Gamesa Renewable Private
Limited (Gamesa). This resulted in improvement in the capacity
utilization levels and hence, in the operating margins. Moreover,
the coverage indicators too improved with capital structure
remaining largely stable over the past three fiscals. The ratings
are however, constrained by the high customer concentration risks
with significant proportion of revenues being generated from
Gamesa, though increase in supply to other customers going forward
is expected to mitigate the risks to an extent. Going forward, the
Company's ability to sustain the revenue growth and profit margins
while efficiently managing its working capital cycle will be
critical to generate strong cash flows and thereby improve its
credit profile.

Anand Engineering Products Private Limited, located in Trichy
(Tamil Nadu), is involved in the process of fabrication, machining
and assembly works to manufacture components for heavy engineering
products like earthmoving equipment, wind turbine towers, etc.
Fabrication is largely done for Caterpillar India Private Limited
(dumper bodies) and Gamesa Wind Turbine Private Limited (towers
for wind turbines). The Company has a fabrication capacity of
4,000 tons/month.

Recent Results
The Company has reported net loss of INR0.2 crore on an operating
income of INR67.0 crore in 2014-15, as against net profit of
INR0.5 crore reported on an operating income of INR28.6 crore in
2013-14.


ANNAPURNA BUILDCON: CRISIL Assigns 'B' Rating to INR233MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Annapurna Buildcon Infra Private Limited.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            17       CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility    233       CRISIL B/Stable

The rating reflects ABIPL's exposure to risks related with
funding, saleability, and completion of real estate projects, and
susceptibility to cyclicality inherent in the Indian real estate
industry. These weaknesses are partially offset by promoters'
extensive experience in the real estate industry, and funding
support from promoters.
Outlook: Stable

CRISIL believes ABIPL will continue to benefit over the medium
term from promoters' extensive industry experience. The outlook
may be revised to 'Positive' in case of better-than-expected cash
inflow because of healthy bookings and customer advances.
Conversely, the outlook may be revised to 'Negative' in case of
slower-than-expected customer bookings or delay in receipt of
customer advances, leading to lower-than-expected cash inflow and
weak liquidity, or if the company takes up a significantly large
real estate project, enhancing project execution risks.

ABIPL, incorporated in 2010, is a Mumbai-based real estate
developer. It is executing two residential real estate projects,
Annapurna Avenue and Annapurna Heights, in Mumbai.


AURO IMPEX: ICRA Reaffirms 'B' Rating on INR2.70cr Term Loan
------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B and short term
rating of [ICRA]A4 to the INR7.00 crore enhanced fund based/non
fund based bank facilities of Auro Impex & Chemicals Pvt. Ltd.
ICRA has also reaffirmed the long term rating of [ICRA]B and short
term rating of [ICRA]A4 to the INR9.90 bank facilities of AICPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based Limits
   Term Loan             2.70        [ICRA]B reaffirmed

   Fund Based Limits
   Cash Credit           9.00        [ICRA]B reaffirmed/assigned

   Non Fund Based
   Limits-Letter of
   Credit                4.50        [ICRA]A4 reaffirmed/assigned

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

   Non Fund Based
   Limits-Bank
   Guarantee            (0.50)       [ICRA]A4 assigned

   Non Fund Based
   Limits-Forward
   Contract              0.10        [ICRA]A4 assigned

   Fund Based/Non Fund
   Based Limits-Untied
   Limit                 0.20        [ICRA]B/[ICRA]A4 assigned

The reaffirmation of the ratings take into account AICPL's small
scale of operations in the manufacturing of pollution control
equipments, limited bargaining power with the customers who are
mostly large corporate, resulting in pressure on margins, and the
stretched liquidity position of the company due to high inventory
levels and high receivables on account of blockage of funds
towards retention money and high credit period offered to the
customers. The ratings are also impacted by the company's ability
to execute the orders within stipulated time, given the provision
for liquidated damages (LD) clause in the contracts and
vulnerability of the profitability to any adverse change in raw
material prices, given the contracts are primarily 'fixed price'
in nature, though the same is mitigated to some extent due to
short execution cycle. The ratings however positively factor in
the experience of the management of more than three decades in the
trading of pollution control equipments, reputed client base for
being an approved sub-vendor of NTPC Limited and healthy order
book resulting in revenue visibility in near term at least.
Going forward, the company's ability to scale up its operations,
while maintaining its profitability and managing the liquidity
efficiently, would remain critical from a credit perspective.

Incorporated in 1994, AICPL is currently engaged in the
manufacturing of components, spares and fabricated internal
structures primarily used in the pollution control equipment such
as electrostatic precipitators, etc. Earlier, the company was
engaged in the trading of electrical and engineering goods. Since
2012-13, AICPL has diversified its business portfolio and started
the manufacturing business at Village-Khajurdaha, in Hooghly
district of West Bengal. Auro Industries Limited, a company under
the same management, is engaged in the dealership and distribution
of a variety of electrical equipments/ accessories and is rated at
[ICRA]B+ and [ICRA]A4.


AVON COTTEX: ICRA Suspends B+ Rating on INR13.50cr Bank Loan
------------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating for the INR13.50 Crore bank
facilities of Avon Cottex Private Limited. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company.


BAGGA LUXURY: ICRA Assigns B+ Rating to INR7.0cr Loan
-----------------------------------------------------
A rating of [ICRA]B+ has been assigned to INR7.00 crore fund based
proposed inventory funding limits of Bagga Luxury Motorcars LLP.
ICRA has also assigned [ICRA]A4 rating to INR7.00 crore short-term
non-fund based proposed bank guarantee facilities of BLML.

                           Amount
   Facilities           (INR crore)      Ratings
   ----------           -----------      -------
   Proposed Inventory
   Funding Limits           7.00         [ICRA]B+ assigned

   Proposed Bank
   Guarantee                7.00         [ICRA]A4 assigned

The assigned ratings are constrained by start up phase of
operations coupled with moderate profitability of dealership
business. The rating is further constrained by expected increase
in competition for Maserati cars with prospects of availability of
luxury cars of other dealers as a result of setting up of various
new dealerships for luxury cars in India in near future. Also,
there is likely to be high dependence on external borrowing for
inventory funding which will result in stretched debt profile.

The rating, however, favourably takes into account the established
track record with promoter having a long experience in car
dealership business with two other group companies engaged in
dealership of Hyundai, Nissan and Ashok Leyland cars. The rating
further takes into account the market positioning with Bagga
Luxury Motorcars LLP being sole authorized dealer of Maserati cars
in western region of India.

Incorporated in 2015, Bagga Luxury Motorcars LLP is a limited
liability partnership with Mr. Sukhbirsingh Bagga and his wife Mrs
Khushboo Bagga as partners with profit sharing ratio of 70% and
30% respectively. Bagga Luxury Motorcars LLP is part of Planet
Petal group which is promoted by Mr. Sukhbir Bagga alongwith his
family members. Planet Petal group is a diversified group having
operations in the western region of India and is having presence
in the fields of automotive dealership, retail, real estate and
finance business. Bagga Luxury Motorcars LLP is an authorized
dealer for Italian car Maserati for western region of India.


CDP (INDIA): ICRA Reaffirms B+ Rating on INR15cr Cash Loan
----------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ to the
INR16.87 crore (reduced from INR18.90 crore) fund based bank
facilities of CDP (India) Private Limited. ICRA has also
reaffirmed the short-term rating of [ICRA]A4 to the INR5.00 crore
non fund based bank facility of the company. ICRA has also
assigned ratings of [ICRA]B+ and/or [ICRA]A4 to the INR2.03 crore
unallocated limits of the company.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long Term Fund
   Based Limit
   Term Loans           1.87        [ICRA]B+ Reaffirmed

   Long Term Fund
   Based Limit
   Cash Credit         15.00        [ICRA]B+ Reaffirmed

   Short Term Non
   Fund Based Limit
   Bank Guarantee       5.00        [ICRA]A4 Reaffirmed

   Short Term Fund
   Based Limit-
   Buyer's Credit      15.00        [ICRA]A4 Reaffirmed

   Unallocated Limit    2.03        [ICRA]B+ and/or [ICRA]A4
                                    Assigned

The ratings continue to be constrained by the company's modest
scale of operations and its weak financial profile characterized
by falling profit margins owing to limited pricing flexibility in
branded IT products and weak bargaining power with a concentrated
customer base. ICRA also makes note of the financial profile of
the company which is characterized by weak coverage indicators and
leveraged capital structure. Moreover, the ratings are further
affected by the intensely competitive nature of Information
Technology (IT) services industry with presence of several small
players.

However, the reaffirmed ratings favourably factor in the
experience and track record of the promoters in the IT business;
reputed clientele and alliance with leading brands providing a
wide range of products/services to the company.

About the company CDP (India) Private Limited was incorporated in
the year 1999 and is engaged in the trading of computer systems
and accessories, supply and installation of different hardware and
software and annual maintenance contract (AMC). The company has
its registered office in Mumbai and a warehouse cum quality check
centre at Vasai (Thane). It has a pan India presence in terms of
support infrastructure in more than 70 locations across India and
has branch offices in Ahmedabad, Bengaluru, Delhi and Lucknow.

Recent results
CDP recorded a profit after tax of INR0.86 crore on an operating
income of INR102.73 crore for the year ending March 31, 2015.


COASTAL ENERGEN: ICRA Assigns 'D' Rating to INR6296cr Term Loan
---------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]D to INR1140.00
crore (INR6296 crore enhanced from INR5156.00 crore) fund based
facilities of Coastal Energen Private Limited. ICRA has [ICRA]D
rating outstanding to the existing INR5156.00 crore fund based
facilities of CEPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loans          6296.00       [ICRA]D assigned/outstanding

The assigned rating factors in continued delays in debt servicing
of the company owing to significant time over runs faced in the
commissioning of phase2 (600 MW), which was due to delay in the
sanction of debt for cost overruns by the lenders, infusion of
equity and disbursement of bank debt. However, ICRA notes that the
implementation of unit-2 is now in final stages with the
completion of grid synchronization in Dec, 2015. The rating also
takes into account the off-take risk associated with unit 2 as
power capacity is yet to be tied-up. CEPL's cost competitiveness
would also remain exposed to fluctuations in international coal
prices given the dependence on imported coal and the structure of
the Coal Supply Agreement (CSA), which permits price fluctuations
to be passed to CEPL for around 80% of the supply as per CERC
escalation index. ICRA also takes note of limited fuel risk with
the CSA in place with Coal & Oil Company DMCC (C&O) and also the
presence of back to back contracts of C&O with Indonesian mining
companies for the same. Further, commencement of operations of
unit -1 (600 MW) in Dec, 2014 coupled with long term Power
Purchase Agreements (PPA) in place for 600 MW with TANGEDCO (Tamil
Nadu Generation and Distribution Corporation Limited) for Unit 1
and timely receipt of payments from TANGEDCO is a source of
comfort.

Going forward, the ability of the company to service the debt
obligations in a timely manner, to commence Unit 2 without further
delays and to achieve satisfactory operational parameters are the
key rating sensitivities.

Coastal Energen Private Limited is an special purpose vehicle
(SPV) promoted by Mr. Ahmed Buhari (promoter of the Coal & Oil
Group) for the development of a 1200 MW imported coal based
thermal power plant at Tuticorin in Tamil Nadu. The Coal & Oil
Group is a Dubai based energy conglomerate which operates as an
integrated fuel solution provider with interests in coal trading,
technical consultancy for fuel sourcing, handling, shipping,
logistics etc. The flagship company of the group is Coal & Oil
Company DMCC (C&O). In India, the Group operates through Coastal
Energy Private Limited; CEPL together with C&O, supplies approx 9
million tonnes of coal to various customers in India. Coal is
generally procured by C&O through short term purchase agreements
with major coal suppliers like Anglo Coal, Xstrata, BHP Billiton
as well as through long term supply arrangements with mines in
Australia/Indonesia.

The total revised project cost for CEPL of INR7870.00 crore
(increased from earlier INR6822.89 crore) is funded through
debt/equity of 80:20. Unit-1 of 600 MW has commenced operations
from December, 2014 and unit-2 is expected to achieve CoD in
January, 2016.


DHARTI COTTON: CARE Reaffirms B+ Rating on INR12cr LT Loan
----------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Dharti Cotton Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      12        CARE B+ Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Dharti Cotton
Private Limited (DCPL) continues to remain constrained on
account of its leveraged capital structure, weak debt coverage
indicators and moderate liquidity position along with its presence
in highly competitive and fragmented cotton industry. The rating
is also constrained on account of susceptibility of profits to
changes in government policies and fluctuations in cotton prices
along with seasonality associated with cotton industry.

The rating, however, continues to take comfort from the benefits
derived from the vast experience of the promoters in the cotton
ginning business and proximity to the cotton producing region of
Gujarat along with increase in total operating income (TOI) during
FY15 (refers to the period April 1 to March 31).

The ability of DCPL to increase its scale of operations with
improvement in profitability and liquidity position along with
better working capital management will be the key rating
sensitivity.

DCPL was incorporated in 2009 at Jasdan near Rajkot and it was
promoted by Mr Mansukhbhai Boghara with three other directors.
Later in October 2010, the company was sold off to the Kakadia
family who is involved in the same line of business through their
business entity named Madhav Ginning & Pressing Private Limited
(rated 'CARE B+/ CARE A4').

DCPL is engaged in the business of cotton ginning and pressing to
produce cotton bales and cotton seeds. The product is mainly used
in manufacturing of cotton yarn in the textile industry. DCPL has
installed capacity to produce 8,000 MTPA of cotton bales and
16,000 MTPA for cotton seeds as on March 31, 2015.

During FY15, DCPL reported the profit after tax of INR0.12 crore
on a TOI of INR83.55 crore as against the profit after tax of
INR0.17 crore on a TOI of INR80.95 crore in FY14. As per the
provisional result of 9MFY16, the company has registered the
TOI of INR 51.73 crore.


DISTICHEMI PROCESS: CRISIL Assigns 'B' Rating to INR330MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank loan facilities of Distichemi Process Engineering Private
Limited (DPEPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Rupee Term Loan       330       CRISIL B/Stable
   Bank Guarantee         20.7     CRISIL A4
   Cash Credit            70       CRISIL B/Stable

The ratings reflect the company's modest scale of operations and
stretched working capital cycle leading to a below-average
financial risk profile. The ratings also factor in the risks
related to timely receipt of payments from Padmashri Dr. Vittalrao
Vikhe Patil Sahakari Karkhana Limited (PDVVPSKL) towards
repayments of loan for the modernisation capex. These rating
weaknesses are partially offset by its promoters' extensive
experience in the engineering industry.
Outlook: Stable

CRISIL believes DPEPL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if there is significant
improvement in the cash accruals fuelled by growth in revenue
while operating profitability is sustained and there is
improvement in the working capital cycle. Conversely, the outlook
may be revised to 'Negative' if financial risk profile declines on
account of deterioration in its operating performance or in case
if the working capital cycle is stretched further, or in case if
the company undertakes large debt-funded capital expenditure.

Incorporated in 2007, DPEPL undertakes engineering and designing
of turnkey projects for distilleries, and ethanol- and alcohol-
based chemical plants. The company is managed by Mr. Sunil
Kansara.


DIVINE SOLUTIONS: ICRA Assigns 'B' Rating to INR6.0cr LT Loan
-------------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B and short term
rating of [ICRA]A4 to the INR20.00 crore bank lines of Divine
Solutions Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term-fund
   based                 6.00         [ICRA]B; Assigned

   Short Term9-Non
   fund based           14.00         [ICRA]A4; Assigned

ICRA's ratings are constrained on account of limited track record
of operations wherein the company is importing tiles and
sanitaryware under the brand name 'BRAVAT' and selling in the
domestic market.Further, the company is selling to two customers
who are further selling to various dealers/distributors on a pan
India basis. The profitability of the company is vulnerable to
movements in commodities prices and ability to pass on increased
input costs to its customers on account of any change in the
import duty structure etc. However, the ratings draw comfort from
the experience of the promoters in the commodity businesses
through other entities and visibility of revenues owing to the
established distribution network.

Going forward, the ability of the company to scale up its
operations and achieve the the estimated protability will be the
key rating sensitivities.

DSPL was incorporated in July 2006 with the main objective of
dealing in products like tiles, sanitary ware items, smart boards
etc. The directors on board comprises of Mr. Priyanshu Agarwal and
Mr. Deept Sarup Agarwal. Currently, DSPL is the sole importer of
BRAVAT brand of sanitary wares in India.

Recent Results
As per estimates, DSPL recorded a turnover of ~INR2.25 crore in
October to December 2015.


ENERGO ENGINEERING: ICRA Cuts Rating on INR1,150cr Loan to 'D'
--------------------------------------------------------------
ICRA has revised its long term rating on the INR162.75 crore fund
based bank limits of Energo Engineering Projects Ltd. to [ICRA]D
from [ICRA]BBB and revised its short term rating on the INR1150
crore non fund based bank limits to [ICRA]D from [ICRA]A3+.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loans            22.75        [ICRA]D (revised from
                                      [ICRA] BBB (Stable)

   Fund Based Limits    140.00        [ICRA]D (revised from
                                      [ICRA] BBB (Stable)

   Non-Fund Based
   Limits              1150.00        [ICRA]D (revised from
                                      [ICRA] A3+

The rating action factors in the stretched liquidity profile of
the company resulting in instances of devolvement of Letters of
Credit (LC) and overutilization in working capital accounts in the
last one year. The ratings continue to factor in the increased
competitive intensity in the business thereby pressurizing the
operating performance as well as slow movement in realisation of
receivables which have consequently increased the working capital
intensity of company's operations. The ratings remain constrained
by EEPL's fixed price contracts with its customers, thereby
exposing EEPL to any variation in prices of raw materials as well
as any adverse variation in foreign exchange rates.

ICRA, however, takes note of the long experience rich experience
of promoters as well as the management in the power sector and
long track record of operations of the company in the field EPC/
turnkey solutions solutions of Balance of Plant (BOP) requirements
of Power Plants which includes coal handling, ash handling, water
systems, instrumentation, civil work etc. Going forward, the
ability of the company to timely service its debt obligations
would be the key rating sensitivity.

Incorporate as a sole proprietorship in 1987, EEPL is engaged in
providing EPC/ turnkey solutions solutions of Balance of Plant
(BOP) requirements of Power Plants which includes coal handling,
ash handling, water systems, instrumentation, civil work etc. In
BOP, the company has focus on coal handling and ash handling. The
services include design, manufacture, fabrication, supply, site
construction, erection, commissioning and testing as well as
operations & maintenance on turnkey basis. The factory is located
at Coimbatore, Tamil Nadu on a land area of 400,000 sq. ft. with
manufacturing area enclosed in 150,000 sq. ft. EEPL also provides
consultancy services to power plants in the form of residual life
assessment studies, assessment of renovation and modernization
requirements and suggesting cost-effective method for improving
the efficiencies of the existing systems, besides energy audits
and independent performance testing. EEPL has a portfolio in EPC
contracting of more than 20,000 MW.

Recent Results
In 2014-15, EEPL reported a net profit of INR30.46 crore on an
operating income of INR802.55 crore, as against a net profit of
INR25.64 crore on an operating income of INR657.73 crore in the
previous year.


FIL SEP: ICRA Reaffirms B+ Rating on INR4.0cr Cash Loan
-------------------------------------------------------
ICRA has reaffirmed [ICRA]B+ rating assigned to the INR4.79 crore
long term fund based facilities of FIL SEP Equipments Private
Limited. ICRA has also reaffirmed [ICRA]A4 rating assigned to the
INR3.50 crore short term non fund facilities of FSEPL.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loans             0.79        [ICRA]B+ reaffirmed
   Cash Credit            4.00        [ICRA]B+ reaffirmed
   Bank Guarantee         3.00        [ICRA]A4 reaffirmed
   Letter of Credit       0.50        [ICRA]A4 reaffirmed

The reaffirmation of the ratings takes into account the small
scale of operations of the company; the high competitive intensity
in the filtration and lubrication systems business on account of
high fragmentation and the highly working capital intensive nature
of operations. The ratings continue to take into account the
project based nature of the company's business, leaving it
vulnerable to down cycles in its end-user industries;
vulnerability of its profitability to unfavourable variations in
prices of key raw materials and its limited ability to pass on
cost increases to customers due to fixed price nature of
contracts. The ratings also take into account the high contingent
liabilities in case of non-performance on its contracts.
The ratings however continue to positively consider the past
experience of the promoter in the industry; the favourable long
term demand prospects for the end-user sectors; and the
established supply relationships of the company with reputed
clientele comprising leading MNCs and PSUs.

FIL SEP Equipments Pvt. Ltd. (FSEPL) started as a proprietorship
concern in 1996 promoted by Mr. Aalap Shirishbhai Derasary and was
engaged in trading of filter cartridges. It later ventured into
manufacturing of filtration vessels and lubrication skids. In
2009, FSEPL was incorporated as a private limited company to take
over the business of the proprietorship. FSEPL has its
manufacturing facility at GIDC, Vadodara and is engaged in design,
engineering, manufacturing, fabrication and supply of Lubrication
& Fluid Systems and Filtration & Separation Systems.


GLOBAL NATURE: ICRA Reaffirms B+ Rating on INR6.8cr Term Loan
-------------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to INR6.8 crore
fund based facilities of Global Nature Care Sanghatan (GNCS) at
[ICRA]B+.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loan              6.8         [ICRA]B+; Reaffirmed

The rating continues to remain constrained on account of the
society's modest scale of operations and its dependence on state
government grants, delays in which can impact cash flow management
of the trust. This apart waiver of fee and scholarships in the
past have also impacted margins, as evident from decline in
operating margins from 34.26% in FY 2013 to 26.9% in FY 2015. ICRA
further notes the discontinuation of several courses in the past
two years in its paramedical science college on account of
inadequate occupancy levels; nevertheless the risk is partially
mitigated with successful take off of other engineering and MBA
courses.

The rating however positively factors in the diversified revenue
streams of the trust and its healthy occupancy levels across its
courses. Further the rating derives comfort from the steady
improvement in the trust's capital structure and corresponding
coverage indicators as characterized by gearing of 0.78 times,
Interest coverage of 4.8 times as on March 31, 2015. The ratings
further factor in the long experience of the promoters in the
industry mainly in the Jabalpur region of Madhya Pradesh
ICRA notes the trust's ongoing capex plan for the campus facility
which is to be funded by fresh loans of nearly INR4.0 cr, timely
tie up of debt and its associated debt covenants will remain the
key rating sensitivity. This apart the trust's ability to improve
its scale of operations and margins will remain the key rating
sensitivity.

Global Nature Care Sangathan is engaged in carrying out
educational activities through multiple colleges and institutes.
The institution runs a nursing college in the name of Regional
Institute of Nursing, paramedical college in the name of Balaji
Institute of Paramedical Sciences, Bachelor of Education college
as Sardar Patel Institute of Education and an engineering college
as Global Engineering & Management College. The trust is part of
Global Group, which consists of other trusts managing engineering
colleges outside Jabalpur.

Recent results
In the financial year ending March 31, 2015 (FY15), GNCS had an
operating income of INR13.95 crore on which it earned a Profit
after Tax (PAT) of INR2.11 crore compared to operating income of
INR13.13 crore on which it earned a Profit after Tax (PAT) of
INR1.85 crore in FY14.


GMR VEMAGIRI: ICRA Cuts Rating on INR75.56cr Loan to 'B'
--------------------------------------------------------
ICRA has revised the rating assigned to the INR75.56 crore non
fund based facilities of GMR Vemagiri Power Generation Limited to
[ICRA]B from [ICRA]BBB- earlier.

The rating revision primarily factors in Vemagiri Power's strained
liquidity, resulting in delays in debt servicing for facilities
not rated by ICRA. Vemagiri Power's 388.5 MW gas-based power plant
was not in operation during 2014-15 due to non-availability of KG
basin gas. The plant was however able to commence operations in
August 2015 by successfully bidding under the Scheme for
utilisation of gas-based power generation capacity for which
auctions were conducted in two phases in April 2015 and August
2015. Under the scheme, Vemagiri Power is entitled to a
realisation of INR4.70/unit and PSDF support of INR1.44/Unit which
is cumulatively marginally lower than the unit variable cost of
generation. Revenues are directly linked to the level of offtake.
However, actual offtake has remained low (20% PLF in H1 2015-16
and PLF of 20-25% in October and November 2015) due to continued
low gas availability. This, combined with the delays in receiving
funds from the PSDF have resulted in strained liquidity for the
company. ICRA notes that the company has no fund based working
capital limits at present and has therefore resorted to short term
loans to meet cash gaps which given the strained liquidity have
resulted in delays in meeting debt servicing obligations.

GMR Vemagiri Power, 100% owned by GMR Energy, owns a combined
cycle gas based project of a capacity of 388.5 MW near KG Basin in
the state of Andhra Pradesh. The construction of the plant was
completed in June 2006 and declared to be commissioned in
September 2006, however, thereafter the plant had remained non-
operational due to non-availability of gas till January 2008. From
February 2008, the plant had been operating intermittently on gas
diverted from other power plants as per the directive of the
Andhra Pradesh Government. Subsequently, Vemagiri Power received
gas pursuant to an FSA with RIL since April 2009 till March 2013.
However with decline in domestic gas production, leading to
scarcity of domestic gas, the plant has been non-operational and
intermittent operations during FY14 were based on RLNG supplied by
APTRANSCO. The plant had no operations during 2014-15 and resumed
operations in August 2015 after bidding successfully under the
Scheme for utilisation of gas-based power generation capacity.


ILIFE MEDICAL: ICRA Withdraws 'D' Rating on INR7.5cr Loan
---------------------------------------------------------
ICRA has withdrawn the [ICRA]D and [ICRA]D rating assigned to the
INR7.5 crore bank facilities of iLife Medical Devices Private
Limited, as the notice period of three years since suspension of
rating has expired.


JAIDEEP TRADING: CRISIL Ups Rating on INR75MM Cash Loan to B
------------------------------------------------------------
CRISIL has upgraded its rating on the bank facilities of Jaideep
Trading Company (JTC) to 'CRISIL B/Stable' from 'CRISIL B-/Stable.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            75       CRISIL B/Stable (Upgraded from
                                   'CRISIL B-/Stable')

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

The rating upgrade reflects improvement in JTC's liquidity profile
on the back of a material increase in cash accruals' generation.
The improvement in the cash accruals is backed by the firm
registering with Cotton Corporation of India, thus enabling it to
trade higher volumes. The firm's revenue grew to INR810 million
for the period April 2015 to November 2015, compared to INR348
million in 2014-15. As a result, the firm is expected to generate
net cash accruals of about INR90 million annually, against which
it has no term debt repayments. The liquidity profile remains
adequate marked by moderate utilization in bank lines at 84 per
cent for the twelve months ended September 30, 2015. JTC's working
capital management in the wake of substantial revenue growth will
remain a key rating sensitivity factor affecting revenue growth
over the medium term.

The rating reflects the firm's susceptibility to volatility in
cotton prices and the availability cotton. These rating weaknesses
are partly offset by the extensive experience of the promoters in
the cotton trading business.
Outlook: Stable

CRISIL believes that JTC will continue to benefit over the medium
term from the extensive industry experience of its proprietor. The
outlook may be revised to 'Positive' if the firm reports higher-
than-expected growth in its revenue and profitability while
improving its working capital cycle thereby improving its
financial and liquidity profiles. Conversely, the outlook may be
revised to 'Negative' in case of a sharp decline in JTC's revenue
and profitability or if its working capital cycle stretches
thereby affecting its liquidity profile.

JTC was established in 1991 as a proprietorship concern by Mr.
Paramjeet Singh Rajpal. The firm trades in cotton bales and has
its office in Sendhawa (Madhya Pradesh). It is in the process of
setting up a new ginning unit, which is scheduled to start
operations by September 2015.


JAYANT PRINTERY: CRISIL Assigns B+ Rating to INR52.5MM Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Jayant Printery LLP (JPL; part of the
Jayant group). The ratings reflect the group's modest scale of
operations, constrained operating margin, working capital-
intensive operations, and average financial risk profile because
of a modest net worth and average capital structure. These rating
weaknesses are partially offset by the extensive experience of the
group's promoters in the printing business, a diversified product
basket, and a reputed client base.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee        25.5      CRISIL A4
   Cash Credit           52.5      CRISIL B+/Stable

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of JPL, Jayant Printery (JP), and Jayant
Prints N Packs Pvt Ltd (JPNPPL). This is because all these
entities, together referred to as the Jayant group, are managed by
the same promoters, and are in a similar line of business with
significant financial and operational linkages. Moreover, JPL has
recently taken over the entire operations of JP and JPNPPL.
Outlook: Stable

CRISIL believes the Jayant group will continue to benefit over the
medium term from the extensive industry experience of its
promoters. The outlook may be revised to 'Positive' in case of a
significant increase in scale of operations while profitability
improves, leading to higher-than-expected cash accrual.
Conversely, the outlook may be revised to 'Negative' in case of
weakening of the financial risk profile, especially liquidity,
most likely due to a stretched working capital cycle, lower-than-
expected cash accrual, or any unanticipated capital expenditure.

JPL was established in 2014 to take over the printing businesses
of group concerns, JP and JPNPPL. Its promoters, the Shah family
members, have been in the printing business since 1968. The Jayant
group prints all types of books, journals, catalogues, annual
reports, diaries, planners, and directories, and also products
such as brochures, leaflets, posters, calendars, application
forms, high-volume stationery, cartons, boxes, and point-of-sale
items. The group has its printing facilities in the outskirts of
Mumbai.


KENERSYS INDIA: CRISIL Assigns 'D' Rating to INR1.80BB Corp. Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Kenersys India Private Limited.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Long Term
   Bank Loan Facility     50       CRISIL D
   Corporate Loan        205       CRISIL D
   Bank Guarantee       1800       CRISIL D
   Cash Credit           525       CRISIL D
   Cash Credit           850       CRISIL D

The ratings reflect instances of KIPL's cash credit limits being
overdrawn for over 30 days consecutively in the recent past
because of weak liquidity.

The company has a stretched liquidity due to losses arising from
high imported component cost. KIPL also has a weak financial risk
profile because of a negative networth, owing to sustenance of
losses at a profit after tax level since inception. However, the
company continues to benefit from the extensive experience of
promoters in diverse businesses and its association with the
Kalyani group.

KIPL, promoted by the Kalyani group, was incorporated on October
20, 2007. KIPL is into manufacturing, assembling, and erection,
installation of wind turbine generators, and development of wind
farms. The company focuses on multi-megawatt onshore turbines. It
has two platforms K 82- 2.0 megawatt (MW) and K110- 2.4 MW in
India. KIPL has a full-scale assembling facility in Baramati
(Pune, Maharashtra) with an annual capacity of 220 MW. The company
reported a net loss of INR0.7 billion on an operating income of
INR3.2 billion for 2014-15, as against a net loss of INR0.9
billion on an operating income of INR2.2 billion for 2013-14.

The Kalyani group, established in mid 1960s, is a multinational
corporation headquartered in Pune (Maharashtra, India). It is
present in various other businesses, with Bharat Forge Ltd being
one of its biggest operating companies. Managed by Mr. B N
Kalyani, promoter and group chairman, the group has presence in
engineering, steel, automotive and non-automotive components,
renewable energy and infrastructure, and specialty chemicals.


KHEDUT FEEDS: ICRA Suspends B/A4 Rating on INR21.38cr Loan
----------------------------------------------------------
ICRA has suspended the [ICRA]B/A4 ratings assigned to the INR21.38
crore bank facilities of Khedut Feeds And Foods Private Limited.
The suspension follows ICRAs inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

According to its suspension policy; ICRA may suspend any rating
outstanding if in its opinion there is insufficient information to
assess such rating during the surveillance exercise.

Khedut Feeds & Foods Private Limited (KFAFPL) was incorporated in
2003 and started its commercial operations in the year 2009. The
company is currently engaged in cleaning, shelling, processing,
grading and packing of groundnuts with use of optical sortex
machines. The processing facility of the company is located in
Gondal, Gujarat. The company is promoted by Thumar family who were
previously engaged in the business of oil refining.


KLM INFRA: ICRA Assigns B+ Rating to INR29.28cr LT Loan
-------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ for the INR29.28
crore term loan facility and the INR3.72 crore unallocated limits
of KLM Infra.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-term, fund
   based: Term loan      29.28        [ICRA]B+/Assigned

   Unallocated limits     3.72        [ICRA]B+/Assigned

The assigned rating takes into account the long experience of the
partners in the real estate business and the low funding risk for
the project, as bank debt has been tied-up and ~90% equity has
been infused. The rating, however, is constrained by high
execution risk with 68% of construction work yet to be executed;
and significant market risk, given that the firm is yet to sell
50% of its inventory. KLM has also faced muted collection
efficiency till date. The rating, moreover, continues to remain
constrained by the exposure of the firm's operations to the
cyclicality inherent in the real estate sector, and the
geographical concentration risk it faces. ICRA notes that being a
partnership firm, any substantial capital withdrawal would impact
the net worth, and thereby the capital structure of the firm.

KLM Infra (KLM) was established in 2013 as a partnership firm
based in Surat, Gujarat. The firm is engaged in construction of a
residential-cum-commercial project -- Sapphire 8 -- at
Parvat-Magob in Surat. The partners have almost 15 years of
experience in the real estate business through the KLM Group,
which is actively engaged in real estate construction in Bharuch,
Ahmedabad and Surat.


KOPPAL GREEN: ICRA Reaffirms B+ Rating on INR14cr Cash Loan
-----------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ assigned to
INR14.00 crore cash credit facility and INR5.00 crore term loan
limits of Koppal Green Power Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit           14.00        [ICRA]B+; reaffirmed
   Term Loan              5.00        [ICRA]B+; reaffirmed

The rating reaffirmation takes into account reduced Plant Load
Factor (PLF) of the biomass plant in the past three years owing to
increase in raw material prices; low capacity utilization for the
rice mill division in the past three years due to reduced paddy
availability in the region and high customer concentration risk
with increased share of institutional customers. ICRA's rating
also factors in the KGPL's exposure to adverse regulatory changes
given its presence in highly government regulated industries
namely biomass power plant and rice mill. The rating however
favourably factors in the continued financial support to KGPL in
the form of interest free unsecured loans from the promoters and
higher realizations earned by the company on account of higher
percentage of sales to institutional customers. ICRA also notes
the limited off-take risk in the power division given the ten year
Power Purchase Agreement (PPA) with Gulbarga Electricity Supply
Company Limited (GESCOM) which is expiring in FY2020 coupled with
increment in tariff of 3.7% and 3.6% for FY 16 and FY17
respectively.

Going forward, the ability of the company to increase the scale of
operations of the biomass power plant and the capacity utilization
of the rice mill while maintaining its profitability and managing
its working capital requirements would remain the key rating
drivers.

Koppal Green Power Limited runs a 6MW bio-mass based power plant
and an 8MT per hour rice mill in the Koppal district of Karnataka.
The commercial operations of the bio-mass power plant began in
2005 and the entire power generated is exported to GESCOM under a
ten year PPA last, renewed in 2011 (till 29th March 2020). The
rice mill unit, with capacity of 57600 MTPA was earlier part of
SNC Foods Private Limited (SNCPL) which merged with KGPL with
effect from 1st April 2011. SNCPL was promoted by KGPL and its
promoters Mr. M Subbaiah and family.

Recent Results
According to audited FY 2015 results, the company has achieved
operating income of INR44.65 crores with an operating profit of
INR5.28 crore and net profit of INR0.73 crore as against operating
income of INR36.36 crore with operating profit of INR6.35 crore
and net profit of INR0.26 crore for FY 2014.


KOTALIPARA DEVELOPMENT: ICRA Suspends B Rating on INR17cr Loan
--------------------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to the INR5.0 crore
cash credit and INR17.0 crore proposed term loans of Kotalipara
Development Society. The suspension follows lack of co-operation
from the society.


LAHOTY BROTHERS: Ind-Ra Assigns 'IND BB+' LT Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Lahoty Brothers
Private Limited (LBPL) a Long-Term Issuer Rating of 'IND BB+'. The
Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect LBPL's moderate scale of operations as well as
credit profile due to the trading nature of business. During FY15,
revenue was INR1,524m (FY14: INR1,485m), interest coverage was
1.3x (1.3x), net leverage was 4.0x (4.9x) and operating EBITDA
margins were 1.1% (1.2%).

However, the liquidity profile is moderate with LBPL's 86.6%
average maximum use of the working capital limits during the 12
months ended December 2015.

The ratings are supported by the company's promoter's experience
of over three decades in the trading line of business and the
company's association with reputed brands such as Orient Fans and
Osram Electricals for which it is a distributor in Assam.

RATING SENSITIVITIES

Positive: Improvements in the profitability and overall credit
metrics will be positive for the ratings.

Negative: Deterioration in the overall credit metrics will be
negative for the ratings.

COMPANY PROFILE

Incorporated in 1943, LBPL is engaged in various trading
activities such as product distribution for Orient Electric (a
division of Orient Paper and Industries Limited) and Osram India
Private Limited in Assam, and commodity trading of raw jute. It
also operates six petrol pumps in Assam.

The firm is managed by its four directors Prem Ratan Lahoty,
Arvind Jatia, Savita Lahoty and Sangeeta Jatia.

LBPL's ratings:
-- Long Term Issuer Rating: assigned 'IND BB+'/ Stable
-- INR75 million fund based working capital limit: assigned 'IND
    BB+'/ Stable
-- INR110 million non-fund-based working capital limits:
    assigned 'IND A4+'


LAKSHMI ENERGY: Ind-Ra Suspends 'IND BB' Long-term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Lakshmi Energy &
Foods Limited's (LEFL) 'IND BB' Long-Term Issuer Rating to the
suspended category. The Outlook was Negative. This rating will now
appear as 'IND BB(suspended)' on the agency's website. A full list
of rating actions is at the end of this commentary.

The ratings have been migrated to the suspended category due to
lack of adequate information and Ind-Ra will no longer provide
ratings or analytical coverage of LEFL.

The ratings will remain in the suspended category for a period of
six months and be withdrawn at the end of that period. However, in
the event the issuer starts furnishing information during this
six-month period, the ratings could be reinstated and will be
communicated through a rating action commentary.

LEFL's ratings:

-- Long-Term Issuer Rating: migrated to 'IND BB(suspended)' from
    'IND BB'/Negative
-- INR400 million term loans: migrated to 'IND BB(suspended)'
    from 'IND BB'
-- INR8,250 million fund-based limits: migrated to 'IND
    BB(suspended)' from 'IND BB' and 'IND A4+(suspended)' from
    'IND A4+'
-- INR250 million non-fund-based limits: migrated to 'IND
    BB(suspended)' from 'IND BB' and 'IND A4+(suspended)' from
    'IND A4+'


M. M. PROJECTS: CRISIL Cuts Rating on INR15MM Bank Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of M. M.
Projects (MMP) to 'CRISIL D/CRISIL D' from 'CRISIL B/Stable/CRISIL
A4'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee          15      CRISIL D (Downgraded from
                                   'CRISIL A4')

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

The rating downgrade reflects instances of delay by MMP in
servicing its debt. The delays are on account of weakening in the
firm's liquidity arising from a stretch in its working capital
cycle.

MMP has small scale of operations, large working capital
requirements, has a high degree of geographic and customer
concentration in its order-book, and is exposed to intense
competition in the construction industry. However, the firm
benefits from the extensive experience of its proprietor in the
civil construction industry.

MMP was set up in 2007 as a proprietorship firm by Mr. Mutchu
Mithi. The firm undertakes construction of roads and bridges and
is based in Itanagar, Arunachal Pradesh.


M & T CONSTRUCTIONS: CARE Assigns 'B' Rating to INR6cr LT Loan
--------------------------------------------------------------
CARE assigns 'CARE B' to the bank facilities of M & T
Constructions.

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

Rating Rationale

The rating assigned to the bank facilities of M & T Constructions
(MTC) is constrained by the small scale and regionally
concentrated operations, the weak financial profile of the firm
characterized by declining revenues, fluctuating profitability,
weak capital structure and elongated operating cycle. The rating
is further constrained by the firm's presence in the highly
fragmented industry and the constitution of the entity as a
partnership concern with inherent risk of withdrawal of capital
and limited access to funding.

The rating, however, derives comfort from the long experience of
partners in the construction industry, and long operational track
record of the firm.

Going forward, the ability to increase the scale of operations by
bagging bigger orders,timely execution of the projects, ability to
improve the profit margins and effectively manage its working
capital requirements, will be the key rating sensitivities.

MTC is a partnership firm established in the year 1993 by the
partners Mr Manoj Krishna and Mr Thomas V.T. The profits of the
firm are shared equally between the partners.

The firm is registered as a Class 'A'contractor with Public Works
Department (PWD) of State Government of Kerala from the year 2003.
MTC constructs roads and bridges for PWD and Kerala State
Construction Corporation Limited (KSCCL) in Kerala which
constitutes the entire revenue of the firm. In addition to the
construction work, MTC also owns an engineering workshop which is
used for fabrication works and maintenance of the equipment owned
by the firm. The firm owns many of the equipment required.
The projects and the contracts are awarded through tendering and
bidding as all the contracts pertain to the Government.

As per the Audited results, the firm has achieved a PAT of INR0.10
crore on total operating income of INR2.12 crore in FY15(refers to
the period April 01 to March 31)as compared to a PAT of INR0.15
crore on total operating income of INR5.85 crore in FY14.


MANISHRI REFRACTORIES: ICRA Reaffirms B Rating on INR18.6cr Loan
----------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B to the INR18.6
crore cash credit and INR7.67 crore (reduced from INR11.4 crore)
term loan facilities of Manishri Refractories & Ceramics Private
Limited, and has also reaffirmed the short term rating of [ICRA]A4
to the INR3.0 crore fund based facility and INR19.0 crore non fund
based facilities of the company. ICRA has also assigned the
ratings of [ICRA]B and [ICRA]A4 to MRCPL's unallocated limit of
INR3.73 crore.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based-Cash
   Credit                18.6         Reaffirmed at [ICRA]B

   Fund Based-Term
   Loan                   7.67        Reaffirmed at [ICRA]B

   Fund Based-Standby
   Line of Credit         3.00        Reaffirmed at [ICRA]A4

   Non Fund Based
   Letter of Credit       5.00        Reaffirmed at [ICRA]A4

   Non Fund Based
   Bank Guarantee        14.00        Reaffirmed at [ICRA]A4

   Unallocated Limits     3.73        [ICRA]B/[ICRA]4 Assigned

The reaffirmation of the ratings factor in the company's exposure
to the inherent cyclicality in the consuming steel industry which
accounts for a major portion of MRCPL's sales, as reflected by the
consistent decline in the company's scale of operations over the
last two years, largely on account of the continuing sluggishness
in the steel segment. The ratings continue to take into account
the highly competitive nature of the refractory industry
characterized by the presence of a number of organized and
unorganized players, and the vulnerability of the company's
profits and cash flows to fluctuation in input costs, in absence
of price variation clause in majority of the contracts executed by
it. ICRA also notes that, MRCPL's working capital intensity of
operations increased significantly during 2014-15, adversely
impacting company's liquidity position as reflected by the full
utilisation of its working capital limits. The ratings, however,
take into account the company's long track record of operation,
promoter's experience in the refractory business and repeat orders
generated from reputed customers, which reflects an adequate
/acceptable quality of the company's products. In ICRA's opinion,
MRCPL's ability to improve its scale of operation and
profitability on the face of an averse demand scenario, while
keeping working capital intensity under control would remain the
key rating sensitivity going forward.

Incorporated in 1972 as a proprietorship firm, the entity was
converted into a private limited company in 1991. MRCPL is engaged
in the manufacturing of refractories like basic bricks, hi-
alumina, and fireclay bricks as well as monolithics. The company
has two manufacturing units located at Cuttack, Odisha with the
total annual capacity of 43,200 MT at present.

Recent Results
MRCPL reported a net profit of INR0.93 crore during 2014-15 on an
operating income of INR47.98 crore as compared to a net profit of
INR1.78 crore and an operating income of INR69.40 crore during
2013-14.


MMR INFRASTRUCTURE: ICRA Assigns B+ Rating to INR40cr Loan
----------------------------------------------------------
ICRA has assigned an [ICRA] B+ rating to the INR40.00 crore
proposed non fund based limits of MMR Infrastructure Developers
Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Proposed Non fund
   based limits            40         [ICRA]B+ assigned

The assigned rating factors in the association of MIDPL with MMR
group which has an established track record of developing
commercial projects in Noida region. MIDPL has recently completed
development of a commercial mall in Bulandshahr, Uttar Pradesh for
which it has successfully leased 36% saleable area so far. The
market risk for the mall remains high given substantial area which
is yet to be leased. Nevertheless the mall would support cash
flows going forward.

ICRA notes that MIDPL plans to venture into electrification
business and has already bid for few electrification works with
state government departments of Uttar Pradesh and Uttarakhand. The
rating is constrained due to the lack of promoter's experience and
the absence of group's track record in this domain however the
presence of few experienced professional in project management
team mitigates the risk to some extent. The rating is also
inhibited on account of limited revenue visibility for the segment
given that company does not have any order in hand at present.
Going forward, the ability of the company to win orders while
successfully executing them within scheduled timelines, secure
required bank lines successfully and manage working capital
requirements will be the key rating sensitivities.

MMR Infrastructure Developers Private Limited is part of the MMR
group which is an established real estate developer of commercial
real estate in Noida region. MIDPL owns some land in Bulandshahr
and has recently completed development of a commercial mall on one
of those land parcels. The mall has a total saleable area of 1.51
lac sqft. In addition to this MIDPL plans to venture into
electrification business and has bid for few orders from various
state government entities.


NICOMET INDUSTRIES: ICRA Assigns 'D' Rating to INR144.76cr Loan
---------------------------------------------------------------
ICRA has assigned a rating of [ICRA]D to the INR150.00 Crore bank
facilities of Nicomet Industries Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund
   Based-Term Loans     144.76        [ICRA]D assigned

   Long Term &
   Short Term
   Unallocated Amount     5.24        [ICRA]D assigned

The assigned rating takes into account delays in debt servicing
during the last six months as a result of tight liquidity position
of the company and significant erosion in net worth of the company
due to losses incurred by NIL during the past three years. ICRA
has also taken note of the adverse capital structure and depressed
coverage indicators owing to loss making operations, high working
capital intensity on account of stretched receivables and high
inventory holding period. The rating is also constrained by the
susceptibility of margins to volatility in nickel prices which
have remained very volatile during the past three years and
foreign exchange fluctuations.

However, the assigned rating favorably factors in the long
experience of the promoters in the business and limited
competition faced by the company in the domestic market.

Incorporated in 1993, Nicomet Industries Limited commenced
operations in 1997 by establishing a plant for manufacturing of
cobalt. Thereafter, the company started manufacturing of nickel in
2011. The company discontinued production of cobalt in 2012.
Presently, it is engaged in the manufacturing of nickel, nickel
sulphate, nickel nitrate and cobalt sulphate. The manufacturing
facility of the company is located at Cuncolim Industrial Estate
in Goa. Currently, it has an installed capacity to produce 4, 800
MT of nickel annually.

Recent Results
NIL recorded a net loss of INR14.33 crore on an operating income
of INR266.54 crore for the year ending March 31, 2015.


NINANIYA ESTATES: ICRA Assigns 'B' Rating to INR15cr Term Loan
--------------------------------------------------------------
ICRA has assigned its long-term rating of [ICRA]B to the INR15.0
crore bank facilities of Ninaniya Estates Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loan              15.0        [ICRA]B; assigned

The assigned ratings take into account the advanced stages of
completion for NEL's first project - The Prism (80% of the project
cost incurred as of November 2015). The ratings also factor in the
moderate booking levels for NEL's ongoing projects. For The Prism,
the company has achieved sales of INR72 crore while for The Prism
Portico, the company has already achieved sales of INR81 crore.
ICRA also takes comfort from the presence of escrow and the debt
service reserve account for NEL's ongoing term loan.

The rating is however constrained by NEL's exposure to execution
and funding risks largely for its new project The Prism Portico,
wherein it has incurred 18% of the envisaged project cost of ~Rs
200 crore and the envisaged bank loan is yet to be sanctioned. The
ongoing execution across the two projects coupled the repayment
commitments result in substantial outflows for the company.
Consequently, NEL remains dependent on the timely collection of
receivables and promoter contribution for smooth progress and cash
flow management.

The ratings also factor in the residual market risks, which are
further accentuated by the sluggish real estate demand. ICRA notes
that the company plans to lease out part of its area across the
projects.

The company's ability to improve its collections through better
collection efficiency and additional bookings and receive promoter
funds as and when required will be the key rating sensitivities.
Timely completion and commencement of operations of The Prism may
support the execution of The Prism Portico project and thus
remains a rating sensitivity.

Incorporated in 2005, NEL has been engaged in the construction of
two projects in Sector-2, GwalPahari on Gurgaon-Faridabad Road in
Gurgaon (Haryana) and Sector-89, Gurgaon (Haryana). The 1st
Project named "The Prism" comprising of a 5-star hotel, executive
suites and a commercial complex is on a 5.05 acres plot in Sector-
2, Gwal Pahari on Gurgaon-Faridabad Road in Gurgaon (Haryana)
while the 2nd project named "Prism Portico" comprises of two
components - retail mall and executive suites in Phase-I and IT
Park in Phase-II.

Recent results
NEL reported a net loss of INR1.01 crore on an operating income
(OI) of INR0.12 crore in FY15.


NITASHA CONSTRUCTIONS: ICRA Reaffirms 'B' Rating on INR5cr Loan
---------------------------------------------------------------
ICRA has reaffirmed its [ICRA]B rating on the INR5.0 crore fund
based facilities of Nitasha Constructions. ICRA has also
reaffirmed the short term rating of [ICRA] A4 on the INR4.25 crore
non fund based facilities of NIC. ICRA has also assigned its
[ICRA]B rating on the INR3.00 crore additional fund based
facilities and the short term rating of [ICRA] A4 on the INR0.75
crore non fund based facilities of NIC.

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

   Non Fund Based-
   Bank Guarantee        4.25         [ICRA]A4; (Reaffirmed)

   Fund Based-Cash
   credit                3.00         [ICRA]B; (Assigned)

   Non Fund Based-
   Bank Guarantee        0.75         [ICRA]A4; (Assigned)

The ratings reaffirmation remains constrained on account of
decline in the operating scale of the firm and also it's elongated
working capital cycle (NWC/OI of 120%) owing to high inventory
days and its stretched liquidity as evident from the high
utilization of its working capital limits. While the firm's order
book has a fair geographic diversity, the firm remains dependent
on Military Engineering Services (MES) for its orders, thus
leading to client concentration risks. ICRA also notes that all
the orders of the firm do not have inbuilt price escalation clause
in them, which renders the firm's profitability vulnerable to
adverse fluctuations in raw material prices. The ratings continue
to factor in the firm's modest scale of operations and its
partnership constitution which subjects it to risk of capital
withdrawals etc.

The ratings however derive comfort from the extensive experience
of NIC's promoters in the field of civil construction and also the
low counterparty risk, as majority of the contracts are undertaken
for MES. The ratings favorably factor in the moderate order book
position of the firm (Pending Order Book/FY15 OI of 2.94 times)
which provides revenue visibility over the medium term. Further,
the ratings are supported by the moderate capital structure of the
firm characterized by gearing of 1.13 times and TOL/TNW of 1.30
times as on March 31, 2015.

Going forward, a sustained growth in the firm's operating income,
reduction in working capital intensity and improvement in
liquidity position will be the key rating sensitivities.

Based in Chandigarh, Nitasha Constructions was established as a
proprietorship concern in 1987 by Mr. Prakash Bhambhani. In April
2012, the firm was converted into a partnership with Mr. Prakash
Bhambhani and Mr. Ashish Bhambhani as the partners. The firm is
listed as an 'S' class contractor with MES which enables it to bid
for contracts with value up to INR15 crore. The main line of
operations of the firm involves setting up sewerage treatment
plant and air conditioning plants for MES and other bodies like
the Central Public Works Department.

Recent Results
The firm reported an operating income of INR11.39 crore and a net
profit of INR0.54 crore for 2014-15 as against an operating income
of INR16.37 crore and a net profit of INR0.89 crore for the
previous year.


PADMASHREE INC: ICRA Upgrades Rating on INR25cr LT Loan to B+
-------------------------------------------------------------
ICRA has upgraded its long term rating from [ICRA]B to [ICRA]B+ on
the INR25.0 crore (enhanced from INR12.50 crore) bank facilities
of Padmashree Inc.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund
   Based Limit           25.00        [ICRA]B+; upgraded

ICRA's rating upgrade takes into account the cash support with the
tie-up of lease agreement with one of the FMCG player for the
warehouse which was built by the firm in 2015 however remained
vacant for few months after the construction. The rating action
also takes into account Padmashree's performance in the trading of
agro-commodities business where in the firm has reported revenues
of INR40.1 crore during April-November 2015. The rating continues
to take into account the extensive experience of promoters in the
agro-commodities trading. The rating is however constrained by the
vulnerability of operations and profitability to agro climatic
conditions and volatility in commodity prices. ICRA also takes
note that firm's income from other streams like brokerage and
trading of shares can exhibit sharp volatility.. Further, the
rating also factors in the risks inherent to the firm's
partnership constitution, in terms of risk of capital withdrawal,
risk of dissolution etc.

Going forward, the ability of the firm to register a sustained
improvement in its sales and profit margins, along with attaining
optimal working capital intensity, will be key rating
sensitivities.

Padmashree Inc, is a partnership firm, set up by Mr Vinod Kumar
Aggarwal and Mr Anshul Gupta in 2012 and is engaged in trading in
commodities and shares of listed companies. The firm also has a
warehouse with a storage capacity of around 20,000 metric tonnes
(MT) in District Sonipat, Haryana which is currently leased out to
Rady Roti India Pvt. Ltd. The promoters of the company are engaged
in agro commodity trading through other entities like Ishaan
Metals Private Limited (rated [ICRA]B+).

Recent Results
The firm reported a net profit of INR3.86 crore on an operating
income of INR56.95 crore in 2014-15 as against a net profit of
INR0.65 crore on an operating income of INR8.67 crore in the
previous year.


PAWAN SHREE: Ind-Ra Assigns 'IND B-' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Pawan Shree Food
International Pvt Ltd a Long-Term Issuer Rating of 'IND B-'. The
Outlook is Stable. Ind-Ra has also assigned PSFIPL's INR55 million
fund based limit an 'IND B-' rating with a Stable Outlook.

KEY RATING DRIVERS

The ratings reflect the company's over 12 months delay in setting
up a manufacturing unit for milk powder and clarified butter. The
ratings also reflect the company's short operating track record as
it started its commercial operations from November 2015.The
liquidity of the company is moderate with its average utilisation
of around 64% of the working capital limits during the nine months
ended December 2015.

The ratings however benefit from the directors' decade-long
experience in the trading of dairy products.

RATING SENSITIVITIES

Positive: Stabilisation of operations leading to strong operating
performance can result in a positive rating action.

COMPANY PROFILE

Pawan Shree Food International was incorporated in Madhya Pradesh
in February 2012 to establish a unit for manufacturing of skimmed
milk powder and clarified butter. The company is managed by Mr
Ritesh Jain and has its registered office in Indore.

The total cost of the project is INR135 million which has been
financed by INR78 million of term loans, equity contribution worth
INR34 million and unsecured loans from directors and shareholder
of INR23 million.


PELICAN RUBBER: Ind-Ra Cuts Long-term Issuer Rating to 'IND D'
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Pelican Rubber
Limited's (PRL) Long-Term Issuer Rating to 'IND D' from 'IND BB+'.
The Outlook was Stable. A full list of rating actions is at the
end of the commentary.

KEY RATING DRIVERS

The ratings reflect PRL's delays in term debt servicing during the
six months ended December 2015 due to stretched liquidity

RATING SENSITIVITIES

Timely debt servicing for three consecutive months could result in
a positive rating action.

COMPANY PROFILE

PRL was incorporated in 1994 and manufactures automobile tubes.


PETAL MOTOCON: ICRA Assigns B- Rating to INR10cr Funding Loan
-------------------------------------------------------------
ICRA has assigned rating of [ICRA]B- for INR10.00 crore fund based
inventory funding facility of Petal Motocon Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Inventory Funding
   Limits                10.00        [ICRA]B-; assigned

The assigned ratings reflect PMPL's weak financial risk profile as
reflected by net losses over last two years on account of high
interest cost and pressure to pass on cash discounts to consumers
given the presence of other Hyundai dealers in the same region.
Moreover high reliance on external borrowing for inventory funding
has resulted in a highly adverse capital structure and weak debt
protections metrics. ICRA also notes PMPL's thin profitability on
account of high competition amongst the dealers with presence of
three other Hyundai dealers besides dealer catering cars of other
brand such as Maruti Suzuki in the Ahmedabad region.

The ratings, however, draw comfort from the long experience of the
promoters in auto dealership business with an established track
record and strong market presence of PMPL in Ahmedabad. The
ratings also take into account the presence in several vehicle
segments as well as revenue streams including ancillary & spare
parts sales as well as service income which provide
diversification and additional revenue stream.

Incorporated in 2005, Petal Motocon Private Limited (PMPL) is
engaged in business of auto dealership. Petal Motocon Private
Limited is part of Planet Petal group which is promoted by Mr.
Sukhbir Bagga alongwith his family members. The promoters of PMPL
have been in automobile industry since 2003 with dealership of
Yamaha two wheelers. Later, it had diversified into car auto
dealership business of Hyundai Motors India Limited (HMIL) by
incorporating Planet Automotive Private Limited in financial year
2005.

Recent Results
For the year ended 31st March 2015, company has reported an
operating income of INR153.08 crore with a net loss of INR4.05
crore as per audited results.


PLANET AUTOMOTIVE: ICRA Assigns B- Rating to INR17cr Cash Loan
--------------------------------------------------------------
ICRA has assigned the ratings of [ICRA]B- to INR17.00 crore fund
based cash credit facility and INR14.00 crore inventory funding
limits of Planet Automotive Private Limited. ICRA has also
assigned ratings of [ICRA]A4 for INR1.00 crore short term fund
based dropline overdraft facility of Planet Automotive Private
Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit Limit     17.00        [ICRA]B-; assigned
   Inventory Funding
   Limits                14.00        [ICRA]B-; assigned

   Drop line overdraft
   facility               1.00        [ICRA]A4; assigned

The assigned ratings reflect PAPL's weak financial risk profile as
reflected by net losses over last two years on account of high
interest cost and pressure to pass on cash discounts to consumers
given the presence of other Hyundai dealers in the same region.
Moreover high reliance on external borrowing for inventory funding
has resulted in a highly adverse capital structure and weak debt
protections metrics. ICRA also notes PAPL's thin profitability on
account of high competition amongst the dealers with presence of
three other Hyundai dealers besides dealer catering cars of other
brand such as Maruti Suzuki in the Ahmedabad region.

The ratings, however, draw comfort from the long experience of the
promoters in auto dealership business with an established track
record and strong market presence of PAPL in Ahmedabad. The
ratings also take into account the presence in several vehicle
segments as well as revenue streams including ancillary & spare
parts sales as well as service income which provide
diversification.

Incorporated in 2005, Planet Automotive Private Limited (PAPL) is
engaged in business of auto dealership. Planet Automotive Private
Limited is part of Planet Petal group which is promoted by Mr.
Sukhbir Bagga alongwith his family members. The promoters of PAPL
have been in automobile industry since 2003 with dealership of
Yamaha two wheelers. Later, it had diversified into car auto
dealership business of Hyundai Motors India Limited (HMIL) by
incorporating PAPL in financial year 2005.

Recent Results
For the year ended 31st March 2015, company has reported an
operating income of INR259.90 crore with a net loss of INR6.40
crore as per provisional results.


PRINT SOLUTIONS: ICRA Revises LT Rating on INR11cr Loan to B-
-------------------------------------------------------------
ICRA has revised its long-term rating on the INR19.0 crore
(enhanced from INR11.0 crore) bank facility of Print Solutions
Private Limited to [ICRA]B- from [ICRA]D.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loan              11.0       [ICRA]B-; revised from
                                     [ICRA]

   Term Loan               8.0       [ICRA]B-; assigned

ICRA's rating revision is driven by an improvement in PSPL's debt
servicing track record over the last six months. However, PSPL's
liquidity position remains stretched on account of the term loan
repayments. ICRA also takes note of the revenue concentration risk
to which the company is exposed, as most of its revenues (rent)
emanate from a single property. However, the rating derives
comfort from the established track record of the promoters in the
real estate business though various group companies.

Going forward, the company's ability to maintain a satisfactory
liquidity position will be the key rating sensitivity.

PSPL was promoted by Mr.Dushyant Pahare and was later acquired by
its current owners Mr. Gurjeet Singh Chhabra and family. The
company is a part of the Century 21 group which is involved in
real estate development in the Indore region. PSPL has leased out
land and the building constructed on it to Malwa Hospitalities
Pvt. Ltd which has in turn has developed a 181 room hotel -
'Effotel Hotels' on the same. PSPL earns an annual rent of INR2.4
crore from this property.

The Century 21 group has been promoted by Mr. Gurjeet Singh
Chhabra and includes companies like M.P. Entertainment and
Developers Private Limited (MPED), Ria Hotels Pvt. Ltd (RHPL) and
Century 21 Town Planners Private Limited (CTPL). Mr. Chhabra has
been involved in real estate development in and around Indore. He
started his business by operating gardens which were let out for
marriages and parties. He later ventured into development of
shopping malls. Currently the group has two operational malls
under CTPL and MPED. Both these malls are located on A.B. Road,
Indore (Madhya Pradesh). RHPL has leased out land to Bestech
Hospitalities Pvt. Ltd (Bestech), which in turn has developed and
constructed a five star hotel 'Radisson' on the same.

Recent Results
PSPL reported a Profit after tax of INR1.08 crore on an operating
income of INR1.97 crore in FY15.


RAJRAJESHWAR COTEX: CARE Reaffirms B Rating on INR6.77cr LT Loan
----------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Rajrajeshwar Cotex Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      6.77      CARE B Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Rajrajeshwar Cotex
Private Limited (RCPL) continues to remain constrained on account
of the decline in the total operating income (TOI) coupled with
thin profit margins, weak debt coverage indicators and elongated
working capital cycle. The rating is further constrained due to
susceptibility of profit margins to cotton price fluctuations,
seasonality associated with the cotton industry and the company's
presence in highly fragmented cotton ginning and pressing industry
with limited value addition resulting into working capital
intensive nature of operations.

The rating, however, continues to draw strength from the wide
experience of the promoters in the cotton industry and
location advantage in terms of proximity to the cotton seed
growing regions inMadhya Pradesh. The rating also factors in
the improvement in the capital structure during FY15 (refers to
the period April 1 to March 31).

The ability of RCPL to increase its scale of operations along with
improvement in profit margins and capital structure while
managing its working capital requirements efficiently are the key
rating sensitivities.

RCPL was incorporated in May 2011 by Mr Kedar Mittal and Mr Pawan
Mittal as a private limited company with an objective for setting
up of new ginning and pressing unit. RCPL deals in 'NCH BT Cotton'
type of cotton which is being sourced through local farmers from
Maharashtra. RCPL operates from its sole manufacturing plant
located at Parbhani (Maharashtra) with an installed capacity to
process 250 cotton bales per day and 650 quintal of cotton seeds
per day as on March 31, 2015. RCPL sells cotton cake in the brand
names of "Surbhi" and "Rajmalai".

During FY15 (A), RCPL reported a TOI of INR26.54 crore and PAT of
INR0.01 as against TOI of INR32.47 crore and PAT of INR0.07 crore
during FY14 (A). During 8MFY16 (Provisional), RCPL has achieved
TOI of around INR11.50 crore.


RANG RASAYAN: CRISIL Suspends B+ Rating on INR70MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Rang Rasayan Associates Private Limited.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            70       CRISIL B+/Stable
   Letter of Credit       10       CRISIL A4

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

RRAPL, based in Chennai (Tamil Nadu), was originally established
as a partnership firm in 1989; the firm was reconstituted as a
private limited company in 1993. The company trades in leather
chemicals and finished leather.


RAVIRAJ HI-TECH: ICRA Assigns 'B' Rating to INR9.93cr Term Loan
---------------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B to the INR5.00
crore cash credit facility, INR9.93 crore term loan and INR0.07
crore unallocated limit of Raviraj Hi-Tech Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term, fund
   based limits-
   Cash credit           5.00         [ICRA]B Assigned

   Long Term, fund
   based limits
   Term Loan             9.93         [ICRA]B Assigned

   Long Term
   Unallocated           0.07         [ICRA]B Assigned

The assigned rating favourably factors in the extensive experience
of the promoter of over 15 years in the precision machining
industry. The company has customer base comprising of reputed
clients and established relations with these customers assists in
procuring repeat orders. The ratings however are constrained by
the company's modest scale of operations restricting financial and
operational flexibility; leveraged capital structure and high
working capital intensity due to stretched debtor cycle and high
inventory levels resulting in tight liquidity position. Going
forward, RHPL's ability to scale up its operations and efficiently
manage its working capital requirement remains key rating
sensitivities.

Raviraj Hi-tech Private Limited established in 2000 is engaged in
manufacturing and supply of wide range of precision machined
components mainly used in variety of products and sub-assemblies.
The company has manufacturing plant in Hinjewadi, Pune.
Manufacturing unit comprises of high end CNC machineries from
HAAS, Tornos, Mazak, S&T Bandsaw and also screw type automates and
various press machines.


RECORE CERAMIC: CRISIL Cuts Rating on INR67.5MM Term Loan to B-
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Recore Ceramic to 'CRISIL B-/Stable' from 'CRISIL B/Stable'.

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

   Proposed Long Term     27.5     CRISIL B-/Stable (Downgraded
   Bank Loan Facility              from 'CRISIL B/Stable')

   Term Loan              67.5     CRISIL B-/Stable (Downgraded
                                   from 'CRISIL B/Stable')

The downgrade reflects CRISIL's belief that Recore's liquidity
will remain under pressure over the medium term on account of low
cash accrual as against its debt obligations. The scale of
operations and profitability will remain key rating sensitive
factors.

The rating reflects nascent and modest scale of operations in the
highly competitive ceramics industry. These rating weaknesses are
partially offset by the extensive experience of Recore's promoters
and proximity of its manufacturing facilities to raw material and
labour sources.
Outlook: Stable

Recore will continue to benefit over the medium term from its
partners' extensive industry experience. The outlook may be
revised to 'Positive' if the firm generates higher sales, leading
to large cash accrual, thus improving the liquidity. Conversely,
the outlook may be revised to 'Negative' in case of low cash
accrual due to reduced order flow or profitability, or decline in
financial risk profile because of stretch in working capital cycle
or a large debt-funded capital expenditure.

Established in 2014, Recore was set up by the Morbi (Gujarat)-
based Savsani and Nagpara families. The firm manufactures digital
wall tiles. Recore commenced commercial operations in June 2015.


RENERGY SYSTEMS: ICRA Assigns 'SP 4D' Grading
---------------------------------------------
ICRA has assigned 'SP4D' grading to Renergy Systems India Private
Limited (RSIPL), indicating 'Weak Performance Capability' and
'Weak Financial Strength' of the channel partner to undertake on-
grid and off-grid solar projects. The grading is valid till
Jan. 6, 2018 after which it will be kept under surveillance.

Grading Drivers

Strengths
* Long track record of more than 10 years in installing solar PV
(Photovoltaic) modules
* Satisfactory feedback from customers and suppliers
* Positive outlook and growth prospects for solar industry
assisted by favourable government policies
Risk Factors
* Small scale of operations in the solar industry with revenues
of INR0.21 crore for FY2015
* Limited track record of the company in terms of solar power
installations with only 37.15 KW capacities installed as a system
integrator for solar power photovoltaic projects
* Weak financial profile characterized by high capital structure
and low return indicators
* Limited Operations & Maintenance capability of the company
* Large number of organized and unorganized players indicating
high level of competition leading to pressure on margins

SI Related Business - Weak Performance Capability

Promoter Track Record:

The promoters of the company, Mr. Roy Christy and Mr. Jerald
Christy have more than 17 years of experience in engineering, and
project management in semiconductor industries. The other
directors, Mr. Vinod (Technical director), has over 16 years of
experience in Renewable Energy, Mr. Prince (Executive Director)
has over 8 years of experience in corporate planning and project
management. Over the past 2 years, Renergy Systems has executed
both on-grid and off-grid solar power plant installations totaling
to a capacity of over 37.15 KWp with total value of INR0.43 crore.
The company has orders in hand for solar power installations of
50.5 Kwp amounting to INR0.50 crore to be completed in FY2016.

Technical competence and adequacy of manpower:

Renergy Systems has provided system integration services to both
on-grid and off-grid solar power plant installations. The company
has its assembly unit in Thrivanthapuram, Kerala where the solar
products are assembled and tested. The company has 10 member
technical team for executing system integration activity.

Quality of suppliers and tie ups:

Renergy Systems has the capability to undertake system integration
activities in-house and relies on local and reputed suppliers for
modules and other raw materials. The company sources raw materials
from reputed suppliers and as per the feedback from the suppliers;
they are satisfied with the involvement, information flow and
payment of the company.

Customer and O&M Network:

The clientele for Renergy Systems comprises of both residential
and commercial. The customers have expressed satisfaction on the
SI services provided by Renergy Systems. Operation and maintenance
is carried out through the annual maintenance contracts agreed
with the customer.

* Solar Photovoltaic

Financial Strength - Weak Financial Strength
Revenues
The company reported operating income of INR0.21 crore during
FY2015
Return on Capital Employed (RoCE)
Low at 2.83%
Total Outside Liabilities / Tangible Net worth
High at 7.37 times
Interest Coverage Ratio (ICR)
High at 4.53 times
Net-Worth

The company's net-worth is INR0.05 crore and Promoter's net-worth
is INR0.52 crore

Current Ratio
Low at 1.21 times as on FY2015

Relationship with bankers
Bankers are satisfied with the company.


S.P.Y. AGRO: CARE Reaffirms B- Rating on INR215.11cr LT Loan
------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
S.P.Y. Agro Industries Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    215.11      CARE B- Reaffirmed
   Short-term Bank Facilities    25.00      CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of S.P.Y. Agro
Industries Limited (SPYAIL) continue to remain constrained by
weak liquidity position with high debt servicing obligation,
volatility in prices and availability of raw materials, the
ongoing debt-funded capacity expansion, challenges of operating in
the highly regulated industry, high working capital-intensive
nature of operation and leveraged capital structure and weak debt
coverage indicators. The ratings also factor in decline
in PAT margin in FY15 (refers to the period April 1 to March 31).

The rating is, however, underpinned by the satisfactory
experience of the promoters and growth in the total operating
income in FY15. The ability of the company to improve its
liquidity profile, increase the scale of operations and
profitability coupled with efficient management of its working
capital requirements are the key rating sensitivities.

Incorporated in May 2005, SPYAIL is part of the Nandi group of
companies based out of Nandyal in Andhra Pradesh. The group has a
presence in diversified businesses such as cement, dairy, PVC
pipes, construction, TMT bars, etc, since 1978. SPYAIL commenced
its commercial operations from 2009. The company has a grain based
distillery plant at Nandyal (Andhra Pradesh) with a capacity of
145 kilo litres per day. ENA is the main raw material in the
manufacture of Indian Made Foreign Liquor.

During FY15, SPYAIL achieved a total operating income of INR180.62
crore (FY14: INR152.98 crore), PBILDT of INR34.86 crore (FY14:
INR25.48) and PAT of INR4.94 crore (FY14: INR6.54 crore). As per
the unaudited results for H1FY16, SPYAIL posted a PAT of INR3.14
crore and PBILDT of INR13.19 crore over the total
operating income of INR88.51 crore.


SAI RADHA: ICRA Reaffirms 'B' Rating on INR7.25cr Fund Based Loan
-----------------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to the INR7.25
crore (enhanced from INR6.00 crore) fund based facilities and
INR1.00 crore (revised from INR2.25 crore) term loan of Sai Radha
Pharma Private Limited at [ICRA]B.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund based limits     7.25       Reaffirmed at [ICRA]B
   Term loan             1.00       Reaffirmed at [ICRA]B

The reaffirmation in the rating takes into account the moderate
financial profile of the company marked by low profit margins
owing to regulated nature of product prices and trading nature of
business, high gearing, weak coverage indicators and high working
capital intensity owing to working capital intensive nature of
business, despite an improvement in the last two years marked by
increase in operating accruals. The rating factors in the small
scale of operations and low net worth that limit financial
flexibility to an extent and exposure to regulatory changes in the
pharmaceutical industry. The rating also takes into account the
fragmented nature of the pharmaceutical distribution industry that
reduces bargaining power to an extent and high geographical
concentration risk with majority of the revenues derived from few
districts of Karnataka.

The rating is, however, supported by the long standing presence of
the promoters in the pharmaceutical distribution business and the
strong brand name that the company has built that support growth
prospects. The rating factors in the strong relationship that the
company has built over the years with the suppliers, established
customer base and wide product portfolio that enhance revenue
visibility in the near to medium term. The rating also takes into
account the expected increase in scale of operations with the
addition of two new stores in the near to medium term, however,
the debt funded capital expenditure might adversely impact the
capital structure to an extent.

Established in 2011-12, Sai Radha Pharma (India) Private Limited
is engaged in the distribution of pharmaceutical products. Sai
Radha group has presence in pharmaceutical distribution since 1989
through a retail store operated under a partnership firm Radha
Medicals and General Stores. In 2007, Sai Radha group ventured
into whole sale distribution business through acquisition of
Panchavati Pharma. With a view to consolidate the entire
pharmaceutical distribution business under one Company, Mr.
Manohar Shetty started SRPPL in January 2012. Presently, SRPPL has
three retail stores, two in Udupi and one in Mangalore, whereas
the wholesale segment caters to retail medical stores, hospitals
and doctors in and around Udupi, Mangalore and nearby regions.
Some of its major suppliers include Lupin Limited, USV Limited,
Zydus Cadila, Mankind Pharma and Cipla Limited among others.

Recent Results
During 2014-15, the company reported a net profit of INR1.1 crore
on an operating income of INR49.2 crore as against a net profit of
INR0.2 crore on an operating income of INR34.7 crore during 2013-
14.


SAOMYA FORTUNE: CRISIL Lowers Rating on INR150MM Term Loan to D
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Saomya Fortune Infra Ventures (SFIV) 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 SFIV in servicing its
term debt, because of weak liquidity, driven by sluggish demand
adversely impacting customer advances and resulting in reduced
cash inflows.

SFIV is also susceptible to risks related to cyclicality in the
Indian real estate sector. However, the firm benefits from the
promoters' extensive experience in the real estate sector.
About the Company

SFIV is a partnership firm between Leofortune Infrabuildcon Pvt.
Ltd and Saomya Infra Pvt. Ltd. The firm is undertaking development
of a residential complex, 'Fortune Belleza' in Panvel, Navi
Mumbai.


SHARMA CARS: ICRA Reaffirms B+ Rating on INR25.73cr Cash Loan
-------------------------------------------------------------
The rating of [ICRA]B+ has been reaffirmed to INR25.73 crore long-
term fund-based cash credit facility and to INR9.96 crore (reduced
from INR13.41 crore) term loan facility of Sharma Cars Private
Limited. The rating of [ICRA]A4 has also been reaffirmed to
INR0.75 crore non fund based credit exposure limit (sub-limit of
cash credit facility) of SCPL.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Cash Credit Limit       25.73      [ICRA]B+; reaffirmed
   Term Loan                9.96      [ICRA]B+; reaffirmed
   Credit Exposure Limit    0.75      [ICRA]A4; reaffirmed


The assigned ratings reflect SCPL's stretched financial risk
profile as reflected by tight liquidity position as evidenced from
high reliance on external borrowing for working capital
requirement which along with high debt levels to fund capex has
resulted in highly adverse capital structure and weak debt
protection metrics. ICRA also notes SCPL's thin profitability on
account of high competition amongst the dealers with pressure to
pass on cash discounts to consumers given the limited margins on
vehicles and spares, which are controlled by automobile
manufacturers.

The ratings, however, draw comfort from long experience of the
promoters in auto dealership business with an established track
record and strong market presence of SCPL in Ahmedabad. The
ratings also derive comfort from ancillary & spare parts sales as
well as service income which provides diversification and
additional revenue stream.

Incorporated in 1998, Sharma Cars Private Limited (SCPL) is a
closely held private limited company and is an authorized dealer
of HMIL. SCPL has three outlets in Ahmedabad, Gujarat. The company
was promoted by Mr. Narendra Sharma along with other shareholders,
being the family members, having a past experience in automobile
related industry. SCPL's promoters are also associated with
Narmada Cars Private Limited. NCPL is engaged in car dealership
business for Toyota Kirloskar Motors Limited and has two showrooms
located in Baroda and Anand region of Gujarat state.

Recent Results
For the year ended 31st March 2015, company has reported an
operating income of INR190.48 crore with a profit after tax (PAT)
of INR0.24 crore.


SHREE RAJMOTI: ICRA Revises Rating on INR100cr Loan to 'D'
----------------------------------------------------------
ICRA has revised the long term rating assigned to the INR100 crore
fund based working capital limits of Shree Rajmoti Industries to
[ICRA]D from [ICRA]BB-(Stable).

                          Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund Based working      100.0       Revised to [ICRA]D from
   capital limits                      [ICRA]BB- (Stable)

The rating revision factors in delays in interest servicing and
frequent overutilization of cash credit limits beyond 30 days. The
ratings continue to remain constrained by the high fragmentation
and low value added nature of the edible oil/agro products
business which results in inherently thin profitability margins;
vulnerability of profitability to adverse raw material price
movements; limited market positioning of the firm; threat of
demand substitution of the firm's edible oil products by other
cheaper products like palm oil and the firm's modest financial
profile characterized by low profitability, high gearing and
modest credit metrics.

The ratings, however, positively consider the long track record of
the partners in this line of business; advantages derived by
virtue of being located in the cotton/groundnut producing belt of
the country and existence of large consumption base in Gujarat;
moderately diversified sales portfolio, steady increase in
operating income over the past three years and the favorable
demand outlook for edible oil in India.

Set up in 1962 as a partnership firm, Shree Rajmoti Industries
manufactures edible cottonseed and groundnut oil. The firm sells
its products under the 'Rajmoti' brand and is managed by 3
partners, Mr. Samirkumar M Shah, Mr. Shyamkumar M Shah and Mr.
Bhavdeep Vala. SRI has its manufacuting facility in Rajkot
(Gujarat). The firm has a crushing capacity for processing raw
groundnut upto 30 tonnes per day. It also has 2 refining
capacities each of 40 tonnes per day capacity for refining of
groundnut and cotton oil. The firm also regularly undertakes
trading of edible oil; however major focus of the firm remains on
refining cotton seed oil and manufacturing/refining of groundnut
oil. The refining unit is also suitable for refining of different
varieties of crude edible oils such as mustard oil, soya bean oil,
groundnut, palm, corn, sunflower oil etc. The major focus of the
firm however remains on cotton seed and groundnut oil. The firm
has applied for change in the constitution from a partnership firm
to a private limited company.

Recent Results
During FY 2015, SRI reported an operating income of INR580.35
crore (as against INR527.52 crore during FY 2014) and profit after
tax of INR2.24 crore (as against PAT of INR2.02 crore during FY
2014). During 6M FY 2016 (as per the provisional financials), SRI
reported an operating income of INR307.01 crore and a net loss of
INR0.92 crore.


SHREE SACHIDANAND: ICRA Ups Rating on INR5.18cr Loan to 'B'
-----------------------------------------------------------
ICRA has upgraded the long term rating assigned to the INR10.18
crore fund based bank facilities of Shree Sachidanand Industries
Private Limited (SSIPL or the company*) to [ICRA]B from [ICRA]D.
ICRA has also upgraded the short term rating assigned to the
INR0.50 crore non fund based sub-limit of SSIPL to [ICRA]A4 from
[ICRA]D. The ratings assigned to the INR4.32 crore unallocated
limit has also been upgraded to [ICRA]B and/or [ICRA]A4 from
[ICRA]D.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund
   Based-Term Loans      5.18         [ICRA]B (upgraded)

   Long Term Fund
   Based-Cash Credit     5.00         [ICRA]B (upgraded)

   Short Term Non
   Fund Based
   Letter of Credit      0.50         [ICRA]A4 (upgraded)

   Unallocated Limit     4.32         [ICRA]B and/or [ICRA]A4
                                       (upgraded)

The ratings revision takes into account the regularization in debt
servicing by SSIPL during the last six months. The ratings also
take note of steady growth in its turnover on account of increase
in production capacity and comfortable capital structure of the
company as reflected by a gearing of 1.29 times as on 31st March
2015. The ratings also continues to favorably factor in the
professional and experienced promoters of SSIPL with long
experience in the textile industry and the location advantages by
virtue of proximity to raw material sources and customers.
However, the ratings continue to be constrained by stretched
liquidity on account of high working capital intensity and debt
repayments which has led to almost full utilization of working
capital limits. Moreover, the ratings also consider the intense
competitive pressure arising out of a fragmented industry
structure and vulnerability of operations to cyclicality inherent
in the textile industry given the absence of any long term
contracts with the customers.

Incorporated in the year 1993, Shree Sachidanand Industries
Private Limited (SSIPL) is engaged in the business of dyeing and
printing of fabrics, it is also involved in trading of fabrics.
SSIPL is a group company of the Jajoo group. The company's
registered office and processing facility is in Surat, Gujarat.

Recent Results
SSIPL recorded a profit after tax of INR1.26 crore on an operating
income of INR32.99 crore for the year ending March 31, 2015.


SKYLINE SOLAR: ICRA Assigns SP 4D grading on Weak Fin'l. Strength
-----------------------------------------------------------------
ICRA has assigned SP 4D grading to Skyline Solar Private Limited.
The grading indicates Weak performance capability and Weak
financial strength of the channel partner to undertake solar
projects. The grading is valid for a period of two years from
December 30, 2015 after which it will be kept under surveillance.

Grading Drivers

Strengths
* Technically sound promoters with long experience in power
sector.
* Positive feedback from customers, suppliers and banker.
Risk Factors
* Smaller scale of operations
* Nascent stage of operations in solar business
* Large number of unorganized players indicating high level of
competition may lead to pressure on margins.

Fact Sheet
Year of Establishment
June 2012
Office Address
SCO-183, First Floor, Sec-7C, Chandigarh-160019

Started in June 26, 2012, Skyline Solar Private Limited (SSPL) is
dedicated to manufacture and distribution of eco-friendly and cost
effective usage of solar products. SSPL is involved in providing
solar power plant solution for capacity ranging from 1 kilowatt to
Megawatt off-grid connected solar photovoltaic power plants and
solar water heating solutions targeting both residential and
commercial areas. Solar modules ranging from 3 Watt Power to 280
Watt Power are IEC 61215 approved. The company has an employee
base of 18 members. Product profile of the firm is as follows:

* Solar Power Plant
* Solar Street Light
* Solar Water Heater
* Solar Irrigation Pump
* Solar lantern
* Solar Power Inverters

SSPL has executed 58.26 KW solar power projects since its
inception

SI Related Business- Weak Performance Capability

Promoter's Track Record: Mr. Vikramjit Singh and Ms. Ravinder Kaur
are the promoters of the firm. They have around 8 years of
experience in similar line of business. They have been associated
with the firm since its inception.

Technical competence and adequacy of manpower:
The entity operates as a manufacturer and distributor of various
solar power devices. SSPL has executed 58.26 KW of solar power
projects till date. SSPL has a technical team of 18 professionals
handling various areas of operation. The technical competence is
moderate as represented by well qualified director's profile.
As on date, the entity has 18 skilled employees. The employee base
for the entity is adequate for the size of operations for the
company.

Quality of suppliers and tie ups: As per management, SSPl deals
with number of suppliers to procure various solar power devices
which are used for manufacturing of solar street lights and solar
power plants installation.

Customer and O&M Network: Till date, SSPL has executed 58.26 KW
solar projects. The entity operates as a manufacturer and
distributor of solar power devices. SSPL deploys trained staff to
maintain solar systems and ensure timely ratification of issues.


SRI RAMA: ICRA Revises Rating on INR3.96cr Loan to 'B'
------------------------------------------------------
ICRA has revised the long-term rating assigned to the INR3.96
crore fund based limits to [ICRA]B from [ICRA]B+, and has re-
affirmed the short-term rating at [ICRA]A4 for the INR4.00 crore
fund based limits of Sri Rama Raw & Boiled Rice Mill. ICRA has
also revised the long-term/short-term rating to [ICRA]B/[ICRA]A4
from [ICRA]B+/[ICRA]A4 for the INR2.04 crore unallocated limits of
SRRBRM.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-term Fund
   based limits          3.96         [ICRA]B/revised

   Short-term Fund
   based Limits          4.00         [ICRA]A4/reaffirmed

   Unallocated           2.04         [ICRA]B/[ICRA]A4
                                      revised/reaffirmed

The revision of ratings primarily factors in the deteriorated
financial profile of the firm, as characterized by a reduced scale
of operations, high gearing, and lower coverage indicators. The
ratings revision also factors in the high working capital
intensive nature of the business on account of high inventory
maintained, as reflected by the high working capital utilization
of 74% for the past 15 months ended November 2015. ICRA notes the
intensely competitive nature of the rice industry in Andhra
Pradesh, with the presence of several small-scale players that
pressurizes operating margins, and the risks inherent in the
partnership nature of the firm including the risk of capital
withdrawal as observed in FY 2015. The ratings are also,
constrained by government policy restrictions in the segment,
which limit sales in the open market, along with the
susceptibility of profitability and revenues to agro-climatic
risks that impact the availability of paddy in adverse weather
conditions.

The ratings, however, take comfort from the long track record of
the promoters in the rice milling business. ICRA notes the
favourable demand prospects for rice in the country, with India
being the second largest producer and consumer of rice
internationally.

Going forward, the ability of the firm to strengthen its financial
profile and efficiently manage its working capital requirements
remains the key rating sensitivities.

Founded in 1997 as a partnership firm, Sri Rama Raw & Boiled Rice
Mill (SRRBRM) is engaged in the milling of paddy for the
production of raw and boiled rice. The rice mill is located at
Medarametla village in the Prakasham district of Andhra Pradesh.
The firm is promoted by Mr. N. Nagabhushanam, a B. Tech graduate,
who has close to 20 years of experience in the rice industry. The
installed production capacity of the rice mill is 4 tons per hour.

Recent Results
For FY 2015, the firm reported a profit after tax of INR0.04 crore
on an operating income of INR14.51 crore, as against a profit
after tax of INR0.26 crore on an operating income of INR18.02
crore for FY 2014.


STAR SCHOOL: Ind-Ra Assigns 'IND D' Term Loans Facility Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Star School
Samiti's (SSS) INR89.5 million term loans facility and INR20
million fund-based working capital facility an 'IND D' rating.

KEY RATING DRIVERS

The rating reflects SSS' delays in debt servicing since June 2015
due to its strained liquidity profile and limited size of
operations. The term loan and overdraft facilities of the society
were restructured in October 2014.

RATING SENSITIVITIES

The rating could be upgraded if the loan obligations are serviced
in a timely manner for at least one quarter.

COMPANY PROFILE

SSS was established in 1980 to provide technical and allied
education services. It manages two institutes (Shiv Kumar Singh
Institute of Technology and Science and Shiv Kumar Singh College
of Professional Studies) and two schools (SKS International School
and Star Public School) in Indore.


SUMITA TEX: CRISIL Cuts Rating on INR1,022.8MM LT Loan to 'D'
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Sumita Tex Spin Private Limited (Sumita) to 'CRISIL D /CRISIL D'
from 'CRISIL B/Negative/CRISIL A4'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee          25      CRISIL D (Downgraded from
                                    'CRISIL A4')

   Cash Credit            170      CRISIL D (Downgraded from
                                   'CRISIL B/Negative')

   Funded Interest         67.7    CRISIL D (Downgraded from
   Term Loan                       'CRISIL B/Negative')

   Letter of Credit        25      CRISIL D (Downgraded from
                                   'CRISIL A4')

   Long Term Loan         253.9    CRISIL D (Downgraded from
                                   'CRISIL B/Negative')

   Proposed Long Term    1022.8    CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL B/Negative')

   Working Capital        435.6    CRISIL D (Downgraded from
   Term Loan                        'CRISIL B/Negative')

The rating downgrade reflects instances of delay by Sumita in
servicing its debt. The delays are on account of weakening in the
liquidity on account of cash losses and large debt obligation.

Sumita has a weak financial risk profile marked by its high
gearing and weak debt protection metrics. The company is exposed
to intense competition in the texturised yarn industry resulting
in low profit margin, and its profitability margin is susceptible
to volatility in raw material prices. However, the company
benefits from its promoters' extensive experience in the
texturised yarn business.

Sumita was set up in 1982 by Mr. Anurag Poddar, Mr. Omprakash
Poddar, and their family members. The company manufactures
texturised yarn from partially-oriented yarn, and its
manufacturing unit is in Silvassa (Dadra and Nagar Haveli).


SURYA OIL: ICRA Reaffirms B+ Rating on INR9cr LT Loan
-----------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ assigned to
the INR0.79 crore (reduced from INR1.09 crore) term loan and
INR9.00 crore (reduced from INR10.00 crore) fund based cash credit
facility of Surya Oil and Agro Industries. ICRA has also assigned
a long term rating of [ICRA]B+ to the INR1.00 crore proposed
limits of SOAI.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long Term Fund
   Based-Cash Credit
   Facility              9.00       [ICRA]B+ reaffirmed

   Long Term Fund
   Based-Term Loans      0.79       [ICRA]B+ reaffirmed

   Long Term Fund
   Based Proposed
   Limits                1.00       [ICRA]B+ assigned

The rating continues to remain constrained by the firm's weak
financial profile characterized by low profitability owing to the
limited brand presence and consequently weak coverage indicators;
the extensive dealership network of the firm in Gujarat however
provides some comfort in terms of growing presence of SOAI in
local markets. The rating also considers the vulnerability of
firm's profitability to adverse movements in raw material prices
which are subject to seasonality and crop harvest; although, order
backed purchases mitigates the risk to a large extent. The ratings
also continue to take into account the high competitive intensity
in the retail edible oil market which is also highly fragmented
due to the presence of a large number of established players as
well as smaller refineries and dealers. The rating also considers
the potential adverse impact on net worth and gearing levels in
case of any substantial withdrawal from capital account given the
entity's constitution as a partnership firm.

The rating, however, continues to favourably factor in the long
standing experience of SOAI's promoters in the edible oil refining
industry and its reputed clientele base which includes established
edible oil manufacturing as well as marketing companies. The
rating also factors in the favourable outlook for edible oil
sector, and the favourable location of the firm's plant in
proximity to a large number of oil mills located near Wankaner and
Morbi in the cotton growing belt of Saurashtra, Gujarat.

Established in August 2011, Surya Oil and Agro Industries (SOAI)
is a partnership firm engaged in refining of edible cottonseed oil
and maize oil. SOAI is promoted by Mr. Sanket Zalaria, Mr.
Narottam Patel and Mr. Jateen Adroja. The firm markets its
products - refined cottonseed oil and refined maize oil, in loose
form to bulk dealers as well as in packed form (under the 'Satvik'
brand name). The firm also carries out trading of other edible
oils such as Sunflower oil, sesame oil etc. SOAI operates from its
plant located in Wankaner, Rajkot with a total installed capacity
of refining 100 MT of edible oil per day.

Recent Results
During FY 2015, SOAI reported an operating income of INR131.30
crore and profit before tax of INR0.52 crore as against an
operating income of INR104.66 crore and profit before tax of
INR0.09 crore in FY 2014.


TEX STYLES: ICRA Suspends C+/A4 Rating on INR7.18cr Loan
--------------------------------------------------------
ICRA has suspended the [ICRA]C+ and [ICRA]A4 rating assigned to
the INR7.18 crore fund and non-fund based facilities of Tex Styles
International Private Limited. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.

Incorporated in 2008, Tex Styles International Pvt. ltd. (TSIPL)
is engaged in the export of readymade garments manufactured on a
made-to-order basis. The directors of the firm include Mr. Deepak
Bhavnani and Mrs. Jaya Bhavnani. The company has its registered
office at Lower Parel, Mumbai and has two manufacturing units
located in Mumbai and Bangalore respectively. TSIPL derives its
sales entirely through exports and mainly caters to Europe.
TSIPL's related concerns, M/s Tex-Styles International and M/s Hi-
Tech Fashions are also engaged in the similar line of business
since 1977.


THREE STAR: CARE Assigns 'B' Rating to INR0.21cr LT Loan
--------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank facilities
of Three Star Marine Exports.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      0.21      CARE B Assigned
   Short term Bank Facilities     9.50      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Three Star Marine
Exports (TSME) are constrained by small size of operations,
fluctuating revenues and profitability and moderate capital
structure. The rating is further constrained by profitability
susceptible to foreign exchange fluctuation risk and working
capital intensive nature of operations.

However, the ratings do factor in the long experience of the
promoters in the same line of business and established operational
track record of the firm.

Going forward, the firm's ability to scale up its operations,
sustain its operating margin amidst volatility in raw material
prices and increase in other costs would be the key rating
sensitivity.

TSME is a partnership firm established in 2011, engaged in the
export of processed sea food products with the present installed
capacity of 10 tons per day. The partners are Mr K.K. Ashraf, Mr
Harshad, Mr Naushad, Mr Suharabi, Mr Nasmudeen, Mr P.M.
Ahmedkutty. Initially, the firm was operating under the name of
"Three Star Fisheries" (TSF) since 1980 concentrating on domestic
sales. Later in 2011, the name was changed to TSME and the firm
ventured into export market. From the year 2012, TSME is
concentrating only on export sales. TSME primarily exports to
Italy, Spain, Thailand, China, and Vietenam and has around 8
regular customers who contribute around 80% to the total sales.
As per the provisional results, TSME achieved a PAT of INR0.06
crore on a total operating income of INR16.71 crore in FY15
(refers to the period April 1 to March 31) as compared with PAT of
INR0.07 crore on a total operating income of INR18.39
crore as per the audited results for FY14. For H1FY16
(provisional; refers to the period April 1 to September 30), TSME
achieved total revenue of INR5.98 crore.


TRADE WINGS: ICRA Suspends B- Rating on INR12cr LT Loan
-------------------------------------------------------
ICRA has suspended the [ICRA]B- rating assigned to the INR12.00
crore long term fund based bank facility and the [ICRA]A4 rating
assigned to the INR1.21 crore short term non fund based bank
facility of Trade Wings Limited. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.

Trade Wings Limited is a public limited company that was
incorporated in 1949. The company is primarily engaged in
providing travel and travel related services which include foreign
exchange money changing (FEMC) business, air ticketing, car
renting, visa processing, cargo handling and other related
services.


TRINITY MAHALASA: ICRA Assigns B+ Rating to INR4.50cr LT Loan
-------------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B+ to the INR4.50
crore long term fund based facility, and short term rating of
[ICRA]A4 to the INR1.50 crore short term non-fund based limit of
Trinity Mahalasa Durga Sales and Services.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term, fund
   based limits           4.50        [ICRA]B+ Assigned

   Short Term, non-
   fund based limits      1.50        [ICRA]A4 Assigned

The assigned rating favourably factors in the firm's wide spread
sales and service network with presence across 17 districts of
Maharashtra and complete Goa and strong position of principal CIL
in domestic industrial engine and genset market. The ratings are
however constrained by the firm's high exposure to mining and
locomotive industry; high working capital intensity marked by high
amount of receivables and high inventory levels, which is
primarily funded by bank borrowings resulting in high debt levels.
The ratings are further constrained by inherently thin
profitability in dealership business and risks associated with the
partnership firm increasing the risk of capital drawdown. Going
forward, the firm's ability to scale up its operations and
efficiently manage its working capital requirement remains key
rating sensitivities.

TMDSS is a partnership firm established in 2007 and is an
authorized distributor of products manufactured and marketed by
"Cummins India Limited" (CIL) in Goa and 17 districts of
Maharashtra. The firm is a Grade 'A' distributor of products of
Cummins India Limited and operates from two head branches, one in
Panaji which handles Goa operations and other in Aurangabad which
handles operations of 17 districts in Maharashtra.


VIJAY TRADING: ICRA Reaffirms B+ Rating on INR10cr Cash Loan
------------------------------------------------------------
ICRA has reaffirmed its long-term rating of [ICRA]B+ on the
INR10.0 crore (enhanced from INR7.5 crore) bank facilities of M/s
Vijay Trading Company.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit            10.0        ICRA]B+; reaffirmed

ICRA's rating continues to take into account the low value
additive nature of the firm's operations, its thin profitability
resulting from high fragmentation and high competitive intensity
in the industry and the vulnerability of VTC's profitability to
adverse movements in the prices of traded goods (cotton and
mustard oil seeds, oils and cakes, cattle feed etc). The rating
also factors in the firm's weak financial profile characterized by
a stretched liquidity position, low return indicators, and weak
coverage indicators as reflected in interest coverage of 1.2 times
and Net Cash Accruals/Total debt of 2.5% for 2014-15.

The rating, however, favorably factors in the established track
record of the promoters in trading of edible oils and oil seeds
and improving sale turnover on an year-on-year basis; the
favorable demand outlook for edible oils in the domestic market
and the location advantage the firm enjoys by virtue of its
proximity to the main cotton and mustard producing belts of the
country.

The ability of the firm to improve its scale of operations in a
profitable manner while maintaining a comfortable liquidity
position will be the key rating sensitivities going forward.

VTC was promoted by Mrs. Sita Rani as a proprietorship firm and
was converted into a partnership firm in March 2014, with her son
Mr. Rakesh Kumar joining the business. The firm, based in Muktsar,
Punjab is engaged in the trading of cotton and mustard seeds, oils
and cakes.

Recent Results
VTC reported an operating income of INR42.2 crore and a profit
after tax (PAT) of INR0.1 crore in 2014-15 as against an operating
income of INR21.9 crore and a PAT of INR0.1 crore in the previous
year.


VINOD ENTERPRISES: CRISIL Reaffirms 'B' Rating on INR60MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Vinod Enterprises (VE)
continue to reflect the firm's small scale of operations and weak
financial risk profile, marked by high gearing and weak debt
protection metrics.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         22.5     CRISIL A4 (Reaffirmed)
   Cash Credit            60.0     CRISIL B/Stable (Reaffirmed)


The ratings also factor in the firm's exposure to risks related to
the tender-based nature of its business, susceptibility to
volatility in raw material prices, and large working capital
requirements. These rating weaknesses are partially offset by the
benefits VE derives from the strong growth prospects for, and
government assistance to, the agriculture industry.
Outlook: Stable

CRISIL believes that VE will benefit over the medium term from the
extensive experience of the promoters. The outlook may be revised
to 'Positive' if the firm registers substantial improvement in its
scale of operations and profitability, leading to a material
improvement in its cash accruals. Conversely, the outlook may be
revised to 'Negative' if VE's revenue and profitability are
adversely affected by any changes in government policy or a sharp
increase in food grain prices, or in case of a significant stretch
in the firm's receivables.

Update
In 2014-15 (refers to financial year, April 1 to March 31), VE's
revenue is estimated to have been flattish at Rs.301.7 million as
against revenue of Rs.303.9 million in 2013-14 on account of the
firm catering to same territories under the ICDS scheme. The
operating margin marginally increased to 4.6 per cent in 2014-15
from 4.1 per cent in 2013-14. Moreover, the firm's operations
remained working capital intensive, as reflected in high gross
current assets of 179 days as on March 31, 2015, mainly driven by
high receivables of around 156 days. The performance is expected
to remain flattish over the medium term too amid intense
competition in the tender based system.

VE's financial risk profile and liquidity remain constrained by a
high total outside liabilities to tangible net worth ratio
estimated at around 3.88 times as on March 31, 2015, weak debt
protection metrics, and fully utilised bank lines coupled with
small cash accruals of Rs.1.7 million for 2014-15. The same remain
partly supported by high funding support from the promoter. Going
forward, the scale up in the firm's revenues along with efficient
working capital management resulting in improved liquidity profile
remains key rating sensitivity factors over the medium term.

VE, a proprietorship concern, was set up in 2010 by Mr. Vinod
Dongre and trades in food grains. It is also engaged in tender-
based business to supply nutritional food grains and spices to The
Maharashtra State Co-op. Marketing Federation Ltd.



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


STONEWOOD HOMES: In Liquidation, Owes More Than NZ$1 Million
------------------------------------------------------------
Oliver Lewis at The Marlborough Express reports that Stonewood
Homes Marlborough has gone into liquidation, with debts of more
than NZ$1 million.

According to the report, the franchise of construction company
Stonewood Homes went into liquidation last year, appointing Biz
Rescue chartered accountant Geoff Falloon as liquidator on
August 28.

The Marlborough Express relates that in the first liquidator
report, in September last year, Mr. Falloon said the company had
assets valued around NZ$160,000.

This was enough to pay off secured creditors, which included
Placemakers Blenheim and Steel Building Products Ltd, as well as
preferential creditors, the report says.

But a NZ$1 million shortfall meant the company would be unable to
pay many of its unsecured creditors, according to The Marlborough
Express.

The Marlborough Express relates that a Stonewood Home spokesman
said the reason the Marlborough franchise was put in liquidation
was because of a downturn in the number of houses being built in
the region.

"There was a prolonged downturn in the local market which affected
the number of houses being built in Marlborough," the spokesman,
as cited by The Marlborough Express, said. "Unfortunately this had
an impact on the local franchise."

The Marlborough Express notes that the franchise, which was
established in 2009 by owner David Campbell, was constructing
eight homes in the region when it was put into liquidation.

There was no legal obligation to complete the homes, but Stonewood
New Zealand had stepped in to undertake construction, the
spokesman said, the report relays.

"Stonewood New Zealand have on behalf of the customers completed a
number of homes with the construction of the other homes
progressing well," he said.

According to the report, Stonewood Homes Marlborough had ceased to
trade but Stonewood New Zealand would continue to work with
Marlborough customers in the future.

The Marlborough Express says the Marlborough franchise was not the
only one placed in liquidation.

This was also the case in Hamilton, where another franchise,
Stonewood Homes Hamilton, was placed in liquidation last week, the
report relates.

According to The Marlborough Express, Stonewood Homes managing
director Brent Mettrick, who started the company with Sue Mettrick
in 1987, said the rest of the franchises were going well and the
two closures were not indicative of a wider "endemic".

There were 21 Stonewood Homes franchises around New Zealand, and
since 1987 they had built more than 6,000 homes.



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


BACOOR DOCTORS: SEC Orders Hospital to Stop Selling Securities
--------------------------------------------------------------
Jenniffer B. Austria at The Standard reports that the Securities
and Exchange Commission said on Jan. 19 that it issued a permanent
cease and desist order against Bacoor Doctors Medical Center,
after it was found selling securities in the form of common shares
of stock without secondary license from the corporate regulator.

According to the report, SEC said in an order posted on its
website it denied the motion for reconsideration filed by BDMC
seeking for the lifting of the cease and desist order due to lack
of merit.

"While the commission is cognizant of the respondent's effort in
assisting the government in its mission to address the problem of
inadequacy of hospital facilities in distant areas by establishing
a hospital in Bacoor, it is mandated by law however to ensure full
and fair disclosure on securities sold to the public to insulate
it against fraud," SEC, as cited by The Standard, said.

"All told, the respondent presented a weak and self-serving
defense. It failed to overcome SEC findings, which is supported by
solid and factual evidence, that the respondent is indeed
selling/offering securities to the public in the form of shares
without necessary license from the Commission," the regulator
said.

BDMC, which operates a 100-bed tertiary hospital, denied the
allegations during a hearing conducted by SEC, the report says.
The Standard relates that the medical company said all its shares
were fully subscribed to and paid by its own stockholder in 2014.

SEC, however, said it had proof that selling and offering of the
company's shares were being conducted within the premises of the
hospital, The Standard relays.

"The cease and desist order issued against the corporation, its
officers, directors, agents, representatives, conduit and any and
all persons claiming and acting and behalf and under its authority
is hereby made permanent," SEC said, The Standard relays.

The Standard notes that SEC earlier cautioned the public against
buying unregistered shares in hospitals.

According to The Standard, the corporate regulator issued an
advisory after four hospital groups, including Pacific Global
Medical Center Inc., Diliman Doctors Hospitals Inc., South East
Asia Medical Inc. and United Doctors Service Corp. were found
selling shares not registered with the SEC.

It said to attract investors, the hospitals were selling shares
allegedly to entitle buyers to certain hospital benefits such as
waived or discounted operating room fees, free or discounted
private room, ward and intensive care unit accommodations,
discount on the use of ICU equipment, medicines and medical
suppliers and discount on hospital services, adds The Standard.


LBC DEVELOPMENT: LBC Group Appeals PHP1.8BB Collection Case
-----------------------------------------------------------
Jenniffer B. Austria at The Standard reports that the LBC Group of
the Araneta family appealed the PHP1.8-billion collection case
filed by government-owned Philippine Deposit Insurance Corp. after
the Makati court garnished more assets and stocks owned by
company.

The Standard relates that LBC Express Holdings Inc. said in a
disclosure to the stock exchange LBC Express Inc. and LBC
Development Corp. filed an appeal to lift the court's writ of
attachment and hold PDIC liable for any damages suffered by the
group following the garnishment order.

LBC Development is the parent company of the listed LBC Express
Holdings, which in turn owns LBC Express Inc., the report
discloses

According to The Standard, LBC Express also reported that the
court garnished another six bank accounts it owned with a combined
balance of PHP6.9 million.

The Standard relates that the Makati court sheriff early this
month garnished six bank accounts of LBC Express with a combined
balance of PHP9.976 million.

About 1.2 billion LBC Express shares owned and registered in the
name of LBC Development, in addition, were tagged in the records
or system of Rizal Commercial Banking Corp.'s stock transfer
processing section, following a notice of garnishment from the
Regional Trial Court, Branch 143 of Makati City, The Standard
notes.

The Standard relates that LBC Express said no stock certificates
covering the shares of LBC Development were delivered or
surrendered to the court sheriff as the stock transfer agent was
not in possession of them.

"However, as a consequence of such tag, any transfer of said
shares by LBC Development Corporation may not be registered in the
records or system of the stock transfer agent, unless and until
the writ of attachment is lifted, quashed or discharged," LBC
Express, as cited by The Standard, said.

The Standard notes that the LBC Group, which is engaged in the
courier and remittance business, is facing a PHP1.8-billion claim
filed by PDIC in relation to the shuttered LBC Development Bank.

According to the report, PDIC, the appointed receiver and
liquidator of LBC Development Bank, wants to claim PHP1.8 billion
worth of "unpaid service fees" from the defendants.

                           About LBC

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

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

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



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


TIGER AIRWAYS: Singapore Air Raises Bid in Push to Delist Company
-----------------------------------------------------------------
Joyce Koh at Bloomberg News reports that Singapore Airlines Ltd.
raised its offer for Tiger Airways Holdings Ltd. by almost 10%,
offering shareholders in the unprofitable budget airline an
improved deal after a lobby group urged Southeast Asia's largest
carrier to sweeten its bid.

Bloomberg relates that SIA is offering Tiger Air stockholders
45 Singapore cents, from its initial proposal of 41 cents, the
company said in a statement to the stock exchange earlier this
month. The offer, which SIA said it does not intend to revise
further, has been extended to Jan. 22 from Jan. 8, according to
Bloomberg.

The report notes that SIA is seeking to delist Tiger Air after it
made losses because of over-expansion in a competitive market that
has caused other airlines to be privatized or collapse.  Bloomberg
says the Securities Investors Association Singapore, which
campaigns on behalf of minority shareholders, last year asked the
airline's board to consider improving the Tiger Air offer, noting
that SIA paid 56.5 cents a share to raise its stake in 2014.

"It is an encouraging move by SIA and this, together with the
deadline extension, would prompt minority shareholders to
reconsider their positions," David Gerald, president of the
Securities Investors Association Singapore, told Bloomberg. "SIA
likely raised the price because they haven't reached the 90
percent threshold to delist Tiger and they're hoping to shore up
more support."

SIA, which owns 55.8% of Tiger Air, said in November that it will
also offer shareholders of the budget carrier an option to buy SIA
shares at SGD11.1043 each, Bloomberg relays.

Bloomberg notes that Singapore Air injected funds into Tiger Air
in 2014 by increasing its stake to include the carrier as a
subsidiary. While Tiger Air has reduced capacity, cut routes and
ended partnerships in Australia, Indonesia and the Philippines to
curb losses, it still reported a loss in the three months ended
September, Bloomberg discloses.

Tiger Airways Holdings is a Singapore-based airline company.



                             *********

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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