TCRAP_Public/160122.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

           Friday, January 22, 2016, Vol. 19, No. 15


                            Headlines


A U S T R A L I A

BENCH EXCAVATIONS: First Creditors' Meeting Set For Feb. 1
EUREKA INDUSTRIAL: First Creditors' Meeting Set For Feb. 1
ILLAWARRA SERIES 2006-1: Fitch Affirms BB Rating on Cl. B Notes
LAURA ASHLEY: Up For Sale as Administration Continues
QUEENSLAND NICKEL: Workers Will Join a List of Creditors

SX PROJECTS: First Creditors' Meeting Set For Feb. 1


C H I N A

CHINA SHANSHUI: To Buy Back Bonds With Support From Tianrui
KAISA GROUP: Says Alternative Revamp Bid Not Commercially Viable
TIMES PROPERTY: Fitch Affirms 'B+' IDR; Outlook Stable


H O N G  K O N G

WEYLAND TECH: Raises Going Concern Doubt Amid Losses


I N D I A

A.M. RICEMILLS: CARE Assigns B+ Rating to INR12cr LT Loan
ADMIRON LIFE: CARE Ups Rating on INR59.25cr Loan to 'B+'
AGASTI SAHAKARI: CRISIL Lowers Rating on INR70MM Loan to 'D'
AL-SAMI COLD: CARE Assigns B+ Rating to INR5cr LT Loan
AL-SAMI FOOD: CARE Assigns B+ Rating to INR1.0cr LT Loan

AMRIT HUMIFRESH: CRISIL Suspends B+ Rating on INR198MM Term Loan
ANNAPURNA COTTON: CARE Reaffirms B+ Rating on INR6.67cr LT Loan
ARTEDZ FABS: CARE Reaffirms 'B' Rating on INR14.3cr LT Loan
B. D. CHARITABLE: CRISIL Suspends 'D' Rating on INR85MM Term Loan
BALAJI MELTERS: CRISIL Suspends B+ Rating on INR50MM Cash Loan

BHAGAWATI DEVELOPMENT: CARE Reaffirms B+ Rating on INR6cr Loan
BHAVIN IMPEX: CRISIL Assigns B+ Rating to INR95MM Cash Loan
CATVISION LIMITED: Ind-Ra Affirms 'IND BB' LT Issuer Rating
CHAUDHARY BUILDERS: CRISIL Suspends B+ Rating on INR70MM Loan
CHETAN OVERSEAS: CRISIL Suspends B+ Rating on INR180MM Loan

EARTH STONE: CRISIL Suspends B+ Rating on INR102.5MM Loan
ELLJAY TEXTILES: CARE Reaffirms B Rating on INR5.50cr LT Loan
ENSOL MULTICLEAN: CRISIL Suspends 'B' Rating on INR35MM Loan
GARUDA INFRATECH: CRISIL Cuts Rating on INR160MM LT Loan to 'D'
GIRISH ENTERPRISES: CRISIL Reaffirms B Rating on INR30MM Loan

HUBLI ELECTRICITY: CRISIL Reaffirms 'D' Rating on INR10.9BB Loan
HUES INDIA: CRISIL Suspends 'D' Rating on INR47.5MM Packing Loan
JAI SHIV: CRISIL Suspends 'D' Rating on INR100MM Whse Loan
JECRC UNIVERSITY: CARE Lowers Rating on INR121.65cr Loan to B+
KANORIA SUGAR: CRISIL Suspends D Rating on INR753.5MM Cash Loan

KESHRANAND GINNING: CRISIL Assigns B+ Rating to INR60MM Cash Loan
KOHINOOR AGRO: CRISIL Assigns B+ Rating to INR42.5MM Cash Loan
LATALA CONSTRUCTION: CRISIL Suspends B+ Rating on INR60MM Loan
MAHAJYOTI FIBERS: CARE Reaffirms B+ Rating on INR10.45cr LT Loan
MAHESHWARI PHARMA: Ind-Ra Assigns 'IND B+' LT Issuer Rating

MEWAR FABRICS: CARE Assigns B+ Rating to INR7.40cr LT Loan
MILAN COTTEX: CARE Ups Rating on INR8.02cr LT Loan From B+
MR. BROWN: CRISIL Cuts Rating on INR80MM Term Loan to 'B'
NARCINVA DAMODAR: CRISIL Cuts Rating on INR150MM Loan to B-
OASIS GREEN: CARE Assigns B+ Rating to INR18cr LT Loan

OM SHREE: CRISIL Suspends B+ Rating on INR40MM Term Loan
PAULOSE ABRAHAM: CRISIL Reaffirms B+ Rating on INR80MMM Loan
PM SHAH: CARE Reaffirms B+ Rating on INR5cr Long Term Loan
PNS METALS: CRISIL Assigns B+ Rating to INR90MM Cash Loan
POCHIRAJU INDUSTRIES: CARE Reaffirms D Rating on INR44.73cr Loan

PPARADISE AUTO: CRISIL Suspends 'D' Rating on INR55MM Cash Loan
PRANJAL PROJECTS: CRISIL Suspends 'B' Rating on INR110MM Loan
RAJ VEHICLES: CRISIL Reaffirms B+ Rating on INR140MM Loan
RAM CHANDER: CRISIL Suspends 'B' Rating on INR100MM LT Loan
RAWALWASIA TEXTILE: CARE Ups Rating on INR13cr Loan From B+

RAWALWASIA YARN: CARE Ups Rating on INR12cr Loan From B+
RELAN MOTORS: CRISIL Suspends B+ Rating on INR117.9MM Loan
RICHA INDUSTRIES: Ind-Ra Suspends 'IND B-' LT Issuer Rating
RISHABH WINPRO: CARE Reaffirms 'B' Rating on INR4.97cr LT Loan
RUDRA ALLOYS: CARE Assigns B+ Rating to INR8cr LT Loan

S. K. BROTHERS: CARE Ups Rating on INR4.10cr LT Loan From B+
SAMAY COTTON: CRISIL Assigns B+ Rating to INR50MM Cash Loan
SAYA AUTOMOBILES: CRISIL Assigns B+ Rating to INR450MM Loan
SHIVDHAN BOARDS: CRISIL Reaffirms B Rating on INR77.5MM Loan
SHREE GOVARDHAN: CRISIL Reaffirms B+ Rating on INR475MM Loan

SHREEGOPAL GOBIND: Ind-Ra Affirms 'IND B-' Rating; Outlook Stable
SHRI GIRIJA: CARE Assigns B+ Rating to INR4cr LT Loan
SHRI GURU: CRISIL Assigns 'B' Rating to INR50MM Cash Loan
SIAN HOTEL: CRISIL Suspends 'B' Rating on INR75.2MM LT Loan
SKILLED CONSTRUCTION: CARE Reaffirms B+ Rating on INR2.50cr Loan

SLO AUTOMOBILES: CRISIL Suspends 'D' Rating on INR55MM Loan
SONA ALLOYS: CARE Ups Rating on INR952.53cr LT Loan From B+
VASA NONWOVEN: CARE Reaffirms B Rating on INR6.01cr LT Loan


S I N G A P O R E

* SINGAPORE: Over 100 Property Agencies Closed Shop, CEA Says


                            - - - - -


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


BENCH EXCAVATIONS: First Creditors' Meeting Set For Feb. 1
----------------------------------------------------------
Desmond Robert Munro, Thomas Stuart Otway and Alan Geoffrey Scott
of BRI Ferrier were appointed as administrators of Bench
Excavations & Civil Construction Pty Ltd on Jan. 20, 2016.

A first meeting of the creditors of the Company will be held at
Level 4, 12 Pirie Street, in Adelaide, on Feb. 1, 2016, at
11:00 a.m.


EUREKA INDUSTRIAL: First Creditors' Meeting Set For Feb. 1
----------------------------------------------------------
Jack James of Palisade Business Consulting was appointed as
administrator of Eureka Industrial Estates Pty Ltd on Jan. 19,
2016.

A first meeting of the creditors of the Company will be held at
Palisade Business Consulting, Level 1, 330 Churchill Avenue, in
Subiaco, on Feb. 1, 2016, at 3:00 p.m.


ILLAWARRA SERIES 2006-1: Fitch Affirms BB Rating on Cl. B Notes
---------------------------------------------------------------
Fitch Ratings has affirmed the ratings of three Illawarra Series
RMBS transactions.  The transactions are securitisations of first-
ranking Australian residential mortgages originated by IMB
Limited.  The rating actions are listed at the end of this
commentary.

KEY RATING DRIVERS

The affirmations reflect Fitch's view that available credit
enhancement is sufficient to support the notes' current ratings,
and can withstand deterioration of economic conditions in
Australia in line with the agency's expectations.  The credit
quality and performance of the loans in the collateral pools have
remained in line with Fitch's expectations, and all transactions
benefit from lenders' mortgage insurance (LMI) and excess spread
levels.

As per the APAC Residential Mortgage criteria, the default model
was not run for this rating action, as a review of pre-determined
performance triggers indicates that the transactions display
stable asset performance.

As at end-December 2015, 30+ days arrears levels for all three
Illawarra RMBS transactions were below Fitch's 30+days Dinkum
Index of 0.91%.  Illawarra Series 2006-1 RMBS Trust had the
highest level of arrears at 0.45%, while Illawarra Series 2010-1
RMBS Trust recorded no loans in 30+ days arrears.

LMI is provided by QBE Lenders' Mortgage Insurance Limited
(Insurer Financial Strength Rating: AA-/Stable), Genworth
Financial Mortgage Insurance Pty Ltd (Insurer Financial Strength
Rating: A+/Stable), and Housing Loan Insurance Corporation.  The
transactions have experienced low levels of losses, with all
losses being covered by LMI or excess spread.

RATING SENSITIVITIES

Sequential pay-down has increased credit enhancement for the
senior notes of all the transactions, with the 'AAAsf' rated notes
able to withstand multiples of the latest reported arrears.  The
ratings are not expected to be affected due to any foreseeable
change in performance.

The Class A and AB notes are independent of downgrades to the LMI
providers' ratings.

Negative rating actions would be considered if there was an
unexpected increase in losses above expected levels that reduced
excess spread and resulted in charge-offs.

DUE DILIGENCE USAGE

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

DATA ADEQUACY

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

A comparison of the transaction's representations, warranties and
enforcement mechanisms (RW&Es) to those of typical RW&Es for this
asset class is available by accessing the reports and/or links
given under Related Research below.

Illawarra Series 2006-1 RMBS Trust:

  AUD45.8 mil. Class A (ISIN AU3FN0000139) notes affirmed at
   'AAAsf'; Outlook Stable; and
  AUD12.5 mil. Class B (ISIN AU3FN0000147) notes affirmed at
   'BBsf'; Outlook Stable.

Illawarra Series 2010-1 RMBS Trust:

  AUD63.3 mil. Class A (ISIN AU3FN0010468) notes affirmed at
   'AAAsf'; Outlook Stable; and
  AUD4.0 mil. Class AB (ISIN AU3FN0010476) notes affirmed at
   'AAAsf'; Outlook Stable.

Illawarra Series 2013-1 RMBS Trust:

  AUD115.1 mil. Class A (ISIN AU3FN0018784) notes affirmed at
   'AAAsf'; Outlook Stable.


LAURA ASHLEY: Up For Sale as Administration Continues
-----------------------------------------------------
Eloise Keating at SmartCompany reports that large department
stores and specialist homewares retailers are among the likely
suspects to buy or invest in the Australian arm of clothing and
home furnishings retailer Laura Ashley, according to one retail
expert.

The Australian operations of Laura Ashley collapsed into voluntary
administration on January 7, with Ross Blakeley, Quentin Olde and
John Park of FTI Consulting appointed to manage the
administration, the report discloses.

The administration only applies to Laura Ashley's Australian
operations, which were founded in 1971, SmartCompany notes.

According to the report, FTI Consulting has now commenced a sale
campaign for the business, with an advertisement appearing in the
Australian Financial Review's Jan. 20 edition.

SmartCompany relates that according to the ad, Laura Ashley's 38
Australian stores currently generate $42 million in annual sales.

The stores are operated under a licence agreement from Laura
Ashley UK, says SmartCompany.

Joint administrator Ross Blakeley told SmartCompany FTI Consulting
has already received "strong informal interest from a large number
of interested parties, which is testament to the strength of the
Laura Ashley brand".

"We're now calling for formal expressions of interest from parties
who can either invest in the business through a recapitalisation
or who are looking to purchase the business assets," Mr. Blakeley
said, notes the report.

SmartCompany notes that Brian Walker, chief executive of the
Retail Doctor Group, doesn't believe there is necessarily a
"ready-made buyer" standing in the wings to take on the Laura
Ashley Australian business.  He told SmartCompany potential buyers
for the retailer could come from three categories.

The first is larger department stores, with Mr. Walker naming
David Jones as one retailer that shares a similar positioning to
the Laura Ashley brand, says SmartCompany.

"I associate Laura Ashley with being a premium brand, based on
quite classic tastes . . . I see someone like David Jones with
that positioning, in that space," SmartCompany quotes Mr. Walker
as saying.

According to SmartCompany, Mr. Walker believes there could also be
interest among more specialist homewares retailers, which could
take on the Laura Ashley brands as a "segmented division" of their
existing business either through smaller format stores or
concessions.

For Mr. Walker, the third category of likely buyers would be
operators who are interested only in the acquiring the brand and
its supply channel, potentially opting to continue the retailer's
online presence without bricks-and-mortar stores, SmartCompany
relays.

But as with any acquisition, Mr. Walker said it will come down to
the price and risk profile of the business and the "strength of
the balance sheet," SmartCompany reports.

He describes AUD42 million in annual sales from 38 retail outlets
as "quite healthy at a high level" but the retailer's margins and
the make-up of its sales are not known.

"Another topic will be the positioning, the age and profile of
customers," Mr. Walker told SmartCompany.

Laura Ashley Australia sells fashion, homewares and furniture.
Laura Ashley was a Welsh fashion designer who first launched her
furnishings business in the 1950s, before expanding into clothing.


QUEENSLAND NICKEL: Workers Will Join a List of Creditors
--------------------------------------------------------
Xinhua News reports that workers of a struggling nickel processor
in northern Australia will join a list of creditors after the
company went into voluntary administration, the Australian Workers
Union said.

Australia's Queensland Nickel (QNI) went into voluntary
administration, just days after the self-proclaimed billionaire
turned politician Clive Palmer announced a major restructure due
to record low nickel prices, according to Xinhua News.

The report notes that prices for the commodity used in stainless
steel have tumbled 40 percent in the last year to their lowest
since 2003 amid growing stockpiles and lack of demand.

According to the report Mr. Palmer, who bought QNI from BHP
Billiton in 2009, blamed the restructure and sacking of 237
workers on the refusal of "minimal" assistance from the Queensland
state government, asking it to act as guarantor of a AUD35 million
(US$24.2 million) loan to avoid closure, the report notes.

The report relates that the Queensland state government said
Palmer refused to hand over the full financial statements to his
business empire, and "could not in all good conscience" guarantee
the loan without full financial due diligence.

It was revealed that Mr. Palmer had also asked Australia's federal
government for a loan guarantee, which was rejected, says Xinhua
News.

"We're not in the practice of bailing out private companies," the
report quoted Australian Resources Minister Josh Frydenberg as
saying.

The report notes that Australian Workers Union (AWU) secretary Ben
Swan told local media, administrators FTI Consulting had painted a
"spooky" picture of QNI's financial position.

Mr. Swan said the company does not have cash to pay out
entitlements, is three months behind on compulsory worker
retirement fund payments and AUD70 million (US$48.4 million) in
debt, the report notes.

The sacked workers are planning to list themselves as creditors
ahead of a creditors meeting with FTI Consulting in late January,
the report relays.

The report discloses that Mr. Palmer's business empire has been
under significant financial stress following a failed court bid to
force estranged business partner CITIC group to pay a US$48
million advance on disputed royalties from a joint iron ore
project.

The report relays that lawyers for Palmer's Mineralogy argued it
and five other entities, including QNI, would suffer "irreparable
harm" if the request was refused.

However, it was recently revealed that QNI had been bankrolling
Mr. Palmer's political party -- the Palmer United Party (PUP),
with more than AUD20 million (US$13.8 million) in donations since
the 2013/14 financial year, the report notes.

Mr. Palmer defended the donations saying they were redirected
dividend payments, the report adds.

Queensland Nickel operates the Palmer Nickel and Cobalt Refinery
in Queensland, Australia.  Queensland Nickel directors appointed
John Park, Stefan Dopking, Kelly-Anne Trenfield and Quentin Olde
of FTI Consulting as voluntary administrators on Jan. 18, 2016.


SX PROJECTS: First Creditors' Meeting Set For Feb. 1
----------------------------------------------------
Geoffrey Philip Reidy of Rodgers Reidy was appointed as
administrator of SX Projects Pty Limited on Jan. 19, 2016.

A first meeting of the creditors of the Company will be held at
The Fraser & King Rooms, Level 1, 33 Erskine Street, in Sydney, on
Feb. 1, 2016, at 11:00 a.m.



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C H I N A
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CHINA SHANSHUI: To Buy Back Bonds With Support From Tianrui
-----------------------------------------------------------
Eric Ng at South China Morning Post reports that China Shanshui
Cement Group, whose old and new board of directors have been
embroiled in an eight-month battle over management control, has
offered to buy back US$525.9 million worth of bonds, averting
another potential default on its debt obligations.

SCMP says rival Tianrui Group, which launched a hostile takeover
by snapping up its shares in the open market last April and raised
its stake to 28.2 per cent to become Shanshui's largest
shareholder, will provide the necessary funding to Shanshui to
complete the buy-back.

Henan province-based Tianrui had already amassed a 10.5% stake in
Shandong Province-based Shanshui, China's seventh largest cement
maker, in February, by paying a hefty premium compared to the
prevailing market price, SCMP notes.

"The Board has received assurances from Tianrui that it will
procure that the company has sufficient funds to comply with its
financial and other obligations in relation to the offer at the
relevant time," Shanshui said in a filing to the Hong Kong stock
exchange, SCMP relays.

A spokesman for Tianrui declined to disclose who is providing
financial backing, but said it is sure of being able to meet the
needs of loss-making Shanshui's bonds repurchase, according to
SCMP.

The report notes that Shanshui has already defaulted on a
CNY2 billion (HK$2.4 billion) bond repayment in November, and its
principal Shandong unit -- which is still under the control of
former chairman and founder Zhang Caikui who retains the company
chops -- warned late last month it will likely default on another
CNY1.8 billion bond this month.

According to a bond prospectus issued by Tianrui two months ago,
the parent of Hong Kong-listed China Tianrui Group Cement had a
debt-to-asset ratio of 65% at the end of March last year, SCMP
discloses.

It had CNY590 million of cash and CNY3.75 billion of borrowings at
the end of 2014, and a net debt-to-shareholders' equity ratio of
40.9%, SCMP discloses.

SCMP states that the Shanshui bond repurchase, triggered by a
change in shareholding control and board reshuffle last month, was
offered to holders of the US$500 million senior notes that carry
7.5% of annual interest and will mature in 2020, as well as
US$28.9 million of 8.5% notes due this year.

SCMP relates that the bondholders are allowed to demand Shanshui
to buy back the bonds at a 1 per cent premium to their principal
amounts in case the original controlling shareholders Zhang Caikui
and his son Zhang Bin lost management control, under the bond
issuance terms.

The elder Zhang was removed from the board in October in an
extraordinary shareholders' meeting called by Tianrui, SCMP
recalls.

His son was ousted early last month as the entire board, including
directors appointed by Taiwan-listed Asia Cement and state-backed
Hong Kong-listed China National Building Material (CNBM) were
removed, says SCMP.

The report adds that China Shanshui Investment, in which Zhang
Caikui is a trustee holding shares on behalf of nearly 2,500
Shanshui's employees as a result of a state asset privatisation
over a decade ago, owns 25.1% of Shanshui.  CNBM has a stake of
around 16.7% in Shanshui, compared to Asia Cement's 20.9%.

                      About China Shanshui

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

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

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


KAISA GROUP: Says Alternative Revamp Bid Not Commercially Viable
----------------------------------------------------------------
Eric Ng at South China Morning Post reports that Kaisa Group, the
first mainland Chinese developer to have defaulted on its offshore
bonds, said an alternative restructuring proposal it received a
week ago is not "commercially viable".

According to SCMP, the Shenzhen-based property developer said in a
filing to Hong Kong's stock exchange on Jan. 14, it had received a
proposal from Farallon Capital Asia and BFAM Partners, who
"unilaterally (without input from the company) publicly released
the terms to various news sources the following day".

No details of the proposal were given, the report notes.

SCMP relates that the company said the board was reviewing the
alternative proposal with its financial and legal advisers, but
was not in favour of it and continued to support the proposed
restructuring it announced in November, since it would be "in the
best interest of the company and all of its stakeholders".

"Based on preliminary assessment of the terms, the board believes
the alternative proposal will put undue pressure on the company to
seek additional financing which is not commercially viable in the
current environment," it added.

In November, Kaisa's board announced a non-binding restructuring
deal for offshore bonds due in the next five years, with a lesser
haircut than the one proposed by rival Sunac earlier, SCMP
recalls. Sunac stepped away from a takeover deal in May.

Reuters reported that a consortium led by Farallon drafted a
proposal in November that would see the consortium inject US$150
million into the company, with a further US$500 million to be
invested by existing shareholders exercising warrants to buy
heavily discounted shares, adds SCMP.

Shenzhen-based Kaisa became the first Chinese developer to default
on dollar-denominated debt when it failed to pay the coupon on two
securities earlier last year, Bloomberg News reported. In October
2015, the builder reached an agreement with Bank of China Ltd.
that enabled it to restart sales of some projects, Bloomberg said.

Kaisa Group Holdings Ltd. (HKG:1638) --
http://www.kaisagroup.com/english/-- is an investment holding
company, and its subsidiaries are engaged in property development,
property investment and property management.


TIMES PROPERTY: Fitch Affirms 'B+' IDR; Outlook Stable
------------------------------------------------------
Fitch Ratings has affirmed China-based residential property
developer Times Property Holdings Limited's Long-Term Issuer
Default Rating at 'B+' with a Stable Outlook.  The senior
unsecured rating is also affirmed at 'B+', with Recovery Rating at
'RR4'.

Fitch has also assigned Times Property's outstanding USD305m
12.625% senior notes due 2019 and CNY1.5 bil. 10.375% senior notes
due 2017 ratings of 'B+.'  The notes are rated at the same level
as Times Property's senior unsecured rating because they are
regarded as direct and senior unsecured obligations of the
company.

Times Property's ratings are supported by its steady contracted
sales growth, prudent land replenishment strategy, and improving
funding structure.  The ratings are constrained by the company's
high geographical concentration in Guangdong Province and its
small land bank.  Fitch expects Times Property to be under
persistent pressure to replenish land bank in its core markets -
Guangzhou, Foshan, and Zhuhai - which may keep its leverage at a
relatively high level.

KEY RATING DRIVERS

Strong 2015 Contracted Sales: Times Property's contracted sales
rose 28% in 2015 to CNY19.5 bil., well ahead of the company's
original target of CNY16.5 bil.  The average selling price (ASP)
for contracted sales dropped 17% in 2015 due to a larger share of
sales from cities outside Guangzhou with lower ASP and a shift in
product mix towards mid-end products.  The ASP drop was more than
offset by a 55% increase in gross floor area (GFA) sold during the
year.  Times Property maintained high sales efficiency with
contracted sales/total debt at 1.3x as of end-June 2015 (1.37x at
end-2014).

Improving Funding Structure: Times Property continued optimising
its capital structure by actively tapping both offshore and
onshore bond markets in 2015.  It raised a total of CNY6.9 bil.
from bond issuance in 2015.  The company repaid all of its trust
loans that had higher interest costs, effectively reducing its
funding cost to 10.6% in 1H15 from 12.8% in 2014.  Fitch expects
the company to further reduce its financing cost, considering
Times Property's proven track record in issuing new bonds at more
favorable rates in 2015 and the easing domestic financing
environment.

Land Replenishment Pressure: Fitch expects Times Property to face
pressure to acquire land in view of its small land bank in core
markets and slower-than-expected conversion of land from its urban
redevelopment projects in Guangzhou.  Times had 10 million square
metres (sqm) of land as of end-June 2015, with 14% located in
Guangzhou, 35% in Guangdong's Tier-2 cities (Foshan, Zhuhai and
Zhongshan), and 51% in two less-developed noncore cities -
Qingyuan and Changsha.  Its land bank in the core markets will
last the company two to three years at the current pace of
development, and 11 years in the noncore markets.

In 2015, Times Property acquired eight parcels of land in
Guangzhou, Foshan and Zhuhai, with total land premium of around
CNY6 bil. and average unit cost at around CNY6,000/sqm in 2015
(2014: CNY2.9 bil. with unit cost at CNY2,625/sq.m).

Rising Leverage: Times Property's leverage is higher than that for
its 'B'-category peers.  Leverage, as measured by net debt to
adjusted inventory, increased to 40.2% at end-June 2015 from 38.7%
at end-2014.  Fitch expects leverage to remain high at around 40%
in the next three years mainly due to high land premium to be
paid, which Fitch estimates at around 40% of the company's annual
contracted sales value.

Concentration in Guangdong Province: Times Property is a regional
property developer focused on Guangdong Province with exposure in
Guangzhou, Foshan, Zhuhai, Zhongshan and Qingyuan.  It also has
some operations in Changsha in Hunan province.  Fitch believes
that Times Property will concentrate on expanding within Guangdong
Province and is unlikely to expand into other provinces in the
near term.

KEY ASSUMPTIONS

Fitch's key assumptions within its rating case for the issuer
include:

   -- Contracted sales to increase by 8% per year over 2016-2018;
   -- Average selling price for contracted sales to increase by
      10% for 2016, and 5% for 2017-2018;
   -- Gross profit margin at around 22%-26% in 2016-2018.

RATING SENSITIVITIES

Positive: Future developments that may, individually or
collectively, lead to positive rating action include:

   -- Net debt/adjusted inventory sustained below 35%
   -- Contracted sales/total debt sustained above 1.2x
   -- EBITDA margin sustained above 20%(1H15: 22%)

Negative: Future developments that may, individually or
collectively, lead to negative rating action include:

   -- Net debt/adjusted inventory sustained above 50%
   -- Contracted sales/total debt sustained below 1x
   -- EBITDA margin sustained below 15%

FULL LIST OF RATING ACTIONS

  Long-Term Foreign-Currency IDR affirmed at 'B+'; Outlook Stable
  Senior unsecured rating affirmed at 'B+', Recovery Rating at
   'RR4'
  USD280 mil. 11.45% senior unsecured notes due 2020 affirmed at
   'B+', Recovery Rating at 'RR4'
  USD305 mil. 12.625% senior unsecured notes due 2019 assigned at
   'B+', Recovery Rating at 'RR4'
  CNY1.5 bil. 10.375% senior unsecured notes due 2017 assigned at
   'B+', Recovery Rating at 'RR4'



================
H O N G  K O N G
================


WEYLAND TECH: Raises Going Concern Doubt Amid Losses
----------------------------------------------------
Weyland Tech, Inc., experienced losses during fiscal year ended
December 31, 2014 amounting to $255,693, which raises substantial
doubt about its ability to continue as a going concern, according
to Brent Y. Suen, president and chief executive officer of the
company, in a regulatory filing with the U.S. Securities and
Exchange Commission on November 23, 2015.

"The ability of the company to meet its commitments as they become
payable is dependent on the ability of the company to obtain
necessary financing or achieving a profitable level of operations.
There are no assurances that the company will be successful in
achieving these goals."

Mr. Suen elaborated: "The company believes that it can continue to
receive revenues from its customers. The company expects to
continue utilizing its cost structure by sourcing personnel in
Asia for servicing its customers. In order to accelerate the
growth of the company, it will also consider raising additional
funding from investors.

"Our registered independent auditors for the year ended
December 31, 2014 have issued a going concern opinion as per our
most recent Form 10-K and the company experienced losses during
fiscal year 2014 amounting to $255,693. This means that there is
substantial doubt that we can continue as an on-going business for
the next 12 months unless we obtain additional capital or generate
revenues to pay our bills. We believe that we can generate
revenues as a provider of e-commerce solutions and services. Our
other source for cash at this time is investments by others in the
company. We may need to raise cash to fully implement our projects
and stay in business.

"On September 30, 2015, we had working capital of $1,098,671
compared with negative working capital of $213,768 on September ,
2015 The increase in working capital is due to the consolidation
of our subsidiary and our net profit for the period. Operating
activities provided $41,038 in cash for operating expenses in the
three months ended September 30, 2015 as the operations were on
open account basis. There was no movement in Investment activities
or Financing activities in the three months ended September 30,
2015.

"We may not have enough working capital to complete our plan of
operations. If it turns out that we have not raised enough capital
to complete our anticipated business development, we will try to
raise additional funds from private placements or loans. There is
no assurance that we will raise additional capital in the future
or that future financings will be available to us on acceptable
terms. If we require additional capital and are unable to raise
it, we may have to suspend or cease operations."

At September 30, 2015, the company had total assets of $4,283,417,
total liabilities of $2,913,026, and total stockholders' equity of
$1,370,391.

For the three months ended September 30, 2015, the company
recorded a net profit of $319,085, compared with a net loss of
$190,687 for the same period in 2014. The net profit was due to
the contribution effective September 1, 2015 from CreateApp and
HRM360 platforms.

A full-text copy of the company's quarterly report is available
for free at: http://tinyurl.com/gt7l5v8

Headquartered in Hong Kong, Weyland Tech, Inc. specializes in
providing e-commerce solutions and services that facilitate
multi-channel B2C (business-to-consumer) and B2B (business-to-
business) transactions. In September 2015, the company completed
its acquisition of Technopreneurs Resources Center Private Limited
(TRC), based in Singapore, and added an additional business line
to its products and services offering via
TRC's 'CreateApp' platform.



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


A.M. RICEMILLS: CARE Assigns B+ Rating to INR12cr LT Loan
---------------------------------------------------------
CARE assigns 'CARE B+/CARE A4' rating to the bank facilities of
A.M. Ricemills.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      12        CARE B+ Assigned
   Short term Bank Facilities      6        CARE A4 Assigned

Rating Rationale
The ratings assigned to A.M. Rice Mills (AMRM) are primarily
constrained by its modest scale of operations, weak financial
risk profile marked by low profitability margins, leveraged
capital structure, weak coverage indicators and working capital
intensive nature of operations. The ratings are, further
constrained by its presence in fragmented and competitive nature
of industry, fluctuation in exchange rate, dependence on the
vagaries of nature, high level of government regulation and
partnership nature of its constitution.

The ratings, however, draw comfort from experience of the partners
in trading and processing of rice, and favorable manufacturing
location.

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

Karnal-based (Haryana) AMRM was established in 1986 as partnership
concern by Mr Anil Kumar Gupta, Mr Ajay Gupta andMr Ram Prakash
Gupta. In April 2011,Mr Ajay Gupta and Mr Ram Prakash Gupta
retired from the partnership and Mr Abhishek Gupta was admitted as
new partner sharing profit and loss equally. Mr Anil Kumar Gupta
and Mr Abhishek Gupta look after the overall operations of the
firm.

AMRM is engaged in milling, processing and trading of both basmati
and non-basmati rice with an installed capacity of 5 metric tonnes
per hour (MTPH). The firm procures the raw material, ie, paddy
from grain markets in Haryana through commission agents. It sells
its product to local export houses in Haryana and also exports 25%
of its sales to Middle East.

In FY15 (refers to the period April 1 to March 31), AMRM has
achieved a total operating income (TOI) of INR53.43 crore
with PBILDT and PAT of INR1.65 crore and INR0.08 crore,
respectively, as against a total operating income (TOI) of
INR49.43 crore with PBILDT and PAT of INR1.35 crore and INR0.04
crore, respectively, in FY14. In 8MFY16, the firm achieved TOI of
INR52 crore.


ADMIRON LIFE: CARE Ups Rating on INR59.25cr Loan to 'B+'
--------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Admiron Life Sciences Pvt Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     59.25      CARE B+ Revised from
                                            CARE BB- to CARE D
                                            and upgraded to
                                            CARE B+

Rating Rationale

The revision in the rating assigned to the long-term bank
facilities of Admiron Life Sciences Pvt Ltd (ALS) to 'CARE D'
reflects delays in servicing debt obligations. However, following
regularization of debt servicing by the company subsequently, the
ratings stand revised to 'CARE B+'. The ratings continue to remain
constrained by the nascent stage of business operation with
limited track record, deterioration in capital structure and
continued operational losses during FY15 (refers to the period
April 01 to March 31). The rating is, however, underpinned by the
financial support from the promoters through equity infusion and
unsecured loans, expanding product portfolio and availability of
long-term contracts with reputed clientele. The ability of the
company to stabilise its operations, achieve break-even, improve
its capital structure with efficient management of the working
capital requirement are key rating sensitivities.

Further, CARE has withdrawn the rating assigned to the short term
non-fund based facility of ALS with immediate effect, as the
company has surrendered the said facility and there is no amount
outstanding under the facility as on date.

ALS, incorporated in December 6, 2010, is engaged in the
manufacturing of APIs and intermediates. The company has its
manufacturing facility located in Visakhapatnam with an installed
capacity of 386 metric tons per annum (MTPA). The facilities of
ALS are established as per Current Good Manufacturing Practices
(cGMP) standards.

During FY15 (refers to the period April 01 to March 31), ALS has
reported a total operating income of INR58.63 crore (INR9.25 crore
in FY14) and a net loss of INR14.40 crore (net loss of INR3.32
crore in FY14).


AGASTI SAHAKARI: CRISIL Lowers Rating on INR70MM Loan to 'D'
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Agasti Sahakari Sakhar Karkhana Limited (ASSKL) to 'CRISIL D' from
'CRISIL B-/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Working Capital         70      CRISIL D (Downgraded from
   Demand Loan                     'CRISIL B-/Stable')

The rating downgrade reflects delays by ASSKL in servicing its
debt owing to liquidity constrains.

The ratings also reflect ASSKL's weak financial risk profile
marked by small net worth and high gearing, and large working
capital requirements, its modest scale of operations because of
limited capacity and exposure to cyclicality and regulatory risks
in the sugar industry. These rating weaknesses are partially
offset by the company's long-standing presence in the sugar
industry and established relationship with cane growers in its
command area.

ASSKL, set up in 1989, is a co-operative society manufacturing
sugar. It is based in Akole (Maharashtra) and has sugar cane
crushing capacity of 2500 tonnes per day.


AL-SAMI COLD: CARE Assigns B+ Rating to INR5cr LT Loan
------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Al-Sami
Cold Storage.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       5        CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Al-Sami Cold Storage
(ACS) is constrained by small scale of operations, low profit
level, leveraged capital structure with weak debt coverage
indicators and stretched operating cycle. The ratings are however,
underpinned by long-standing industry experience of its promoters,
improving profitability margins over last three years and stable
cold storage business outlook. The ability of the company to
increase the scale of operations along with an improvement in
profitability in a highly competitive scenario are the key rating
sensitivities.

ACS, incorporated in 2008, belongs to the Al-Sami group promoted
by Mr Abdul Salam and his wife, Mrs Ajim Unnisa Begum. The firm is
engaged in trading of buffalo meat locally and providing cold
storage facilities. The firm is based at East Godavari District,
Andhra Pradesh.

During FY15 (refers to the period April 01 to March 31), ACS
reported a PAT of INR0.15 crore (FY14: INR0.20 crore) on a
total operating income of INR12.67 crore (FY14: INR17.23 crore).


AL-SAMI FOOD: CARE Assigns B+ Rating to INR1.0cr LT Loan
--------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Al-Sami Food Exports Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     1.00       CARE B+ Assigned
   Long-term/Short-term Bank     6.50       CARE B+/CARE A4
   Facilities                               Assigned

Rating Rationale

The ratings assigned to the bank facilities of Al-Sami Food
Exports Private Limited (AFEPL) are constrained by the moderate
scale of operation, fluctuating profit margins, leveraged capital
structure with weak debt coverage indicators and highly
competitive industry. The ratings are however, underpinned by the
long-standing industry experience of its promoters, improvement in
the operating income in FY15 (refers to the period April 01 to
March 31), and improving working capital cycle. The ability of the
company to further increase the scale of operations along with an
improvement in profitability in a highly competitive scenario are
the key rating sensitivities.

Incorporated in 2009, AFEPL belongs to Al-Sami group of companies
promoted by Mr Abdul Salam and his wife, Mrs Ajim Unnisa Begum.
The company commenced operations in 2011 and is engaged in
exporting of processed beef. AFEPL is based in East Godavari
District, Andhra Pradesh.

During FY15, AFEPL reported a PAT of INR0.65 crore (FY14: INR0.22
crore) on a total operating income of INR43.69 crore (FY14:
INR10.71 crore).


AMRIT HUMIFRESH: CRISIL Suspends B+ Rating on INR198MM Term Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of
Amrit Humifresh Preservation Private Limited (AHPPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan              198      CRISIL B+/Stable

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

AHPPL is an integrated cold storage chain providing cold storage
facilities for various fruits, vegetables, dry fruits and spices.
It was set up by Mr. B K Gupta in 2000 and became operational in
2003. Mr. Deepak Agarwal, the promoter's son, looks after the
company's day-to-day operations.


ANNAPURNA COTTON: CARE Reaffirms B+ Rating on INR6.67cr LT Loan
---------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Annapurna Cotton Impex.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      6.67      CARE B+ Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Annapurna Cotton
Impex (ACI) continues to remain constrained on account of its weak
financial risk profile marked by decrease in the total operating
income, thin profitability, leveraged capital structure, weak debt
coverage indicators and modest liquidity position marked by
elongated working capital cycle. The rating continues to remain
constrained on account of its presence in a fragmented cotton
industry leading to intense competition and pressure on margins,
susceptibility of operating margins to fluctuation in prices of
raw material, seasonality associated with the cotton industry and
risk of adverse changes in government regulations.

The rating, however, continues to derive benefits from experienced
promoters and locational advantage being in the cotton producing
area of Madhya Pradesh with easy availability of the raw material.

The ability of ACI to increase its total operating income along
with the improvement in its profitability and capital structure
would be the key rating sensitivities.

ACI is established in May 2012 as a partnership firm by the
members of the Goyal family. ACI is engaged in cotton ginning
and pressing activities. The manufacturing facilities of the firm
is in Sendhwa (Madhya Pradesh) with installed capacity for
cotton bales of 76,500 MTPA and cotton seeds of 15,000 MTPA as on
March 31, 2015. ACI commenced its commercial operations from
December 2012. The other associate concerns of ACI are Tirupati
Fibers, Annapurna Cotex Pvt. Ltd. and Annapurna Cotton Industries
which are also in cotton industry.

During FY15, ACI reported TOI of INR17.20 crore and Profit after
Tax (PAT) of INR0.04 crore as against TOI of INR22.31 crore
and PAT of INR0.10 crore during FY14. As per the provisional
results for 8MFY16, ACI registered a TOI of INR9 crore.


ARTEDZ FABS: CARE Reaffirms 'B' Rating on INR14.3cr LT Loan
-----------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Artedz Fabs Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     14.30      CARE B Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Artedz Fabs Private
Limited (AFPL) continues to be constrained by the relatively
modest scale of operations, net loss, leveraged capital structure
and weak debt coverage indicators. The rating further continues to
be constrained by working capital intensive nature of operations,
susceptibility of profit margins to the volatility in raw material
prices and presence in the highly competitive and fragmented
industry.

The rating, however, continues to derive strength from extensive
experience of the promoters in the industry and their financial
support in the past.

The ability of the company to increase its overall scale of
operation, improve profit margins amidst intense competition
and capital structure while managing its working capital
requirement efficiently are the key rating sensitivities.

Incorporated in 2006, Artedz Fabs Private Limited (AFPL) is
engaged in manufacturing of cotton fabric for shirting material.
Moreover, in FY15 (refers to the period April 1 to March 31), the
company has commenced manufacturing of linen fabric along with
blend of cotton and linen fabrics. The company generally purchases
raw material yarn from the domestic market and sells finished
fabric to wholesalers and garment manufacturers mainly in Mumbai.
AFPL has a group company named Toron Fabs Private Limited (TFPL)
which has extended corporate guarantee to AFPL.

AFPL, during FY15 (A), reported total operating income INR30.97
crore (vis-a-vis INR26.52 crore in FY14) and net loss of INR0.48
crore (vis-a-vis INR0.05 crore in FY14). Furthermore, till
November 30, 2015, the company has made sales worth INR22.60
crore.


B. D. CHARITABLE: CRISIL Suspends 'D' Rating on INR85MM Term Loan
-----------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of B. D.
Charitable Educational Society (BDCES).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan               85      CRISIL D

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

Set up in 2008 by Mr. Anshuman Budholia and Mr. Rajesh Kumar
Aggarwal, BDCES operates Apollo Institute of Technology in Kanpur
(Uttar Pradesh). The institute offers graduate and postgraduate
courses in engineering and business administration. The institute
is affiliated to Uttar Pradesh Technical University and its
courses are approved by the All India Council for Technical
Education.


BALAJI MELTERS: CRISIL Suspends B+ Rating on INR50MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Balaji
Melters Private Limited (BMPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         15       CRISIL A4
   Cash Credit            50       CRISIL B+/Stable

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

BMPL was incorporated in 2003 to set up an iron ore crushing unit
by Odisha-based Agarwalla family. Till October 2013, the company
was engaged only in iron ore crushing. Recently, in November 2013,
BMPL has commenced trading in iron ore.


BHAGAWATI DEVELOPMENT: CARE Reaffirms B+ Rating on INR6cr Loan
--------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Bhagawati Development Services Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       6        CARE B+ Reaffirmed
   Short-term Bank Facilities      5.25     CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Bhagawati
Development Services Private Limited (BDSPL) continue to remain
constrained on account of its weak financial risk profile marked
by low profitability, leveraged capital structure and weak debt
coverage indicators during FY15 (refers to the period April 1 to
March 31). The ratings are further constrained by BDSPL's stressed
liquidity position in a working capital-intensive business and its
presence in a highly competitive commercial vehicle dealership
segment.

The ratings, however, continue to derive strength from the wide
experience of the promoters through established presence of the
group in various business segments within Madhya Pradesh (MP).

The ability of BDSPL to increase its scale of operations, improve
its profitability and capital structure along with efficient
management of its working capital requirements in light of
competitive nature of the industry will remain the key rating
sensitivities.

Incorporated in November 2005, BDSPL is a private limited company
promoted by Mr Vikram Singh Kirar. BDSPL is engaged into the
warehousing and trading of commodities since 2005. BDSPL also
offers finance against warehouse receipt to farmers. Furthermore,
during FY12, BDSPL took the distributorship of Indo Farm tractors
for the entire Madhya Pradesh (MP) region.

Its group concern Bhagawati Cools Private Limited (BCPL; rated
'CARE BB-/ CARE A4') is the distributor of Mahindra and
Mahindra (M&M) tractors in Gwalior, Agra Mandal and Bhopal region
and is also engaged into the trading and warehousing of
commodities, cold storage like BDSPL.

The group incorporated Bhagawati India Motorizer Private Limited
(BIMPL- rated 'CARE B') in October 2013 to take up the dealership
of Mahindra & Mahindra (M&M) vehicles and servicing of auto parts
in four districts of Madhya Pradesh (MP), namely, Shahdol, Mandla,
Dindori and Anuppur.

The group also extends warehousing facilities through Bhagawati
EstateWarehouse, Kolaras (BEWK: rated 'CARE B+/CARE A4'). Another
group entity named Bhagawati Estate Warehouse, Ashoknagar (BEWA:
rated 'CARE B+/CARE A4') is also engaged in warehousing and
trading of agro-commodities like potatoes and wheat.

During FY15, BDSPL reported a PAT of INR0.25 crore [FY14: INR0.19
crore] on a total operating income (TOI) of INR36.23 crore [FY14:
INR24.88 crore]. Furthermore, during 7.5MFY16 (Provisional), BDSPL
achieved a TOI of INR10.08 crore and reported PBT of INR0.10
crore.


BHAVIN IMPEX: CRISIL Assigns B+ Rating to INR95MM Cash Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Bhavin Impex Pvt Ltd (BIPL). The rating
reflects the company's modest scale of operations in the highly
competitive brass component industry and low operating margin
inherent in trading business. These rating weaknesses are
partially offset by the extensive experience of promoters in the
brass industry.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            95       CRISIL B+/Stable
   Proposed Cash
   Credit Limit           95       CRISIL B+/Stable

Outlook: Stable

CRISIL believes BIPL will maintain its credit risk profile backed
by the extensive experience of its promoters in the brass
industry, and healthy net worth leading to moderate financial risk
profile. The outlook may be revised to 'Positive' in case of
significant increase in revenue and profitability leading to
improvement in liquidity and debt protection metrics. Conversely,
the outlook may be revised to 'Negative' in case of weak working
capital management or decline in profitability leading to
reduction in cash accrual and weak liquidity.

BIPL, incorporated in 2001, is promoted by Jamnagar (Gujarat)-
based Mr. Ajay Sayani and family. The company manufactures,
exports and trades in brass ingots, billets, brass extrusion,
brass fasteners and fittings.


CATVISION LIMITED: Ind-Ra Affirms 'IND BB' LT Issuer Rating
-----------------------------------------------------------
India Ratings and Research has affirmed Catvision Limited's Long-
Term Issuer Rating at 'IND BB'.  The Outlook is Stable.

KEY RATING DRIVERS

The affirmation reflects Catvision's continued small scale of
operations and volatile revenue (FY13: INR288.36 mil., FY14:
INR332.53 mil., FY15: INR326.78 mil.) due to the deferment of
digitalization.  Additionally, the EBITDA margins fluctuated
between 4.65%-5.77% over FY13-FY15 and deteriorated marginally to
5.58% in FY15 (FY14: 5.77%) due to raw material price volatility.
The ratings also reflect company's presence in highly competitive
electronic industry.

The ratings are, however, supported by the three-decade-long
experience of Catvision's promoters in manufacturing community
antenna television equipment and its strong supplier and customer
relations.  The ratings are further supported by the company's
moderate credit metrics with interest coverage (operating
EBITDA/gross interest expense) of 3.23x and net financial leverage
(total adjusted net debt/operating EBITDAR) of 2.01x in FY15.
Also, liquidity is comfortable with the company's 62.97% use of
its working capital limits on average during the six months ended
December 2015.

RATING SENSITIVITIES

Positive: A substantial improvement in the scale of operations
along with an increase in the operating profitability will be
positive for ratings.

Negative: Any deterioration in the credit profile will be negative
for ratings.

COMPANY PROFILE

Catvision was incorporated in June 1985.  The company manufactures
community antenna television equipment for providing cable
television services, and cable TV products.

CATVL's ratings:

   -- Long-Term Issuer Rating: affirmed at 'IND BB'; Outlook
      Stable
   -- INR12.5 mil. term deposit facilities: affirmed at 'IND tB'/
      Stable
   -- INR50 mil. fund-based facility: affirmed at
      'IND BB'/Stable/'IND A4+'
   -- INR32.5 mil. non-fund based facility: affirmed at 'IND A4+'


CHAUDHARY BUILDERS: CRISIL Suspends B+ Rating on INR70MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Chaudhary Builders (CB).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         25        CRISIL A4
   Cash Credit            70        CRISIL B+/Stable

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

CB was established in 1996 as a proprietorship concern by Mr.
Bhagat Singh. The firm is a 'Class 1' contractor, engaged in civil
construction projects such as roads, housing, and hospitals. The
firm is based in New Delhi.


CHETAN OVERSEAS: CRISIL Suspends B+ Rating on INR180MM Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Chetan
Overseas Delhi Private Limited (CODPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            180      CRISIL B+/Stable
   Letter of Credit       120      CRISIL A4

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

CODPL is promoted by the Maheshwari family of Delhi. It trades in
non-ferrous metals, including copper, zinc, lead, and nickel, and
their alloys. The company was originally incorporated as Krish
Vinimay Pvt Ltd (KVPL).This company was taken over by the current
promoters around six years ago and had no operations up to 2009-10
(refers to financial year, April 1 to March 31). In 2010-11,
trading in non-ferrous metals was started in KVPL. Most of the
promoters' trading business in non-ferrous metals was carried out
through another proprietorship firm, Chetan Overseas, established
in 1993. In June 2011, the operations of Chetan Overseas were
taken over by KVPL and the name was changed to the current one.


EARTH STONE: CRISIL Suspends B+ Rating on INR102.5MM Loan
---------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Earth
Stone Global (ESG).

                               Amount
   Facilities                (INR Mln)    Ratings
   ----------                ---------    -------
   Cash Credit                  12.5      CRISIL B+/Stable
   Export Packing Credit       102.5      CRISIL B+/Stable
   Standby Letter of Credit     10        CRISIL B+/Stable

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

ESG is a proprietorship firm set up by Mr. Vikas Kanchal. The firm
manufactures slate, sand stone, marble, and tiles, and derives
around 85 per cent of its revenue from exports. The firm started
operations in May 2010.


ELLJAY TEXTILES: CARE Reaffirms B Rating on INR5.50cr LT Loan
-------------------------------------------------------------
CARE reaffirms ratings assigned to bank facilities of Elljay
Textiles Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     5.50       CARE B Reaffirmed
   Short term Bank Facilities   20.00       CARE A4 Reaffirmed

Rating Rationale

The ratings of Elljay Textiles Private Limited (ETPL) continue to
be constrained by the modest scale of operations in the fragmented
cotton yarn industry, loss incurred in FY15 (refers to the period
April 1 to March 31) due to subdued demand for the product and
weak debt protection metrics. The ratings also factor in the
susceptibility of margins to volatility in the raw material
prices, working capital intensive operations and elongated
operating cycle.

The ratings, however, derive strength from the experience of the
promoters in the textile industry and the established track record
of operations of the company.

Going forward, the ability of ETPL to increase its scale of
operations, manage the raw material fluctuation risk and thereby
improve its profitability would be the key rating sensitivities.

Tamil Nadu-based, Elljay Textiles Private Limited (ETPL) was
incorporated in 1995 by Mr Jaganath and his son Mr J Thulsidharan
with the objective of manufacturing cotton yarn. Its manufacturing
facilities are located in Singampuriat Sivagangai district of
Tamil Nadu. ETPL is engaged in the manufacturing of cotton yarn of
84's and 92's counts finding application in hosiery and synthetic
fabric. With the shift in market demand, from January 2015, the
company has also started manufacturing yarn of 60 and 90 counts
instead of 92's which are used in making dhotis and sarees. The
company has installed capacity of 25,552 spindles as on
November 30, 2015.

As per audited results, ETPL incurred net loss of INR1.36 crore on
a total operating income of INR21.32 crore in FY15 as compared
with a PAT of INR0.68 crore on a total operating income of
INR31.71 crore in FY14. In 8MFY16, ETPL achieved total revenue of
INR14.14 crore.


ENSOL MULTICLEAN: CRISIL Suspends 'B' Rating on INR35MM Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Ensol
Multiclean Equipments Pvt Ltd (EMPL).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         40        CRISIL A4
   Cash Credit            35        CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility      9.7      CRISIL B/Stable
   Standby Line of
   Credit                  5.3      CRISIL B/Stable
   Term Loan              10        CRISIL B/Stable

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

EMPL was set up in 1999 in Jaipur by Mr. Arun Sharma and Mr. Ajay
Sharma. The company manufactures and assembles customised waste-
handling mobile equipment such as garbage compactors and tippers,
mainly for state government projects.


GARUDA INFRATECH: CRISIL Cuts Rating on INR160MM LT Loan to 'D'
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Garuda
Infratech India Private Limited (GIIPL) to 'CRISIL D/CRISIL D'
from 'CRISIL BB-/Stable/CRISIL A4+'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee          40      CRISIL D (Downgraded from
                                   'CRISIL A4+')

   Cash Credit             60      CRISIL D (Downgraded from
                                   'CRISIL BB-/Stable')

   Proposed Long Term     160      CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL BB-/Stable')

The rating downgrade reflects the company's overdrawn cash credit
facility for more than 30 days owing to weakening of its
liquidity.

GIIPL has a small scale of operations, large working capital
requirement, and a high degree of customer and geographic
concentration in its order-book. Moreover, it is exposed to
intense competition in the civil construction industry. However,
the company benefits from its promoters' extensive industry
experience.

GIIPL was set up in 2010 by Mr. Sreenivas Babu Kode, Mr. Ancha
Chittaranjan, Mr. Satya Lakshmi Narayana Gottipati, Mr. Raju
Venkata Manthena, and Mr. Satya Sekhar Boppanna.

The company, based in Hyderabad, undertakes civil construction
work for residential projects.


GIRISH ENTERPRISES: CRISIL Reaffirms B Rating on INR30MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Girish Enterprises
Private Limited (GEPL) continue to reflect the average financial
risk profile because of small networth, and high gearing.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee        30        CRISIL A4 (Reaffirmed)
   Cash Credit           30        CRISIL B/Stable (Reaffirmed)

The ratings also factor in GEPL's exposure to risks related to
tender-based business and modest scale of operations in the highly
competitive civil construction industry. These rating weaknesses
are mitigated by the promoter's extensive experience in the
construction industry and GEPL's moderate order book.
Outlook: Stable

CRISIL believes GEPL will continue to benefit over the medium term
from its promoter's extensive industry experience. The outlook may
be revised to 'Positive' in case of significant improvement in the
scale of operations and capital structure, most likely because of
fresh equity infusion. Conversely, the outlook may be revised to
'Negative' if the financial risk profile, especially
liquidity,deteriorates because of larger-than-expected working
capital requirements or debt-funded capital expenditure.

GEPL was promoted in 2011 by Mr. Girish Khangadale to take over
the assets and liabilities of proprietorship firm Girish
Enterprises. GEPL took over the business of Girish Enterprises
with effect from April 2011. GEPL undertakes infrastructure
development works such as roads, buildings, sewage treatment
plants, and reclamation works. It obtains contracts mainly from
the departments of the state government, such as City and
Development Corporation and Maharashtra Industrial Development
Corporation.


HUBLI ELECTRICITY: CRISIL Reaffirms 'D' Rating on INR10.9BB Loan
----------------------------------------------------------------
CRISIL's ratings on bank facilities of Hubli Electricity Supply
Company Limited (HESCOM) continue to reflect delays by HESCOM in
servicing these loans on account of weak liquidity.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           1750       CRISIL B-/Stable (Reaffirmed)

   Letter of Credit      1000       CRISIL A4 (Reaffirmed)

   Long Term Loan       10944.2     CRISIL D (Reaffirmed)

   Short Term Loan       1062.5     CRISIL D (Reaffirmed)

On January 11, 2016, CRISIL reaffirmed its ratings on the long-
term and short-term bank loan facilities of Hubli Electricity
Supply Company Limited (HESCOM) at 'CRISIL D/CRISIL D'. The
ratings on the company's cash credit and letter of credit
facilities had been reaffirmed at 'CRISIL B-/Stable/CRISIL A4'.

The ratings reflect HESCOM's weak financial risk profile, marked
by accumulated losses, high gearing, and weak debt protection
metrics. The ratings also factor in the company's unfavorable
customer mix, with around 59 percent of its sales volume
concentrated towards the heavily subsidised agriculture and rural
segments. These weaknesses are partially offset by HESCOM's
monopoly in the power distribution business in its designated
regions in Karnataka.
Outlook: Stable

CRISIL believes HESCOM's liquidity and overall credit risk profile
will continue to be constrained over the medium term owing to cash
flow mismatches driven by high power purchase cost. Nevertheless,
increased subsidies from the Government of Karnataka (GoK) over
the three years ended 2014-15 have resulted in improvement in net
profitability. The outlook may be revised to 'Positive' if
HESCOM's liquidity improves significantly, combined with continued
traction in receipt of subsidies or equity infusion from the
government. Conversely, the outlook may be revised to 'Negative'
if HESCOM's liquidity deteriorates further, most likely caused by
any delay in realisation of receivables or release of subsidies by
GoK, thereby further weakening its debt servicing ability.

Incorporated in 2002, HESCOM is an electricity distribution
company responsible for supplying power to consumers in the seven
districts of Karnataka'Dharwad, Gadag, Haveri, Uttar Kannada,
Belgaum, Bijapur, and Bagalkot. The company's service area covers
54,513 square kilometers, with a population of over 14 million,
and a customer base of around 3.6 million. HESCOM is wholly owned
by GoK.

For 2014-15 (refers to financial year, April 1 to March 31),
HESCOM reported net profit of INR302.6 million on operating income
of INR48.78 billion, against net loss of INR576.3 million on
operating income of INR44.38 billion for 2013-14.


HUES INDIA: CRISIL Suspends 'D' Rating on INR47.5MM Packing Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Hues India Private Limited (HIPL).

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Bank Guarantee             2       CRISIL D
   Export Packing Credit     47.5     CRISIL D
   Foreign Bill Purchase      7.5     CRISIL D
   Letter of Credit          15       CRISIL D
   Proposed Long Term Bank
   Loan Facility              3.1     CRISIL D
   Term Loan                  4.5     CRISIL D
   Working Capital
   Demand Loan               11.5     CRISIL D

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

Established in 1989, HIPL manufactures RMG for women and kids, and
home furnishing products such as bed covers, curtains, and
cushions. It is based in Jaipur, and is owned and managed by Mr.
Alok Sharma.


JAI SHIV: CRISIL Suspends 'D' Rating on INR100MM Whse Loan
----------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Jai Shiv
Trading Company (JSTC).

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Warehouse Receipts      100       CRISIL D

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

JSTC is a proprietorship firm set up in 2009 by Mr. Raj Kumar.
Based in Narela (Delhi), the firm trades in rice and procures
primarily from Narela Mandi.


JECRC UNIVERSITY: CARE Lowers Rating on INR121.65cr Loan to B+
--------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of Jecrc
University.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    121.65      CARE B+ Revised from
                                            CARE BB-
Rating Rationale

The revision in the rating takes into account deterioration in
financial risk profile of JECRC University (JU) marked by
deficit at net level in FY15 (refers to the period April 1 to
March 31) along with deterioration in capital structure and debt
coverage indicators as on March 31, 2015.The rating is further
constrained on account of the ongoing large sized, predominantly
debt funded capital expenditure project with time and cost
overrun, revenue stream concentrated towards engineering courses
and rising competition in the education sector.

The rating, however, derives strength from the experience of
promoters and established brand image, growth in scale of
operations in FY15, receipt of university status which has relaxed
some of the regulatory restrictions on operations, ballooning debt
repayment schedule and good prospects of the higher education
industry in India.

Ability of JU to achieve envisaged level of enrolments in various
courses, improvement in surplus margins and completion of ongoing
capex without any further time and cost overrun will be the key
rating sensitivities.

Jaipur (Rajasthan) based JU is a private university promulgated
through an ordinance passed in May 2012 by the Governor
of Rajasthan. JU is also approved by the University Grant
Commission (UGC) u/s 2(f) of the UGC Act 1956, with the right to
confer degree u/s 22(1) of the UGC Act. JU is sponsored by
National Society for Engineering Research and Development
(NSERD) which was formed in 1999 by Mr Om Prakash Agrawal with a
vision to offer degree courses (both graduation and post-
graduation) in different streams such as Engineering,Management
and Science.

The first academic session of JU commenced from September 2012 (AY
2012-13). JU has been offering courses in the field of
engineering, management, information technology, commerce and
science. The entire project for creating required infrastructure
of JU was envisaged to cost INR198.86 crore; to be funded in a
debt-equity mix of 3:1. Up to September 25, 2015, JU has incurred
INR190.98 crore towards the project funded through term loans of
INR124.52 crore, promoters' contribution of INR54.82 crore and
advances of INR11.64 crore from NSERD. The project is envisaged to
get fully completed by March, 2016.

As per the Audited results for FY15, JU reported a total operating
income (TOI) of INR35.08 crore (FY14: INR28.81 crore) and net
deficit of INR0.38 crore (FY14: net surplus of INR3.13 crore).
Furthermore, as per provisional results for H1FY16, JU has
reported total receipt of INR24.24 crore.


KANORIA SUGAR: CRISIL Suspends D Rating on INR753.5MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Kanoria Sugar and General Manufacturing Company Limited (KSGM).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         8.3      CRISIL D
   Cash Credit          753.5      CRISIL D
   Import Letter of
   Credit Limit           6.0      CRISIL D
   Term Loan            142.2      CRISIL D

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

KSGM was established in 1934, promoted by the late Mr. Indra
Chandra Kejriwal under the name Shankar Sugar Mills. It was
acquired by the Kanoria Industries Ltd in 1956. Currently, the
company's operations are managed by Mr. S K Kanoria, managing
director of KSGM. It processes sugar and manufactures AC pressure
pipes.


KESHRANAND GINNING: CRISIL Assigns B+ Rating to INR60MM Cash Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Keshranand Ginning and Pressing Factory Private
Limited (KGPFPL; part of the Keshranand group).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Standby Line of
   Credit                  5       CRISIL B+/Stable
   Cash Credit            60       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility     35       CRISIL B+/Stable

The rating reflects the group's below-average financial risk
profile because of a modest net worth, high gearing, and below-
average debt protection metrics. The rating also factors in an
average scale of operations in the fragmented cotton ginning and
pressing industry. These rating weaknesses are partially offset by
the  extensive industry experience of the group's promoters, and
their funding support.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of KGPFPL and Keshranand Cotex Pvt Ltd
(KCPL). This is because the two companies, together referred to as
the Keshranand group, belong to the same promoters, are in the
same line of business, and have business and financial linkages.
Outlook: Stable

CRISIL believes the Keshranand group will continue to benefit over
the medium term from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' in case of more-than-
expected cash accrual or substantial capital infusion. Conversely,
the outlook may be revised to 'Negative' in case of lower-than-
expected cash accrual, a stretched working capital cycle, or
large, debt-funded capital expenditure, constraining the group's
financial risk profile.

Incorporated in 2005, KGPFPL undertakes cotton ginning and
pressing and extraction of oil from cotton seeds. The company also
sells dried oil cakes. Its manufacturing facility at Dhule,
Maharashtra, has a ginning and pressing capacity of 350 bales per
day; it commenced operations from November 2005. Established in
2010, KCPL is in the same line of business and also has its
manufacturing facility in Dhule. It commenced production in
October 2012. The Keshranand group is owned and managed Mr.
Dyaneshwer Bhamre and his family.


KOHINOOR AGRO: CRISIL Assigns B+ Rating to INR42.5MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Kohinoor Agro Foods (KAF).

                        Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Warehouse Receipts      30        CRISIL B+/Stable
   Term Loan               32.5      CRISIL B+/Stable
   Cash Credit             42.5      CRISIL B+/Stable
   Proposed Cash
   Credit Limit            15        CRISIL B+/Stable

The rating reflects KAF's nascent stage of operations leading to a
small scale of operations in the highly fragmented wheat-
processing segment and susceptibility of profitability to
volatility in raw material prices and change in government
policies. These weaknesses are partially offset by the promoters'
extensive experience in the segment.
Outlook: Stable

CRISIL believes KAF will continue to benefit over the medium term
from the partners' extensive experience in wheat processing. The
outlook may be revised to 'Positive' in case of timely
stabilisation of the installed capacity leading to healthy revenue
and profitability. Conversely, the outlook may be revised to
'Negative' in case of delays in stabilisation or lower-than-
expected revenue or profitability resulting in weakening of KAF's
financial risk profile.

KAF, a partnership firm based in Punjab, was established in June
2014. Its operations were started in February 2015 by Mr. Ajay
Kumar and Ms. Anu Jindal. The firm processes wheat to produce
flour, maida, suji, refraction, and bran. The manufacturing
facility is in Punjab with installed capacity of 1400 quintals per
day. The operations are managed by the key partner, Mr. Ajay
Kumar.

For 2014-15 (refers to financial year, April 1 to March 31), KAF
reported book profit of around INR0.091 million on net revenue of
INR14.5 million as the operations were started in February 2015.


LATALA CONSTRUCTION: CRISIL Suspends B+ Rating on INR60MM Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Latala
Construction Co. (LCC).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee        100        CRISIL A4
   Cash Credit            35        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility     60        CRISIL B+/Stable

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

LCC was set up as a partnership firm by Mr. Satyanarayan Latala
and his cousin brother Mr. Padam Chand in 1998. The firm is
engaged in civil construction work such as construction of
buildings and roads in Jaipur. LCC generates majority of revenue
through construction of roads for government authorities, such as
National Highway Authority, Jaipur Development Authority, and
Rajasthan Industrial Corporation, and remaining through
construction of buildings.


MAHAJYOTI FIBERS: CARE Reaffirms B+ Rating on INR10.45cr LT Loan
----------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Mahajyoti Fibers Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     10.45      CARE B+ Re-affirmed

Rating Rationale

The rating assigned to the bank facilities of Mahajyoti Fibers
Private Limited (MFPL) continues to remain constrained on account
of its financial risk profile marked by thin profit margins, low
net-worth, leveraged capital structure, moderate debt coverage
indicators and moderate liquidity position. The rating further
continues to remain constrained on account of its presence in the
highly fragmented cotton ginning industry, seasonality associated
with the procurement of raw material, susceptibility of
profitability to cotton price fluctuation and changes in the
government policy. The rating also factors in decline in total
operating income (TOI), deterioration in debt coverage indicators
and elongation in operating cycle during FY15 (refers to the
period April 1 to March 31).

The rating continues to draw strength from the wide experience of
the promoter in the cotton industry and proximity to the cotton-
growing areas of Madhya Pradesh and Maharashtra.

The ability of MFPL to increase its scale of operations and
improve its profitability and capital structure, while moving up
in the cotton value chain, will remain the key rating sensitivity.

Sendhwa (Madhya Pradesh) based, MFPL was promoted by Agrawal
family in 2008. MFPL is currently managed by Mr Sanjay Agrawal, Mr
Mukeshkumar Agrawal, Mr Sachin Joshi and Mr Dwarkaprasad Agrawal.
The company is engaged in trading of ginned cotton and cotton
seeds and also produces cotton bales by ginning and pressing of
raw cotton. The ginning facility is located at Prakasha
(Maharashtra) with an installed capacity of 21,000 Metric tonnes
per annum (MTPA) as on March 31, 2015.

During FY15, MFPL reported a PAT of INR0.04 crore [FY14: INR0.34
crore] on a total operating income (TOI) of INR23.57 crore [FY14:
INR34.58 crore]. Furthermore, during H1FY16 (Provisional), MFPL
achieved a TOI of INR4.87 crore.


MAHESHWARI PHARMA: Ind-Ra Assigns 'IND B+' LT Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Maheshwari
Pharmaceuticals (India) Limited (MPIL) a Long-Term Issuer Rating
of 'IND B+'.  The Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect MPIL's weak credit profile and small scale of
operations.  In FY15, interest coverage (operating EBITDA/gross
interest expense)was 1.43x (FY14: 1.59x), financial leverage
(total Ind-Ra adjusted net debt/operating EBITDAR) was 6.21x
(7.81x), operating profitability was 6.81% (6.22%) and revenue was
INR195.80 mil. (INR148.94 mil.).  Ind-Ra expects the company's
profitability and credit metrics to be in the same range in FY16.

The ratings are supported by MPIL's promoter's experience of
around four decades in the ayurvedic medicine industry.

RATING SENSITIVITIES

Negative: A decline in the overall credit metrics could lead to a
negative rating action.

Positive: A sustained improvement in the overall credit metrics
along with a substantial increase in the revenue size will be
positive for the ratings.

COMPANY PROFILE

MPIL, incorporated in 2002, manufactures ayurvedic medicines in
Sidcul, Haridwar.

MPIL's ratings:

   -- Long-Term Issuer Rating: assigned 'IND B+'/Stable
   -- INR56 mil. fund-based working capital limit: assigned
      'IND B+'/Stable/'IND A4'
   -- INR6.77 mil. long-term loans: assigned 'IND B+'/Stable


MEWAR FABRICS: CARE Assigns B+ Rating to INR7.40cr LT Loan
----------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Mewar
Fabrics Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      7.40      CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Mewar Fabrics
Private Limited (MFPL) is primarily constrained on account of
its modest scale of operations in the highly competitive and
fragmented textile industry and its financial risk profile
marked by continuous decline in Total Operating Income (TOI)
during the last three financial years ended FY15 (refers to
the period April 1 to March 31), volatile profitability, weak
solvency position and moderate liquidity profile. The rating is,
further, constrained due to susceptibility of the company's
profitability to fluctuations in the raw material prices along
with implementation risk associated with its on-going capex.
The rating, however, derive strength from long-standing experience
of the promoters in the industry with its established
track record of operations and location advantage by way of
proximity to the raw material as well as customers.

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

Bhilwara-based (Rajasthan) MFPL, was incorporated in 1985, by Mr
Jagdish Agarwal along withMs Kusum Nenavati. MFPL was set up to
primarily engaged in the business of manufacturing of synthetic
grey fabrics from polyester yarn and outsources the processing
work required for the manufacturing of finished fabrics on job
work basis to the nearby process house located at Bhilwara.
Furthermore, the company also does trading of grey and finished
fabrics as well as undertakes job work activity for other textile
players. The manufacturing facility of MFPL is located at Bhilwara
with total of 28 looms having an installed capacity of 13.80 Lakh
Meters Per Annum (LMPA) as on November 30, 2015. The company
caters to domestic market and sells its products through the
network of its agents located all over India under the brand
name of "Swagat". It procures Polyester Viscose (PV) yarn, key raw
material, from the local Bhilwara market and nearby areas.

During FY15, MFPL has reported a total operating income of INR8.20
crore [FY14 (A): INR8.85 crore] with PAT of INR0.09
crore [FY14 (A): net loss of INR0.04 crore].


MILAN COTTEX: CARE Ups Rating on INR8.02cr LT Loan From B+
----------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Milan Cottex.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      8.02      CARE BB- Revised
                                            from CARE B+

Rating Rationale

The revision in the rating assigned to the bank facilities of
Milan Cottex (MIC) is primarily due to increase in scale of
operations, improvement in capital structure and moderate debt
coverage indicators during FY15 (refers to the period April 1 to
March 31). The rating, continues to draw strength from the wide
experience of the partners in the cotton industry coupled with
location advantage in terms of proximity to the cotton seed
growing regions in Gujarat.

The rating, however, continue to remain constrained on account of
thin profit margins coupled with working capital intensive nature
of operations, its presence in cotton ginning business which is at
the lower end of entire textile value chain that involves limited
value addition and seasonality associated with the procurement of
raw material.

The ability of MIC to increase its scale of operations and profit
margins in light of the competitive nature of the industry
along with further improvement in capital structure and debt
coverage indicators with better working capital management would
remain the key rating sensitivities.

Amreli (Gujarat) based MIC was formed in June 2013 as a
partnership firm by six partners with unequal profit and loss
sharing agreement between them to undertake greenfield project in
the field cotton ginning & pressing of cotton bales and cotton
seeds. MIC operates from its sole manufacturing facility located
in Amreli (Gujarat) and has an installed capacity of 9246 MTPA for
cotton bales and 5284 MTPA for cotton seed as on March 31, 2015.
MIC has started production from January 2014.MIC has another group
company namely Shree Desai Cotton Industries (CARE BB-) which is
engaged in to cotton ginning and pressing business. However, there
is no any inter group transaction between this firms during FY15.

During FY15, MIC reported TOI of INR39.82 crore and PAT of INR0.06
crore as against TOI of INR14.97 crore and PAT of INR0.02 crore
during FY14. During 9MFY16 (Provisional), MIC has achieved a TOI
of INR30.33 crore.


MR. BROWN: CRISIL Cuts Rating on INR80MM Term Loan to 'B'
---------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Mr. Brown Bakery & Food Products Pvt Ltd. (Mr. Brown Bakery) to
'CRISIL B/Stable' from 'CRISIL B+/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Long Term      2       CRISIL B/Stable (Downgraded
   Bank Loan Facility              from 'CRISIL B+/Stable')

   Term Loan              80       CRISIL B/Stable (Downgraded
                                   from 'CRISIL B+/Stable')

The downgrade reflects CRISIL's belief that Mr. Brown Bakery's
liquidity will remain subdued over the medium term owing to delay
of around one year in ongoing project with revised commercial
operation date (COD) of the last quarter of 2016-17 (refers to
financial year, April 1 to March 31), leading to significant cost
overrun. Since the term loan repayment for the ongoing project is
to start from the quarter of April-June 2016, absence of
refinancing or restructuring of the term loan facility may lead to
scarcity of funds for the capital expenditure.

The ratings continues to reflect the modest scale of operations in
the competitive bakery products segment. These rating weaknesses
are partially offset by Mr. Brown Bakery's established brand in
Lucknow and Kanpur regions (Uttar Pradesh), the extensive industry
experience of promoters, and the funding support received from
them.
Outlook: Stable

CRISIL believes Mr. Brown Bakery will continue to benefit over the
medium term from its established brand, the promoters' extensive
industry experience, and their funding support. The outlook maybe
revised to 'Positive' if the company completes its project on time
and within the budgeted cost, and generates better-than-expected
cash accrual during the early stages of operations. Conversely,
the outlook maybe revised to 'Negative' in case of any time or
cost overrun in the ongoing project, or lower-than-expected cash
accrual, constraining the liquidity.

Mr. Brown Bakery was established on June 12, 2008. The company
manufactures bakery and confectionary products that it sells
through retail outlets in Lucknow and Kanpur under its brand, Mr.
Brown Bakery. It is headquartered in Lucknow, and is promoted by
Mr. Ramu Gupta and his family members.


NARCINVA DAMODAR: CRISIL Cuts Rating on INR150MM Loan to B-
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Narcinva Damodar Naik (NDN) to 'CRISIL B-/Stable' from 'CRISIL
B/Stable'.

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

The rating downgrade reflects the deterioration in NDN's credit
profile because of continued pressure on revenue and
profitability, which has weakened its financial risk profile,
especially liquidity. Revenue declined over the three consecutive
years ended March 31, 2015, due to the ban on mining activity in
Goa, which resulted in negligible demand for heavy and medium
commercial vehicles. In 2014-15 (refers to financial year,
April 1 to March 31), revenue was INR288 million. Subdued demand
for light and small commercial vehicles further shunted revenue as
the company was not able to absorb its fixed cost leading to
continued operating level losses. While liquidity has been
adversely affected, the partners bought in INR40 million of
unsecured loans in first half of 2015-16 in order to support the
firm. Timely fund infusion from the partners will be a key driver
of the firm's liquidity over the medium term as well.

The rating reflects NDN's exposure to risks arising from
increasing financial support to group companies, and its
susceptibility to the cyclicality inherent in the commercial
vehicles segment. These weaknesses are partially offset by the
extensive industry experience of the partners and the firm's
established relationship with Tata Motors Ltd (TML)
Outlook: Stable

CRISIL believes NDN's operating performance will remain
susceptible to mining-related regulations in Goa. The outlook may
be revised to 'Positive' in case of a significant increase in the
firm's scale of operations and profitability along with
improvement in the financial risk profile. Conversely, the outlook
may be revised to 'Negative' in case of deterioration in NDN's
liquidity because of lower-than-expected cash accrual, stretch in
the working capital cycle, or increased financial support to group
entities.

NDN was set up a proprietorship concern in Goa by the late Mr.
Vasudev B Naik in 1896. The firm initially traded in various
commodities; it undertook the dealership of Mercedes Benz
passenger cars in 1952. NDN was reconstituted as a partnership
firm in 1967; in the same year, the firm exited its dealership for
Mercedez Benz vehicles and commenced operations as an authorised
dealer of TML's commercial vehicles for Goa. The firm is currently
managed by Mr. Mr. Narcinva D Naik and his wife Ms. Laxmi Narcinva
Naik. NDN currently has five showrooms and four workshops across
Goa.


OASIS GREEN: CARE Assigns B+ Rating to INR18cr LT Loan
------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Oasis
Green Energy Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      18        CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Oasis Green Energy
Pvt. Ltd. (OGEPL) is primarily constrained by the pending
financial closure for the project and pending clearances from the
concerned departments .The rating is further constrained by the
pending execution of the Engineering procurement and construction
(EPC) contract. The rating, however, favorably takes into account
the experienced promoters, assured offtake of the solar power as
per the Power Purchase Agreement (PPA) and favorable solar
industry scenario.

Going forward, the ability of the company to implement the project
within the estimated time & cost estimates and achievability of
the projected profitability levels will remain the key rating
sensitivities.

Oasis Green Energy Private Limited (OGEPL), incorporated in
March 2015, is setting up a 3.15 MW solar Photovoltaic (PV) Power
Plant in Village Bahadarpur, District Mansa, Punjab. The company
is promoted by Mr Mukesh Goyal and Mr Pawan Goyal who are also the
promoters of Oasis Contractors and Consultants Pvt. Ltd. (OCCPL;
engaged in the business of civil construction). The total project
cost is estimated at INR24.56 crore which is proposed to be funded
through a term loan of INR18 crore and the remaining through
promoters contribution in the form of equity capital of INR4.6
crore and unsecured loans of INR1.96 crore from the promoter group
company (OCCPL). As on March 31, 2015, OCCPL has infused the
equity share capital of INR4.6 crore and unsecured loans of
INR0.21 crore. The project is expected to start commercial
operations in April 2016.


OM SHREE: CRISIL Suspends B+ Rating on INR40MM Term Loan
--------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Om Shree
Thakurji Educational Society (OST).

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Overdraft Facility      17.5      CRISIL B+/Stable
   Proposed Overdraft
   Facility                 2.5      CRISIL B+/Stable
   Term Loan               40        CRISIL B+/Stable

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

OST, set up in 2007 by Mr. Ashish Goel, provides engineering and
management courses through Kalpi Institute of Technology (KIT,
affiliated to Kurukshetra University) situated at Ambala
(Haryana).


PAULOSE ABRAHAM: CRISIL Reaffirms B+ Rating on INR80MMM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Paulose Abraham (PA)
continue to reflect firm's modest scale of operations in the
intensely competitive civil construction segment, and its below-
average financial risk profile. These rating weaknesses are
partially offset by the extensive industry experience of the
promoter.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee        22.5      CRISIL A4 (Reaffirmed)
   Cash Credit           80        CRISIL B+/Stable (Reaffirmed)
   Letter of Credit       7.5      CRISIL A4 (Reaffirmed)

CRISIL had previously assigned its 'CRISIL B+/Stable/ CRISIL A4'
rating to the bank facilities of PA vide its rationale dated
October 31, 2015.
Outlook: Stable

CRISIL believes that PA will continue to benefit over the medium
term from its promoter's industry experience. The outlook may be
revised to 'Positive' if the firm significantly scales up its
operations while maintaining its operating profitability, or
improves its working capital management, resulting in a better
financial risk profile. Conversely, the outlook may be revised to
'Negative' if PA's accruals decline or if its working capital
management weakens, leading to deterioration in its financial risk
profile, especially its liquidity.

PA is a Kolenchery (Ernakulam, Kerala) based civil contractor. The
firm primarily undertakes water projects (construction of wells
and providing pipelines to houses) for public works department
(PWD) in Kerala. The day to day operations of the firm are managed
by the promoter Mr. Paulose Abraham.

For 2014-15 (refers to financial year, April 1 to March 31),on a
provisional basis, PA reported a net profit of INR5.1 million on
gross bill receipts of INR202.07 million, against a net profit of
INR4.6 million on gross bill receipts of INR169.6 million for
2013-14.


PM SHAH: CARE Reaffirms B+ Rating on INR5cr Long Term Loan
----------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Pm Shah & Co. Jewellers Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       5        CARE B+ Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of PM Shah & Co.
Jewellers Private Limited (PMJ) continues to be constrained by
relatively modest scale of operations with low capitalization,
thin and fluctuating profit margins, highly leveraged capital
structure along with weak debt coverage indicators. The rating is
further constrained by working capital intensive nature of
operations with long inventory holding period and presence in the
highly competitive and fragmented industry.

The rating, however, continues to derive strength from experience
of the management and long track record of operations.

Going forward, the ability of the company to increase the scale of
operations and improvement in profitability amidst intense
competition and efficiently manage its working capital cycle are
the key rating sensitivities.

PM Shah & Company Jewellers Private Limited (PMJ) was established
in 1964 as a partnership firm and subsequently converted into
private limited company in 1996. The company is engaged in
manufacturing (outsourced on job-work basis), trading and
retailing of hallmarked certified gold and diamond
jewellery/ornaments. PMJ operates through its retail outlets based
in Mumbai (Chira Bazaar and Vasai). The company procures gold bars
from the bullion traders & jewellery through dealers in the
domestic market.

During FY15 (refers to period April 1 to March 31), PMJ reported
total operating income of INR22.48 crore (vis-a-vis INR22.58 crore
in FY14), and PAT of INR0.18 crore (vis-a-vis INR0.30 crore in
FY14). As per 9MFY16 provisional results, PMJ has achieved total
operating income of INR20.00 crore.


PNS METALS: CRISIL Assigns B+ Rating to INR90MM Cash Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of PNS Metals Limited (PML).

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

The rating reflects the company's moderate scale of operations in
the highly competitive brass component industry and low operating
margin due to trading nature of business. These weaknesses are
partially offset by the extensive experience of the promoters in
the industry.
Outlook: Stable

CRISIL believes PML will maintain its credit risk profile backed
by the promoters' extensive experience in the brass component
industry. The outlook may be revised to 'Positive' in case of a
significant increase in revenue, improvement in operating
profitability, and better-than-expected cash accrual leading to
improvement in liquidity and the debt protection metrics.
Conversely, the outlook may be revised to 'Negative' in case of
deterioration in working capital management or reduction in
profitability leading to a decline in cash accrual and stretched
liquidity.

PML, incorporated in 2001, is promoted by Jamnagar (Gujarat)-based
Mr. Ajay Sayani and family. The company manufactures, exports, and
trades in brass fasteners and fittings.


POCHIRAJU INDUSTRIES: CARE Reaffirms D Rating on INR44.73cr Loan
----------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Pochiraju Industries Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     44.73      CARE D Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Pochiraju Industries
Limited (PIL) continues to remain constrained by the stretched
liquidity position resulting in delays in debt servicing.

PIL, promoted by Mr P. Sudhakar of Hyderabad, was incorporated on
May 04, 1995, as Pochiraju Flori-Tech Limited and was renamed to
the current nomenclature on September 10, 2003. PIL started
operations from 1998 with cultivation and processing of cut
flowers (mainly roses) and trading of fruits and vegetables (F&V)
at its facilities located at Sathyamangalam Village, Karnataka.
The said business activity is operated under the name of Agropil
division.

Subsequently, in August 2012, the company added Bio-Pharma segment
to its business activities by setting up manufacturing facilities
(with a capacity of 1.2 million doses) for bio-pharma products in
anti-coagulants and probiotics segment.

In FY15 (refers to the period April 1 to March 31), PIL has
registered a total income of INR139.12 crore (INR119.74 crore in
FY14) with a PAT of INR1.15 crore (INR10.37 crore in FY14). As per
the unaudited results for H1FY16, PIL has incurred a net loss of
INR18.95 crore over the total operating income of INR9.67 crore.


PPARADISE AUTO: CRISIL Suspends 'D' Rating on INR55MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Pparadise
Auto Sales (PAS).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             55      CRISIL D

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

PAS, a partnership firm promoted by Mr. Amrish Oberoi and his
family, commenced its operations in 2009. It is an authorised
dealer for the entire range of two-wheelers and spare parts of
Honda Motorcycle and Scooter India Pvt Ltd (HMSI) in Dehradun
(Uttarakhand).


PRANJAL PROJECTS: CRISIL Suspends 'B' Rating on INR110MM Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Pranjal
Projects Private Limited (PPPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             80      CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility     110      CRISIL B/Stable

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

PPPL was incorporated in 2002 by Mr. Harish Chander Bhatia and his
sons, Mr. Vikas Bhatia and Mr. Deepak Bhatia. In April 2008, two
group entities, namely MFI Fabricators Pvt Ltd and Perfect Iron
Pvt Ltd were merged with PPPL. PPPL is engaged in fabrication of
components used in heavy engineering machinery and equipment,
earth moving equipment, and in tractors. It has three
manufacturing units in Faridabad (Haryana), with capacity of
30,000 tonnes per annum.


RAJ VEHICLES: CRISIL Reaffirms B+ Rating on INR140MM Loan
---------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Raj Vehicles
Private Limited (RVPL) continues to reflect the company's weak
financial risk profile because of large debt and a small net
worth, and exposure to intense competition in the automobile
(auto) dealership market. These rating weaknesses are partially
offset by the extensive industry experience of its promoters, and
moderate working capital requirement.

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

   Inventory Funding
   Facility              140      CRISIL B+/Stable (Reaffirmed)

   Term Loan              10      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes RVPL 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 the financial risk
profile improves, most likely due to better operating
profitability and accrual, or significant capital infusion.
Conversely, the outlook may be revised to 'Negative' in case the
financial risk profile weakens because of large, debt-funded
capital expenditure (capex), or substantial increase in working
capital requirement.

Update
Revenue has declined to INR1.83 billion in 2014-15 (refers to
financial year, April 1 to March 31) from INR1.93 billion in 2013-
14 due to slowdown in the passenger and commercial vehicle
segments. However, the EBIDTA margin improved to 3.60 percent from
3.08 percent over this period. As a result, cash accrual increased
to INR22 million in 2014-15 from INR11 million in 2013-14. Revenue
for the seven months ended October 31, 2015, was INR1070 million.
Revenue of INR1.8-2.0 billion per annum is expected over the
medium term.

Networth was moderate and gearing high at INR85 million and 4.40
times, respectively, as on March 31, 2015. The networth is
expected to remain at a similar level over the medium term owing
to modest accretion to reserves. Gearing is, however, expected to
improve to 3.87 times over this period owing to absence of
significant debt-funded capex. Interest coverage ratio is expected
to improve to 1.58 times in 2016-17 from 1.47 times in 2014-15,
driven by better operating profitability.

Inventory was at 46 days as on March 31, 2015, and is expected to
remain at a similar level over the medium term. The debtors are
generally of various financial institutions which make payment in
an average of 10-20 days for sale of financed vehicle. However,
RVPL does not get any credit period from suppliers. CRISIL
believes working capital requirement will remain moderate over the
medium term because of a low debtor collection cycle and moderate
inventory stocking policy.

Liquidity is adequate. Cash accrual for 2015-16 is expected at
INR18 million, sufficient to meet debt obligation of INR10
million. The company's bank line, however, has been utilised at an
average of 92 percent during the 12 months ended November 30,
2015. Liquidity is also supported by unsecured loans and advances
from promoters.

Incorporated in 2007 by Mr. Rajvinder Singh and family, RVPL is an
authorised dealer for Mahindra & Mahindra Ltd's (rated CRISIL
AAA/Stable/CRISIL A1+) entire range of passenger vehicles, utility
vehicles, and two-wheelers in three districts of Punjab'Patiala,
Sangrur, and Barnala. The company operates four showrooms in the
sales, service, and spares format, of which two are in Patiala and
one each in Barnala and Sangrur.


RAM CHANDER: CRISIL Suspends 'B' Rating on INR100MM LT Loan
-----------------------------------------------------------
RISIL has suspended its rating on the bank facilities of
Ram Chander Builders Private Limited (RCB).

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

   Term Loan                30       CRISIL B/Stable

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

RCB, incorporated in 1995, undertakes residential real-estate
projects of Uttar Pradesh Avas Vikas Parishad (UPAVP). Currently,
it is undertaking development of 'Shiva Greens' in Lucknow (Uttar
Pradesh). The construction is expected to be completed by October
2017.


RAWALWASIA TEXTILE: CARE Ups Rating on INR13cr Loan From B+
-----------------------------------------------------------
CARE revises the LT ratings and reaffirms the ST ratings assigned
to the bank facilities of Rawalwasia Textile Industries Private
Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term/ short-term           13       CARE BB-/ CARE A4
   Bank Facilities                          Long-term rating
                                            revised from
                                            CARE B+ and Short-
                                            term rating
                                            reaffirmed
                                            to CARE A4

Rating Rationale

The revision in the long-term rating assigned to the bank
facilities of Rawalwasia Textile Industries Private Limited is
primarily on account of increase in its total operating income
(TOI), improvement in profitability as well as cash accruals
during FY15 (refers to the period April 1 to March 31). The
ratings continue to take comfort from the experience of the
promoters and established presence in the trading business along
with location advantage.

The rating, however, continues to remain constrained on account of
moderate capital structure, debt coverage indicators and moderate
liquidity indicators. The ratings also continue to remain
constrained on account of susceptibility of profit margins to
fluctuations in traded goods prices and foreign exchange
fluctuation risk.

The ability of RTIPL to increase its scale of operations along
with improvement in profit margins isthe key rating sensitivities.
Furthermore, improvement in capital structure, debt coverage
indicators and operating cycle will also remain crucial.

Surat-based (Gujarat) RTIPL was incorporated in the year 1993 as a
private limited company with an objective to carry out the
business of yarn manufacturing on job work basis. Till March 2013,
it was carrying out the job work for its group entity, namely,
Rawalwasia Yarn Dyeing Private Limited (rated 'CARE B+/ CARE A4').
However, the company discontinued the entire operations from
February 2014 and started coal trading from March 2014 onwards.
Hence, during FY14, there was only one month of operation in
RTIPL.

RTIPL imports coal from Indonesia and sells coal to local players
in Surat to different companies which are into yarn dyeing and
printing. Due to relatively higher cost of CNG (Compressed Natural
Gas), many textile companies at Surat have started using thermo
pack technology which uses coal to heat boilers.

During FY15, RTIPL reported PAT of INR1.83 crore on a TOI of
INR82.30 crore as against PAT of INR0.02 crore on a TOI of
INR1.61 crore during FY14. During 8MFY16 (Provisional), RTIPL has
achieved a turnover of INR48.24 crore.


RAWALWASIA YARN: CARE Ups Rating on INR12cr Loan From B+
--------------------------------------------------------
CARE revises the LT ratings and reaffirms the ST ratings assigned
to the bank facilities of Rawalwasia Yarn Dyeing Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      9.75      CARE BB- Assigned
   Long-term/short-term Bank
   Facilities                    12.0       CARE BB-/CARE A4
                                            Long-term rating
                                            revised from CARE B+
                                            and Short-term rating
                                            re-affirmed to
                                            CARE A4

Rating Rationale

The revision in the long-term rating assigned to the bank
facilities of Rawalwasia Yarn Dyeing Private Limited (RYDPL) is
primarily on account of increase in its total operating income
(TOI) improvement in profitability, cash accruals, capital
structures and debt coverage indicators during FY15 (refers to the
period April 1 to March 31). The ratings continue to take comfort
from the experience of the promoters and established presence in
the trading business along with location advantage.

The ratings, however, continue to remain constrained on account of
thin profit margins, moderate liquidity position. The ratings also
continue to remain constrained on account of susceptibility of
profit margins to raw material price fluctuations and foreign
exchange fluctuation risk.

The ability of RYDPL to increase its scale of operations along
with improvement in profit margins, capital structure, debt
coverage indicators and operating cycle will remain the key rating
sensitivities.

Surat-based (Gujarat) RYDPL was incorporated in the year 1991 as a
private limited company with an objective to carry out the
business of yarn dying and printing activity however the company
started the yarn manufacturing activities. As on March 31, 2015,
the company has an installed capacity of manufacturing 2,500 MTPA
of texturized yarn. Till March 2013, it was getting the yarn
manufactured by its group entity Rawalwasia Textile Industries
Private Limited on a job work basis.  However, from April 2013,
RYDPL has started own manufacturing operations at its premises.
Moreover, from August 2013, RYDPL has also started coal trading.
RYDPL imports coal from Indonesia and sells coal to local players
in Surat which are into textile and agro processing business.
During FY15, RYDPL reported PAT of INR0.63 crore on a TOI of INR80
crore as against PAT of INR0.02 crore on a TOI of INR54.32 crore
during FY14. During 8MFY16 (provisional), RYDPL has achieved a
turnover of INR41.18 crore.


RELAN MOTORS: CRISIL Suspends B+ Rating on INR117.9MM Loan
----------------------------------------------------------
CRISIL has suspended its rating on the bank facility of
Relan Motors Private Limited (RMPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Channel Financing     117.9     CRISIL B+/Stable

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

RMPL, incorporated by Mr. Madhur Relan and his family members in
1999, is an authorised automobile dealer for Maruti Suzuki India
Ltd (MSIL) (CRISIL AAA/Stable/CRISIL A1+) and Hero Motocorp Ltd.
(Hero) (CRISIL AAA/FAAA/Stable/CRISIL A1+). The company is an
authorised dealer of MSIL and Hero in Ajmer district (Rajasthan)
and is a sole authorised dealer of MSIL in Nagaur district
(Rajasthan). Currently, RMPL has six showrooms in in the 3S
(sales, service, and spares) format, with five of them in the
Ajmer district and one in Nagaur district.


RICHA INDUSTRIES: Ind-Ra Suspends 'IND B-' LT Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Richa Industries
Limited's (RIL) 'IND B-'/Stable Long-Term Issuer Rating to the
suspended category.  The rating will now appear as 'IND B-
(suspended)' on the agency's website.

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

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.

RIL's ratings:

   -- Long-Term Issuer Rating: migrated to 'IND B-(suspended)'
      from 'IND B-'/Stable
   -- INR573.2 mil. long-term loans: migrated to
      'IND B-(suspended)' from 'IND B-'
   -- INR950 mil. fund-based limits: migrated to
      'IND B-(suspended)' from 'IND B-' and 'IND A4(suspended)'
      from 'IND A4'
   -- INR420 mil. non-fund-based limits: migrated to
      'IND B-(suspended)' from 'IND B-' and 'IND A4(suspended)'
      from 'IND A4'


RISHABH WINPRO: CARE Reaffirms 'B' Rating on INR4.97cr LT Loan
--------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
The Rishabh Winpro Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     4.97       CARE B Reaffirmed
   Short-term Bank Facilities    7.00       CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Rishab Winpro
Private Limited (RWPL) continue to remain constrained by its
nascent stage of operations, leveraged capital structure,
elongated operating cycle, and susceptibility of its margins to
volatility in raw material price and foreign exchange rates. The
ratings are further constrained by its presence in a highly
fragmented industry with exposure to the real estate sector.

The ratings, however, draw comfort from experienced promoters and
reputed though concentrated client base.

Going forward, RWPL's ability to increase its scale of operations
with improvement in its capital structure coupled with efficient
working capital management will be the key rating sensitivities.

RWPL was incorporated in January 2013 by Mr Rishabh Jain, Mr
Nikhil Jain and Mr Umesh Chand Jain to set up a unit for
manufacturing of Unplasticized Polyvinyl Chloride (UPVC) doors and
windows in Haridwar, Uttaranchal, with an installed capacity of
73,000 pieces per annum as on March 31, 2015. The company
commenced its commercial operations from November 2013. The main
raw material required for the manufacturing of UPVC doors and
windows is UPVC profiles, which is imported from Germany. The
final products manufactured by the company are sold to the group
firm, Alpro Industries (API) and other reputed clients such as
Ajnara India Limited, DLF Limited and Larsen & Toubro Ltd, etc.
The company has also started manufacturing of aluminum doors and
windows from March 2014.

RWPL is a part of the "Velveleen Group" which has interests in the
textile, real estate, manufacturing of aluminum based products,
manufacturing of concrete bricks, and education through Rishabh
Velveleen Private Limited, Vardhman Developers, Alpro Industries,
The Go Green Buildtech Private Limited (rated
'CARE D') and UC Jain Foundation and Trust (rated 'CARE D').

RWPL achieved a total operating income (TOI) of INR8.39 crore with
PBILDT and profit after tax (PAT) of INR1.47 crore and INR0.06
crore, respectively, in FY15 (refers to the period April 01 to
March 31) as against TOI of INR1.45 crore with PBILDT and net loss
of INR0.09 crore and INR0.07 crore, respectively, in FY14 (refers
to the period November 01 to March 31). During 8MFY16, the company
achieved total operating income of INR13.50 crore.


RUDRA ALLOYS: CARE Assigns B+ Rating to INR8cr LT Loan
------------------------------------------------------
CARE assigns 'CARE B+/CARE A4' to the bank facilities of Rudra
Alloys Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       8        CARE B+ Assigned
   Short-term Bank Facilities      2        CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Rudra Alloys
Private Limited (RAPL) are constrained by its weak financial risk
profile characterised by declining profitability margins and weak
solvency position. The ratings are further constrained by
the susceptibility of margins to fluctuations in raw material
prices & foreign currency rates, presence in a highly fragmented &
competitive industry and inherent cyclicality in the steel
industry. The ratings, however, derive strength from the
experienced promoters, established relationships with the
clientele and healthy scale up of operations in FY15 (refers to
the period April 1 to March 31).

Going forward, the ability of the company to profitably scale-up
its operations along with improvement in the overall solvency
position and effective management of the working capital
requirements will remain the key rating sensitivities.

RAPL was originally incorporated as Datta Multi Metals Pvt Ltd in
1983 and later rechristened to RAPL in 2006. The company is
currently being managed by Mr Naresh Gupta who has an experience
of nearly four decades in the industry.

RAPL is engaged in the manufacturing of steel ingots, steel rounds
and trading of scrap at its manufacturing facility located at
Mandi Gobindgarh, Punjab, with an installed capacity of 30,000 MT,
as on March 31, 2015. The products are supplied mainly to rolling
mills in and aroundMandi Gobindgarh and the rest to clients based
in Delhi, Haryana, etc, while the main raw material, viz, steel
scrap, is primarily imported from suppliers based in U.S.A, U.A.E
and South Africa.

RAPL registered a total operating income of INR152.30 crore during
FY15 with a PAT of INR0.27 crore as against a total operating
income of INR120.37 crore with a PAT of INR0.33 crore in FY14.


S. K. BROTHERS: CARE Ups Rating on INR4.10cr LT Loan From B+
------------------------------------------------------------
CARE revises the lt rating and reaffirms the ST rating assigned to
the bank facilities of S. K. Brothers.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      4.10      CARE BB- Revised from
                                            CARE B+

   Short-term Bank Facilities     2.00      CARE A4 Reaffirmed

   Long-term/Short-term Bank      7.50      CARE BB-/CARE A4
   Facilities                               Revised from CARE B+/
                                            CARE A4

Rating Rationale

The revision in the long-term rating of S. K. Brothers (SKB)
factors in healthy scale-up of operations and fund infusion by
the promoters in FY15 (refers to the period April 1 to March 31)
to support various business needs. The ratings continue to derive
strength from the experience of the promoters in the agro
processing industry and favourable location of the processing
plant. The ratings, however, continue to be constrained by SKB's
small scale of operations, weak solvency position, working capital
intensive nature of operations and susceptibility of margins to
fluctuations in raw material prices. The ratings are further
constrained by SKB's presence in a highly fragmented and regulated
industry characterized by intense competition & seasonality and
constitution of the entity as a partnership firm.

Going forward, the ability of the firm to profitably scale-up its
operations, improve the overall solvency position and manage the
working capital requirements efficiently will remain the key
rating sensitivities.

SKB was established as a proprietorship firm in 2005 by Mr Sumit
Singla. Later on, the constitution was changed to a partnership
firm in December 2012 with Mr Sumit Singla and Mrs Nirmala Rani as
its partners sharing profit and loss in the ratio of 75% and 25%,
respectively. The firm is engaged in the processing of paddy at
its manufacturing facility located at Moga, Punjab, having an
installed capacity of 10,800 metric tonnes per annum (MTPA) as on
March 31, 2015. SKB procures paddy directly from local grain
markets through commission agents located in Punjab. The firm
sells basmati and non-basmati rice under the brand name of
'Sanjeevni' and 'Modern Family' in the states of Haryana and
Punjab through a network of commission agents and also exports the
same to Italy, Canada, Australia, Egypt and Saudi Arabia [exports
constituted around 56% of the total income in FY15]. Income from
basmati rice constituted around 65% of the total income in FY15.

SKB reported a net profit of INR0.28 crore on a total income of
INR42.53 crore in FY15 as against the net profit of INR0.22
crore on a total income of INR30.60 crore in FY14. In 8MFY16 (as
per the unaudited results), SKB has reported a total
operating income of INR33 crore.


SAMAY COTTON: CRISIL Assigns B+ Rating to INR50MM Cash Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Samay Cotton. The rating reflects Samay
Cotton's modest scale of operations, below-average financial risk
profile, and susceptibility of operating margin to volatility in
raw material prices. These weaknesses are mitigated by the
promoter's extensive experience in the cotton industry.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            50        CRISIL B+/Stable
   Long Term Loan          8.7      CRISIL B+/Stable

Outlook: Stable

CRISIL believes Samay Cotton will benefit over the medium term
from its promoter's extensive experience. The outlook may be
revised to 'Positive' if substantial revenue is reported with
better profitability and capital structure. Conversely, the
outlook may be revised to 'Negative' if considerable decline in
revenue and profitability, inefficient working capital management
impacting liquidity, or large, debt-funded capital expenditure
weakens financial risk profile.

Established in March 2014, Samay Cotton is a cotton oil
manufacturing unit. The firm processes cotton oil from cotton
seeds and caters to domestic markets. Its operations are managed
by Mr. Ravi Godhani. The firm's unit is based in Wankaner
(Gujarat) and has installed capacity of manufacturing 15 tonne per
day. The firm has another group concern, Narmada Spinning Pvt Ltd,
which manufactures combed and carded yarn.


SAYA AUTOMOBILES: CRISIL Assigns B+ Rating to INR450MM Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facility of Saya Automobiles Limited (SAL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            450      CRISIL B+/Stable

The rating reflects SAL's exposure to working capital intensity in
operations, owing to sizeable inventory holdings and advances to
principal, Maruti Suzuki India Ltd (MSIL). The rating reflects
SAL's average financial risk profile, especially debt protection
metrics, and weak capital structure. These weaknesses are
partially offset by the promoter's extensive experience in the
automobile dealership industry and the company's established
market position, and moderate scale of operations and
profitability.
Outlook: Stable

CRISIL believes SAL will continue to benefit over the medium term
from the promoter's extensive entrepreneurial experience. The
outlook may be revised to 'Positive' if significant ramp-up in
scale of operations, efficient management of working capital
cycle, and higher-than-expected cash accrual strengthen financial
risk profile, especially liquidity. Conversely, the outlook may be
revised to 'Negative' if decline in revenue and cash accrual, or
sizeable working capital requirement or debt-funded capital
expenditure considerably weakens key credit metrics.

SAL, promoted by Mr. Ramesh Handa and his wife Ms. Uma Handa in
1984, was set up as a limited company and started commercial
operation in 1987 as an authorised dealership for MSIL at GT
Karnal Road, New Delhi. SAL also has an authorised service station
for MSIL at GT Karnal Road, and a workshop and accessories and
body shop at Badli, New Delhi, which has a capacity to provide
servicing facility for 55-60 cars per day at both service
stations.

SAL had a profit after tax (PAT) of INR1.7 million on net sales of
INR971.9 million for 2014-15 (refers to financial year, April 1 to
March 31) against a PAT of INR1.9 million on net sales of INR833.5
million for 2013-14.


SHIVDHAN BOARDS: CRISIL Reaffirms B Rating on INR77.5MM Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Shivdhan
Boards Private Limited (SBPL) continues to reflect SBPL's modest
scale of operations in the highly fragmented particle board
industry and its below-average financial risk profile  marked by
modest networth and high gearing. These weaknesses are partially
offset by the promoter's experience, and an established network.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            77.5     CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     11.1     CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes SBPL will benefit over the medium term from its
promoter's experience. The outlook may be revised to 'Positive' if
financial risk profile improves owing to significant increase in
scale of operations with steady operating margin, leading to
sizeable cash accrual and large networth. Conversely, the outlook
may be revised to 'Negative' if cash accrual is low or a large,
debt-funded capital expenditure is undertaken.

SBPL was set up by Mr. Narendra Patel in 2003-04 (refers to
financial year, April 1 to March 31). The company manufactures
bagasse boards and pre-laminated particle boards, which are used
in the furniture and construction industry. Its manufacturing unit
is in Nagpur (Maharashtra). The boards are sold under the Shivdhan
brand.


SHREE GOVARDHAN: CRISIL Reaffirms B+ Rating on INR475MM Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of SHREE
GOVARDHAN COTGIN PRIVATE LIMITED (SGCPL) continues to reflect
SGCPL's weak financial risk profile because of high gearing modest
networth and weak debt protection metrics.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            475      CRISIL B+/Stable (Reaffirmed)
   Term Loan               20      CRISIL B+/Stable (Reaffirmed)

The rating is further constrained by vulnerability to unfavourable
changes in government policy. These weaknesses are mitigated by
the promoter's extensive experience and financial support along
with modest scale of operations.
Outlook: Stable

CRISIL believes SGCPL will benefit over the medium term from the
proximity of its operations to the cotton-growing belt. However,
financial risk profile will remain below-average because of low
accrual and a highly leveraged capital structure. The outlook may
be revised to 'Positive' if higher-than-expected sales are
reported along with stable profitability, thereby improving debt
protection metrics, if capital structure enhances either by equity
infusion or higher cash accrual. Conversely, the outlook may be
revised to 'Negative' if financial risk profile weakens because of
increased working capital borrowings or a change in government
policy negatively impacting operations.

Incorporated in 2006, SGCPL commenced manufacturing from April
2008. The company manufactures cotton bales, crude cottonseed oil,
and oil cakes at its facilities in Rajkot (Gujarat). It also
trades in cotton.

SGCPL reported a profit after tax (PAT) of INR2.7 million on net
sale of INR2.05 billion for 2014-15, as against PAT of INR3.0
million on net sale of INR2.06 billion for 2013-14.


SHREEGOPAL GOBIND: Ind-Ra Affirms 'IND B-' Rating; Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Shreegopal Gobind
Agro Tech Private Limited's Long-Term Issuer Rating at 'IND B-'.
The Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect Shreegopal's continued lack of operational
track record in the food grain industry.  However, its founders
have over 10 years of experience in the industry.  The company has
set up a rice milling unit in district Kaimur, Bihar and
commercial operations are likely to start from April 2016.  The
project is funded by a term loan of INR150m and working capital
limit of INR85 mil.

The ratings are constrained by the company's presence in a highly
competitive and fragmented industry with low entry barriers and
commoditized nature of the products.

RATING SENSITIVITIES

Positive: The company's ability to execute the project and ramp up
the operations in a timely fashion along with achieving stable
business operations will be positive for the ratings.

COMPANY PROFILE

Shreegopal was incorporated in October 2013 by Siddharth Sarda and
Vishal Sarda.  The company has set up a 48,000 tonnes per annum
rice manufacturing unit in Kaimur, Bihar.

Shreegopal's ratings:

   -- Long-Term Issuer Rating: affirmed at 'IND B-'/Stable
   -- INR150.00 mil. term loan: assigned final 'IND B-'/Stable
   -- INR85.00 mil. fund-based limits: assigned final
      'IND B-'/Stable/'IND A4'


SHRI GIRIJA: CARE Assigns B+ Rating to INR4cr LT Loan
-----------------------------------------------------
CARE assigns 'CARE B+' and CARE A4' rating to the bank facilities
of Shri Girija Smelters Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       4        CARE B + Assigned
   Short-term Bank Facilities      6        CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Shri Girija
Smelters Ltd (SGSL) are primarily constrained by its weak
financial risk profile marked by cash losses in FY14 and FY15
(refers to the period April 1 to March 31), absence of captive
source of power, lack of backward integration for raw materials,
low capacity utilisation, exposure to forex fluctuation risk and
significant exposure to its group companies. Such ratings,
however, derive strength from its long track record of operations
along with rich experience of the promoters and established
clientele.

The ability of the company to improve its operating performance
and liquidity position while effectively manage its working
capital and capital structure would remain the key rating
sensitivities.

SGSL was incorporated by Mr C.S. Raju of Raipur (Chhattisgarh) in
December 1987. SGSL is involved in the production of Ferro
Manganese and Silico Mangasene in its manufacturing units located
in Urla Industrial Area of Raipur. Currently, the company has
total installed capacity of 36,000 MT at its two manufacturing
units located at Chhattisgarh. SGSL is a part of the Shri Girija
group of companies, promoted and headed by Mr. C.S. Raju. Mr Raju
has extensive experience of about six decades in the ferro alloy
space. Other companies of Shri Girija group are Shri Girija Power
& Alloy Pvt Ltd (SGPAPL), Shri Gayatri Minerals Pvt Ltd (SGMPL)
and Srinivasa Ferro Alloys Ltd (SFAL).

On a total operating income of INR91.67 crore, SGSL posted net
loss of INR1.47 crore in FY15 vis-a-vis total operating income of
INR130.89 crore and net loss of INR3.70 crore in FY14.
Furthermore, SIPL earned a total operating income of about
INR39.08 crore till H1FY16.


SHRI GURU: CRISIL Assigns 'B' Rating to INR50MM Cash Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Shri Guru Stone Crusher Private Limited.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            50       CRISIL B/Stable
   Term Loan              30       CRISIL B/Stable

The rating reflects the small scale of operations, working
capital-intensive operations, and weak financial risk profile.
These rating weaknesses are partially offset by the favourable
location of its stone-crushing facility close to Dabka and Kosi
rivers.
Outlook: Stable

CRISIL believes SGSCPL will maintain its business risk profile
over the medium term on the back of the favourable location of its
stone-crushing facility close to Dabka and Kosi rivers. The
outlook may be revised to 'Positive' in case of a substantial
increase in the scale of operations resulting in healthy cash
accrual along with improvement in capital structure, debt-
protection metrics and prudent working capital management.
Conversely, the outlook may be revised to 'Negative' if the
revenue and profitability decline, or in case of a large, debt-
funded capital expenditure, leading to deterioration in capital
structure.

Incorporated in 2012, the Rudrapur (Uttarakhand)-based SGSCPL is
promoted by Mr. Satnam Singh Bedi. It crushes boulders, picked up
from Kosi and Dabka river beds, at its crushing unit into stones
of various sizes (up to 65 millimetres); the unit began commercial
operations from September 2014. The company is managed by Mr.
Satnam Singh Bedi, Mr. Jasvinder Singh Bedi, and Mr. Hemant
Dwivedi.


SIAN HOTEL: CRISIL Suspends 'B' Rating on INR75.2MM LT Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Sian Hotel
and Resorts Private Limited (SHARPL).

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Proposed Long Term
   Bank Loan Facility      75.2      CRISIL B/Stable

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

Incorporated in 2014, SHARPL plans to set up a resort in
Darjeeling (West Bengal). The company's day-to-day operations are
being looked after by Mr. Sashish Singhal.


SKILLED CONSTRUCTION: CARE Reaffirms B+ Rating on INR2.50cr Loan
----------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Skilled Construction Company Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      2.50      CARE B+ Reaffirmed
   Short-term Bank Facilities     4.00      CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Skilled
Construction Company Limited (SCC) continued to be constrained by
the small scale of operations, moderate profitability margins,
capital structure and debt coverage indicators, as well as
the working capital intensive operations. The ratings are further
constrained by absence of price escalation clause in few
projects, and dependence on a few key clients.

The ratings, however, draw comfort from the experience of the
promoters and SCC's comfortable order book position. The ability
of SCC to improve the scale of operations by diversifying its
revenues across clientele as well as across geographies is the key
rating sensitivities.

Incorporated in 1991, as a private limited company, SCC was later
reconstituted into a public limited company in the year 1997. SCC
is a 'Class A' contractor registered with Kerala State Public
Works Department and is engaged in the construction of bridges,
flyovers, railway over bridge and others miscellaneous work. SCC
was promoted by Mr Jose Philip along with others. The directors,
have more than two decade of experience in the civil construction
industry and currently monitor all the projects of SCC. The
directors are assisted by qualified and experienced management
team.

The company since inception has been engaged primarily in building
of road over bridges (ROB) and has completed around 27 projects.
SCC's major clients include Roads & Bridges Development
Corporation (RBDC) of Kerala and Southern Railways; it also
receives contracts from M/s KITCO Ltd, National Highway Authority
of India and others.

As per the audited results, the company has earned a PAT of
INR0.57 crore on total operating income of INR15.40 crore in
FY15 (refers to the period April 01 to March 31) as compared with
a PAT of INR0.21 crore on total operating income of INR9.60 crore
in FY14. SCC has achieved contract receipts of INR8.89 crore in
H1FY16 (provisional).


SLO AUTOMOBILES: CRISIL Suspends 'D' Rating on INR55MM Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
SLO Automobiles Private Limited (SLO).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee        13        CRISIL D
   Cash Credit           55        CRISIL D

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

SLO was established in Dehradun (Uttarakhand) in 2009. The company
deals in passenger cars of Volkswagen Group Sales India Pvt Ltd
(Volkswagen). SLO has a showroom and a workshop of 5000 square
feet (sq ft) and 14,000 sq ft, respectively, in Dehradun.


SONA ALLOYS: CARE Ups Rating on INR952.53cr LT Loan From B+
-----------------------------------------------------------
CARE revises ratings assigned to bank facilities of Sona Alloys
Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     952.53     CARE BB- Revised
                                            From CARE B+

   Short term Bank Facilities    115.33     CARE A4 Reaffirmed

   Long term/Short term Bank      20.00     CARE BB-/CARE A4
   Facilities                               Revised from
                                            CARE B+/CARE A4

Rating Rationale

The revision in the long term rating of the bank facilities of
Sona Alloys Pvt Ltd (SAPL) takes into account forward
integration in product mix with commencement of production of
rolled products and likely commissioning of slag cement plant in
joint venture with a leading cement manufacturer. Further, the
rating also factors in the liquidity cushion available from VAT
refund owing to its Mega Project Status granted by Government of
Maharashtra.

The ratings continue to be constrained by high leverage, working
capital intensive operations, risk associated with volatile raw
material prices in the absence of captive iron ore and coal prices
and inherent cyclicality associated with steel industry.

The ratings, however, continue to take comfort from the
experienced promoters and steps taken by Government of India
(GoI) to encourage domestic steel manufacturers.

Ability of SAPL to increase the proportion of value added products
in its product mix to improve its profitability, efficiently
manage its working capital and improve its capital structure would
be the key rating sensitivities.

Incorporated in January 2007, Sona Alloys Private Limited (SAPL)
operates an integrated mini steel plant with a blast furnace
capacity of 336,000 metric tonne per annum (MTPA) which commenced
operations in November 2010. The plant is equipped with a captive
power plant of 4.7 mega-watt (MW) capacity with a waste heat
recovery boiler, sinter plant with capacity of 454,000 MTPA to use
iron ore fines for steel production and rolling mill with capacity
of 315,000 MTPA which commenced operation in H1FY16 (FY refers to
a period from April 1 to March 31).

SAPL has also set-up slag cement grinding unit to use the slag
generated from blast furnace for cement production. SAPL
has entered into joint venture (JV) with leading cement
manufacturing company for the production and sale of cement
and likely to commence production in Q4FY16.

During FY15, SAPL earned a total operating income of INR667 crore
with a net loss of INR96 crore as compared with a total operating
income of INR859 crore with a net loss of INR61 crore in FY14. As
per provisional results of H1FY16, SAPL reported a total operating
income of INR279 crore as compared with a total operating income
of INR323 crore in H1FY15.


VASA NONWOVEN: CARE Reaffirms B Rating on INR6.01cr LT Loan
-----------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Vasa Nonwoven Industries Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      6.01      CARE B Reaffirmed

Rating Rationale

The rating of Vasa Nonwoven Industries Private Limited (VNPL)
continues to be constrained by small scale of operations,
weak capital structure and debt protection metrics and working
capital intensive nature of operations. The rating is further
constrained by inherent industry risk characterized by low
profitability margins being vulnerable to raw material price
volatility and presence in the highly fragmented industry.

The rating derives strength from the experience of the management
in the same line of business.

Ability of the company to grow its scale of operation and
profitability along with efficient management of the working
capital cycle are the key rating sensitivities.

Incorporated in March 2011 by Mr K S Ponnusamy, Vasa Nonwoven
Industries Private Limited (VNPL) is engaged in the business of
manufacturing non-woven sacks which find application in packaging
of food grains and in the retail industry.

VNPL has its manufacturing facility located at Tirpur with an
installed capacity of 3600 TPA as on March 31, 2015 (utilized
at around 80% as on March 31, 2015). VNPL commenced its commercial
production in January 2013. VNPL procures its major raw material
i.e. P.P. granules (Polypropylene) domestically mainly from
Reliance Industries Limited (RIL) and Indian Oil Corporation
Limited (IOCL). Furthermore, VNPL also sells its sacks primarily
in the domestic market to the rice mills and other retail players.

As per the audited results, the company has incurred a net loss of
INR0.07 crore on total operating income of INR21.50 crore in FY15
as compared to a net loss of INR0.05 crore on total operating
income of INR18.07 crore in FY14 (refers to the period April 1 to
March 31).



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


* SINGAPORE: Over 100 Property Agencies Closed Shop, CEA Says
-------------------------------------------------------------
Lynette Khoo at The Business Times reports that as a reflection of
current property market conditions, a total of 104 property
agencies closed shop and 3,573 real estate agents left the
industry, following the latest licence renewal exercise with the
Council for Estate Agencies (CEA).

As of Jan 1, the CEA has licensed 1,369 estate agents and
registered 29,262 salespersons, the report says.

In the past year, there were 1,299 new salespersons who joined the
industry. This is a decrease from the 3,006 new salespersons in
2014, The Business Times discloses.

"This could be a reflection of the property market sentiments,"
The Business Times quotes Heng Whoo Kiat, director for planning
and licensing at the CEA, as saying.

He pointed out that salespersons are also probably mindful of the
cost of being in the industry, the report relays.

Under CEA's regulatory framework, salespersons are obliged to
commit time and resources to meet the continuing professional
development requirements for annual renewal of their registration,
according to The Business Times. As for new entrants to the
industry, they have to complete a course and pass a qualification
examination, the report notes.



                             *********

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,
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Information contained herein is obtained from sources believed
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