TCRAP_Public/160203.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Wednesday, February 3, 2016, Vol. 19, No. 23


                            Headlines


A U S T R A L I A

AUSTRALIAN MANAGED: First Creditors' Meeting Set For Feb. 11
BOURKE TRADING: First Creditors' Meeting Set For Feb. 11
CABLE PROJECTS: First Creditors' Meeting Set For Feb. 10
MISSION NEW ENERGY: Ends 2015 With AUD1.8 Million in Cash
WASTEWELL PTY: First Creditors' Meeting Slated For Feb. 11

* Australian Mortgage Delinquencies to Rise, Moody's Says


C H I N A

CHINA: Default Risks for $15-Tril. Corporate Debt Rising
CHINA JINMAO: Moody's Assigns Ba2 Rating to USD Sub. Securities
EVERGRANDE REAL: Moody's to Retain B2 CFR on Consent Solicitation
EZUBAO: Suspected of $7.6 Billion Ponzi Scheme
GOLDEN WHEEL: S&P Affirms 'B' CCR; Outlook Stable

KU6 MEDIA: Signs Strategic Cooperative Agreement With 720Yun.com
ZHONG AN REAL: S&P Affirms Then Withdraws 'B-' CCR


H O N G  K O N G

CHINA FISHERY: S&P Lowers LT Corp. Credit Rating to 'D'


I N D I A

AKUL DEVELOPERS: CRISIL Suspends 'B' Rating on INR90MM LT Loan
AMTEX SOFTWARE: CRISIL Suspends B- Rating on INR160MM Term Loan
ANTIQUE COTTEX: ICRA Reaffirms B+ Rating on INR7.50cr Loan
BISUI POULTRY: ICRA Assigns 'B' Rating to INR5.11cr Loan
CHIRAG RICE: CRISIL Reaffirms B Rating on INR50MM Cash Loan

CUSP INTERNATIONAL: CRISIL Suspends B- Rating on INR30MM Loan
DAX NETWORKS: ICRA Suspends 'D' Rating on INR22.18cr Bank Loan
DWARIKA ROLLER: ICRA Suspends 'B' Rating on INR9.15cr Loan
EAST COAST: ICRA Lowers Rating on INR4927cr Loan to 'D'
ESS GEE: CRISIL Lowers Rating on INR80MM Cash Loan to B+

GEMUS ENGINEERING: CRISIL Cuts Rating on INR65MM Loan to B+
GENIX AUTOMATION: CRISIL Suspends 'D' Rating on INR70MM Loan
GREENWORTH INFRASTRUCTURES: ICRA Rates INR10cr LT Loan at B+
HANUMAN TIMBER: CRISIL Assigns 'B' Rating to INR1MM Cash Loan
HARESH OVETA: CRISIL Suspends B+ Rating on INR30MM LT Loan

INTOUCH TRADING: CRISIL Reaffirms 'D' Rating on INR95MM Loan
ITALIA CERAMICS: ICRA Suspends B+ Rating on INR9.12cr LT Loan
JANARDHAN PLYBOARD: CRISIL Reaffirms B- Rating on INR45MM Loan
JDS FOUNDATION: CRISIL Reaffirms B Rating on INR122.5MM Loan
JPC INFRA: CRISIL Suspends B+ Rating on INR208MM Term Loan

KAMALESH CONSTRUCTION: CRISIL Reaffirms B Rating on INR32MM Loan
LUXMI RICE: CRISIL Suspends 'B' Rating on INR50MM Whse Loan
MITTAL CERAMICS: CRISIL Suspends 'B' Rating on INR122MM Loan
MONALISA CERAMICS: CRISIL Suspends B+ Rating on INR70MM Loan
NILKANTH COTTON: CRISIL Cuts Rating on INR40MM Cash Loan to B+

NIMBUS AUTOMOTIVE: CRISIL Suspends B Rating on INR10MM Loan
OMMI FORGE: CRISIL Assigns 'B' Rating to INR75MM Cash Loan
P. D. SHAH: CRISIL Ups Rating on INR250MM Cash Loan to B+
PADMAVATI JEWELLERS: CRISIL Assigns B Rating to INR50MM Loan
PANAMA AGRITECH: CRISIL Suspends B Rating on INR84.7MM Loan

RAJPAL ABHIKARAN: ICRA Suspends B+/A4 Rating on INR20cr Loan
SARVODAY ASHRAM: CRISIL Suspends B+ Rating on INR65MM Loan
SCI INDIA: ICRA Suspends B+ Rating on INR25cr Term Loan
SHAH REALTY: ICRA Suspends B+ Rating on INR9.75cr Term Loan
SHRADDHA GEMS: CRISIL Reaffirms B+ Rating on INR22.5MM Loan

SHRI SIDDHI: CRISIL Cuts Rating on INR130MM Cash Loan to B+
SOCIETY FOR RESEARCH: CRISIL Suspends B- Rating on INR65MM Loan
SRI JALARAM: CRISIL Cuts Rating on INR70MM Cash Loan to D
SRI KAILASANADHA: CRISIL Cuts Rating on INR90.4MM LT Loan to D
SUDHARMA INFRATECH: ICRA Reaffirms 'B' Rating on INR7cr Loan

UNITECH FABRICATORS: CRISIL Reaffirms B+ Rating on INR50MM Loan
V.R. FOUNDRIES: CRISIL Cuts Rating on INR420MM Term Loan to 'D'
V.Y INSTITUTE: ICRA Suspends B+ Rating on INR22.51cr Term Loan
VIRGIN ROCK: ICRA Assigns B+ Rating to INR6cr LT Loan
WINS INTERNATIONAL: CRISIL Reaffirms B Rating on INR50MM LT Loan

WINSUN CERAMIC: CRISIL Reaffirms B Rating on INR60MM Term Loan
YASH PROTEINS: ICRA Suspends 'B' Rating on INR11cr Loan


I N D O N E S I A

XL AXIATA: Plans Fundraising to Repay US$500 Million Loan


J A P A N

SHARP CORP: Hon Han Plans to Raise Bid to JPY700 Billion


M A L A Y S I A

1MALAYSIA: Singapore Seized Bank Accounts as Part of 1MDB Probe


X X X X X X X X

* Asia's Credit Markets to Face a Challenging 2016, Moody's Says


                            - - - - -


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


AUSTRALIAN MANAGED: First Creditors' Meeting Set For Feb. 11
------------------------------------------------------------
Jamieson Louttit of Jamieson Louttit & Associates was appointed as
administrator of Australian Managed Print Services (VIC) Pty
Limited on Feb. 2, 2016.

A first meeting of the creditors of the Company will be held at
Jamieson Louttit & Associates, Penfold House, Level 15, Suite 73
88 Pitt Street, in Sydney, on Feb. 11, 2016, at 10:00 a.m.


BOURKE TRADING: First Creditors' Meeting Set For Feb. 11
--------------------------------------------------------
Grahame Peter Hill of Hills Corporate Services Pty Ltd was
appointed as administrator of Bourke Trading Pty Ltd on Feb. 1,
2016.

A first meeting of the creditors of the Company will be held at
Suite M2 135 Victoria Road, Drummoyne NSW 2047, on Feb. 11, 2016,
at 10:30 a.m.


CABLE PROJECTS: First Creditors' Meeting Set For Feb. 10
--------------------------------------------------------
Raj Khatri and Chris Cook of Worrells Solvency & Forensic
Accountants were appointed as administrators or Cable Projects
Australia Pacific Pty Ltd on Feb. 1, 2016.

A first meeting of the creditors of the Company will be held at
Worrells Solvency & Forensic Accountants, 8th Floor 102 Adelaide
St, in Brisbane, Queensland, on Feb. 10, 2016, at 2:30 p.m.


MISSION NEW ENERGY: Ends 2015 With AUD1.8 Million in Cash
---------------------------------------------------------
Mission New Energy Limited disclosed in its quarterly report that
it spent AUD214,000 for wages during the quarter ended Dec. 31,
2015.  At the beginning of the quarter, the Company had AUD2.56
million in cash.  The Company reported a decrease in cash held of
AUD644,000.  As a result, the Company had AUD1.89 million in cash
at the end of the quarter.

A copy of the Company's Quarterly report is available for free at:

                      http://is.gd/nuzW42

                   About Mission NewEnergy

Based in Subiaco, Western Australia, Mission NewEnergy Limited is
a producer of biodiesel that integrates sustainable biodiesel
feedstock cultivation, biodiesel production and wholesale
biodiesel distribution focused on the government mandated markets
of the United States and Europe.

The Company is not operating its biodiesel refining segment.  The
refineries are being held in care and maintenance either awaiting
a return to positive operating conditions or the sale of assets.

The Company has materially diminished its Jatropha contract
farming operation and the company is now focused on divesting the
remaining Indian assets.  The Company intends to cease all Indian
operations.

Mission NewEnergy reported profit of $28.4 million on $7.27
million of total revenue for the year ended June 30, 2015,
compared to a loss of $1.09 million on $9.68 million
of total revenue for the year ended June 30, 2014.

As of June 30, 2015, the Company had $12.6 million in total
assets, $5.85 million in total liabilities and $6.76 million in
total equity.

"Although we incurred an operating profit for the year ended
June 30, 2015 of AUD28.3 million (2014: AUD1.1 million loss), we
have a history of net losses and there is a substantial doubt
about our ability to continue as a going concern," the Company
states in its annual report for the year ended June 30, 2015.


WASTEWELL PTY: First Creditors' Meeting Slated For Feb. 11
----------------------------------------------------------
Morgan Lane & Michael Peldan of Worrells Solvency & Forensic
Accountants were appointed as administrators of Wastewell Pty.
Ltd. on Feb. 1, 2016.

A first meeting of the creditors of the Company will be held at
Worrells Solvency & Forensic Accountants, 8th Floor 102 Adelaide
St, in Brisbane, Queensland, on Feb. 11, 2016, at 10:30 a.m.


* Australian Mortgage Delinquencies to Rise, Moody's Says
---------------------------------------------------------
Moody's Investors Service says a slowing housing market and rising
macroeconomic challenges will lead to an increase in Australian
mortgage delinquencies in 2016.

According to Moody's latest monthly review of the performance of
mortgages backing Australian prime residential mortgage-backed
securities (RMBS), delinquencies in excess of 30 days rose to
1.20% in November 2015 from 1.14% in October 2015.

While the month-on-month increase in delinquencies in November is
typical and reflects increased spending in the run-up to the
holiday season, Moody's expects that mortgage delinquencies will
be higher in 2016 than in 2015.

"The housing market has shown signs of cooling over recent
months," says Alena Chen, a Moody's Assistant Vice President --
Analyst.

"Strong housing market activity in both Sydney and Melbourne
helped foster relatively strong economic performance in the
respective states of New South Wales and Victoria in 2015," adds
Chen.  "But a slower pace of house price growth will mean a
slowdown in economic activity and will contribute to a
deterioration in mortgage performance in 2016 from current
exceptionally healthy levels."

In Q4 2015, house prices fell by a weighted average of 1.36%
across Australian capital cities, with Sydney and Melbourne
falling the most by 2.27% and 1.87% respectively.  Rental yields
also dropped 30 basis points in December 2015 compared with 12
months earlier, according to CoreLogic RP Data.

Moody's expects the slowdown in the housing market to continue
into 2016, particularly in Sydney and Melbourne where prices have
increased significantly over the past two years.

"Slowing growth in China, Australia's biggest export market, and
declining commodity prices, which are -- at or near multi-year
lows -- will also put pressure on the Australian economy and
contribute to below-trend growth and a soft labour market in
2016," adds Chen.

Moody's findings on mortgage delinquencies are contained in its
latest Global Structured Finance Collateral Performance Review
report.

ABOUT MOODY'S GLOBAL STRUCTURED FINANCE COLLATERAL PERFORMANCE
REVIEW REPORT

Moody's Global Structured Finance Collateral Performance Review
Report is updated monthly and covers the collateral performance of
various structured finance sectors located globally.

The report features typical aggregate performance metrics, such as
delinquencies and losses, as well as sector-specific metrics that
include residential and commercial property prices, loans in
special servicing, refinancing profiles, average WARF levels,
senior OC levels, payment rates, and excess spread.  The
underlying data is also included. The metrics are accompanied by
sector commentary and outlooks, and projected losses by vintage
where applicable.

The Australian data focuses on:

   -- Australian Prime RMBS
   -- Australian Home Prices
   -- Australian Auto ABS



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


CHINA: Default Risks for $15-Tril. Corporate Debt Rising
--------------------------------------------------------
James Kynge at The Financial Times reports that default risks for
a pile of $15 trillion in Chinese corporate debt are rising to
their highest levels since the 2008 financial crisis as sluggish
demand, weak pricing and high leverage sap the dynamism of the
country's most powerful companies.

The FT relates that rating agencies that assess credit risks among
China's top corporations are predicting a jump in bond repayment
defaults this year as they add more companies to their watch lists
for downgrades, ratings executives said.

Standard & Poor's estimates that the number of bond defaults will
rise to double digits this year, a record, up from nine last year,
as credit quality deteriorates in the world's second-largest
economy, the FT says.

Christopher Lee, S&P's chief ratings officer for Asia-Pacific,
said the rating agency has put 15% of its rated portfolio of 240
Chinese companies on watch -- the most since the 2008 financial
crisis and nearly double the 8 per cent of a year ago, according
to the FT.

"Credit quality has deteriorated further in the past four weeks,"
the report quotes Mr. Lee as saying. "I would say that the
percentage of corporates with a negative ratings outlook would be
trending towards 18 per cent. We see further pressure on ratings
and outlooks for the rest of the year."

Fitch last week raised the number of Chinese rated companies on
watch for a downgrade to 12% of its portfolio of 107 non-financial
corporates, up from 7.4% in January 2015, according to the FT.

A similar trend is evident at Moody's, the report notes.

According to the FT, China's bond default levels have been kept
low by international standards because of ample liquidity in the
economy and strenuous official efforts to prevent companies from
going bust. Beijing knows that with $15 trillion in corporate
debts, equal to about 145% of gross domestic product, any
sustained wave of defaults would trigger a financial crisis, the
FT states.

But officials said in January that China would over the next three
years "basically" resolve the problem of zombie companies, which
usurp resources and produce little or nothing of value, adds the
FT.


CHINA JINMAO: Moody's Assigns Ba2 Rating to USD Sub. Securities
---------------------------------------------------------------
Moody's Investors Service has assigned a Ba2 rating to the USD
subordinated guaranteed perpetual capital securities to be issued
by Franshion Brilliant Limited and irrevocably and unconditionally
guaranteed by China Jinmao Holdings Group Limited (Baa3 stable).

The rating outlook is stable.

The proceeds of the proposed issuance will be used for general
corporate purposes.

RATINGS RATIONALE

Moody's considers the proposed perpetual securities as hybrid
instruments with a 50% equity component for the purposes of
calculating leverage.

The Ba2 rating reflects (1) the deeply subordinated nature of the
hybrid debt which ranks behind China Jinmao's senior debt
obligations in terms of the priority of claims; and (2) the
feature of the hybrid offering an option to defer coupons on a
cumulative basis.

"Although the proposed issuance will increase China Jinmao's debt,
its credit metrics will remain within the parameters set for its
Baa3 rating level," says Kaven Tsang, a Moody's Vice President and
Senior Credit Officer.

Moody's expects China Jinmao's adjusted debt/capitalization and
EBIT coverage of interest to remain at 45%-50% and 3.5x-4.0x
respectively in the next 12-18 months.  Such levels support the
current Baa3 issuer rating.

"The proposed hybrid issuance will enhance China Jinmao's already
strong liquidity position," adds Tsang, also Moody's Lead Analyst
for China Jinmao.

The company's cash holdings of around HKD17.7 billion at end-June
2015 could cover more than 2x its short-term debt.

China Jinmao's Baa3 issuer rating continues to reflect its credit
strength of stable rental income generated from its quality
portfolio of investment properties, including prime office
buildings and hotels in Shanghai and Beijing.

On the other hand, the company faces execution risks as a result
of the planned expansion of its property development business.
Its lack of geographic and cash flow diversity will also increase
its exposure to performance volatility.  But the financial risk
arising from such revenue volatility will be partially mitigated
by the stream of stable rental income.

The stable outlook reflects Moody's expectation that China Jinmao
will be able to deliver contracted sales growth and maintain
adequate liquidity to fund its expansion.

The rating could be upgraded if China Jinmao: (1) executes its
sales plan and achieves its sales targets; (2) improves its
geographic diversity and business scale; and (3) strengthens its
financial ratios, with EBIT coverage of interest above 5.0x.

On the other hand, Moody's would consider downgrading the ratings
if China Jinmao: (1) is unable to implement its business plan, or
China's property market experiences a significant downturn, such
that cash flow is weaker than expected; (2) pursues further debt-
funded land acquisitions; or (3) significantly increases its
investments in residential properties and funds them via debt.

These metrics would indicate downgrade pressure: (1) adjusted
debt/capitalization above 50%; (2) EBIT coverage of interest below
3.5x-4.0x; or (3) cash/short-term debt below 150%.

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

Listed on the Stock Exchange of Hong Kong in 2007, China Jinmao
Holdings Group Limited is a subsidiary of Sinochem Hong Kong
(Group) Company Limited.

China Jinmao develops commercial and integrated properties in
first-tier and major second-tier cities in China.  It has also
invested in primary land development projects in China, namely, in
Changsha, Sanya, and Nanjing.


EVERGRANDE REAL: Moody's to Retain B2 CFR on Consent Solicitation
-----------------------------------------------------------------
Moody's Investors Service says that Evergrande Real Estate Group
Limited's consent solicitation has no immediate impact on its B2
corporate family rating and B3 senior unsecured debt rating, or on
the negative ratings outlook.

According to the February 1, announcement, Evergrande is seeking
consent from the holders of its USD1.5 billion 8.75% notes due
2018 and USD1 billion 12% notes due 2020 to amend their terms --
including amendments in relation to restricted payments, debt
incurrence, and certain provisions and definitions -- to conform
with its recently issued notes due 2019.

"The proposed amendments -- if approved -- will loosen existing
restrictions on Evergrande's ability to raise debt," says Franco
Leung, a Moody's Vice President and Senior Analyst.

"But Evergrande's financial policies and its access to the capital
markets have been factored into its current ratings and the
negative ratings outlook," adds Leung.

Moody's expects Evergrande will continue its pace of expansion in
the coming 1-2 years, following its strong contracted property
sales growth in 2015.  Consequently, it will have to fund its land
and construction costs to maintain annual contracted sales of
RMB200 billion or more per annum.

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

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

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

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

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

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

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

Evergrande Real Estate Group Limited is among the top five
residential developers in China as measured by sales volume, with
a standardized operating model.

Founded in 1996 in Guangzhou, the company has rapidly expanded its
business across the country over the past few years.

At end-June 2015, its land bank totaled 144 million square meters
in gross floor area across 154 cities in China.


EZUBAO: Suspected of $7.6 Billion Ponzi Scheme
----------------------------------------------
Xinhua News Agency reports that weeks of police investigation have
found substantial evidence that online peer-to-peer broker Ezubao
cheated about 900,000 investors out of more than
CNY50 billion (US$7.6 billion).

Xinhua says the P2P platform had been in operation for 18 months
when it was shut down by police in December after conducting
transactions involving CNY70 billion. Most investment projects
featured on the company website were fake, a police source said on
Jan. 31.

Ezubao was nothing but a Ponzi scheme, according Zhang Min,
president of Yucheng Global, parent company of Ezubao, who claims
senior executives were fully aware of the nature of the business,
Xinhua relates. She is one of 21 suspects arrested on Jan. 14.

Ding Ning, chairman of Yucheng Global and the main suspect, told
Xinhua that Ezubao invented projects to attract funds, paying
commission to third parties to act as a fake operator. Funds were
transferred from Ezubao via the operator to an associated
enterprise of Yucheng Global.

Ms. Ding said about CNY800 million of commissions were paid,
according to Xinhua.

"To my knowledge, 95 percent of investment projects on Ezubao were
fake," Xinhua quotes Yong Lei, a senior manager with the company's
branch in east China's Anhui Province, as saying. His department
was in charge of "filling in details of investment projects and
promoting them on online."

According to Xinhua, the police investigation supports the
suspects' statements.  Police investigated 207 companies on
Ezubao's books but only one turned out to have actual business
transactions with Ezubao, the report says.  Many companies did not
even know they were being promoted on the platform. An Anhui
businessman told Xinhua that he had no idea his company was listed
with Ezubao until police froze his bank account.

"They stole my business registration and taxation information
through another transaction between my firm and Yucheng Global
then faked the project. It's an outrage," he said.

Ezubao promised investors returns of up to 14.6 percent a year,
much higher than banks. In the event of the investment project
turning sour, Ezubao promised to return principals to investors
with interest at the average bank rate, Xinhua reports.

Today, 100,000-yuan deposited in a regular bank will generate
about CNY2,000 in a year, but Ezubao promised up to CNY14,000,
Xinhua relates citing an investor.

Xinhua notes that the scheme started to fall apart late last year
when the company ran short of cash as redemptions of principals
soared.

The report relates that the company estimated that it would have
to find around CNY900 million in January, and that amount would
grow in the coming months. Yucheng Global's three other businesses
had a combined revenue of CNY800 million and net profits of less
than CNY100 million, nowhere near enough to cover Ezubao's needs,
according to Xinhua.

Abnormal transactions attracted the attention of financial
regulators and police, and in early December, according to the
police source, senior company executives began to hide assets and
destroy evidence, with some planning to flee, Xinhua says.

Xinhua relates that the police said the company had branches
across the country with a huge number of investors and disastrous
financial management. The investigation was particularly testing
for law enforcers who had to go through around 200 servers to
retrieve digital transaction records.

Attempting to destroy evidence, the suspects even packed about
1,200 volumes of financial documents into 80 travel bags and
buried them six meters underground at a location in Hefei, the
provincial capital of Anhui. It took police 20 hours to dig them
out with two excavators, Xinhua discloses.

Xinhua notes that while some of the funds went to pay disgruntled
investors, a considerable amount went straight into the pockets of
senior executives.

According to Xinhua, Zhang Min said about 80 company executives
earned annual salaries above CNY1 million. In November 2015 alone,
the company paid a salary bill of CNY800 million. Zhang herself
received a bonus of CNY550 million cash, together with a villa,
jewelry and cars. A large amount went on advertising and promotion
of the company.

Police told Xinhua that they are still tracking the money flow and
will try their best to minimize losses for investors. Victims will
soon be able to register their grievances on the Ministry of
Public Security website, adds Xinhua.


GOLDEN WHEEL: S&P Affirms 'B' CCR; Outlook Stable
-------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' long-term
corporate credit rating on Jiangsu-based property developer Golden
Wheel Tiandi Holdings Co. Ltd. (GW Tiandi).  The outlook is
stable.

At the same time, S&P affirmed its 'cnBB-' long-term Greater China
regional scale rating on the company.  S&P also affirmed its 'B'
long-term issue rating and 'cnBB-' long-term Greater China
regional scale rating on GW Tiandi's outstanding senior unsecured
notes.

"We affirmed the ratings to reflect GW Tiandi's limited number of
projects, concentration within a few cities, and weakening
interest coverage," said Standard & Poor's credit analyst Dennis
Lee.  "However, the company's stable rental income from its
investment properties and leasing income from its metro malls
partially offset the weaknesses."

S&P forecasts GW Tiandi's EBITDA interest coverage will drop
significantly below 2x in 2015 due to the lack of project
completions, and recover to 1.5x-2.0x over the next two years on
more project deliveries.  On the other hand, GW Tiandi's
investment properties in Nanjing and Zhuzhou, and its metro mall
sub-leasing business continue to generate stable recurring incomes
to the company.  S&P estimates that this income will continue to
cover a significant portion of the company's interest expenses.

S&P expects GW Tiandi to meet our sales expectation of about
Chinese renminbi (RMB) 1 billion in 2015, and improve to RMB1.5
billion in 2016 and RMB 2.0 billion in 2017, following the launch
of new projects.  As of the end of 2015, GW Tiandi has seven
projects under development, three of which are in Nanjing.  S&P
anticipates that the company will achieve satisfactory sell-
through for its projects in Jiangsu, with a good sales margin of
over 30%.

"Due to growing market competition and soaring land costs, in our
view, GW Tiandi may not be able to acquire suitable projects at a
reasonable cost in Nanjing for future development," Mr. Lee said.
"The company is targeting small land parcels at a total cost of
RMB200 million - RMB400 million.  It does not have much intention
of expanding outside Nanjing."

High occupancy at GW Tiandi's investment properties in Nanjing and
Zhuzhou and its growing metro mall leasing business should
continue to generate stable recurring income for the company.  S&P
forecasts that such income will grow moderately from 2015 onward
as new metro malls open in Suzhou, Wuxi, and Changsha.

S&P forecasts that GW Tiandi's leasing income could cover 65% of
its interest expenses in 2015, and marginally reduce in 2016-2017
because the company may raise debt for the construction of its
existing projects and to replenish land reserves.  However, this
ratio is significantly higher than those of similarly rated peers.
S&P expects the income will continue to provide stable cash flow
to GW Tiandi for debt repayment.

The stable outlook on GW Tiandi reflects S&P's expectation that
revenue from property development will significantly improve as
the company launches new projects in the second half of 2015 and
expects to deliver more projects in 2016.  At the same time, S&P
expects the company's stable recurring incomes from its investment
properties and its metro mall leasing business will grow steadily
over the next two years.  In S&P's base-case scenario, it
forecasts that GW Tiandi's EBITDA interest coverage will improve
to 1.5x-2.0x in 2016, after a significant drop in 2015.

S&P may lower the rating under these scenarios:

   -- GW Tiandi's revenue from property development does not
      improve ubstantially in the coming two years, such that its
      EBITDA interest coverage ratio remains below 1.0x;

   -- The company's ratio of leasing income to interest expenses
      falls substantially from S&P's forecast level of about 65%
      in 2015 and about 50% in 2016; or

   -- GW Tiandi's sources of liquidity are materially
      insufficient to cover its uses, resulting in a weak
      liquidity position. This could happen if the company's
      contracted sales are substantially below S&P's forecast of
      RMB1.5 billion in 2016 or it becomes aggressive towards
      land acquisitions.  It could also happen if GW Tiandi
      cannot roll over its loans due or banks request immediate
      repayments on borrowings that have a repayment-on-demand
      clause.

"An upgrade is unlikely in the next 12 months, given GW Tiandi's
small operating scale and high geographic and project
concentration risk.  We may raise the rating if the company has a
longer record of operating on a large scale and increases its
financial stability by growing its investment property portfolio,"
Mr. Lee said.


KU6 MEDIA: Signs Strategic Cooperative Agreement With 720Yun.com
----------------------------------------------------------------
Ku6 Media Co., Ltd. has entered into a strategic cooperation
agreement with 720Yun.com to enhance the Company's virtual reality
strategy previously announced.  The Company recently launched a
cooperative VR community at the following website:
http://www.ku6.com/c2015/720yun/.

Ku6 Media and 720Yun.com's cooperative VR community currently
features eight categories, including aerial photography, SLR
(single lens reflex) photography, virtual effects, quick mode
(RICOH THETA), cities, campuses, fun and business projects.  The
Company expects to add additional categories to the VR community
in the future.

Pursuant to the Agreement, 720Yun.com will provide three-
dimensional panorama technology and contents to Ku6 Media in the
form of video and picture, and serve as technical support for the
Company's new VR products.  The two companies will work together
in exploring and developing potential business models relating to
three-dimensional panorama contents.

Benefits to Users

Utilizing existing VR products, Ku6 Media is now providing a
welcoming portal for visitors to expand, upload, and deliver their
personal three-dimensional contents to daily visitors.  The
Company has already seen visitors expanding rapidly and has
received strong feedbacks from its regular active users since
launching of its VR community Web site.  In addition, the merging
of its technology with 720Yun.com will be attractive to
professionals, as three-dimensional panorama has been used in a
variety of industries to graphically present product features and
descriptions.

Mr. Feng Gao, chief executive officer of Ku6 Media, commented, "As
a preeminent UGC provider in China, we need to continue to provide
technologically superior products available to our users.  We are
very pleased to form strategic partnership with 720Yun.com, one of
China's leading three-dimensional panorama technology companies,
to create a truly unique virtual reality community.  Three-
Dimensional Panorama is one of the most important technological
aspects in developing our virtual reality strategy, and this
strategic cooperation with 720Yun.com is a solid step forward for
Ku6 Media.  We feel strongly that the development of this emerging
technology will continue to drive visitors to our website and
increase the proliferation of user-generated content and
ultimately, generate higher revenues for the Company."

                         About Ku6 Media

Ku6 Media Co., Ltd. -- http://ir.ku6.com/-- is an Internet video
company in China focused on User-Generated Content.  Through its
premier online brand and online video Web site --
http://www.ku6.com/-- Ku6 Media provides online video uploading
and sharing service, video reports, information and entertainment
in China.

As of Dec. 31, 2015, the Company had $9.01 million in total
assets, $14.3 million in total liabilities and a $5.29 million
total shareholders' deficit.

PricewaterhouseCoopers Zhong Tian LLP, in Shanghai, the People's
Republic of China, issued a "going concern" qualification on the
consolidated financial statements for the year ended Dec. 31,
2014, citing that the Company's recurring losses, negative working
capital, net cash outflows, and uncertainties associated with
significant changes made, or planned to be made, in respect of the
Company's business model, raise substantial doubt about the
Company's ability to continue as a going concern.


ZHONG AN REAL: S&P Affirms Then Withdraws 'B-' CCR
--------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'B-' long-term corporate credit rating on China-based property
developer Zhong An Real Estate Ltd. with a stable outlook.  S&P
also affirmed the 'cnB' long-term Greater China regional scale
rating on the company.  S&P then withdrew all ratings at the
company's request.

The affirmed rating prior to the withdrawal reflected S&P's
opinion that Zhong An's small operational scale and high
geographical concentration subject it to volatile operational
performance.  In June 2015, 96% of the company's land banks were
in Zhejiang and Anhui provinces. Despite good brand recognition in
its home market of Hangzhou, the company's margin will likely
remain under pressure in 2016 due to intensifying competition and
slow property delivery.  The rating also reflected the company's
less than adequate liquidity.  In June 2015, the company had cash
of Chinese renminbi (RMB) 1.3 billion, slightly less than its
total borrowings due within one year of RMB1.4 billion.

The stable outlook at the time of withdrawal reflected S&P's
expectation that Zhong An's liquidity will improve slightly over
the next 12 months and the company will manage its debt-maturity
profile.  S&P also expects Zhong An's leverage to remain very high
as the company's margins are likely to remain low in 2016.
Currently, there are no senior notes outstanding.



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


CHINA FISHERY: S&P Lowers LT Corp. Credit Rating to 'D'
-------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its long-term
corporate credit rating on China Fishery Group Ltd. to 'D' from
'SD'.  At the same time, S&P lowered its long-term issue rating on
the senior unsecured notes due 2019 issued by CFG Investment
S.A.C. to 'D' from 'CC'; China Fishery guarantees the notes.  S&P
also lowered its long-term Greater China regional scale ratings on
China Fishery to 'D' from 'SD' and on the outstanding notes to 'D'
from 'cnCC'.  China Fishery is a Singapore-listed fishing company
with operations or business in Peruvian, African, and Russian
waters.

S&P downgraded China Fishery after the company missed a coupon
payment on the US$300 million senior unsecured notes due 2019 that
China Fishery guarantees.  The coupon payment of about US$14.63
million was due on Jan. 30, 2016.

"We do not expect China Fishery to make the payment within the 30-
day grace period, given that the company may need to reserve all
available cash to fund its fishing operations in Peru," said
Standard & Poor's credit analyst Lillian Chiou.  "We also do not
believe the company will pay its other debt obligations, given its
tight liquidity position."

All of China Fishery's banking facilities are at standstill, and
it has no additional liquidity support.

S&P expects China Fishery's operating performance to continue to
deteriorate over the next 12 months.  S&P anticipates that revenue
for fiscal 2015 (ended Sept. 28, 2015) may have dropped by 30%-35%
year over year given the adverse weather conditions that have
affected fishing catches in Peru, significantly reduced sales from
the fish supply business in Russia, and still-weak operations in
Namibia.  S&P also expects revenue growth in fiscal 2016 to remain
flat, given the impact of El Nino on the 2015 'Season B' and
possible delays in fishing activities, given the company's
liquidity distress.



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


AKUL DEVELOPERS: CRISIL Suspends 'B' Rating on INR90MM LT Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of
Akul Developers (AD).

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Proposed Long Term
   Bank Loan Facility       90       CRISIL B/Stable

The suspension of rating is on account of non-cooperation by AD
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, AD is yet to
provide adequate information to enable CRISIL to assess AD'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 2013 as a partnership entity AD is engaged in
residential real estate development. The company is promoted by
Mr. Raja Bhaskar and Mr. J Gurappa Naidu, and is currently
developing a residential project, Akul Residency, in Bangalore.


AMTEX SOFTWARE: CRISIL Suspends B- Rating on INR160MM Term Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Amtex Software Solutions Private Limited (Amtex).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         10       CRISIL A4
   Cash Credit            20       CRISIL B-/Stable
   Proposed Term Loan     60       CRISIL B-/Stable
   Term Loan             160       CRISIL B-/Stable

The suspension of ratings is on account of non-cooperation by
Amtex with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, Amtex is yet to
provide adequate information to enable CRISIL to assess Amtex'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 2000 in Chennai (Tamil Nadu) as Amtex Infotech Pvt Ltd,
the company was given the current name in 2012. Amtex is engaged
in providing a range of IT services, including software
development, software testing, data mining and business
intelligence, and business process outsourcing services to its US-
based parent company, Amtex Systems Inc, New York (ASI). The
company is currently in the process of setting up a corporate
office in Siruseri IT Park, Chennai.


ANTIQUE COTTEX: ICRA Reaffirms B+ Rating on INR7.50cr Loan
----------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating to the INR7.50 crore fund-
based cash credit facility and INR0.68 crore fund-based term loan
facility of Antique Cottex Private Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit            7.50       [ICRA]B+; Reaffirmed
   Term loan              0.68       [ICRA]B+; Reaffirmed

The rating continues to be constrained by the company's weak
financial profile characterized by thin profitability, leveraged
capital structure as well as subdued coverage indicators. The
rating also considers the low profit margin on account of limited
value addition and highly competitive and fragmented industry
structure due to low entry barriers. The rating are further
constrained by vulnerability of profitability to raw material
prices, which are subject to seasonality and crop harvest and
regulatory risks with regard to minimum support price (MSP) of raw
cotton and export of cotton bales.

The rating however continues to favorably consider the long
experience of the promoters in cotton industry as well as
favorable location of the plant giving it easy access to high
quality raw cotton.

Antique Cottex Private Limited was incorporated in February 2011
and the plant was commissioned in December 2011. The company is
promoted and managed by three directors Mr. Vinod Ghatodiya, Mr.
Vishal Ghatodiya and Mr. Arvind Ghatodiya. The company is engaged
in cotton ginning and pressing to produce cotton bales. The
company's manufacturing facility is equipped with 24 ginning
machines with an intake capacity of 92 MTPD (considering 20 hours
per day). The promoters also operate two other group companies --
Amar Trading Company and M/s Amar Cera Decorative. Both the group
companies are involved in trading operations.

Recent Results
For the year ended 31st March, 2015, the company reported an
operating income of INR41.65 crore with profit after tax (PAT) of
INR0.01 crore.


BISUI POULTRY: ICRA Assigns 'B' Rating to INR5.11cr Loan
--------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B to the INR4.16
crore* term loan and INR0.59 crore cash credit facilities of
Bisui Poultry Private Limited. ICRA has also assigned [ICRA]B
rating to an untied limit of INR5.11 crore of BPPL.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limit
   Term Loan              4.16        [ICRA]B assigned

   Fund Based Limit
   Cash Credit            0.59        [ICRA]B assigned

   Fund Based Limit
   Untied limit           5.11        [ICRA]B assigned

Rating Rationale
The assigned rating takes into account BPPL's small scale of
current operation with a limited operational track record of the
poultry farm and a weak financial profile of the company,
characterized by a leveraged capital structure and depressed level
of coverage indicators. The rating continues to be impacted by the
stretched liquidity profile of the company along with significant
repayment obligations for the debt funded capital expenditure in
comparison to the current accruals, which is likely to keep its
cash flows under pressure, going forward. The rating also factors
in the company's exposure to project related risks with debt yet
to be tied up, including risks associated with stabilization of
the upcoming poultry unit as per the expected operating
parameters. ICRA also notes of the inherent weaknesses in the form
of seasonal demand and susceptibility to risks like disease
outbreak and vulnerability of margins to input feed price
fluctuations, which largely consists of maize and soya. However,
ICRA has favourably considered the experience of the promoter in
poultry industry and a healthy demand outlook for the layers
segment of the industry with demand for eggs expected to remain
favourable going ahead.

Incorporated in 2012, BPPL is engaged in the business of
commercial layer poultry farming and is involved in sale of table
eggs. The poultry farm has a total capacity of 70,000 layer birds
with facilities located at Bankura, West Bengal. BPPL is also
setting up another unit in the same premise, wherein the company
plans to operate poultry farm with a total capacity of 80,000
layer birds.

Recent Results
During 2014-15, BPPL posted a net profit of INR0.31 crore on an
operating income of INR4.40 crore.


CHIRAG RICE: CRISIL Reaffirms B Rating on INR50MM Cash Loan
-----------------------------------------------------------
CRISIL's rating on the long-term bank loan facilities of
Chirag Rice & Pulse Mill (CRPM) continue to reflect CRPM's modest
scale of operations in the intensely competitive rice-milling
industry, and its weak financial risk profile marked by high
gearing, weak debt protection metrics and modest net worth. These
rating weaknesses are partially offset by the extensive experience
of the firm's promoters in the rice-milling industry.

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

   Proposed Long Term
   Bank Loan Facility       0.1    CRISIL B/Stable (Reaffirmed)

   Term Loan                6.9    CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes CRPM will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' in case of significant increase in
revenue and profitability, resulting in large cash accrual, or
substantial capital infusion leading to considerable improvement
in capital structure. Conversely, the outlook may be revised to
'Negative' if liquidity weakens because of decline in
profitability, or stretched working capital cycle, or large debt-
funded capital expenditure.

Update
In 2014-15 (refers to financial year, April 1 to March 31), sales
declined by 15 percent to INR131 million from INR154 million for
2013-14, due to sluggish order flow. Over the medium term, sales
are expected to grow at a modest pace of 5-10 percent per annum.
Operating profitability was low at around 4.20 percent in 2014-15,
and is expected at 4.0 to 4.5 per cent over the medium term
because of intense market competition coupled with low value added
operations.In 2014-15, Working capital requirement was high,
indicated by gross current assets (GCAs) of 246 days as on March
31, 2015, because of large inventory of 202 days and moderate
receivables of 30 days. Over the medium term, GCAs are expected at
180 to 200 days as working capital requirement will rise with the
expected increase in scale of operation. As on March 31, 2015,
gearing was high at 2.74 times due to higher working capital
related debt and a modest networth. Over the medium term, with
build-up of networth and moderate incremental working capital
requirement, the gearing is expected at 2.00 to 2.50 times. Over
the medium term, debt protection metrics are expected to remain
weak, with interest coverage ratio at around 1.50 to 1.80 times
and net cash accrual to total debt ratio at around 0.04 to 0.06
time due to modest profitability as compared with debt. Liquidity
remains stretched on account of tightly matched accrual and term
debt obligation, and large working capital requirement. However,
liquidity will be supported by absence of large debt-funded capex
plan and promoters' funding support.

CRPM reported a profit after tax (PAT) of INR0.8 million on sales
of INR131 million for 2014-15 (refers to financial year, April 1
to March 31), as against a PAT of INR1.0 million on sales of
INR154 million for 2013-14.

CRPM, established in 1991, is engaged in milling of non-basmati
rice in Anand (Gujarat) and sells under its registered brand,
Anupam. The firm has capacity of 3.50 tonnes per hour. Its
operations are managed by Mr. Hirabhai M Patel, Mr. Dashrathsinh V
Gohil, and Mr. Nikulkumar D Chapaneri.


CUSP INTERNATIONAL: CRISIL Suspends B- Rating on INR30MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of CUSP
International Private Limited (CIPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            30       CRISIL B-/Stable
   Letter of Credit       50       CRISIL A4

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

CIPL was incorporated in 2010 and is based in Delhi. The company,
by promoted Mr. Vinod Kakar and his family members, trades in
synthetic leather.


DAX NETWORKS: ICRA Suspends 'D' Rating on INR22.18cr Bank Loan
--------------------------------------------------------------
ICRA has suspended the long-term/short-term rating of [ICRA]D
assigned to the INR22.18 crore bank facilities Dax Networks
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


DWARIKA ROLLER: ICRA Suspends 'B' Rating on INR9.15cr Loan
----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to the
INR9.15 crore fund based bank facilities of Dwarika Roller Flour
Mills Private Limited. ICRA has also suspended the short term
rating of [ICRA]A4 assigned to the INR6.00 crore non fund based
facilities of Dwarika Roller Flour Mills Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


EAST COAST: ICRA Lowers Rating on INR4927cr Loan to 'D'
-------------------------------------------------------
ICRA has revised the long term rating assigned to the INR4927
crore term loan limits and INR668 crore non-fund based limits of
East Coast Energy Private Limited to [ICRA]D from [ICRA]B+.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term loans           4927.00      Revised to [ICRA]D
   Non-fund based        668.00      Revised to [ICRA]D

ICRA's rating action is on account of the delays in meeting the
interest obligations by ECEPL on the term loans availed for
setting up a 1320 MW thermal power project in Srikakulam district
of Andhra Pradesh. The is caused by the delays in implementation
of the power project caused by suspension of project construction
by Ministry of Environment & Forests (MoEF), Government of India
from March, 2011 to April, 2012 and due to local disturbances from
October, 2012 to March, 2013 and, subsequently due to delays in
tie-up of pending equity and debt funding for cost overruns.
ICRA's rating is further constrained by the significant cost
overruns at 42% of the appraised project cost arising primarily
due to long delays in implementation of the project coupled with
foreign currency fluctuations on the imported BTG cost and
escalation in works awarded post initial project appraisal. ICRA
notes that the project cost is exposed to further escalation given
the risk of delays in implementation beyond the revised CoD
schedule of September, 2016 (revised from September 2013 by the
lead lender in July, 2014) in view of the paucity of funds and
about 37.5% of construction progress achieved by the project so
far. Further, financing risks remain as the project is yet to tie-
up the debt portion for the cost overruns and balance equity. ICRA
also takes note of the letter of assurance (LoA) in place from
Mahanadi Coalfields Limited (MCL) for 70% of the project's fuel
requirement, with the remaining 30% proposed to be met through
imported coal. ECEPL has extended the commitment guarantee
provided to MCL for the LoA.

ICRA however takes note of the availability of the entire land
required for the main plant area, receipt of major approvals and
resolution of the dispute with MoEF, GoI. The rating also factors
in the long term power purchase agreement (PPA) signed with Kerala
State Electricity Board for 100 MW and the project emerging as a
L1 bidder for supply of 488.5 MW to Andhra Pradesh DISCOMs for a
period of 25 years. Further, ICRA notes that the letter of intent
(LoI) received by ECEPL from Andhra Pradesh DISCOMs in 2012 for
supply of 300 MW is yet to be converted into a PPA.

ECEPL is developing a 1320 MW (2 X 660 MW) supercritical unit at
Kakarapalli, in Srikakulam District, Andhra Pradesh. The project
sponsors along with proposed shareholding are Asian Genco Pte
Limited (13.3% holding), Cobalt Power Private Limited (majorly
held by Navayuga group) (33.22% holding), Athena Energy Ventures
Private Limited & associates (32.42% holding), Abir Infrastucture
Limited & associates (15.35% holding) and PTC India Financial
Services Limited (5.71% holding).

ECEPL has received all required permits for the construction of
the plant, transmission line and water supply. Land required for
the main plant area has been acquired, while land required for
water pipeline and railway corridor is pending to be acquired.
Given the delays in execution, the project commissioning schedule
has been revised from April, 2013 and September, 2013 for unit-1
and unit-2 to March, 2016 and September, 2016 respectively by the
lead lender. The project cost has been revised from INR6570 crore
to INR9343.15 crore to be funded through debt and equity of
INR7006.65 crore and INR2336.50 crore respectively.


ESS GEE: CRISIL Lowers Rating on INR80MM Cash Loan to B+
--------------------------------------------------------
CRISIL has downgraded its ratings on bank facilities of Ess Gee
Trendz Private Limited (EGT) to 'CRISIL B+/Stable/CRISIL A4' from
'CRISIL BB-/Stable/CRISIL A4+'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee          20      CRISIL A4 (Downgraded from
                                   'CRISIL A4+')

   Cash Credit             80      CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

The downgrade reflects significant deterioration in the company's
financial risk profile on account of higher-than-expected debt-
funded capital expenditure (capex). In 2014-15 (refers to
financial year, April 1 to March 31), it purchased an office-cum-
warehouse building for around INR54 million, funded by a term loan
of INR47.5 million. Earlier, it had no significant term debt,
thus, the financial ratios, especially, total outside liabilities
to adjusted tangible networth1 and interest coverage ratios, have
weakened. Also, the financial risk profile continues to be
constrained by a small networth of INR45.8 million, as on March
31, 2015, due to low accretion to reserves. Though the scale of
operations is expected to grow at a significant pace of 25-30
percent over medium term, CRISIL believes that, EGT's financial
risk profile will continue to remain weak over medium term.

The ratings reflect EGT's modest scale of operations in highly
fragmented industry, large working capital requirements and highly
leveraged capital structure. These rating weaknesses are partially
offset by the extensive experience of the company's promoters in
the distribution of branded goods and the funding support received
from them. The ratings also factor in a long and established
association with reputed brands and continuously increasing scale
of operations.
Outlook: Stable

CRISIL believes EGT will continue to benefit over the medium term
from its established relationship with key suppliers and extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' in case of significantly higher-than-expected cash
accrual along with improvement in the capital structure.
Conversely, the outlook may be revised to 'Negative' in case of a
decline in revenue and profitability, a stretched working capital
cycle, or large debt-funded capex.

EGT was originally established in 2003 as a proprietorship firm,
Ess Gee Footwear; the firm was reconstituted as a company with the
current name in 2009. It is a distributor for brands such as
Adidas, Reebok, UCB, Pepe, and Red Chief, mainly in North India.
It also has five retail outlets. The company is promoted by Mr.
Gaurav Chawla and Mr. Sanjay Chawla.

In 2014-15, on provisional basis, profit-after-tax (PAT) was
INR8.7 million on net sales of INR1.7 billion, as against a PAT of
INR7.8 million on net sales of INR1.3 billion in 2013-14.


GEMUS ENGINEERING: CRISIL Cuts Rating on INR65MM Loan to B+
-----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Gemus Engineering Limited (GEL) to 'CRISIL B+/Stable/CRISIL A4'
from 'CRISIL BB-/Stable/CRISIL A4+'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             65      CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

   Letter Of Guarantee     30      CRISIL A4 (Downgraded from
                                   'CRISIL A4+')

   Term Loan               36      CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

The downgrade reflects CRISIL's belief that GEL's liquidity will
remain constrained on account of low cash accrual against debt
obligation. The company plans capital expenditure (capex) of INR35
million in 2015-16 (refers to financial year, April 1 to March 31)
to expand manufacturing capacity, which will be funded through
term loan of INR29 million and internal accrual. Increase in debt
and low cash accrual will result in deterioration in debt
protection metrics. Interest coverage ratio weakened to 1.9 times
in 2014-15 from 2.2 times a year earlier on account of decline in
profitability, and is expected to deteriorate in 2015-16 of
account of increase in debt and stable cash accrual. Substantial
and sustained improvement in revenue and profitability, along with
steady working capital management, will remain a key sensitivity
factor.

The ratings reflect GEL's modest scale of operations, large
working capital requirement, and vulnerability of operating margin
to fluctuations in raw material prices. These weaknesses are
partially offset by promoters' considerable experience in the
ductile iron castings industry.
Outlook: Stable

CRISIL believes GEL will continue to benefit over the medium term
from its promoters' extensive industry experience and established
relationships with customers. The outlook may be revised to
'Positive' in case of substantial and sustained improvement in
revenue and profitability, or in working capital management, or in
capital structure because of sizeable equity infusion. Conversely,
the outlook may be revised to 'Negative' if profitability declines
steeply, or if capital structure deteriorates significantly
because of large debt-funded capex or stretch in working capital
cycle.

GEL, set up in August 1996 by Kolkata-based Sharma family,
manufactures products cast in ductile iron as per customers'
specifications. Its products are primarily used in the railways
and water works industries. It commenced commercial production in
2001 and operations are managed by director Mr. Rajeev Sharma.


GENIX AUTOMATION: CRISIL Suspends 'D' Rating on INR70MM Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Genix Automation Private Limited (GAPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         30       CRISIL D
   Cash Credit            50       CRISIL D
   Letter of Credit       70       CRISIL D
   Working Capital
   Term Loan              60       CRISIL D

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

GAPL was set up in September 2006 by Mr. JJ Kim and Mr. Hiren
Desai. It designs, manufactures and installs assembly lines and
its ancillary automation equipment and process equipment,
primarily for automobile companies. The company caters only to
original equipment manufacturers; its major customers include Tata
Motors Ltd, FIAT India Automobile Ltd, and Renault Nissan India.
GAPL's registered office and factory are in Pune (Maharashtra).
The company also has a branch office-cum-factory at Chennai (Tamil
Nadu).


GREENWORTH INFRASTRUCTURES: ICRA Rates INR10cr LT Loan at B+
------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to the INR10.00
crore fund based facility of Greenworth Infrastructures Private
Limited. ICRA has also assigned a short-term rating of ICRA]A4 to
the INR10.00 crore non fund based facilities of the company.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund
   Based Facility        10.00        [ICRA]B+ assigned

   Short Term Non
   Fund Based Facility   10.00        [ICRA]A4 assigned

The ratings assigned take into account the extensive experience of
GIPL's promoters in the construction sector spanning over five
decades collectively, the healthy track record of the company in
completing several key projects in Kerala as well as the
diversified nature of GIPL's operations with capability to
undertake construction of buildings, bridges and roads. The
ratings also take into account the healthy order book position of
the firm as on December 2015, providing revenue visibility in the
near to medium term with limited counterparty risks as majority of
contracts are with government entities. However, the ratings are
constrained by the moderate scale of operations of the company
with restricted operating and net profitability due to competitive
pressures; considerable geographical concentration risks with
major portion of contracts undertaken in Kerala and the tight
liquidity position of the firm as evidenced by persistent
overdrawals of bank facilities during month ends.

Greenworth Infrastructures Private Limited (Greenworth) is a Kochi
based construction company which was incorporated in 2010. It is
promoted by Mr. K.J. Paul, Mr. P.J. Jacob and Mr. P.J. George. The
promoters have more than five decades of collective experience in
the construction sector. Greenworth has a class 'A' registration
with the Kerala Public Works Department (PWD) and have completed
several projects for PWD, KSCC, KSIDC, KIIDC, NHAI, NABARD, etc.
The company primarily undertakes road construction contracts but
also have capabilities to undertake building and bridge
constructions. GIPL employs over 350 employees and owns all the
necessary machines and equipments required for its operations.

Recent results
GIPL recorded a net profit of INR1.8 crore on an operating income
of INR47.9 crore during FY 2014-15 as against a net profit of
INR2.8 crore on an operating income of INR57.4 crore during FY
2013-14.


HANUMAN TIMBER: CRISIL Assigns 'B' Rating to INR1MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Hanuman Timber Co (HTC).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             1       CRISIL B/Stable
   Letter of Credit       50       CRISIL A4

The ratings reflect the firm's small scale of operations in a
highly fragmented timber industry, susceptibility of margins to
volatility in raw material prices and foreign exchange rates, and
average financial risk profile because of a modest net worth,
average gearing, and low debt protection metrics. These rating
weaknesses are partially offset by the extensive experience of the
firm's promoters in the timber industry.

Outlook: Stable

CRISIL believes HTC will continue to benefit over the medium term
from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of significant and
sustained increase in scale of operations leading to better
accrual, together with efficient working capital management.
Conversely, the outlook may be revised to 'Negative 'in case of a
decline in cash accrual or a stretched working capital cycle,
resulting in deterioration in the financial risk profile,
especially liquidity.

Set up in 1990 as a partnership firm, HTC trades in timber and
timber logs. The firm, promoted by Mr. Murari Badruka and Mr.
Ambrish Daga, is based in Visakhapatnam (Andhra Pradesh).


HARESH OVETA: CRISIL Suspends B+ Rating on INR30MM LT Loan
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Haresh Oveta (HO).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             30      CRISIL B+/Stable

   Inland/Import
   Letter of Credit       100      CRISIL A4

   Proposed Long Term
   Bank Loan Facility      30      CRISIL B+/Stable

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

Mr. Bharat Kasat along with his brother Mr. Haresh Kasat setup the
Haresh Group, comprising HC and HO, in 1984. HO is a partnership
firm in which the members of the Kasat family are partners. The
firms trade in more than 25 varieties of bulk drugs. The firms
have a client base of more than 200 generic drug manufacturers. HO
has its offices in Mumbai (Maharashtra). The day-to-day operations
of HO are managed by Mr. Haresh Kasat.


INTOUCH TRADING: CRISIL Reaffirms 'D' Rating on INR95MM Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Intouch
Trading Private Limited (ITPL) continue to reflect instances of
delays by ITPL in servicing its term debt and interest
obligations. These delays have been caused by the company's weak
liquidity.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Long Term
   Bank Loan Facility      30      CRISIL D (Reaffirmed)

   Term Loan               95      CRISIL D (Reaffirmed)

ITPL is also exposed to risks inherent in the commercial real
estate industry and to revenue concentration risk as it has a
single project. The company, however, benefits from its promoters'
extensive entrepreneurial experience.

ITPL, incorporated in 2001, is a part of the City group
established by Mr. R R Modi and his associates. The company is
developing an information technology park in Noida (Uttar
Pradesh).


ITALIA CERAMICS: ICRA Suspends B+ Rating on INR9.12cr LT Loan
-------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA] B+ assigned to
the INR9.12 crore long term fund based facility and short term
rating of [ICRA] A4 assigned to INR3.00 crore short term non fund
based facilities of Italia Ceramics Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Italia Ceramics Private Limited (ICPL) was incorporated in 1991 by
the Poddar family prior to which the promoters were engaged in
trading of refractory material. The company has an installed
capacity of manufacturing ~27 lakh square meters of wall and floor
tiles per annum. ICPL is engaged in the manufacturing of glazed
ceramic wall tiles under its brand name "Grifine" and its
manufacturing facility is located in the Mehsana district of
Gujarat. The company makes tiles used in both, the interior as
well as exterior of various buildings. ICPL manufactures floor
tiles in the 300mmx300mm and 305mmx395mm sizes while wall tiles
are manufactured in the 300mmx450mm and 300mmx600mm sizes.


JANARDHAN PLYBOARD: CRISIL Reaffirms B- Rating on INR45MM Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Janardhan
Plyboard Industries Limited (JPIL) continues to reflect JPIL's
modest scale of operations in a fragmented industry, constrained
financial flexibility due to large, though smaller-than-before,
working capital requirement, and weak debt protection metrics.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             45      CRISIL B-/Stable (Reaffirmed)
   Proposed Fund-
   Based Bank Limits       13.5    CRISIL B-/Stable (Reaffirmed)
   Term Loan                8      CRISIL B-/Stable (Reaffirmed)

These weaknesses are mitigated by the promoters' experience.
Outlook: Stable

CRISIL believes JPIL will benefit over the medium term from its
management's efforts to shorten working capital cycle. The outlook
may be revised to 'Positive' if higher-than-expected sales and a
stable operating margin, along with better debtor days improve
liquidity. Conversely, the outlook may be revised to 'Negative' if
lower-than-expected sales or substantial reduction in operating
margin, a large, debt-funded capital expenditure, or stretched
working capital cycle weakens financial risk profile.

JPIL, incorporated in 1987 by Mr. Anil Goel, manufactures
different grades of plyboard. It was taken over by Mr. Gaurav
Singhal, Mr. Vijender Shah, Mr. Sanjay Taneja, and Mr. Deepak
Sudheja in 2011. Its manufacturing facility is located in Dehradun
(Uttarakhand).


JDS FOUNDATION: CRISIL Reaffirms B Rating on INR122.5MM Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of JDS Foundation
(JDS) continues to reflect JDS's small scale of operations with
geographical concentration in its revenue profile, and its
exposure to risks related to restrictions imposed by regulatory
bodies and to intense competition in the education sector.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Proposed Long Term
   Bank Loan Facility     122.5      CRISIL B/Stable (Reaffirmed)

   Term Loan                2.5      CRISIL B/Stable (Reaffirmed)

These weaknesses are partially offset by its trustees' extensive
experience in the education sector through an associate trust, and
its moderate financial risk profile, marked by adequate debt
protection metrics and low gearing.
Outlook: Stable

CRISIL believes JDS will continue to benefit over the medium term
from its trustees' extensive experience in the education sector.
The outlook may be revised to 'Positive' if the trust scales up
operations substantially through increase in number of courses and
student capacity. Conversely, the outlook may be revised to
'Negative' if financial risk profile is weakened by sizeable debt-
funded capital expenditure or low ramp-up in occupancy levels.

JDS is a charitable trust set up in December 2011 to run the JDS
Private Industrial Training Institute, which specializes in
training individuals in industrial skills. The trust was set up
and is managed by Mr. Sajal Ghosh of Kolkata. Mr. Ghosh is also a
trustee of Pinnaccle Education Trust, whose flagship institution
is Kolkata-based Elitte Institute of Engineering & Management, a
diploma engineering and hotel management institute set up in 2009.


JPC INFRA: CRISIL Suspends B+ Rating on INR208MM Term Loan
----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
JPC Infra Private Limited (JIPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Long Term
   Bank Loan Facility      6       CRISIL B+/Stable

   Term Loan             208       CRISIL B+/Stable

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

JIPL was set up in 2005-06 by Mr. Rajan Adlakha and his family
members. The company develops and leases out commercial space in
the NCR region. It has constructed its first commercial project in
Sector 63 in Noida (Uttar Pradesh).


KAMALESH CONSTRUCTION: CRISIL Reaffirms B Rating on INR32MM Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Kamalesh Construction
Private Limited (KCPL) continue to reflect the modest scale of
operations, along with customer concentration in the revenue
profile. The ratings also factor in the large working capital
requirement. These rating weaknesses are partially offset by the
extensive experience of promoters in the civil construction
industry.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         40       CRISIL A4 (Reaffirmed)
   Cash Credit            32       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes KCPL will continue to benefit over the medium term
from the promoters' extensive industry experience. The outlook may
be revised to 'Positive' if a significant increase the scale of
operations or better working capital management leads to
improvement in liquidity. Conversely, the outlook may be revised
to 'Negative' in case of a stretch in the working capital cycle,
debt-funded capital expenditure plans, lower-than-expected
accrual, or any further significant support to group company,
weakening the financial risk profile, particularly liquidity.

Set up in 1997 as a partnership, Kamalesh Construction, the firm
was reconstituted as a private limited company and renamed
Kamalesh Construction Pvt Ltd (KCPL) in 2008. It is promoted by
Mr. Satyadev Swain, Mr. Satyabrata Swain, and Mr. Gagan Behari
Behera. The company, based in Angul (Odisha), is engaged in civil
construction, mainly related to construction work for large
manufacturing units.


LUXMI RICE: CRISIL Suspends 'B' Rating on INR50MM Whse Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Luxmi Rice Mills (LRM).

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

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

LRM was set up in 1985 by Mr. Ishwar Chand Goyal and his brothers,
Mr. Rohtas Kumar Goyal and Mr. Ram Pal Goyal. The firm mills
basmati and other varieties of rice, and also trades paddy and
rice. LRM operates a rice mill in Assandh (Haryana) with a milling
capacity of about 2 tonnes per hour. The firm also undertakes
custom milling for Food Corporation of India and The Haryana State
Cooperative Supply and Marketing Federation Ltd.


MITTAL CERAMICS: CRISIL Suspends 'B' Rating on INR122MM Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Mittal
Ceramics (MIC).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           97.5      CRISIL B/Stable
   Term Loan            122.0      CRISIL B/Stable

The suspension of rating is on account of non-cooperation by MIC
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, MIC is yet to
provide adequate information to enable CRISIL to assess MIC'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 1978, MIC initially produced glass bangles, and
started making glass bottles in March 2013. The Firozabad (Uttar
Pradesh)-based firm is managed by Mr. Raj Kumar Mittal.


MONALISA CERAMICS: CRISIL Suspends B+ Rating on INR70MM Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Monalisa
Ceramics India Private Limited (MCIPL).

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

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

MCIPL, incorporated in 2010 by Mr. Mashooq Safi, Mr. Suraj Parekh,
Mr. Syed Atif Hussain, and Mr. Syed Wasif Hussain, is a closely-
held private limited company that trades in vitrified ceramic
tiles. The company has its registered office in Mumbai
(Maharashtra).


NILKANTH COTTON: CRISIL Cuts Rating on INR40MM Cash Loan to B+
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Nilkanth Cotton Industries (NCI) to 'CRISIL B+/Stable' from
'CRISIL BB-/Stable'.

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

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

The downgrade reflects deterioration in NCI's business and
financial risk profiles due to reducing sales and capital
withdrawals. The firm's sales is expected to decline to Rs 250-300
million for 2015-16 (refers to financial year, April 1 to March
31), as against INR453.5 million in 2014-15 on account of a slump
in the overall demand for cotton. In addition, the operating
profitability continues to remain low in the range of 2-2.5
percent over the previous three years ending March 31, 2015,
resulting in subdued debt protection metrics, marked by an
interest coverage of 1.6 times for 2014-15. Furthermore, the net
worth reduced to INR36.1 million as on March 31, 2015 from INR44
million as on March 31, 2013 due to capital withdrawal of INR14.9
million over the two years through 2014-15, thus impacting the
capital structure.

The rating continues to reflect the average financial risk profile
because of a small net worth and modest debt protection metrics,
the average scale of operations in the intensely competitive
cotton ginning industry, and susceptibility to erratic rainfall.
These rating weaknesses are partially offset by the benefits NCI
derives from the extensive experience of promoters in the cotton
industry and the firm's proximity to cotton-growing belts.
Outlook: Stable

CRISIL believes NCI will continue to benefit over the medium term
from the promoters' industry experience. The outlook may be
revised to 'Positive' if the scale of operations and profitability
improve significantly or if any considerable equity infusion leads
to sustainable improvement in the capital structure. Conversely,
the outlook may be revised to 'Negative' if increased working
capital borrowings, or any large, debt-funded capital expenditure,
or sizeable capital withdrawals by promoters leads to
deterioration in the financial risk profile.

Set up in 2007 NCI is a partnership between Mr. Prahladbhai Patel,
Mr. Jethabhai Padhariya, Mr. Pragjibhai Padhariya, and Mr.
Vallabhbhai Padhariya. The firm has a cotton ginning unit at Dhasa
in Bhavnagar (Gujarat), with capacity of 200 bales per day. It
also has a cotton-seed oil crushing unit.

NCI reported a net profit of INR2.3 million on sales of INR453.5
million for 2014-15, against a net profit of INR5.0 million on
sales of INR454.0 million for 2013-14.


NIMBUS AUTOMOTIVE: CRISIL Suspends B Rating on INR10MM Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Nimbus
Automotive Private Limited (NAPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             10      CRISIL B/Stable
   Export Packing Credit   65      CRISIL A4
   Proposed Long Term
   Bank Loan Facility      10      CRISIL B/Stable

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

NAPL is promoted by Mr. Vijay Kapoor and his family members. The
company trades in auto components, which it sells mainly to
clients based in Bangladesh, Sri Lanka, and Tanzania.


OMMI FORGE: CRISIL Assigns 'B' Rating to INR75MM Cash Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Ommi Forge Private Limited (OMFPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         25       CRISIL A4
   Cash Credit            75       CRISIL B/Stable

The ratings reflect the company's modest scale of operations in
the intensely competitive forging industry, and susceptibility to
volatile raw material prices. The ratings also factor in the
below-average financial risk profile, with high gearing and weak
debt protection metrics. These rating weaknesses are partially
offset by the promoters' extensive experience in the forging
industry.

Outlook: Stable

CRISIL believes OMFPL will continue to benefit over the medium
term from the promoters' extensive experience. The outlook may be
revised to 'Positive' if better-than-expected revenue and
profitability leads to sizeable cash accrual and a stronger
financial risk profile. Conversely the outlook may be revised to
'Negative' if low accrual, any large, debt-funded capex, or
deterioration in working capital management weakens the financial
risk profile.

Set up in 1975, OMFPL manufactures forged steel alloys and
jointless forgings for the automobile and other industries. The
manufacturing facility is in Bengaluru. The company is managed by
Mr. Anil Ashwath.


P. D. SHAH: CRISIL Ups Rating on INR250MM Cash Loan to B+
---------------------------------------------------------
CRISIL has upgraded its rating on the long term bank facilities of
P. D. Shah and Sons (part of the Shah group) to 'CRISIL B+/Stable'
from 'CRISIL B/Stable', while reaffirming the rating on its short
term bank facilities at 'CRISIL A4'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         2.4      CRISIL A4 (Reaffirmed)
   Cash Credit          250.0      CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')
   Proposed Long Term    70.1      CRISIL B+/Stable (Upgraded
   Bank Loan Facility              from 'CRISIL B/Stable')
   Term Loan             57.5      CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

The rating upgrade reflects CRISIL's belief that the Shah group
will sustain its improved financial risk profile over the medium
term driven by equity infusion by the promoters and sustained
improvement in profitability. Operating margin improved to about
7-8 per cent over the past two years through 2014-15 (refers to
financial year, April 1 to March 31) from the historical levels of
3-4 per cent because of high margin rental income received from
its cold storage unit. This coupled with equity infusion by the
promoters resulted in significant improvement in the capital
structure and net cash accrual. The group's total outside
liabilities to tangible net worth improved to 3.66 times as of
March 31, 2015 from 8.21 times as of March 31, 2013. CRISIL
believes the group will sustain the improvement in the key credit
metrics over the medium term.

The ratings continue to reflect the group's small scale of
operations, exposure to risks related to intense competition in
the fragmented dairy products trading business and working-
capital-intensive operations. These weaknesses are mitigated by
the extensive industry experience of the promoters, their
established relationships with principals, and their funding
support.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of P D Shah and Sons Traders Pvt Ltd, P D
Shah & Sons ' Pune, P D Shah & Sons ' Kolhapur, P D Shah & Sons '
Nashik, P D Shah & Sons Cold Storage Unit ' Wai, Mahalaxmi
Distributors, and P D Shah & Sons Cold Storage Unit - Wai
(Trading), collectively referred to as the Shah group. This is
because all these companies are in the similar line of business,
have intercompany financial transactions and are under the same
management.
Outlook: Stable

CRISIL believes that the Shah group will continue to benefit over
the medium term from its promoters' extensive industry experience
and established relationship with its principal suppliers. The
outlook may be revised to 'Positive' in case of a significant
improvement in the group's financial risk profile, particularly
its liquidity, most likely because of substantial increase in its
cash accruals and a shorter working capital cycle, leading to low
reliance on external debt. Conversely, the outlook may be revised
to 'Negative' if the Shah group's cash accruals are low, or if it
contracts large debt to meet its working capital requirements,
leading to pressure on its liquidity.

P D Shah and Sons - Pune, a proprietorship concern established in
1972, is presently managed by Mr. Ashok P Shah. PD Shah & Sons '
Kolhapur, PD Shah & Sons ' Nashik, Mahalaxmi Distributors, and the
cold storage unit are owned by Mr. Shah and his family members.
The group mainly trades in milk and milk products. It is also a
carrying and forwarding agent and distributor for companies such
as Parag Milk Foods Pvt Ltd, Warana Dairy and Agro Industries Ltd,
Heritage Foods India Ltd, Gujarat Cooperative Milk Marketing
Federation Ltd, and Hindustan Unilever Ltd. The group also
operates a cold storage unit in Wai. P D Shah and Sons Traders Pvt
Ltd has taken over the existing businesses of P D Shah & Sons '
Pune and Mahalaxmi Distributors from November 13, 2015.


PADMAVATI JEWELLERS: CRISIL Assigns B Rating to INR50MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Padmavati Jewellers Private Limited (PJPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             50      CRISIL B/Stable
   Proposed Cash
   Credit Limit            15      CRISIL B/Stable

The rating reflects PJPL's moderate scale of operations, low
profitability, and below-average financial risk profile. These
weaknesses are mitigated by its promoters' extensive experience in
the gold ornaments industry.
Outlook: Stable

CRISIL believes PJPL will continue to benefit from its promoters'
extensive industry experience. The outlook may be revised to
'Positive' if there is a sustained improvement in the company's
scale of operations and profitability leading to an improvement in
its cash accruals. Conversely, the outlook could be revised to
'Negative' if the financial risk profile deteriorates on account
of deterioration in profitability or working capital management,
or on account of any large debt-funded capital expenditure plans.

Incorporated in April 2010, PJPL manufactures and trades in all
types of gold jewellery. The Mumbai-based company is promoted by
Mr. Kiran Ramani and Mrs. Rashila Ramani.


PANAMA AGRITECH: CRISIL Suspends B Rating on INR84.7MM Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Panama
Agritech Private Limited (PAPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             20      CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility      21.3    CRISIL B/Stable
   Term Loan               84.7    CRISIL B/Stable

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

PAPL, incorporated in 2011, by the Pune-based Ladkat family is
engaged in providing non-conventional storage solutions for food
grains. The company's day-to-day operations of the company are
managed by Mr. Sameer Ladkat.


RAJPAL ABHIKARAN: ICRA Suspends B+/A4 Rating on INR20cr Loan
------------------------------------------------------------
ICRA has suspended [ICRA]B+ and [ICRA]A4 ratings assigned to the
INR20.00 crore working capital facilities of Rajpal Abhikaran
Private Limited. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.

Incorporated in 1999, Rajpal Abhikaran Private Limited (RAPL) has
been operating as a Toyota Kirloskar Motors Pvt. Ltd. (TKML)
dealership since January 2000. The company started with a sales
showroom cum service workshop located in Indore. In 2013, the
company also opened a sales showroon cum service workshop in
Buhranpur. As a result of successful running of the opeartions in
Indore, the promoters had also been awarded with TKML's
dealerships at Bhopal (2005) and Ratlam (2010), which operate
under a group company.


SARVODAY ASHRAM: CRISIL Suspends B+ Rating on INR65MM Loan
----------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Sarvoday
Ashram (Sarvoday).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             65      CRISIL B+/Stable

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

Sarvoday was established in 1952 in Etah (Uttar Pradesh [UP]) by
Late Mr. Rohan Lal Chaturvedi. It is a society affiliated with the
Khadi and Village Industries Commission (KVIC).

Sarvoday has been engaged in the spinning, weaving and marketing
of khadi clothes. The society sells woven clothes under its
Ekmatra and Khadiline brands. The founder's son, Mr. Manoj
Chaturvedi, currently serves as Sarvoday's elected chairman.


SCI INDIA: ICRA Suspends B+ Rating on INR25cr Term Loan
-------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR25.00 crore
term loan and INR3.00 crore cash credit facilities, and [ICRA]A4
rating assigned to the INR2.00 crore short term non-fund based
bank facilities of SCI India Limited. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company.


SHAH REALTY: ICRA Suspends B+ Rating on INR9.75cr Term Loan
-----------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR9.75
crore long-term bank facility of Shah Realty. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of requisite information from the company.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long term fund
   based limit-
   Term Loan              9.75        [ICRA]B+ Suspended

Shah Realty was established as a partnership firm and is engaged
in real estate development. The firm is based out of Surat,
Gujarat and is currently undertaking the development of the
project, "Sumeru Silverleaf" comprising two towers housing a total
of 92 flats. The firm also has other group concerns engaged in
real estate development in Surat.


SHRADDHA GEMS: CRISIL Reaffirms B+ Rating on INR22.5MM Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Shraddha Gems
(Shraddha) continue to reflect the firm's small scale of
operations in the intensely competitive diamond industry, the
firm's large working capital requirements, and the susceptibility
of its profitability margins to volatility in diamond prices and
foreign exchange rates.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Export Packing Credit   22.5     CRISIL B+/Stable (Reaffirmed)
   Post Shipment Credit    52.5     CRISIL A4 (Reaffirmed)

The ratings of the firm are also constrained on account of its
below-average financial risk profile marked by its small net worth
and moderate total outside liabilities to tangible net worth
ratio. These rating weaknesses are partially offset by the
extensive experience of Shraddha's partners in the diamond
industry, and its established relationship with customers.
Outlook: Stable

CRISIL believes that Shraddha will continue to benefit over the
medium term from its partners' extensive experience and its
established relations with customers. The outlook may be revised
to 'Positive' if there is a substantial and sustained increase in
the firm's scale of operations and profitability margins, or if
there is a sustained improvement in its working capital cycle.
Conversely, the outlook may be revised to 'Negative' in case of a
steep decline in the firm's profitability margins, or significant
deterioration in its capital structure caused most likely by a
stretch in its working capital cycle.

Shraddha, set up in 1990 as a partnership firm, is engaged in
cutting and polishing of diamonds. The firm also trades in
polished diamonds. The firm derives around 60 per cent of its
revenues from trading in diamonds, and the balance 40 per cent
from processing of diamonds. The firm currently has four partners
- Mr. Ashwin Sanghvi, Mr. Babulal Shah, Mrs. Chetna Shah and Mrs.
Sonal Shah.


SHRI SIDDHI: CRISIL Cuts Rating on INR130MM Cash Loan to B+
-----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Shri Siddhi Kumar Infrastructure Private Limited (SSKIPL) to
'CRISIL B+/Stable/CRISIL A4' from 'CRISIL BB-/Stable/CRISIL A4+'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee          60      CRISIL A4 (Downgraded from
                                   'CRISIL A4+')

   Bill Discounting        10      CRISIL A4 (Downgraded from
                                   'CRISIL A4+')

   Cash Credit            130      CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

   Proposed Long Term      89      CRISIL B+/Stable (Downgraded
   Bank Loan Facility              from 'CRISIL BB-/Stable')

The downgrade reflects deterioration in the company's liquidity
driven by delay in receiving payment from customers. Increase in
debtors to around 219 days at the end of 2014-15 (refers to
financial year, April 1 to March 31), with around 50% of the
debtors outstanding being for a period exceeding 6 months,
resulted in full utilisation of working capital limits over the
seven months through September 2015, with several instances of
overdrawn limits. CRISIL expects the company's liquidity to remain
constrained over the medium term on account of large working
capital requirement.

The ratings reflect the company's working capital-intensive
operations, and exposure to risks related to the tender-based
nature of its business. These rating weaknesses are partially
offset by the extensive experience of SSKIPL's promoters in the
civil construction industry and the company's above-average
financial risk profile because of low gearing and comfortable
debt-protection metrics.

For arriving at the ratings, CRISIL is now constrained to evaluate
SSKIPL on a standalone basis as the client is non-cooperative in
sharing information. Earlier, CRISIL has been consolidating SSKIPL
with its three group entities, S Kumar Earthmovers (SKE), Shree
Siddhi Developers (SKD), and S Kumar Construction Co (SKC),
together referred to as the S Kumar group. CRISIL is yet to
receive information from the group to enable a rating review on a
consolidated basis. Thus, the rating is arrived at by considering
the business, management, and financial risk profiles of SSKIPL on
a standalone basis as per available information.

Outlook: Stable

CRISIL believes SSKIPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company reduces its
working capital cycle, thereby improving liquidity. Conversely,
the outlook may be revised to 'Negative' if liquidity
deteriorates, most likely due to a further stretch in the working
capital cycle, a decline in cash accrual, or large debt-funded
capital expenditure.

SSKIPL, incorporated in 2000 and promoted by Mr. Ashok Jaswani,
undertakes civil construction such as earthwork for roads and
bridges, earthmoving, and demolition services. The Jaswani family
also operates three proprietorship concerns, SKC, SKE, and SKD,
which are engaged in a similar line of activity. SSKIPL is based
in Mumbai and is jointly managed by Mr. Ashok Jaswani and his son,
Mr. Apoorva Jaswani.

The company reported a profit after tax (PAT) of around INR13
million on net sales of around INR724.3 million in 2014-15; it
reported a PAT of around INR18.1 million on net sales of around
INR713.0 million in 2013-14.


SOCIETY FOR RESEARCH: CRISIL Suspends B- Rating on INR65MM Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Society
for Research and Technical Studies (SRTS).

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Overdraft Facility        8       CRISIL B-/Stable
   Term Loan                65       CRISIL B-/Stable

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

SRTS was set up in 2008 by the Arora and Gupta families of
Saharanpur (Uttar Pradesh). SRTS provides education through its
institution namely "Millennium Institute of Technology' in
Saharanpur.


SRI JALARAM: CRISIL Cuts Rating on INR70MM Cash Loan to D
---------------------------------------------------------
CRISIL has downgraded its rating on the long term bank facilities
of Sri Jalaram Plastics (SJP) to 'CRISIL D' from 'CRISIL
BB/Stable'.

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

   Proposed Cash          70       CRISIL D (Downgraded from
   Credit Limit                    'CRISIL BB/Stable')

The downgrade reflects instances of delay by SJP in servicing its
debt. The delays have been caused by weakening in the firm's
liquidity.

SJP has a modest scale of operations and large working capital
requirement, and is exposed to intense competition in the
fragmented polypropylene woven sacks manufacturing industry.
Moreover, its profitability margins are susceptible to volatility
in raw material prices. However the firm benefits from the
extensive industry experience of its promoters and its established
relationship with major customers.

SJP was set up in 2010 Mr. Chandrakanth Thakker, Mr. Bharath
Thakker, Mr. Hasmuk Thakker, and their family members. The firm
manufactures polypropylene woven sacks used for packaging in
various industries such as cement, fertiliser, and rice. Its
manufacturing unit is in the Nizamabad district of Telangana.


SRI KAILASANADHA: CRISIL Cuts Rating on INR90.4MM LT Loan to D
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Sri Kailasanadha Textiles Pvt Ltd (SKT) to 'CRISIL D' from
'CRISIL B+/Stable'.

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

   Long Term Loan        90.4      CRISIL D (Downgraded from
                                   'CRISIL B+/Stable')

The rating downgrade reflects delays by SKTPL in servicing its
debt. The delays have been caused by the weakening on the
company's liquidity with its depressed cash accruals being
inadequate to meet its term debt repayment obligations.

SKT has a below- average financial risk profile marked by its
small net-worth, high gearing, and below-average debt protection
metrics. SKT has modest scale of operations, its profitability
margins are susceptible to volatility in cotton prices, and is
exposed to regulatory changes and intense competition in the
cotton ginning industry. However, SKT benefits from its promoters'
extensive experience.

SKT was set up in 2013 Mr. Tulabandula Paripurna Krishna Rao, Mr.
T. Ram Kalyan, and their family members. The company is engaged in
ginning and pressing of raw cotton. The firm's ginning unit is
located in Guntur district in Andhra Pradesh.


SUDHARMA INFRATECH: ICRA Reaffirms 'B' Rating on INR7cr Loan
------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B to the INR4.00
crore cash credit limits, INR7.00 crore Bank guarantee and INR4.84
crore unallocated limits of Sudharma Infratech Private Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit            4.00       [ICRA]B reaffirmed
   Bank Guarantee         7.00       [ICRA]B reaffirmed
   Unallocated limits     4.84       [ICRA]B reaffirmed

The rating reaffirmation continues to be constrained by the modest
scale of operations of the entity in the highly competitive
industry, exposure to high geographic concentration with its
operations restricted to in and around Visakhapatnam. The rating
also considers higher counter-party credit risk on account of most
of its project being executed in the capacity of a sub-contractor
and stretched liquidity position of its top customer accounting
for 63% of revenues in FY15 and 69% of its order book as on 31st
March, 2015. The rating factors in the limited revenue visibility
over the near term with order book to OI ratio of 1.32x as on
March 31, 2015. ICRA takes note of the high client and order book
concentration with the top two projects belonging to a single
entity.

The rating positively factors in the healthy growth in the
entity's top line from INR15.35 crore in FY14 to INR81.25 crore in
FY15 on the back of higher and prompt order execution; however,
operating margins declined significantly in FY15 on the back of
extensive site and labour sub-contracting. The rating also
favourably factors in the long track record of more than two
decades of the promoters in the construction industry.
Going forward, ability of the company to diversify its customer
base, reduce the project concentration, maintain healthy revenue
growth, improve profitability and effectively manage its working
capital requirements with timely receipt of payments from its
customers would be the key rating sensitivities.

Incorporated in 2008, Sudharma Infratech Private Limited (SIPL) is
a special class contractor registered with Govt of A.P. The
company is involved in executing civil works orders for irrigation
and road projects and has obtained "special class contractor"
status in March 2011.The promoters of the company have adequate
experience in civil works having worked with various government
and private entities.

Recent Result
According to audited FY2014 results, SIPL recorded an operating
income of INR15.35 crore with a net profit of INR0.62 crore. As
per audited FY2015 results, the institution recorded an operating
income of INR81.25 crore with a net profit of INR2.96 crore.


UNITECH FABRICATORS: CRISIL Reaffirms B+ Rating on INR50MM Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Unitech Fabricators and
Engineers Private Limited (UFEPL) continue to reflect the
company's average financial risk profile, marked by modest net
worth, small debt protection metrics, and average gearing, and its
working-capital-intensive operations. These rating weaknesses are
partially offset by the extensive experience of the company's
promoters in the fabrication industry.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         50       CRISIL A4 (Reaffirmed)

   Bill Discounting
   under Letter of
   Credit                 10       CRISIL A4 (Reaffirmed)

   Cash Credit            50       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes UFEPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of significant
improvement in the networth, most likely through equity infusion,
or strong accretion to reserves resulting from improvement in
scale of operations and profitability. Conversely, the outlook may
be revised to 'Negative' if UFEPL's liquidity deteriorates, most
likely because of delays in receivables collection, or if its
capital structure weakens due to increased reliance on debt for
funding larger-than-expected capital expenditure and working
capital requirement.

UFEPL, incorporated in 1998, was set up by Mr. Kamal Bhattacharjee
and Mr. Debashish Shah. In 2003-04 (refers to financial year,
April 1 to March 31), Mr. Shah exited the business to start his
own venture and the entire stake in UFEPL came under Mr.
Bhattacharjee. The company manufactures cable trays (used for
laying cables) and associated products such as earthing material
and lighting poles. It markets the products mainly to engineering
industries.


V.R. FOUNDRIES: CRISIL Cuts Rating on INR420MM Term Loan to 'D'
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
V.R. Foundries (VRF) to 'CRISIL D/CRISIL D' from 'CRISIL BB-
/Stable/ CRISIL A4+.

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

   Letter of Credit        40      CRISIL D (Downgraded from
                                   'CRISIL A4+')

   Term Loan              420      CRISIL D (Downgraded from
                                   'CRISIL BB-/Stable')

The rating downgrade reflects instances of delay by VRF in meeting
obligations on its term debt; the delays have been caused by the
company's weak liquidity arising out of generation of insufficient
cash accruals against repayment obligations.

The rating also reflects VRF's weakened financial risk profile,
marked by low net worth and deterioration in gearing, and exposure
to intense competition in the highly fragmented castings and
forgings industry. These rating weaknesses are partially offset by
the extensive experience of VRF's partners in the castings and
forgings industry, and benefits derived from a diversified
customer base.

Set up as a partnership firm by Mr. V Rajendran and his family
members in 1974, VRF, based in Coimbatore (Tamil Nadu), produces
grey iron castings used in engineering, automobile, textile and
agricultural sectors.


V.Y INSTITUTE: ICRA Suspends B+ Rating on INR22.51cr Term Loan
--------------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR22.51 crore
term loans and INR0.49 crore long term untied bank limits of V.Y
Institute of Medical Sciences Private Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.


VIRGIN ROCK: ICRA Assigns B+ Rating to INR6cr LT Loan
-----------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B+ to INR6.00
crore fund based limits of Virgin Rock Private Limited. ICRA has
also assigned the rating of [ICRA]B+/[ICRA]A4 to INR1.41 crore
unallocated limits of VRPL.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long term-Fund
   Based                 6.00         [ICRA]B+ assigned

   Unallocated           1.41         [ICRA]B+/[ICRA]A4 assigned

The assigned ratings are constrained by VRPL's small scale of
operation in highly competitive granite processing industry with
presence of large number of players; limited value additive nature
of the granite processing resulting in thin margins; and weak
financial profile of the company characterized by high gearing at
1.37 times as on March 31, 2015 albeit comfortable coverage
indicators with interest coverage ratio at 8.06 times and
NCA/total debt at 23%. ICRA also notes that growth in revenue over
the past two years is negligible owing to subdued obverses demand
given the slump in real estate sectors in many exporting economies
as ~90% of VRPL's revenue from exports. Further, substantial debt
funded capital expenditure of INR2.71 crore in FY2016 and
consequent high interest burden over the medium term will keep
cash flow and coverage indicators at modest level. The ratings
however favorably takes into account long experience of promoters
in granite industry; presence of own quarry at Srikakulam, Andhra
Pradesh and logistical advantages accruing to the company by way
of the proposed warehouse site being located close to
Visakhapatnam port.

Going forward, the company's ability to increase its scale of
operation and improve its profitability while managing its working
capital requirement will be key rating sensitivity from credit
perspective.

Incorporated in 2007, Virgin Rock Private Limited (VRPL) is
primarily into mining of granite. The company operates a quarry
based out of Srikakulam in Andhra Pradesh. The company also
acquired leasing rights for another quarry in Anakapalle, near
Visakhapatnam in FY2013 which is yet to be operational. The
majority of the sales of the company are from exports to Italy,
US, Poland, Taiwan, Hong Kong, China, Poland and Switzerland while
a small portion of it comes from the domestic market. The company
sells its product under brand name "Vizag Blue".

Recent Results
VRPL has reported an operating income of INR10.16 crore and a net
profit of INR0.50 crore in FY2015 as against an operating income
and net profit of INR10.24 crore and INR0.79 crore respectively in
FY2014.


WINS INTERNATIONAL: CRISIL Reaffirms B Rating on INR50MM LT Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of facilities of
Wins International (WI) continue to reflect WI's modest scale of
operations in an intensely competitive readymade garments industry
and its susceptibility to volatility in the raw material cost and
its large working capital requirements.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bill Discounting       20       CRISIL A4 (Reaffirmed)

   Packing Credit         20       CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     50       CRISIL B/Stable (Reaffirmed)

   Term Loan              10       CRISIL B/Stable (Reaffirmed)

The rating also reflects the below average financial risk profile
marked by a highly leveraged capital structure and weak debt
protection metrics. These rating weaknesses are mitigated by the
extensive experience of the promoters in the readymade garments
industry.
Outlook: Stable

CRISIL believes that WI will continue to benefit over the medium
term from the promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm significantly
scales up its operations while it maintains its operating
profitability, or improves its working capital management, thereby
resulting in an improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if WI's
financial risk profile weakens because of decline in its cash
accruals or deterioration in its working capital management, or
larger than expected debt funded capital expenditure  plans or
significant withdrawals by the promoters.

WI was founded in Tirupur (Tamil Nadu) in 1997. The firm
manufactures and exports readymade garments. The managing partner,
Mr. Palanisamy manages WI's daily activities.


WINSUN CERAMIC: CRISIL Reaffirms B Rating on INR60MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL A4' rating to the short-term bank
facility of Winsun Ceramic Private Limited (Winsun) and reaffirmed
its rating on the company's long-term bank facilities at 'CRISIL
B/Stable'. The ratings reflect Winsun's nascent stage and modest
scale of operations in the highly competitive ceramics industry.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee          16      CRISIL A4 (Reassigned)

   Term Loan               60      CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      14      CRISIL B/Stable (Reaffirmed)

   Cash Credit             35      CRISIL B/Stable (Reaffirmed)

These weaknesses are partially offset by its promoters' extensive
industry experience and its plant's strategic location, ensuring
availability of raw material and labour.
Outlook: Stable

CRISIL believes Winsun will benefit over the medium term from its
promoters' industry experience. The outlook may be revised to
'Positive' in case of higher-than-expected sales, leading to
substantial cash accrual. Conversely, the outlook may be revised
to 'Negative' in case of lower-than expected accrual due to
reduced order flow or profitability, or weakening of financial
risk profile because of stretch in working capital cycle or
larger-than-expected debt-funded capital expenditure (capex).

Update
Winsun's revenue is expected to be modest, at INR150-180 million
in 2015-16 (refers to financial year, April 1 to March 31).
Operating profitability is expected to be adequate, at 14-15
percent, in line with that of peers. Working capital requirement
will remain large, with gross current assets expected at 120-130
days over the medium term. Bank limit utilisation averaged 80
percent over the nine months through December 2015. Financial risk
profile is expected to remain healthy because of comfortable debt
protection metrics. However, gearing will be high, at 1.4-1.5
times as on March 31, 2016, on account of debt contracted to fund
recently concluded capex.

Winsun was incorporated in April 2014 to establish a unit for
manufacturing wall glazed tiles. The company is promoted by Morbi
(Gujarat)-based Mr. Bharatbhai Fuljibhai Kachrola, Mr. Mukeshbhai
Maganbhai Kachrola, and 10 others. It commenced commercial
operations in January 2015.

Winsun reported net loss of INR0.93 million on net sale of INR23.9
million in 2014-15.


YASH PROTEINS: ICRA Suspends 'B' Rating on INR11cr Loan
-------------------------------------------------------
ICRA has suspended the rating of [ICRA]B assigned to the INR11.00
crore fund based facilities of Yash Proteins Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.



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


XL AXIATA: Plans Fundraising to Repay US$500 Million Loan
---------------------------------------------------------
Rupinder Singh at The Sun Daily reports that PT XL Axiata Tbk,
controlled by Malaysia's Axiata Group Bhd, is planning to conduct
a rights issue to repay its US$500 million (RM2.08 billion)
shareholder's loan.

According to the report, XL said on Feb. 1 that the capital
raising has been structured as a rights issue in order to allow
existing shareholders of XL to participate in the future growth of
the company.

"To demonstrate its continued commitment as major shareholder of
XL, Axiata Group, who currently owns approximately 66.4% of XL,
has expressed its intention to fully subscribe for its pro rata
rights entitlement under the rights issue," XL said.  "Any
remaining shares not subscribed for other shareholders in the
rights issue are expected to be fully underwritten."

The Sun Daily relates that XL's president director and CEO, Dian
Siswarini, said the rights issue is an important step in
strengthening the company's foundation as it embarks on the next
chapter of its transformation agenda. "Net proceeds from the
rights issue will be used to repay our US dollar denominated
shareholder's loan," she said.

The report says the rights issue is subject to shareholder's
approval through an EGM, scheduled for March 10, 2016, as well as
obtaining an effective letter from the Financial Service
Authority, with respect to a registration statement to be
submitted by the company.

The capital raising is anticipated to be completed by the first
half of 2016, the report relays.

The Sun Daily notes that the rights price will be jointly
determined and fixed by the board of XL Axiata and standby
purchasers and is expected to be no more than 20% discount to the
theoretical ex-rights price as of the price fixing date.

The Sun Daily says the terms of the rights issue, including the
price of shares relating to the rights offering and the final
number of shares to be offered will be announced in due course.

Credit Suisse and Mandiri Sekuritas have been appointed financial
advisers for the rights issue, the report discloses.

The Sun Daily meanwhile reports that for the financial year ended
Dec. 31, 2015, XL recorded a net loss of IDR25 billion mainly due
to forex impacts from the strengthening of the dollar.

During 2015, XL had a paid capital expenditure of IDR4.1 trillion
on efforts to expand its data infrastructure and mobile services
which was funded via internally generated funds.

Total debt decreased to IDR27.0 trillion from IDR29.6 trillion as
at the end of 2014 while net debt/earnings before interest, tax,
depreciation and amortisation (ebitda) increased slightly from 2.6
times to 2.8 times, The Sun Daily discloses.

                         About XL Axiata

XL Axiata is one of the largest cellular providers in Indonesia in
terms of revenues. As of 31 December 2014, XL had 59.6 million
subscribers. It owns a nationwide cellular network covering all
major cities in Java, Bali and Sumatra, as well as populated
centers in Sulawesi and Kalimantan.

XL is 66.5%-owned by Axiata Group Berhad (Baa2 stable). Axiata is
in turn 59.2%-owned by Khazanah Nasional Berhad. and related
entities of Government of Malaysia (A3 positive). The UAE-based
Emirates Telecommunications Corp (Aa3 stable) holds 4.2% of XL's
shares and the public holds the remaining shares.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 11, 2015, Moody's Investors Service says that PT XL Axiata
Tbk's ("XL") full-year results for 2014 are broadly in line with
expectations and support XL's Ba1 corporate family rating and
stable outlook, despite its elevated leverage.




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


SHARP CORP: Hon Han Plans to Raise Bid to JPY700 Billion
--------------------------------------------------------
The Financial Times reports that the battle to acquire Sharp Corp.
is set to rumble on as Hon Hai Precision Industry -- better known
as Foxconn -- plans to raise its bid to nearly JPY700 billion.

In a last-ditch attempt to persuade sceptics, Terry Gou, founder
and chairman of Taiwan's Hon Hai, is set to raise the offer for
the struggling Japanese electronics maker from an earlier deal of
JPY625 billion, the FT relates citing a person with knowledge of
the plan.

According to the FT, the person said Mr Gou is expected to submit
the new deal to Sharp management at its headquarters in Osaka over
the weekend with promises to invest the extra money in Sharp's
technology.

The FT says the bidding war for Sharp has intensified in the past
few weeks as Foxconn competes with a rival offer made by a
government-backed fund.

The report adds that the clash has also drawn the attention of
investors as a test case for Japan's openness to foreign business
and its commitment to governance reforms.

According to the FT, Mr Gou met with Japanese government and bank
officials in Tokyo earlier this week as he sought to allay
concerns about Sharp's advanced display technology falling into
foreign hands.

The previous bid submitted by Foxconn included promises to protect
jobs and to work closely with Sharp's management team to turn
round the Japanese company, according to people with knowledge of
the offer, the FT relays.

The FT adds that the offer also included a promise to buy JPY200
billion of Sharp's preferred stock owned by the banks.

The report notes that Sharp and its lenders are still leaning
towards an offer made by the state-backed Innovation Network
Corporation of Japan (INCJ), which has played an active role in
consolidating Japanese players in the display and chipmaking
industries.

The report relates that the fund's offer is expected to be at half
the level of Foxconn's bid while Sharp's two main lenders might
offer an additional JPY350 billion in financial assistance,
according to one person familiar with its plans. The INCJ said on
Jan. 30 that no formal decision has been made, the FT adds.

The FT notes that some analysts caution that Foxconn's bid should
not be taken at face value.

If Foxconn intends to use the offer amount to acquire Sharp's
equity, Jefferies analyst Atul Goyal said it needs to assume
JPY600 billion to JPY800 billion of debt on its own books. If the
offer is for all of Sharp's liabilities, the bid would fall short
of Sharp's enterprise value of JPY1.07 trillion, the FT states.

"None of these numbers make sense and hence we believe there is no
real meaningful offer on the table," Mr Goyal wrote in a recent
client note, the FT relays.

Still, if Sharp does choose INCJ's offer at a lower price,
governance experts said the company will need to offer a credible
explanation to satisfy shareholders. Otherwise, the deal will once
again reinforce the image of Japan's reluctance to accept foreign
investors and its disregard for shareholder interests, adds the
FT.

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

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



===============
M A L A Y S I A
===============


1MALAYSIA: Singapore Seized Bank Accounts as Part of 1MDB Probe
---------------------------------------------------------------
The Malaysian Insider reports that Singapore said Feb. 1 it has
seized a large number of bank accounts in connection with possible
money-laundering offences related to investigations into alleged
financial mismanagement at Malaysian state investor 1Malaysia
Development Berhad (1MDB).

Singapore is cooperating with authorities in Malaysia, Switzerland
and the United States on the investigations into 1MDB, the
Monetary Authority of Singapore and the Commercial Affairs
Department, the city-state's white collar police, said in a
statement, The Malaysian Insider relates.

"Singapore does not tolerate the use of its financial system as a
refuge or conduit for illicit funds. Since the middle of last
year, the Commercial Affairs Department and the Monetary Authority
of Singapore have been actively investigating possible money-
laundering and other offences carried out in Singapore.

"In connection with these investigations, we have sought and are
continuing to seek information from several financial
institutions, are interviewing various individuals, and have
seized a large number of bank accounts," the two agencies, as
cited by The Malaysian Insider, said.

The Malaysian Insider notes that the statement came after
Switzerland's chief prosecutor said last week a criminal
investigation into 1MDB had revealed that about US$4 billion
(MYR16.65 billion) appeared to have been misappropriated from
Malaysian state companies.

1MDB, whose advisory board is chaired by Malaysian Prime Minister
Najib Razak, has been investigated by Malaysian authorities
following accusations of financial mismanagement and graft. 1MDB
has denied these allegations, the report notes.

According to The Malaysian Insider, Malaysian Attorney-General
Mohamed Apandi Ali last week cleared Najib of any criminal
offences or corruption in connection with the case and said he was
closing the investigations into it.

Najib was buffeted last year by allegations of graft and
mismanagement at the debt-laden state fund and by a revelation
that about US$681 million was deposited into his personal bank
account.  Najib has denied any wrongdoing, says The Malaysian
Insider.

The Malaysian Insider adds that Apandi said the US$681 million
transfer to Najib's account was a gift from Saudi Arabia's royal
family, and said no further action needed to be taken on the
matter.

Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) operates as a
government agency. The Company offers financial assistance,
analysis, and advice through investors, corporations, and
consultants to startups and growth companies. 1MDB focuses on
investments with strategic value and high multiplier effects on
the economy, particularly in energy, real estate, tourism, and
agribusiness.



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


* Asia's Credit Markets to Face a Challenging 2016, Moody's Says
----------------------------------------------------------------
Moody's Investors Service says that Asia's credit markets face a
challenging year in 2016, because of heightened market concerns
over China's (Aa3 stable) growth slowdown and the pace of interest
rate normalization in the US (Aaa stable).

"It is becoming evident that the Chinese government's primary
objectives of maintaining growth in excess of 6.5%, implementing
reform and economic rebalancing, and ensuring macroeconomic and
financial stability cannot be achieved in unison," says Michael
Taylor, a Moody's Managing Director and Chief Credit Officer for
Asia Pacific.

"China's policy trilemma is creating uncertainty for regional
credit," adds Taylor.

Taylor says that recent stimulus measures in China and market
intervention suggest that growth and stability in the country will
be prioritized, at the likely expense of a slower pace of reform
and delays to system deleveraging.

"As for Asia credit overall, the flat or slower growth for most
Asian economies in 2016 and capital flow volatility will weigh on
the region's rated debt issuers, particularly in the corporate
sector," says Rahul Ghosh, a Moody's Vice President and Senior
Research Analyst.

"Foreign exchange exposures are partly mitigated by the prevalence
of domestic financing for sovereigns and banks and natural or
financial hedges for rated corporates," adds Ghosh.  "However,
weak growth and commodity price declines will interact with
foreign currency volatility to raise credit risk across the
region".

Taylor and Ghosh were speaking on Moody's just-released report
titled "Asia Credit - Regional Fundamentals Put to the Test: FAQ
on Asia Credit in 2016".

On Moody's-rated non-financial corporates in particular, the
report says that corporate credit quality will decline in 2016 as
it did in 2015, leading to further rating pressure and defaults,
especially for Moody's-rated speculative-grade companies.

However, accommodative monetary policy, solid funding conditions
in local bond markets and banking systems, and manageable
refinancing needs should prevent defaults from spiking materially.
Moody's points out that the Asian high-yield default rate in 2016,
for instance, will not return to the 14% peak seen in 2009.

As for Asian banks, while their asset quality and profitability
will deteriorate, the banks demonstrate rating cushions. Problem
loans will continue to rise in most banking systems, as s lower
growth exposes corporate and household leverage concerns.
Specifically, Moody's holds negative banking system outlooks in
China, Hong Kong (Aa1 stable) and Mongolia (B2 negative).

Nonetheless, strong capital buffers, healthy funding conditions
and government support will cushion the banks' final ratings.

On Asian sovereigns, Moody's says that while the sovereigns'
growth prospects, policy flexibility and limited external
vulnerabilities underpin Moody's generally stable ratings outlooks
for them, the credit buffers that the sovereigns have built will
be tested in a more adverse macroeconomic environment.

In particular, the sovereigns' external health will be tested as
volatility in capital flows weighs on balance of payments
positions, while policy space will be eroded as governments use a
combination of monetary and fiscal measures in response to both
slower domestic growth and external shocks.

Moody's report includes polling results taken from Moody's annual
Asia Pacific Outlook Briefings in Singapore and Hong Kong in
January 2016.  The events brought together the largest investors,
intermediaries and debt issuers across both regional hubs, with
more than 300 people attending.

Of the market participants polled during the events, a significant
majority in Singapore (58% of respondents) and Hong Kong (53%)
agreed with Moody's that a sharper-than-expected slowdown in the
Chinese economy represents the greatest risk to Asia's growth
prospects in 2016.

Market participants were also asked which sectors -- among
commodities, energy, real estate, financial institutions,
infrastructure and utilities, automotives, retail, and
telecommunications, media and technology -- will be most exposed
to downside risks in 2016.

Of the participants who responded, 88% and 65% of audiences in
Singapore and Hong Kong respectively, were most worried about the
commodities and energy sectors in terms of credit quality in 2016.

The polling result was consistent with Moody's view that rated
Asian corporates with commodity exposure remain in a precarious
position.  Specifically, Moody's holds negative outlooks for
Asia's coal and steel sectors.

On Jan. 22, 2016, Moody's placed the ratings of 120 oil and gas
companies and 55 mining companies globally on review for
downgrade, reflecting a mix of declining prices, weakening demand
and a prolonged period of oversupply.

Subscribers can access the report at:

   http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_1014375




                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***