TCRAP_Public/160204.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Thursday, February 4, 2016, Vol. 19, No. 24


                            Headlines


A U S T R A L I A

AIRCRAFT SUPPORT: First Creditors' Meeting Set For Feb. 9
CONTRACTOR SERVICES: First Creditors' Meeting Set For Feb. 12
EDUTECT HOLDINGS: First Creditors' Meeting Set For Feb. 11
HELP STREET: First Creditors' Meeting Set For Feb. 11
TAHITIAN GOLD: Awaits the Formation of a Creditors Committee

TIMBERDEN PTY: Seeks Buyers for Assets and Business


C H I N A

ANTON OILFIELD: Fitch Cuts LT Issuer Default Rating to 'CCC'
EVERGRANDE REAL: Fitch Keeps 'BB-' Rating on Amended Solicitation

* CHINA: More Than 50% of Major Steel Producers Log Losses


H O N G  K O N G

CHINA FISHERY: Fitch Keeps 'C' Rating as Firm Enters Grace Period
CHINA METAL: HKSE to Cancel Listing of Shares Effective Feb. 4


I N D I A

AGRASEN COTTON: CARE Assigns 'B+' Rating to INR8cr LT Loan
AMAR JYOTHI: CRISIL Assigns B+ Rating to INR80MM Cash Loan
ARDEE TECHNOLOGIES: CARE Assigns 'B+' Rating to INR27.10cr Loan
ASHOK MOTORS: CARE Revises Rating on INR14cr Loan to BB-
BHARAT CARBON: CRISIL Assigns B- Rating to INR52MM Term Loan

CALANCE SOFTWARE: Ind-Ra Assigns 'IND BB+' LT Issuer Rating
DEEPAK COTTON: CRISIL Assigns B+ Rating to INR140MM Cash Loan
DTL ANCILLARIES: CRISIL Ups Rating on INR350MM Cash Loan to B
DURGA HARDWARE: CRISIL Assigns B+ Rating to INR65MM LT Loan
FLUXTRANS LOGISTICS: CRISIL Suspends B- Rating on INR40MM Loan

GALAXY GLASS: CRISIL Reaffirms B+ Rating on INR50MM Cash Loan
GAYATRI BIO: CARE Lowers Rating on INR21.96cr LT Loan to 'D'
GREEN MIRROR: CARE Reaffirms 'B' Rating on INR11.50cr Loan
GUPTA METAL: CARE Reaffirms 'B' Rating on INR75cr LT Loan
HARICHANDANA COTTONS: CRISIL Assigns B Rating to INR30MM Loan

J.K. CERAMICS: CARE Reaffirms B+ Rating on INR16.60cr LT Loan
J. P. ENTERPRISES: CRISIL Suspends B+ Rating on INR40MM LT Loan
JALNA MEDICAL: CRISIL Suspends B- Rating on INR97.1MM Term Loan
JBL BUILDCON: CRISIL Suspends 'B' Rating on INR125MM Term Loan
JRB BREEDERS: CRISIL Suspends B- Rating on INR96.8MM LT Loan

KH FOGES: CRISIL Assigns B Rating to INR50MM Cash Loan
KHUKHRAIN BUILDERS: CRISIL Cuts Rating on INR55.6MM Loan to B+
KHURANA BLANKETS: CRISIL Assigns B- Rating to INR45MM LT Loan
MANTRA EARTH: CARE Assigns B+ Rating to INR15cr LT Loan
MIKI MAIZEMILLING: CARE Assigns 'B+' Rating to INR11.71cr Loan

NIRAV METALS: CRISIL Reaffirms B+ Rating on INR75MM Cash Loan
NUFARM FROZENS: CRISIL Assigns B+ Rating to INR60MM Cash Loan
PRACHEE POLYFILMS: CARE Assigns B+ Rating to INR14.06cr LT Loan
PUJA QUENCH: CRISIL Suspends 'B' Rating on INR100MM LT Loan
RAGHURAM INDUSTRIES: CRISIL Assigns B+ Rating to INR50MM Loan

RANGA WEAVES: Ind-Ra Assigns 'IND BB+' LT Issuer Rating
SANGAM HEALTH: CRISIL Assigns 'D' Rating to INR171.6MM Term Loan
SATYA JEWELLERS: CRISIL Assigns 'B' Rating to INR30MM Cash Loan
SBL CONSTRUCTION: Ind-Ra Assigns 'IND D' LT Issuer Rating
SHAHREZ CREATIONS: CRISIL Suspends 'B' Rating on INR35MM Loan

SHAVYAA GEOTEX: CARE Assigns 'B' Rating to INR11.90cr Loan
SHIV SUNDER: CARE Assigns 'B' Rating to INR9cr LT Loan
SHIVA POLYMERS: CRISIL Cuts Rating on INR55MM Cash Loan to 'D'
SHREEMANGAL PROTEINS: CARE Ups Rating on INR23.70cr Loan to BB-
SHREYAS ENTERPRISES: CRISIL Assigns B+ Rating to INR92.5MM Loan

SHREYAS SORTEX: CRISIL Assigns 'B' Rating to INR100MM Term Loan
SMT. SONPATI: CRISIL Suspends 'B' Rating on INR60MM Term Loan
SREE SREE RAKHAHARI: CARE Ups Rating on INR3.85cr Loan to B+
SURIBA INDUSTRIES: CRISIL Suspends B Rating on INR50MM Loan
SULTHAN RETAIL: CRISIL Assigns B+ Rating to INR110MM Cash Loan

UNITED INFRAVENTURES: CARE Ups Rating on INR9.05cr Loan to 'B'
VEGA INFRASTRUCTURES: CRISIL Suspends 'D' Rating on INR130MM Loan
VELAVAN HYPER: CRISIL Reaffirms 'B' Rating on INR80MM Loan
VELAVAN STORES: CRISIL Reaffirms 'B' Rating on INR120MM Loan
VELAVAN STORES JEWELLERS: CRISIL Reaffirms B INR200MM Loan Rating

VNS ACCESSORIES: CRISIL Assigns B+ Rating to INR120MM Loan


I N D O N E S I A

SOECHI LINES: Fitch Affirms 'B+' LT Foreign-Currency IDR
SOLUSI TUNAS: Fitch Affirms 'BB-' Currency Issuer Default Ratings
XL AXIATA: FY2015 Performance Supports Ba1 Rating, Moody's Says


J A P A N

DAIICHI CHUO: To Delay Submission of Rehabilitation Plan
TOSHIBA CORP: To Revise Earnings-linked Bonuses


N E W  Z E A L A N D

WINSLOW TRADING: Creditors Left Out of Pocket, Report Shows

* Rangitaiki Dairy Farm in Receivership Up for Sale


                            - - - - -


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


AIRCRAFT SUPPORT: First Creditors' Meeting Set For Feb. 9
---------------------------------------------------------
David Iannuzzi and Steve Naidenov of Veritas Advisory were
appointed as administrators of Aircraft Support Industries Pty Ltd
on Jan. 28, 2016.

A first meeting of the creditors of the Company will be held at
Veritas Advisory, Level 12, 88 Pitt Street, in Sydney, on Feb. 9,
2016, at 3:30 p.m.


CONTRACTOR SERVICES: First Creditors' Meeting Set For Feb. 12
-------------------------------------------------------------
Stephen Dixon, Shaun McKinnon and Michael McCann of Grant Thornton
were appointed as administrators of Contractor Services
(Queensland) Pty Ltd and related companies:

   -- Gladstone Concrete Pumping Pty Ltd;
   -- Meales Concrete Pumping Pty Ltd;
   -- Meales Concrete Pumping (Nt) Pty Ltdv
   -- Meales Concrete Pumping & Placing (Qld) Pty Ltd;
   -- Project Civil Pty Ltd;
   -- Pump Corp Concrete Pumping Pty Ltd;
   -- Pump Corp High Rise Pty Ltd;
   -- QJV Pty Ltd;
   -- Specialised Concrete Pumping Pty Ltd;
   -- Specialised Concrete Pumping Victoria Pty Ltd;
   -- TKS Enterprises Pty Ltd; and
   -- TKS Titan Pty Ltd.

A first meeting of the creditors for each of the Companies will be
held at Pullman Brisbane King George Square, Corner of Ann and
Roma Streets, in Brisbane, on Feb. 12, 2016, at 10:00 a.m.

EDUTECT HOLDINGS: First Creditors' Meeting Set For Feb. 11
----------------------------------------------------------
Timothy Joseph Heenan and Richard John Hughes of Deloitte were
appointed as administrators of Edutect Holdings Pty Ltd on
Feb. 1, 2016.

A first meeting of the creditors of the Company will be held at
Level 25, 123 Eagle Street, in Brisbane, on Feb. 11, 2016, at 3:00
p.m.


HELP STREET: First Creditors' Meeting Set For Feb. 11
-----------------------------------------------------
Ian James Purchas and Shumit Banerjee of SV Partners were
appointed as administrators of Help Street Group Global on
Feb. 1, 2016.

A first meeting of the creditors for each of the Companies will be
held at SV Partners, Level 7, 151 Castlereagh Street, in Sydney,
on Feb. 11, 2016, at 11:00 a.m.


TAHITIAN GOLD: Awaits the Formation of a Creditors Committee
------------------------------------------------------------
ATN News reports that the fate of Sydney Freight Services awaits
the formation of a creditors committee.

A creditors meeting for custom-bonded air and sea freight depot
and transport company Tahitian Gold Enterprises, trading as Sydney
Freight Services, was called after it entered voluntary
administration last month, according to ATN News.

The report notes that the meeting was called to consider whether
to appoint a committee of creditors and if so, who would be part
of the member committee.

Sources told ATN while the decision to form a committee has been
agreed upon, the committee itself has not yet been formed.

A combined notice on the appointment of administrators and the
first meeting date for creditors of the company was issued on
January 18, followed by a notice inviting applications for
purchase of assets, the report notes.

According to the administrators, the company's business and assets
include:

   -- plant, equipment and truck fleet (leased);
   -- warehouse in south-west Sydney transport hub (leasehold);
   -- intellectual property; customs 77G depot license,
   -- Class 1.3 quarantine depot (subject to approvals).

Its fleet ranges from 1 ton vans through to 12-tonne taut liners,
the report notes.

Alan Hayes -- ahayes@hayesadvisory.com.au -- and Christian
Sprowles -- csprowles@hayesadvisory.com.au -- from Hayes Advisory
have been appointed administrators.

ATN is awaiting a response from the administrators on the current
status of the business and its prospects.


TIMBERDEN PTY: Seeks Buyers for Assets and Business
---------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that expressions of
interest are sought for the purchase of the assets and business of
Timberden Pty Ltd or recapitalisation or equity investment through
a Deed of Company Arrangement.

Timberden is a construction and highway maintenance business that
has operated in regional Western Australia for the past ten years.
Major investment features include turn-key capabilities, a well-
equipped and modern fleet, haulage, vegetation control and
earthmoving equipment as well as major industry relationships and
contracts that support a diversified revenue stream.

The company was placed into administration with Robert Michael
Kirman and Matthew Wayne Caddy of McGrathNicol being appointed
administrators of the company on Jan. 14, 2016.



=========
C H I N A
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ANTON OILFIELD: Fitch Cuts LT Issuer Default Rating to 'CCC'
------------------------------------------------------------
Fitch Ratings has downgraded Anton Oilfield Services Group
(Anton)'s Long-Term Issuer Default rating to 'CCC' from 'B-'. The
'CCC' rating on Anton's $US 250 million 7.5% senior unsecured
bonds maturing in November 2018 has been affirmed, together with a
Recovery Rating of 'RR5'.

The rating action reflects Anton's elevated refinancing risk amid
a deteriorated operating environment. Fitch expects industry
conditions to remain weak due to significant near-term pressure on
oil prices. There is thus limited potential for Anton to
meaningfully improve its operating cash flows in the near-term.
The company will continue to be highly reliant on roll-over and
maintenance of credit facilities to fund its operations.

KEY RATING DRIVERS

Deteriorated Industry Conditions: Oil prices continue to be under
pressure in 2016. Reflecting the near-term pressures on oil
prices, Fitch has lowered its oil and gas price assumptions on Jan
20, 2016. Due to weak oil prices, upstream exploration and
production companies are expected to further rationalise their
capital expenditures in 2016, likely leading to increased
competitive conditions and margin pressures for oilfield services
companies. There is also a risk of write-downs of oil field
services companies' order-books; Anton had to write-down a total
of CNY335m in orders during 2015 following the weakening of oil
prices during the year.

Substantial Refinancing Risk: Anton has substantial short term
debt maturities, relative to its cash. At end-June 2015 the
company had unpledged cash of CNY265 million, while unsecured
short term debt stood at CNY506 million. Anton's available bank
facilities are mostly of short term nature, and would need to be
renewed over the course of the next few quarters. Aside from the
short-term debt that needs to be refinanced, Anton has to
refinance a CNY200m of domestic bond maturing in August 2016.

Tight liquidity: As a result of lengthy accounts receivable
collection, Anton's ability to meet its operating expenses and
interest costs - totalling close to CNY300m for the first six
months of 2015, is highly reliant on short term banking
facilities. Maintaining sufficient banking facilities could be
more challenging amid volatile industry conditions.

Risk to Overseas Exposure: Anton's new orders largely come from
overseas markets, especially in Iraq. Iraq's contribution to
Anton's revenue was 33% in 1H15 compared to 16% in 2013. Of
Anton's CNY2.8 billion order book at Dec 2015, Fitch estimates
that about 35%-40% is contributed by contracts in Iraq. Although
the overseas contracts have enhanced Anton's geographical
diversity, and offer higher margins than domestic ones, they carry
higher geopolitical risk, and Anton faces stiff competition in
many of its overseas markets.

KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for Anton include:
-- Revenue in 2015 to decline by 10%-15%, and to grow marginally
    thereafter
-- Gross margin at 25-30% in 2015-2017
-- Working capital cycle to stay similar to that in 2015
-- More than 50% reduction in average CAPEX in 2015-2017 from
    2014 level

RATING SENSITIVITIES

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

-- A failure to roll over short term debt, absence of adequate
    bank credit lines, failure to maintain adequate cash
    balances, deterioration in cash conversion cycle, higher-
    than-expected capital expenditure, or weakening of the
    company's trading performance.
-- An increase in the quantum of secured debt could result in a
    downgrade of the Recovery Rating leading to a downgrade of
    its Senior Unsecured Rating.

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

-- A material improvement in liquidity, demonstration of the
    ability to adequately cover debt service obligations and to
    reduce refinancing risks - including satisfactorily
    addressing the sizable notes maturities in 2016, and
    improvement in operating performance, supporting the
    company's ability to maintain a financial and liquidity
    profile adequate for a Long-Term IDR of 'B-'.


EVERGRANDE REAL: Fitch Keeps 'BB-' Rating on Amended Solicitation
-----------------------------------------------------------------
Fitch Ratings says ratings on Evergrande Real Estate Group Limited
(Evergrande; BB-/Stable) and its bonds due in 2018 and 2020 will
not be impacted even if the proposed amendments in the consent
solicitation announced on February 1, 2016 are adopted.

The principal purpose of the consent solicitation is to align the
terms of the company's 2018 and 2020 notes with the bond that it
recently issued on 15 January 2016 (the "2019 Notes"), and give
the company more flexibility in offshore and onshore debt-raising,
liens of indebtedness, investments in subsidiaries and minority-
owned joint ventures, dividend pay-outs and stock repurchases, as
well as business diversification beyond its core real estate
development business.

The proposed amendments, if adopted, will provide Evergrande with
more funding and operational flexibility to support its current
expansion and business diversification, though it would require a
higher level of indebtedness. Fitch does not expect its view on
Evergrande to change solely due to the adoption of the proposed
amendments. However, Evergrande's rating may come under pressure
in the event that expansion drives leverage, as measured by net
debt/adjusted inventory, to above 60%, and contracted sales/total
debt below 0.6x, both on a sustained basis.

Major proposed amendments of the indentures include:
-- increasing the limit on permitted subsidiary indebtedness
    from 15% to 20% of total assets;
-- increasing the "purchase money indebtedness" basket from 30%
    to 35% of total assets;
-- increasing the "working capital loan" basket from $US  50.0
    million to 2% of total assets;
-- exempting any restricted subsidiary listed on a qualified
    exchange from providing guarantees for the 2018 notes and
    pledging their shares to secure the 2018 notes;
-- amending the definition of "entrusted loans" such that it
    applies to intragroup borrowings and deposits made by non-PRC
    restricted subsidiaries;
-- permitting capitalized lease obligations or attributable
    indebtedness with respect to a sale and leaseback
    transaction;
-- relaxing cash dividend payments and stock repurchasing
    requirements, including exempting the fixed charge coverage
    ratio requirement and relaxing "restricted payment" deduction
    requirements;
-- relaxing conditions of the "permitted investment" basket,
    include (i) increasing the size of the basket from 15% to 20%
    of total assets, (ii) increasing the portion of investments
    that are exempt from the fixed charge coverage ratio
    requirement from 7.5% to 10% of total assets, and (iii)
    allowing investment in an investee whose other shareholder is
    an affiliate;
-- permitting spin-off listings of non-core entities;
-- permitting investments in trusts, funds or asset management
    plans that primarily invest in the company's real estate
    projects; and
-- expanding the definition of "temporary cash investment" to
    include deposits with banks or trust companies in the United
    States, the United Kingdom, Singapore and Hong Kong.

Bond holders have until 19 February to give their consent to the
proposed amendments.


* CHINA: More Than 50% of Major Steel Producers Log Losses
----------------------------------------------------------
The Financial Times reports that a sharp reversal in China's steel
industry has led to more than half of major producers reporting
losses last year.

Member companies of the China Iron and Steel Association suffered
a combined loss of RMB64.5 billion ($9.8 billion), compared with
profits of RMB22.6 billion in 2014, the FT discloses.

The FT relates that the country's steel industry, which accounts
for more than half of global production, contracted for the first
time in almost 35 years in 2015, with raw steel production
dropping 2.3 per cent -- the first fall since 1981.

Steel demand is wilting as construction and heavy industry
stutter, a slowdown highlighted on Feb. 1 when China's official
manufacturing purchasing managers' index for January fell to 49.4,
from 49.7 in December, the FT says. PMI readings below 50 indicate
a fall-off in activity.

According to the FT, Li-Gang Liu, China chief economist at ANZ,
said the reading suggested "the contraction in the manufacturing
sector became more entrenched."  Mr. Liu noted that year-on-year
steel output fell 12 per cent in both December and early January.

The FT notes that the National Bureau of Statistics attributed the
steeper than expected fall on the government's campaign to reduce
industrial overcapacity, especially in the steel and coal sectors,
as well as a spillover effect from the lunar new year holiday. The
holiday begins on February 7 and firms often suspend activity
weeks in advance, the FT says.

China's economic slowdown hit domestic steel demand hard in 2015,
with steel-intensive industries, including the once-resilient
property sector, unwilling to launch new projects in the face of
overhanging inventories, according to the FT.

The FT relates that CISA, blaming industry losses on plummeting
domestic prices, said its price index fell more than 30 per cent
over the course of 2015.

Mill closures remain unlikely despite the losses, however, in part
due to fears that the subsequent mass job losses could lead to
social instability, the FT states.

The closure of so-called zombie companies alone could mean 400,000
lay-offs, the FT says citing a recent speech by Li Xinchuang, head
of the China Metallurgical Industry Planning and Research
Institute.

Faced with these issues, ramping up export volume remains the
industry's chosen palliative for overcapacity, the report notes.
China's steel exports grew more than 20 per cent in 2015 to 112m
tonnes.

The flood of Chinese steel is stoking trade protectionism as
companies in other parts of the world struggle to compete with
Chinese prices. In 2015, 37 cases were filed against Chinese steel
producers, most on anti-dumping grounds, the FT reports.



================
H O N G  K O N G
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CHINA FISHERY: Fitch Keeps 'C' Rating as Firm Enters Grace Period
-----------------------------------------------------------------
Fitch Ratings says that China Fishery Group Limited's (China
Fishery, Issuer Default Rating: C) failure to pay a coupon on its
$US 300 million notes on 30 January 2016 does not immediately
trigger a downgrade to 'RD' as the company has a 30-day grace
period to make the payment, under the terms of the notes.

The company is facing a cash crunch as its access to funding has
been curtailed following a winding up petition against the company
by creditors initiated in November 2015.

The company announced on 1 February 2016 that courts in Hong Kong
and Cayman Islands have dismissed the winding up petitions and
discharged the provisional liquidators that had been in place. The
company also announced that it had reached an agreement with its
club loan lenders to restructure the company and continues to
explore a potential sale of its Peruvian business. According to
the company's announcement in December 2015, it had received non-
binding memorandums of understanding from two prospective buyers
for the Peruvian business at an indicative enterprise value of $US
1.7 billion.

Despite these developments, it is not clear whether the company's
financial position would improve in time for it to make the coupon
payment within the grace period. Failure to do so will result in
its IDR being downgraded to 'RD'. We also believe that the company
had not met all the terms of the club loan; however, we have not
been able to verify whether this constitutes a default.


CHINA METAL: HKSE to Cancel Listing of Shares Effective Feb. 4
--------------------------------------------------------------
The Stock Exchange of Hong Kong Limited disclosed that with effect
from 9:00 a.m. on February 4, 2016, the listing of the shares of
China Metal Recycling (Holdings) Limited will be cancelled.

The Exchange announced that the listing of the Company's shares
will be cancelled with effect from 9:00 a.m. on February 4, 2016
under the Listing Rules.

Trading in the Company's shares has been suspended since 28
January 2013.  On December 17, 2015, the Listing Committee decided
to cancel the listing of the Company's shares on the ground that
the Company or its business is no longer suitable for listing.

The Listing Committee also decided to allow the Company to remedy
those matters which have rendered it unsuitable for listing by
January 17, 2016.

The Company did not make any proposal to remedy the matters before
the deadline.

Accordingly, the Exchange will cancel the Company's listing with
effect from 9:00 a.m. on February 4, 2016.

The Exchange has requested the Company to publish an announcement
on the cancellation of its listing.

The Exchange advises shareholders of the Company who have queries
about the implications of the delisting to obtain appropriate
professional advice.

China Metal Recycling (Holdings) Limited is engaged in the
recycling, processing and marketing of metals, including ferrous
and nonferrous metals, which are the raw materials for a wide
range of metallic end-products. The Company collects scrap steel,
scrap copper and other scrap metals and processes them using
advanced equipment to produce recycled scrap metals. The metals
are classified as ferrous metal, namely iron and steel; non-
ferrous metal, including copper and aluminum, as well as other
materials, including ores, scrap plastic and others.



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AGRASEN COTTON: CARE Assigns 'B+' Rating to INR8cr LT Loan
----------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Agrasen
Cotton Industries.

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

Rating Rationale

The rating assigned to the bank facilities of Agrasen Cotton
Industries (ACI) is primarily constrained on account of its
presence in a fragmented cotton industry with limited value
addition and financial risk profile marked by low profit margins,
moderately leveraged capital structure, weak debt coverage
indicators and moderate liquidity position. The rating is further
constrained on account of volatility associated with the raw
material prices, its constitution as a proprietorship firm and
supply for cotton being highly regulated by the government.

The rating, however, takes comfort from the long experience of the
proprietor in cotton industry, increasing scale of operation and
locational advantage in term of proximity to cotton producing belt
of Madhya Pradesh.

The ability of ACI to increase its scale of operations along with
improvement in profitability, capital structure & liquidity
position are the key rating sensitivities.

Ratlam-based (Madhya Pradesh), ACI was established in 1998 as a
proprietorship firm by Mr Manoj Agrawal. ACI is engaged in cotton
ginning and pressing and trading of cotton. ACI operates from its
sole manufacturing facility located in Ratlam and has an installed
capacity of 12,410 MTPA for cotton bales and 25,185 MTPA for
cotton seed as on March 31, 2015.

During FY15 (refers to the period April 1 to March 31), ACI
reported a total operating income (TOI) of INR70.84 crore and PAT
of INR0.21 crore as against a TOI of INR54.58 crore and PAT of
INR0.20 crore during FY14. As per the provisional results for
9MFY16 (April, 1 2015 to December 31, 2015), ACI registered a TOI
of INR55 crore.


AMAR JYOTHI: CRISIL Assigns B+ Rating to INR80MM Cash Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Amar Jyothi Paper Co.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            80       CRISIL B+/Stable
   Letter of Credit
   Bill Discounting       40       CRISIL A4

The rating reflects a modest scale of operations in the
competitive paper industry, and an average financial risk profile.
These rating weaknesses are partially offset by the extensive
experience of the firm's promoters in the paper trading industry.
Outlook: Stable

CRISIL believes AJPC will continue to benefit over the medium term
from its promoters' extensive industry experience and their
established relationship with customers and suppliers. The outlook
may be revised to 'Positive' in case of a substantial increase in
scale of operations and sustainable improvement in the financial
risk profile. Conversely, the outlook may be revised to 'Negative'
if there is considerable decline in revenue or operating margin,
or a stretched working capital cycle, adversely impacting
liquidity.

AJPC, established in 1990, is a Bengaluru-based proprietorship
firm of Mr. Kantilal Jain; the firm trades in writing and printing
paper.


ARDEE TECHNOLOGIES: CARE Assigns 'B+' Rating to INR27.10cr Loan
---------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' rating to the bank facilities
of Ardee Technologies Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     27.10      CARE B+ Assigned
   Short-term Bank Facilities    18.50      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Ardee Technologies
Private Limited (ATPL) is constrained by declining scale of
operation, stretched liquidity position due to elongated operating
cycle, weak debt coverage indicators, exposure to foreign exchange
fluctuation risk and high exposure in subsidiaries having weak
financial risk profile.

The ratings, however, derive strength from experienced promoter,
established track record of the company coupled with wide range of
product offerings, in-house R&D centre approved by Department of
Science and Technology, reputed client base spread across India,
increasing profit margin over last three years and moderate
capital structure.

The ability of the company to increase the scale of operation,
maintain favorable capital structure and manage working capital
requirements efficiently are the key rating sensitivities.

ATPL, incorporated on October 07, 1987, was promoted by Mr G.S.
Narayan who is a chemical engineer with about 40 years of
experience in the iron and steel industry. The company is engaged
in manufacturing of various kinds of sensors used for measuring
temperature and gas content in molten iron, steel and other
metals. The product profile comprises products like sensors
(Active Oxygen Sensors, Hydrogen measurement sensors, carbon
sensors, multiple sensors, etc), ferro alloy and modification
products (cored wire with calcium modification agents, aluminium,
magnesium, etc), accessories (auto-lance, arco-cored wires, CECAL
pipes, etc). It also provides services, viz, Total probe
management, De-oxidation management, De-sulphurisation management,
lance management, etc.


ASHOK MOTORS: CARE Revises Rating on INR14cr Loan to BB-
--------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Ashok Motors.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       14       CARE BB- Revised from
                                            CARE B+

Rating Rationale
The revision in the rating assigned to the bank facilities of
Ashok Motors (ASHOK) takes into cognizance the improvement in the
profitability margins, capital structure and debt service coverage
indicators in FY15 (refers to the period April 1 to March 31).
However, the rating continues to remain constrained by partnership
nature of business, limited bargaining power with Mahindra &
Mahindra Limited (M&M)and dependence on volume momentum, renewal
based dealership agreement, steady scale-up of operations
constrained by low profitability margins, working capital
intensive nature of business and intense competition in the auto
dealership business. The rating also factors in the firm's long
track record of operations, experience of the partners in the
automobile dealership space and the advantage of being an
authorised dealer of M&M for four districts of Assam.

Going forward, the ability of the firm to grow its scale of
operations along with profitability and improve its capital
structure by managing its working capital effectively shall remain
the key rating sensitivities.

Ashok Motors (ASHOK) was set up as a proprietorship entity in the
year 1945 by Late Mr Biswanath Tibrewal of Tezpur, Assam. The
entity initially commenced with dealership of British company's
passenger vehicles. Later in 1950, it switched to the dealership
of Hindustan Motors (HM).

Subsequently in 1996, the entity discontinued the dealership of
HM's vehicles owing to fall in demand and became the authorized
dealer of Mahindra & Mahindra Limited (M&M). After the
demise of Mr Biswanath Tibrewal in 1998, the entity has been
spearheaded by his son Mr Pradip Kumar Tibrewal. In April, 2014,
the proprietorship entity has been changed to a partnership firm.


BHARAT CARBON: CRISIL Assigns B- Rating to INR52MM Term Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facilities of Bharat Carbon and Oil Industries (BCOI).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan              52       CRISIL B-/Stable
   Proposed Term Loan      1       CRISIL B-/Stable
   Cash Credit            10       CRISIL B-/Stable
   Mortgage Loan
   Facility               12       CRISIL B-/Stable

The rating reflects risks related to stabilisation and sales
during initial stage of operations, below-average financial risk
profile because of weak capital structure, and susceptibility of
operating performance to volatility in crude prices. These
weaknesses are partially offset by the technical expertise of
BCOI's partners.
Outlook: Stable

CRISIL believes BCOI will continue to benefit over the medium term
from promoters' strong technical expertise. The outlook may be
revised to 'Positive' if increase in scale of operations and
operating efficiency, while efficiently managing working capital,
leads to improvement in financial risk profile. Conversely, the
outlook may be revised to 'Negative' if cash accrual is
significantly lower than expected because of delays in
stabilisation of demand or decline in operating profitability, or
if financial risk profile deteriorates due to capital withdrawal
or larger-than-expected debt-funded capex plans.

Established in 2013 as a partnership firm by Mr. Sudesh Kotian and
his wife, Ms. Sunila Kotian, BCOI is engaged in manufacturing
pyrolysis oil and carbon black by recycling scrap tyres. The
manufacturing facility is in Mangaon, Maharashtra.


CALANCE SOFTWARE: Ind-Ra Assigns 'IND BB+' LT Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Calance Software
Private Limited (CSPL) a Long-Term Issuer Rating of 'IND BB+'. The
Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect CSPL's weak consolidated EBITDA margin and
weak financial leverage (total adjusted debt/operating EBITDAR)of
1.88% in FY15 (FY14: 3.33%) and 5.26x (3.95x), respectively. Ind-
Ra expects the profitability margins to improve in FY16 on account
of the various cost cutting measures being implemented by CSPL.
The margin could further improve FY17 onwards on account of
additional revenue generation on the completion of a software
project for cloud computing and wireless mobility space products
for which the expenses are already being incurred.

The ratings factor in the volatility of order inflows in the staff
contracting segment, product acceptance risk of the new middleware
being developed by the company and the foreign exchange risk
stemming from its foreign currency term loans.

The ratings are supported by CSPL's reasonable scale of
operations, strong clientele profile in staff contracting and data
centre services in US and Canada and the over two decade of
experience of its promoters in the information technology
industry. The company's customer base includes Toyota Financial
Services, Isuzu Motors Limited, Verizon Communications, Toyota
Motor Corporation and American Honda Motor Company.

The ratings also factor in CSPL's comfortable liquidity position
as evident from its 43.71% average cash credit utilisation during
the 12 months ended December 2015, and satisfactory interest
coverage ratio. In FY15, the consolidated top line was INR3,511.01
million (FY14: INR3,686.39 million) and interest coverage ratio
(total adjusted debt/operating EBITDAR) was 2.67x (2.79x).

RATING SENSITIVITIES

Negative: A decline in the revenue and operating profitability
resulting in significant deterioration in the credit metrics will
be negative for the ratings.

Positive: A stable revenue stream from new product launches,
leading to an improvement in the profitability and credit profile
will be positive for the ratings.

COMPANY PROFILE

Incorporated in 2004, CSPL provides information technology
solutions across North America and India, specialising in staff
contracting, data centre/ cloud/ mobile services, e-Governance
services and talent services. CSPL has a wholly owned subsidiary
in US - Partner's Information Technology. The company runs its
offices in New Delhi, London, New York, Los Angeles and Chicago.

CSPL's ratings:
-- Long-Term Issuer Rating: assigned 'IND BB+'; Outlook Stable
-- INR70.00 million term loan: assigned at 'IND BB+'/Stable
-- INR30.00 million fund based limits: assigned at 'IND
    BB+'/Stable and 'IND A4+'
-- INR20.00 million non-fund based limits: assigned at 'IND A4+'


DEEPAK COTTON: CRISIL Assigns B+ Rating to INR140MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Deepak Cotton Factory (DCF).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            140      CRISIL B+/Stable

The rating reflects the firm's small scale of operations leading
to low operating profitability, and an average financial risk
profile because of modest gearing and below-average debt
protection metrics. These rating weaknesses are partially offset
by the extensive experience of the firm's proprietor in the cotton
industry and moderate working capital requirement.
Outlook: Stable

CRISIL believes DCF will continue to benefit over the medium term
from the extensive industry experience of its proprietor and
established relationship with customers and suppliers. The outlook
may be revised to 'Positive' in case of higher-than-expected
revenue and improved profitability. Conversely, the outlook may be
revised to 'Negative' in case of a decline in revenue or
profitability, or large, debt-funded capital expenditure,
resulting in deterioration in the financial risk profile.

DCF was set up in 2006, promoted by Mr. Tarsem Chand Bansal as a
proprietorship firm. The firm operates a ginning unit for
manufacturing cotton bales, and trades in cotton seeds. It also
has an oil crushing unit. The manufacturing units are based in
Mansa, Punjab, with an installed capacity of 250 bales per day,
which is almost fully utilised.


DTL ANCILLARIES: CRISIL Ups Rating on INR350MM Cash Loan to B
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
DTL Ancillaries Limited (DTL) to 'CRISIL B/Stable' from 'CRISIL B-
/Stable', while reaffirming its rating on the short-term
facilities at 'CRISIL A4'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee          60      CRISIL A4 (Reaffirmed)


   Cash Credit            350      CRISIL B/Stable (Upgraded
                                   from 'CRISIL B-/Stable')

   External Commercial    163.2    CRISIL B/Stable (Upgraded
   Borrowings                      from 'CRISIL B-/Stable')


   Letter of Credit       250.0    CRISIL A4 (Reaffirmed)

   Proposed Letter of
   Credit                  63.4    CRISIL A4 (Reaffirmed)

   Term Loan               63.4    CRISIL B/Stable (Upgraded
                                   from 'CRISIL B-/Stable')

The rating upgrade reflects improvement in DTL's liquidity backed
by a better-than-expected operating performance. The company
generated cash profits in 2014-15 (refers to financial year, April
1 to March 31) vis-a-vis a significant cash loss in the previous
year. Moreover, the performance continued to improve in the
current year with net sales of over INR1.15 billion for the nine
months ended December 31, 2015, and significantly better operating
profitability, as against sales of INR1.17 billion for 2014-15.
The revival in demand from the Indian Railways, higher
profitability in the sheet piles business, and initiatives to
control overheads have led to improvement in revenue and
profitability. DTL had an outstanding order book of about INR1.5
billion as on December 31, 2015, from the Indian Railways, along
with regular orders from Tata Motors Ltd and Piaggio Vehicles Pvt
Ltd. Sustenance of revenue over the medium term with improved
profitability will ensure adequate cash accrual for meeting
scheduled debt repayments.

The ratings reflect DTL's subdued debt protection metrics,
customer concentration in its revenue profile, and exposure to
risks related to volatility in raw material prices and to economic
downturns. These rating weaknesses are partially offset by the
extensive experience of the company's promoters and an established
market position as supplier of load body fabrications and
customised cold roll formed (CRF) sections to the automobile
industry and the Indian Railways.
Outlook: Stable

CRISIL believes DTL will continue to benefit over the medium term
from its promoters' extensive industry experience and improving
demand from its key customer. The outlook may be revised to
'Positive' in case of sustained growth in revenue with improved
margins, leading to higher-than-expected cash accrual. Conversely,
the outlook may be revised to 'Negative' in case the company's
financial risk profile, particularly liquidity, weakens because of
lower cash accrual, a stretched working capital cycle, or any
unanticipated large capital expenditure.

Incorporated in 1996, DTL manufactures customised CRF sections and
load body fabrications for railway wagons and coaches as well as
commercial vehicles. It is promoted by Mr Vijay Mohan Jain and has
manufacturing facilities at Chakan in the Pune district of
Maharashtra, and in Kolkata.

DTL reported net loss of INR87.7 million on net sales of INR1.17
billion in 2014-15, against a net loss of INR93.3 million on net
sales of INR1.51 billion in 2013-14.


DURGA HARDWARE: CRISIL Assigns B+ Rating to INR65MM LT Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Durga Hardware and Mill Store (Durga Hardware).

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

   Proposed Long Term
   Bank Loan Facility      65      CRISIL B+/Stable

The rating reflects the firm's modest scale of operations in the
intensely competitive hardware industry, and below-average
financial risk profile with high total outside liabilities to
tangible net worth (TOLTNW) ratio. These weaknesses are partially
offset by the promoters' extensive industry experience and
established relationships with customers and suppliers.
Outlook: Stable

CRISIL believes that Durga Hardware will continue to benefit over
the medium term from its promoters' experience in the hardware
industry and established relationships with suppliers and
customers. The outlook may be revised to 'Positive' if increase in
net cash accrual leads to stronger debt protection measures; or if
infusion of substantial capital strengthens the capital structure.
Conversely, the outlook may be revised to 'Negative', if further
decline in operating margin, or stretch in working capital cycle
weakens the financial risk profile.

Durga Hardware is a Delhi-based proprietorship firm set up by Mr.
Bharat Khandelwal in 1988. It trades in tooling machines, machine
spares and hardware items.

For 2014-15 (refers to financial year, April 1 to March 31), Durga
Hardware reported a provisional book profit of INR4.8 million on
net sales of INR424.1 million (up from INR3.5 million and INR309.4
million, respectively, for 2013-14).


FLUXTRANS LOGISTICS: CRISIL Suspends B- Rating on INR40MM Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Fluxtrans Logistics Private Limited (FLPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Overdraft Facility      1       CRISIL B-/Stable
   Proposed Cash
   Credit Limit            9       CRISIL B-/Stable

   Proposed Long Term
   Bank Loan Facility     40       CRISIL B-/Stable

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

Incorporated in 2010 and based in Chennai (Tamil Nadu), FLPL is
engaged in providing logistics services such as ocean freight
forwarding, customs clearing, surface transportation services,
etc.  The day-to-day operations of the company are managed by Mr.
P Chandra Bose.


GALAXY GLASS: CRISIL Reaffirms B+ Rating on INR50MM Cash Loan
-------------------------------------------------------------
CRISIL's rating on the bank facilities of Galaxy Glass Products
Private Limited (GGPPL) continues to reflect the company's below-
average financial risk profile because of small networth and muted
debt protection metrics, and modest scale of, and working capital-
intensive, operations. These weaknesses are partially offset by
the extensive experience of GGPPL's promoter in the glass
processing industry.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         20       CRISIL A4 (Reaffirmed)
   Cash Credit            50       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes GGPPL will continue to benefit over the medium
term from promoter's extensive experience. The outlook may be
revised to 'Positive' if significant increase in scale of
operations and operating profitability, or improvement working
capital management results in a better financial risk profile.
Conversely, the outlook may be revised to 'Negative' if cash
accrual declines or if further increase in working capital
requirement results in deterioration in financial risk profile.

Update
Revenue increased 29.6 percent in 2014-15 (refers to financial
year, April 1 to March 31) due to increased clientele,
particularly in South India. However, general slowdown in the
construction industry is expected to result in muted revenue of
INR190'200 million in 2015-16. Despite increase in revenue, cash
accrual declined owing to a sharp dip in operating profitability
(8.4 percent for 2014-15, 400 basis points lower than previous
year's level) because of higher raw material costs. Inability to
pass on increase in raw material prices to customers will keep
operating margin at a similar level over the medium term.

Financial risk profile remains below average because of small
networth. However, liquidity is adequate due to sufficient cash
accrual to meet debt obligation, and funding from the promoter;
but bank limit utilisation remains high.

Established in 2005 in Chennai by Mr. Omanakuttan, GGPPL
manufactures toughened and double-glazed unit glass.

GGPPL reported a net loss of INR7 million on total revenue of
INR174 million for 2014-15, against a profit after tax of INR4
million on total revenue of INR132 million for 2013-14.


GAYATRI BIO: CARE Lowers Rating on INR21.96cr LT Loan to 'D'
------------------------------------------------------------
CARE revises ratings assigned to bank facilities of Gayatri Bio
Organics Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     21.96      CARE D Revised from
                                            CARE B
   Short term Bank Facilities    10.00      CARE D Revised from
                                            CARE A4

Rating Rationale

The revision in the ratings of Gayatri Bio-Organics Limited (GBL)
is on account of the delay in the servicing of debt obligations.

GBL was originally incorporated as Starchem Industries Ltd in
December 1991 by Mr T. Sandeep Kumar Reddy (Present Chairman). GBL
is a part of Hyderabad-based Gayatri group, which is in the
business of infrastructure and civil constructions, sugar and
hospitality.

GBL is engaged in the business of manufacturing of maize, starch,
sorbitol (sugar alcohol), liquid glucose and other allied products
having an installed capacity of 135,000 MTPA for maize crushing as
onMarch 31, 2015.

In FY15 (refers to the period April 01 to March 31), GBL has
reported a total operating income of INR255.62 crore (Rs.213.91
crore in FY14) and a PAT of INR3.83 crore (Rs.1.35 crore).
Furthermore, in H1FY16 [refers to the period April 01 to September
30] (Provisional), the company has reported a revenue of INR94.44
crore with PAT of INR0.86 crore.


GREEN MIRROR: CARE Reaffirms 'B' Rating on INR11.50cr Loan
----------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Green Mirror Buildcon Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     11.50      CARE B Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Green Mirror
Buildcon Private Limited (GMBPL) continues to remain constrained
on account of project implementation and stabilization risk
associated with the ongoing greenfield project and its presence in
a competitive industry alongwith the risks pertaining to the
cyclical real estate industry. The rating also takes into
consideration time overrun incurred for ongoing project.

However, the rating derives strength from the promoters'
experience coupled with support from group entities, locational
advantage and good demand outlook for Autoclaved Aerated Concrete
(AAC) blocks industry.

The ability of GMBPL to successfully complete its debt-funded
capex and quickly stabilize its operations while achieving
the envisaged level of scale of operations and profitability are
the key rating sensitivities.

Incorporated in September 2013, Ahmedabad (Gujarat) - based GMBPL
is promoted by two promoters namely Mr Suresh Badgujar and Mr
Jitendra Badgujar. GMBPL is undertaking a greenfield project to
manufacture Autoclaved Aerated Concrete (AAC) blocks/bricks with
proposed installed capacity of 1 lakh Cubic Meters per Annum
(LCMPA) at its plant located at Kheda district of Gujarat.

The total cost of the project is estimated at INR16.05 crore which
is proposed to be funded through equity contribution of INR6
crore, unsecured loan of INR0.05 crore and term loan of INR10
crore. GMBPL has already achieved financial closure for the
project.

The project implementation is at an advanced stage and is expected
to be complete by February 2016. While the initial trial runs are
expected to be conducted in March 2016, the commercial production
is expected to commence from April 2016 as against earlier
envisaged from July 2015, leading to an expected delay of around 9
months. As on November 30, 2015, the management had incurred a
total cost of INR10.35 crore which is 64.49% of the total project
cost.


GUPTA METAL: CARE Reaffirms 'B' Rating on INR75cr LT Loan
---------------------------------------------------------
CARE reaffirms ratings assigned to bank facilities of Gupta Metal
Sheets Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     75.00      CARE B Reaffirmed
   Short term Bank Facilities    52.02      CARE A4 Reaffirmed

Rating Rationale

The ratings of the bank facilities of Gupta Metal Sheets Ltd
(GMSL) continue to be constrained by weak financial profile of
the business marked by low profitability, high overall gearing and
low debt protection metrics. The ratings also factor in the
working capital intensive nature of business, vulnerability to
volatility in raw material prices and highly competitive nature of
the business.

However, the ratings draw comfort from the experience of the
promoters with long track record of operations, healthy demand
from the diversified end-user industry and good order book.
Going forward, the ability of GMSL to improve its total income,
profitability and overall gearing, along with effectively
managing its working capital requirement and keeping control over
raw material price fluctuation risk shall be the key rating
sensitivities.

GMSL was originally incorporated as a private limited company by
the name of Gupta Metal Sheets Pvt. Ltd. (GMSPL) in the year 1995.
GMSPL was incorporated by converting Gupta Enterprises, an equal
partnership firm between brothers Mr Ripu Daman Gupta, Mr Ravi
Shanker Gupta, Mr Radhey Shyam Gupta and Mr Vijay Kumar Gupta,
into a company. All the partners became equal shareholders in
GMSPL which was later converted into a public limited company, ie,
GMSL in April 2011. Currently, the entire shareholding of the
company is held between the four brothers.

GMSL is primarily engaged in the conversion of copper cathodes
into copper and copper alloys sheets/strips. The company's
manufacturing plant is located in Rewari (Haryana) with an
installed capacity of 14,500 tonnes per annum (TPA) as on March
31, 2015. GMSL primarily sells its products to mints, automobile
manufacturers, electric goods manufacturers and defense sector.
The company provides strips and sheets in various sizes starting
from 0.01 MM to 14 MM to the customer base across states of Delhi,
Maharashtra, Tamil Nadu, Rajasthan, Haryana, Uttar Pradesh,
Gujarat and Punjab.

During FY15 (refers to the period April 1 to March 31), GMSL had
registered a total income of INR391.73 crore with a PAT
of INR0.13 crore as against a total income of INR346.88 crore with
PAT of INR2.16 crore in FY14.


HARICHANDANA COTTONS: CRISIL Assigns B Rating to INR30MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long term
bank facilities of Harichandana Cottons Private Limited (HCPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Cash
   Credit Limit          17.5      CRISIL B/Stable

   Cash Credit           30        CRISIL B/Stable

   Long Term Loan        25        CRISIL B/Stable

The rating reflects HCPL's nascent stage and modest scale of
operations in the intensely competitive cotton-ginning industry,
and its weak financial risk profile marked by high gearing and
small networth. The rating weaknesses are partially offset by the
benefits derived from its promoters' extensive industry
experience.
Outlook: Stable

CRISIL believes that HCPL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if there is significant
increase in the company's scale of operations while improving its
profitability margin and capital structure. Conversely, the
outlook may be revised to 'Negative' in case of significant
decline in its revenue or profitability or if its capital
structure deteriorates on account of high working capital
requirements or a large debt-funded capital expenditure.

Established in 2015, HCPL is engaged in ginning and pressing of
raw cotton and sells cotton lint and cotton seeds. Based out of
Warangal in Telangana, HCPL is promoted by Mr. M.Gopal Reddy and
his associates. The company started commercial operations during
January 2016.


J.K. CERAMICS: CARE Reaffirms B+ Rating on INR16.60cr LT Loan
-------------------------------------------------------------
CARE reaffirms the ratings assigned to bank facilities of J.K.
Ceramics Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     16.60      CARE B+ Reaffirmed

Rating Rationale

The rating of J.K. Ceramics Private Limited (JKCPL) continue to
remain constrained on account of its financial risk marked
by continuous decline of Total Operating Income (TOI) in last two
financial years ended FY15 (FY refers to the period from April 1
to March 31) due to decline in sales prices and sales quantity,
low profitability margins, weak solvency and moderate liquidity
position. The rating, further, continues to remain constrained on
account of vulnerability of margins to fluctuation in the raw
material prices and foreign exchange rate and its presence in the
highly competitive guar gum industry with high seasonality in
nature.

The rating, however, favourably takes into account the vast
experience of the promoters in the agricultural industry and its
proximity to guar producing region of Rajasthan.

Improvement in the overall scale of operations and profitability
margins in light of volatile raw material prices along with
improvement in capital structure is the key rating sensitivity.

Bikaner (Rajasthan) based JKCPL, incorporated in 1984, is promoted
by Mr. Shreeram Agarwal along with his two sons, Mr Dinesh Kumar
Goyal and Mr Satish Kumar Agarwal. JKCPL was originally
incorporated in the name of Ramkali Oil Industries Private Limited
(ROIPL) and assumed its current name JKCPL in 1996. Initially, the
company was into the business of manufacturing of glazed titles
which was discontinued in 1999. Thereafter, from 1999 onwards, it
entered into the business of processing of guar refined dall,
churi korma, edible oil and oil cake of mustard and groundnut.
Besides, the company also does trading of chana dall, groundnut
refined oil and mustard seeds.

In FY12, the company entered into manufacturing of industrial guar
gum powder by setting up a Strategic Business Unit (SBU), Jugal
Hydrocoloids (JHD), within the company. The plant has installed
capacity of 50 Tonnes Per Day (TPD) for guar gum dall, 32 TPD for
guar gum powder and 5000 Quintals Per Annum (QPA) for Oil Unit as
onMarch 31, 2015.

The promoter family of JKCPL has also promoted, Jugal Kishore
Vanaspati Products Private Limited (JKVP; incorporated in
1987, rated as CARE B+ in March, 2015) which is engaged in the
business of manufacturing of refined groundnut oil and oil cakes
and sells groundnut oil under the brand name of "Chandi Sikka".

During FY15 (FY refers to the period of March 31 to April 1),
JKCPL has reported a total operating income of INR40.29 crore
(FY14: INR57.70 crore) with a net profit of INR 0.49 crore (FY14:
INR0.98 crore).


J. P. ENTERPRISES: CRISIL Suspends B+ Rating on INR40MM LT Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of M/s
J. P. Enterprises (JPE).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         79.5     CRISIL A4

   Proposed Long Term
   Bank Loan Facility      40      CRISIL B+/Stable

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

JPE is a proprietorship firm set up by Mr. Janardan Prasad in
1995. The firm undertakes civil construction projects such as
development of potable water distribution systems primarily for
government entities in Bihar and Jharkhand.


JALNA MEDICAL: CRISIL Suspends B- Rating on INR97.1MM Term Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Jalna
Medical Foundation and Research Center Private Limited (Jalna).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            2.5      CRISIL B-/Stable

   Proposed Long Term
   Bank Loan Facility      .4      CRISIL B-/Stable

   Term Loan             97.1      CRISIL B-/Stable

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

Incorporated in 2009, Jalna has set up a multi-specialty hospital
in Jalna (Maharashtra) under the name of Vivekanand Multi-
speciality Hospital (VMH). The hospital commenced commercial
operations from August 4, 2013, with a current capacity of 95
beds.


JBL BUILDCON: CRISIL Suspends 'B' Rating on INR125MM Term Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
JBL Buildcon Co (JBLB).

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Proposed Long Term
   Bank Loan Facility       25       CRISIL B/Stable

   Term Loan               125       CRISIL B/Stable

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

JBLB is a proprietorship firm set up in 2010, owned and managed by
Mr. Bimal Joshi. The firm undertakes construction of residential
as well as commercial projects in Ahmedabad (Gujarat). It has
initiated a new construction project, Shraddha Pioneer, at
Haithijan, Ahmedabad.


JRB BREEDERS: CRISIL Suspends B- Rating on INR96.8MM LT Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
JRB Breeders Private Limited (JRB).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            64.5     CRISIL B-/Stable
   Long Term Loan         96.8     CRISIL B-/Stable

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

Setup in the year 2005, JRB Breeders Private Limited (JRB) is
engaged in poultry farming business. Sri Venkatarama Poultry Farms
(SVP) was set up during 1999 and is engaged in poultry farming.
The promoter directors Dr.J. Param Kishan Rao has around 3 decades
of experience in the poultry farming business.


KH FOGES: CRISIL Assigns B Rating to INR50MM Cash Loan
------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of KH Foges India Private Limited (KHFIPL).

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

The ratings reflect the early stage of operations in an intensely
competitive construction industry, large working capital
requirements and modest net worth. These rating weaknesses are
mitigated by the promoter's extensive experience and funding
support.

Outlook: Stable

CRISIL believes KHFIPL will continue to benefit over the medium
term from the promoter's extensive industry experience and funding
support. The outlook may be revised to 'Positive' in case of
sizeable increase in scale of operations and profitability while
efficiently managing the working capital requirement. Conversely,
the outlook may be revised to 'Negative' if low cash accrual or
large working capital requirement weaken the liquidity.

KHFIPL was incorporated in 2013 by Mr. Anil Agarwal and is a
subsidiary of K H Foges Pte Ltd. It undertakes construction and
piling activities for building and roads. It started its
commercial operations in January 2015.


KHUKHRAIN BUILDERS: CRISIL Cuts Rating on INR55.6MM Loan to B+
--------------------------------------------------------------
CRISIL has downgraded its rating on the bank loan facilities of
Khukhrain Builders (KB) to 'CRISIL B+/Stable/CRISIL A4' from
'CRISIL BB-/Stable/CRISILA4+'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee          65      CRISIL A4 (Downgraded from
                                   'CRISIL A4+')

   Overdraft Facility      55.6    CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

The downgrade reflects significant, unexpected withdrawal of
capital of INR12.2 million by the partners in 2014-15 (refers to
financial year, April 1 to March 31). This resulted in higher
working capital borrowings for the firm, despite healthy revenue
growth and profitability. Bank limit utilisation exceeded 98
percent on average for the 12 months through October 2015. In the
absence of significant funding support from the partners or
improvement in working capital management, debt may continue to be
high. Consequently, the financial risk profile may remain weak,
with total outside liabilities to tangible networth ratio
exceeding 3.5 times over the medium term.

The ratings reflect small scale of, and working capital intensity
in, KB's operations, and modest networth. These rating weaknesses
are partially offset by benefits the firm derives from its long
standing in the industry, and moderate financial risk profile,
with low gearing.
Outlook: Stable

CRISIL believes KB will continue to benfit over the medium term
from the promoters' track record in the industry and its moderate
order book. The outlook may be revised to 'Positive' in case the
firm generates higher-than-expected sales along with healthy
profitability. Conversely, the outlook may be revised to
'Negative' if increase in working capital requirements, or capital
withdrawals by the partners weakens the financial risk profile.

KB is a Delhi based firm in the civil construction
business'especially involving laying water and sewerage lines. The
firm was started in 1979 and is currently managed by Mr. Sunil
Anand and his son Mr. Piyush Anand.


KHURANA BLANKETS: CRISIL Assigns B- Rating to INR45MM LT Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facilities of Khurana Blankets Private Limited (KBPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Long Term
   Bank Loan Facility      35      CRISIL B-/Stable

   Cash Credit             45      CRISIL B-/Stable

   Long Term Loan          45      CRISIL B-/Stable

The rating reflects KBPL's small scale of operations in the
fragmented polar and mink blankets industry, and below-average
financial risk profile because of small networth/high
gearing/subdued debt protection metrics. These weaknesses are
partially offset by its promoters' extensive experience in the
textile industry and their funding support to the company, and its
advantageous location.
Outlook: Stable

CRISIL believes KBPL will benefit over the medium term from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' in case of earlier-than-expected ramp-up of
operational income leading to better-than-expected cash accrual.
Conversely, the outlook may be revised to 'Negative' in case of
lower-than-expected ramp-up, pressure on profitability negatively
affecting cash accrual, or more-than-expected reliance on debt to
fund working capital requirement, leading to deterioration in
financial risk profile.

KBPL, incorporated in 2013 by Mr. Ashwini Kumar and Mr. Sandeep
Kumar, was in the trading business from 2013 to November 2015, and
has now set up its own manufacturing unit for polar and mink
blankets. Its manufacturing facility is in Panipat, Haryana.

KBPL's profit and net sales were INR0.131 million and INR103.6
million, respectively, in 2014-15 (refers to financial year, April
1 to March 31), against INR0.090 million and INR95.6 million,
respectively, for 2013-14.


MANTRA EARTH: CARE Assigns B+ Rating to INR15cr LT Loan
-------------------------------------------------------
CARE assigns 'CARE B+' rating assigned to bank facilities of
Mantra Earth.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       15       CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Mantra Earth (ME) is
constrained by the nascent stage of construction of the project,
project execution risk with dependence on customer advances and
pending financial closure. The rating further takes in to account
competition from other projects in the vicinity and the cyclical
nature of the real estate industry.

The rating derives strength from the long standing experience of
the promoters and of the promoter group in the real estate sector,
locational advantage of the project and receipt of all the
approvals and clearances for the sanctioned layout.

The ability of the firm to execute construction activities as per
the schedule thereby enabling timely inflow of the receivables and
sell the inventory at estimated rates are the key rating
sensitivities.

ME is a partnership firm with Mantra Properties & Developers
Private Limited and Mr Vishal Nandlal Gupta as partners. The firm
was incorporated in October, 2015 for the execution of a real
estate residential project, 'Mantra Earth' located at Dhayari,
Pune. The project spans over a total built up area of 2.75 lakh
square feet (lsf), including phase-I (1.41 lsf) and phase-II (1.34
lsf). ME has entered into a development agreement with the land
owners, as per which, ME has paid INR5 crore to the land owners,
as a part consideration for the land for both the phases.
Furthermore, 0.95 lsf (around 35%) of the total built up area of
2.75 lsf (over both the phases) will be given to the owners. The
remaining area of 1.80 lsf will be available to ME for sale.

Out of the saleable area of 1.80 lsf available to ME, 0.91 lsf
would constitute phase-I of the project and 0.89 lsf would
constitute phase-II. The project is expected to have a total of 4
buildings, to be built over the two phases, each comprising
of 2 building of 13 floors each, consisting of a mix of 1BHK,
1.5BHK, 2BHK and 3BHK flats.  The project has been started
recently in October, 2015 and is expected to be completed by
December, 2018.


MIKI MAIZEMILLING: CARE Assigns 'B+' Rating to INR11.71cr Loan
--------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Miki Maizemilling Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     11.71      CARE B+ Assigned
   Short-term Bank Facilities     0.80      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Miki Maize Milling
Private Limited (MMMPL) are primarily constrained on account of
weak financial risk profile marked by net losses during FY15
(refers to the period April 1 to March 31), highly leveraged
capital structure, weak debt coverage indicators and weak
liquidity position. The ratings are also constrained on account of
the competition from other unorganized players and seasonality
associated with agro-based industry along with susceptibility of
its profit margins to volatility in the raw material prices.

The ratings, however, take comfort from the experience of the
promoters into maize industry along with increasing scale of
operations, long-term association with reputed clientele and
agreement to supply maize grits to one of international company.

The ability of MMMPL to increase its scale of operations,
improvement in profit margins, capital structure along with better
working capital management are the key rating sensitivities.
Furthermore, higher-than-expected benefits from completed project
during FY15 and its consequent effect on overall operations would
also remain crucial.

Khambhat-based (Gujarat) MMMPL is a private limited company
established as Miki Food Products in 1986 by Mr Kirit Patel which
converted into private limited company in December 2007. MMMPL is
engaged into the business of manufacturing maize flakes and then
started manufacturing grits to cater the increasing demand in food
processing industry. The product portfolio contains maize grits
and other maize products. MMMPL is also engaged with renowned food
snacks manufacturing companies since long. Manufacturing plant is
located at Khambhat with an installed capacity of 20 tonnes of
flakes per day as on March 31, 2015.

During FY15, MMMPL reported net loss of INR2.04 crore on a TOI of
INR28.78 crore as against PAT of INR0.09 crore on a TOI of
INR20.68 crore during FY14. During 8MFY16 (Provisional), MMMPL has
achieved a turnover of INR25.40 crore.


NIRAV METALS: CRISIL Reaffirms B+ Rating on INR75MM Cash Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Nirav Metals Private
Limited (NMPL) continue to reflect the company's small scale of
operations in the highly fragmented steel industry, and large
working capital requirement.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee        10        CRISIL A4 (Reaffirmed)
   Cash Credit           75        CRISIL B+/Stable (Reaffirmed)
   Letter of Credit      15        CRISIL A4 (Reaffirmed)

The ratings also factor in an average financial risk profile
because of a small net worth, moderate total outside liabilities
to tangible net worth ratio, and moderate debt protection metrics.
These rating weaknesses are partially offset by the extensive
experience of NMPL's promoters in the steel industry, and the
company's established relationship with customers and suppliers.
Outlook: Stable

CRISIL believes NMPL will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' in case of a sharp growth in revenue and
profitability, or significant equity infusion, thereby improving
the financial risk profile, particularly liquidity. Conversely,
the outlook may be revised to 'Negative' in case of a stretched
working capital cycle, or any unanticipated debt-funded capital
expenditure.

NMPL was incorporated 1991 in Mumbai. The company trades in steel
scrap. Its operations are managed by Mr. Vijay Jha.


NUFARM FROZENS: CRISIL Assigns B+ Rating to INR60MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Nufarm Frozens Private Limited (NFPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan              50       CRISIL B+/Stable
   Cash Credit            60       CRISIL B+/Stable
   Proposed Cash
   Credit Limit           30       CRISIL B+/Stable

The rating reflects the company's initial phase of operations in
highly fragment frozen food industry and susceptibility of
operating profitability to fluctuations in agro-based raw material
prices. These weaknesses are partially offset by NFPL's long-term
agreement with its customer leading to low demand risk and average
financial risk profile supported by moderate gearing.
Outlook: Stable

CRISIL believes that NFPL will maintain its business risk profile
over the medium term backed by the extensive experience of the
promoters. The outlook may be revised to 'Positive' if the company
significantly increases its scale of operations on a sustainable
basis along with improvement in working capital management, with
sustained operating margin leading to higher-than-expected cash
accrual and improved capital structure. Conversely, the outlook
may be revised to 'Negative' in case of lower-than-expected
accrual or any debt-funded capital expenditure resulting in
weakening of the capital structure or in case of increase in the
working capital requirements leading to stretch in liquidity.

Incorporated in 2014, NFPL is promoted by Mr. Divyanshu Agrawal,
Mr. Anil Kumar Agrawal, Mr. Vaibhav Agrawal, and Ms. Kanu Agrawal.
The company processes and packages frozen peas and fruits through
the individually quick-frozen method and sells under its Frostee
brand. It has total installed processing and storage capacity of
5000 tonnes per annum.


PRACHEE POLYFILMS: CARE Assigns B+ Rating to INR14.06cr LT Loan
---------------------------------------------------------------
CARE assigns 'CARE B+' rating assigned to the bank facilities of
Prachee Polyfilms Prvate Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    14.06       CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Prachee Polyfilms
Private Limited (PPPL) is constrained on account of its financial
risk profile marked by modest scale of operations, leveraged
capital structure, moderate debt coverage indicators and stretched
liquidity position. The rating is also constrained due to
vulnerability of its operating margins to raw material price
fluctuation along with its presence in highly competitive and
fragmented packaging industry.

The rating, however, derives the strength from experienced
management and long track record of operation, substantial
increase in the total operating income during FY15 (refers to the
period April 1 to March 31) coupled with moderate profitability
margins. The ratings also derive the strength from the presence of
its group entities in similar business.

Going forward, PPPL's ability to increase in scale of operations
along with improving its profitability in light of the competitive
nature of the industry and raw material price fluctuation remains
the key rating sensitivities.

Surat-based (Gujarat) PPPL was incorporated in April 2009 in the
name of Prachee Filaments Yarns Private Limited by the Poddar
family. The name of the company was changed to its current form of
PPPL in September 2015. PPPL is into the business of manufacturing
of Metalized Holographic Films, Jari Badla which find application
in textile and packaging industry. PPPL is operating from its sole
manufacturing plant located in Surat (Gujarat) with an installed
capacity of 7,200 metric tonnes per annum (MTPA) as on March 31,
2015. Rajesh Filaments Private Limited (RFPL) is an associate
entity of PPPL and both entities are also engaged in the plastic
packaging industry.

As per the audited results for FY15, PPPL reported a total
operating income of INR27.77 crore with a Profit after Tax (PAT)
of INR4.86 crore as compared to TOI of INR11.00 crore and loss of
INR1.47 crore in FY14. As per the provisional results for 9MFY16
(April 1, 2015-December 31, 2015), PPPL has registered a TOI of
INR28.85 crore.


PUJA QUENCH: CRISIL Suspends 'B' Rating on INR100MM LT Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Puja
Quench Distributors India Private Limited (PQPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             60      CRISIL B/Stable

   Proposed Long Term
   Bank Loan Facility     100      CRISIL B/Stable

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

PQPL was originally established as a proprietorship concern in
2003 in Delhi; the firm was reconstituted as a private limited
company in 2010. The company trades in bulk milk, soft-drinks, and
paddy seeds. Presently, it is a carrying and forwarding agent for
Coca Cola India Pvt Ltd, for the distribution of its soft-drinks,
and a supplier of bulk milk to the co-packers of Amul milk.


RAGHURAM INDUSTRIES: CRISIL Assigns B+ Rating to INR50MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Raghuram Industries (Raghuram).

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

   Proposed Long Term
   Bank Loan Facility       6      CRISIL B+/Stable

The rating reflects the firm's exposure to intense competition in
the rice milling industry resulting in its low profitability
margins, the susceptibility of its profitability margins to
volatility in paddy prices, the vulnerability of its operations to
regulatory changes, and its small net-worth limiting its financial
flexibility. These rating weaknesses are partially offset by the
extensive industry experience of the firm's promoters in the rice
milling industry.
Outlook: Stable

CRISIL believes that Raghuram will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company registers a
substantial and sustained increase in its profitability margins,
or there is a substantial improvement in its net-worth on the back
of sizeable equity infusion from its promoters. Conversely, the
outlook may be revised to 'Negative' in case of a steep decline in
the company's profitability margins, or significant deterioration
in its capital structure caused most likely by a large debt-funded
capital expenditure or a stretch in its working capital cycle.

Raghuram was set up in 2009 by Mr.Satyanarayana and his family
members. The firm mills and processes paddy into rice; it also
generates by-products, such as broken rice, bran, and husk. Its
rice mill is located in Nalgonda district of Andhra Pradesh.


RANGA WEAVES: Ind-Ra Assigns 'IND BB+' LT Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Ranga Weaves
India Private Limited (RWIPL) a Long-Term Issuer Rating of 'IND
BB+' with Stable Outlook. A full list of rating actions is at the
end of the commentary.

KEY RATING DRIVERS

The ratings reflect RWIPL's moderate credit profile and volatile
profitability. In FY15, revenue was INR1,082m (FY14: INR902m), net
leverage (total Ind-Ra adjusted debt net of cash/EBITDA) was 2.5x
(3.6x) and EBITDA interest cover was 3.1x (2.8x). EBITDA margins
fluctuated between 8.5% and 12.3% over FY12-FY15 on cotton price
movements. According to the provisional results of 1HFY16, revenue
was INR508.1 million, EBITDA was INR61.7 million and interest
coverage was 3.7x.

The ratings are supported by the company's moderate liquidity with
around 88% average peak working capital utilisation during the 12
months ended December 2015 and the promoters' more than a decade
of experience in the grey fabric manufacturing business.


RATING SENSITIVITIES

Positive: An increase in scale of operations along with an
improvement in the EBITDA margins while maintaining the credit
metrics could be positive for the ratings.

Negative: Any decline in the revenue and EBITDA margins leading to
sustained deterioration in the credit metrics could be negative
for the ratings.

COMPANY PROFILE

RWIPL was established in 2005. Its manufactures and sells grey
fabric in the domestic market to customers in Ahmedabad, Bhilwara,
Noida and Erode.

RWIPL's ratings are as follows:

-- Long-Term Issuer Rating: assigned 'IND BB+'; Outlook Stable
-- INR167.5 million fund-based working capital limit: assigned
    Long-term 'IND BB+'/Stable and Short-term 'IND A4+'
-- INR157.3 million term loan limit: assigned Long-term 'IND
    BB+'/Stable
-- INR20.5 million non-fund-based working capital limit:
    assigned Short-term 'IND A4+'


SANGAM HEALTH: CRISIL Assigns 'D' Rating to INR171.6MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long term bank
loan facilities of Sangam Health Care Products Limited (SHPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Working Capital
   Term Loan             171.6     CRISIL D

   Long Term Loan         50.0     CRISIL D

   Cash Credit            50.0     CRISIL D

   Funded Interest
   Term Loan              28.4     CRISIL D

The rating reflects delays by SHPL in servicing its debt; the
delays have been caused by the company's weak liquidity. The
rating of SHPL reflects its modest scale and working capital
intensive nature of operations in the fragmented and competitive
medical devices industry and its weak financial risk profile.
However, it partially benefits from the extensive industry
experience of its promoters in the healthcare industry.

Established in 1993 as a private company, SHPL is engaged in
manufacturing of healthcare equipments like IV sets, disposable
Syringes, etc. SHPL is promoted by Mr. Addepalli Balagopal.

For 2014-15, SHPL reported profit after tax (PAT) of INR17.6
million on net sales of INR252 million against net loss of INR3.5
million on net sales of INR215 million for 2013-14.


SATYA JEWELLERS: CRISIL Assigns 'B' Rating to INR30MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Satya Jewellers (SJ).

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Proposed Long Term
   Bank Loan Facility       2.8      CRISIL B/Stable

   Overdraft Facility      20.0      CRISIL A4

   Cash Credit             30.0      CRISIL B/Stable

   Long Term Loan          17.2      CRISIL B/Stable

The rating reflects SJ's weak financial risk profile marked by
weak debt protection metrics and small net worth and moderate
scale of operations in an intensely competitive jewellery
retailing industry. This rating weakness is partially offset by
the extensive experience of the firm's proprietor in the jewellery
industry.
Outlook: Stable

CRISIL believes SJ will continue to benefit over the medium term
from its proprietor's extensive industry experience. The outlook
may be revised to 'Positive' in case of higher-than-expected
revenue and profitability, leading to a substantial increase in
cash accrual and hence in improvement in the firm's capital
structure and debt-protection metrics. Conversely, the outlook may
be revised to 'Negative' in case of lower-than-expected growth in
revenue and margins, a stretched working capital cycle, or large
debt-funded capital expenditure, resulting in deterioration in the
financial risk profile.

SJ, a proprietorship concern, was established in 1980 by Mr.
Shelender Verma. The firm retails gold and diamond-studded
jewellery through its establishment in Mall Road, Shimla.


SBL CONSTRUCTION: Ind-Ra Assigns 'IND D' LT Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned SBL Construction
Private Limited (SCPL) a Long-Term Issuer Rating of 'IND D'. A
full list of rating actions is at the end of this commentary.

KEY RATING DRIVERS

The ratings reflect SCPL's delays in the payment of term loan in
August, October and December 2015. SCPL's liquidity is stressed as
evident from the average working capital utilisation of 99% with
few instances of over utilisation during the 12 months ended
November 2015.

RATING SENSITIVITIES

Timely debt servicing for three consecutive months will be
positive for the ratings.

COMPANY PROFILE

SCPL was incorporated as a private limited company in July 2005.
The company is engaged in civil construction work of medium &
large industrial, commercial, institutional and residential
projects.

SCPL's revenue was INR600.91 million in FY15 (FY14: INR457.35
million), gross interest coverage (operating EBITDA/gross interest
expense) was 8.11x and net leverage (total Ind-Ra adjusted net
debt/operating EBITDAR) was 0.60x.

SCPL ratings:

-- Long-Term Issuer Rating: assigned 'IND D'
-- INR20 million fund-based facilities: assigned 'IND C'
-- INR50 million non-fund-based facilities: assigned 'IND C'
-- Proposed INR55 million fund-based facilities: assigned
    'Provisional IND C'

India Ratings and Research (Ind-Ra) has assigned Ranga Weaves
India Private Limited (RWIPL) a Long-Term Issuer Rating of 'IND
BB+' with Stable Outlook. A full list of rating actions is at the
end of the commentary.

KEY RATING DRIVERS

The ratings reflect RWIPL's moderate credit profile and volatile
profitability. In FY15, revenue was INR1,082 million (FY14: INR902
million), net leverage (total Ind-Ra adjusted debt net of
cash/EBITDA) was 2.5x (3.6x) and EBITDA interest cover was 3.1x
(2.8x). EBITDA margins fluctuated between 8.5% and 12.3% over
FY12-FY15 on cotton price movements. According to the provisional
results of 1HFY16, revenue was INR508.1 million, EBITDA was
INR61.7 million and interest coverage was 3.7x.

The ratings are supported by the company's moderate liquidity with
around 88% average peak working capital utilisation during the 12
months ended December 2015 and the promoters' more than a decade
of experience in the grey fabric manufacturing business.

RATING SENSITIVITIES

Positive: An increase in scale of operations along with an
improvement in the EBITDA margins while maintaining the credit
metrics could be positive for the ratings.

Negative: Any decline in the revenue and EBITDA margins leading to
sustained deterioration in the credit metrics could be negative
for the ratings.

COMPANY PROFILE

RWIPL was established in 2005. Its manufactures and sells grey
fabric in the domestic market to customers in Ahmedabad, Bhilwara,
Noida and Erode.

RWIPL's ratings are as follows:

-- Long-Term Issuer Rating: assigned 'IND BB+'; Outlook Stable
-- INR167.5 million fund-based working capital limit: assigned
    Long-term 'IND BB+'/Stable and Short-term 'IND A4+'
-- INR157.3 million term loan limit: assigned Long-term 'IND
    BB+'/Stable
-- INR20.5 million non-fund-based working capital limit:
    assigned Short-term 'IND A4+'


SHAHREZ CREATIONS: CRISIL Suspends 'B' Rating on INR35MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Shahrez
Creations (SC).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             35      CRISIL B/Stable

   Letter of Credit        20      CRISIL A4

   Proposed Long Term
   Bank Loan Facility      20      CRISIL B/Stable

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

SC, based in Chennai (Tamil Nadu), was established in 2002 and is
engaged in manufacturing and export of leather products. The
firm's operations are managed by Mr. Sajjad Parvez.


SHAVYAA GEOTEX: CARE Assigns 'B' Rating to INR11.90cr Loan
----------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Shavyaa
Geotex.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     11.90      CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Shavyaa Geotex
(Shavyaa) is primarily constrained on account of risk associated
with implementation and stabilization of largely debt funded
project, partnership nature of constitution, susceptibility of
margins to volatility in crude oil prices and exchange rate
fluctuation and presence in the highly competitive and fragmented
nature of the industry.

The rating, however, derives strength from the experience of the
promoters.

Shavyaa's ability to stabilize its business operations by
commencing commercial production within specified timeline and
establishing customer base would be the key rating sensitivity.
Furthermore, achieving envisaged level of sales and profitability
in volatile raw material pricing scenario and highly competitive
industry would also remain crucial.

Surat-based (Gujarat) Shavyaa was formed in June 2015 as a
partnership firm by Mr Deoki Saraogi, Mr Ashok Sarawagi, Mr Shiv
Poddar, Mr Punit Pandya, with the main object to manufacture
Polypropylene (PP) Woven Sack & Fabrics.  Polypropylene woven
sacks are used for packing of a wide variety of products like
solid chemicals, fertilizers, food grains, sugar, cashew nuts and
animal feeds.


SHIV SUNDER: CARE Assigns 'B' Rating to INR9cr LT Loan
------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Shiv Sunder
And Company.

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

Rating Rationale

The rating is primarily constrained on account of the
predominately debt-funded greenfield project undertaken by Shiv
Sunder and Company (SSC) for construction of hotel and cyclical
and competitive nature of the industry with dependence on tourist
arrivals. The rating is, further, constrained on account of its
constitution as a partnership concern which led to risk of
withdrawal of capital.

The rating, however, derives strength from the experienced
management and location advantage of the hotel.  The ability of
the firm to complete the project within envisaged time and cost
parameters and ability to stabilize the operations to achieve
envisaged levels of sales and profitability will be the key rating
sensitivities.

SSC was formed in December 2011 as a partnership concern by Mr
Dinesh Verma along with his family members. SSC was established
with an objective to set up a two star hotel in Indore (Madhya
Pradesh). The hotel will have facility of total 42 room includes;
4 suits, 18 Deluxe rooms, 20 Super Deluxe rooms along with
separate Vegetarian and Non-Vegetarian restaurants and bar as well
as two banquet halls. The firm has envisaged total cost of the
project of INR12.07 crore towards hotel construction with a
project debt equity ratio of 2.93:1. The firm has acquired land in
September 2014 and already started construction from October 2014.
The hotel of the firm is expected to commence operations from
September 2016.


SHIVA POLYMERS: CRISIL Cuts Rating on INR55MM Cash Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Shiva
Polymers Private Limited (SPPL) to 'CRISIL D/CRISIL D' from
'CRISIL B/Stable/CRISIL A4'.

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

   Cash Credit             55      CRISIL D (Downgraded from
                                   'CRISIL B/Stable')

   Letter of Credit        20      CRISIL D (Downgraded from
                                   'CRISIL A4')

   Proposed Long Term      10      CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL B/Stable')

   Working Capital         45      CRISIL D (Downgraded from
   Term Loan                       'CRISIL B/Stable')

The downgrade reflects delays by SPPL in servicing term debt,
mainly on account of stretched liquidity. The company generally
pays the instalment of the term loan obligation with a delay of
more than a month.

SPPL (formerly, Keshavlal Khanderia Properties Pvt Ltd) commenced
operations in November 1997. The company manufactures high-density
polyethylene (HDPE) and polypropylene (PP) woven sacks that are
mainly used by cement, fertilizer, petrochemicals companies, sugar
and food grains. SPPLs manufacturing unit is based in Kona, Howrah
district of West Bengal, with an installed production capacity of
3600 tonnes per annum (TPA) for the tape plants, and has 100
looms.


SHREEMANGAL PROTEINS: CARE Ups Rating on INR23.70cr Loan to BB-
---------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Shreemangal Proteins Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     23.70      CARE BB- Revised from
                                            CARE B+
Rating Rationale

The revision in the rating assigned to the bank facilities of
Shree Mangal Proteins Limited (SMPL) takes into account
stabilization of operations in its newly established facility
along with achievement of significant Total Operating Income
(TOI) during FY15 (refers to the period April 1 to March 31).
The rating, however, remain constrained on account of its thin
profitability, leveraged capital structure, weak debt
coverage indicators and moderate liquidity profile. The rating,
further continues to remain constrained on account of the
susceptibility of the company's profitability to fluctuations in
the raw material prices and its presence in the highly
competitive and fragmented edible oil industry with low entry
barriers.

The rating, however, continues to draw strength from the wide
experience of the management in the edible oil industry
along with synergy derived from its group concern engaged in the
similar line of business, strategic location of manufacturing
units with close proximity to rawmaterial sources and favorable
demand outlook for edible oils in India.

SMPL's ability to increase its scale of operations while improving
profitability in light of the volatile raw material prices and
improvement in the solvency position as well as efficient
management of working capital shall be the key rating
sensitivities.

Tonk-based (Rajasthan) SMPL was incorporated in 2007 by Mr Mukesh
Kumar Jain, Mr Anil Kumar Jain and Mrs Manisha Jain with an
objective to set up a greenfield project at Tonk (Rajasthan) for
setting up integrated edible oil plant. The plant has been set up
on the land measuring 42,365 square meters (Sq. Mtrs.) for
extraction of crude edible mustard oil and mustard oil cake from
mustard seeds along with manufacturing and sale of refined edible
oil as well as De-oiled cake (DOC); a by-product produced through
further processing of mustard oil cake. SMPL started its
commercial production in July, 2014 with the company having
solvent extraction capacity of around 300 Tonnes per day (TPD) and
refining capacity of 50 TPD as on March 31, 2015.

Furthermore, the 'Jain' family has also promoted other family
entities namely 'Sunil Products, Sunil Industries and Shree
Balaji Products' which are engaged in the business of extraction
of crude edible oil as well as trading of crude edible oil,
mustard seeds, DOC, groundnut seeds and taramira seeds. The group
markets crude mustard edible oil under the brand name of
'Pawanputra, Ram Hanuman and Veer Balaji, Baroni Gold and Premium
PP'' with sales predominantly in the states of Rajasthan, Uttar
Pradesh Jharkhand andWest Bengal.

During FY15, SMPL has reported a total operating income of
INR226.46 crore.


SHREYAS ENTERPRISES: CRISIL Assigns B+ Rating to INR92.5MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank loan facilities of Shreyas Enterprises - Gorakhpur (SE).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            92.5     CRISIL B+/Stable

The rating reflects modest scale of operations and low
profitability and weak financial risk profile because of small
networth and weak debt protection metrics. These rating weaknesses
are mitigated by the partners' extensive experience in the coal
trading and brick manufacturing industry.
Outlook: Stable

CRISIL believes SE will maintain its business risk profile with
the partners' extensive industry experience. The outlook may be
revised to 'Positive' if the financial risk profile improves with
improvement in profitability and capital structure. Conversely,
the outlook may be revised to 'Negative' if liquidity is weakened
because of higher-than-expected working capital requirement or due
to constrained profitability margin or capital withdrawal by the
partners.

Established in 2012, SE is a partnership firm started by Mr. Vinay
Kumar Singh and Ms. Tara Singh in Gorakhpur, Uttar Pradesh. The
firm trades coal and manufactures bricks


SHREYAS SORTEX: CRISIL Assigns 'B' Rating to INR100MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank loan facilities of Shreyas Sortex Industries Private Limited.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            95       CRISIL B/Stable
   Term Loan             100       CRISIL B/Stable

The rating reflects the company's nascent and modest scale of
operations in a highly fragmented rice industry and a weak
financial risk profile because of high gearing due to debt funded
capital expenditure (capex) in the past and large working capital
requirements. These weaknesses are partially offset by the
promoters' extensive industry experience in handling diverse
businesses and their funding support to the company, and moderate
demand prospects of the rice industry in the domestic and export
markets.
Outlook: Stable

CRISIL believes SSIPL will benefit from the moderate demand
prospects of the rice industry in the domestic and export markets.
The outlook maybe revised to 'Positive' in the event of
improvement in the credit risk profile on the back of increase in
revenue and cash accrual while efficiently managing its working
capital. Conversely, the outlook maybe revised to 'Negative' in
case of lower-than-expected cash accrual or larger-than-expected
working capital requirements leading to deterioration in
liquidity.

SSIPL was established in 2015 by Mr. Vinay Kumar Singh and Mrs.
Tara Singh. The company processes rice at its plant at Gorakhpur,
Uttar Pradesh. It has a total milling and sorting capacity of 8
tonnes per hour. SSIPL started operations from November 2015.


SMT. SONPATI: CRISIL Suspends 'B' Rating on INR60MM Term Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Smt.
Sonpati Devi Memorial Medical Trust (SSDMCT).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan               60      CRISIL B/Stable

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

SSDMCT is a charitable trust set up Mr. Ramesh Harvinsh Singh for
providing education and medical services to the poor at
concessional rates in Navi Mumbai (Maharashtra) and Jaunpur (Uttar
Pradesh).

The trust operates three colleges and one public school in
Jaunpur. It also operates two hospitals, in Jaunpur and Mumbai.



SREE SREE RAKHAHARI: CARE Ups Rating on INR3.85cr Loan to B+
------------------------------------------------------------
CARE revises the LT rating and reaffirms ST rating assigned to the
bank facilities of Sree Sree Rakhahari Cold Storage Private
Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     3.85       'CARE B+' Revised
                                            from CARE B

   Short-term Bank Facilities    0.14       CARE A4 Reaffirmed

Rating Rationale

The revision in the ratings assigned to the bank facilities of
Sree Sree Rakhahari Cold Storage Private Limited (SSRCS) are on
account of improvement in the scale of operations with increase in
profitability margins and improved leverage ratios coupled with
ful repayment of term loan during the year. However, the ratings
continue to remain constrained by its regulated nature of
business, competition from other local players, seasonality of
business with susceptibility to vagaries of nature, risk of
delinquency in loans extended to farmers and financial risk
profile marked by relatively small scale of operation with
leveraged capital structure. The ratings, however, derive strength
from its experienced promoters and proximity to potato growing
areas.

Going forward, ability of the company to increase its scale of
operations and profitability and ability to manage working
capital effectively will be the key rating sensitivities.

Sree Sree Rakhahari Cold Storage Pvt Ltd (SSRCS), incorporated in
March 27, 2007, was promoted by two brothers Mr Swarup Pratihar
and Mr Anup Kumar Pratihar of Paschim Midnapur, West Bengal. Since
inception, SSRCS is engaged in the business of providing cold
storage facility primarily for potatoes to local farmers and
traders on rental basis. The facility, with a storage capacity of
1,78,028 quintals, is located at Paschim Midnapur district of West
Bengal. Besides providing cold storage facility, the company also
provides interest bearing advances to farmers for potato farming
purposes against potato stored. This apart it also provides
additional services to farmers such as insurance of potatoes
stored & drying of potatoes.

During FY15 (refers to the period April 01 to March 31), the
company reported a total operating income of INR2.72 crore
(FY14: INR2.63 crore) and a PAT of INR0.08 crore (in FY14: INR0.07
crore). Furthermore, the company has achieved a total operating
income of INR2.66 crore during 9MFY16 (refers to the period April
1 to December 31).


SURIBA INDUSTRIES: CRISIL Suspends B Rating on INR50MM Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Suriba
Industries (Suriba).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            50        CRISIL B/Stable
   Term Loan               5        CRISIL B/Stable

The suspension of rating is on account of non-cooperation by
Suriba with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, Suriba is yet to
provide adequate information to enable CRISIL to assess Suriba'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 2005, Suriba is a partnership firm engaged in
manufacturing and marketing various types of household appliances
like irons, water immersion heaters, room heaters, steam irons,
Assembling of Oil Filled Radiator, Halogen Heaters, Carbon Heaters
etc, along with this the firm also has in house Teflon Coating
Plant. The firm was set up by the Delhi-based Suri Group of
Industries and its manufacturing facilities are located at Baddi
(Himachal Pradesh). The day to day operations are managed by Mr.
N.K. Suri and Mr. Pankaj Chadha.

SULTHAN RETAIL: CRISIL Assigns B+ Rating to INR110MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long term
bank facility of Sulthan Retail LLP (SRL).

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

The ratings reflect SRL's nascent stage of operations in intensely
competitive jewellery retailing industry and below average
financial risk profile marked by high external indebtedness and
weak debt protection metrics. These rating weaknesses are
partially offset by promoter's extensive experience in jewellery
retailing industry.
Outlook: Stable

CRISIL believes that SRL will continue to benefit over the medium
term from its promoters' extensive experience in the industry. The
outlook may be revised to 'Positive' in case of significant and
sustained revenues and profitability, while improving its capital
structure and debt protection metrics. Conversely, the outlook may
be revised to 'Negative' if SRL's financial risk profile
deteriorates, because of decline in its revenues or profitability,
or due to higher than expected debt to fund capital expenditure or
working capital requirements.

SRL was setup in 2012 by Mr. Abdul Rahoof and his brother, Mr.
Abdul Rahim, who have been in the jewellery retailing industry for
around 14 years. The firm is engaged in jewellery retailing
through its four showrooms at Karnataka- two in Bangalore, one in
Shimoga and one in Devangree, since February 2015.


UNITED INFRAVENTURES: CARE Ups Rating on INR9.05cr Loan to 'B'
--------------------------------------------------------------
CARE revises/reaffirms the ratings assigned to the bank facilities
of United Infraventures Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      9.05      CARE B Revised from
                                            CARE C

   Short-term Bank Facilities     1.00      CARE A4 Reaffirmed

Rating Rationale

The revision in the long-term rating assigned to bank facilities
of United Infraventures Limited (UIL) takes into account
improvement in net profit margin, capital structure during FY15
(refers to the period April 1 to March 31) and healthy order book.

The ratings continue to be constrained by relatively modest scale
of operations, fluctuating profitability, moderately leveraged
capital structure, stressed debt coverage indicators and working
capital intensive nature of operations with elongated collection
period and inventory holding.

The ratings, however, continue to derive strength from extensive
experience of the promoters in the industry, established
relations with the reputed customers and moderate profit margin.
The ability of the company to increase its overall scale of
operation along with improvement in profit margins and capital
structure and manage its working capital requirement efficiently
are the key rating sensitivities.

UIL was incorporated on August 18, 2012, to take over the business
of United Construction Company (UCC) which is, since 1963, engaged
in civil construction works mainly involved in sewage pipeline
laying & repairs, repairs of structures, road construction &
repairs, etc. The company primarily carters to Municipal
Corporation of Greater Mumbai (MCGM), with major operations
inMumbai, Maharashtra. UIL secures all its contracts through its
strong relationships with its clients and has been consistently
receiving repeat orders from them. The company is registered as
Class AA (AA to D) civil contractor with MCGM.

During FY15 (refers to the period April 01 to March 31), UIL
reported a total operating income of INR15.48 crore (vis-…-vis
Rs.18.37 crore in FY13) and PAT of INR0.40 crore (vis-…-vis
INR0.43 crore in FY14).


VEGA INFRASTRUCTURES: CRISIL Suspends 'D' Rating on INR130MM Loan
-----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Vega Infrastructures (VGI).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Long Term Loan         130      CRISIL D

   Proposed Long Term
   Bank Loan Facility      10      CRISIL D

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

VGI is a partnership firm, with Mr. Gurdeep Singh Sethi and Mr.
Vikas Mahajan as partners. It is engaged in commercial real estate
development in Punjab.

VGI reported book profit of INR0.7 million on net sales of INR1.1
million for 2012-13 (refers to financial year, April 1 to
March 31).


VELAVAN HYPER: CRISIL Reaffirms 'B' Rating on INR80MM Loan
----------------------------------------------------------
CRISIL's rating on the long-term bank facility of Velavan Hyper
Market (VH; a part of the Velavan group) continues to reflect the
Velavan group's below-average financial risk profile because of
high gearing, and its exposure to intense competition in the
retail industry.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            80       CRISIL B/Stable (Reaffirmed)

These weaknesses are partially offset by the extensive experience
of the group's promoters and its established regional presence in
the retail segment.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of VH, Velavan Stores Jewellers (VSJ), and
Velavan Stores (VS). This is because the entities, collectively
referred to as the Velavan group, are in similar lines of business
and under the same management, and have significant fungible
funds.
Outlook: Stable

CRISIL believes the Velavan group will continue to benefit over
the medium term from the promoters' extensive experience in the
retail industry. The outlook may be revised to 'Positive' in case
of improvement in the group's financial risk profile through
greater-than-expected cash accrual or fund infusion by the
promoters. Conversely, the outlook may be revised to 'Negative' in
case of lower-than-expected cash accrual or stretch in the working
capital requirements, resulting in deterioration in the financial
risk profile.

Update
Revenue was INR1.81 billion during 2014-15 (refers to financial
year, April 1 to March 31), reflecting a healthy growth rate of
around 55 percent year-on-year. Growth in revenue was largely on
account of stabilisation of operations in the new complex and
stabilisation of VH's operations. During 2014-15, operating margin
was around 7 percent, which was slightly better than the previous
year, leading to improvement in cash accrual that was around
INR63.7 million. CRISIL expects the business risk profile to
remain stable over the medium term.

The operations remain highly working capital intensive as
reflected by gross current assets of 115 days as on March 31,
2015. The working capital requirements are high primarily on
account of large inventory requirements for maintaining various
product lines in different retail showrooms.

Liquidity is expected to remain stretched because of tightly
matched cash accrual of INR70-110 million over the medium term
against retiring debt repayment obligations of around INR64
million for the corresponding period. The bank limit utilisation
has been high at 95 percent for the 12 months through December
2015 owing to high dependence on bank borrowings to fund the
working capital requirements.

CRISIL believes any large, debt-funded capital expenditure by the
group will likely impact its financial risk profile and liquidity,
and will remain key rating sensitivity factors.

VH was established in 2014 and operates a supermarket. VS,
established in 1998, is engaged in apparel retail. Set up in 2007,
VSJ is engaged in jewellery retail. The group is located in
Tuticorin and the operations are managed by Mr. T Maharajan.


VELAVAN STORES: CRISIL Reaffirms 'B' Rating on INR120MM Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Velavan Stores
(VS; a part of the Velavan group) continues to reflect the Velavan
group's below-average financial risk profile because of high
gearing, and its exposure to intense competition in the retail
industry. These weaknesses are partially offset by the extensive
experience of the group's promoters and its established regional
presence in the retail segment.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            120      CRISIL B/Stable (Reaffirmed)

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of VS, Velavan Stores Jewellers (VSJ), and
Velavan Hypermarket (VH). This is because the entities,
collectively referred to as the Velavan group, are in similar
lines of business and under the same management, and have
significant fungible funds.
Outlook: Stable

CRISIL believes the Velavan group will continue to benefit over
the medium term from the promoters' extensive experience in the
retail industry. The outlook may be revised to 'Positive' in case
of improvement in the group's financial risk profile through
greater-than-expected cash accrual or fund infusion by the
promoters. Conversely, the outlook may be revised to 'Negative' in
case of lower-than-expected cash accrual or stretch in the working
capital requirements, resulting in deterioration in the financial
risk profile.

Update
Revenue was INR1.81 billion during 2014-15 (refers to financial
year, April 1 to March 31), reflecting a healthy growth rate of
around 55 percent year-on-year. Growth in revenue was largely on
account of stabilisation of operations in the new complex and
stabilisation of VH's operations. During 2014-15, operating margin
was around 7 percent, which was slightly better than the previous
year, leading to improvement in cash accrual that was around
INR63.7 million. CRISIL expects the business risk profile to
remain stable over the medium term.

The operations remain highly working capital intensive as
reflected by gross current assets of 115 days as on March 31,
2015. The working capital requirements are high primarily on
account of large inventory requirements for maintaining various
product lines in different retail showrooms.

Liquidity is expected to remain stretched because of tightly
matched cash accrual of INR70-110 million over the medium term
against retiring debt repayment obligations of around INR64
million for the corresponding period. The bank limit utilisation
has been high at 95 percent for the 12 months through December
2015 owing to high dependence on bank borrowings to fund the
working capital requirements.

CRISIL believes any large, debt-funded capital expenditure by the
group will likely impact its financial risk profile and liquidity,
and will remain key rating sensitivity factors.

VS, established in 1998, is engaged in apparel retail. Set up in
2007, VSJ is engaged in jewellery retail. VH was established in
2014 and operates a supermarket. The group is located in Tuticorin
and the operations are managed by Mr. T Maharajan.


VELAVAN STORES JEWELLERS: CRISIL Reaffirms B INR200MM Loan Rating
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Velavan Stores
Jewellers (VSJ; a part of the Velavan group) continues to reflect
the Velavan group's below-average financial risk profile because
of high gearing, and its exposure to intense competition in the
retail industry. These weaknesses are partially offset by the
extensive experience of the group's promoters and its established
regional presence in the retail segment.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan              200      CRISIL B/Stable (Reaffirmed)

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of VSJ, Velavan Stores (VS), and Velavan
Hypermarket (VH). This is because the entities, collectively
referred to as the Velavan group, are in similar lines of business
and under the same management, and have significant fungible
funds.
Outlook: Stable

CRISIL believes the Velavan group will continue to benefit over
the medium term from the promoters' extensive experience in the
retail industry. The outlook may be revised to 'Positive' in case
of improvement in the group's financial risk profile through
greater-than-expected cash accrual or fund infusion by the
promoters. Conversely, the outlook may be revised to 'Negative' in
case of lower-than-expected cash accrual or stretch in the working
capital requirements, resulting in deterioration in the financial
risk profile.

Update
Revenue was INR1.81 billion during 2014-15 (refers to financial
year, April 1 to March 31), reflecting a healthy growth rate of
around 55 percent year-on-year. Growth in revenue was largely on
account of stabilisation of operations in the new complex and
stabilisation of VH's operations. During 2014-15, operating margin
was around 7 percent, which was slightly better than the previous
year, leading to improvement in cash accrual that was around
INR63.7 million. CRISIL expects the business risk profile to
remain stable over the medium term.

The operations remain highly working capital intensive as
reflected by gross current assets of 115 days as on March 31,
2015. The working capital requirements are high primarily on
account of large inventory requirements for maintaining various
product lines in different retail showrooms.

Liquidity is expected to remain stretched because of tightly
matched cash accrual of INR70-110 million over the medium term
against retiring debt repayment obligations of around INR64
million for the corresponding period. The bank limit utilisation
has been high at 95 percent for the 12 months through December
2015 owing to high dependence on bank borrowings to fund the
working capital requirements.

CRISIL believes any large, debt-funded capital expenditure by the
group will likely impact its financial risk profile and liquidity,
and will remain key rating sensitivity factors.

Set up in 2007, VSJ is engaged in jewellery retail. VS,
established in 1998, is engaged in apparel retail. VH was
established in 2014 and operates a supermarket. The group is
located in Tuticorin and the operations are managed by Mr. T
Maharajan.


VNS ACCESSORIES: CRISIL Assigns B+ Rating to INR120MM Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of VNS Accessories (India) LLP (VNS).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Foreign Bill
   Discounting            120      CRISIL B+/Stable

   Packing Credit in
   Foreign Currency       120      CRISIL A4

The ratings reflect customer concentration in the firm's revenue
profile, low profitability, and weak liquidity profile. These
rating weaknesses are partially offset by the extensive experience
of the firm's promoters in the women's accessories industry.
Outlook: Stable

CRISIL believes VNS will continue to benefit over the medium term
from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of a substantial
increase in scale of operations and profitability, leading to
healthy cash accrual. Conversely, the outlook may be revised to
'Negative' in case of any unanticipated debt-funded capital
expenditure, or pressure on revenue or profitability, weakening
the financial risk profile, particularly liquidity.

VNS is a limited liability partnership (LLP) firm which started
its operations on April 1, 2014, by taking over the operations and
assets and liabilities of VNS Accessories Pvt Ltd (VAPL) which was
engaged in similar line of business. VNS manufactures apparel, and
women's bags, purses, and other accessories. The firm is promoted
by Ms. Neena Dhawan and Ms. Samta Khanna.



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


SOECHI LINES: Fitch Affirms 'B+' LT Foreign-Currency IDR
--------------------------------------------------------
Fitch Ratings has affirmed Indonesia-based PT Soechi Lines Tbk's
(Soechi) Long-Term Foreign-Currency Issuer Default Rating of 'B+'
with a Stable Outlook.

Soechi's rating is underpinned by its position as the leading oil
and gas shipping company in Indonesia, with strong customer
relationships and a good operating record. The domestic shipping
industry is also protected from competition from international
players by Indonesia's cabotage laws, resulting in a relatively
stable demand/supply balance and day rates. However, risks
associated with an old and small fleet constrain Soechi's rating.

KEY RATING DRIVERS

Resilient Shipping Demand: Soechi's tanker capacity is geared
predominantly towards transportation of oil and related products.
Demand for oil transportation is firm compared with demand for
offshore support vessels, which is subject to the risk of oil
producers scaling down operations during a low-oil-price
environment. Oil consumption in Indonesia has grown steadily,
supported by an expanding economy, and the growth is likely to be
sustained. Indicative of robust demand, Soechi's fleet capacity
under time-charter contracts (longer-term compared with spot
charters) had improved to 96% by December 2015 versus 87% as of
end-2014. A higher share of time-charter contracts is a positive
for Soechi since it lends more cash-flow stability.

Teething Delays at Shipyard: Soechi has had to defer its delivery
schedule for two ships due to delays in construction and
inspection. One of those ships belongs to PT Pertamina (Persero)
Tbk (BBB-/Stable), which has agreed to purchase two more ships
under contracts worth over $US  60m. Soechi began operations at
its shipyard in 2013, and some teething issues were expected.
Construction delays affected shipyard revenue in 2015, but
Pertamina has not imposed any penalties on Soechi. In addition,
Soechi has been awarded contracts for three new ships by the
Ministry of Transportation in 2015, which would support future
revenue.

Customer Concentration, but Low Risk: Pertamina is Soechi's
largest customer, contributing 53% of its 9M15 revenue. As such,
Soechi is exposed to the risk of Pertamina not renewing contracts
or granting new contracts or worse, defaulting on its payments.
However, we believe these risks are significantly alleviated by
Soechi's long-standing relationship with Pertamina (Soechi's
predecessor companies have been contracted by Pertamina since
1981), its market leadership position, conservative capex policy
tied to the demand outlook, and Pertamina's robust credit profile.
In addition, demand from Pertamina continues to be strong, as
shown by three new time-charter contracts to Soechi in 2H15.

Old Fleet, Small Size: The average age of Soechi's fleet (weighted
by capacity) is around 17 years, compared with the typical useful
life of 30 years for a ship. Soechi's fleet-age profile
corresponds with the company's strategy of operating older ships.
Old ships are the norm in the Indonesian market (with the average
age of Indonesian-flagged vessels at more than 20 years). However,
older ships require higher maintenance expenses, and are more
prone to operational issues. Soechi's fleet size of 35 revenue
earning ships as of end-2015 is also small relative to global
peers. Of the total tonnage capacity, around 45% is contributed by
just two very large crude carriers (VLCCs). As such, Soechi's
fleet age and size constrain its rating.

Moderate Financial Profile: We estimate Soechi's FFO-adjusted net
leverage at 3.5x in 2015-2016, and FFO fixed-charge cover at 3.9x.
Soechi's financial profile could deteriorate if it does not
maintain capex discipline over acquisitions tied to the likelihood
of new contracts.

KEY ASSUMPTIONS

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

-- Soechi's deadweight tonnage to increase by a compound annual
    growth rate (CAGR) of 9% over 2015-2018.
-- Tanker day-rates to stay flat.
-- Spending (including docking charges, and net of asset
    disposals) at around $US  70m for each year through
    2015-2018.
-- Maintenance expenses to rise by 2% per year and salaries by
    5% per year, after adjusting for an increase in fleet size.

RATING SENSITIVITIES

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

-- FFO-adjusted net leverage above 4x on a sustained basis;
-- FFO fixed-charge cover below 3x on a sustained basis;
-- Substantial weakening of the credit profile due to
    significant capex, and/or a weakening of the operating
    environment and/or rates.

Positive: The rating has limited upside potential in the medium
term, due to constraints related to the age and size of Soechi's
fleet.


SOLUSI TUNAS: Fitch Affirms 'BB-' Currency Issuer Default Ratings
-----------------------------------------------------------------
Fitch Ratings has affirmed Indonesia-based tower operator PT
Solusi Tunas Pratama Tbk's (STP) Long-Term Foreign- and Local-
Currency Issuer Default Ratings (IDR) of 'BB-', senior unsecured
rating of 'BB-' and National Long-Term Rating at 'A+(idn)'. The
Outlook on the IDRs and National Rating is Stable.

Fitch has also affirmed Pratama Agung Pte Ltd's $US 300m 6.25%
guaranteed senior unsecured notes due 2020 at 'BB-'. The notes are
unconditionally and irrevocably guaranteed by STP and are
therefore rated at the same level as STP's Long-Term IDR.

'A' National Ratings denote expectations of low default risk
relative to other issuers or obligations in the same country.
However, changes in circumstances or economic conditions may
affect the capacity for timely repayment to a greater degree than
is the case for financial commitments denoted by a higher rated
category.

KEY RATING DRIVERS

Size & Leverage Drives Rating: STP's 'BB-' IDR is driven by its
smaller size (2015 EBITDA: IDR1.5trn or $US 114m) and high FFO-
adjusted net leverage of 4.8x relative to Indonesian tower peers
including PT Tower Bersama (TBI, BB/Stable) and PT Profesional
Telekomunikasi Indonesia (Protelindo, BB+/Stable). STP's IDR is a
notch lower than TBI's despite its better FFO-adjusted net
leverage (TBI: 5.7x) due to smaller EBITDA (TBI: $US 200m) and
weaker tenancy mix with about 68% (TBI: 85%) of its 2015 revenue
derived from top-three Indonesian telcos.

Also, STP's IDR is two notches lower than Protelindo's due to its
higher FFO-adjusted net leverage (Protelindo: 2.7x), smaller size
(Protelindo's 2015 EBITDA: $US 270m) and industry position despite
better tenancy mix (Protelindo's 2015 revenue from top-three
telcos: 52%). Furthermore, STP's organic tower growth of only 300
towers a year during 2012-15 is much smaller than TBI and
Protelindo, which each added about 1,200-1,500 towers during the
same period.

Limited FCF; Capex to Rise: We forecast STP will generate limited
FCF in 2016-17 as its cash flow from operations of IDR720 billion-
IDR780 billion is likely to be just sufficient to fund capex of
IDR700 billion-750 billion. We believe that STP could add about
350-400 towers and 1,000-1,300 tenancies each year during 2016-17.
STP could also spend about IDR150 billion-IDR200 billion to renew
ground leases for towers it acquired from PT XL Axiata (XL,
BBB/Stable) in December 2014.

M&A Risks: Indonesian telcos including XL and PT Indosat Tbk
(BB/Stable) are looking to sell and lease back their respective
tower assets. We believe that STP, giving its acquisitive nature,
could make another debt-funded tower acquisition. However, STP's
management may have to take a disciplined approach to future
acquisitions given their commitment to deleverage and low headroom
on its incurrence covenant (net debt/last quarter annualised
EBITDA of 5.5x) in its unsecured bond documents.

Tenancy Mix to Improve: STP's credit profile benefits from high
cash flow visibility backed by non-cancellable long term contracts
with Indonesian telcos. Its tenancy mix is likely to improve as
top-three telcos will do bulk of the industry capex to expand
3G/4G networks.

LIQUIDITY

Adequate Liquidity: At end-September 2015, STP had adequate
liquidity with an unrestricted cash balance of IDR462 billion
covering the short term debt maturities of IDR309 billion. STP has
two debt instruments - $US 300m unsecured bond due 2020 and $US
315m term loan. STP has limited exposure to IDR depreciation given
it has fully hedged its $US  debt through currency swaps. Its $US
315m term loan has an average repayment period of 4.5 years.

KEY ASSUMPTIONS
Fitch's key assumptions within our rating case for the issuer
include:

-- STP's 2016 revenue to rise by 7%-8% driven by tower addition
    (350-400) and tenancies (1,000-1,300).
-- STP to add about 350-400 towers which translates into IDR700
    billion-IDR750 billion in annual capex or about 37%-38% of
    revenue in 2016.
-- Operating EBITDA margin of 83% in 2016 - same as in previous
    years.
-- FFO-adjusted net leverage to remain stable at 4.8x in 2016
    and improve to 4.4x in 2017 as STP generates small positive
    FCF starting 2017.

RATING SENSITIVITIES

Positive: Future developments that may, individually or
collectively, lead to positive rating action include:
-- FFO-adjusted net leverage lower than 4.0x on a sustained
    basis along with revenue contribution from investment-grade
    telcos to remain above 60%.

Negative: Future developments that may, individually or
collectively, lead to negative rating action include:
-- A debt-funded acquisition of another tower portfolio or lease
    defaults by weaker telcos leading to FFO-adjusted net
    leverage above 5.5x on a sustained basis. This could also be
    evident from STP's larger-than-expected capex guidance which
    will mean lower positive FCF.

-- A fall in revenue contribution from investment-grade telcos
    to below 50%.

The full list of rating actions is below:

PT Solusi Tunas Pratama Tbk
Long-Term Foreign-Currency IDR affirmed at 'BB-'; Outlook Stable
Long-Term Local-Currency IDR affirmed at 'BB-'; Outlook Stable
National Long-Term Rating affirmed at 'A+(idn)'; Outlook Stable
Senior unsecured rating affirmed at 'BB-'

Pratama Agung Pte Ltd
$US 300 million 6.25% guaranteed senior unsecured notes due 2020
affirmed at 'BB-'.


XL AXIATA: FY2015 Performance Supports Ba1 Rating, Moody's Says
---------------------------------------------------------------
Moody's Investors Service says that XL Axiata Tbk (P.T.)'s credit
metrics for FY2015 were in line with expectations and support its
Ba1 ratings and stable outlook.

During 2015, XL's operating performance showed signs of
improvement, although total subscribers have declined by about 30%
since December 2014 to 42 million, as the company cleaned up its
inactive subscriber base and made a strategic shift in focus to
higher revenue-generating subscribers.

"Despite the large yoy decline in subscribers, reported revenue
for FY2015 fell only about 2.5% to IDR22.9 trillion, with strong
revenue growth of 12% in data and value-added services being
offset by declines in SMS, cellular interconnection and
international roaming.  Revenues from other telecommunication
services also declined 23% yoy to IDR1.1 trillion mainly due to
reduction in tower lease revenues from the sale and leaseback of
3,500 towers to Solusi Tunas Pratama (unrated) in December 2014,"
says Nidhi Dhruv, a Moody's Assistant Vice President.

However, adjusted EBITDA increased to approximately IDR12.3
trillion for FY2015 from about IDR11.9 trillion for FY2014, and
the adjusted EBITDA margin rose to about 54% from about 51%.

Despite the improvement in 2015, Moody's expects margins to
contract, albeit slightly, in 2016 due to lower revenues from XL's
higher margin tower leasing operations after the sale of its
second tranche of towers, coupled with the increasing proportion
of data services revenues.

"The company is also likely to continue facing foreign-exchange
pressures on margins.  Nonetheless, it has achieved early success
in raising prices, and could gain further traction through
management's commitment to focus on higher-APRU customers and
prudently priced data packages," adds Dhruv, also Moody's Lead
Analyst for XL.

XL has announced the proposed rights issue, the proceeds of which
will be used to fully repay its $500 million shareholder loan from
Axiata Group Berhad, currently due March 2017.

"Leverage will decline following the rights issue planned for 1H
2016 as part of its strategy to reduce its US dollar debt
exposure, and reduce its reported debt levels," adds Dhruv.

In January, XL also announced its intention to sell a second
tranche of towers through a tender process which is expected to
close by Q1 2016.  Moody's views the pending tower sale as credit
positive as it will allow the company to monetize its non-core
tower assets which will in turn improve its liquidity profile.  It
has also publicly stated that it intends to use the proceeds to
pay down debt.

Nonetheless, the sale will have a lower impact on our adjusted
leverage ratios as we will capitalize the rental to lease back the
towers.

The company's liquidity profile will remain adequate. XL's cash
sources comprise of cash on hand of approximately IDR3.3 trillion
as of Dec. 31, 2015, and expected cash flow from operations of
around IDR7.5 trillion for the next 12 months.

These sources will not be sufficient to cover our estimates for
capex requirements of IDR7.0 trillion, dividend payments of
approximately IDR0.5 trillion, and debt maturities of IDR4.3
trillion.

However, the cash proceeds from the pending sale of the second
tranche of towers in the coming months will help fund XL's cash
requirements.

XL's rating continues to reflect its fundamental credit strength,
underpinned by its strong market position, established network,
high margins and moderate financial profile, despite the
competitive environment, and its exposure to emerging market risk.

The rating also incorporates expected extraordinary support from
Axiata Group Berhad (Baa2 stable), which results in a one-notch
uplift to XL's fundamental credit strength to a final rating of
Ba1.

Moody's conclusions were contained in its just-released report on
the company, "Improving Operating Performance Support XL's Ba1
Rating".

Subscribers can access the full report at:

    http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_1015206

XL is the third largest cellular provider in Indonesia in terms of
revenues and subscribers.  As of Dec. 31, 2015, XL had 42 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 66.4%-owned by Axiata Group Berhad (Baa2 stable).  Axiata is
in turn 60% owned by Khazanah Nasional Berhad and related entities
of Government of Malaysia (A3 stable).  The UAE-based Emirates
Telecommunications Corp (Aa3 stable) holds 4.2% of XL's shares and
the public holds the remaining.



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


DAIICHI CHUO: To Delay Submission of Rehabilitation Plan
--------------------------------------------------------
The Nikkei Asian Review reports that Daiichi Chuo Kisen Kaisha
will postpone submitting its rehabilitation plan by a month or two
in order to raise funds from shipowners and other major creditors,
following an unsuccessful initial bid for sponsors.

The Nikkei says the ailing second-tier carrier mainly handles bulk
shipments of coal and iron ore. Factors such as China's economic
slowdown depressed shipping rates, leading the company to file for
bankruptcy protection Sept. 29.

According to the report, the company's original plan was to select
a sponsor after retiring all of its shares, and to submit a
turnaround plan to the Tokyo District Court by Feb. 3. But the
shipper apparently received only two or three offers for
sponsorship during the Jan. 5 bidding. Creditors are not expected
to agree with the amount or the management plans posed by the
bidders, which included a foreign fund, says the Nikkei.

Daiichi Chuo Kisen has begun asking shipowners, shipbuilders and
other major creditors for investments, the report notes. It plans
to postpone the deadline to draft a new plan that accounts for
these contributions and maps out how much of the debt the shipper
will repay.

The report notes that the company has strong ties with the cluster
of maritime businesses around the Shikoku region, and it hopes to
raise several billion yen from over 10 trading partners. It is
rare for creditors to provide funds in civil rehabilitation
proceedings.

Daiichi Chuo Kisen's group liabilities totaled JPY176 billion
($1.46 billion) when it filed for bankruptcy protection, but the
figure likely will balloon to over JPY400 billion, the report
discloses. The company is aiding profits by scrapping expensive
ship rental rates it previously agreed on in favor of ones that
reflect market fluctuations, according to the Nikkei. But this has
resulted in penalties that further added to its debt.

The Nikkei says that Baltic Dry Index, the benchmark for bulk
shipping prices, is floating at record low levels in the lower
300s. Even industry leaders are scaling back, with Mitsui O.S.K.
Lines saying it will book a JPY175 billion net loss for fiscal
2015, in part from disposing of bulk-shipping vessels. Shipowners
would underpin demand for their own vessels by aiding in Daiichi
Chuo Kisen's turnaround, adds the Nikkei.

                         About Daiichi Chuo

Daiichi Chuo Kisen Kaisha is a Japanese-based international
shipping company incorporated under Japanese law in 1960.  In
addition to its principal domestic Japanese offices in Tokyo,
Kansai, Wakayama and Kashima, where the majority of DCKK's
employees are located, DCKK has ancillary offices in New York
(opened in 1969), Manila, Hong Kong, London, Shanghai, Brisbane
and Vietnam.  DCKK's core business is marine transportation,
providing overseas shipping, coastal shipping and other related
services, focusing primarily on transporting dry bulk (bulk cargo
such as unpackaged grain, iron ore and other commodities) using a
tramp steamer, commonly referred to as a tramper.

As reported in the Troubled Company Reporter-Asia Pacific on Sept.
30, 2015, Bloomberg News said Daiichi Chuo KK filed for bankruptcy
protection in Tokyo with JPY120 billion ($1 billion) in
liabilities, as over-expansion amid plunging freight rates pushed
the Japanese shipping line to four straight years of losses.  Its
wholly owned Star Bulk Carrier Co. unit also filed for bankruptcy
with JPY57 billion in liabilities, Daiichi Chuo said in a
statement on September 29, Bloomberg related.

Daiichi Chuo Kisen Kaisha filed a Chapter 15 bankruptcy petition
(Bankr. S.D.N.Y. Case No. 15-12650) on Sept. 29, 2015.  The
petition was signed by Masakazu Yakushiji, the president and
foreign representative.  The Debtor estimated both assets and
liabilities of $100 million to $500 million.  The Petitioner has
engaged Norton Rose Fulbright US LLP as counsel.  Judge Michael E.
Wiles is assigned to the case.


TOSHIBA CORP: To Revise Earnings-linked Bonuses
-----------------------------------------------
The Nikkei Asian Review reports that Toshiba Corp. will revise its
method of calculating bonuses for employees starting with payouts
this summer, focusing more on cash flows rather than earnings.

According to the report, the scandal-tainted conglomerate was
initially planning to revise the bonus assessment method for
executives, but has decided to apply it to all employees.

Under the new method, cash flows are given an increased weighting
of 60% in determining the sum, rather than earnings, such as
revenues and operating profit, the report relates. While earnings
could be inflated depending on variables tied to human input, cash
flows are harder to manipulate.

The Nikkei says Toshiba also seeks to eventually transfer the
authority of evaluating employees from the headquarters to in-
house companies, to increase their autonomy.

The earnings-based evaluation system contributed to the company's
inappropriate bookkeeping practices, the report relates citing a
third-party investigative committee that probed the accounting
scandal.

Toshiba's capital ratio, a gauge of financial health, is expected
to drop to around 8% at the end of March, from 17% a year earlier,
the Nikkei discloses. The company will work to quickly improve its
financial standing by raising its ability to generate cash,
repaying debts and taking other steps, adds the Nikkei.

                       About Toshiba Corp.

The Troubled Company Reporter-Asia Pacific, citing Reuters,
reported on July 22, 2015, that an independent investigation said
in a report on July 21 that Toshiba Corp. overstated its operating
profit by JPY151.8 billion ($1.22 billion) over several years in
accounting irregularities involving top management.

The investigating committee said in a report filed by Toshiba to
the Tokyo Stock Exchange that Toshiba President and Chief
Executive Hisao Tanaka and his predecessor, Vice Chairman Norio
Sasaki, were aware of the overstatement of profits and delay in
reporting losses in a corporate culture that "avoided going
against superiors' wishes," according to Reuters.

The TCR-AP, citing Bloomberg News, reported on July 22, 2015, that
Toshiba Corp. President Hisao Tanaka and two other executives quit
to take responsibility for a $1.2 billion accounting scandal that
caused the maker of nuclear reactors and household appliances to
restate earnings for more than six years.

Norio Sasaki, the vice chairman, and Atsutoshi Nishida, a former
president who was serving as adviser, also resigned, the Tokyo-
based company said July 21, more than two months after announcing
it was investigating possible accounting irregularities, according
to Bloomberg.

On Dec. 28, 2015, Moody's Japan K.K. has downgraded Toshiba
Corporation's long-term senior unsecured bond ratings to Ba2 from
Baa3.  Moody's has also downgraded Toshiba's subordinated debt
rating to B1 from Ba2, and short-term rating to Not Prime from
Prime-3.  At the same time, Moody's has downgraded Toshiba's Baa3
issuer rating to a corporate family rating (CFR) of Ba2, and has
therefore withdrawn the issuer rating.  In addition, Moody's has
placed Toshiba's Ba2 CFR and long-term senior unsecured bond
ratings, as well as its B1 subordinated debt rating under review
for downgrade.

Toshiba Corporation (TYO:6502) -- http://www.toshiba.co.jp/-- is
a Japan-based manufacturer involved in five business segments.
The Digital Products segment offers cellular phones, hard disc
devices, optical disc devices, liquid crystal televisions, camera
systems, digital versatile disc (DVD) players and recorders,
personal computers (PCs) and business phones, among others.  The
Electronic Device segment provides general logic integrated
circuits (ICs), optical semiconductors, power devices, large-scale
integrated (LSI) circuits for image information systems and liquid
crystal displays (LCDs), among others.  The Social Infrastructure
segment offers various generators, power distribution systems,
water and sewer systems, transportation systems and station
automation systems, among others.  The Home Appliance segment
offers refrigerators, drying machines, washing machines, cooking
utensils, cleaners and lighting equipment.  The Others segment
leases and sells real estate.



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


WINSLOW TRADING: Creditors Left Out of Pocket, Report Shows
-----------------------------------------------------------
Kim Nutbrown at Stuff.co.nz reports that the latest liquidators
report into celebrity chef Jo Seagar's failed cafe and cook school
shows creditors will be left out of pocket.
Less than NZ$50,000 remains for staff and creditors left out of
pocket by celebrity chef Jo Seagar's failed Canterbury cafe,
Stuff.co.nz discloses.

According to Stuff.co.nz, the second report by liquidators
Deloitte, released on January 27, showed there was just NZ$48,830
left after the cafe's assets were sold and liquidation costs were
settled.

Preferential creditors were still owed almost NZ$144,000, and
unsecured creditors more than NZ$350,000, Stuff.co.nz discloses.

Stuff.co.nz notes that Deloitte took over when Winslow Trading
Company, which operated Seagars at Oxford, was placed into
liquidation in July 2015.  At the time, the chef blamed a crushing
tax bill and slow trade after Canterbury's earthquakes for the
demise of the business.

A former staff member said the report was "extremely
disappointing".

"I probably knew from the beginning this would be the likely
outcome, but at the end of the day I am still out of pocket
NZ$2000," the report quotes the former staff member as saying. "It
still annoys me that in the past Jo referred to the debt as
'fiddly bits'; I'm a solo mum, it's a lot of money to me."

Winslow's assets were sold at auction in December, raising
NZ$93,374, and the company had NZ$5375 cash in the bank.

According to the liquidators' report, Deloitte's fee was just over
NZ$23,000, while the auctioneers' fees were almost NZ$25,000, and
sale costs were more than NZ$11,000, Stuff.co.nz relays.

It was likely preferential creditors would receive some of what
they were owed, the liquidators' report, as cited by Stuff.co.nz,
said.

The first liquidators report, released in July 2015, showed almost
NZ$1.6 million was owed initially, Stuff.co.nz discloses.

The liquidator has refused to comment on any aspect of the
liquidation, adds Stuff.co.nz.


* Rangitaiki Dairy Farm in Receivership Up for Sale
---------------------------------------------------
Stuff.co.nz reports that a large dairy farm milking about 2,500
cows in two herds near Taupo has been placed for sale by
receivers.

Stuff.co.nz says the Rangitaiki farm 38 kilometres south-east of
Taupo is for sale by tender and is made up of three properties
totaling 1235 hectares.

According to the report, presumably the sale is a result of low
payouts the last two seasons, but the company handling its
marketing, Bayleys Real Estate, gave no more details other than
saying the sale was part of a receivership process.

Last season the flat to rolling terrain farm produced 519,477
kilograms of milksolids which was well behind the 800,000kg
produced in 2011-12. This season's target is 700,000kg, the report
discloses.

Stuff.co.nz notes that the Taharua Road property has four modern
three and four-bedroom dwellings, two 80-bail rotary cowsheds, two
calf sheds, and a range of other buildings as well as  irrigation
and stock water drawn from the Taharua River.

Real estate agents said the international tender process would
close on March 10 with stock grazing the farm excluded from the
sale, according to Stuff.co.nz.

Stuff.co.nz adds that Bayleys agent Pete Stratton said a large
programme of improvements and repairs to the farm had been carried
out during its lease by an existing tenant.



                             *********

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

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

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


                            *********


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

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

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

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

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



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