TCRAP_Public/160205.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Friday, February 5, 2016, Vol. 19, No. 25


                            Headlines


A U S T R A L I A

AITKEN PRECISION: First Creditors' Meeting Set For Feb. 15
DICK SMITH: Support Operations Revamped; CFO Replaced
DICK SMITH: Owes AMP Capital AUD30 Million
EAST COAST: First Creditors' Meeting Scheduled For Feb. 12
ENCOUNTER BAY: First Creditors' Meeting Set For Feb. 16

FORTESCUE METALS: S&P Affirms 'BB' CCR; Outlook Negative
GRG INTERNATIONAL: Convicted and Fined For Late Fin'l. Accounts
ICON-SEPTECH PTY: First Creditors' Meeting Set For Feb. 10
SOLCRETE (VIC): First Creditors' Meeting Set For Feb. 12
TAHITIAN GOLD: Administrators Seek Buyers for Assets

TREVOR SMITH: Federal Court Appoints Clifton Hall as Liquidator


C H I N A

AOXING PHARMACEUTICAL: Appoints Chief Financial Officer
KU6 MEDIA: Gets Acquisition Proposal From Controlling Shareholder

* CHINA: More Downgrades of Chinese Companies Expected


I N D I A

ADG AGROTECH: ICRA Assigns 'B' Rating to INR3.0cr Cash Loan
AROMA INDIA: CRISIL Reaffirms 'D' Rating on INR75MM Term Loan
ASHUTOSH ENTERPRISES: ICRA Suspends B+/A4 Rating on INR15cr Loan
BENARA AUTOS: CRISIL Assigns B+ Rating to INR25MM Cash Loan
BOUTIQUE INT'L: ICRA Suspends B+/A4 Rating on INR17cr Loan

BSL ENGINEERING: CRISIL Assigns 'B' Rating to INR10MM Cash Loan
CRACKERS INDIA: ICRA Suspends 'D' Rating on INR68cr Loan
DURHA VITRAK: CRISIL Suspends B+ Rating on INR258MM Term Loan
FORTUNE FOAM: ICRA Assigns B+ Rating to INR24cr LT Loan
GHANSHYAM GINN: ICRA Suspends 'B' Rating on INR18cr Cash Loan

GPI TEXTILES: ICRA Suspends 'D' Rating on INR16cr Loan
GSR MOVIES: ICRA Reaffirms 'B' Rating on INR10cr Loan
HARITHA BIO: CRISIL Assigns B- Rating to INR100MM Cash Loan
HARSHNA FRUITS: CRISIL Reaffirms B- Rating on INR70MM LT Loan
HILLTOP CERAMIC: ICRA Reaffirms B+ Rating on INR3cr Cash Loan

IBD NALANDA: ICRA Assigns 'B' Rating to INR32.52cr Term Loan
IRRILINK DRIP: CRISIL Assigns B- Rating to INR49.4MM Term Loan
K.P.R AGROS: ICRA Reaffirms B+ Rating on INR14.80cr LT Loan
KAVIT INDUSTRIES: CRISIL Assigns B- Rating to INR50MM Cash Loan
KHEDUT SOLVEXP: ICRA Suspends B+ Rating on INR35cr Cash Loan

KUNJ BIHARI: CRISIL Suspends 'B' Rating on INR60MM Cash Loan
M MADHAVARAYA: CRISIL Reaffirms B+ Rating on INR50MM Cash Loan
MANGANG CONSTRUCTIONS: CRISIL Assigns B+ Rating to INR430MM Loan
MANISH EMPIRE: CRISIL Assigns 'B' Rating to INR126MM Term Loan
MOUJI SILK: ICRA Suspends B+/A4 Rating on INR6cr Bank Loan

MULTIMETALS PRIVATE: ICRA Reaffirms B+ Rating on INR25cr Loan
NEVATIA STEEL: ICRA Reaffirms B- Rating on INR0.5cr LT Loan
OM NAMAH: ICRA Assigns B+ Rating to INR7.50cr LT Loan
PADMAJA FARMS: ICRA Reaffirms B+ Rating on INR6.0cr LT Loan
PEARLS GROUP: SC Orders Auction of Assets to Repay Investors

PEETAMBARA DISTRIBUTORS: ICRA Assigns B+ Rating to INR10cr Loan
QUADRANT CABLES: CRISIL Assigns 'B' Rating to INR80MM Term Loan
R.P. STEEL: ICRA Reaffirms 'B' Rating on INR7.50cr Cash Loan
RAGHAVA PROJECT: CRISIL Lowers Rating on INR32.5MM Loan to 'D'
ROSHA ALLOYS: ICRA Assigns 'B+' Rating to INR7.50cr Loan

ROYAL UNIFORCE: CRISIL Ups Rating on INR100MM Term Loan to B+
RP MULTIMETALS: ICRA Reaffirms B+ Rating on INR25cr Cash Loan
S.S. ENTERPRISES: ICRA Suspends B+/A4 Rating on INR15cr Loan
SAHARA GROUP: Seeks Court OK to Sell Shares in F1 Team
SANJIVANI (T): CRISIL Assigns 'B' Rating to INR125MM Cash Loan

SATTIK EXPORTS: CRISIL Assigns B+ Rating to INR4.5MM LT Loan
SAVUTE TEXTILES: CRISIL Assigns B+ Rating to INR30MM Cash Loan
SEAWARD EXPORTS: ICRA Lowers Rating on INR10cr Loan to B+
SHITALPUR MOHINDER: ICRA Suspends B- Rating on INR5.92cr Loan
SHIV COTTEX: CRISIL Assigns B+ Rating to INR70MM Cash Loan

SHIV NARAIN: CRISIL Assigns B+ Rating to INR110MM Cash Loan
SHREE RUPANADHAM: ICRA Reaffirms B+ Rating on INR5cr Cash Loan
SHRI KRISHAN: CRISIL Suspends 'B' Rating on INR50MM Cash Loan
SHRI RAM: ICRA Reaffirms B+ Rating on INR8.0cr LT Loan
SHRI RAM SWITCHGEARS: ICRA Assigns B+ Rating to INR26.60cr Loan

SMILE CERAMIC: ICRA Reaffirms B+ Rating on INR4cr Cash Loan
SRI LAKSHMI: ICRA Reaffirms B+ Rating on INR33.79cr LT Loan
ST WOVEN: CRISIL Assigns B- Rating to INR72MM LT Loan
STARCHEM POLYTRADE: ICRA Assigns B+/A4 Rating to INR23cr Loan
STARLON EXIM: ICRA Assigns 'B' Rating to INR15cr Cash Loan

SUNLEX CERAMIC: ICRA Suspends B+ Rating on INR4.40cr Term Loan
SURYA ELECTRICALS: CRISIL Assigns B+ Rating to INR35MM Bank Loan
TIRUMALA EDUCATIONAL: ICRA Assigns B+ Rating to INR7.91cr Loan
TIRUPATI OIL: ICRA Suspends B- Rating on INR12.25cr Cash Loan
UNIQUE BARRIER: CRISIL Assigns 'B' Rating to INR150MM LT Loan

VASANT COTTON: ICRA Reaffirms 'B' Rating on INR4.75cr Loan


I N D O N E S I A

LIPPO KARAWACI: Tough Asian Junk Bond Start Limits Firm's Options


J A P A N

VUZIX CORP: May Sell $100 Million Worth of Securities


N E W  Z E A L A N D

PROSPER THROUGH: Placed Into Liquidation


T A I W A N

SEMILEDS: Raise Going Concern Doubt Amid Losses Since Inception


                            - - - - -


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


AITKEN PRECISION: First Creditors' Meeting Set For Feb. 15
----------------------------------------------------------
Peter Andrew Amos of Amos Insolvency was appointed as
administrator of Aitken Precision Grinding Pty Ltd on Feb. 3,
2016.

A first meeting of the creditors of the Company will be held at
Amos Insolvency, 25/ 185 Airds Road, in Leumeah, New South Wales,
on Feb. 15, 2016, at 11:00 a.m.


DICK SMITH: Support Operations Revamped; CFO Replaced
-----------------------------------------------------
Receivers and Managers to Dick Smith Holdings and associated
entities, James Stewart, Jim Sarantinos and Ryan Eagle of Ferrier
Hodgson announced on Feb. 4 a restructuring of the Group's support
office operations based at Chullora in western Sydney.

Mr Stewart said: "The ongoing restructuring of the business is a
necessary step in creating a leaner organisation going forward
while our discussions with interested parties continue."

The restructure will result in the immediate loss of 22 support
office jobs including the departure of the Group's Chief Financial
Officer, Mr Michael Potts, who joined Dick Smith in September
2013.

Mr Bert van der Velde has been appointed as the Group's Interim
Chief Financial Officer. Mr van der Velde has over 25 years of
experience in Australia, Europe and Asia including previous senior
executive roles with Woolworths, Eldorado Group and Metro Cash and
Carry.

The restructure has been communicated to the Group's employees.

             Additional Employee Entitlements Identified

As part of the Receivers work in assessing the Dick Smith business
an issue has also been identified with respect to the historical
calculation and payment of annual leave loading for retail
employees in Australian stores. This issue is not related to the
support office restructuring.

Mr Stewart said: "Based on our investigations to date, we
understand that up to 3,200 current and former employees of the
Australian business may have been underpaid their annual leave
loading entitlements, potentially dating back to 2010."

The underpayment issue does not affect current or former employees
in New Zealand.

The Receivers estimate that the annual leave loading underpayment
may be approximately AUD2 million.

Mr Stewart said: "the underpayment of entitlements appears to
reflect an incorrect application of the relevant industrial
award".

The Receivers have brought the issue to the attention of the Fair
Work Ombudsman and the Shop Distributive and Allied Employees'
Association (SDA).

The Receivers are continuing their investigations and are also
reviewing other historical entitlement calculations to confirm
they have been correctly paid. The Receivers have confirmed that
any additional Australian employee entitlements identified will
rank as priority claims ahead of the secured creditors.

This issue has been communicated to the Group's current employees.
Former employees will be notified as soon as possible.

                         About Dick Smith

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

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

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

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

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

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

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


DICK SMITH: Owes AMP Capital AUD30 Million
------------------------------------------
Carolyn Cummins at The Sydney Morning Herald reports that AMP
Capital has emerged as one of the unsecured creditors for the Dick
Smith chain, with a worst case scenario debt of about
AUD30 million, following the collapse of the business.

Dick Smith has paid its rent to the end of January and now the
receivers are responsible for the leases, SMH says.

According to SMH, all landlords said they were confident they
could re let the stores, if the receivers opt to close any of
them.  The AUD30 million owed to AMP Capital would only convert to
a loss if the affected stores were left vacant, which retail
leasing agents said was "very unlikely," the report relates.

The stores are located in AMP shopping centres across the country
as well as some that a co-owned with other landlords. Other stores
are in malls owned by Scentre, Stockland, Vicinity, QIC, GPT,
Lendlease and Mirvac, SMH discloses.

Scentre and Vicinity have the largest exposure with about 40
stores each in centres across Australia, the report notes.

All landlords have said it's business as usual at the moment, and
they are all working with the administrator, adds SMH.

SMH says the sites are all leased from AMP Capital and also
includes an industrial property at Chullora in Sydney's west which
is the Dick Smith head office and main distribution centre.

SMH notes that it is understood that other large format retailers
have already shown an interest in leasing out some Dick Smith
stores in shopping centres should they become available.  However,
given the complexities of retail leases, which include automatic
rental increases, exit payments and occupancy costs that are
payable to the landlord, the extent of AMP Capital's exposure may
be less than the current estimated sum.

According to SMH, shopping centres can also re-let sites very
easily either as pop-up short term tenancies or to other shops who
are keen for a foothold in a popular mall. Dick Smith has stores
in AMP Capital's Sydney Macquarie Centre, the under-redevelopment
Warringah Mall and the Royal Randwick centre as well as centres in
Perth and the Gold Coast.

SMH relates that a spokesperson for AMP Capital said the group is
working with the administrators of Dick Smith and has provided an
assessment of the potential debt owed should the properties not be
re-leased. This is across AMP Capital's entire portfolio of
shopping centres (including externally managed centres) and
industrial assets.

"It is important to note that in terms of the retail portfolio,
the impacted stores are in good locations in high quality regional
shopping  centres. AMP Capital's leasing team is actively managing
the portfolio, and interest from several national retailers in
some sites gives us confidence we will minimise the commercial
impact in our retail portfolio," the spokesperson, as cited by
SMH, said.  "One industrial asset has exposure to the Dick Smith
Group, located in Chullora in Sydney. Providing excellent exposure
and access to a major arterial road, the asset is a good quality
high clearance warehouse located in the popular industrial area of
Chullora. The property provides users the potential to house their
office and warehouse under one roof."

There are 393 Dick Smith stores in the whole portfolio and the
average size of these retail tenancies, for AMP Capital, is about
400 square metres, SMH notes.

                         About Dick Smith

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

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

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

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

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

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

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


EAST COAST: First Creditors' Meeting Scheduled For Feb. 12
----------------------------------------------------------
John Morgan & Geoffrey Davis of BCR Advisory were appointed as
administrators of East Coast Vending (Aust) Pty Limited on Feb. 2,
2016.

A first meeting of the creditors of the Company will be held at
BCR Advisory, Level 10, 10 Spring Street, in Sydney, on Feb. 12,
2016, at 11:00 a.m.


ENCOUNTER BAY: First Creditors' Meeting Set For Feb. 16
-------------------------------------------------------
Nick Cooper and Raj Khatri of Worrells Solvency & Forensic
Accountants were appointed as administrators of Encounter Bay
Excavations Pty. Ltd., trading as Wudinna Hotel Motel, on Feb. 4,
2016.

A first meeting of the creditors of the Company will be held at
Worrells Solvency & Forensic Accountants, Suite 1103, Level 11,
147 Pirie Street, in Adelaide, on Feb. 16, 2016, at 10:30 a.m.


FORTESCUE METALS: S&P Affirms 'BB' CCR; Outlook Negative
--------------------------------------------------------
Standard & Poor's Ratings Services said that it has affirmed its
'BB' corporate credit rating on Australia-based mining company
Fortescue Metals Group Ltd.  The outlook on the issuer credit
rating remains negative.  At the same time, S&P affirmed the 'BB+'
senior secured and 'B+' senior unsecured issue ratings.  The
recovery rating on the senior secured debt issue remains at '2'
and the recovery rating on the senior unsecured debt remains at
'6'.

S&P recently lowered its price assumption for iron ore following
lower-than-expected demand from China and other developing
markets, combined with ongoing excess industry supply.

"Our price deck assumes that price pressure will remain through to
2018," said Standard & Poor's credit analyst May Zhong.  "That
said, our view that Fortescue will continue to generate a positive
cash margin amid lower iron ore prices due to its ability to
improve production costs and manage capital expenditure, will
result in credit metrics in line with the 'BB' rating and our
assessment of an aggressive financial risk profile."

Fortescue's combined average strip ratios have decreased through
improvements in ore processing and mining production efficiencies,
which have reduced costs.  In addition, a depreciating Australian
dollar and reduction in freight costs have also been positive for
Fortescue's cost of production.  S&P expects Fortescue's C1 costs
to reduce to US$15 per wet metric ton and freight costs to be
about US$3 to US$4 per ton over the year ending June 30, 2016.
Based on these cost guidance, S&P expects Fortescue's all-in
break-even cost (including interest expense and sustaining capital
expenditure) on a 62% Fe (iron) Platts (delivered to China) price
to be about US$35 per dry metric ton at the end of fiscal 2016.
In S&P's view, the company's maintenance of its low cost profile
is key to riding out the market downturn.  Compared to its more
diversified peers like Rio Tinto PLC and BHP Billiton Ltd.,
Fortescue has less financial flexibility to respond to further
weakening in iron ore prices.

S&P continues to assess Fortescue's business risk as satisfactory,
based on the company's large-scale iron ore production,
competitive cost position, and long reserve life.  Tempering these
strengths is the company's lack of customer and product diversity.
As such, S&P views Fortescue's profitability as being sensitive to
the continued volatility in commodity markets while the impact of
the slowdown in China plays out amid supply and demand imbalances.

Ms. Zhong added: "The negative outlook on Fortescue reflects the
challenging market conditions facing iron ore players.  Slower
demand growth from China's struggling steel industry and continued
increase in low-cost seaborne iron ore supply are sustaining tough
conditions. As such, Fortescue's credit metrics could fall below
our current expectations if external pressures intensify."

S&P could lower the rating if Fortescue is unable to sustain
recent improvements in its profitability, or if key credit metrics
continue to weaken such that the company's funds from operations
(FFO) to debt falls to about 12% or debt to EBITDA approaches 5x.
This latter scenario could occur if benchmark iron ore prices fall
below US$40 per ton for a prolonged period (assuming an 85%
realization rate for Fortescue's products) and the company fails
to offset this by deeper cost reduction.

S&P could revise the outlook to stable if the company continues to
deliver sustainable improvements in its cost position and
successfully arrests the downward trend in its credit metrics,
either due to a stabilization of market conditions or a meaningful
reduction in its absolute debt level.


GRG INTERNATIONAL: Convicted and Fined For Late Fin'l. Accounts
---------------------------------------------------------------
GRG International Ltd has been convicted and fined for late
lodgement of financial accounts.

The company, which was delisted from the ASX in January this year,
appeared at the Melbourne Magistrates' Court on Jan. 28, 2016, for
failing to submit multiple financial reports on time between 2012
and 2014.

Magistrate Lethbridge convicted and fined GRG a total of $37,500
for failing to lodge annual financial reports for financial years
2011-2012, 2012-2013 and 2013-2014 and half year reports ending
Dec. 31, 2012 and 2013.

ASIC Commissioner Greg Tanzer said 'The timely lodgement of
financial reports and the provision of transparent accounts is
crucial to market integrity. In the absence of information about
the activities of a company, users are unable to make informed
investment decisions in a timely manner.'

GRG International Limited was suspended from trading on the ASX in
October 2012 and was delisted from the ASX in January 2016.


ICON-SEPTECH PTY: First Creditors' Meeting Set For Feb. 10
----------------------------------------------------------
Anne Meagher and Richard John Cauchi of SV Partners were appointed
as administrators of Icon-Septech Pty Ltd on Jan. 29, 2016.

A first meeting of the creditors of the Company will be held at
Waratah & Wattle Rooms, Adina Apartments, 189 Queen Street, in
Melbourne, on Feb. 10, 2016, at 12:00 p.m.



SOLCRETE (VIC): First Creditors' Meeting Set For Feb. 12
--------------------------------------------------------
David Ross and Richard Albarran of Hall Chadwick were appointed as
administrators of Solcrete (VIC) Pty Ltd on Feb. 3, 2016.

A first meeting of the creditors of the Company will be held at
the Institute of Chartered Accountants Australia and New Zealand
Level 3, 600 Bourke Street, in Melbourne, Victoria, on Feb. 12,
2016, at 10:00 a.m.


TAHITIAN GOLD: Administrators Seek Buyers for Assets
----------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that expressions of
interest are sought for the purchase of the assets of Tahitian
Gold Enterprises Pty Ltd, which trades as Sydney Freight Services.

The administrators said that the business and assets include truck
fleet, equipment and plant, intellectual property, warehouse in a
transport hub in south-west Sydney, Class 1.3 quarantine depot and
customs 77G depot licence.

Alan Hayes and Christian Sprowles of Hayes Advisory were appointed
administrators of Sydney Freight Services on Jan. 18, 2016.


TREVOR SMITH: Federal Court Appoints Clifton Hall as Liquidator
---------------------------------------------------------------
Simon Miller -- smiller@cliftonhall.net.au -- of Clifton Hall was
appointed Official Liquidator of Trevor Smith Constructions Pty
Ltd on Feb. 3, 2016, by Order of the Federal Court of Australia.



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C H I N A
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AOXING PHARMACEUTICAL: Appoints Chief Financial Officer
-------------------------------------------------------
Aoxing Pharmaceutical Company, Inc.'s Board of Directors appointed
Zheng James Chen to serve as the Company's chief financial
officer, effective on Feb. 1, 2016, according to a Form 8-K report
filed with the Securities and Exchange Commission. Guoan Zhang,
who had been serving as interim CFO, will remain with the Company
as senior vice president for finance.

Zheng James Chen was employed from 2012 to 2016 as chief financial
officer of Origin Agritech Limited, an agricultural biotechnology
company headquartered in Beijing. From 2008 to 2012 Dr. Chen was
employed as an investment manager by the Abu Dhabi Investment
Authority, which is the sovereign wealth fund for the government
of Abu Dhabi. From 2003 to 2008, Dr. Chen worked as an equity
research analyst in three companies: Fulcrum Group Partners, BB&T
Capital Markets, and Morgan Joseph. Previously, Dr. Chen was
employed as a technology license manager at Univation
Technologies, a joint venture between ExxonMobil and Dow Chemical.
Dr. Chen currently sits on the Board of Directors of, and is
Chairman of the Audit Committee for, China Finance Online. He is
also Chairman of the Board of Supervisors for Linjiang Chemical,
which is listed on the New Third Board in China. Dr. Chen was
awarded a Ph.D. in Chemical Engineering by the University of
Connecticut in 1996, and an M.B.A. by New York University in 2004.
Dr. Chen is 50 years old.

The Company has entered into a three year employment agreement
with Dr. Chen. The agreement calls for an annual salary of
$330,000. Dr. Chen is entitled to choose to receive common stock
in lieu of salary for one or more periods of one, three or six
months, with the shares valued at market price at the beginning of
each such period. The employment agreement also provides for a
grant of options to purchase 300,000 shares at $.71 per share,
vesting one-third per year during the term of the agreement.

                           About Aoxing

Aoxing Pharmaceutical Company, Inc., has one operating subsidiary,
Hebei Aoxing Pharmaceutical Co., Inc., which is organized under
the laws of the People's Republic of China. Since 2002, Hebei
Aoxing has been engaged in developing narcotics and pain
management products. In 2008 Hebei Aoxing supplemented its product
lines by acquiring Shijiazhuang Lerentang Pharmaceutical Company,
Ltd., a specialty pharmaceutical company focusing on herbal pain
related therapeutics. The Company owns 95% of the equity in Hebei
Aoxing.

Aoxing Pharmaceutical reported net income attributable to
shareholders of the Company of $5.49 million on $25.48 million of
sales for the year ended June 30, 2015, compared to a net loss
attributable to shareholders of the Company of $8.21 million on
$12.7 million of sales for the year ended June 30, 2014.

As of Sept. 30, 2015, the Company had $55.0 million in total
assets, $41.4 million in total liabilities and $13.6 million in
total equity.

BDO China Shu Lun Pan Certified Public Accountants LLP, in
Shanghai, People's Republic of China, issued a "going concern"
qualification on the consolidated financial statements for the
year ended June 30, 2015, stating that the Company accumulated a
large deficit and a working capital deficit that raise substantial
doubt about its ability to continue as a going concern.


KU6 MEDIA: Gets Acquisition Proposal From Controlling Shareholder
-----------------------------------------------------------------
Ku6 Media Co., Ltd., announced that its Board of Directors has
received a preliminary non-binding proposal letter dated Feb. 1,
2016, from Shanda Interactive Entertainment Limited, the
controlling shareholder of the Company. According to the Proposal,
the Proposing Buyer proposed to acquire the Company in a "going
private" transaction for US$0.0108 per ordinary share, or US$1.08
per American depositary shares (each representing 100 ordinary
shares). Based on the offer price, the Proposal values the Company
at approximately US$51.5 million in fully enlarged equity value.

According to the Proposal, the offer price represents a premium of
54% over the closing price of the Company's ADSs on Jan. 29, 2016,
a premium of 42% over the average closing price of its ADSs during
the last 30 trading days and a premium of 52% over the average
closing price of its ADSs during the last 60 trading days.

As of Feb. 1, 2016, the Proposing Buyer beneficially owned, in the
aggregate, approximately 69.9% of the Company's outstanding
shares.

According to the Proposal, the proposed transaction is intended to
be financed with cash at hand of the Proposing Buyer. The
Proposing Buyer's proposal letter states that its proposal
constitutes only a preliminary indication of its interest and is
subject to negotiation and execution of definitive agreements
relating to the proposed transaction.

The Board is reviewing and evaluating the Proposing Buyer's
Proposal, and the Company expects that the Board will form a
special committee consisting of independent directors to evaluate
and, if appropriate, negotiate the Proposal and to consider other
strategic options available to the Company.

The Company cautions its shareholders and others considering
trading its securities that the Board has just received the
proposal letter and has not made any decision with respect to the
Company's response to the Proposal. There can be no assurance that
any definitive offer will be made by the Proposing Buyer or any
other person, that any definitive agreement will be executed
relating to the proposed transaction, or that the proposed
transaction or any other transaction will be approved or
consummated.

According to the proposal letter, Davis Polk & Wardwell is acting
as U.S. counsel to Shanda Interactive Entertainment Limited.

                         About Ku6 Media

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

As of Dec. 31, 2015, the Company had $9.01 million in total
assets, $14.31 million in total liabilities and a $5.29 million
total shareholders' deficit.

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


* CHINA: More Downgrades of Chinese Companies Expected
------------------------------------------------------
Lianting Tu at Bloomberg News reports that investors need to watch
out for so-called fallen angels from China as a slowing
economy prompts debt rating companies to cut more investment-grade
issuers to junk.

Standard & Poor's has downgraded 15 Chinese companies this year
and upgraded one, the worst ratio in Bloomberg data going back to
2006.

Some $22.6 billion of offshore bonds from the nation are now rated
one step above junk by any of the three major rating agencies,
Bloomberg-compiled data show. Hong Kong-based commodity trader
Noble Group Ltd.'s 3.625 percent 2018 notes nosedived
19 cents on the dollar since its senior debt was cut to junk by
Moody's Investors Service on Dec. 29, Bloomberg discloses.

"I won't be surprised to see more companies downgraded to junk,"
the report quotes Raymond Chia, head of credit research for Asia
ex-Japan in Singapore at Schroder Investment Management Ltd. with
assets of about $446.5 billion under management, as saying.
"Clearly fallen angels have impact on markets, for instance funds
with high-grade mandates could be forced to reduce junk holdings.
Most importantly, investors have to do a lot more fundamental work
for those names."

According to Bloomberg, Chinese corporations, the largest
international bond issuers in Asia with $373 billion securities
outstanding, face more challenges servicing their debt amid the
weakest economic growth in a quarter century.

The yield premium on the 7.25 percent 2024 notes of Dalian Wanda
Commercial Properties Co., which is controlled by China's second
richest man Wang Jianlin, spiked 28 basis points after S&P cut the
debt to junk on Feb. 3, Bloomberg says. The firm forecast sales
will fall 32 percent this year, the report discloses.



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


ADG AGROTECH: ICRA Assigns 'B' Rating to INR3.0cr Cash Loan
-----------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B to the INR2 crore
term loan and INR3 crore cash credit facility of ADG Agrotech
Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based-Cash
   Credit                3.0          [ICRA]B Assigned

   Fund Based Term
   Loan                  2.0          [ICRA]B Assigned

The assigned rating takes into account ADGAPL's limited track
record of operations as the rice mill became operational in April
2015, and the intensely competitive nature of industry
characterized by a large numbers of small players which, coupled
with low value additive nature of business keeps a check on
profitability. The rating also factors in the aggressive capital
structure on account of partly debt funded capital expenditure
(capex) undertaken for setting up the rice mill and the high
working capital borrowings due to high working capital intensive
nature of the business. The rating also takes into consideration
its exposure to agro climatic risks with paddy being an
agriculture commodity and vulnerability to adverse changes in
Government policies towards agro based commodities like rice. The
rating also takes note of the experience of the promoters in the
rice milling industry, the entity's presence in a major paddy
growing area, resulting in easy availability of paddy and the
favourable demand prospects of the industry, with rice being a
staple food grain in India. In ICRA's opinion, ADGAPL's ability to
stabilize operations by effectively utilizing its installed
capacity and manage its working capital requirements efficiently
would remain a key rating sensitivity going forward.

Established in 2012, ADGAPL is engaged in milling of raw rice and
has an installed capacity to manufacture 12,000 MTPA of rice. The
rice mill started commercial production in April 2015.

Recent Results
In H1FY16, as per the provisional results, ADGAPL reported a
profit before tax of INR0.13 crore on an operating income (OI) of
INR7.62 crore.


AROMA INDIA: CRISIL Reaffirms 'D' Rating on INR75MM Term Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Aroma India
Private Limited (AIPL) continues to reflect instances of delay by
AIPL in servicing its term loan; these delays have been caused by
the weak liquidity.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Long Term
   Bank Loan Facility      25      CRISIL D (Reaffirmed)

   Term Loan               75      CRISIL D (Reaffirmed)

AIPL also has a weak financial risk profile because of below-
average capital structure and debt protection metrics and
stretched liquidity. However, the company benefits from the
extensive experience of its promoters in the Indian-made foreign
liquor (IMFL) business.

AIPL was set up in 1996 by Mr. Shanti Kumar Jain and his son Mr.
Amit Kumar Jain in Guwahati (Assam). The company has been
manufacturing citronella grass oil and citronella seedling (used
in perfumes and essential oils), but on a very small scale. The
company established an IMFL bottling plant for Pernod Ricard India
Pvt Ltd in Amingaon, Assam, which commenced operations in 2014-15
(refers to financial year, April 1 to March 31).


ASHUTOSH ENTERPRISES: ICRA Suspends B+/A4 Rating on INR15cr Loan
----------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ and the short
term rating of [ICRA]A4 assigned to the INR15.00 crore bank limits
of Ashutosh Enterprises. The suspension follows ICRA's inability
to carry out a rating surveillance in the absence of the requisite
information from the company.

Ashutosh Enterprises (AE), is a proprietorship firm of Mr. Sandeep
Bholanath Shukla, son of Mr. Bholanath Shukla and is involved in
the management of toll booths and pay and park facilities across
various locations in in Gujarat, Haryana, Goa and Mumbai.


BENARA AUTOS: CRISIL Assigns B+ Rating to INR25MM Cash Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Benara Autos Private Limited (BAPL).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Standby Fund-
   Based Limits            4        CRISIL B+/Stable
   Packing Credit         15        CRISIL A4
   Letter of Credit        2.5      CRISIL A4
   Foreign Bill
   Discounting             5.0      CRISIL B+/Stable
   Bank Guarantee          2.5      CRISIL A4
   Cash Credit            25.0      CRISIL B+/Stable

The ratings reflect the company's modest scale of operations in
the highly competitive auto components industry, below-average
financial risk profile because of moderate gearing, and working
capital-intensive operations. These weaknesses are partially
offset by the extensive experience of BAPL's promoters.
Outlook: Stable

CRISIL believes BAPL will continue to benefit over the medium term
from promoters' extensive experience and established relationship
with customers and suppliers. The outlook may be revised to
'Positive' if better-than-expected operating income and
improvement in profitability and working capital management lead
to a stronger business and financial risk profile. Conversely, the
outlook may be revised to 'Negative' if deterioration in working
capital management or significant debt-funded capital expenditure
leads to further weakening in liquidity.

Incorporated in 1985 and promoted by Mr. Ajay Kumar Jain and his
mother, Ms. Prem Lata Jain, BAPL manufactures auto components such
as engine bearing, hoses, rubber parts, and oil seals for the
domestic and global markets.

BAPL's profit after tax (PAT) was INR3.5 million on net sales of
INR199.2 million in 2014-15 (refers to financial year, April 1 to
March 31), as compared to a PAT of INR4.5 million on net sales of
INR197.5million in 2013-14.


BOUTIQUE INT'L: ICRA Suspends B+/A4 Rating on INR17cr Loan
----------------------------------------------------------
ICRA has suspended [ICRA]B+ and [ICRA]A4 ratings assigned to the
INR17.00 crore fund based facilities of Boutique International (P)
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

Boutique International (P) Limited (BIPL) was incorporated in FY-
1989 and is engaged in the manufacturing and export of readymade
garments for women and kids. The company started operations from
FY-1998 and presently has three manufacturing units, two in Noida
and one in Delhi, with a total capacity of producing 22 lakh
garment pieces per annum. Out of the three manufacturing units,
two are owned by the promoters and one is owned by the company.
There is another group company, XNY Retails (P) Ltd., which
commenced operations from FY-2013 and supplies readymade garments
to the brands in the domestic market, with the entire
manufacturing done in BIPL.


BSL ENGINEERING: CRISIL Assigns 'B' Rating to INR10MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of BSL Engineering Services Limited (BEPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         40       CRISIL A4
   Cash Credit            10       CRISIL B/Stable

The ratings reflect modest scale of operations, high working
capital requirement and below-average financial risk profile.
These rating weaknesses are mitigated by the promoters' extensive
industry experience and BEPL's established relations with
customers.
Outlook: Stable

CRISIL believes BEPL will maintain its business risk profile
backed by the promoters' extensive industry experience over the
medium term. The outlook may be revised to 'Positive' in case of
substantial increase in sales and profitability leading to higher
cash accrual, along with improvement in working capital
management, or if there is considerable funds infusion by the
promoters. Conversely, the outlook may be revised to 'Negative' if
the financial risk profile weakens due to constrained working
capital cycle or stretched payments from debtors.

BEPL was established in 2009 by Mr. Hansraj Shiv and is now
managed by his son Mr. Neerav Hans. It specialises in engineering,
procurement and construction (EPC) services and fabrication of
steel structures, high pressure pipes, low pressure pipes and
supply of power equipments.  BEPL has well laid out workshops in
India (Roorkee, Haridwar and Nasik), and overseas (UAE and
Ukraine) with adequate plant and equipment to undertake
fabrication support.

BEPL's net profit and net sales were of INR3.5 million and
INR140.6 million, respectively, in 2014-15, against the profit of
INR3.1 million on net sales of INR139.9 million for 2013-14.


CRACKERS INDIA: ICRA Suspends 'D' Rating on INR68cr Loan
--------------------------------------------------------
ICRA has suspended [ICRA]D rating assigned to INR68.00 crore term
loans of Crackers India Infrastructure Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.


DURHA VITRAK: CRISIL Suspends B+ Rating on INR258MM Term Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Durha
Vitrak Private Limited (DVPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan              258      CRISIL B+/Stable

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

DVPL was incorporated in 1986, promoted by the Delhi-based Saxena
family. Mr. C S Saxena and his brother, Mr. Anant Saxena are its
key promoters. The company is undertaking a project to set up a
90-bed multi-speciality hospital in Narela. The hospital will
provide secondary healthcare to patients across the orthopaedic,
obstetrics and gynaecology, cardiology, ophthalmology, ear, nose,
and throat, dental, urology, gastroenterology, endocrinology,
internal medicine, intensive care, medicine, infertility and in
vitro fertilisation, plastic surgery, radiology, nephrology,
imaging, and emergency segments. The construction is likely to be
completed by March 2015, and the hospital is expected to commence
operations from April 2015.


FORTUNE FOAM: ICRA Assigns B+ Rating to INR24cr LT Loan
-------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B+ to the INR24.0
crore term loans and INR7.50 crore long term fund based bank
limits of Fortune Foam Pvt Ltd. ICRA has also assigned its rating
of [ICRA]B+/A4 to the INR0.50 crore unallocated limits of the
company.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long term fund
   based limits
   Term Loan             24.00        [ICRA]B+; Assigned

   Cash Credit Limits     7.50        [ICRA]B+; Assigned

   Unallocated            0.50        [ICRA]B+/A4; Assigned

The assigned ratings are constrained by the company's nascent
stage of operations, as it commenced operations only in August,
2015. The ratings are further constrained by the company's
presence in a highly fragmented industry with competition from
various organized as well as unorganized players, which limits its
profitability. Further, as the company plans to source part of its
raw materials through imports going forward, its profit margins
would be exposed to the risk of adverse foreign exchange
fluctuations. The rating further takes into account the company's
sizeable debt repayment commitments, which will keep the liquidity
under pressure. However, the ratings derive comfort from the long
and established track record of the promoters in the foam industry
and support from its group company, Prime Comforts Pvt. Ltd.
Going forward the ability of the company to ramp up its scale of
operations and maintain a healthy financial risk profile will be
the key rating sensitivities.

FFPL, incorporated in 2013, has been promoted by Mr. Praduman
Patel and his family members and started commercial operations in
August, 2015. The company is engaged in manufacturing of
Polyurethane Foam (PU Foam), such as long foam for mattresses,
pillows, and cushions and roll foam for lamination of apparels.
The PU foam manufacturing facility is located in Hyderabad with an
installed capacity of 6000 Metric Tonnes (MT) per annum.


GHANSHYAM GINN: ICRA Suspends 'B' Rating on INR18cr Cash Loan
-------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to the
INR18.00 crore fund based cash credit facility and INR0.20 crore
term loan facility of Ghanshyam Ginn Mill Industries (GGMI). The
suspension follows ICRAs inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit          18.00       [ICRA]B suspended
   Term Loan             0.20       [ICRA]B suspended

Ghanshyam Ginn Mill Industries (GGMI) was incorporated in 2011 and
is promoted by Mr. Hirenbhai Sakariya and other family members.
The firm is engaged in cotton ginning, pressing and cotton seed
crushing to produce cotton bales, cotton seed oil and cake.
Initially the firm has installed 24 ginning machines and 20
crushing machines with an installed capacity of 250 cotton bales
per day and crushing 100 MT of cotton seed per day.


GPI TEXTILES: ICRA Suspends 'D' Rating on INR16cr Loan
------------------------------------------------------
ICRA has suspended [ICRA]D rating assigned to the INR16.00 crore
fund based and non-fund based facilities of GPI Textiles Limited.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

GPITL is an Ispat group company and was incorporated in September
2000 to take over the textile division of another group company
Gontermann- Peipers (India) Limited (GPIL) which was operating a
spinning mill in Nalagarh (Himachal Pradesh). Pursuant to the
scheme of the demerger which was approved in August, 2004, all the
assets and liabilities of the textile division of GPIL was
transferred to GPITL retrospectively with effect from January 01,
2003. GPITL is presently engaged primarily in spinning of cotton
and polyester yarn and has an installed capacity of 84,672
spindles and 960 open end rotors.


GSR MOVIES: ICRA Reaffirms 'B' Rating on INR10cr Loan
-----------------------------------------------------
ICRA has reaffirmed the long term rating assigned to INR10.0 crore
fund based facilities of GSR Movies (GSR) at [ICRA]B. ICRA has
also reaffirmed the short term rating assigned to INR2.06 crore
non-fund based facilities of GSR at [ICRA]A4.

                             Amount
   Facilities             (INR crore)     Ratings
   ----------             -----------     -------
   Fund Based Facility        10.0        [ICRA]B; Reaffirmed
   Non Fund Based Facility    2.06        [ICRA]A4; Reaffirmed

The ratings reaffirmation continues to factor in the diversified
revenue streams for the firm including mall rental and maintenance
charges, multiplex revenues and plotting sales. The rating also
factors in the long experience of promoters in running mall
operations as well as strength derived from being part of the
Chaddha/Wave group which has interests across various sectors.

The ratings however remains constrained on account of the limited
movement in leasing and the continued high client concentration
risks (The mall's top two tenants occupy 43% of the total leasable
space) with limited lock in period exposing the firm to vacancy
risks. This apart the firm is exposed to risk arising out of the
partnership constitution of firm which risk withdrawal of capital
as witnessed in FY15, dissolution of partnership firm etc.
Notwithstanding the diversified revenues streams, GSR's margins
have varied in line with sales trend of plots. With the near
completion of the plotting project, the company's ability to ramp
up its cash accruals from mall and multiplex operations remains
critical for debt servicing.

Going forward, GSR's ability to lease additional area at healthy
rentals and improve the operating metrics will remain key rating
sensitivity. Further, timely support from the group if required
will also be a rating sensitivity.

Incorporated in 2001, G.S.R. Movies, is a Wave Group promoted firm
and is engaged in operating Mall cum Multiplex property in the
Moradabad area of Uttar Pradesh. This apart the firm has also been
undertaking a plotting development project which has been
completed.

Recent results
In the financial year ending March 31, 2015 (FY15), GSR had an
operating income of INR15.42 crore on which it reported Net profit
of INR1.75 crore as against operating income of INR14.71 crore on
which it reported Net profit of INR2.66 crore.


HARITHA BIO: CRISIL Assigns B- Rating to INR100MM Cash Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facility of Haritha Bio Products India Private Limited
(HBPPL).

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

The rating reflects HBPPL's weak financial risk profile and
working capital intensive nature of operations. These rating
weaknesses are partially offset by the extensive industry
experience of the promoters' and healthy customer relationship.
Outlook: Stable

CRISIL believes that HBPPL will benefit from the extensive
experience of its promoters in the distillery industry. The
outlook may be revised to 'Positive' if there is improvement in
the financial risk profile due to better than expected cash
accruals or significant equity infusion resulting in improvement
in its financial risk profile. Conversely, the outlook may be
revised to 'Negative' if any regulatory changes adversely impact
the company's revenues and margins or if its financial risk
profile deteriorates due to larger-than-expected debt funded
capital expenditure or lower than expected profitability.

Incorporated in 2009, HBPPL is into manufacturing of extra neutral
alcohol (ENA) and rectified spirit (RS). Based out of Hyderabad,
the company is promoted by Mr. Srinivas Kanamata Reddy and his
family members.


HARSHNA FRUITS: CRISIL Reaffirms B- Rating on INR70MM LT Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Harshna Fruits
(HF; part of the Harshna group) continues to reflect the group's
weak liquidity because of significant loans and advances extended
to affiliate concerns, low cash accrual, and high bank limit
utilisation. The rating also factors in a modest scale of
operations in the intensely competitive apple trading industry and
a weak financial risk profile because of working capital intensive
operations. These rating weaknesses are partially offset by the
extensive industry experience of the group's promoters and
operational synergies and support that the group entities derive
from each other.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Proposed Long Term
   Bank Loan Facility      70       CRISIL B-/Stable (Reaffirmed)

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of HF, Bhola Nath Naresh Kumar (BNNK),
Harshna Ice & Cold Storage (HICS), and Bhola Nath Rakesh Kumar
(BNRK). This is because all these entities, collectively referred
to as the Harshna group, are in the same line of business, have
close intra-group operational and financial linkages, including
fungible cash flows, and are under a common management.
Outlook: Stable

CRISIL believes the Harshna group will continue to benefit over
the medium term from the extensive experience of its promoters as
commission agents in the apple trading business and from demand
for cold storage services in the domestic market. However, the
group's liquidity will be constrained in the near term by large
incremental working capital requirement and funding support to
affiliate concerns. The outlook may be revised to 'Positive' in
case of an increase in scale of operations and improvement in
profitability, leading to larger-than-expected cash accrual and
better liquidity. Conversely, the outlook may be revised to
'Negative' in case of a significant increase in receivables,
leading to further deterioration in liquidity, or if revenue or
profitability declines.

The Harshna group was established in 1993 by Mr. Rakesh Bhola Nath
Kohli and Mr. Naresh Bhola Nath Kohli, with the establishment of
BNRK and BNNK. Both the firms are commission agents for trading in
apples in Delhi's Azadpur mandi. In 1999, the group decided to
establish its own cold storage facility in Sonipat (Haryana), for
which it set up HICS in the same year. HICS currently has a multi-
product cold-storage facility, with capacity of 11,500 tonnes,
along with ripening chambers. In 2004, the group set up HF, which
supplies fruits to retail stores.


HILLTOP CERAMIC: ICRA Reaffirms B+ Rating on INR3cr Cash Loan
-------------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to INR2.42 crore
term loan and INR3.00 crore cash credit facility of Hilltop
Ceramic at [ICRA]B+. ICRA has also reaffirmed the [ICRA]A4 rating
to INR1.40 crore short-term non-fund based facilities of HC.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit Limit     3.00        [ICRA]B+ reaffirmed
   Term Loans            2.42        [ICRA]B+ reaffirmed
   Bank Guarantee        1.40        [ICRA]A4 reaffirmed

The reaffirmation of ratings takes into account modest scale of
operation coupled with net loss reported by the firm which has
further resulted in modest coverage indicators. The rating is also
constrained by the competitive business environment in which the
firm operates limiting improvement in realizations, vulnerability
of its profitability to cyclicality and slowdown in real estate
industry. ICRA also notes that HC is a partnership firm and any
significant withdrawals from the capital account would affect its
net worth and thereby its capital structure.

However, the ratings favorably factors in the promoters' extensive
experience in the ceramic industry and favorable location of the
plant with its proximity to raw material sources.

Hilltop ceramic is a wall and floor tiles manufacturer with its
plant situated at Wankaner (Morbi), Gujarat. The firm was
established in 2003 is managed by Mr. Jagdish Kanjiya and other
family members. The plant has an installed capacity to produce
31200 MTPA of wall and floor tiles. The firm currently
manufactures wall tiles and floor tiles of sizes 10" X 15" and 12"
X 12" with the current set of machineries at its production
facilities.

Recent Results
For the year ended March 31, 2015, the firm has reported an
operating income of INR14.88 crore and net loss of INR0.01 crore.


IBD NALANDA: ICRA Assigns 'B' Rating to INR32.52cr Term Loan
------------------------------------------------------------
ICRA has assigned its long-term rating of [ICRA]B to the INR32.52
crore bank facilities of IBD Nalanda Pvt Ltd.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loan             32.52        [ICRA]B; assigned

ICRA's rating factors in the execution and market risks largely
for the 'Gold Villa' project which is in middle stage of
construction and around 65% of the total saleable area has been
booked. Further, the company's funding requirements are likely to
be sizeable given that debt repayment will commence from June,
2016. Thus, the company's ability to achieve additional bookings
or alternatively receive support from promoters would be critical
for cashflow management.

ICRA, however, takes comfort from the execution track record of
the promoters, spanning more than 15 years, the established brand
name of the IBD Group in Central India and low approval risks for
the ongoing projects. The rating also factors in the moderate
collection efficiency of the projects (consolidated efficiency of
78%). ICRA also notes that IBDN's project Royal City' has been in
completion stage with 95% of the cost has been incurred, with 95%
of the total inventory being sold. This, along with additional
inventory of developed plots from 'Gold Villa' can provide some
cash flow support going forward.

Going forward, the company's ability to execute its project in a
timely manner and collect balance advances, achieve additional
bookings and receive promoter funds in case of any contingency
will be the key rating sensitivities. Moreover, any support
towards the group/parent company which has various ongoing
projects, will also be a key rating sensitivity.

IBDN was incorporated in 2009 and is the flagship company of the
IBD Group of Central India. IBDN is headed by Mr. Ajay Bhadauria
who holds 6.51% stake. Currently, the company is executing 2
projects in Jabalpur, Madhya Pradesh which are in various stages
of execution. 'Royal City' is the affordable housing project of
the company and 'Gold Villa" is the high end residential apartment
project. The total saleable area for all the projects is 6.27
lakhs square feet, with 523 units in total. The total project cost
is estimated at INR79.51 crore and is expected to be funded by
customer advances and promoter's contribution, in different
proportion.

Recent results
IBDN reported a net profit of INR0.32 crore on an operating income
(OI) of INR20.17 crore in FY 2015, as compared to a net profit of
INR1.38 crore on an OI of INR28.36 crore in the previous year.


IRRILINK DRIP: CRISIL Assigns B- Rating to INR49.4MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facilities of Irrilink Drip Irrigation Industries (IDII).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan             49.4      CRISIL B-/Stable
   Cash Credit           32.5      CRISIL B-/Stable
   Proposed Cash
   Credit Limit          18.1      CRISIL B-/Stable

The rating reflects IDII's small scale of operations in the highly
fragmented irrigation systems industry and large working capital
requirement. These weaknesses are partially offset by the firm's
comfortable capital structure and debt protection metrics, and
favourable government policies towards micro-irrigation systems.
Outlook: Stable

CRISIL believes IDII will continue to benefit over the medium term
from favourable government policies towards micro-irrigation
systems. The outlook may be revised to 'Positive' if significant
growth in revenue and improvement in working capital management
lead to a better financial risk profile. Conversely, the outlook
may be revised to 'Negative' if cash accrual is low due to decline
in profitability, or if deterioration in working capital
management or more-than-expected debt-funded capital expenditure
leads to weakening of financial risk profile.

Incorporated in 2011, IDII is promoted by members of the Mali Ji
and Mafa Ji families. The firm manufactures irrigation systems
(drip and sprinkler systems) and polyethylene pipes. Facility in
Sirohi, Rajasthan, has an installed capacity of 200 kilogram per
hour of round drip line, 300 kilogram per hour of flat drip line,
300 kilogram per hour of HDPE pipes and 250 kilogram per hour of
mini sprinkler (lateral).

IDII reported a book profit of INR2.6 million on net sales of
INR178.1 million for 2014-15 (refers to financial year, April 1 to
March 31), against a book profit of INR1.1 million on net sales of
INR88.8 million for 2013-14.


K.P.R AGROS: ICRA Reaffirms B+ Rating on INR14.80cr LT Loan
-----------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ assigned to
the INR14.80 Crore (revised from INR15.65 crore) fund based bank
limits and INR5.20 crore (revised from INR4.35 crore) unallocated
limits of K.P.R Agros Poultries Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund
   based Limits          14.80        [ICRA]B+; Reaffirmed

   Long term
   Unallocated Limits     5.20        [ICRA]B+; Reaffirmed


The rating re-affirmation takes into account the modest scale of
operations in the poultry farming business with weak financial
profile as reflected in the high gearing, stretched coverage
indicators, and constrained liquidity position as indicated in
high working capital intensity of 35% for FY2015 and high average
utilization of working capital limits. The ratings are also
constrained by the fluctuations associated with the feed costs
vis-…-vis volatility in egg prices. In FY2015, the operating
income of the company witnessed a marginal de-growth of 2.97% egg
owing to the low egg prices. The rating also factors in
significant repayment obligations of the company in the medium
term.

However, the assigned ratings draws comfort from the vast
experience of the management in the poultry farming and the
healthy demand outlook for the layer eggs on account of increasing
acceptance of eggs as a daily meal component.

Going forward the ability of company to scale up the operations,
improve profitability while effectively managing the working
capital requirements would be key rating sensitivities.

K.P.R Agros Poultries Private Limited was established in 2008 and
is promoted by Mr. K. Bhasakar Raghu Rama Reddy. It is engaged in
commercial layer poultry farming and is into sale of table eggs.
The company has its poultry sheds in Bellary district of Karnataka
with the total capacity of 2,70,000 layer birds while the head
office is located in Balabhadrapuram, East Godavari district of
Andhra Pradesh.

Recent Results
As per the audited financial for FY2015 the company registered PAT
levels of INR0.33 crore on an Operating Income of INR41.81 crore
as against the PAT levels of INR0.34 crore on an Operating Income
of INR43.09 crore in FY2014


KAVIT INDUSTRIES: CRISIL Assigns B- Rating to INR50MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Kavit Industries (KI).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan              6.6      CRISIL B-/Stable
   Cash Credit           50        CRISIL B-/Stable
   Letter of Credit      23.4      CRISIL A4

The ratings reflect the firm's working capital-intensive
operations, weak financial risk profile because of high gearing
and small net worth, and modest scale of operations. These
weaknesses are partially offset by the extensive experience of
KI's promoters in foam trading and manufacturing industry.
Outlook: Stable

CRISIL believes KI will continue to benefit over the medium term
from promoters' extensive industry experience. However, financial
risk profile will remain constrained due to planned debt-funded
capital expenditure. The outlook may be revised to 'Positive' if
scale of operations and profitability improve substantially and
fund infusion to meet debt obligation is timely, leading to a
better financial risk profile, particularly liquidity. Conversely,
the outlook may be revised to 'Negative' if lower-than-expected
revenue growth or profitability, or lack of timely funding support
leads to pressure on liquidity.

Based in Noida, Uttar Pradesh, KI was established as a
proprietorship firm in 2000 by Mr. Vijay Manchanda. The firm
manufactures PU foams and matrices and also trades in industrial
chemicals and fabrics.

KI reported a net profit of INR1.4 million on net sales of INR206
million in FY 2014-15 against net profit of INR1.3 million on net
sales of INR198.1 million in FY 2013-14.


KHEDUT SOLVEXP: ICRA Suspends B+ Rating on INR35cr Cash Loan
------------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR42.50
crore long term working capital limit and term loan limit and also
[ICRA]A4 rating assigned to the INR10.00 crore short term non fund
based limits (sublimit within cash credit limit) of Khedut Solvexp
Private Limited. The suspension follows ICRAs inability to carry
out a rating surveillance on account of non-cooperation from the
company.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based
   Cash Credit          35.00         [ICRA]B+; Suspended

   Fund Based-
   Term Loans            2.50         [ICRA]B+; Suspended

   Fund Based-
   Warehousing Loan      5.00         [ICRA]B+; Suspended

   Non Fund Based
   FDBP                 (5.00)        [ICRA]A4; Suspended

   Non Fund Based EPC   (5.00)        [ICRA]A4; Suspended

Khedut Solvexp Pvt Ltd (KSPL) was incorporated in 1991 to engage
in solvent extraction to produce (De oiled Cake) DOC and edible
oil. The company undertakes solvent extraction for groundnut seed
cake, rapeseed cake, cotton seed cake, mustard seed cake and
soybean seed cake depending upon the availability of raw material
and prevailing market condition. The manufacturing plant of the
company is located at Gondal, Dist Rajkot, and Gujarat. The total
installed capacity of the company for solvent extraction is around
500 metric tons per day (MTPD) and for that of refinery capcity is
100 MTPD.

Khedut Solvexp Pvt Ltd (KSPL) was a government-owned company until
it was acquired by Mr. Daya and Mr. Tushar through an auction in
1993. In 2001, Mr. Pravin Talaviya, Mr. Dhirajlal Desai, and Mr.
Kishorbhai Patel joined the company as directors. In 2006, Mr.
Daya and Mr. Tushar quit as directors, after selling their stake
to Mr. Pravin Talaviya, Mr. Dhirajlal Desai, and Mr. Kishorbhai
Patel. Further in 2013 Mr. Pravinbhai Talaviya resigned as a
director and Mr. Sagar D. Desai was admitted as a director. Later
in 2014 Mr. Kishor Patel also resigned from directorship and
currently the company is managed by Mr. Dhirajlal desai along with
his son Mr. Sagar Desai.


KUNJ BIHARI: CRISIL Suspends 'B' Rating on INR60MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of
Kunj Bihari Bullions & Jewellers Private Limited (KBPL).

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

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

KBPL (erstwhile proprietorship, Krishna Bullions) was established
in Bareily (Uttar Pradesh) in 2009 by Mr. Sanjay Khandelwal. The
company is engaged in the bullion trading business, and caters to
semi-wholesalers, and retailers based in Uttar Pradesh.


M MADHAVARAYA: CRISIL Reaffirms B+ Rating on INR50MM Cash Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facility of M Madhavaraya
Prabhu (MMP) continues to reflect the firm's below-average
financial risk profile because of high gearing, average debt
protection metrics, and continuous capital withdrawal by its
proprietor.

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

The rating also factors in a modest scale of operations and
susceptibility of the firm's operating margin to volatility in raw
material prices and foreign exchange rates. These rating weakness
are partially offset by the extensive industry experience of MMP's
proprietor in the cashew industry and an established clientele.
Outlook: Stable

CRISIL believes MMP will continue to benefit over the medium term
from its established track record in the cashew industry. The
outlook may be revised to 'Positive' in case of an increase in
cash accrual resulting in an improvement in the firm's capital
structure and liquidity. Conversely, the outlook may be revised to
'Negative' in case of substantially low revenue and profitability,
sizeable debt-funded capital expenditure (capex), or large
withdrawals by the proprietor.

Update:
Operating income declined by 22 per cent to INR403 million in
2014-15 (refers to financial year, April 1 to March 31) from
INR522 million in 2013-14. However, operating margin improved by
180 basis points (bps; 100 bps equal 1 percentage point) to 4.1
percent on account of low material cost. Sales were INR345 million
in the eight months through November 2015 and are expected at
INR500 million for 2015-16.

Networth remained modest at INR23.6 million as on March 31, 2015.
Gearing was around 2.45 times as on this date, and is expected to
deteriorate further to around 3 times by March 31, 2016, due to
capex of INR13 million, which is funded by a term loan of INR7.4
million. Debt protection metrics remained average with interest
coverage and net cash accrual to total debt ratios of 4.18 times
and 0.08 time, respectively, in 2014-15. Liquidity is adequate
with expected net cash accrual of above INR50 million against term
loan obligation of INR1.5 million in 2015-16. The limited growth
in sales resulted in moderate utilisation of the firm's bank limit
at an average of 85 percent during the 12 months through October
2015. Expected enhancement in the cash credit facility to INR80
million will further boost liquidity. However, liquidity continues
to be constrained by withdrawal by the proprietor.

MMP, a proprietorship firm set up in 1983, processes raw cashew
nuts of various grades into cashew kernels. The firm also trades
in raw cashew nuts and cashew kernels. Its processing unit in
Muduperar village of Dakshina Kannada district, Karnataka, has an
installed capacity of 4.8 tonnes per day. The firm is currently
managed by Mr. Tukaram Prabhu, son of Mr. Madhavaraya Prabhu, the
founder.


MANGANG CONSTRUCTIONS: CRISIL Assigns B+ Rating to INR430MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Mangang Constructions Private Limited (MCPL). The
rating reflects MCPL's tender-based nature of operations, and
large working capital requirement. These weaknesses are partially
offset by its promoters' extensive experience in the civil
construction industry and moderate order book.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Proposed Long Term
   Bank Loan Facility      430      CRISIL B+/Stable

Outlook: Stable

Mangang Construction Pvt Ltd (MCPL) will continue to benefit over
the medium term from its promoters' extensive experience in the
civil construction industry. The outlook may be revised to
'Positive' if the firm significantly improves its scale of
operations and profitability, leading to higher cash accrual.
Conversely, the outlook maybe revised to 'Negative' if the
operating margin and topline decline, or financial risk profile
deteriorates because of large debt-funded capital expenditure , or
stretch in working capital cycle.

Incorporated in 2009 and promoted by Mr. Humane Mutumcha, MCPL
conducts civil construction business mainly related to road and
building and all kinds of civil and electrical works sectors. The
company executes work for PWD of Manipur government, banks and
other central government bodies. Mr. y Humane Mutumcha looks after
operations.


MANISH EMPIRE: CRISIL Assigns 'B' Rating to INR126MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Manish Empire (ME).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan              126      CRISIL B/Stable

The rating reflects ME's exposure to risks associated with timely
completion and stabilisation of its ongoing hotel project, and
susceptibility to geographical concentration in its revenue
profile and to cyclicality in the hospitality industry. These
rating weaknesses are partially offset by the extensive industry
experience of the firm's promoters and the favourable location of
the project, close to the upcoming international airport at Harni,
Vadodara (Gujarat).
Outlook: Stable

CRISIL believes ME will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' if the hotel project is implemented as
per schedule and without any significant cost overrun, and if the
occupancy after completion is higher than expected, leading to
improvement in liquidity. Conversely, the outlook may be revised
'Negative' in case of any significant time or cost overrun in
commissioning the project, leading to pressure on liquidity.

Established in 2014 by Vadodara-based Mr. Manish Patel and family
members, ME is currently setting up a hotel in Vadodara.


MOUJI SILK: ICRA Suspends B+/A4 Rating on INR6cr Bank Loan
----------------------------------------------------------
ICRA has suspended the [ICRA]B+ and [ICRA]A4 ratings assigned to
the INR6.00 Crore bank facility of Mouji Silk Mills Pvt ltd. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


MULTIMETALS PRIVATE: ICRA Reaffirms B+ Rating on INR25cr Loan
-------------------------------------------------------------
ICRA has reaffirmed its long term rating at [ICRA]B+ on the INR25
crore fund-based facilities of RP Multimetals Private Limited.
ICRA has also reaffirmed its short term rating at [ICRA]A4 on the
INR30 crore on the non fund-based facilities of RPMPL.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit           25.00        [ICRA]B+; reaffirmed
   Letter of Credit      30.00        [ICRA]A4; reaffirmed

ICRA's ratings continue to take into consideration the fragmented
and competitive nature of industry on account of low technological
complexity of manufacturing process and vulnerability to variation
in the prices of raw materials and fluctuations in foreign
exchange rate. ICRA also takes note of the weak financial profile
of RPMPL characterised by low profitability, adverse capital
structure and high working capital intensity of operations.
However, the ratings derive comfort from RPMPL's forward
integration of operations with the setting up of rolling mill and
pipe manufacturing unit, which has resulted in improved scale of
operations, better realisations and improved profitability. The
ratings continue to favourably factor in RPMPL's location
advantage, which is in close proximity to its suppliers, customers
and its experienced promoters having a long track record in the
steel industry.

Going forward, the company's ability to improve its scale of
operations in a profitable manner, while improving its capital
structure, will remain the key rating sensitivities.

RPMPL was established in the year 1999 and is engaged in the
manufacturing of steel billets & blooms and steel coils/flats at
its manufacturing facility situated in Gobindhgarh, Punjab
(installed capacity of 66,600 MT per annum). The major raw
materials used by the company are ferro alloys and scrap metal,
which are procured chiefly via imports. The steel products
manufactured by the company are primarily supplied to steel
rolling mills present in Mandi Gobindgarh. During FY15, the
company has set up a facility for manufacturing of flats/coils
from the billets and manufacturing of ERW pipes.

Recent Results
In FY15, RPMPL reported a net profit of INR0.49 crore on an
operating income of INR221.85 crore against a net profit of
INR0.21 crore on an operating income of INR164.98 crore in the
previous year.


NEVATIA STEEL: ICRA Reaffirms B- Rating on INR0.5cr LT Loan
-----------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B- assigned to
the INR0.50 crore fund based bank facility and a short term rating
of [ICRA]A4 to the INR22.46 crore fund based and non fund based
facility of Nevatia Steel & Alloys Private Limited. ICRA has also
reaffirmed the ratings of [ICRA]B-/[ICRA]A4 to the unallocated
amount of INR1.54 crore.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund
   Based Limits
   Cash Credit           0.50         [ICRA]B- Reaffirmed

   Short Term Fund
   Based Limits-
   EPC/PCFC             13.25         [ICRA]A4 Reaffirmed

   Short Term Non
   Fund Based Limits
   Letter of Credit/
   Bank Guarantee/
   Forward Contract      8.71         [ICRA]A4 Reaffirmed

   Fund Based limits     1.54         [ICRA]B- and/or [ICRA]A4
   Unallocated                         Reaffirmed

The ratings reaffirmation continues to factor in the company's
weak financial risk profile characterized by, high level of
capital structure and consequently weak debt protection metrics in
FY 2014-15. The ratings are further constrained by susceptibility
to slowdown in economic conditions, vulnerability of profits to
any adverse currency fluctuations as well as stiff competition
from organized & unorganized players exerting pressure on margins.
The ratings also reflect the company's high geographic
concentration and exposure to regulatory risks with regards to
changes in export incentives structure.

The ratings however consider experience of promoter group in
stainless steel business along with the company's established
relationship with its suppliers and customers.

NSAPL, an ISO 9001:2008 accredited company, was incorporated in
the year 1988 by Mr. Sharad Kumar R. Nevatia. The company is
engaged in manufacturing of stainless steel wires & bright bars
and to a lesser extent welding wires from SS rods. NSAPL has its
registered office at Worli, Mumbai.

Recent Results:
During 2014-15, the company has reported a net profit of INR0.39
crore on an operating income of INR121.77 crore.


OM NAMAH: ICRA Assigns B+ Rating to INR7.50cr LT Loan
-----------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B+ to the INR7.50
crore cash credit facility, INR0.93 crore term loan and INR0.07
crore unallocated limits of Om Namah Shivay Trading Company.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term, fund
   based limits
   Cash Credit            7.50        [ICRA]B+ Assigned

   Long Term, fund
   based limits
   Term Loan              0.93        [ICRA]B+ Assigned

   Long Term
   Unallocated            0.07        [ICRA]B+ Assigned

The assigned rating takes into account easy availability of raw
cotton on back of favourable location and substantial experience
of the promoters in the cotton industry. The rating is however
constrained by leveraged capital structure and stretched liquidity
profile of the firm due to working capital intensive operations
and low profit margins in line with low value add nature of
business. ICRA also takes note of modest scale of operations in an
intensely competitive industry and vulnerability associated with
agro climatic conditions and regulatory environment which has
direct bearing on capacity utilization and profitability of the
firm. Going forward, maintaining adequate capacity utilization
together with tight working capital management remains key rating
sensitivity.

ONTC is a partnership firm, established in 2007, is engaged in
ginning & pressing of raw cotton and crushing of cotton seed. The
firm has its unit at Parola, Jalgaon district, Maharashtra with
installed capacity of 200-220 bales per day. Prior to 2012, the
firm had ginning operations, though in 2012 the expellers were
installed and the firm started selling cotton oil and cotton DOC
(de-oiled cakes) along with cotton bales.


PADMAJA FARMS: ICRA Reaffirms B+ Rating on INR6.0cr LT Loan
-----------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ assigned to
the INR6.00 Crore (revised from INR5.40 crore) fund based bank
limits and INR4.00 crore (revised from INR4.60 crore) unallocated
limits of Padmaja Farms.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund
   based Limits          6.00         [ICRA]B+; Reaffirmed

   Long term
   Unallocated Limits    4.00         [ICRA]B+; Reaffirmed

The rating re-affirmation takes into account the small scale of
operations in the poultry farming business with weak financial
profile as reflected in the high gearing, stretched coverage
indicators, and high working capital intensity of the firm. The
ratings are also constrained by the fluctuations associated with
the feed costs vis-a-vis volatility in egg prices. In FY2015,
operating income of the firm witnessed moderate growth of 8.07%,
despite lower realizations, on the back of higher volume of eggs
sold.

The assigned ratings draws comfort from the vast experience of the
management in the poultry farming and the healthy demand outlook
for the layer eggs on account of increasing acceptance of eggs as
a daily meal component.

Going forward the ability of company to scale up the operations
while effectively managing the working capital requirements would
be key rating sensitivities.

Padmaja Farms (PF) was established as a partnership firm in the
year 2001 and is engaged in the business of commercial layer
farming. PF operates through its facilities located in Basapura
and Bullapur Village, Koppal Distrct, Karnataka with a capacity of
2, 70,000 layer birds and is involved in the sale of table eggs.

Recent Results
As per the audited financial for FY2015 the firm registered PAT
levels of INR0.06 crore on an Operating Income of INR28.36 crore
as against the PAT levels of INR0.06 crore on an Operating Income
of INR26.24 crore in FY2014.


PEARLS GROUP: SC Orders Auction of Assets to Repay Investors
------------------------------------------------------------
The Times of India reports that in a big relief to around six
crore investors who deposited over INR49,000 crore in Ponzi
schemes of Pearls Group's firms, the Supreme Court on Feb. 2
directed that the assets of the group be put on auction to raise
money to refund the investors.

TOI relates that a bench of Justices A R Dave, S K Singh and A K
Goel appointed a committee led by ex-CJI R M Lodha to sell the
group's properties and refund money to investors within six
months. After the Sahara case, this is the second time where the
SC has intervened to protect investors, the report notes.

According to the report, the money was collected by the Nirmal
Singh Bhangoo-managed group through its two firms -- Pearls
Agrotech Corporation Limited and Pearls Golden Forest Limited --
in Ponzi schemes for development of agricultural land. It is
estimated that the group owns more than 20,000 real estate
properties across the country.

TOI relates that the CBI, which was directed by the SC in 2013 to
investigate one of the largest Ponzi cases, has also registered a
case against the company, its CMD Bhangoo, and three directors -
who are currently in judicial custody.

The report says the SC empowered the panel to take a decision on
the method to be adopted for selling the properties and refunding
the money. It asked the CBI to hand over all property documents
seized by it, to the committee which will put the assets under the
hammer.

It also directed that bank accounts of the firm sealed by the CBI
be desealed for the amount to be disbursed among investors, the
report relays.  According to TOI, the SC gave a free hand to Lodha
to appoint other members in the panel in consultation with Sebi,
whom it directed to pick a nodal officer to hear investors'
grievances.


PEETAMBARA DISTRIBUTORS: ICRA Assigns B+ Rating to INR10cr Loan
---------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ to the INR10.00
crore* fund based overdraft limit of Peetambara Distributors.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based
   Overdraft Limit     10.00          [ICRA]B+ assigned

The assigned rating takes into account the thin margins owing to
distribution nature of business along with limited pricing
flexibility as the same is primarily governed by the principal
companies. The rating also take into account the high total
liabilities as reflected in TOL/TNW of 6.08x in FY15 arising from
funding through creditors and external borrowings availed for
meeting its working capital requirements. Further, being a
proprietorship entity there is limited ability to raise capital as
well as risk of withdrawal of capital in light of personal
withdrawals made which has led to negative networth in FY14.
Though there is limited competition within the same brand in the
geographic boundaries of greater Mumbai due to exclusive
distribution rights, competition is faced from other established
brands and large organized players in the FMCG as well as
ayurvedic medicines segment. ICRA also takes note of the support
to group companies by way of loans extended as has happened in the
recent past; any such large dealing can have a negative bearing on
the firm's operations.

The rating, however, favourably factors in the experience of the
promoters as well as group's presence in varied business like
distribution, construction and media. The rating also draws
comfort from the sole distribution rights for Patanjali Yogpeeth
Ayurvedic products in Greater Mumbai region as well as steady
growth rate of over 50% in OI in Y-O-Y basis for the last two
years supported by launch of new products and additions to the
sub-distributors and dealers network in the operational geographic
area.

Established in 2011 by Mr. Krishna Kumar Pittie, Peetambara
Distributors (Peetambara) is a proprietorship concern engaged in
distribution of ayurveda, FMCG and herbal products of Divya Yog
Mandir Trust (DYM), Patanjali Ayurveda Ltd. (PAL) and Divya
Pharmacy (DP). The firm's sales, administrative and registered
office is in Bandra Kurla Complex, Mumbai and it has rented a
godown in Andheri, Mumbai.

Recent results
Peetambara has reported a profit before tax of INR0.39 crore on an
operating income of INR52.24 crore for the year ending
March 31, 2015 and sales of INR70.95 crore for the nine month
period ending 31st December, 2015.


QUADRANT CABLES: CRISIL Assigns 'B' Rating to INR80MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Quadrant Cables Private Limited (QCPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Cash
   Credit Limit           50       CRISIL B/Stable
   Term Loan              80       CRISIL B/Stable

The rating reflects QCPL's start-up stage of operations, exposure
to risks related to implementation and stabilisation of its
ongoing project, and weak financial risk profile because of high
gearing. These weaknesses are partially offset by promoters'
established presence in the electrical equipment industry.
Outlook: Stable

CRISIL believes QCPL's credit risk profile will remain sensitive
to financial closure and timely completion of its ongoing project.
The outlook may be revised to 'Positive' if QCPL commissions its
project without any significant time and cost overruns, and
attains more-than-expected capacity utilisation. Conversely, the
outlook may be revised to 'Negative' in case of delays in project
implementation resulting in delayed cash accrual, leading to
pressure on debt servicing ability.

QCPL was incorporated in September 2015 by Mr. A S Randhawa, Mr.
Mohit Vohra, Mr. Rajbir Singh Randhawa, Mr. E S Sandhu, Mr. R S
Sandhu, Mr. Vivek Abrol, Mr. Vishesh Abrol, and Mr. Amit Dhawan.
It is setting up a manufacturing unit for electron beam cables
(copper cable) in Mohali (Punjab).


R.P. STEEL: ICRA Reaffirms 'B' Rating on INR7.50cr Cash Loan
------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B for INR7.5
crore fund-based limits and INR0.5 crore unallocated limits of
R.P. Steel Tubes (Erstwhile Sat Sahib Steels).

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit            7.50        [ICRA]B; reaffirmed
   Unallocated            0.50        [ICRA]B; reaffirmed

The rating reaffirmation factors in the firm's moderate scale of
operations, which coupled with the highly competitive nature of
industry has resulted in modest profitability and coverage
indicators. Further, the profitability of the firm will remain
exposed to fluctuations in market prices of raw materials, given
that majority of the procurement is not order backed. The rating
is also constrained by the high gearing of the firm owing to
funding of working capital requirement mainly through bank
borrowings. However, the rating draws comfort from the long track
record of promoters in steel industry and proximity of the plant
to established steel market, which ensures the easy availability
of raw material. The rating also draws comfort from the improved
scale of operations through the firm's established relationship
with its customers, which have enabled it to secure repeat orders
from them. Further, forward integration into manufacturing of ERW
Pipes has improved the scale of operations and operating margins
of the firm in FY15.

Incorporated in the year 2008, RPST is a partnership firm engaged
in manufacturing of M.S (Mild Steel) Bars and Flats. The
manufacturing facility of the firm is located at Mandi Gobindgarh,
Punjab with an installed capacity of 33,000MT per annum. The firm
has set up new facility in FY2015 for manufacturing of ERW Pipes
which has an installed capacity of 15,000 MT per annum.

Recent Results
The firm reported a net profit after tax of INR0.19 crore on an
operating income of INR77.13 crore in FY15 as against net profit
of INR0.14 crore on an operating income of INR57.45 crore in the
previous year.


RAGHAVA PROJECT: CRISIL Lowers Rating on INR32.5MM Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Raghava Project Constructions Private Limited (RPCPL) to 'CRISIL
D/CRISIL D' from 'CRISIL B-/Stable/CRISIL A4'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee        32.5      CRISIL D (Downgraded
                                   from 'CRISIL A4')

   Overdraft Facility    25.0      CRISIL D (Downgraded
                                   from 'CRISIL B-/Stable')

   Proposed Long Term     7.5      CRISIL D (Downgraded
   Bank Loan Facility              from 'CRISIL B-/Stable')

The downgrade reflects instances of delay by the company in
servicing its debt. The delays have been caused by weakening
liquidity.

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

RPCPL was set up in 2012 by Mr. B Raghava Rao and Mrs. B Sudha
Rani. The company executes civil contracts in Andhra Pradesh. It
is based in Vijayawada, Andhra Pradesh.


ROSHA ALLOYS: ICRA Assigns 'B+' Rating to INR7.50cr Loan
--------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ to the INR12.50
crore fund-based, non fund-based and proposed limits of Rosha
Alloys Private Limited.

                             Amount
   Facilities             (INR crore)    Ratings
   ----------             -----------    -------
   Fund based facilities      4.00       [ICRA]B+; assigned
   Non Fund based             1.00       [ICRA]B+; assigned
   Unallocated (Proposed
   Limits)                    7.50       [ICRA]B+; assigned

The rating is constrained by RAPL's modest scale of operations
with nominal profits and cash accruals, and its high gearing.
Further the rating is also constrained by RAPL's exposure to the
cyclicality associated with the iron/steel industry, which is
passing through a downturn at present and, which is likely to keep
its profitability and cash flows volatile. The rating, however
favourably takes into account the long-standing experience of
promoters in the steel business and locational advantage with the
plant located in the Mandi Gobindgarh area, which is one of the
largest markets for iron/steel in Northern India.

RAPL's ability to scale up its operations and to maintain a
prudent capital mix will be the key rating sensitivities.

M/S Rosha Alloys Private Limited (RAPL) was set up in 2002 and
manufactures iron ingots and trades iron products. The plant is
located in the Mandi Gobindgarh, which is one of the most famous
iron/steel markets in India. It has an annual production capacity
of 20,000 tonnes. The company's is professionally managed by Mr.
Harinder Pal Singh and Hardev Singh Rosha.

Recent Results
During the financial year 2014-15, the company reported a profit
after tax (PAT) of INR0.04 crore on an operating income of
INR48.22 crore as against PAT of INR0.05 crore on an operating
income of INR28.23 crore in 2013-14. For the current year till
December 31st 2015 (provisional results), the company has reported
an operating income of INR~34.39 Cr.


ROYAL UNIFORCE: CRISIL Ups Rating on INR100MM Term Loan to B+
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Royal Uniforce Roofings Private Limited (RURPL) to 'CRISIL
B+/Stable' from 'CRISIL B/Stable'

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

   Term Loan              100      CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

The rating upgrade reflects the improvement in the business risk
profile owing to agreement signed with large scale building
materials solutions manufacturing company during 2015-16. This has
further resulted in the expected improvement in operating income
as indicated in INR237 million registered till November 30, 2015
as against INR177 million done in 2014-15. The operating margins
are also expected to improve significantly to about 13 to 14% due
to margin being protected with raw material price protection
clause sought by key customer. CRISIL believes RURPL will continue
to increase its scale of operations while sustaining its improved
operating profitability, over the medium term. The consequent
improvement in cash accruals owing to the ramp up in sales and
profitability is also expected to lead to improvement in cash
accruals leading to overall improvement in liquidity.

The ratings reflect the promoter's extensive Industry experience
and funding support. This rating strength is partially offset by
the average financial risk profile because of weak gearing.
Outlook: Stable

CRISIL believes RURPL will continue to benefit over the medium
term from the agreement with its key customer. The outlook may be
revised to 'Positive' if there is a higher than expected
improvement in cash accruals leading to improvement in financial
risk profile. Conversely, the outlook may be revised to 'Negative'
if there is a considerable decline in revenue or profitability or
in case of deterioration in working capital management, resulting
in stretched liquidity or if the company undertakes any large
debt-funded capital expenditure, weakening its financial risk
profile.

Royal Uniforce Roofing Private Limited (RURPL) was incorporated in
2009, by Mr. Shyamsunder Sharma, along with business acquaintances
Mr. Sadik Ansari, Mr. Jugalkishor Arora and Mr. Uday Singh Syria.
The Company is engaged in manufacture of Fibre Cement Sheet
(better known as Asbestos Sheet), in Chhindwara, Madhya Pradesh.
The commercial operations commenced from April 2013.


RP MULTIMETALS: ICRA Reaffirms B+ Rating on INR25cr Cash Loan
-------------------------------------------------------------
ICRA has reaffirmed its long term rating at [ICRA]B+ on the INR25
crore fund-based facilities of RP Multimetals Private Limited.
ICRA has also reaffirmed its short term rating at [ICRA]A4 on the
INR30 crore on the non fund-based facilities of RPMPL.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit           25.00        [ICRA]B+; reaffirmed
   Letter of Credit      30.00        [ICRA]A4; reaffirmed

ICRA's ratings continue to take into consideration the fragmented
and competitive nature of industry on account of low technological
complexity of manufacturing process and vulnerability to variation
in the prices of raw materials and fluctuations in foreign
exchange rate. ICRA also takes note of the weak financial profile
of RPMPL characterised by low profitability, adverse capital
structure and high working capital intensity of operations.
However, the ratings derive comfort from RPMPL's forward
integration of operations with the setting up of rolling mill and
pipe manufacturing unit, which has resulted in improved scale of
operations, better realisations and improved profitability. The
ratings continue to favourably factor in RPMPL's location
advantage, which is in close proximity to its suppliers, customers
and its experienced promoters having a long track record in the
steel industry.

Going forward, the company's ability to improve its scale of
operations in a profitable manner, while improving its capital
structure, will remain the key rating sensitivities.

RPMPL was established in the year 1999 and is engaged in the
manufacturing of steel billets & blooms and steel coils/flats at
its manufacturing facility situated in Gobindhgarh, Punjab
(installed capacity of 66,600 MT per annum). The major raw
materials used by the company are ferro alloys and scrap metal,
which are procured chiefly via imports. The steel products
manufactured by the company are primarily supplied to steel
rolling mills present in Mandi Gobindgarh. During FY15, the
company has set up a facility for manufacturing of flats/coils
from the billets and manufacturing of ERW pipes.

Recent Results
In FY15, RPMPL reported a net profit of INR0.49 crore on an
operating income of INR221.85 crore against a net profit of
INR0.21 crore on an operating income of INR164.98 crore in the
previous year.


S.S. ENTERPRISES: ICRA Suspends B+/A4 Rating on INR15cr Loan
------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ and the short
term rating of [ICRA]A4 assigned to the INR15.00 crore bank limits
of S.S. Enterprises. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the company.

Established in 1997, SS Enterprise (SSE) is proprietorship firm of
Mr. Bholanath Rajpati Shukla and is involved in the management of
toll booths and pay and park facilities across various locations
in Gujarat, Mumbai, Uttar Pradesh and various Airports.


SAHARA GROUP: Seeks Court OK to Sell Shares in F1 Team
------------------------------------------------------
The Times of India reports that the beleaguered Sahara group,
which is finding it difficult to sell its properties to raise
INR10,000 crore to secure bail for its chief Subrata Roy, has
sought the Supreme Court's permission to sell its stake in the
'Force India' Formula One team even as the court declined to grant
conference room facility to him in jail.

The Sahara Force India Formula One team is based in Silverstone,
United Kingdom, with an Indian licence, TOI discloses. The team
was formed in October 2007 when a consortium led by businessman
Vijay Mallya and his Dutch partner Michiel Mol bought the Spyker
F1 team for EUR90 million. In October 2011, Sahara purchased 42.5%
of Force India's shares for $100 million.

TOI relates that Sahara's counsel, senior advocate Kapil Sibal,
told a bench of Chief Justice T S Thakur and Justices A R Dave and
A K Sikri that the group has decided to sell its stake in the
Formula One team along with Sahara Star Hotel in Mumbai and four
small aircraft. The company claimed that selling these would fetch
around INR3,000 crore. The bench asked market regulator Sebi to
file its response, the report notes.

According to the report, Sibal also told the bench that the group
was on the "last leg" of negotiations with Qatar to seal a deal
for Grosvenor House hotel in London and urged the court to allow
Roy to use Tihar Jail's conference room to negotiate with the
foreign buyer. He told the bench that the group is likely to get
INR2,500 crore from the deal which would be deposited with Sebi.

The bench declined the plea and took a dig at Roy writing a book
in jail, the report says. "Nothing has happened in the last few
months except a book being released. Not a single penny has been
deposited by Sahara with Sebi," the court, as cited by TOI, said.

TOI recalls that Roy, 67, and two directors of Sahara companies
-- Ravi Shankar Dubey and Ashok Roy Choudhary -- were sent to jail
on March 4, 2014 for violation of the apex court's
August 31, 2012 order directing two group companies to return
INR24,000 crore with interest to investors. Sahara has deposited
INR5,120 crore, claiming it had a liability of just a little over
INR2,000 crore.

On March 26, 2014, the court granted interim bail to Roy and the
two directors but said they would be released only after the group
deposited INR5,000 crore in cash and furnished bank guarantee for
another INR5,000 crore, the report relates. The group has so far
deposited nearly INR3,800 crore and is short by INR1,200 crore,
TOI notes.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 15, 2013, The Economic Times said the Securities & Exchange
Board of India (Sebi) on Feb. 13, 2013, seized bank accounts and
properties of two Sahara Group companies and its promoter, Subrata
Roy.  The move comes following the group's failure to refund
INR24,000 crore to investors as directed by the Supreme Court.

Sahara Group operates businesses ranging from finance, housing,
manufacturing and the media.  Sahara also sponsors the Indian
hockey team and owns a stake in Formula One racing team, Force
India.


SANJIVANI (T): CRISIL Assigns 'B' Rating to INR125MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of The Sanjivani (T) S S K Limited (SSSKL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            125      CRISIL B/Stable

The rating reflects SSSKL's weak financial risk profile because of
high gearing and subdued debt protection metrics, and
susceptibility to regulatory changes and cyclicality in the sugar
industry. These weaknesses are partially offset by its promoters'
extensive experience in the sugar crushing industry.
Outlook: Stable

CRISIL believes SSSKL will continue to benefit over the medium
term from promoters' extensive industry experience. The outlook
may be revised to 'Positive' if the company reports higher-than-
expected revenue and profitability, while improving its capital
structure and debt protection metrics. Conversely, the outlook may
be revised to 'Negative' in case of less-than-expected revenues
and profitability, or large debt-funded capital expenditure
leading to further deterioration in company's financial risk
profile.

SSSKL, established in 1960, is a co-operative society
manufacturing sugar and liquor production. It is based in
Ahmednagar (Maharashtra). Mr. Shankar Rao Kolhe is chairman of the
society.


SATTIK EXPORTS: CRISIL Assigns B+ Rating to INR4.5MM LT Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Sattik Exports Private Limited (SAEXPL).

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Proposed Long Term
   Bank Loan Facility       4.5       CRISIL B+/Stable
   Letter of Credit        10.0       CRISIL A4
   Packing Credit          60.0       CRISIL A4

The ratings reflect small scale of operations in the highly
fragmented leather industry and geographical and customer
concentration in its revenue profile. The rating weaknesses are
mitigated by the promoter's extensive industry experience.
Outlook: Stable

CRISIL believes SAEXPL will continue to benefit over the medium
term from the promoter's industry experience. The outlook may be
revised to 'Positive' in case of substantial improvement in scale
of operations and profitability leading to better liquidity.
Conversely, the outlook may be revised to 'Negative' in case of
lower-than-expected revenue and profitability leading to low
accrual, or in case of any large, debt-funded capital expenditure
programme.

SAEXPL promoted by Mr. Sanjay Saha since 2005 manufactures and
exports leather bags and wallets.


SAVUTE TEXTILES: CRISIL Assigns B+ Rating to INR30MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its ratings of 'CRISIL B+/Stable/CRISIL A4' to
the bank facilities of Savute Textiles Private Limited (STPL).

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

   Export Packing         50       CRISIL A4
   Credit & Export
   Bills Negotiation/
   Foreign Bill
   discounting

The rating reflects STPL's modest scale of operations, average
financial risk profile because of a small net worth and working
capital intensive operations. The rating also factors in the
susceptibility to volatility in raw material prices, and exposure
to intense competition in the industry. These rating weaknesses
are partially offset by the benefits that STPL derives from its
promoters' extensive industry experience and its established
relationships with its major suppliers and customers.
Outlook: Stable

CRISIL believes STPL will continue to benefit over the medium term
from the promoters' extensive industry experience. The outlook may
be revised to 'Positive' in case of a substantial and sustained
increase in the scale of operations and profitability margins, or
a considerable improvement in the capital structure on the back of
sizeable equity infusion by the promoters. Conversely, the outlook
may be revised to 'Negative' in case of a steep decline in
profitability margins, or significant weakening of the capital
structure caused most likely by a stretch in the working capital
cycle, or any large, debt-funded capital expenditure.

Started in 2012, Kerala based Savute Textiles Private Ltd is
engaged in the manufacturing of linen fabric. The company is
promoted by Mr. Stephen Logan and Mr Gopinathan.

For 2014-15 (refers to financial year, April 1 to March 31), STPL
reported a provisional profit after tax (PAT) of INR 4.30 million
on revenue of INR 198.60 million (Rs. 5.60 million and INR 238.10
million, respectively, for 2013-14).


SEAWARD EXPORTS: ICRA Lowers Rating on INR10cr Loan to B+
---------------------------------------------------------
ICRA has revised its rating on the INR10.00 crore (reduced from
INR12.0 crore) fund based bank facilities of Seaward Exports
Private Limited to [ICRA]B+ from [ICRA]BB (Stable).

                            Amount
   Facilities            (INR crore)      Ratings
   ----------            -----------      -------
   Fund Based Facilities      10.00       [ICRA]B+ (revised from
                                          [ICRA]BB (Stable)

The rating revision is driven by SEPL's weaker-than-expected
financial performance in FY15, resulting in losses at net level in
FY15, increased gearing levels and weakened debt coverage
indicators. This was mainly on account of a decline in realisation
of stones and forex related losses, as the company's entire sales
are denominated in foreign currency. ICRA expects SEPL's credit
risk profile to be under pressure in the near term because of
subdued revenues (in 9MFY16) stemming from sluggish demand
conditions in the international markets. Further, the rating
continues to be constrained by high competition in the industry
and high customer and geographic concentration risk for the
company, as its top three customers (based in U.K) contribute to
about 59% of the total revenues of the company.

The rating however favourably factors in the long track record of
the promoters, of over two decades, in the stone processing
industry, proximity of the plant to suppliers which ensures easy
availability of raw material and established relationships of the
company with its key customers.

Going forward, the company's ability to achieve revenue growth and
improve its profitability in addition to managing an optimal
working capital cycle, will be the key rating sensitivities.

Incorporated in 2001, SEPL is a closely held company engaged in
processing of natural stones, mainly sandstone. The processing
facility of the company is located in Kota, Rajasthan and has an
annual capacity of 5,00,000 Sq. Mtrs. The company mainly exports
its products to U.K and Australia.

Recent Results
In FY2015 the company incurred a net loss of INR0.83 crore on an
operating income of INR38.45 crore, as against a net profit of
INR0.40 crore on an operating income of INR25.10 crore in the
previous year. In the first six months of FY2016, the company
reported an operating income of INR12.63 crore and a net profit of
INR0.55 crore.


SHITALPUR MOHINDER: ICRA Suspends B- Rating on INR5.92cr Loan
-------------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B- assigned to
the INR5.92 crore seasonal cash credit facility, INR0.8 crore
working capital loan, INR3.74 crore term loans, INR0.17 crore bank
guarantee and INR0.95 crore unallocated limits of Shitalpur
Mohinder Kalimata Himghar Pvt. Ltd. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.


SHIV COTTEX: CRISIL Assigns B+ Rating to INR70MM Cash Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Shiv Cottex - Kadi (Shiv Cottex).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Long Term
   Bank Loan Facility      12      CRISIL B+/Stable
   Cash Credit             70      CRISIL B+/Stable
   Long Term Loan          18      CRISIL B+/Stable

The rating reflects the extensive experience of Shiv Cottex's
promoters in the cotton industry and proximity of its
manufacturing facilities to raw material and labour sources. These
strengths are partially offset by modest scale of operations in
the highly fragmented and competitive cotton industry, and
susceptibility of profitability to volatility in cotton prices and
to intense competition.
Outlook: Stable

CRISIL believes Shiv Cottex will benefit over the medium term from
its promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the firm reports substantial revenue
while improving profitability and capital structure. Conversely,
the outlook may be revised to 'Negative' in case of considerable
decline in revenue and profitability, or deterioration in working
capital management impacting liquidity, or large debt-funded
capital expenditure, weakening financial risk profile.

Shiv Cottex, established in August 2013 as a partnership firm, is
a cotton ginning unit with capacity to produce 200 bales per day.
The firm processes raw cotton (kapas) into cotton bales and caters
to the domestic market. Its operations are managed by Mr. Jayendra
Rameshbhai Patel, who has been in the cotton industry for more
than five years. Its unit is in Kadi (Gujarat).


SHIV NARAIN: CRISIL Assigns B+ Rating to INR110MM Cash Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Shiv Narain Periwal and Sons Private Limited
(SNPPL).

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

The rating reflects the company's modest scale of operations and
low profitability, and subdued financial risk profile because of
high total outside liabilities to tangible networth ratio and weak
debt protection metrics. These weaknesses are partially offset by
its promoter's extensive experience in trading in fertilizers and
pesticides and established relationship with suppliers, and its
limited exposure to pricing and inventory risks.
Outlook: Stable

CRISIL believes SNPPL will continue to benefit over the medium
term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' in case of substantial
increase in networth because of sustained improvement in
profitability, and better working capital management. Conversely,
the outlook may be revised to 'Negative' if revenue or operating
profitability are adversely impacted by change in government
regulations in the agricultural chemicals industry, or weakening
of liquidity on account of lengthening of working capital cycle.

SNPPL, set up in 1978 as a proprietorship firm by Mr. Sunil
Periwal and reconstituted as a private limited company in June
2014, is the authorised distributor of fertilizers, pesticides,
and seeds of various companies in Abhor (Punjab). Its operations
are managed by Mr. Sunil Periwal and his brother Mr. Jagat
Periwal.


SHREE RUPANADHAM: ICRA Reaffirms B+ Rating on INR5cr Cash Loan
--------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ to the INR5
crore cash credit facility of Shree Rupanadham Steel Private
Limited. ICRA has also reaffirmed the long term rating of [ICRA]B+
and a short term rating of [ICRA]A4 to SRSPL's non fund based
limit. SRSPL's cash credit facility has a sub-limit of INR1 crore
non fund based limit, which is entirely interchangeable between
long term and short term.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit             5         [ICRA]B+ reaffirmed
   Non-fund based          1         [ICRA]B+/[ICRA]A4 reaffirmed

The reaffirmation of ratings takes into account SRSPL's small
scale of operations at present, its weak financial profile
characterized by low profitability, nominal cash accruals and
modest interest coverage indicator. The company also remain
exposed to the high client concentration risk as the majority of
its revenues are contributed by a few clients. The ratings are
also constrained by the ongoing weakness and cyclicality inherent
in the steel industry, which is likely to keep the company's
profitability and cash flows volatile. Additionally, the highly
fragmented and competitive nature of the industry and limited
value addition in the existing stand-alone ingot manufacturing
business also keeps a check on the SRSPL's profitability. The
ratings take note of the established track record of the promoters
in the ingot manufacturing business, with an experience of more
than a decade, low working capital intensity of operations and
conservative capital structure. In ICRA's opinion, the ability of
the entity to improve its profitability and scale of operations
while maintaining a conservative capital structure would remain
key rating sensitivities going forward.

Established in 2007 as a private limited company, SRSPL is engaged
in the manufacturing of MS ingot with an installed capacity of
16,750 metric tonne per annum (MTPA). Besides that, the company is
also engaged in trading of scrap. The company is also undertaking
civil construction work from FY13 onwards. The promoters have an
experience of more than a decade in the MS ingot manufacturing
business through SRSPL and other group companies.

Recent Results
During FY15, SRSPL reported a net profit of INR0.20 crore on an OI
of INR57.47 crore as against a net profit of INR0.18 crore and OI
of INR50.88 crore during FY14.


SHRI KRISHAN: CRISIL Suspends 'B' Rating on INR50MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Shri Krishan Kirpa Rice Mill (SKRM).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            50       CRISIL B/Stable
   Rupee Term Loan        15       CRISIL B/Stable
   Warehouse Financing    15       CRISIL B/Stable

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

Set up in 2007, Kurukshetra (Haryana) based Shri Krishan Kirpa
rice mill (SKRM) is a partnership firm engaged in milling and
processing of paddy into rice with milling capacity of 8 tonnes
per hour (tph) and sortex capacity of 5 tph. The firm has 4
partners namely Mr. Sat Pal, Mr.Ved Prakash, Mrs. Sunita Rani and
Mrs. Sushma Rani. The company derives -70 per cent of its revenues
from sales of super fine rice (Non-basmati rice) while rest coming
from basmati variety.


SHRI RAM: ICRA Reaffirms B+ Rating on INR8.0cr LT Loan
------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B+ on the
INR8.00 crore fund based bank facilities of Shri Ram Rice Mill.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limits
   Long Term              8.00        [ICRA]B+; reaffirmed

The rating reaffirmation takes note of the small scale of
operations, highly competitive nature of the rice milling industry
and the vulnerability of the firm's profitability to fluctuations
in raw material prices which has resulted in fluctuating operating
profit margins which is as a result of impact in the sales
realization and volume of rice in FY2015. The firm has high
gearing arising out of substantial debt funding of working capital
requirements, coupled with declining profitability, and has
resulted in the weak coverage indicators. Further, the rating
continues to factor in agro climatic risks, which can impact the
availability of the basic raw material. However this risk is
partially offset by the proximity of the mill to major rice
growing areas which results in easy availability of paddy. The
rating also favorably takes into account the growth in the
turnover in the past few years and extensive experience of the
promoters in the rice industry.

Going forward, the firm's ability to register revenue growth,
improvement in the profitability and coverage indicators will be
the key rating sensitivities.

SRRM was established in 1992 as a partnership concern with Shri
Govind Nuwal, Smt. Sarita Nuwal, Smt. Madhu Nuwal and Shri Satya
Narayan Nuwal as partners. The firm is primarily engaged in the
milling and processing of basmati rice. The manufacturing facility
of the firm is located in Village Daulara, Bundi, Rajasthan with
an installed milling capacity of 3 tonnes per hour of paddy and
sorting capacity of 3 tonnes per hour of rice.

Recent Results
SRRM reported a net profit of INR0.42 crore on an operating income
of INR20.83 crore for 2014-15, as compared to a net profit of
INR0.68 crore on an operating income of INR16.31 crore for the
previous year.


SHRI RAM SWITCHGEARS: ICRA Assigns B+ Rating to INR26.60cr Loan
---------------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B+ on the INR15.18
crore fund based and INR26.60 crore non fund based bank facilities
of Shri Ram Switchgears Private Limited. ICRA also assigns its
short term rating of [ICRA]A4 on the INR2.40 crore non fund based
bank facility and long/short term rating of [ICRA]B+/[ICRA]A4 on
the INR25.82 crore unallocated facility of SRSPL.


                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-term Fund
   Based Facility
   Term Loan             3.18         [ICRA]B+; Assigned

   Long-term Fund
   Based Facility
   Cash Credit          12.00         [ICRA]B+; Assigned

   Long-term Non-
   Fund Based
   Facility Bank
   Guarantee            26.60         [ICRA]B+; Assigned

   Short-term Non-
   Fund Based
   Facility-Letter
   of credit             2.40         [ICRA]A4; Assigned

   Unallocated          25.82         [ICRA]B+/[ICRA]A4; Assigned

The assigned ratings positively factor in the established track
record of promoters of more than three decades in transformer
manufacturing. The price variation clause in equipment supply
contracts to state power utilities enables to protect the
profitability margins from adverse cost fluctuations in commodity
prices. ICRA also notes the healthy growth in operation income
over past four years with healthy order book position as reflected
by order book/OI of 3x as on March 2015. The ratings also take
into account the moderate profitability margins of the company.
However, the company's high debt servicing cost, on account of
debt funding of working capital requirements, has resulted in
modest coverage indicators. The business growth of the company is
also dependent upon the company's ability to successfully bid for
tenders/orders as it is a fully integrated company engaged in
manufacturing, distribution, erection, installation as well as
operation and maintenance of electric items supplied to the
discoms. The client concentration risk of the company is high
given that almost entire revenue is contributed by two clients for
the past couple of years. Going forward, the ability of the
company to improve the scale of operations with good execution
pace along with optimally managing its working capital
requirements will be the key rating sensitivities.

SRSPL, promoted by the Jhalani family of Ratlam (Madhya Pradesh)
since 1985, manufactures electrical items such as distribution
transformers, switchgear, meter boxes, feeder pillars,
distribution boxes, and junction boxes used in the distribution of
power and also undertake erection, installation, and operation and
maintenance of these items for its customers. Its manufacturing
units are located in Ratlam. Customer profile majorly consists of
power discoms in Madhya Pradesh and Mumbai. The contracts are
majorly secured through biding for tenders floated by the discoms.
Majority of the sales is contributed by sales of transformer to
discoms.

Recent Results
SRSPL reported an operating income of INR54.11 crore and a profit
after tax of INR1.24 crore in 2014-15, as against an operating
income of INR38.89 crore and a net profit after tax of INR0.42
crore in the previous year.


SMILE CERAMIC: ICRA Reaffirms B+ Rating on INR4cr Cash Loan
-----------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating assigned to the INR2.16
crore (reduced from INR2.92 crore) term loan facility and INR4.00
crore cash-credit facility of Smile Ceramic (SC). ICRA has also
reaffirmed the [ICRA]A4 rating assigned to the INR0.50 crore
short-term non-fund based facility of SC.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           4.00        [ICRA]B+ reaffirmed
   Term Loan             2.16        [ICRA]B+ reaffirmed
   Bank Guarantee        0.50        [ICRA]A4 reaffirmed

Rating Rationale
The reaffirmation of ratings factor in SC's small scale of
operations resulting in limited economies of scale as well as the
weak financial profile of the entity with stretched capital
structure, moderate coverage indicators and high working capital
intensity of operations. Further the ratings are constrained by
the cyclical nature of the real estate industry which is the main
consuming sector and exposure of the firm's profitability to
fluctuations in input and fuel prices. ICRA also notes that SC is
a partnership firm and any significant withdrawals from the
capital account could affect its net worth and thereby its capital
structure.

The ratings, however, favorably factor in the reasonable
experience of the partners in the ceramic industry and the firm's
competitive advantage on account of its favourable location in
Morbi, which is the tile manufacturing hub of the country.

Taken over in 2009 by Detroja family along with their friends and
relatives, Smile Ceramic (SC) is involved in the manufacturing of
body clay which is a key input in manufacture of ceramic tiles
with the manufacturing being done using spray dryer technology.
Its plant is located at Lakhdirpur in Rajkot district of Gujarat
with a total production capacity of 1,50,000 metric tonnes per
annum (MTPA) of body clay. The firm is owned and managed by
eighteen partners who have been involved in the ceramic industry
for past many years through manufacturing and trading of ceramic
products.

Recent Results
For the year ended 31st March, 2015, SC reported an operating
income of INR25.92 crore and profit after tax of INR0.97 crore as
against an operating income of INR20.66 crore and a profit after
tax of INR0.87 crore for the year ended 31st March, 2014. For the
eight months period ended 30th November, 2015; the firm reported
operating income of INR11.55 crore and profit after tax of INR0.36
crore (as per provisional financials)


SRI LAKSHMI: ICRA Reaffirms B+ Rating on INR33.79cr LT Loan
-----------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ assigned to
the INR33.79 Crore (revised from INR38.04 crore) fund based of Sri
Lakshmi Poultry Complex Private Limited. ICRA has also reaffirmed
the ratings of [ICRA]B+/[ICRA]A4 to the INR6.21 crore (revised
from INR1.96 crore) unallocated limits of SLPCPL.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund
   based Limits         33.79         [ICRA]B+; Reaffirmed

   Long term             6.21         [ICRA]B+/[ICRA]A4;
   Unallocated Limits                  Reaffirmed

The rating re-affirmation takes into account the modest scale of
operations in the poultry farming business with weak financial
profile as reflected in the high gearing, stretched coverage
indicators, and constrained liquidity position of the firm. The
ratings are also constrained by the fluctuations associated with
the feed costs and volatility in egg prices. In FY2015, operating
income of the company witnessed a decline of ~5% owing to decline
in egg realizations.

However the assigned ratings draws comfort from the vast
experience of the management in the poultry farming and the
healthy demand outlook for the layer eggs on account of increasing
acceptance of eggs as a daily meal component.

Going forward the ability of company to scale up the operations
while effectively managing the working capital requirements would
be key rating sensitivities.

Sri Lakshmi Poultry Complex Private Limited was initially formed
as a partnership firm in 1989 and subsequently incorporated as a
private limited company in October 2013. The company is engaged in
commercial layer poultry farming and is into sale of table eggs.
It has a total capacity of 11,96,839 layer birds spread across 5
different locations in Devangere district in Karnataka.


ST WOVEN: CRISIL Assigns B- Rating to INR72MM LT Loan
-----------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' rating to the
bank facilities of ST Woven Bags Private Limited (SWBPL).

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Long Term Loan          72        CRISIL B-/Stable
   Cash Credit             25        CRISIL B-/Stable
   Export Packing Credit    3        CRISIL A4

The ratings reflect small scale of operations in the fragmented
industry and below-average financial risk profile because of high
gearing. These weaknesses are mitigated by promoters' extensive
industry experience and funding support from them.
Outlook: Stable

CRISIL believes SWBPL will continue to benefit from its promoters'
extensive industry experience over the medium term. The outlook
may be revised to 'Positive' in case of significant increase in
scale of operations and profitability along with improvement in
working capital cycle. Conversely, the outlook may be revised to
'Negative' in case of weak capital structure on account of a
larger-than-expected, debt-funded capital expenditure programme or
low cash accruals.

SWBPL was incorporated in 2011 by Jaipur-based Tak family. The
company manufactures polypropylene bags, and is promoted by Mr.
Sharad Kumar Tak and his brothers.

Net loss of INR26.9 million was reported on net sales of INR296.64
million in 2014-15 (refers to financial year, April 1 to March
31), as against net profit and net sales of INR18.37 million and
INR202.16 million, respectively, in 2013-14.


STARCHEM POLYTRADE: ICRA Assigns B+/A4 Rating to INR23cr Loan
-------------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B+ and a short
term rating of [ICRA]A4 to the INR23.00 crore bank lines of credit
of Starchem Polytrade Private Limited.

                           Amount
   Facilities           (INR crore)   Ratings
   ----------           -----------   -------
   Non-Fund Based-
   Letter of credit         23.00     [ICRA]A4; Assigned

   Fund based and non-      23.00     [ICRA]B+/[ICRA]A4; Assigned
   fund
   Based (Sub-limits)
   Cash credit, buyers
   credit and letter of
   comfort

The assigned ratings for Starchem Polytrade Pvt Ltd reflects weak
financial risk profile of the company as characterised by low
profitability and return indicators due to the low value additive
nature of business. In addition, profitability remains vulnerable
to the forex fluctuations due to the lack of active hedging
activities. The rating also takes into consideration the high
reliance on external borrowing of the company as evident in
TOL/TNW of more than seven times as on 31st March 2015. ICRA also
takes note of the stiff competition within the industry, which in
turn limits the margin flexibility of the company. The assigned
rating, however, positively takes into account the long standing
experience of the promoters in the industry, as well as locational
advantage to the company due to its presence in Surat which is a
textile hub.

Starchem Polytrade Pvt Ltd was established in year 2006 by Mr. Raj
Kishor Sharma and Mr. Akhilesh Sharma. The company is majorly
engaged into trading activity of raw materials for Textile and
plastic industry. The company to some extent is also engaged into
trading of bitumen, agri-commodities, minerals and metals. The
company has its registered office and a factory unit located in
Surat.


STARLON EXIM: ICRA Assigns 'B' Rating to INR15cr Cash Loan
----------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B and a short term
rating of [ICRA]A4 to the INR15.00 crore bank lines of credit of
Starlon Exim Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based-Cash
   Credit                15.00        [ICRA]B; Assigned

   Non-fund based
   (Sub-limits)
   Buyers credit
   and letter of
   credit                15.00        [ICRA]A4; Assigned

The assigned ratings for Starlon Exim Pvt Ltd reflects limited
operational track record of the company along with weak financial
risk profile as characterised by low profitability and return
indicators due to the low value additive nature of business. In
addition, profitability remains vulnerable to forex fluctuations
due to the lack of active hedging activities. The rating also
takes into consideration the high reliance on external borrowing
of the company as evident in TOL/TNW as on 31st March 2015. ICRA
also takes a note of the stiff competition within the industry,
which in turn limits the margin flexibility of the company. The
assigned rating, however, positively takes into account the long
standing experience of the promoters in the industry, as well as
locational advantage to the company due to its presence in Surat
which is a textile hub.

Starlon Exim Pvt Ltd was established in year 2013 by Mr. Raj
Kishor Sharma and Mr. Akhilesh Sharma. The company is majorly
engaged into trading activity of raw materials for Textile and
plastic industry. The company has its registered office and a
factory unit located in surat.


SUNLEX CERAMIC: ICRA Suspends B+ Rating on INR4.40cr Term Loan
--------------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR6.90
crore long term working capital limit and term loan limit and also
[ICRA]A4 rating assigned to the INR0.50 short term non fund based
limits Sunlex Ceramic Private Limited. The suspension follows
ICRAs inability to carry out a rating surveillance in the absence
of the requisite information from the company.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Cash
   Credit                2.50         [ICRA]B+; Suspended

   Fund Based Term
   Loans                 4.40         [ICRA]B+; Suspended

   Non Fund Based
   Bank Guarantee        0.50         [ICRA]A4; Suspended

   Non Fund Based
   FLC                  (1.52)        [ICRA]A4; Suspended

Sunlex Ceramic Pvt. Ltd. was originally incorporated as Lexso
Ceramic Pvt. Ltd. in the year 2009. It was then taken over by Mr.
Hitesh Detroja, Mr. Bharat Detroja and other family members in the
year 2011 and its name changed to Sunlex Ceramic Pvt Ltd. The
commercial operations were commenced in April 2010. The plant has
an installed capacity to produce 16,500 MTPA of wall tiles. SCPL
currently manufactures wall tiles of three different sizes 12' x
12', 12' x 18' and 12' x 24' with the current set of machineries
at its production facilities.


SURYA ELECTRICALS: CRISIL Assigns B+ Rating to INR35MM Bank Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Surya Electricals - Khurja (SEK). The
ratings reflect the firm's modest scale, and working capital-
intensive nature, of operations, with low operating profitability
and geographical concentration in its revenue profile. These
rating weaknesses are partially offset by the extensive experience
of the firm's promoter in the power-related services industry, and
above-average financial risk profile because of moderate gearing.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Proposed Long Term
   Bank Loan Facility       10       CRISIL B+/Stable
   Bank Guarantee           35       CRISIL A4
   Cash Credit              25       CRISIL B+/Stable

Outlook: Stable

CRISIL believes SEK will continue to benefit over the medium term
from its promoter's extensive industry experience. The outlook may
be revised to 'Positive' in case of significant and sustained
increase in revenue, along with improvement in margins, working
capital cycle, and capital structure. Conversely, the outlook may
be revised to 'Negative' in case of a significant decline in
revenue or margins, a stretched working capital cycle, or large,
debt-funded capital expenditure, resulting in weakening of the
financial risk profile.

SEK, established in 1988 as a proprietorship firm by Mr. Satyabir
Singh, is engaged in setting up of substations and transmission
lines for state power transmission and distribution utilities in
Uttar Pradesh. It also undertakes civil construction for
substations and lying of cable lines for residential and
government projects.

SEK had a book profit of INR4.4 million on net sales of INR142.1
million in 2014-15 (refers to financial year, April 1 to
March 31), against a book profit of INR3.9 million on net sales of
INR116.8 million in 2013-14.


TIRUMALA EDUCATIONAL: ICRA Assigns B+ Rating to INR7.91cr Loan
--------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ to INR8.50 crore
bank facilities of Tirumala Educational Institutes.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loan Limits       7.91        [ICRA]B+ assigned
   Unallocated Limits     0.59        [ICRA]B+ assigned

The assigned rating is constrained by TEI's moderate financial
profile characterized by high gearing of 6.44 times and moderate
coverage indicators with interest coverage of 1.89 times as on
31st March 2015 and modest scale of operations in the field of
education. The rating also factors in competition from other
established institutions in the region that could impact the
strength and subsequently the profitability levels. ICRA also
notes the proposed debt funded capital expansion plans of the
institute to accommodate expected increase in seat strength which
may adversely impact the capital structure and debt coverage
indicators going forward. The rating however positively factors in
the long experience of the promoter in the field of education;
steady growth in revenues over the past 3 years albeit on a modest
scale owing to increase in strength coupled with increase in fees
of school & colleges; and reputation enjoyed by the institute in
Rajahmundry and the surrounding regions.

Going forward, the ability of the institute to complete the capex
without time and cost overruns, and improvement in occupancy
levels will be key rating sensitivities from credit perspective.

Tirumala Educational Institutes (TEI) was established in the year
2011-12 by Mr. N Tirumala Rao. The institute campus is spread over
an area of 8.8 acres, about 9 KMs away from Rajahmundry, Andhra
Pradesh. The institute runs school and two junior colleges. It has
both hostel and day scholar students. The total strength of the
institute for the year AY2015-16 has increased to 4256 students
from 3464 students in AY2014-15.

Recent Results
The institute reported an operating income and net profit of
INR7.53 crore and INR0.18 crore respectively in FY2015 as against
an operating income and net profit of INR5.65 crore and INR0.59
crore respectively in FY2014.


TIRUPATI OIL: ICRA Suspends B- Rating on INR12.25cr Cash Loan
-------------------------------------------------------------
ICRA has suspended the [ICRA]B- rating assigned to the INR13.30
crore long term working capital limit and term loan limit of
Tirupati Oil Industries. The suspension follows ICRAs inability to
carry out a rating surveillance in the absence of the requisite
information from the company.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based
   Cash Credit           12.25        [ICRA]B-; Suspended

   Fund Based
   Term Loans             1.05        [ICRA]B-; Suspended

Established in 1996, Tirupati Oil Industries is engaged in
ginning, pressing and crushing operations. The business is owned
and managed by Mr. Babubhai Patel and other family members. The
firm's manufacturing facility is located in Kadi, Dist Mehsana.
The firm is equipped with 75 ginning machine, out of which 33
machines are presently working and 1 pressing machine having the
capacity to produce 400 cotton bales per day. The firm is also
equipped with 10 expellers having the capacity to produce 5 tons
of cottonseed oil per day.


UNIQUE BARRIER: CRISIL Assigns 'B' Rating to INR150MM LT Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Unique Barrier Films (UBF).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            30       CRISIL B/Stable
   Long Term Loan        150       CRISIL B/Stable

The ratings reflect UBF's below-average financial risk profile,
marked by a small net worth, large debt funded capital expenditure
plan and Susceptibility of operating margins to volatility in
crude oil prices. These rating weaknesses are partially offset by
the benefits that UBF derives from its promoters' extensive
industry experience and its established relationships with its
major suppliers and customers.
Outlook: Stable

CRISIL believes UBF will continue to benefit over the medium term
from the long standing experience of the promoters and the
established relationships with its customers. The outlook may be
revised to 'Positive' if the firm significantly increases its
scale of operations and margins, while improving its financial
risk profile. Conversely the outlook may be revised to 'Negative'
if the firm undertakes any large debt funded capital expenditure
programme or reports lower than expected cash accruals resulting
in significant deterioration in its financial risk profile.

UBF, incorporated in 2001, is engaged in the trading and printing
of polythene rolls. The firm's day-to-day operations are managed
by Mr. T. Mathiprakash and his brother, Mr. T. Muralidharan.


VASANT COTTON: ICRA Reaffirms 'B' Rating on INR4.75cr Loan
----------------------------------------------------------
ICRA has reaffirmed the [ICRA]B rating to the INR4.75 crore cash
credit cum ODBD facility and INR1.24 crore term loan facility of
Vasant Cotton.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Cash
   Credit cum ODBD       4.75         [ICRA]B reaffirmed

   Fund Based Term
   Loan                  1.24         [ICRA]B reaffirmed

The reaffirmation of rating continues to factor in Vasant Cottons'
(VC) modest scale and limited track record of operations and
financial profile characterized by modest profitability. ICRA also
takes note of the highly competitive and fragmented industry
structure with the limited value additive nature of operations
which leads to pressure on profitability. The rating further
incorporates the vulnerability of profitability to adverse
movements in agricultural produce prices, which in turn is linked
to the seasonal nature of the cotton industry and government
regulations on MSP and export. Also, being a partnership firm, any
substantial withdrawal by the partners can have an adverse impact
on the capital structure of the firm.

The rating, however, favorably considers favorable location of the
firm, giving it easy access to high quality raw cotton.

Vasant Cotton was established in January 2014 as a partnership
firm by Mr. Maheshbhai Likhiya and eight other partners. The firm
is engaged in the ginning and pressing of raw cotton commenced in
November 2014. The operations of the firm are managed by Mr.
Maheshbhai Likhiya, Mr. Rashikbhai Godhani, Mr. Ambarambhai
Kadivar and Mr. Vishnu Kadivar. The manufacturing unit of the firm
is situated at Aniyari (Dist: Rajkot). It is equipped with 24
ginning machines and one pressing machine (automatic) with an
installed capacity to produce 200 cotton bales per day (24 hours
operation).

Recent Results
In FY15, the firm reported an operating income of INR16.39 crore
and net profit of INR0.12 crore.



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


LIPPO KARAWACI: Tough Asian Junk Bond Start Limits Firm's Options
-----------------------------------------------------------------
David Yong at Bloomberg News reports that the worst start for
Asian junk bonds since 2008 doesn't bode well for issuers' efforts
to negotiate some slack on repayment terms.

Indonesian developer PT Lippo Karawaci's attempt to push out the
maturity of $250 million of 2019 notes by four years was accepted
by holders of 37 percent of the debt by the early-bird closing
date of Jan. 29, Bloomberg relates citing a filing on Feb. 1.
That's its second debt-extension in less than four years. PT Berau
Coal Energy and PT Bumi Resources are also seeking to reschedule
debt as Indonesian issuers face $8 billion of
dollar bonds due by the end of 2018, Bloomberg says.

Bloomberg relates that Standard & Poor's has eight Indonesian
companies on negative outlook or on review with negative
implications, the highest level since 2009. That's about 30
percent of companies it rates in Southeast Asia's biggest economy
-- up from 20 percent in June and less than 10 percent in mid-
2014.  Asian high-yield dollar bonds have lost 1 percent this
year, Bloomberg relays citing a Bank of America Merrill Lynch
index, amid an emerging-market rout.

The modest acceptance figure may be due to "a sharp re-assessment
of the riskreturn reward by investors for companies operating in
emerging markets," said Kah Ling Chan, Singapore-based director of
Asia Pacific corporate ratings at S&P, Bloomberg relates. It's
also influenced by "an operating environment for Indonesian
developers which will remain tough in 2016 in our view, and a
company that remains aggressive in its financial and growth
strategy," Ms. Kah, as cited by Bloomberg, said.

Lippo Karawaci is now extending the early-bird offer of 102.25
cents on the dollar to latecomers as well, which includes fees to
loosen debt covenants, before the Feb. 4 closing date. That's up
from 100.875 cents. Company spokesmen Danang Jati and Mark Wong
didn't immediately reply to two e-mails from Bloomberg News.

The developer's 2019 notes have lost 1.2 percent since the
exchange was unveiled on Jan. 18, driving yields up to 7.24
percent from 6.92 percent, according to Bloomberg compiled
prices. On average, Indonesian high-yield dollar bonds fell 0.4
percent over the same period versus gains in notes from Singapore,
Philippines and Thailand.  Indonesian corporate foreign debt
appears manageable for now with about $1.1 billion
of $32 billion of outstanding dollar bonds coming due this year.
But pressure is building, with $2.76 billion maturing in 2017 and
$4.15 billion in 2018, according to data compiled by Bloomberg.

Apart from Lippo Karawaci's 2019 notes, the Jakarta-based
developer of homes, hospitals, malls and hotels also has $403.3
million of bonds due in 2020 and $150 million in 2022. The
securities are ranked BB- by S&P and Ba3 by Moody's Investors
Service, or three levels below investment grade, according to
Bloomberg.

"The low acceptance level is expected," Bloomberg quotes Annisa
Lee, a credit analyst in Hong Kong at Nomura Holdings Inc.,
referring to the 37 percent rate, as saying. "Investors in general
prefer short-dated bonds in an uncertain investment environment."

Combined sales of seven major Indonesian developers fell 59
percent in the third quarter of 2015 from a year earlier, with
leverage worsening to 35.5 percent from the end of 2012 when they
had net cash, Fitch Ratings said in a November report, Bloomberg
relays. That same month, S&P said it predicted no increase in 2016
property sales in the country, removing a forecast for 25 percent
growth.

Apart from the bond swap, Lippo Karawaci also plans to add about
$100 million to its existing senior unsecured notes, S&P said.

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

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 20, 2016, Moody's Investors Service has affirmed the Ba3
corporate family rating of PT Lippo Karawaci Tbk and the Ba3
senior unsecured rating of bonds issued by Theta Capital Pte Ltd,
a wholly owned subsidiary of Lippo Karawaci.

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



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J A P A N
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VUZIX CORP: May Sell $100 Million Worth of Securities
-----------------------------------------------------
Vuzix Corporation filed a Form S-3 registration statement with the
Securities and Exchange Commission relating to the offering by the
Company of its common stock, preferred stock, warrants and units
for an aggregate initial offering price of up to $100,000,000.

The Company's common stock is currently traded on the NASDAQ
Capital Market under the symbol "VUZI."  On Jan. 28, 2016, the
last reported sales price for the Company's common stock was $5.48
per share.

The Company will apply to list any shares of common stock sold by
the Compoany under this prospectus and any prospectus supplement
on the NASDAQ Capital Market.  The prospectus supplement will
contain information, where applicable, as to any other listing of
the securities on the NASDAQ Capital Market or any other
securities market or exchange covered by the prospectus
supplement.

A copy of the Form S-3 prospectus is available for free at:

                       http://is.gd/KrunDB

                      About Vuzix Corporation

Vuzix -- http://www.vuzix.com/-- is a supplier of Video Eyewear
products in the consumer, commercial and entertainment markets.
The Company's products, personal display devices that offer users
a portable high quality viewing experience, provide solutions for
mobility, wearable displays and virtual and augmented reality.
Vuzix holds 33 patents and 15 additional patents pending and
numerous IP licenses in the Video Eyewear field.  Founded in 1997,
Vuzix is a public company with offices in Rochester, NY, Oxford,
UK and Tokyo, Japan.

The net loss for the year 2014 was $7.87 million versus a net loss
of $10.1 million in 2013.

As of Sept. 30, 2015, the Company had $22.13 million in total
assets, $2.74 million in total liabilities and $19.38 million in
total stockholders' equity.



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PROSPER THROUGH: Placed Into Liquidation
----------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Prosper Through
Trading, a currency and gold trading firm, has fallen into
liquidation. According to the report, the company has been in
receivership since August last year after the Financial Markets
Authority sought a court order to freeze the company's assets.

John Fisk and David Bridgman of PWC were appointed receivers of
the company, Dissolve.com.au discloses.  The receivers asked the
court to place PTT into liquidation. The liquidation would
reportedly provide Mr. Fisk more power to conduct an investigation
on earlier transactions, says Dissolve.com.au.



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T A I W A N
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SEMILEDS: Raise Going Concern Doubt Amid Losses Since Inception
---------------------------------------------------------------
SemiLEDs Corporation has incurred significant losses since
inception.  The company has suffered losses from operations of
$13.3 million and $24.8 million, gross losses on product sales of
$4.1 million and $11.3 million, and net cash used in operating
activities of $4.5 million and $15.7 million for the years ended
August 31, 2015 and 2014, respectively.  Loss from operations,
gross loss on product sales and net cash used in operating
activities for the three months ended November 30, 2015 were $3.3
million, $1.4 million and $0.6 million, respectively.  Further, at
November 30, 2015, the company's cash and cash equivalents was
down to $3.5 million.

"These facts and conditions raise substantial doubt about our
ability to continue as a going concern," stated Christopher Lee,
chief financial officer of the company, in a regulatory filing
with the U.S. Securities and Exchange Commission on January 13,
2016.

"However, our management has developed a liquidity plan, that if
executed successfully, should provide sufficient liquidity to meet
our obligations as they become due for a reasonable period of
time, and allow the development of its core business.

* Entering into an agreement in December 2015 with a strategic
  partner for the sale of our headquarters building located at
  Miao-Li, Taiwan.  The total cash consideration for the sale is
  $5.2 million to be paid in three installments, of which the
  initial installment of $3 million was received on December 14,
  2015. The sale is expected to close on December 31, 2017.

* Suppressing gross loss from chip sales by moving toward a
  fabless business model through an agreement entered into on
  December 31, 2015 with an ODM partner.  We will restructure the
  EPI and Fab for the chips manufacturing operation, consign or
  sell certain equipment and transfer employees related to the
  chips manufacturing to our ODM partner.  Following the
  restructuring, we expect to reduce payroll, minimize research
  and development activities associated with chips manufacturing
  operation and reduce idle capacity charges.  This partnership
  should help us obtain a steady source of LED chips with
  competitive and favorable price for our packaging business,
  expand the production capacity for LED components, and
  strengthen our product portfolio and technology.

* Increasing efforts to increase sales of Automotive Projects in
  both China and India by cultivating relationships with
  automotive lighting developers that are outside the company's
  historical distribution channels.  Maintaining the number of
  display models at automotive lighting facilities in order to
  provide dealers, communities and consumers with examples of
  newly designed product.

* Gaining positive cash-inflow from operating activities through
  continuous cost reductions and the sales of new higher margin
  products.  The commercial sales of our UV LED product with a
  leading cosmetic manufacturer are expected to continue to
  improve the company's future gross margin, operating results
  and cash flows.  We are making progress towards scaling sales
  of our UV LED products and are focused on product enhancement
  and developing our UV LED into many other applications or
  devices.

* Management continues to monitor prices, work with current and
  potential vendors to decrease costs and, consistent with its
  existing contractual commitments, may decrease its activity
  level and capital expenditures further.  This plan reflects its
  strategy of controlling capital costs and maintaining financial
  flexibility.

* Raise additional cash through further equity offerings, sales
  of assets and/or issuance of debt as considered necessary.

"While we believe that these liquidity plan measures will be
adequate to satisfy our liquidity requirements for the twelve
months ending November 30, 2016, there is no assurance that the
liquidity plan will be successfully implemented.  Failure to
successfully implement the liquidity plan may have a material
adverse effect on our business, results of operations and
financial position, and may adversely affect our ability to
continue as a
going concern."

At November 30, 2015, the company had total assets of $35,258,000,
total liabilities of $9,229,000 and total equity of $26,029,000.

For the three months ended November 30, 2015, the company posted a
net loss of $3,315,000 as compared with a net loss of $4,371,000
for the three months ended November 30, 2014.

A full-text copy of the company's quarterly report is available
for free at: http://tinyurl.com/z6a8lg6

Taiwan-based SemiLEDs Corporation and its subsidiaries develop,
manufacture and sell high performance light emitting diodes
(LEDs). The company's core products are LED chips and LED
components, as well as lighting products.  SemiLEDs customers are
concentrated in a few select markets, including Taiwan, the United
States and China.


                             *********

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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