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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Thursday, February 11, 2016, Vol. 19, No. 29


                            Headlines


A U S T R A L I A

AIRPORT FLYER: First Creditors' Meeting Set For Feb. 19
COMPASS COLLEGE: First Creditors' Meeting Set For Feb. 18
DESIGN WORKS: First Creditors' Meeting Slated For Feb. 18
NATIONAL TRAINING: First Creditors' Meeting Slated For Feb. 18
ONSITE RENTAL: Moody's Lowers CFR to B3 & Puts on Review

PENTLAND PARTNERS: First Creditors' Meeting Set For Feb. 18
WESTERN LIBERTY: Moody's Retains Ba2 Rating on WATC Downgrade


C H I N A

HB GLOBAL: Assessing Suitable Investors to Infuse Capital


I N D I A

ABHISHEK MOTORS: CRISIL Reaffirms 'D' Rating on INR75MM Loan
AGE OLD: CARE Assigns 'B+' Rating to INR9cr LT Loan
ALAKNANDA HYDRO: CARE Reaffirms 'D' Rating on INR2,147.94cr Loan
AMBICA COTSEEDS: CARE Rates INR15cr Bank Loan at 'B+/A4'
ASHTAVINAYAK AUTO: CARE Lowers Rating on INR13.75cr Loan to 'D'

AVK AUTOMALL: CARE Lowers Rating on INR18.26cr LT Loan to 'D'
AVK AUTOMART: CARE Lowers Rating on INR8.44cr LT Loan to 'D'
B. P. ALLOYS: CARE Assigns 'B+' Rating to INR7.68cr LT Loan
BADHRI SPINNINGMILLS: CARE Lowers Rating on INR30.51cr Loan to D
BAJAJ ECO-TECH: Ind-Ra Withdraws IND B Long-Term Issuer Rating

BEAM COX: CARE Reaffirms 'D' Rating on INR6cr LT Loan
BIR ENGINEERING: CRISIL Suspends 'B+' Rating on INR65MM Loan
CLASSIC HYUNDAI: CRISIL Reaffirms 'B' Rating on INR100MM Loan
CLASSICWEARS PRIVATE: CARE Ups Rating on INR9.52cr LT Loan to BB-
COLOUR ROOD: Ind-Ra Withdraws BB+ Long-Term Issuer Rating

DAUJI AND CO: CRISIL Lowers Rating on INR80MM Loan to 'D'
DHRU MOTORS: Ind-Ra Assigns BB- Long-Term Issuer Rating
DMB PAPER: CRISIL Assigns B+ Rating to INR130MM LT Loan
GOVIND RUBBER: Ind-Ra Withdraws D Long-Term Issuer Rating
GUJARAT STEEL: CARE Reaffirms B+/A4 Rating on INR24cr Loan

GURU KIRPA: Ind-Ra Assigns B+ Long-Term Issuer Rating
HARITHA BIO: CRISIL Reaffirms B- Rating on INR230MM LT Loan
HINDUSTAN FERRO: Ind-Ra Affirms BB- Long-Term Issuer Rating
HOWRAH MILLS: CRISIL Cuts Rating on INR524MM Cash Loan to 'D'
JAI MAA: CRISIL Lowers Rating on INR200MM Cash Loan to 'D'

JASMER FOODS: CRISIL Reaffirms 'C' Rating on INR232MM LT Loan
KALLADA GENERAL: CRISIL Assigns B+ Rating to INR150MM LT Loan
KHANNA BUILDERS: CRISIL Lowers Rating on INR200MM Loan to 'D'
KNOX IMPEX: CRISIL Suspends 'B+' Rating on INR30MM LT Loan

LIVE CITY: CRISIL Raises Rating on INR37.5MM LT Loan to 'B'
MAKRO CAST: CARE Reaffirms 'D' Rating on INR36cr LT Loan
MY CAR: CRISIL Reaffirms 'B' Rating on INR130MM Cash Loan
N R I ACADEMY: CRISIL Lowers Rating on INR197.7MM Loan to 'D'
NS MINT: Ind-Ra Affirms B+ Long-Term Issuer Rating

OBERAI MOTORS: CRISIL Reaffirms B- Rating on INR50MM Loan
ONEUP MOTORS: CRISIL Reaffirms 'B' Rating on INR140MM Loan
PAVAN MOTORS: CRISIL Upgrades Rating on INR60MM Loan to 'B+'
PEE GEE: CRISIL Reaffirms 'B' Rating on INR60MM Cash Loan
PUNJ LLOYD: CARE Reaffirms 'D' Rating on INR7,952.16cr Loan

RAGHURAJ EXPORTS: CRISIL Assigns B- Rating to INR100MM Term Loan
RAJSHRI IRON: CRISIL Puts B- Rating on Notice of Withdrawal
SAI SWADHIN: CRISIL Assigns 'B' Rating to INR50MM Cash Loan
SANATAN LOGISTICS: CARE Assigns 'B+' Rating to INR25cr LT Loan
SANDCITY AUTOTEC: CARE Assigns B+ Rating to INR6.78cr LT Loan

SARASWATHI ENGINEERING: CRISIL Reaffirms B Rating on INR50MM Loan
SATYAWATI RICE: CRISIL Reaffirms 'B' Rating on INR145MM Loan
SEA BLUE: CARE Reaffirms 'D' Rating on INR11.57cr Loan
SHIVAM MOBILE: Ind-Ra Assigns BB- Long-Term Issuer Rating
SHRI GIRIJA: CARE Reaffirms 'B+' Rating on INR4cr LT Loan

SIMBHAOLI SUGARS: CRISIL Reaffirms 'D' Rating on INR3.08BB Loan
SRI BALAJI: CARE Reaffirms 'B+' Rating on INR20cr LT Loan
SURYA WIRES: CARE Reaffirms B+ Rating on INR19.60cr LT Loan
SWADESHI ALUMINIUM: CARE Assigns 'B+' Rating to INR18cr LT Loan
SWARUP POLYMERS: CRISIL Assigns 'B+' Rating to INR60MM Loan

TDI INFRATECH: CRISIL Assigns B- Rating to INR1.33BB Term Loan
TIRUPATI INDUSTRIES: CRISIL Ups Rating on INR150MM Loan to 'B+'
TRISTAR RETAIL: Ind-Ra Withdraws BB- Long-Term Issuer Rating
VARDHMAN RICE: CRISIL Reaffirms B+ Rating on INR60MM Cash Loan
VISHWASRAO NAIK: CRISIL Reaffirms 'B+' Rating on INR75MM Loan


J A P A N

MCDONALD'S HOLDINGS: Posts JPY34.70 Billion Net Loss for 2015
TOSHIBA CORP: INCJ Said to Argue its JPY1TT Bid Tops Foxconn's


N E W  Z E A L A N D

EZY BATHROOMS: Told to Pay Former General Manager NZ$34K


X X X X X X X X

* Credit Risk Soars in Japan & Australia on Global Bank Anxiety


                            - - - - -


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


AIRPORT FLYER: First Creditors' Meeting Set For Feb. 19
-------------------------------------------------------
Jonathan Paul McLeod of McLeod & Partners was appointed as
administrator of The Airport Flyer Pty Ltd as trustee for the
Carymor Trust, on Feb. 9, 2016.

A first meeting of the creditors of the Company will be held at
McLeod & Partners, Hermes Building, Level 1, 215 Elizabeth Street,
in Brisbane, Queensland, on Feb. 19, 2016, at 10:00 a.m.


COMPASS COLLEGE: First Creditors' Meeting Set For Feb. 18
---------------------------------------------------------
Richard Albarran, Blair Pleash and Shahin Hussain of Hall Chadwick
were appointed as administrators of Compass College Pty Ltd on
Feb. 9, 2016.

A first meeting of the creditors of the Company will be held at
Hilton Hotel Brisbane, Room 83, 190 Elizabeth St, in Brisbane,
Queensland, on Feb. 18, 2016, at 9:15 a.m.


DESIGN WORKS: First Creditors' Meeting Slated For Feb. 18
---------------------------------------------------------
Richard Albarran, Blair Pleash and Shahin Hussain of Hall Chadwick
were appointed as administrators of The Design Works College of
Design Pty Ltd on Feb. 9, 2016.

A first meeting of the creditors of the Company will be held at
Hilton Hotel Brisbane, Room 83, 190 Elizabeth St, in Brisbane,
Queensland, on Feb. 18, 2016, at 10:00 a.m.


NATIONAL TRAINING: First Creditors' Meeting Slated For Feb. 18
--------------------------------------------------------------
Richard Albarran, Blair Pleash and Shahin Hussain of Hall Chadwick
were appointed as administrators of National Training And
Development Pty Ltd on Feb. 9, 2016.

A first meeting of the creditors of the Company will be held at
Hilton Hotel Brisbane, Room 83, 190 Elizabeth St, in Brisbane,
Queensland, on Feb. 18, 2016, at 9:00 a.m.


ONSITE RENTAL: Moody's Lowers CFR to B3 & Puts on Review
--------------------------------------------------------
Moody's Investors Service has downgraded to B3 from B2 the
corporate family rating of Onsite Rental Group Pty Ltd.

At the same time, Moody's has downgraded to B3 from B2 the senior
secured ratings on the term loan and revolving credit facility
entered into by Onsite Rental's wholly owned subsidiary, Onsite
Rental Group Operations Pty Ltd.

The ratings are on review for further downgrade.

Ratings Rationale

"The downgrade reflects our expectation of a continued
deterioration in Onsite Rental's credit metrics due to an ongoing
decline in mining and oil and gas construction activity", says
Matthew Moore, a Moody's Vice President and Senior Credit officer.

"While the pace of residential, non-residential and infrastructure
activity has improved, revenue from the company's non-commodities-
related sectors has not been able to mitigate the earnings
declines from commodity-based resource construction sectors", adds
Moore.

"Moreover, the review for downgrade reflects Moody's expectation
for diminished covenant headroom, which challenges Onsite Rental's
liquidity position," says Moore.

Moody's says that its review will focus on the company's ability
to remain within its covenant levels and its plans to mitigate
further increases in financial leverage.

The ratings could be downgraded further if the company is unable
to take steps to remain compliant with its financial covenants.

Moody's expects Onsite Rental's financial leverage -- as
represented by adjusted debt/EBITDA -- to exceed 5x for the fiscal
year ending June 30, 2016, in the absence of further
countermeasures, such as, continued cost reductions and lower
capital expenditures.

The mining and oil & gas sectors --which collectively account for
over 50% of Onsite Rental's revenue -- are under substantial
pressure and prices for the commodities produced by these sectors
have declined significantly over last few months.

Moody's does not expect these prices to rise materially in 2016
from the multi-year lows observed in late 2015 and this weakness
in the end-markets of its customers will continue to pressure
demand and margins for Onsite Rental itself.

On the other hand, the generic nature of Onsite Rental's equipment
fleet does allow it to transfer its rental assets between
different end-markets, such as from mining construction to non-
mining sectors or resource production and maintenance.

This ability to assign assets to different segments -- in
accordance with changing levels of demand -- is a key
countermeasure in the event of a market downturn in any one
segment.

However, while this advantage has helped maintain utilisation
rates to date, weaker end-market conditions and increased
competitive pressures have led to revenue and earnings declines
year on year, despite relatively stable utilization levels.
Moody's notes that revenues in the first half of FY16 have
stabilized around the levels achieved in the second half of FY15
and that EBITDA was up slightly on the period.  However, Moody's
expects downside risk to remain given the weak industry
environment for the commodities related sectors the company
services.

Onsite Rental also benefits from a young fleet, with an average
age of less than half the useful life of its assets overall.
However, because the company plans to defer its growth capital
expenditure beyond FY2016 -- to preserve liquidity in the current
challenging environment -- the age of its fleet will increase.

Onsite Rental's ratings could be confirmed following the review,
if the company demonstrates an ability to improve overall earnings
levels, and/or employ countermeasures, such that adjusted debt to
EBITDA is expected to remain comfortably below 5.0x and headroom
under its covenant levels remains adequate.

The principal methodology used in these ratings was Equipment and
Transportation Rental Industry published in December 2014.

Onsite Rental Group Pty Ltd is an Australian equipment rental
company with an equipment fleet totaling around AUD295 million in
book value, and a national network of 32 branches.  It rents out
equipment mainly for access, site accommodation, power --
including generators, pumps, air and lighting equipment --
earthmoving and compaction, as well as industrial tools.

The company operates in the general industrial equipment market,
with large corporate clients that include market leaders in the
liquefied natural gas (LNG), commodities, and construction and
maintenance industries.


PENTLAND PARTNERS: First Creditors' Meeting Set For Feb. 18
-----------------------------------------------------------
Anne Meagher and David Michael Stimpson of SV Partners were
appointed as administrators of Pentland Partners Pty Ltd on Feb.
8, 2016.

A first meeting of the creditors of the Company will be held at
SV Partners, SV House, 138 Mary Street, in Brisbane, Queensland,
on Feb. 18, 2016, at 10:00 a.m.


WESTERN LIBERTY: Moody's Retains Ba2 Rating on WATC Downgrade
-------------------------------------------------------------
Moody's Investors Service says that the Ba2 senior secured rating
and negative outlook for Western Liberty Group Finance Pty Ltd is
not affected by the downgrade of the ratings of Western Australia
Treasury Corporation -- backed by the State of Western Australia
-- to Aa2 from Aa1 on Feb. 8, 2016.  WATC issues debt on behalf
of the State.

WLGF is the financing vehicle for Western Liberty Group Pty Ltd
("WLG"), which contracted with the State under a public private
partnership structure to design, build, refurbish, finance and
maintain the Perth Courts Project in return for a stream of
availability-type service payments from the State over the project
life.  These service payments essentially comprises all of WLG's
cash receipts.

WLGF's rating is driven by project-specific factors, and as such,
the downgrade of WATC's rating to Aa2 has no immediate effect on
WLGF's rating.

WLGF's sub-investment grade rating principally reflects its
increasing level of refinancing risk as its AUD77 million of bonds
approach scheduled maturity in June 2018.  WLGF has very limited
financial flexibility, given its high financial leverage, which is
compounded by the gradual deterioration of its interest coverage
over the project life, and its inability to increase its revenue
to provide the required coverage of increased debt service costs.

Moody's downgraded the long-term issuer and senior unsecured debt
ratings of the WATC to reflect the ongoing deterioration in
Western Australia's financial and debt metrics and an increasing
risk that the State's debt burden will be higher than indicated in
its FY2015/16 mid-year report.



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


HB GLOBAL: Assessing Suitable Investors to Infuse Capital
---------------------------------------------------------
The Star Online reports that HB Global Ltd is in the midst of
procuring and assessing suitable investors to inject new capital
and/or new businesses into the group, which may involve a reverse
takeover exercise or right issues.

According to the report, the frozen and vacuum-packed food
producer, which is a Practice Note 17 (PN 17) company, announced
to Bursa Malaysia for the second consecutive month that it, along
with its advisers (SJ Securities Sdn Bhd), was appraising
potential investors.

"Should there be any unsuitable investors, the company shall
explore other available options in the best interest of the
company," said the Shandong Province, China-based company.

The Star notes that loss-making HB Global (formerly Sozo Global
Ltd) has sought to regularise its financial position after
triggering the PN17 criteria in May 2013 due to its external
auditors Paul Wan & Co expressing an audit disclaimer opinion on
the company's audited financial statements for the financial year
ended Dec. 31, 2012.

The Star relates that the audit firm noted that a bank balance
amounting to CNY249.63 million (MYR160.12 million) was included in
the group's balance sheet as at Dec. 31, 2012.

"In the course of our audit, we were not able to satisfactorily
and independently substantiate the bank balance of the subsidiary
company," the Star quotes Paul Wan & Co as saying.  "In addition,
we were not able to receive reliable independent confirmations on
majority of the trade receivables and trade payables that were
circularised; these balances represented 56% of trade receivables
and 48% of trade payables as at Dec. 31, 2012. These brought into
question the proper accounting for bank balances, trade
receivables and trade payables and the corresponding transactions
in the group for the year ended Dec. 31, 2012 and the completeness
of transactions recorded in the group's accounting records."

Bursa Securities has extended the period for the company to submit
a regularisation plan to the regulatory authorities several times,
the latest being to April 30, 2016, the Star notes.

Hengbao Foodstuffs Holding Ltd is HB Global's largest shareholder
with a 57.09% stake.

HB Global Limited is an investment holding company. The Company's
subsidiary is a one-stop gourmet convenient food specialist that
offers RTS food, frozen vegetables, canned food, and other foods
such as VF snacks and asparagus tea products.



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


ABHISHEK MOTORS: CRISIL Reaffirms 'D' Rating on INR75MM Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Abhishek
Motors Private Limited (AMPL) continues to reflect delays by AMPL
in servicing its debts owing to weak liquidity.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             75      CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      16      CRISIL D (Reaffirmed)

   Term Loan               59      CRISIL D (Reaffirmed)

AMPL also has weak financial risk profile because of small
networth, high total outside liabilities to tangible networth
ratio, and weak interest coverage, and working capital-intensive
operations leading to weak liquidity. However, the company
benefits from the experience of its promoter in the automobile
dealership business.

AMPL, incorporated in 1998 by Guwahati (Assam)-based Mr. Pulak
Goswami, is an authorised dealer of Tata Motor Ltd's passenger
cars in several districts of Assam. The company is also in the
transportation business.


AGE OLD: CARE Assigns 'B+' Rating to INR9cr LT Loan
---------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Age Old
Spirits.

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

Rating Rationale

The rating assigned to the bank facilities of Age Old Spirits
(AOS) is constrained by leveraged capital structure with high
overall gearing, weak financial risk profile marked by thin
profitability margins due to competitive nature of business and
weak debt coverage indicators. The rating is further constrained
by significant dependence on two principal suppliers, withdrawal
of capital by partners in the past and sensitivity of the business
to Government regulations.

The rating also factors in satisfactory experience of the partners
in the liquor industry along with established relations with
customers, modest scale of operations, and distributorship for the
reputed brands along-with diversified customer profile and
favourable industry outlook.

The firm's ability to improve its scale of operations and
profitability margins and capital structure while managing
working capital cycle effectively are the key rating
sensitivities.

Established in 1994, Nagpur-based, Age Old Spirits (AOS) is a
partnership firm, engaged in trading of Indian Made Foreign
Liquor (IMFL). The firm primarily is an exclusive distributor for
established IMFL brands such as Pernod Ricard India Ltd
(Seagram's) (forms 80% of FY15 revenue -- refers to the period
April 1 to March 31) and SabMiller India Ltd (forms 20% of
FY15 revenue) and caters to Nagpur region constituting more than
650 retail outlets. The firm's product profile comprises various
IMFL brands like Imperial Blue, Royal Stag, Blenders Pride,
Absolute Vodka and Haywards 5000 etc.

AOS belongs to Dewani group having business interests in the
varied fields such as liquor bottling, real estate, coal mining
and retail distribution for electronic goods among others.

During FY15, AOS earned a PAT of INR0.97 crore on a total income
of INR110.01 crore as against a PAT of INR0.89 crore on
a total income of INR98.19 crore for FY14.


ALAKNANDA HYDRO: CARE Reaffirms 'D' Rating on INR2,147.94cr Loan
----------------------------------------------------------------
CARE reaffirms rating assigned to bank facilities of Alaknanda
Hydro Power Company Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities   2,147.94     CARE D Reaffirmed

Rating Rationale

The reaffirmation in the rating assigned to Alaknanda Hydro Power
Company Limited (AHPCL) is on account of continued delays in
servicing of Interest on term loans, owing to delay in project
completion coupled with delay in approval of provisional tariff
petition filed with Uttar Pradesh Electricity Regulatory
Commission (UPERC).

Alaknanda Hydro Power Company Ltd is a Special Purpose Vehicle
(SPV) promoted by GVK group to set up a 330 MW (4 X 82.5) formed
to implement 330 MW (4x82.5 MW) run-of-the-river hydroelectric
power project on Alaknanda River at Shrinagar, Uttarakhand. AHCPL
is the first hydropower venture of the GVK Power and
Infrastructure Limited (GVKPIL) the flagship company of GVK group.

The project is located on the Alaknanda river, a major tributary
of the Ganges River, a perennial river in Uttarakhand. The project
site is at a distance of about 110 km from Rishikesh railhead,
along Rishikesh-Badrinath highway. A dam is being constructed on
the Alaknanda river at Shrinagar, about 26 kms downstream of
Rudraprayag. AHPCL has signed purchase power agreement (PPA) with
UP Power Corporation Ltd (UPPCL) for selling 88% of the power
generated and the state of Uttarakhand will be provided 12% of the
power generated as free energy.

Furthermore, the company's Unit 2 and unit 4 (which have been
waiting for availability of sufficient water for wet
commissioning) were under 72 hour trial /reliability test and have
successfully commissioned operation on June 21, 2015 and the
company's Unit 1 and Unit 3 been already under commercial
operation from April 23, 2015 and May 02, 2015 respectively.


AMBICA COTSEEDS: CARE Rates INR15cr Bank Loan at 'B+/A4'
--------------------------------------------------------
CARE assigns 'CARE B+' & 'CARE A4' ratings to the bank facilities
of Ambica Cotseeds Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term/Short-term          15.00      CARE B+/CARE A4
   Bank Facilities                          Assigned

Rating Rationale

The ratings assigned to the bank facilities of Ambica Cotseeds
Limited (Ambica) are constrained on account of its financial risk
profile marked by low net worth, thin profit margins, leveraged
capital structure, weak debt coverage indicators and stretched
liquidity position. The ratings are further constrained on account
of susceptibility of operating margins to cotton price fluctuation
and seasonality associated with cotton industry coupled with
presence in highly fragmented industry with limited value
addition.

The ratings, however, derive strength from the experience of
promoters, presence in the cotton producing belt of Gujarat region
along with consistent growth in its scale of operations.
Going forward, Ambica's ability to increase in the scale of
operations along with improving its profitability in light of the
competitive nature of the industry and raw material price
fluctuation remains the key rating sensitivities.

Mehsana-based (Gujarat) Ambica was established in 2011 as a public
limited company by Mr Bharatbhai Patel and Mr Vishnubhai Patel.
Both promoters look after the day-to-day activities of Ambica.
Ambica is into the business of cotton ginning and pressing and
trading of cotton bales and cotton seeds. Ambica has an installed
capacity of 36,500 metric tonnes per annum (MTPA) as on March 31,
2015. During FY15, 75% of its revenue was generated from cotton
bales trading business and rest 25% was generated from cotton
ginning and pressing business.

As per the audited results for FY15, Ambica reported a total
operating income of INR101.00 crore with a Profit after Tax (PAT)
of INR0.08 crore as compared with TOI of INR84.06 crore and loss
of INR0.04 crore in FY14. As per the provisional results for
9MFY16 (April 1, 2015-December 31, 2015), PPPL has registered a
TOI of INR183.44 crore.


ASHTAVINAYAK AUTO: CARE Lowers Rating on INR13.75cr Loan to 'D'
---------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Ashtavinayak Auto Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     13.75      CARE D Revised from
                                            CARE BB-
Rating Rationale

The revision in rating assigned to the bank facilities of
Ashtavinayak Auto Private Limited (AAPL) takes into consideration
the classification of the company's account as Non-Performing
Asset by State Bank of India.

AAPL's ability to timely service its debt obligations is the key
rating sensitivity.

Ashtavinayak Auto Private Limited (AAPL) was set-up in 2007 by Mr.
Lalit Kumar and his son, Mr. Puneet Kumar and currently operates
as an authorized dealer of Chevrolet cars in Mumbai having a
showroom located at Andheri and a service center at Oshiwara. AAPL
is the sole Chevrolet dealer for the region extending from Andheri
(West) to Borivali (West).

The company is part of the Ashtavinayak group, which has other
companies engaged in similar line of business operating
for different principals (viz. Ford and Skoda).


AVK AUTOMALL: CARE Lowers Rating on INR18.26cr LT Loan to 'D'
-------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
AVK Automall Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     18.26      CARE D Revised from
                                            CARE BB-

Rating Rationale

The revision in rating assigned to the bank facilities of AVK
Automall Private Limited (AVK) takes into consideration the
delay in debt servicing and classification of the company's
account as Non-Performing Asset by State Bank of India.
AVK's ability to timely service its debt obligations is the key
rating sensitivity.

AVK was set-up in 2010 by Mr. Lalit Kumar and his son, Mr. Puneet
Kumar and is an authorized dealer of Ford India Private Limited in
Mumbai. The company has a showroom located at Powai (Mumbai; 8000
sq. ft.) with two workshops at Chandiwali and Powai.


AVK AUTOMART: CARE Lowers Rating on INR8.44cr LT Loan to 'D'
------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
AVK Automart Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      8.44      CARE D Revised from
                                            CARE BB-
Rating Rationale

The revision in the rating assigned to the bank facilities of AVK
Automart Private Limited (AAPL) takes into consideration the delay
in debt servicing and classification of the company's account as
Non-Performing Asset by Bank of India.  AAPL's ability to timely
service its debt obligations is the key rating sensitivity.

AAPL was set-up in 2007 by Mr Lalit Kumar and his son, Mr Puneet
Kumar. The company is an authorized dealer of Chevrolet cars
inMumbai having two showrooms located at Goregoan and service
center at Dahisar.


B. P. ALLOYS: CARE Assigns 'B+' Rating to INR7.68cr LT Loan
-----------------------------------------------------------
CARE assigns 'CARE B+/CARE A4' rating to the bank facilities of
B. P. Alloys Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     7.68       CARE B+ Assigned
   Short-term Bank Facilities    8.00       CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of B.P. Alloys Limited
(BPAL) are constrained by its weak financial risk profile marked
by small & declining scale of operations, continuous losses at the
net level and weak solvency position. The ratings are further
constrained by the working capital intensive nature of operations,
susceptibility of margins to volatility in raw material prices &
foreign exchange rates, and presence in a cyclical and highly
competitive & fragmented industry.

These weaknesses are, however, partially offset by the experience
of the promoters, long track record of operations of the firm and
established brand name & marketing channel.

Going forward, the ability of the company to profitably scale-up
its operations with improvement in overall financial risk profile
while efficiently managing the working capital requirements will
remain the key rating sensitivities.

BPAL is engaged in the manufacturing of steel ingots and steel
bar, rods & flats since 1987. The company is promoted by
Mr Baldev Prasad Gupta (Chairman) who has an experience of more
than five decades in the steel industry. The company has an
installed capacity (furnace unit) of 15,000 MTPA for manufacturing
of steel ingots and a Rolling Unit of 22,500 MTPA capacity for
rolled products at its manufacturing facility located in Ludhiana,
Punjab. The company procures ~55% of its raw material (steel
scrap) primarily via import from suppliers based in Dubai & U.A.E.
The company sells its products under the brand name "BP", which is
an established brand of steel bar, rods & flat across India
including states such as Punjab, New Delhi, Jammu & Kashmir, Uttar
Pradesh, Maharashtra, West Bengal, Tamil Naidu, Gujarat, Haryana,
Rajasthan, etc.

In FY15 (refers to the period April 1 to March 31), the company
reported a total operating income of INR23.82 crore with
net losses of INR0.71 crore as against total operating income of
INR26.88 crore with net losses of INR3.01 crore in FY14. In
7MFY16 (Prov.), the company has achieved a total operating income
of INR13.99 crore.


BADHRI SPINNINGMILLS: CARE Lowers Rating on INR30.51cr Loan to D
----------------------------------------------------------------
CARE revises ratings assigned to bank facilities of Badhri
Spinningmills Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     30.51      CARE D Revised from
                                            CARE B-

Rating Rationale

The revision in the rating assigned to the bank facilities of
Badhri Spinning Private Limited (Badhri Spinning) takes into
account subdued demand for cotton yarn resulting stressed
liquidity position and consequently delays in servicing of
debt obligation. Improvement in the liquidity profile with
subsequent regularization of debt servicing is the key rating
sensitivity.

Badhri Spinning, incorporated in the name of Badhri Infratech Pvt
Ltd, started its commercial operations from December 2012. The
company is engaged in cotton yarn spinning (with a capacity of
31,248 spindles) at its manufacturing facilities located at
Prakasam district, Andhra Pradesh. The key raw material being
cotton bales is procured from local suppliers.  Badhri Spinning
sells the cotton yarn to dealers and traders based at Maharashtra,
Tamil Nadu, Telangana and Andhra Pradesh.

During FY15 (refers to the period April 1 to March 31), Badhri
Spinning reported a PAT of INR0.49 crore on a total operating
income of INR42.35 crore as against PAT of INR0.09 crore and a
total operating income of INR42.02 crore in FY14.


BAJAJ ECO-TECH: Ind-Ra Withdraws IND B Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Bajaj Eco-Tech
Products Limited (BEPL) Long-Term Issuer Rating of 'IND B'.  The
Outlook was Stable.  The agency has also withdrawn the 'IND B' and
'IND A4' ratings on the company's INR690 mil. fund-based working
capital limits.  The ratings have been withdrawn following the
amalgamation of BEPL with Bajaj Hindusthan Sugar Limited pursuant
to sanctioning of scheme of amalgamation by the High Court.  The
appointed date of the scheme was April 1, 2012.

Ind-Ra will no longer provide ratings or analytical coverage for
BEPL.

BEPL, a 100% subsidiary of BHL, was established in April 2006 and
focuses on the manufacture of particle board and medium density
fibreboard used in making furniture, wood panels and laminated
flooring.


BEAM COX: CARE Reaffirms 'D' Rating on INR6cr LT Loan
-----------------------------------------------------
CARE reaffirms ratings assigned to bank facilities of Beam Cox
Constructions Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      6.00      CARE D Reaffirmed
   Short term Bank Facilities     0.50      CARE D Reaffirmed

Rating Rationale

The rating reaffirmation takes into account continued delays in
servicing of debt obligation on account of stressed liquidity
position.

Beam Cox Constructions Private Limited (BCCPL) was incorporated in
the year 1994 by Mr Y Ravinder Reddy and other three directors.
The company is registered as Class-I contractor with Andhra
Pradesh government and is into execution of civil works and
construction contracts for government entities. Major works of the
company include construction of school buildings, school and
college hostel buildings, laying of cement roads, laying of water
pipelines, etc.


BIR ENGINEERING: CRISIL Suspends 'B+' Rating on INR65MM Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of
Bir Engineering Solutions Private Limited (BESPL).

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

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

BESPL is a private limited company promoted by Mr. Ashish Gulati
and Mr. Mohit Gulati. It is engaged in heating, ventilation, and
air conditioning (HVAC) consulting and installation. It also
distributes split air conditioners (ACs) for Panasonic India
Private Limited and Mitsubishi India  in north Delhi, home
appliances for Bajaj Electricals Ltd in north-west Delhi, and
ducts for Aero Flex  industries Ltd Pan India. BESPL also operates
a multi-brand AC showroom at Rohini (Delhi).


CLASSIC HYUNDAI: CRISIL Reaffirms 'B' Rating on INR100MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facility of Classic Hyundai (CH)
continue to reflect CH's modest scale of operations and the
intense competition in the automobile dealership industry. The
ratings also factor in the below-average financial risk profile
marked by leveraged capital structure. These rating weaknesses are
partially offset by the extensive experience of promoters in the
automobile industry.

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

Outlook: Stable

CRISIL believes CH's business risk profile will remain average
over the medium term, supported by its established presence in the
automobile dealership market. The outlook may be revised to
'Positive' in case of substantial net profit leading to a better
financial risk profile and sustained working capital management.
Conversely, the outlook may be revised to 'Negative' if financial
risk profile weakens because of lower cash accrual or a stretched
working capital cycle.

Incorporated in 2011 and based in Malappuram, Kerala, CH is an
authorised dealer for Hyundai Motor India Ltd. CH is a partnership
between Mr. C P Abdulla and his three friends Mr. Abdul Azeez, Mr.
Zakir Hussain, and Mr. Ahmad Hassan.


CLASSICWEARS PRIVATE: CARE Ups Rating on INR9.52cr LT Loan to BB-
-----------------------------------------------------------------
CARE revises the long-term rating and reaffirms the short-term
rating assigned to the bank facilities of Classicwears Private
Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     9.52       CARE BB- Revised from
                                            CARE B+

   Short term Bank Facilities    0.20       CARE A4 Reaffirmed

Rating Rationale

The revision in the long-term rating assigned to the bank
facilities of Classic Wears Private Limited (CWL) takes into
account increasing income in FY15 (refers to the period April 01
to March 31), improved capital structure as on March 31,
2015.The ratings further derive strength from the experienced
promoters, established track record of operations, well
established marketing network and reputed client base. The ratings
are, however, constrained by the small scale of operations,
working capital-intensive nature of business and obsolescence risk
associated with the inventory. The ratings, are further
constrained by the vulnerability of business to seasonal
fluctuations and highly competitive & fragmented nature of the
industry.

Going forward, the ability of the company to profitable scale-up
of operations while maintaining the solvency position and
effective management of the working capital requirements shall
remain the key rating sensitivities.

Classic Wears Private Limited (CWL) was established in the year
1988 by Mr Raj Awasthi and his family members. The company is
engaged in the manufacturing and retailing of Hosiery and Ready-
made garments for men, women and kids at its unit in Ludhiana
(Punjab) under the brand name 'Sportking' and 'Mentor'. Its main
products are primarily for winter season like pullovers, track
suits, cardigans and infant wear. The company is also engaged in
the trading of fabrics, clothes (purchased from its group
concerns) and knitted yarn which cumulatively account for around
2% of the total operating income in FY15 (around 5% in FY14).

CWL belongs to 45 years old Sportking Group which has its presence
across the entire textile industry value chain i.e. from yarn
manufacturing to retailing through its group companies-Sportking
India Ltd., Sobhagia Sales Pvt. Ltd.( rated 'CARE BB', 'CARE
A4+'), Sobhagia Clothing Company(rated 'CARE BBB-').

In FY15, CWL reported a total operating income of INR51.67 crore
with PBT and PAT of INR2.13 crore and INR1.36 crore, respectively,
as against a total operating income of INR49.46 crore with PBT and
PAT of INR7.62 crore and INR5.14 crore, respectively, in FY14.


COLOUR ROOD: Ind-Ra Withdraws BB+ Long-Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Colour Roof
India Limited's (CRIL) Long-Term Issuer Rating of
'IND BB+(suspended)'.

The ratings have been withdrawn due to lack of adequate
information.  Ind-Ra will no longer provide ratings or analytical
coverage for CRIL.

Ind-Ra suspended CRIL's ratings on Sept. 24, 2012.

CRIL's ratings:

   -- Long-Term Issuer Ratings: 'IND BB+(suspended)'; rating
      withdrawn
   -- INR211 mil. long term debt: 'IND BB+(suspended)'; rating
      withdrawn
   -- INR260 mil. cash credit facility: 'IND BB+(suspended)';
      rating withdrawn
   -- INR490 mil. non-fund-based working capital loans:
      'IND A4+(suspended)'; rating withdrawn


DAUJI AND CO: CRISIL Lowers Rating on INR80MM Loan to 'D'
---------------------------------------------------------
CRISIL has downgraded its rating on the short-term bank facilities
of Dauji and Co. (DC) to 'CRISIL D' from 'CRISIL A4'.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Post Shipment Credit    80      CRISIL D (Downgraded from
                                   'CRISIL A4')

   Pre Shipment Packing    10      CRISIL D (Downgraded from
   Credit                          'CRISIL A4')

   Proposed Short Term      9.9    CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL A4')

The downgrade reflects delays of over 30 consecutive days by DC in
meeting its export packing credit and post-shipment credit
obligations. The delays have been caused by the weak liquidity
owing to stretched receivables.

DC has a weak financial risk profile because of its small
networth, high total outside liabilities to tangible networth
ratio, and weak debt protection metrics. The firm has large
working capital requirement, is exposed to intense competition in
the diamond industry, and its profitability margins is susceptible
to volatility in diamond prices and fluctuations in foreign
exchange rates. However, the firm benefits from the extensive
experience of promoters in the diamond industry.

DC was set up in 1976 as a partnership firm by Mr. Dauji Johari
and his family members. The firm trades in polished diamonds, and
is based in Mumbai. It currently has three partners: Mr. Dauji
Johari, Mr. Sharad Johari, and Ms. Prabha Johari.

DC is a part of the Johari group, which comprises DC, Bella
Jewelry Pvt Ltd (rated 'CRISIL D'), Dow Gems, and Kuber
Manufacturing Inc.


DHRU MOTORS: Ind-Ra Assigns BB- Long-Term Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned M/s Dhru Motors
(DM) a Long-Term Issuer Rating of 'IND BB-'.  The Outlook is
Stable.  The agency has also assigned DM's INR135 mil. fund-based
working capital limit a Long-term 'IND BB-' rating with Stable
Outlook and Short-term 'IND A4+' rating.

KEY RATING DRIVERS

The ratings reflect DM's moderate credit metrics and tight
liquidity.  In FY15, EBITDA interest coverage was 1.4x and net
leverage was 1.9x. Operating EBITDA margins remained within a
tight range of 2%-2.5% over FY12-FY15.  The ratings factor in the
company's tight liquidity position with the fund-based facilities
being utilized at an average of 98% over the 12 months ended July
2015.

The ratings benefit from the promoter's experience of more than
two decades in the car sales business.

RATING SENSITIVITIES

Positive: A positive rating action could result from a sustained
improvement in the EBITDA margins and interest coverage ratio.

Negative: A negative rating action could result from further,
sustained deterioration in the EBITDA margins and interest
coverage ratio.

COMPANY PROFILE

DM, an authorised dealer of Maruti Suzuki India Limited in Gurgaon
and Manesar, was started as a family owned partnership firm in
1996.


DMB PAPER: CRISIL Assigns B+ Rating to INR130MM LT Loan
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of DMB Paper Mills Private Limited (DPMPL).
The ratings reflect DPMPL's start-up phase and small scale of
operations in the highly fragmented paper industry. These rating
weaknesses are partially offset by above-average financial risk
profile because of low gearing and healthy debt protection
metrics.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Long Term Loan        130       CRISIL B+/Stable
   Bank Guarantee         20       CRISIL A4
   Cash Credit            70       CRISIL B+/Stable

Outlook: Stable

CRISIL believes DPMPL will maintain above-average financial risk
profile over the medium term. The outlook may be revised to
'Positive' in case of earlier-than-expected ramp-up of operational
income leading to better-than-expected cash accrual. Conversely,
the outlook may be revised to 'Negative' in case of lower-than-
expected capacity utilisation, pressure on profitability
negatively affecting cash accrual, or more-than-expected reliance
on debt to fund working capital requirement, leading to weakening
of financial risk profile.

DPMPL was incorporated in June 2014 by Mr. Yakub Khan and his
associates by acquiring Delux Kraft Board Pvt Ltd, set up in 1997
in Gujarat. DPMPL manufactures kraft paper.


GOVIND RUBBER: Ind-Ra Withdraws D Long-Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Govind Rubber
Limited's (GRL) Long-Term Issuer Rating of 'IND D(suspended)'.
The ratings have been withdrawn due to lack of adequate
information.  Ind-Ra will no longer provide ratings or analytical
coverage for GRL.

Ind-Ra suspended GRL's ratings in Dec. 17, 2012.

GRL's ratings:

   -- Long Term Issuer Rating: 'IND D(suspended)'; rating
      withdrawn
   -- INR329.6 mil. long-term loans: Long-term
      'IND D(suspended)'; rating withdrawn
   -- INR550 mil. fund-based working capital limits: Long-
      term/Short-term 'IND D(suspended)'; rating withdrawn
   -- INR250 mil. non-fund-based limits: Short-term 'IND
      D(suspended)'; rating withdrawn


GUJARAT STEEL: CARE Reaffirms B+/A4 Rating on INR24cr Loan
----------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Gujarat Steel & Pipes.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term/ Short-term         24.00      CARE B+/ CARE A4
   Bank Facilities                          Reaffirmed

The ratings assigned by CARE are based on the capital deployed by
the partners and the financial strength of the firm at
present. The ratings may undergo change in case of withdrawal of
capital or the unsecured loans brought in by the partners in
addition to the financial performance and other relevant factors.

Rating Rationale

The ratings of Gujarat Steel and Pipes (GSP) continue to be
constrained by the firm's modest scale of operations along
with its low capitalization, high leverage, thin profitability and
its constitution as a partnership firm. The ratings are
further constrained by the high working capital intensity of its
operations along with its presence in the highly competitive
steel trading segment.

The ratings, however, continue to derive strength from the
partners' vast experience in the steel trading and distribution
business and long track record of the firm as a distributor of
long steel products of Rashtriya Ispat Nigam Limited (RINL;
rated: 'CARE A+') in the state of Gujarat.

The ability of GSP to increase its scale of operations along with
improvement in its profitability and capital structure would be
the key rating sensitivities.

Incorporated in Ahmedabad in 1983, GSP is promoted by Mr Rajnikant
P. Shah and is engaged in trading of primarily long steel products
like rounds, billets, angles, beams, bloom, channel, pipes,
sheets, plates, tee, TMT Bars and wires. The firm is one of the
authorized distributors for billets and rounds in Gujarat region
for RINL.

Based on FY15 audited results, GSP reported a total operating
income (TOI) of INR161.33 crore (Rs.156.62 crore in FY14)
with PAT of INR0.62 crore (Rs.0.61 crore in FY14).


GURU KIRPA: Ind-Ra Assigns B+ Long-Term Issuer Rating
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Guru Kirpa Tex
Fab (GKTF) a Long-Term Issuer Rating of 'IND B+' with a Stable
Outlook.

KEY RATING DRIVERS

The ratings reflect GKTF's small scale of operations and moderate
credit metrics.  In FY15, top line was INR385.24 mil. (FY14:
INR345.33 mil.), EBITDA margins were 5.12% (5.75%), EBIDTA gross
interest coverage (operating EBITDA/gross interest expense ) was
1.93x (2.03x) and gross financial leverage (adjusted net
debt/operating EBITDA) was 3.36x (4.06x).

The ratings factor in GKTF's satisfactory liquidity as evident
from its 51.11% average utilization of the working capital limits
for the 12 months ended December 2015, along with the partnership
structure of the entity.

The ratings, however, are supported by the over 10 years of
experience of GKTF's promoters in the non-woven fabrics
manufacturing business.

RATING SENSITIVITIES

Negative: A decline in the revenue and operating profitability
leading to deterioration in the overall credit metrics will be
negative for the ratings.

Positive: A significant improvement in the revenue and operating
profitability leading to an improvement in the overall credit
metrics will be positive for the ratings.

COMPANY PROFILE

GKTF established as a partnership concern and manufactures non-
woven fabrics.  The firm has a 3,000 tons per annum manufacturing
unit in Sunder Nagar, Ludhiana, Punjab.

GKTF's ratings:

   -- Long-Term Issuer Rating: assigned 'IND B+'; Outlook Stable
   -- INR25 mil. term loan: assigned 'IND B+'/Stable
   -- INR30 mil. fund-based limit: assigned 'IND B+'/Stable /
      'IND A4'


HARITHA BIO: CRISIL Reaffirms B- Rating on INR230MM LT Loan
-----------------------------------------------------------
CRISIL's rating on the long-term bank facility of Haritha Bio
Products India Private Limited (HBPPL) continues to reflect
HBPPL's weak financial risk profile and working capital intensive
nature of operations.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           180       CRISIL B-/Stable (Reaffirmed)
   Long Term Loan        230       CRISIL B-/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
industry experience of the promoters' and healthy customer
relationship.

CRISIL had earlier assigned its 'CRISIL B-/Stable' rating as per
the rating rationale dated January 30, 2016.
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.


HINDUSTAN FERRO: Ind-Ra Affirms BB- Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Hindustan Ferro
Alloy Industries Pvt Ltd's (HFAIPL) Long-Term Issuer Rating at
'IND BB-'.  The Outlook is Stable.

KEY RATING DRIVERS

The ratings reflects HFAIPL's continued moderate credit profile
and extended net cash conversion cycle of 174 days in FY15 (FY14:
205 days) due to working capital intensive nature of the business.
In FY15, revenue was INR585 mil. (FY14: INR510 mil.), EBITDA
margins were 7.2% (7.8%), net leverage (net debt/EBITDA) was 4.8x
(5.1x) and interest coverage was 1.3x (1.3x).  Liquidity continues
to be stretched due to HFAIPL's high working capital requirements,
as reflected by its near-full working capital utilization during
the six months ended December 2015.  The ratings draw comfort from
HFAIPL's 20-year-long track record in trading bright bars.  The
ratings also consider the company's low customer concentration
risk with the top 10 customers contributing around 28% to its
revenue in FY15 (FY14: 20%).

RATING SENSITIVITIES

Negative: Sustained deterioration in the EBITDA margins and/or
liquidity profile leading to a decline in the credit metrics could
lead to a negative rating action.

Positive: A sustained improvement in the EBITDA margins and/or
liquidity profile leading to an improvement in the credit profile
could lead to a positive rating action.

COMPANY PROFILE

Promoted by Kantilal H. Oswal, HFAIPL manufactures bright bars
including wire drawing of bright bars of various shapes, sizes and
grades.  Till end-2009, it primarily traded bright bars.  The
company started manufacturing bright bars from early 2010.  It
owns two bright bar manufacturing units, one each in Narhe and
Chakan.

HFAIPL's ratings:

   -- Long-Term Issuer Rating: affirmed at 'IND BB-'/Stable
   -- INR4 mil. long-term loan: Long-term 'IND BB-/'Stable;
      rating withdrawn as the instrument no longer exists
   -- INR180 mil. fund-based limits: affirmed at 'IND BB-/'Stable
   -- INR65.0 mil. non fund-based limits: affirmed at 'IND A4+'


HOWRAH MILLS: CRISIL Cuts Rating on INR524MM Cash Loan to 'D'
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank loan facilities of
Howrah Mills Co. Limited (HMCL) to 'CRISIL D/CRISIL D' from
'CRISIL B+/Stable/CRISIL A4'.


                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee$        80       CRISIL D (Downgraded from
                                   'CRISIL A4')

   Cash Credit           524       CRISIL D (Downgraded from
                                   'CRISIL B+/Stable')

   Letter of Credit      200       CRISIL D (Downgraded from
                                   'CRISIL A4')

   Proposed Long Term     10.2     CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL B+/Stable')

   Term Loan             185.8     CRISIL D (Downgraded from
                                   'CRISIL B+/Stable')

The downgrade reflects the company's continuously overdrawn cash
credit account for more than 30 days and devolvement in its letter
of credit limits on account of the company's weak liquidity.

HMCL has large working capital requirement and is exposed to risks
related to the regulated nature of the jute industry. However, the
company benefits from its promoters' extensive industry
experience.

HMCL, set up in 1890, manufactures jute products with a capacity
of 44,000 tonnes per annum. The company manufactures a wide range
of products, including hessian, jute yarn, jute cloth, and
decorative bags. It has leased out warehouses built on part of its
land-bank, and receives an annual rental income of around INR45
million.


JAI MAA: CRISIL Lowers Rating on INR200MM Cash Loan to 'D'
----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Jai Maa Jagdamba Flour Pvt Ltd (JMJFPL) to 'CRISIL D' from 'CRISIL
BB/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            200      CRISIL D (Downgraded from
                                   'CRISIL BB/Stable')

The rating downgrade reflects instances of delay by the company in
servicing debt, mainly due to weakening liquidity.

JMJFPL also has a below-average financial risk profile because of
modest networth, high gearing, and weak debt protection metrics,
limited pricing power, and is exposed to volatility in raw
material prices. However, the company benefits from promoter's
industry experience and established relationship with customers.

Set up as a proprietorship firm in 2003 by Mr. Krishna Murari
Choudhary and reconstituted as a private limited company in 2004,
JMJFPL processes wheat flour, maida, and suji at its mill in
Dhanbad, Jharkhand, which has capacity of 300 tonne per day.


JASMER FOODS: CRISIL Reaffirms 'C' Rating on INR232MM LT Loan
-------------------------------------------------------------
CRISIL's rating on the bank facilities of Jasmer Foods Private
Limited (JFPL) continues to reflect expectation of revival of
JFPL's operations, weak financial risk profile, and stretched
liquidity profile due to its significantly large debtors and
inventory which are containing factors of rating. These weaknesses
are mitigated by promoters' extensive experience.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            100      CRISIL C (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     232      CRISIL C (Reaffirmed)

   Term Loan               68      CRISIL C (Reaffirmed)

Update
JFPL is currently doing job work of rice milling and processing
for Government of Haryana as well as private rice players and
booked operating revenue of INR30 million till December 2015. JFPL
is likely to achieve turnover of around INR57 million in 2015-16
(refers to financial year, April 1 to March 31). JFPL has booked
operating losses in FY 2014-15 and CRISIL believes that company's
losses will extended to current financial year as well.

Financial risk profile of JFPL is weak marked by moderate networth
of INR79.9 million, high total outstanding liabilities to tangible
networth (TOLTNW) of 5.09 times and weak debt protection metrics
due to cash losses. Weak financial risk profile is due to net
losses of INR106.6 million in 2014-15. Consequently, networth,
TOLTNW, and net cash accrual to total debt weakened in 2014-15.

JFPL's operations are working capital intensive as reflected by
gross current assets of 234 days as of March 31, 2015. Liquidity
is stretched. JFPL is expected to generate cash losses against
repayment obligation of INR128.9 million in 2015-16. However,
liquidity is supported by the fund support from promoters who have
extended nearly INR50 million for the repayment of term debt
obligation.

JFPL commenced operations in June 2011, with an integrated rice
milling unit with capacity of six tonne per hour. The company's
manufacturing facility is in Kurukshetra (Haryana).


KALLADA GENERAL: CRISIL Assigns B+ Rating to INR150MM LT Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the proposed
bank loan facility of Kallada General Finance Private Limited
(Kallada Finance). The rating reflects the company's small scale
of operations with regional concentration, and average asset
quality. These rating weaknesses are partially offset by adequate
capitalisation.


                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Proposed Long Term
   Bank Loan Facility      150       CRISIL B+/Stable

Outlook: Stable

CRISIL believes Kallada Finance will maintain its adequate
capitalisation over the medium term. The company will, however,
remain a small player in the non-banking financial company space
and its portfolio will remain confined to a few districts in
Kerala, over this period. The outlook may be revised to 'Positive'
in case of a substantial increase in scale and diversity of
operations and significant improvement in resource profile.
Conversely, the outlook may be revised to 'Negative' if there is a
decline in asset quality or earnings profile, adversely affecting
capitalisation.

Kallada Finance started operations in 2010. Its head office is at
Irinjaladuda, Kerala, and operations are confined to the Kerala
region. Currently, the company has three branches based in
Moonupeedika, Thodupuza, and Irinjalakuda, and has started
financing only from 2014-15. In terms of portfolio breakup, around
90 per cent of the loans are towards financing four-wheelers (both
new and used), the remaining are towards two-wheeler financing.
The company has an association with the Kallada group.

For 2014-15 (refers to financial year, April 1 to March 31)
Kallada Finance reported profit after tax(PAT) of INR1.2 million
on total income of INR9.2 million as against PAT of INR0.4 million
on total income of INR2.1 million for 2013-14. For the half year
ended September 30, 2015, Kallada Finance reported PAT of INR4
million on total income of INR7.9 million.


KHANNA BUILDERS: CRISIL Lowers Rating on INR200MM Loan to 'D'
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Khanna Builders and Developers (KBD) to 'CRISIL D' from 'CRISIL
B/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan              200      CRISIL D (Downgraded from
                                   'CRISIL B/Stable')

The downgrade reflects instances of delay by KBD in servicing its
debt because of its weak liquidity.

KBD remains exposed to funding and demand risks for its project,
accentuated by dependence on customer advances for a large part of
the project funding. The firm is also vulnerable to cyclicality in
the Indian real estate sector. However, it benefits from its
promoters' extensive industry experience, strong brand recall in
Jabalpur (Madhya Pradesh), and moderately low implementation risk.

KBD, set up in 2002, is part of the Jabalpur-based Khanna group.
KBD develops residential real estate, primarily in Jabalpur, and
is executing a residential township project, Sukh Sagar Valley -
Phase 2, with 190 units. The projects in this phase of the
township include Casa Elita, Casa Victoria, Sunflower ' 2, Lily -
2, Tulip -2, and Pearl. The Khanna group is managed by Mr.
Baljinder Singh Khanna, supported by his sons, Mr. Amandeep Singh
Khanna and Mr. Ramandeep Khanna.


KNOX IMPEX: CRISIL Suspends 'B+' Rating on INR30MM LT Loan
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Knox Impex Private Limited (KIPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            20       CRISIL B+/Stable
   Letter of Credit       50       CRISIL A4
   Proposed Long Term
   Bank Loan Facility     30       CRISIL B+/Stable

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

KIPL was set up in 1988 by Mr. Mukesh Ramani. The company trades
in specialty chemicals. It is based in Mumbai. Mr. Ramani oversees
its day-to-day operations.


LIVE CITY: CRISIL Raises Rating on INR37.5MM LT Loan to 'B'
-----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Live City Ceramic Pvt. Ltd. (LCPL) to 'CRISIL B/Stable' from
'CRISIL B-/Stable', while reaffirming its rating on the short-term
facility at 'CRISIL A4'.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee       12.5       CRISIL A4 (Reaffirmed)

   Cash Credit          20         CRISIL B/Stable (Upgraded from
                                   'CRISIL B-/Stable')

   Long Term Loan       37.5       CRISIL B/Stable (Upgraded from
                                   'CRISIL B-/Stable')


   Proposed Long Term   30.0       CRISIL B/Stable (Upgraded from
   Bank Loan Facility              'CRISIL B-/Stable')

The rating upgrade reflects CRISIL's belief that LCPL's business
risk profile will improve over the medium term, backed by
stabilisation of operations under newly set up unit to manufacture
wall tiles. Net sales were INR87.9 million for 2014-15 (refers to
financial year, April 1 to March 31) and profitability was 13.6
percent. Revenue will be INR150-180 million and profitability
stable, in 2015-16. However, working capital management will
remain a rating sensitive factor.

The ratings reflect LCPL's modest scale of operations in the
highly competitive ceramic tiles industry and large working
capital requirement. These weaknesses are partially offset by
locational advantage and promoters' extensive experience.
Outlook: Stable

CRISIL believes LCPL will continue to benefit over the medium term
from promoters' extensive experience. The outlook may be revised
to 'Positive' if more-than-expected growth in revenue and
profitability leads to higher accrual and hence to a better
financial risk profile. Conversely, the outlook may be revised to
'Negative' if cash accrual declines due to weak profitability, or
working capital cycle is stretched, or if large, debt-funded
capital expenditure weakens financial risk profile.

Set up in Morbi, Gujarat, in 2013 by Mr. Kamleshbhai Rupala and
Mr. Haresh Patel, LCPL commenced operations in July 2014 and
manufactures digital wall tiles.


MAKRO CAST: CARE Reaffirms 'D' Rating on INR36cr LT Loan
--------------------------------------------------------
CARE reaffirms ratings assigned to bank facilities of Makro Cast
Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      36        CARE D Reaffirmed

Rating Rationale

The rating reaffirmation takes into account continued delays in
servicing of debt obligation on account of stressed liquidity
position.

Makro Cast Private Limited (MCPL), was established (in 2004) to
manufacture specialized castings used primarily in the automobile
industry, power and other engineering companies. The company's
foundry unit is located at Vijayawada, Andhra Pradesh and has a
manufacturing capacity of 1,200Metric Tonnes Per Month (MTPM).


MY CAR: CRISIL Reaffirms 'B' Rating on INR130MM Cash Loan
---------------------------------------------------------
CRISIL's rating on the long-term bank facilities of MY Car Private
Limited (MCPL) continue to reflect the company's below average
financial risk profile marked by weak debt protection metrics and
pressure on its liquidity on account of tight cushion in cash
accruals vis-a-vis term debt repayments.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            130      CRISIL B/Stable (Reaffirmed)

   Inventory Funding
   Facility               115      CRISIL B/Stable (Reaffirmed)

   Term Loan               23      CRISIL B/Stable (Reaffirmed)

The rating also factors in its low bargaining power with its
principal, and exposure to intense competition in the automotive
dealership market. These rating weaknesses are partially offset by
an established market position in Kanpur, Uttar Pradesh, and the
extensive industry experience of the company's promoters.
Outlook: Stable

CRISIL believes MCPL will continue to benefit over the medium term
from its established market position. The outlook may be revised
to 'Positive' in case of an improvement in the financial risk
profile, most likely because of equity infusion or improved
profitability. Conversely, the outlook may be revised to
'Negative' in case of lower-than-expected revenue or margins or
large, debt-funded capital expenditure, leading to deterioration
in the financial risk profile.

Update
The company's operating income increased to INR1.68 billion in
2014-15 (refers to financial year, April 1 to March 31), from
INR1.52 billion in the previous year. The increase was driven by
improvement in sales of the company's principal, Maruti Suzuki
India Ltd (MSIL; rated 'CRISIL AAA/Stable/CRISIL A1+'). MSIL's
domestic passenger car sales rose 11 percent year-on-year in 2014-
15, outpacing the industry growth of 3.7 percent. Furthermore,
MCPL has maintained a healthy market position due to its
established track record; sales are expected at around INR2.0
billion in 2015-16. MCPL's operating margin was at 4.5 per cent
for 2014-15, slightly better than its historic level. The
profitability however continues to remain low because of the
trading nature of business, and is expected to remain at a similar
level over the medium term. MCPL's operations are moderately
working capital intensive as indicated by gross current assets of
80 days as on March 31, 2015, driven by debtors of around 21 days
and inventory of around 31 days.

MCPL's financial risk profile remains weak because of a high total
outside liabilities to adjusted net worth ratio of 5.2 times as on
March 31, 2015, and low interest coverage ratio of 1.3 times for
2014-15. The financial risk profile is expected to remain
constrained by large short-term debt contracted to fund working
capital requirement as against a low networth. While the company's
working capital limit was utilised at an average of 61 per cent
over the 12 months through September 30, 2015, its liquidity
remains tight marked by estimated cash accrual of around INR22
million against repayment obligation of INR20 million, in 2015-16.

MCPL, set up in 2000 by Mr. Vijay Garg, is an authorised dealer in
Kanpur for passenger cars manufactured by MSIL; it has three
showrooms and five workshops. The company also deals in spare
parts and accessories manufactured by MSIL


N R I ACADEMY: CRISIL Lowers Rating on INR197.7MM Loan to 'D'
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
N R I Academy of Sciences (NRIAS) to 'CRISIL D/CRISIL D' from
'CRISIL BB/Stable/CRISIL A4+'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee       196.4      CRISIL D (Downgraded from
                                   'CRISIL A4+')

   Overdraft Facility    90.0      CRISIL D (Downgraded from
                                   'CRISIL BB/Stable')

   Proposed Long Term   125.9      CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL BB/Stable')

   Term Loan            197.7      CRISIL D (Downgraded from
                                   'CRISIL BB/Stable')

The downgrade reflects instances of delay by NRIAS in servicing
its debt. The delays are on account of weakening of the liquidity,
with cash accrual being inadequate to meet the debt obligation.

NRIAS has a high degree of geographical concentration in its
revenue profile, is exposed to intense competition in the
education and healthcare segment, and is susceptible to risks
arising from the regulated nature of the education industry.
However, the society benefits from its established market position
in the medical education and the healthcare industry.

NRIAS was established in 2003 as a not-for-profit society under
the Societies Registration Act, 2001. The society has been founded
by 30 non-resident Indian doctors from the US.

The society runs an educational institution, which offers degree
and postgraduate courses in medicine, nursing, and para-medicine
streams. It also operates a 1280-bed multi-specialty hospital. The
society derives around 45 per cent of its revenues from its
hospital, 40 per cent from its medical education segment, and the
balance 15 per cent from pharmacy segment.

The educational institution and hospital, located in Vijayawada,
Andhra Pradesh, are recognised by the Medical Council of India.


NS MINT: Ind-Ra Affirms B+ Long-Term Issuer Rating
--------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed NS Mint Products
Private Limited's (NS Mint) Long-Term Issuer Rating at 'IND B+'.
The Outlook is Stable.

KEY RATING DRIVERS

The affirmation reflects NS Mint's weak credit metrics with
interest coverage (operating EBITDAR/gross interest expense) of
1.63x in FY15 (1.92x FY14) and net financial leverage of 6.05x
(12.96x FY14).  The company started its commercial production in
November 2013 and thus was operational for only five months.

The affirmation further reflects the company's low operating
margins (7.23% in FY15) on account of the seasonal nature of raw
material procurement and volatility in raw material prices.

However, the ratings are supported by the substantial growth in NS
Mint's top line to INR275 mil. in FY15 (INR76 mil. FY14) with
limited track record of operations.  The ratings are also
supported by the company's comfortable liquidity position as
reflected in its nearly 73% average utilization of the working
capital facilities during the 12 months ended December 2015.

RATING SENSITIVITIES

Positive: A significant improvement in the top line along with
improvement in the overall credit profile will be positive for the
ratings.

Negative: Further deterioration in the operating profitability
leading to deterioration in the credit profile will be negative
for the ratings.

COMPANY PROFILE

NS Mint was incorporated on 17 May 2013. The company manufactures
menthol, menthol crystals, essential oils, aromatic chemicals,
mint oils etc.  The company has a 600 metric ton per annum
manufacturing in Sambhal, Uttar Pradesh.

NS Mint's ratings:

   -- Long-Term Issuer Ratings: affirmed at 'IND B+'; Outlook
      Stable
   -- INR130 mil. fund-based working capital limits (increased
      from INR100 mil.): affirmed at 'IND B+'/Stable/'IND A4'
   -- INR15.30 mil. term loans (reduced from INR20 mil.):
      affirmed at 'IND B+'/Stable
   -- INR2 mil. non-fund based limits (reduced from INR30 mil.):
      affirmed at 'IND A4'


OBERAI MOTORS: CRISIL Reaffirms B- Rating on INR50MM Loan
---------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Oberai Motors
Limited (OML) continues to reflect OML's weak financial risk
profile, marked by a high total outside liabilities to tangible
net worth ratio and weak debt protection metrics, and geographic
concentration in its revenue profile. These rating weaknesses are
partially offset by the long track record of OML's promoters in
the automobile dealership segment.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Drop Line Overdraft
   Facility                50       CRISIL B-/Stable (Reaffirmed)

   Term Loan                9       CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that OML will maintain its business risk profile
over the medium term, supported by its established relationship
with its principal, Tata Motors Ltd (TML; rated 'CRISIL
AA/Stable/CRISIL A1+'). However, the company's financial risk
profile is expected to remain weak over this period because of its
large working capital requirements. The outlook may be revised to
'Positive' if OML's financial risk profile improves, most likely
driven by fresh infusion of equity capital or sustained
improvement in its operating margin. Conversely, the outlook maybe
revised to 'Negative' if the company's financial risk profile
weakens further, most likely because of large debt-funded capital
expenditure or low cash accruals.

OML was incorporated in 2002 and promoted by Mr. Rakesh Oberai.
The company deals in light commercial vehicles of TML. OML has
showrooms in Dehradun and Garhwal (both in Uttarakhand). It has
set up a showroom in Roorkee (Uttrakhand) which is expected to be
operational by the end of September 2013. The company also has
sales offices in Vikasnagar and Haridwar (also in Uttarakhand).


ONEUP MOTORS: CRISIL Reaffirms 'B' Rating on INR140MM Loan
----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Oneup Motors
India Private Limited (OMIPL) continues to reflect OMIPL's weak
financial risk profile because of highly leveraged capital
structure, and exposure to intense competition in the automobile
dealership industry. These weaknesses are partially offset by the
leadership position of principal, Maruti Suzuki India Ltd (MSIL;
rated 'CRISIL AAA/Stable/CRISIL A1+'), in the automobile segment.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Electronic Dealer
   Financing Scheme
   (e-DFS)                140      CRISIL B/Stable (Reaffirmed)

   Inventory Funding
   Facility                72.5    CRISIL B/Stable (Reaffirmed)

   Proposed Inventory
   Funding                  2.5    CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes OMIPL will continue to benefit over the medium
term from its association with MSIL. Financial risk profile is,
however, expected to remain weak due to low accrual and high
gearing. The outlook may be revised to 'Positive' if financial
risk profile improves due to more-than-expected ramp-up in
operations or equity infusion by promoters. Conversely, the
outlook may be revised to 'Negative' if financial risk profile
deteriorates because of low cash accrual, increase in working
capital requirement, or large, debt-funded capital expenditure
(capex).

Update
Revenue grew by 24.87 percent year-on-year to INR1220.10 million
in 2014-15 (refers to financial year, April 1 to March 31) with
setting up of new showroom and two service centres. Top line was
INR555.20 million for the six months ended September 30, 2015, and
is likely to be INR1300-1350 million for the year. Operating
margin was 2.90 percent in 2014-15 and is expected to be at a
similar level over the medium term.

Efficient working capital management as reflected by OMIPL's gross
current assets of around 47 days as on March 31, 2015 due to low
inventory of 16 days and low receivables of 12 days, however bank
limit utilisation was 90-95 percent for the 12 months ended
November 2015. Liquidity is also constrained due to low cash
accrual, considerable increase in working capital requirement, and
significant debt-funded capex.

Financial risk profile is weak because of small net worth of
INR40.30 million as on March 31, 2015, which decreased marginally
due to net losses of INR1.20 million. Also, total outside
liabilities to tangible net worth ratio was high at 5.02 times and
interest coverage ratio weak at 1.62 times.

Incorporated in 2006, OMIPL is a dealer of MSIL vehicles and has
two showroom-cum-service centres and three service centres in
Lucknow.


PAVAN MOTORS: CRISIL Upgrades Rating on INR60MM Loan to 'B+'
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Pavan Motors Pvt Ltd (PMPL) to 'CRISIL B+/Stable' from 'CRISIL
B/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Inventory Funding       60      CRISIL B+/Stable (Upgraded
   Facility                        from 'CRISIL B/Stable')

The upgrade reflects expected improvement in PMPL's business risk
profile driven by sustained revenue growth and stable
profitability. The upgrade also reflects increase in net worth,
which has enhanced the company's financial flexibility, and
subsequent improvement in capital structure. CRISIL believes the
company will sustain improvement in its financial risk profile
over the medium term because of consistent growth in net worth and
absence of large debt-funded capital expenditure (capex) plan.

Revenue is expected to increase 28 percent year-on-year to INR848
in 2015-16 (refers to financial year, April 1 to March 31), while
operating margin will be stable, at 3.4 percent. CRISIL believes
PMPL's revenue will increase by 30 percent in 2016-17 with
stabilisation of operations at its new showroom, which is expected
to come online by April 2016.

Net worth is likely to increase to INR33 million as on March 31,
2016, from INR28 million as on March 31, 2015, backed by accretion
to reserves. Consequently, total outside liabilities to tangible
net worth (TOLTNW) ratio is expected to improve to 4.8 times from
5.2 times, and is expected to remain at that level over the medium
term with consistent growth in net worth and absence of large
debt-funded capex plan.

The rating reflects PMPL's below-average financial risk profile
because of small net worth, high TOLTNW ratio, and weak debt
protection metrics. The rating also factors in susceptibility to
economic cyclicality, and exposure to intense competition in the
automobile dealership business resulting in low profitability.
These weaknesses are partially offset by promoters' extensive
entrepreneurial experience, the company's efficient working
capital management, and limited exposure to inventory and debtor
risks.

Outlook: Stable

CRISIL believes PMPL will continue to benefit over the medium term
from its promoters' extensive entrepreneurial experience. The
outlook may be revised to 'Positive' if there is a substantial and
sustained increase in the company's profitability margins, or
there is a substantial improvement in its capital structure on the
back of sizeable equity infusion from its promoters. Conversely,
the outlook may be revised to 'Negative' in case of steep decline
in profitability, or significant deterioration in capital
structure because of stretch in working capital cycle.

PMPL was set up in 2011 by Mr. Chandra Pavan Reddy and his family
members. The company is an authorised dealer for Maruti Suzuki
India Ltd's cars in Nalgonda (Telangana), where it has two
showrooms.


PEE GEE: CRISIL Reaffirms 'B' Rating on INR60MM Cash Loan
---------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Pee Gee
International (Delhi) (PGI) continues to reflect the firm's weak
financial risk profile because of high gearing and small networth,
and modest scale of operations in highly fragmented industry.
These weaknesses are partially offset by proprietor's extensive
experience.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Buyer Credit Limit      20       CRISIL B/Stable (Reaffirmed)
   Cash Credit             60       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes PGI will continue to benefit over the medium term
from proprietor's extensive experience. The outlook may be revised
to 'Positive' in case of higher-than-expected sales coupled with
healthy profitability, or if capital infusion by proprietor
strengthens financial risk profile. Conversely, the outlook may be
revised to 'Negative' if increase in working capital requirement
or withdrawal results in deterioration in financial risk profile.

Update
Operating income increased 5.88 percent year-on-year, to INR565.1
million in 2014-15 (refers to financial year, April 1 to
March 31) from INR533.7 million. Growth in operating income is
expected to exceed 20 percent in 2015-16 due to incremental repeat
order from its customers. Scale of operations remains small in the
highly competitive aluminum scrap segment. Operating margin will
remain modest at 2 percent over the medium term due to trading
nature of business.

The operations are working capital intensive as reflected by gross
current assets of around 100 days, as on March 31, 2015. Inventory
of 35-40 days is usually not order-backed. This, along with
limited ability to pass on price increases to customers due to
intense competition, exposes PGI to volatility in raw material
prices. Also, since majority of raw material is imported, PGI is
exposed to forex risk, however it follows no specific hedging
policy. PGI though follows, replenishment model which partly
mitigates this risk. The firm extends credit of two months to
customers. Thus, PGI has moderate risk management policies.
Further, it usually gets low credit from its diversified supplier
base, thus leading to high dependence on bank lines as indicated
by almost full utilization of bank limits, with adhoc limits
availed, in last 10 months through December,2015.

Financial risk profile remains weak because of high gearing of 4
times as on March 31, 2015, mainly due to high dependence on bank
lines. Networth was small at INR32.2 million as on March 31, 2015,
which limits ability to absorb losses or deal with financial
exigencies. Also, interest coverage ratio was low at 1.29 times
for 2014-15. Due to low accretion to reserves, the financial risk
profile is expected to remain weak over medium term.

Set up as a proprietorship firm in 2002 by Mr. Gauri Shankar,
Delhi-based PGI trades in aluminium scrap and other metals.


PUNJ LLOYD: CARE Reaffirms 'D' Rating on INR7,952.16cr Loan
-----------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities and
NCDS of Punj Lloyd Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities   5,172.78     CARE D Reaffirmed
   Long-term/Short-term Bank   7,952.16     CARE D/CARE D
   Facilities                               Reaffirmed
   Non-Convertible Debenture I   135.00     CARE D Reaffirmed
   Non-Convertible Debenture
   III                           300.00     CARE D Reaffirmed

Rating Rationale

The ratings of the bank facilities and instruments of Punj Lloyd
Ltd (PLL) continue to factor in delays in debt servicing by the
company due to its weak liquidity.

PLL, promoted by Mr Atul Punj in 1988, is a leading engineering &
construction company in India, providing integrated design,
engineering, procurement, construction (EPC) and project
management services for oil & gas, process industry and
infrastructure sector projects. PLL has various subsidiaries
operating in multiple geographies and engaged in EPC in the field
of oil and gas and infrastructure sector. The company's
consolidated order book as on November 06, 2015, stood at
INR19,802 crore (unexecuted orders as on September 30, 2015, plus
new orders received after that).

With slower order inflows and relatively slower execution,
operating income of the company declined from INR8,485.70 crore in
FY14 (refers to the period April 1 to March 31) to INR5,103.82
crore in FY15 at a standalone level and from INR11,116.18 crore in
FY14 to INR7,280.29 crore in FY15 at the consolidated level. In
Q4FY15, the company sold its entire shareholding in Global Health
Pvt Ltd (Medanta Hospital) and there was a resultant gain of
INR540.28 crore. Despite this, decline in the operating income and
increase in interest cost resulted in net loss of INR506.66 crore
at a standalone level and INR1,150.95 crore at a consolidated
level in FY15.


RAGHURAJ EXPORTS: CRISIL Assigns B- Rating to INR100MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facilities of Raghuraj Exports Private Limited (RRE).


                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            33       CRISIL B-/Stable
   Term Loan             100       CRISIL B-/Stable

The rating reflects the company's below-average financial risk
profile and modest scale of operations in a highly competitive
industry. These rating weaknesses are partially offset by the
extensive experience of promoters in the textile industry and
funding support received from them.
Outlook: Stable

CRISIL believes RRE will continue to benefit from the promoters'
extensive industry experience. The outlook may be revised to
'Positive' if the scale of operations increase significantly while
sustaining or improving the profitability, along with improvement
in the capital structure and financial risk profile. Conversely,
the outlook may be revised to 'Negative' in case of a significant
dip in the revenue or profitability, or further stretch in the
working capital cycle, or larger-than-expected, debt-funded
capital expenditure, leading to deterioration in the financial
risk profile.

RRE was incorporated in 2012 and is managed by Mr. Ganesh Rana.
The company manufactures ready-made garments and made-ups at its
manufacturing unit in Jaipur, Rajasthan.


RAJSHRI IRON: CRISIL Puts B- Rating on Notice of Withdrawal
-----------------------------------------------------------
CRISIL has placed its ratings on the bank facilities of Rajshri
Iron Industries Private Limited (RIIPL) on 'Notice of Withdrawal'
for 60 days, at RIIPL's request.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Bank Guarantee          3.5      CRISIL A4 (Notice of
                                    Withdrawal)

   Cash Credit           146.5      CRISIL B-/Stable (Notice of
                                     Withdrawal)

   Proposed Long Term    116.1      CRISIL B-/Stable (Notice of
   Bank Loan Facility                Withdrawal)

The ratings will be withdrawn at the end of the notice period. The
rating action is in line with CRISIL's policy on withdrawal of its
ratings on bank loan facilities.

RIIPL, incorporated in 2004, manufactures sponge iron. It
commenced commercial production in 2009-10 (refers to financial
year, April 1 to March 31) at its facility in Jamuria (West
Bengal). The company is promoted by Asansol (West Bengal)-based
Mr. Abhishek Sharma, who has sufficient experience in the steel
industry.


SAI SWADHIN: CRISIL Assigns 'B' Rating to INR50MM Cash Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank loan facilities of Sai Swadhin Commercials Private Limited.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            50       CRISIL B/Stable
   Term Loan              37.5     CRISIL B/Stable

The rating reflects the company's initial stage of operations in
the highly fragmented extraction of rice bran oil business and
susceptibility to adverse regulatory changes. The rating also
reflects SSCPL's dependence on monsoon and the vulnerability of
its operating margin to fluctuations in raw material prices. These
weaknesses are partially offset by the promoter's extensive
experience.
Outlook: Stable

CRISIL believes SSCPL will continue to benefit over the medium
term from the promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of substantial
improvement in the scale of operations and profitability, while
improving the capital structure. Conversely, the outlook may be
revised to 'Negative' in case of pressure on liquidity on account
of larger-than-expected working capital requirement, or lower-
than-expected cash accrual, or any large, debt-funded capital
expenditure.

Incorporated in 2008, SSCPL is engaged in extraction of rice bran
oil. The company has its processing unit located at Berhampur
(Odisha) and has total extraction capacity of 180 tonnes per day.
SSCPL is promoted by Mrs. Jami Nirmala, Mr. Jami Siva Sai, Mr.
Jami Ramesh and Mrs. Jami Kavita who also looks after the
operations.


SANATAN LOGISTICS: CARE Assigns 'B+' Rating to INR25cr LT Loan
--------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Sanatan
Logistics Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       25       CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Sanatan Logistics
Private Limited (SLPL) are primarily constrained by its short
track record coupled with small scale of operations and weak
financial risk profile characterized by low profitability margin
and leveraged capital structure. The rating is further constrained
by its presence in the highly fragmented and competitive nature of
the industry along with changes in the overall economic
conditions.

The rating, however, derives strength from experienced promoters
in the logistic industry, reputed though concentrated customer
base coupled with wide spread network and favorable prospects of
the logistic industry.

Going forward, the ability of SLPL to increase its scale of
operations while improving its profitability margins and capital
structure coupled with efficient working capital management shall
be the key rating sensitivities.

Gurgaon-based (Haryana) SLPL, incorporated in August 22, 2013 as a
private limited company, is promoted by Mr Kushal Raj Singh, Mr
Bhajan Singh, Mr Vishal Singh Yadav and Mr Naresh Kumar. The
company commenced its commercial operations from November, 2013.
The company is a logistics service provider (LSP) and is engaged
in providing transportation and carrier services within the
country. The company operates in a two major business segments
i.e. transportation services and warehousing and storage services.
The company provides transportation service mainly to
Pharmaceutical, Metal and FMCG sector and some of its prominent
clients are Abbott Healthcare Private Limited, Saint Gobin Glass
Ltd., Karamtara Engineering Pvt Ltd. etc. The company has 19
branches across India. The company has taken 4 warehouses on lease
in Ludhiana, Chandigarh, Indore and Mumbai. SLPL has fleet size of
30 trucks out of which 10 are owned

by company and rests 20 are in the name of directors. Apart from
this SLPL hires vehicle from market and has also tied up with
various vendors for lifting permanently. SLPL plans to purchase an
office space in Gurgaon and one warehouse each at Mumbai and
Chandigarh amounting to INR6 crore. The project is funded through
infusion of capital by the promoter in form of equity and
unsecured loans. As on October 31, 2015, the promoters have
infused INR3 crore in the form of equity.

SLPL achieved a total operating income (TOI) of INR16.66 crore
with PBILDT and profit after tax (PAT) of INR0.79 crore and
INR0.04 crore, respectively in FY15 (refers to the period
April 1 to March 31).  During 6MFY16, the company has achieved
total operating income of INR27 crore.


SANDCITY AUTOTEC: CARE Assigns B+ Rating to INR6.78cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Sandcity
Autotec Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Facilities          6.78       CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Sandcity Autotec
Private Limited (SAPL) is constrained by relatively small scale of
business with short track record of operation, risk of termination
of dealership agreement from Hyundai Motor India Ltd (HMIL),
pricing constraints and margin pressure arising out of competition
from other auto dealers in the market, working capital intensive
nature of operation and high leverage ratios. The aforesaid
constraints are partially offset by the experience of the
promoters, sole authorized dealer of Hyundai Motor India Ltd
(HMIL) resulting in low geographical concentration risk and
integrated nature of business.

The ability to improve the scale of operations and profitability
margins and ability to manage working capital effectively are the
key rating sensitivities.

SAPL was incorporated in June 2014 by Mr Shiv Kumar Poddar and Mr
Ankit Poddar of Balasore, Odisha. However, the company commenced
operations from January 2015. It is an authorized dealer
of Hyundai Motor India Ltd (HMIL) for its passenger vehicles,
spares & accessories in Balasore, Odisha. Currently, SAPL has its
only vehicle showroom and workshop at Balasore (Odisha) where it
also provides repair and refurbishment services for HMIL passenger
vehicles.

At present, SAPL's product portfolio consists of popular variants
of passenger vehicles from HMIL like 'I20', 'Grand i10', 'Eon',
'Xcent' and 'I10' in different models and colours.

As per the three months audited results of FY15 (refers to the
period January 01 to March 31), SAPL reported a PBILDT of
INR0.21crore and net loss of INR0.08 crore, on a total operating
income of INR4.87 crore. Furthermore, during 8MFY16 SAPL is stated
to have achieved a total operating income of INR25.00 crore.


SARASWATHI ENGINEERING: CRISIL Reaffirms B Rating on INR50MM Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Saraswathi Engineering
Construction Private Limited (SEPL) continue to reflect SEPL's
modest scale of operations in an intensely competitive civil
construction industry.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee          50      CRISIL A4 (Reaffirmed)
   Overdraft Facility      50      CRISIL B/Stable (Reaffirmed)

The ratings also factor in the company's modest net worth and its
high working capital requirements. These rating weaknesses are
partially offset by the promoters' extensive industry experience.
Outlook: Stable

CRISIL believes SEPL will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' if SEPL strengthens its business risk
profile by successfully bidding for more projects, and
significantly increases revenue and profitability, while
maintaining capital structure. Conversely, the outlook may be
revised to 'Negative' if SEPL's revenue and profitability decline
substantially, or the company faces considerable delays in
realisation of receivables, or it undertakes a larger-than-
expected debt-funded capital expenditure, leading to weakening of
financial risk profile, particularly liquidity.

SEPL was originally set up as a partnership firm in 1984, and was
reconstituted as a private limited company in 1986. It is managed
by Mr. P Kandasamy and his family members. The company is a civil
contractor (majorly buildings) and is based in Erode (Tamil Nadu).


SATYAWATI RICE: CRISIL Reaffirms 'B' Rating on INR145MM Loan
------------------------------------------------------------
CRISIL's rating on the bank facilities of Satyawati Rice Mill
(SRM) continues to reflect its weak financial risk profile, with
high gearing and average debt protection metrics.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            145      CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       2.2    CRISIL B/Stable (Reaffirmed)

   Term Loan                2.8    CRISIL B/Stable (Reaffirmed)

The rating also factors in SRM's small scale of operations in the
highly fragmented rice processing industry, and susceptibility to
erratic rainfall and to volatility in raw material prices. These
rating weaknesses are partially offset by the promoters' extensive
experience in the rice processing industry.
Outlook: Stable

CRISIL believes that SRM will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm improves its
financial risk profile, driven by more-than-expected net cash
accruals and infusion of funds by partners, leading to improvement
in capital structure and debt protection metrics along with
moderation in working capital requirements. Conversely, the
outlook may be revised to 'Negative' if SRM's liquidity or capital
structure deteriorates, or its profitability comes under pressure.

SRM was established in 1999 as a partnership firm, by Rakesh
Kumar, Brijesh Kumar, Kamal Prakash, and Vimal Prakash in
Surajpur, Uttar Pradesh. The firm is mainly engaged in milling and
marketing of higher grades of rice, including Basmati. The firm
derives more than 90 per cent of its revenue from sale of basmati
rice. Its milling capacity of 8 tonnes per hour is currently
utilised at about 70 per cent. The firm sells its produce to
exporters.


SEA BLUE: CARE Reaffirms 'D' Rating on INR11.57cr Loan
------------------------------------------------------
CARE reaffirms rating to the bank facilities of Sea Blue Shipyard
Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     11.57      CARE D Reaffirmed
   Long-term Bank Facilities     13.00      CARE D Assigned

Rating Rationale

The rating assigned to the bank facilities of Sea Blue Shipyard
Limited (SBS) is constrained by the ongoing delays in servicing of
debt obligations.

SBS incorporated on December 08, 2003, is promoted by Mr OC John
and is engaged in ship building and ship repairs activities.
Initially, the company was established under the name of Sea Blue
Marine Engineering (Pvt.) Ltd. and later converted into a Public
Limited Company in 2009, with its new name SBS.

SBS operates from a yard located at Vypin (Kerala) and a branch
office in Goa. It undertakes contractual work of public sector as
well as private sector agencies operating in the Western region.
SBS is registered with Indian Coast Guard for undertaking repairs
of their vessels.

SBS has three licensed slipways, capable of hauling up vessels up
to 3,000 deadweight tonnage (DWT). SBS has berthing facilities for
ships up to 115 m. It provides afloat repairs of medium sized
vessels and also provides shelter to vessels during off season
especially to those vessels plying between Kochi and Lakshadweep
Islands. The total length of the wharf is 115 m with a draft of
above 6 m.

SBS achieved a PAT of INR0.42 crore on a total operating income
(TOI) of INR22.32 crore in FY15 (refers to the period April 1 to
March 31) as compared with a PAT of INR0.06 crore on a TOI of
INR11.32 crore in FY14.


SHIVAM MOBILE: Ind-Ra Assigns BB- Long-Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Shivam Mobile
Services Private Limited (SMSPL) a Long-Term Issuer Rating of
'IND BB-'.  The Outlook is Stable.  The agency has also assigned
SMSPL's INR60 mil. fund-based limits a long-term 'IND BB-' rating
with a Stable Outlook.

KEY RATING DRIVERS

The ratings reflect Shivam's moderate credit profile and low
profitability due to the trading nature of its business.  In FY15,
interest coverage (operating EBITDA/gross interest expense) was
1.4x (FY14: 1.5x), net financial leverage (total adjusted net
debt/operating EBITDA) was 5.9x (5.6x) and EBITDA margins were
2.4% (2.2%).  FY15 revenue was moderate at INR667 mil. (FY14:
INR741 mil.).

The ratings are supported by the company's comfortable liquidity
position as evident from its around 80.33% average maximum working
capital utilization during the 12 months ended December 2015.

RATING SENSITIVITIES
Positive: A positive rating action could result from a substantial
improvement in the revenue and credit metrics.

Negative: A negative rating action could result from sustained
deterioration in the overall credit metrics.

COMPANY PROFILE

Incorporated in 2010, SMSPL is a distributor of Samsung mobile
products in Surat.

The total debt outstanding on March 31, 2015, was INR51.48 mil.,
comprising working capital debt of INR14.55 mil. and unsecured
debt of INR36.93 mil.


SHRI GIRIJA: CARE Reaffirms 'B+' Rating on INR4cr LT Loan
---------------------------------------------------------
CARE reaffirms rating to the bank facilities of Shri Girija
Smelters Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       4        CARE B+ Reaffirmed
   Short-term Bank Facilities     23        CARE A4 Reaffirmed

Rating Rationale

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

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

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

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


SIMBHAOLI SUGARS: CRISIL Reaffirms 'D' Rating on INR3.08BB Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Simbhaoli Sugars
Limited (SSL) continue to reflect instances of delay by the
company in meeting its debt obligations; the delays were caused by
weak liquidity.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit            3087.5      CRISIL D (Reaffirmed)

   Letter of credit
   & Bank Guarantee        835        CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     1293.2      CRISIL D (Reaffirmed)

   Term Loan              2220.6      CRISIL D (Reaffirmed)

   Working Capital
   Term Loan               499.9      CRISIL D (Reaffirmed)

SSL's financial risk profile is weak because of a highly leveraged
capital structure and weak debt protection metrics. Also, the
company is exposed to regulatory risks and cyclicality in the
sugar industry. However, it has an established market position in
the sugar industry.

SSL (formerly, The Simbhaoli Sugar Mills Ltd) was originally
established as a partnership firm in 1933 in Simbhaoli, Uttar
Pradesh; the firm was reconstituted as a private limited company
in 1936 and then as a public limited company with the current name
in 1989.In 1992, SSL acquired a distillery and transformed its
Simbhaoli sugar plant into a sugar complex. The company now has an
integrated sugar unit and operates under the sugar-alcohol-power
business model. It is among the top 10 integrated sugar companies
in India.

SSL has three sugar plants, one each in Simbhaoli and Brijnathpur
in western Uttar Pradesh, and in Chilwaria in eastern Uttar
Pradesh; the company has a combined crushing capacity of 20,100
tonnes of sugarcane per day. It produces a range of sugar
products, such as white crystal refined sugar, pharmaceutical-
grade sugar, superfine sugar, sugar cubes, icing sugar, table
sugar, candy sugar, and sugar sachets. SSL hived off its power and
alcohol division into two wholly owned subsidiaries, Simbhaoli
Power Ltd and Simbhaoli Spirits Ltd, in 2012. Recently, in
November 2015, SSL was merged into Simbhaoli Spirits Ltd. (w.e.f.
April 01, 2015) and the newly formed entity was named SSL.

On a standalone basis, SSL had a net loss of INR1614.7 million on
net sales of INR8.3 billion for 2014-15 (refers to financial year,
April 1 to March 31), as against a net loss of INR1722.3 million
on net sales of INR8.6 billion for 2013-14. For the six months
ended September 30, 2015, SSL had a net loss of INR855.3 million
on net sales of INR2405.9 million.


SRI BALAJI: CARE Reaffirms 'B+' Rating on INR20cr LT Loan
---------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Sri Balaji Raw & Parboiled Rice Mills Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       20       CARE B+ Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Sri Balaji Raw &
Parboiled Rice Mills Private Limited continues to remain
constrained by its short track record of operations, highly
fragmented and competitive nature of the industry, regulation
by Government in terms of minimum support price (MSP) and seasonal
nature of availability of paddy resulting in working capital
intensive nature of operations. The rating, however, derives
strength from experience of the promoters for more than three
decades in the rice mill industry, relatively moderate scale of
operations for a newly established company and locational
advantage with proximity to raw materials.

The ability of the company to improve its profitability in light
of stiff competition and manage the working capital requirements
efficiently are the key rating sensitivities.

Incorporated in June 2013, Sri Balaji Raw and Parboiled Rice
Private Limited (SBPL) is promoted by by Mr Tatikonda Viswanadham
and Mrs Tatikonda Savithri.  Mr Viswanadham is operating two other
rice mills, namely, M/s. Pallavi Enterprises and M/s. Girija
Modern Rice Mills. SBPL operates on leased premises and has hired
machinery from Girija Modern RiceMills and Pallavi Enterprises.

During FY15 (refers to the period April 1 to March 31), SBPL
reported a PAT of INR0.04 crore on a total operating income
of INR41.66 crore.


SURYA WIRES: CARE Reaffirms B+ Rating on INR19.60cr LT Loan
-----------------------------------------------------------
CARE reaffirms ratings to the bank facilities of Surya Wires Pvt.
Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     19.60      CARE B+ Reaffirmed
   Long-term/ Short-term          4.00      CARE B+/CARE A4
   Bank Facilities                          Reaffirmed
   Short-term Bank Facilities     9.00      CARE A4 Reaffirmed

Rating Rationale

The ratings for the bank facilities of Surya Wires Pvt. Ltd.
(SWPL) continue to remain constrained by its relatively small
scale of operation with low profit margin, presence in highly
competitive and fragmented industry, susceptibility to
fluctuation in raw material prices, working capital intensive
nature of business and sluggish growth of the user industries.
The ratings, however, derive strength from its experienced
promoters with long track record of operation and reputed
clientele.

Going forward, the ability of the company to improve its scale of
operations along with profitability margins and efficient
management of working capital are the key rating sensitivities.

SWPL incorporated in October 1989, was promoted by one Mr S.K.
Jain of Raipur, Chhattisgarh. The company had started its
operation from 1983 as a proprietorship firm. It is engaged in the
manufacturing of G.I. wire, Stay wire, G.I. barbed wire, etc,
having an installed capacity of 74,000 MTPA. Apart from
manufacturing, SWPL is also engaged in the trading of wires which
contributed 52.40% of the total sales during FY15 (refers to the
period April 01 to March 31). The products of SWPL are largely
used in industries like power, construction, automobile,
engineering, etc. SWPL primarily sells its products to wire
dealers and retailers. Apart from this the company also
participates in tender issued by various government entities for
supply of wire.

SWPL is a closely-held company with both the directors from the
promoter's family. The day-to-day affairs of the company are
looked after by Mr S.K. Jain, MD, with adequate support from other
director Mr Harsh Agarwal and a team of experienced personnel.

During FY15 (refers to the period April 01 to March 31), the
company reported a total operating income of INR127.73 crore
(FY14: INR112.30 crore) and a PAT of INR0.13 crore (in FY14:
INR0.20 crore). Furthermore, the company has achieved a total
operating income of INR88.36 crore during 9MFY16 (refers to the
period April 1 to December 31).


SWADESHI ALUMINIUM: CARE Assigns 'B+' Rating to INR18cr LT Loan
---------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Swadeshi
Aluminium Company Private Limited.

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

Rating Rationale

The rating assigned to Swadeshi Aluminium Company Private Limited
(SAC) is primarily constrained by modest scale of operations, weak
financial profile marked by fluctuating profitability margins,
leveraged capital structure, weak coverage indicators and working
capital intensive nature of operations. The rating is further
constrained by raw material price fluctuation risk, cyclicality
inherent to the aluminium industry and highly fragmented nature of
industry characterized by intense competition.

The rating, however, draws comfort from experienced management,
long track record of operations and growing scale of operations.
Going forward, the ability of the company to increase its scale of
operations while improving profitability margin and capital
structure as well as effective working capital management shall be
the key rating sensitivities.

SAC was incorporated in 2002 and promoted by Mr Satpal Nagpal, Mr
Sanjay Nagpal, Mr Shyam Sundar Nagpal, Mr Som Nath Bhutani and Mrs
Kanta Bhutani. The company is mainly being managed by Mr Satpal
Nagpal. SAC is primarily engaged in the manufacturing of aluminium
alloy ingots and sections which find application in automobile
industry. The company procures raw material, ie, aluminium scrap
from domestic and overseas players that includes Middle East and
European countries. The import constituted around 18% of the total
purchase in FY15 (refers to the period April 1 to March 31). It
sells its products directly to wholesaler mainly in Northern
India.

In FY15, SAC has achieved a total operating income (TOI) of
INR41.26 crore with PBILDT and PAT of INR2.90 crore and
INR0.24 crore as against total operating income (TOI) of INR36.53
crore with PBILDT and PAT of INR1.54 crore and INR0.21
crore in FY14.


SWARUP POLYMERS: CRISIL Assigns 'B+' Rating to INR60MM Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Swarup Polymers Pvt Ltd. The ratings
reflect SPPL's small scale and working capital-intensive
operations. These weaknesses are partially offset by the
experience of its promoters, and its average financial risk
profile with moderate gearing.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan              35       CRISIL B+/Stable

   Proposed Long Term
   Bank Loan Facility     15       CRISIL B+/Stable

   Cash Credit            60       CRISIL B+/Stable

   Letter of Credit       50       CRISIL A4

Outlook: Stable

SPPL will benefit from the promoters' long standing industry
experience and its long presence in the industry. The outlook may
be revised to 'Positive' in case of significant ramp up in scale
of operations in the PVC segment leading to higher net cash
accruals and improvement in business risk profile, along with
improvement in debt protection metrics and prudent working capital
management. Conversely, the outlook may be revised to 'Negative'
in case of lower than expected revenue or profitability leading to
overall deterioration in business and financial profile.

SPPL, incorporated in 1988, is being promoted by Mr. Ram Swarup
Baisiwala, his son Mr. Yogesh Baisiwala and Mr. Pradeep Kumar
Gupta. It manufactures bumper of the passenger cars for the
replacement market, and PVC flex sheet for the advertisement
purpose.


TDI INFRATECH: CRISIL Assigns B- Rating to INR1.33BB Term Loan
--------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of TDI Infratech Limited (TDI; formally known as Taneja
Developers and Infrastructure Ltd) and has assigned its 'CRISIL B-
/Stable/CRISIL A4' rating to TDI's bank facility.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee        200       CRISIL A4 (Assigned;
                                   Suspension Revoked)

   Cash Credit           203       CRISIL B-/Stable (Assigned;
                                   Suspension Revoked)

   Term Loan            1337       CRISIL B-/Stable (Assigned;
                                   Suspension Revoked)

CRISIL had suspended the ratings in April 01, 2015 as TDI had not
provided necessary information required for a rating review. The
company has now shared the requisite information, enabling CRISIL
to assign the ratings to its bank facilities.

The ratings reflect TDI's weak financial risk profile especially
liquidity due to large debt funding of ongoing projects, lower
realisation of customer advances and large funding requirement for
upcoming township projects, and vulnerability to inherent risks
and cyclical demand in the Indian real estate sector. These
weaknesses are partially offset by promoters' extensive experience
in the real estate market and their funding support.

Outlook: Stable

CRISIL believes TDI will continue to benefit over the medium term
from promoters' extensive experience and funding support. The
outlook may be revised to 'Positive' if sizable customer advances
lead to better cash inflows, or significant fresh fund infusion
eases pressure on liquidity. Conversely, the outlook may be
revised to 'Negative' if liquidity weakens further because of
lower or delayed receipt of customer advances or simultaneous and
aggressive launch of new projects.

Incorporated in 1999 and promoted by members of the Taneja family,
TDI undertakes real estate development in Punjab and Haryana.
Currently, the company is developing two townships in Mohali
(Punjab) and is expected to launch two new townships, one each in
Panipat and Kundli, Haryana.


TIRUPATI INDUSTRIES: CRISIL Ups Rating on INR150MM Loan to 'B+'
---------------------------------------------------------------
CRISIL has upgraded its rating on the bank facilities of Tirupati
Industries - Rajkot (TI) to 'CRISIL B+/Stable' from 'CRISIL
B/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            150      CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

   Proposed Long Term       2.5    CRISIL B+/Stable (Upgraded
   Bank Loan Facility              from 'CRISIL B/Stable')

   Term Loan               47.5    CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

The rating upgrade reflects CRISIL's belief that TI's business
risk profile will improve over the medium term backed by
stabilisation of operations of its newly set-up oil manufacturing
unit. Net sales are expected at INR750-800 million and operating
profitability at 4-5 percent in 2015-16 (refers to financial year,
April 1 to March 31). However, efficacy of working capital
management will remain a key rating sensitive factor.

The rating reflects TI's modest scale of operations in the
fragmented edible oils industry and large working capital
requirement. These weaknesses are partially offset by its
partners' extensive industry experience and its established
network of dealers and distributors.
Outlook: Stable

CRISIL believes TI will continue to benefit over the medium term
from its partners' extensive industry experience. The outlook may
be revised to 'Positive' in case of more than-expected growth in
revenue and profitability, leading to higher accrual, and hence,
to better financial risk profile. Conversely, the outlook may be
revised to 'Negative' in case of decline in profitability leading
to low cash accrual, and large working capital requirement, or
debt-funded capital expenditure, resulting in weakening of
financial risk profile.

TI is a Rajkot-based partnership firm set up in 2014 by brothers
Mr. Ashish Talaviya, Mr. Ashwin Talaviya, and their family
members. The firm manufactures groundnut oil and de-oiled cakes.


TRISTAR RETAIL: Ind-Ra Withdraws BB- Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Tristar Retail
Limited's (TRL) Long-Term Issuer Rating of 'IND BB-(suspended)'.
The ratings have been withdrawn due to lack of adequate
information.  Ind-Ra will no longer provide ratings or analytical
coverage for TRL.

Ind-Ra suspended TRL's ratings on Sept. 30, 2013.

TRL's ratings:

   -- Long Term Issuer Rating: 'IND BB-(suspended)'; ratings
      withdrawn
   -- INR225 mil. fund-based limits: 'IND BB-(suspended)'; rating
      withdrawn
   -- INR152.9 mil. term loans: 'IND BB-(suspended)'; rating
      withdrawn
   -- INR5 mil. non-fund-based limits: 'IND A4+(suspended)';
      rating withdrawn


VARDHMAN RICE: CRISIL Reaffirms B+ Rating on INR60MM Cash Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Vardhman Rice
& General Mills (VRGM) continues to reflect the firm's below-
average financial risk profile because of high gearing and weak
debt protection metrics.

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

   Inventory Funding
   Facility                30      CRISIL B+/Stable (Reaffirmed)

   Term Loan                8.8    CRISIL B+/Stable (Reaffirmed)

The rating also factors in a modest scale of operations in the
highly fragmented rice industry. These rating weaknesses are
partially offset by the extensive industry experience of the
firm's partners and funding support received from them.
Outlook: Stable

CRISIL believes VRGM will continue to benefit over the medium term
from its partners' extensive industry experience and their funding
support. The outlook may be revised to 'Positive' in case of
significant improvement in the financial risk profile, driven most
likely by a substantial increase in cash accrual or by capital
infusion, along with efficient working capital management.
Conversely, the outlook may be revised to 'Negative' in case of
low cash accrual, large working capital requirement, or debt-
funded capital expenditure (capex), further weakening the
financial risk profile.

Update
Revenue was INR 237.6 million in 2014-15 (refers to financial
year, April 1 to March 31) as against INR 205 million in the
previous year. Revenue for the eight months through November 2015
was INR263.7 million, and is expected at INR360-400 million per
annum over the medium term. Operating margin was 5.63 percent in
2014-15, and is likely to remain at a similar level over the
medium term.

Networth was modest and gearing high at INR22.6 million and 5.12
times, respectively, as on March 31, 2015. The networth is
expected to remain at a similar level over the medium term owing
to modest accretion to reserves. Gearing is, however, expected to
improve to 4 times over this period owing to absence of
significant debt-funded capex. Interest coverage ratio is likely
to improve and will hover in the range of 1.80-2.00 times in 2015-
16 from 1.48 times in 2014-15, driven by better operating
profitability.

Operations are working capital intensive in nature as indicated by
high gross current assets of around 250 days as on March 31, 2015.
Also, bank line utilisation has been high at 95 percent during the
eight months through November 2015. However, liquidity is
adequate, with cash accrual for 2016-17 expected at around INR9.50
million, which will be sufficient to meet debt obligation of
around INR1.40 million during the year. Liquidity is also
supported by unsecured loans and advances from promoters to the
tune of INR 20.3 million.

VRGM was originally established as a proprietorship concern in
2001 by Mr. Praveen Jain; this concern was reconstituted as a
partnership firm in 2014, with Mr. Praveen Jain and his son Mr.
Adish Jain as partners. The firm mills and processes basmati rice.
Its production facilities in Jind, Haryana, have a milling and
sorting capacity of around 3 tonnes per hour.


VISHWASRAO NAIK: CRISIL Reaffirms 'B+' Rating on INR75MM Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Vishwasrao
Naik Sahkari Sakhar Karkhana Limited (VNSSKL) continues to reflect
the company's below-average financial risk profile because of high
gearing and weak debt protection metrics, working capital-
intensive operations, and susceptibility to cyclicality and
regulatory changes in the sugar industry.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            75       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     25       CRISIL B+/Stable (Reaffirmed)

These weaknesses are partially offset by VNSSKL's moderate
operating efficiency backed by integrated operations, and
established relationship with farmers/members, resulting in
regular supply of sugarcane.
Outlook: Stable

CRISIL believes VNSSKL will continue to benefit over the medium
term from integrated operations and established relationship with
farmers. The outlook may be revised to 'Positive' if significant
increase in cash accrual due to improved operating margin leads to
a better financial risk profile, particularly liquidity.
Conversely, the outlook may be revised to 'Negative' if overall
financial risk profile deteriorates because of low cash accrual,
or stretch in working capital cycle caused by larger-than-expected
inventory.

Update
Revenue declined to INR2.1 billion in 2014-15 (refers to financial
year, April 1 to March 31) from INR2.6 billion in the previous
year because of declining sugar prices and build-up of inventory.
Despite some improvement in sugar realisations, turnover is
expected to remain flattish in 2015-16 (sales of INR1 billion till
December 31, 2015). Operating margin is expected to be over 12
percent over the medium term, as seen historically, backed by
integrated operations that provide better absorption of overheads.
Working capital requirement was large, with gross current assets
of 347 days as on March 31, 2015, primarily due to large
inventory.

Financial risk profile remains weak due to gearing of 5.1 times
owing to large working capital debt and capital expenditure in the
past. Debt protection metrics were muted, with interest coverage
and net cash accrual to total debt ratios of 1.8 times and 0.06
time, respectively, for 2014-15. However, networth was a moderate
INR431 million. Large working capital requirement and debt
obligation of INR150 million in 2015-16 constrains liquidity.

Set up in 1972-73 by Mr. Vishwasrao Naik as a co-operative sugar
mill in the Shirala taluka of Sangli district, Maharashtra, VNSSKL
is currently chaired by Mr. Mansingh Rao Naik. Its mill has
sugarcane crushing capacity of 3500 tonne per day, distillery with
capacity 30 kilolitre per day, and a 10-kilowatt cogeneration
plant.



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


MCDONALD'S HOLDINGS: Posts JPY34.70 Billion Net Loss for 2015
-------------------------------------------------------------
Kyodo News reports that McDonald's Holdings Co. (Japan) reported
on Feb. 9 a group net loss of JPY34.70 billion for 2015, the
largest loss since it listed in Japan in 2001.

It marked the second straight year of loss, hurt by slumping sales
and the costs of closing loss-making restaurants. The figure was
much bigger than a JPY21.84 billion group net loss in 2014, the
report discloses.

Consolidated operating losses came to JPY25.23 billion, as sales
dropped 14.8 percent to JPY189.47 billion, says Kyodo.

According to Kyodo, for the current year through Dec. 31, the unit
is projecting a group net profit of JPY1 billion. Operating profit
is estimated to reach JPY3.3 billion on revenue of JPY220 billion,
up 16.1 percent.

Speaking at a news conference in Tokyo, President Sarah Casanova
pledged to "complete our turnaround," adding that there is
"substantial work" to do in 2016 and beyond, Kyodo relates.

Kyodo notes that a series of food safety scandals hurt demand for
McDonald's products, prompting it to take restructuring steps such
as closing unprofitable restaurants nationwide.

McDonald's Japan saw a 15.6% year-on-year drop in sales to
JPY376.55 billion on a same-store basis.

McDonald's has been exploring selling part of its stake in the
Japanese arm, whose delay in catering to diversifying consumer
tastes has been blamed partly on McDonald's strong influence on
management policy, adds Kyodo.


TOSHIBA CORP: INCJ Said to Argue its JPY1TT Bid Tops Foxconn's
--------------------------------------------------------------
Takashi Amano and Pavel Alpeyev at Bloomberg News report that
Innovation Network Corp. of Japan is making the case to Sharp
Corp. that its rescue proposal for the electronics maker is worth
more than an offer from Taiwan's Hon Hai Precision Industry Co., a
sign the government fund is determined to keep fighting for
victory in the takeover battle.

The state-backed fund proposed a package of cash, asset sales and
support from lenders that it says is worth JPY1 trillion,
according to documents INCJ presented to Sharp and obtained by
Bloomberg News. Hon Hai, also known as Foxconn Technology Group,
is offering about JPY660 billion for the company, a person
familiar with the matter has said, Bloomberg relays.

Bloomberg relates that INCJ's proposal included a JPY300 billion
cash infusion for Sharp as well as JPY350 billion in support from
its lenders, according to the documents.  The fund also proposed
raising JPY150 billion from its stake in Sakai Display Products
Corp. and JPY200 billion in financing.

"Money matters, but what's important is the company's long-term
viability," Bloomberg quotes Yasuaki Kogure, chief investment
officer at SBI Asset Management Co., as saying. "Beyond the money
amounts, the questions that need answering are about Sharp's
restructuring."

Bloomberg notes that Foxconn Chairman Terry Gou emerged from a
nine-hour meeting with Sharp on Feb. 5 and said his company has
become the preferred bidder, with a final agreement expected by
the end of the month. About an hour later, the Osaka-based company
contradicted his comments, saying that INCJ's bid is still in
play, Bloomberg says.

INCJ has not given up on the proposal and is not planning to raise
its offer, the fund's Chief Executive Officer Toshiyuki Shiga said
in an interview with the Nikkei Shimbun newspaper on Feb. 8,
according to Bloomberg. INCJ's focus on restructuring rather than
revival makes its plan fundamentally different from Foxconn's, Mr.
Shiga said in the report, Bloomberg relays.

"There needs to be a board decision to give a preferred
negotiating partner status," Bloomberg quotes Atsushi Yoshida, a
spokesman for Sharp, as saying following Gou's comment on Feb. 5.
"The board meeting yesterday didn't yield such status and there
was no meeting today. We plan to continue our talks with INCJ."

According to Bloomberg, documents showed the lender support in
INCJ's proposal would include a JPY110 billion debt-for-equity
swap.  Mitsubishi UFJ Financial Group Inc. and Mizuho Financial
Group Inc. would also cancel JPY225 billion of preferred stock
they hold in Sharp, shares Foxconn is offering to buy, according
to INCJ's plan cited by Bloomberg.

INCJ proposed merging Sharp's liquid crystal display operations
with those of Japan Display Inc., where the fund is a major
shareholder, according to the documents obtained by Bloomberg. The
fund's offer will reflect fair value of Sharp's stock, preventing
possible shareholder lawsuits and also involve bringing in new
management, according to the documents.

Bloomberg says Mr. Gou has pushed hard for a deal even as it
looked unlikely he would win. Sharp had been inclined to take the
bid from INCJ, people familiar with the matter said last month,
Bloomberg recalls. But then Mr. Gou raised his bid from
JPY600 billion to about JPY660 billion and flew to Japan to make a
personal appeal to Sharp's board, its banks and government
officials, a person familiar with the matter has said, relays
Bloomberg.

Foxconn's negotiations with Sharp are 90 percent complete,
Mr. Gou told reporters on Feb. 5 outside Sharp headquarters,
according to Bloomberg. There will be no breakup of the company,
he said, echoing comments from Sharp Chief Executive Officer Kozo
Takahashi a day prior.

"The remaining 10 percent are legal matters and are not a big
deal," Bloomberg quotes Mr. Gou as saying.

                        About Toshiba Corp.

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

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

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

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

On Feb. 9, 2016, Standard & Poor's Ratings Services said that it
has lowered its long-term corporate credit rating on Japan-based
diversified electronics company Toshiba Corp. three notches to
'B+' from 'BB+' and its long-term senior unsecured debt rating two
notches to 'BB' from 'BBB-'.  The debt rating is two notches
higher than the corporate credit rating, reflecting S&P's view
that the probability of default in Toshiba's bonds is lower than
that in its bank borrowings.  S&P is keeping its long-term ratings
on Toshiba on CreditWatch with negative implications, where S&P
placed them Dec. 22, 2015, when it lowered the long-term corporate
credit rating.  S&P has affirmed its short-term corporate credit
and commercial paper ratings on Toshiba.

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



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


EZY BATHROOMS: Told to Pay Former General Manager NZ$34K
--------------------------------------------------------
Radio New Zealand News reports that an Auckland renovation company
that went into liquidation after being accused of employment
breaches must still pay its former general manager NZ$34,000.

Radio NZ relates that after being made redundant by Ezy Bathrooms
in July, Wayne Lints complained to Employment Relations Authority
he hadn't been paid two months' notice or holiday pay.

His KiwiSaver contributions were being deducted from his wages but
not sent to Inland Revenue by the company director Jason Still, he
said, Radio NZ relates.

Radio NZ says that after the complaints were lodged, Mr Still put
the company into liquidation, but the authority was granted
special permission by the liquidator to continue with the case.

Mr Still then unsuccessfully tried to counter-claim for
NZ$1.2 million, accusing his former employee of negligence,
according to Radio NZ.

Radio NZ relates that the authority said Mr Still showed no
remorse and gave no explanation for the breaches, and upheld all
of Mr Lints' complaints.

The report adds that Ezy Bathrooms was ordered to pay Mr Lints
NZ$34,130.85.

"Such conduct by an employer is of serious concern. Mr Lints has
been deprived of a significant amount of money, upon which there
is no dispute that it was owed, for a sustained period," the
authority, as cited by Radio NZ, said.




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


* Credit Risk Soars in Japan & Australia on Global Bank Anxiety
---------------------------------------------------------------
Benjamin Purvis at Bloomberg News reports that the cost of
insuring corporate bonds in Japan and Australia surged amid
mounting concern about the prospects for global banks and a
selloff in riskier assets worldwide.

The iTraxx Japan index of credit-default swaps jumped 8 basis
points to 103 basis points as of 12:48 p.m. in Tokyo, Bloomberg's
Feb. 9 report said, citing Citigroup Inc. pricing.  The measure
hasn't been that high since July 2013, based on CMA data. The
Australian CDS gauge climbed 10 basis points to 169 as of 2:51
p.m. in Sydney, Australia & New Zealand Banking Group Ltd. prices
showed, notes the report. The index last closed higher in
September 2012, Bloomberg discloses citing CMA data.

Bloomberg notes that while markets across much of the Asia-Pacific
are closed for Lunar New Year holidays, credit-default swap costs
in the region's two biggest developed economies soared after
concern about Deutsche Bank AG and other European lenders helped
spark a credit rout that's rippled across the world. Evidence of
mounting distress in global credit markets has also seen investors
flock to the safety of government debt and away from equities,
Bloomberg says.

"The European banks took it in the neck quite drastically, with
Deutsche being the nucleus of all that," Bloomberg quotes Scott
Rundell, chief credit strategist at Commonwealth Bank of Australia
in Sydney, as saying. "They're certainly the center of the
maelstrom and other banks have followed suit."

According to Bloomberg, the cost of protecting Deutsche Bank's
debt against default has more than doubled this year, while its
stock trades at about one-third of the company's liquidation
value. Bloomberg relates that the Frankfurt-based firm on Feb. 8
became the largest lender in at least four years to feel compelled
to reassure investors and employees that it has enough cash to pay
its debts.

The surge in Australian and Japanese bond risk follows the lead of
Europe and the U.S. The Markit CDX North America Investment Grade
Index jumped 5.9 basis points on Feb. 8 to about 120.6 basis
points, while the Markit iTraxx Europe rose 11.3 basis points to a
2 1/2-year high of 121.8, Bloomberg discloses.

"The widening in credit spreads and the focus now on credit-
default swaps suggests that the pain is not going away anytime
soon," Chris Weston, chief markets strategist in Melbourne at IG
Ltd., said in an e-mail to clients, Bloomberg relays. "There is
huge demand for portfolio protection in all asset classes and it
just doesn't feel like we are going to see a major turn anytime
soon."

With major Asian financial hubs such as Hong Kong and Singapore on
holidays, the moves in markets are also potentially being
exacerbated by a lack of liquidity, according to Bloomberg.

"The widening in CDS in the past few days doesn't reflect
fundamentals," Bloomberg quotes Hiroaki Fujioka, a senior credit
analyst at Daiwa Securities Group Inc. in Tokyo, as saying. "CDS
are widening because the number of market participants is
decreasing. There aren't enough people who will sell protection to
those who want to buy it."



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***