TCRAP_Public/160212.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Friday, February 12, 2016, Vol. 19, No. 30


                            Headlines


A U S T R A L I A

CHARLIE LOVETT: First Creditors' Meeting Set For Feb. 19
CHASE PERFORMANCE: First Creditors' Meeting Set For Feb. 22
CLASSIC MERINO: First Creditors' Meeting Set For Feb. 22
GLOBAL INTELLECTUAL: Placed Into Voluntary Administration
HINTER ENTERPRISES: First Creditors' Meeting Set For Feb. 22

PROSER FINANCIAL: First Creditors' Meeting Set For Feb. 18
QUEENSLAND NICKEL: Needs 'Millions' to Make it Past April 2016
QUEENSLAND NICKEL: Founder Could Face Criminal Charges, ASIC Says
TOTAL METAL: First Creditors' Meeting Set For Feb. 22


C H I N A

AOXING PHARMACEUTICAL: Posts $2.06 Million Net Income for Q2
CHINA SHANSHUI: Unit Defaults on CNY1.8 Billion Bond
GENERAL STEEL: Board Ousts Chief Executive Officer


I N D I A

AARCOT CERAMIC: CRISIL Cuts Rating on INR46MM Term Loan to 'D'
ADVANCE STEEL: Ind-Ra Withdraws B Long-Term Issuer Rating
ALLIANCE MINERALS: Ind-Ra Withdraws B+ Long-Term Issuer Rating
AMVENSYS TECHNOLOGIES: ICRA Suspends 'B' Rating on INR20cr Loan
ANIKA APPARELS: ICRA Suspends B+ Rating on INR2.30cr Loan

AVAYA INDUSTRIES: Ind-Ra Withdraws B+ Long-Term Issuer Rating
AXIOM CERAMIC: ICRA Suspends 'B' Rating on INR3.0cr Cash Loan
BABANRAOJI SHINDE: ICRA Assigns 'D' Rating to INR127.32cr Loan
BHARAT CONSTRUCTION: CRISIL Reaffirms B- Rating on INR120MM Loan
BHARAT HYDEL: CRISIL Reaffirms 'B-' Rating on INR100MM Cash Loan

BHAWTARINI VINIMAY: ICRA Suspends 'D' Rating on INR10cr Loan
BOTHRA METALS: Ind-Ra Withdraws BB Long-Term Issuer Rating
CHIRIPAL POLYFILMS: Ind-Ra Withdraws BB+ Long-Term Issuer Rating
CIL NOVA: Ind-Ra Withdraws BB+ Long-Term Issuer Rating
DIGNITY INNOVATIONS: Ind-Ra Withdraws B Long-Term Issuer Rating

DLP COTTON: CRISIL Assigns 'B' Rating to INR80MM Cash Loan
ELDER INSTRUMENTS: Ind-Ra Withdraws B Long-Term Issuer Rating
ELEMENT CHEMILINK: Ind-Ra Assigns BB+ Long-Term Issuer Rating
FLECTO CERAMIC: ICRA Suspends B+ Rating on INR2.60cr Loan
G.B. COTTON: ICRA Suspends 'B+' Rating on INR10cr Loan

G.S. COTTON: Ind-Ra Assigns B+ Long-Term Issuer Rating
GOODWIN JEWELLERS: Ind-Ra Assigns BB+ Long-Term Issuer Rating
GOPAL CHAKRABORTY: Ind-Ra Assigns B+ Rating to INR122.12MM Loans
GOUTHAMI HATCHERIES: CRISIL Cuts Rating on INR165MM Loan to D
GOVERDHAN VERMA: ICRA Reaffirms B+ Rating on INR6.20cr Loan

GOYAL ENGINEERING: ICRA Suspends 'D' Rating on INR130cr Loan
GSM PLUS: CRISIL Upgrades Rating on INR52.3MM LT Loan to 'B+'
HARIMAN EXPORTS: ICRA Suspends 'B' Rating on INR7.15cr Loan
INDIAN ART: Ind-Ra Assigns BB- Long-Term Issuer Rating
ILA HOME: CRISIL Assigns B+ Rating to INR37MM Bank Loan

IMOSYS ENGINEERING: ICRA Reaffirms 'B' Rating on INR5.75cr Loan
J AND S CONSTRUCTION: CRISIL Reaffirms 'B' Rating on INR50MM Loan
J.G. AGRO: CRISIL Assigns 'D' Rating to INR40MM Term Loan
JAISHRIRAM SUGAR: CRISIL Ups Rating on INR136.5MM Loan to 'C'
KAVERI SILKS: ICRA Suspends B+ Rating on INR2cr LT Loan

KBR COMMODITIES: Ind-Ra Assigns BB Long-Term Issuer Rating
L.M. FOODS: ICRA Lowers Rating on INR23cr Loan to 'D'
LAKSHMI ENTERPRISES: ICRA Suspends 'B+' Rating on INR15cr Loan
LAP DEVELOPERS: Ind-Ra Withdraws BB- Long-Term Issuer Rating
LAXMIKANT COTTON: ICRA Reaffirms 'B' Rating on INR5cr LT Loan

LIZER CYLINDERS: Ind-Ra Withdraws D Long-Term Issuer Rating
MACONS INFRATECH: Ind-Ra Withdraws B+ Long-Term Issuer Rating
MUDREMANE COFFEE: Ind-Ra Withdraws BB Long-Term Issuer Rating
N. A. SHELAR: CRISIL Reaffirms 'C' Rating on INR40MM Loan
NADAHALLI AGRO: Ind-Ra Withdraws B- Long-Term Issuer Rating

NATURAL SUGAR: CRISIL Lowers Rating on INR1.35BB Loan to B+
NDV ENTERPRISE: Ind-Ra Withdraws B+ Long-Term Issuer Rating
NEELI AQUA: ICRA Suspends 'B' Rating on INR5cr Bank Loan
OM NAMAH: Ind-Ra Withdraws B Long-Term Issuer Rating
OSCAR EQUIPMENTS: CRISIL Reaffirms B+ Rating on INR19MM Loan

PINKCITY BUILDHOME: ICRA Reaffirms B+ Rating on INR41.23cr Loan
PRAGATI COTTON: ICRA Reaffirms 'B' Rating on INR5.0cr Cash Loan
QUALITY MINT: ICRA Suspends B+/A4 Rating on INR11cr Loan
RAINBOW INFRASTRUCTURE: CRISIL Assigns B+ Rating to INR15MM Loan
RAVICAB CABLES: ICRA Withdraws 'D' Rating on INR4.0cr Loan

S.C SHAH: ICRA Suspend B+ Rating on INR6.0cr LT Loan
S.J. EXPORTS: CRISIL Lowers Rating on INR195MM Loan to 'B+'
SADGURU GINNING: ICRA Suspends 'B+' Rating on INR3cr Term Loan
SARAF CORPORATION: CRISIL Reaffirms B+ Rating on INR55MM Loan
SATHE SYNTHETICS: CRISIL Assigns B+ Rating to INR120MM Cash Loan

SHAKAMBARI POLYMERS: CRISIL Assigns 'B+' Rating to INR60MM Loan
SHARE MICROFIN: ICRA Reaffirms 'D' Rating on INR130.11cr Loan
SHETKARI SHIKSHAN: CRISIL Reaffirms 'D' Rating on INR195MM Loan
SHREE SHIVAM: ICRA Reaffirms 'B' Rating on INR4cr Cash Loan
SHRI AAVISHKAR: ICRA Reaffirms 'B+' Rating on INR4.50cr Loan

SHRI BALAJI: ICRA Reaffirms B+ Rating on INR9.50cr Cash Loan
SIDDHARTHA BRONZE: ICRA Reaffirms B+ Rating on INR7.50cr Loan
SOUTH INDIA: ICRA Withdraws B+ Rating on INR8.15cr Cash Loan
SRI GITA: ICRA Suspends B+ Rating on INR4.90cr LT Loan
SRI VAISHANAVI: ICRA Reaffirms 'B+' Rating on INR13cr LT Loan

STABLE PACKAGING: ICRA Reaffirms B+ Rating on INR4cr Cash Loan
SUJATHA FEEDS: CRISIL Lowers Rating on INR174MM LT Loan to 'D'
SURBHI INDUSTRIES: CRISIL Assigns B Rating to INR60MM Term Loan
SYMCOM EXIM: ICRA Reaffirms 'B' Rating on INR55cr LT Loan
TCS AND ASSOCIATES: ICRA Ups Rating on INR26.79cr Loan to BB-

TRISHA MARKETING: ICRA Reaffirms 'B' Rating on INR1cr Loan
TRUE WELL: ICRA Suspends 'B' Rating on INR6.20cr FB Loan
VETO CERAMIC: ICRA Suspends 'B' Rating on INR7.42cr Loan


J A P A N

TOSHIBA CORP: Moody's Cuts Corporate Family Rating to B2


X X X X X X X X

* Some 150 Oil Firms May File For Bankruptcy as Oil Prices Fall


                            - - - - -


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


CHARLIE LOVETT: First Creditors' Meeting Set For Feb. 19
--------------------------------------------------------
David Iannuzzi and Steve Naidenov of Veritas Advisory were
appointed as administrators of Charlie Lovett Franchising Pty Ltd
on Feb. 9, 2016.

A first meeting of the creditors of the Company will be held at
Veritas Advisory, Level 12, 88 Pitt Street, in Sydney, on
Feb. 19, 2016, at 10:30 a.m.


CHASE PERFORMANCE: First Creditors' Meeting Set For Feb. 22
-----------------------------------------------------------
Glenn J. Franklin and Petr Vrsecky of PKF Melbourne were appointed
as administrator of Chase Performance Pty. Ltd. aka Chase Skills
on Feb. 10, 2016.

A first meeting of the creditors of the Company will be held at
PKF Melbourne, Level 13, 440 Collins Street, in Melbourne, on Feb.
22, 2016, at 10.30 a.m.


CLASSIC MERINO: First Creditors' Meeting Set For Feb. 22
--------------------------------------------------------
Joseph Loebenstein and Andrew Robert Cameron of Loebenstein
Insolvency Services Pty Ltd were appointed as administrators of
Classic Merino Pty Ltd on Feb. 10, 2016.

A first meeting of the creditors of the Company will be held at
Suite 6, 115 Hawthorn Road, in Caulfield, North Victoria, on
Feb. 22, 2016, at 3:30 p.m.


GLOBAL INTELLECTUAL: Placed Into Voluntary Administration
---------------------------------------------------------
Broede Carmody at SmartCompany reports that several large
vocational education and training providers have collapsed into
voluntary administration after their parent company appointed
external administrators earlier this week.

Global Intellectual Holdings Pty Ltd entered voluntary
administration on Feb. 9, with Richard Albarran, Blair Pleash and
Shahin Hussain from Hall and Chadwick appointed as external
managers, according to SmartCompany.

Global Intellectual Holdings is the company behind several private
Australian training providers, including Aspire College of
Education, The Design Works College of Design, RTO Services Group
and the Australian Indigenous College, SmartCompany discloses
citing The Age.

At least 500 employees are expected to be affected by the
collapse, SmartCompany notes.

The first meeting of creditors is scheduled for later this month
in Brisbane, the report notes.


HINTER ENTERPRISES: First Creditors' Meeting Set For Feb. 22
------------------------------------------------------------
William Hamilton -- bill@wjhamilton.com.au -- of WJ Hamilton & Co.
was appointed as administrator of Hinter Enterprises Pty Ltd on
Feb. 10, 2016.

A first meeting of the creditors of the Company will be held at
Suite 508, 147 King Street, in Sydney, on Feb. 22, 2016, at 11:00
a.m.


PROSER FINANCIAL: First Creditors' Meeting Set For Feb. 18
----------------------------------------------------------
Mathew Muldoon and Ken Sellers of SellersMuldoonBenton were
appointed as administrators of Proser Financial Pty Ltd on Feb. 8,
2016.

A first meeting of the creditors of the Company will be held at
SellersMuldoonBenton, Level 3, 90 William Street, in Melbourne, on
Feb. 18, 2016, at 11:00 a.m.


QUEENSLAND NICKEL: Needs 'Millions' to Make it Past April 2016
--------------------------------------------------------------
Esmarie Swanepoel at miningweekly.com reports that the
administrators of Queensland Nickel are looking for a saviour to
invest "tens of millions of dollars" to keep the company afloat
past April this year.

miningweekly.com relates that FTI Consulting's John Park told a
teleconference on Jan. 29 that the company owed more than AUD100-
million to creditors and Queensland Nickel staff, of which nearly
AUD16-million worth of entitlements were due to the 237 employees
made redundant earlier this month, before the company went into
administration.

According to miningweekly.com, Mr. Park pointed out that at the
current nickel prices, Queensland Nickel was expected to trade at
a loss of some AUD30-million in 2016, with production expected to
reach 60-million pounds of nickel.

He added that with its current bank balance, administrators could
keep operations going for at least another two months, the report
relays.

"We've an ability to trade the business the next one to two
months, based on nothing unforeseen happening. During that
timeframe, we will be working with different stakeholders to
formulate a restructuring proposal for the business, or a deed of
company arrangement," miningweekly.com quotes Mr. Park as saying.

Queensland Nickel founder Clive Palmer had previously expressed
interest to participate in a deed of company arrangement, in order
to avoid the liquidation of the nickel company, the report says.

In 2015, Mr. Palmer awarded Queensland Nickel the ability to
borrow against coal tenements held by some of his other companies,
including Warratah Coal and First China, in exchange for AUD135-
million in two equal payments.

miningweekly.com relates that Mr. Park said that while
administrators were considering Mr. Palmer's offer, it was not an
"overnight solution".

In the meantime, the administrators had also been approached by
domestic and international entities that had expressed interest in
acquiring the business, Mr. Park, as cited by miningweekly.com,
said.

miningweekly.com meanwhile reports that Queensland Nickel MD Clive
Mensink on Jan. 29 defended the operations of the company, saying
that the only reason for the administration was the fall in the
nickel price, which was the lowest in 15 years.

"During the weeks prior to the redundancies, the Queensland Nickel
management team was working on plans to further improve our
existing operations and identify how Queensland Nickel could keep
the maximum number of people employed in this low nickel price
environment. Various options and cash flow models were considered
and Queensland Nickel actively sought financial assistance, which
was looking positive," the report quotes Mr. Mensink as saying.
"We recently celebrated 40 years in operation in Townsville and I
firmly believe Queensland Nickel is capable of operating for
another 40 years. Queensland Nickel can emerge from this
administration as a stronger company."

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


QUEENSLAND NICKEL: Founder Could Face Criminal Charges, ASIC Says
-----------------------------------------------------------------
Sarah Danckert at The Sydney Morning Herald reports that Clive
Palmer could face criminal charges over the collapse of his
company, Queensland Nickel, for the alleged use of aliases as the
Australian Securities and Investment Commission said it had
launched an informal investigation into the parliamentarian at a
Senate hearing.

According to the report, ASIC commissioner John Price told the
Senate Economics Legislative Committee that the regulator had "a
number of current inquiries around a range of issues with
Queensland Nickel".

"We are working closely with the administrators," Mr Price said.

Queensland Nickel went into administration last month owing
creditors, including hundreds of staff, about AUD100 million.
Mr. Palmer has been accused of being a shadow director of
Queensland Nickel and using the alias Terry Smith in his dealings
with the company, according to SMH.

"We're looking at issues around corporate donations. We're looking
at allegations around shadow directorships. We're also looking at
various issues around statutory reporting requirements. We are
making independent inquiries to various matters," SMH quotes Mr.
Price as saying. "It's far too early to come to a concluded view."

SMH relates that Mr. Price said that while using an alias in
Australia was not an offence, there were "some exceptions" that
could lead to criminal charges, including regarding information
provided to ASIC about a company.

"Has there been a false statement that's been lodged with us where
an alias has been used? There have been some indications that
there have been aliases but we're still in the early stage of our
inquiry," Mr Price, as cited by SMH, said.

It is unclear if ASIC will pursue criminal charges against Mr
Palmer with the regulator's informal investigation into Queensland
Nickel and Mr Palmer's alleged use of an alias in its preliminary
stages, SMH notes.

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


TOTAL METAL: First Creditors' Meeting Set For Feb. 22
-----------------------------------------------------
Nick Combis and Liyan Tay of Vincents Chartered Accountants were
appointed as administrators of Total Metal Roofing Pty Ltd on Feb.
10, 2016.

A first meeting of the creditors of the Company will be held at
Vincents Chartered Accountants, Level 34, 32 Turbot Street, in
Brisbane, Queensland, on Feb. 22, 2016, at 10:00 a.m.



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


AOXING PHARMACEUTICAL: Posts $2.06 Million Net Income for Q2
------------------------------------------------------------
Aoxing Pharmaceutical Company Inc. filed with the Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing
net income attributable to shareholders of the Company of $2.06
million on $8.19 million of sales for the three months ended
Dec. 31, 2015, compared to net income attributable to shareholders
of the Company of $567,169 on $6.43 million of sales for the same
period in 2014.

For the six months ended Dec. 31, 2015, the Company reported net
income attributable to shareholders of the Company of $3.33
million on $16.94 million of sales compared to net income
attributable to shareholders of the Company of $559,299 on $10.95
million of sales for the six months ended Dec. 31, 2014.

As of Dec. 31, 2015, the Company had $53.57 million in total
assets, $35.85 million in total liabilities and $17.72 million in
total equity.

A full-text copy of the Form 10-Q is available for free at:

                        http://is.gd/EYFtyq

                           About Aoxing

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

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

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


CHINA SHANSHUI: Unit Defaults on CNY1.8 Billion Bond
----------------------------------------------------
South China Morning Post reports that debt-laden China Shanshui
Cement Group has defaulted on a mainland-issued bond, its second
in two months, dealing a blow to rival Tianrui Group's plan to
take over the company as part of Beijing's push for consolidation
of the overcapacity-plagued cement sector.

Hong Kong-listed China Shanshui's principal subsidiary Shandong
Shanshui said it has defaulted on a CNY1.8 billion (HK$2.13
billion) three-year bond carrying an annual interest rate of
5.4% that matured on Jan. 21, the Post discloses.

The Post notes that the development has pushed China Shanshui, the
nation's seventh-largest cement maker, closer to bankruptcy, as
its earlier debt default triggered multiple lawsuits from
creditors that have already seen some of its assets frozen or put
into impending auctioning.

"The underlying cause of Shandong Shanshui's debt problems is
unresolved disputes over shareholders' control, which restricted
its fund-raising channels," Shandong Shanshui said in a statement
posted Jan. 21 on chinabond.com.cn, the main platform for mainland
bonds issuers' information disclosure, according to the Post.

Since the estimated value of the company's assets far exceeds its
debt, it expects court-ordered assets sales to bring in less
proceeds than claims made by creditors, it added, the Post relays.

In November, Shandong Shanshui defaulted on a CNY2 billion
debenture as a fight for control prevented the firm from obtaining
the financing it needed, the report recalls.

According to the Post, Henan province-based Tianrui Group, which
last April launched a hostile takeover by snapping up its shares
in the open market and raised its stake to 28.2% to become China
Shanshui's largest shareholder, has made a high profile take over
attempt after ousting its whole board in two shareholders' votes
late last year.

That was after it amassed a 10.5% stake in China Shanshui in
February, by paying a hefty premium over the prevailing market
price, the report states.

China Shanshui's new chief executive Li Heping, who recently
stepped down as chief executive of Tianrui Group's Hong Kong-
listed unit China Tianrui Group Cement, told the Post last month
Tianrui Group will "take over all [of China Shanshui's] companies,
repay the debt, and rebuild the business."

It succeeded in taking over more than 100 factories, except for
five plants and its headquarters in Jinan, Shandong, since China
Shanshui's ousted ex-chairman and founder Zhang Caikui and his son
Zhang Bin had "illegally occupied" the premises, the Tianrui-led
new board said late last month, the Post recalls.

It also said the Zhangs had "illegally retained" Shandong
Shanshui's seals, chops and books, so that the Jinan
Administration for Industry and Commerce refused to approve the
new board's application to change Shandong Shanshui's directors,
the report relates.

The Post notes that the shareholder brawl and subsequent ousting
of the entire board, including directors representing Taiwan-
listed Asia Cement, which has a 20.9 per cent stake, and state-
backed China National Building Material, which owns 16.7 per cent,
resulted in multiple debt defaults.

So far 17 creditors have filed lawsuits at various mainland courts
alleging non-payment of debt amounting to 2.8 billion yuan, the
Post relates citing Shandong Shanshui's statement on January 12.

Some of Shandong Shanshui's assets have been frozen under order of
various courts, the company has said, the Post adds. These include
various bank accounts, land, properties and shares in subsidiaries
frozen.

                       About China Shanshui

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

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

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


GENERAL STEEL: Board Ousts Chief Executive Officer
--------------------------------------------------
The Board of Directors of General Steel Holdings, Inc. dismissed
the Company's Chief Executive Officer, Ms. Yunshan Li, effective
Feb. 3, 2016, according to a Form 8-K report filed with the
Securities and Exchange Commission.

Mr. Henry Yu, chairman of General Steel, has been appointed as
interim chief executive officer pending the appointment of a
permanent successor.

                  About General Steel Holdings

General Steel Holdings, Inc., headquartered in Beijing, China,
produces a variety of steel products including rebar, high-speed
wire and spiral-weld pipe.  General Steel --
http://www.gshi-steel.com/-- has operations in China's Shaanxi
and Guangdong provinces, Inner Mongolia Autonomous Region and
Tianjin municipality with seven million metric tons of crude steel
production capacity under management.

General Steel reported a net loss of $78.3 million on $1.9 billion
of sales for the year ended Dec. 31, 2014, compared with a net
loss of $42.6 million on $2 billion of sales for the year ended
Dec. 31, 2013.

As of March 31, 2015, the Company had $2.5 billion in total
assets, $3.14 billion in total liabilities and a $637 million
total deficiency.

Friedman LLP, in New York, issued a "going concern" qualification
on the consolidated financial statements for the year ended
Dec. 31, 2014, citing that the Company has an accumulated deficit,
has incurred a gross loss from operations, and has a working
capital deficiency at Dec. 31, 2014.  These conditions raise
substantial doubt about the Company's ability to continue as a
going concern.


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I N D I A
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AARCOT CERAMIC: CRISIL Cuts Rating on INR46MM Term Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Aarcot
Ceramic Private Limited (ACPL) to 'CRISIL D/CRISIL D' from 'CRISIL
B+/Stable/CRISIL A4'. The downgrade reflects ACPL's delays in
meeting obligation on its bank loan facilities, because of weak
liquidity driven by nascent stage of operations.

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

   Cash Credit             25      CRISIL D (Downgraded from
                                   'CRISIL A4')

   Cash Term Loan          46      CRISIL D (Downgraded from
                                   'CRISIL A4')

   Proposed Long Term      44      CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL A4')

The company has modest scale of operations and weak financial risk
profile because of small networth and subdued debt protection
metrics. However, it benefits from its promoters' extensive
industry experience and strategic location of its manufacturing
unit.

ACPL, incorporated in Morbi (Gujarat) in 2013, is promoted by Mr.
Jitendra Lavjibhai Dekavadiya and Mr. Lakhmanbhai Madhavbhai
Zalariya. The company has set up a factory to manufacture digital
wall tiles and started commercial operation in November 2014.


ADVANCE STEEL: Ind-Ra Withdraws B Long-Term Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Advance Steel &
Tube Mills' (ASTM) Long-Term Issuer Rating of 'IND B (suspended)'.

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

Ind-Ra suspended ASTM's ratings on May 26, 2015.

ASTM's ratings:

   -- Long-Term Issuer Rating: 'IND B(suspended)'; rating
      Withdrawn

   -- INR 50 mil. fund-based working capital limits: Long-term
      'IND B(suspended)'; rating withdrawn

   -- INR30 mil. non-fund-based working capital limits: Short-
      term 'IND A4(suspended)'; rating withdrawn


ALLIANCE MINERALS: Ind-Ra Withdraws B+ Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Alliance
Minerals Private Limited's (AMPL) 'IND B+(suspended)' Long-Term
Issuer Rating.  The ratings have been withdrawn due to lack of
adequate information.  Ind-Ra will no longer provide ratings or
analytical coverage for AMPL.

Ind-Ra suspended AMPL's ratings on June 10, 2015.

AMPL's ratings:

   -- Long-Term Issuer Rating: 'IND B+(suspended)' ; rating
      withdrawn
   -- INR236.7 mil. long-term loans outstanding:
      'IND B+(suspended)' ; rating withdrawn
   -- INR360 mil. fund-based working capital limits:
      'IND B+(suspended)' and 'IND A4(suspended)' ; ratings
      withdrawn
   -- INR20 mil. non-fund-based working capital limits:
      'IND A4(suspended)' ; rating withdrawn


AMVENSYS TECHNOLOGIES: ICRA Suspends 'B' Rating on INR20cr Loan
---------------------------------------------------------------
ICRA has suspended the [ICRA]B rating assigned to the INR20.00
crore long term bank facilities of Amvensys Technologies Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


ANIKA APPARELS: ICRA Suspends B+ Rating on INR2.30cr Loan
---------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ to the fund
based facilities (cash credit) of INR0.50 crore, term loan of
INR0.95 crore and proposed limits of INR2.30 crore for Anika
Apparels Private Limited. ICRA has also suspended the short term
rating of [ICRA]A4 assigned to the short term non fund facilities
of INR4.75 and the proposed limits of INR2.30 crore. Proposed
limit of INR2.30 crore has been rated on both long term and short
term scale. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

Incorporated in 2006 by CA Rachana Singi and CA Abhishek Singi to
take over the business of Creative Factory Outlet, AAPL is engaged
in manufacturing and export of readymade garments for children and
ladies. The garments are manufactured in their facilities at Lower
Parel, Mumbai and at Vasai, Palghar. AAPL mainly exports its end
products to UK, USA and Europe and sources its raw materials
domestically and from China depending on the requirement of its
customers.

The company is also affiliated with the 'Creative' group of
companies which is engaged in a similar line of business.


AVAYA INDUSTRIES: Ind-Ra Withdraws B+ Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Avaya Industries
Ltd's. 'IND B+(suspended)' Long-Term Issuer Rating.

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

Ind-Ra suspended Avaya's ratings on April 21, 2015.

Avaya's ratings:

   -- Long-Term Issuer Rating: 'IND B+(suspended)'; rating
      withdrawn
   -- INR250 mil. fund-based working capital limits:
      'IND B+(suspended)'; rating withdrawn
   -- INR500 mil. non-fund-based working capital limits:
      'IND A4(suspended)'; rating withdrawn


AXIOM CERAMIC: ICRA Suspends 'B' Rating on INR3.0cr Cash Loan
-------------------------------------------------------------
ICRA has suspended [ICRA]B rating reaffirmed to the INR4.75 crore
long term fund based facilities & [ICRA]A4 rating reaffirmed to
the INR0.70 crore short term non fund based facilities of Axiom
Ceramic Private Limited. The suspension follows ICRA's inability
to carry out a rating surveillance in the absence of the requisite
information from the company.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based-Term
   Loans                 1.75         [ICRA]B; Suspended

   Fund Based-Cash
   Credit                3.00         [ICRA]B; Suspended

   Non Fund based-
   Bank Guarantee        0.70         [ICRA]A4; Suspended

Axiom Ceramic Private Limited (ACPL) is a ceramic wall tiles
manufacturer with its plant situated at Morbi, Gujarat. The
company was incorporated in 2010 by Mr. Vallabh Fefar, Mr. Lavji
Sherasia, and Mr. Prabhu Fefar along with four other promoters and
is currently managed by Mr. Dhaval Fefar and Mr. Rajneesh fefar.
ACPL currently manufactures digitally printed wall tiles of size
12" X 12'' (9 tiles/box), 18" X 12" (6 tiles/box) having an annual
installed capacity of producing 27 lacs boxes.


BABANRAOJI SHINDE: ICRA Assigns 'D' Rating to INR127.32cr Loan
--------------------------------------------------------------
ICRA has assigned an [ICRA]D rating to the INR230.00 crore long
term bank facilities of Babanraoji Shinde Sugar and Allied
Industries Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long term, Fund
   based limits
   Term Loan            127.32        [ICRA]D assigned

   Long term, Fund
   based limits
   Cash Credit           94.31        [ICRA]D assigned

   Long term
   Unallocated            8.37        [ICRA]D assigned

The assigned rating reflects recent delays by the company in
servicing its debt obligations owing to time overrun in the
projects resulting into delays in starting cane crushing which
along with high inventory maintained at the previous year end
resulting into stretched liquidity position. The rating continues
to factor in regulatory risks in the industry regarding cane
pricing, export regulations and agro climatic risks inherent in
the industry. However, forward integrated sugar plant with co-
generation unit will provide an additional source of revenue and
some cushion against the cyclicality in sugar business. ICRA has
taken a note of established track record of promoters in sugar
industry along with location advantage with mill located in cane
surplus region. Going forward, timely repayment of debt
obligations, ensuring adequate crushing period and maintaining
adequate working capital cycle will remain key rating sensitivity
factors.

BSS was incorporated in 2011 and is involved in manufacturing of
sugar and its allied products. The company has 5000 TCD (tonnes
crushed per day) sugar plant integrated with co-generation unit 25
MW (mega watt). The plant is located in Solapur district of
Maharashtra. The company commenced its operations in Feb'15 while
co-generation operations began in Mar'15.


BHARAT CONSTRUCTION: CRISIL Reaffirms B- Rating on INR120MM Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Bharat Construction
(BC; part of the Bharat group) continue to reflect the Bharat
group's stretched liquidity, driven by long working capital cycle
and investments in associate entity and joint venture, and
exposure to intense competition in the civil construction
industry. These weaknesses are partially offset by its promoters'
extensive experience in the construction industry.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Bank Guarantee        230      CRISIL A4 (Reaffirmed)
   Cash Credit           120      CRISIL B-/Stable (Reaffirmed)

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of BC and Bharat Hydel Projects Pvt. Ltd.
(BHPPL). This is because the two entities, together referred to as
the Bharat group, are under a common management and in the same
line of business, and share resources to implement orders.
Outlook: Stable

CRISIL believes the Bharat group will benefit from its promoters'
extensive industry experience. The outlook may be revised to
'Positive' in case of improvement in liquidity because of
reduction in receivables cycle, or larger-than-expected capital
infusion by promoters, and timely and successful liquidation of
non-current investments. Conversely, the outlook may be revised to
'Negative' in case of deterioration in liquidity and financial
risk profile because of larger-than-expected working capital
requirement, significant decline in revenue and cash accrual, or
large capital expenditure.

BC, set up in 1999, is a partnership firm and constructs roads and
hydroelectric power plants in Uttarakhand and Himachal Pradesh.
Mr. Rajeev Garg and Mr. R S Panwar are equal partners in the firm.

BHPPL was set up by Mr. Garg and Mr. Panwar in 2005-06 (refers to
financial year, April 1 to March 31) to participate in large
tenders and contracts for construction of roads and hydroelectric
power plants.


BHARAT HYDEL: CRISIL Reaffirms 'B-' Rating on INR100MM Cash Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Bharat Hydel Projects
Private Limited (BHPPL; part of the Bharat group) continue to
reflect the Bharat group's stretched liquidity, driven by long
working capital cycle and investments in associate entity and
joint venture, and exposure to intense competition in the civil
construction industry. These weaknesses are partially offset by
its promoters' extensive experience in the construction industry.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee        200       CRISIL A4 (Reaffirmed)
    Cash Credit          100       CRISIL B-/Stable (Reaffirmed)

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of BHPPL and Bharat Construction (BC).
This is because the two entities, together referred to as the
Bharat group, are under a common management and in the same line
of business, and share resources to implement orders.
Outlook: Stable

CRISIL believes the Bharat group will benefit from its promoters'
extensive industry experience. The outlook may be revised to
'Positive' in case of improvement in liquidity because of
reduction in receivables cycle, or larger-than-expected capital
infusion by promoters, and timely and successful liquidation of
non-current investments. Conversely, the outlook may be revised to
'Negative' in case of deterioration in liquidity and financial
risk profile because of larger-than-expected working capital
requirement, significant decline in revenue and cash accrual, or
large capital expenditure.

BC, set up in 1999, is a partnership firm and constructs roads and
hydroelectric power plants in Uttarakhand and Himachal Pradesh.
Mr. Rajeev Garg and Mr. R S Panwar are equal partners in the firm.

BHPPL was set up by Mr. Garg and Mr. Panwar in 2005-06 (refers to
financial year, April 1 to March 31) to participate in large
tenders and contracts for construction of roads and hydroelectric
power plants.


BHAWTARINI VINIMAY: ICRA Suspends 'D' Rating on INR10cr Loan
------------------------------------------------------------
ICRA has suspended [ICRA]D rating assigned to INR10 crore (of
which INR2 crore is proposed) cash credit facility of Bhawtarini
Vinimay Private Limited (BVPL). The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.


BOTHRA METALS: Ind-Ra Withdraws BB Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Bothra Metals &
Alloys Ltd.'s 'IND BB' (suspended)' Long-Term Issuer Rating.

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

Ind-Ra suspended Bothra Metals' ratings on May 14, 2015.

Bothra Metals' ratings:

   -- Long-Term Issuer Rating: 'IND BB(suspended)'; rating
      withdrawn
   -- INR200 mil. fund based limits: Long-term
      'IND BB(suspended)'; rating withdrawn
   -- INR250 mil. non-fund based limits: Short-term
      'IND A4+(suspended)'; rating withdrawn
   -- INR28.1 mil. term loan: Long-term 'IND BB(suspended)';
      rating withdrawn


CHIRIPAL POLYFILMS: Ind-Ra Withdraws BB+ Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Chiripal
Polyfilms Limited's (CPFL) 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 CPFL

Ind-Ra suspended CPFL's ratings on July 6, 2015.

CPFL's ratings:

   -- Long Term Issuer Rating: 'IND BB+(suspended)'; rating
      withdrawn
   -- INR720 mil. long term loan: 'IND BB+(suspended)'; rating
      withdrawn
   -- INR400 mil. Fund Based limits: 'IND BB+(suspended)'/
      'IND A4+(suspended)'; rating withdrawn
   -- INR700 mil. Non-Fund Based limits: 'IND A4+(suspended)';
      rating withdrawn


CIL NOVA: Ind-Ra Withdraws BB+ Long-Term Issuer Rating
------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn CIL Nova
Petrochemical Ltd's (CIL Nova) 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 CIL Nova

Ind-Ra suspended CIL Nova's ratings on July 6, 2015.

CIL Nova's ratings:

   -- Long-Term Issuer Rating: 'IND BB+(suspended)'; ratings
      withdrawn
   -- INR319.78 mil. long-term loans: 'IND BB+(suspended)';
      rating withdrawn
   -- INR72.04 mil. fund-based limits: 'IND BB+(suspended)';
      rating withdrawn
   -- INR204.7 mil. non-fund-based limits: 'IND A4+(suspended)';
      rating withdrawn


DIGNITY INNOVATIONS: Ind-Ra Withdraws B Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Dignity
Innovations' (DI) 'IND B(suspended)' Long-Term Issuer Rating.

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

Ind-Ra suspended DI's ratings on June 11, 2015.

DI's ratings:

   -- Long-Term Issuer Rating: 'IND B(suspended)'; rating
      withdrawn
   -- INR5.8 mil. long-term loans : 'IND B(suspended)'; rating
      withdrawn
   -- INR105 mil. fund-based working capital limits:
      'IND B(suspended)' and 'IND A4 (suspended)'; ratings
      withdrawn


DLP COTTON: CRISIL Assigns 'B' Rating to INR80MM Cash Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of DLP Cotton (DLP).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           80        CRISIL B/Stable (Assigned)
   Term Loan             20        CRISIL B/Stable (Assigned)

The rating reflects the extensive experience of DLP's promoters in
the cotton industry and expected benefits from proximity to
cotton-growing belt in Gujarat. These strengths are partially
offset by start-up phase and expected modest scale of operations
in highly competitive industry, and expected average financial
risk profile because of moderate gearing and muted debt protection
metrics.
Outlook: Stable

CRISIL believes DLP will benefit over the medium term from
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if early stabilisation of operations leads
to sizeable cash accrual. Conversely, the outlook may be revised
to 'Negative' if cash accrual is low, or financial risk profile
deteriorates because of stretch in working capital cycle or large
debt-funded capital expenditure, or operations are disrupted by
regulatory changes.

Set up in 2015 as a partnership firm by the Morbi, Gujarat-based
Mr. Piyush D Saradava and other family members, DLP is engaged in
cotton ginning and trading. The operations are expected to
commence by end of February 2016.


ELDER INSTRUMENTS: Ind-Ra Withdraws B Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Elder
Instruments Pvt. Ltd's. 'IND B (suspended)' Long-Term Issuer
Rating.

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

Ind-Ra suspended Elder's ratings on April 21, 2015.

Elder's Ratings:

   -- Long-Term Issuer Rating: 'IND B(suspended)'; rating
      withdrawn
   -- INR20 mil. term loans: Long-term 'IND B(suspended)'; rating
      withdrawn
   -- INR80 mil. Fund-based working capital limits: Long-term
      'IND B(suspended)'; rating withdrawn
   -- INR50 mil. Non- fund based working capital limits: Short-
      term 'IND A4(suspended)'; rating withdrawn


ELEMENT CHEMILINK: Ind-Ra Assigns BB+ Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Element Chemilink
Private Limited (ECPL) a Long-Term Issuer Rating of 'IND BB+'.
The Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect ECPL's small scale of operations with revenue
of INR284.1 mil. in FY15, and a high level of product
concentration as three products constituted around 88.0% of the
total revenue in FY15.

The ratings factor in ECPL's comfortable credit metrics and
healthy EBITDA margin with net financial leverage (Ind-Ra adjusted
net debt/operating EBITDA) of 0.6x at FYE15 (FY14: 0.9x) and
EBITDA interest coverage of 6.3x (7.x), and the margins above
16.0% during the four years ended FY15.  The ratings also factor
in ECPL's operating track record of around 10 years supported by
its longstanding customer relationships.

Moreover, the company's liquidity is comfortable with average peak
cash credit utilization at 41.0% during the 12 months ended
December 2015 and positive cash flow from operations since FY12 to
FY15 except in FY14.

RATING SENSITIVITIES

Positive: A substantial improvement in the revenue while maintain
the present credit metrics could lead to a positive rating action.

Negative: Any debt-led capex or margin pressure leading to
deterioration in the credit metrics could lead to a negative
rating action.

COMPANY PROFILE

Incorporated in 2006, ECPL manufactures bromine-based
intermediaries.  The company has two manufacturing units, both
situated in Ankaleswar (Gujrat) with a combined capacity of 275
metric ton/month.  It is a closely held private limited company
founded by Mr. Anish Parikh.

ECPL's ratings are:

   -- Long Issuer Rating: assigned to 'IND BB+'/Stable
   -- INR30.0 mil. fund-based working capital limits: assigned
      Long-term 'IND BB+'/Stable and Short-term 'IND A4+'
   -- INR9.6 mil. long-term loans assigned Long-term
      'IND BB+'/Stable
   -- INR20.0 mil. non-fund-based working capital limits:
      assigned Short-term 'IND A4+'


FLECTO CERAMIC: ICRA Suspends B+ Rating on INR2.60cr Loan
---------------------------------------------------------
ICRA has suspended [ICRA]B+ rating reaffirmed to the INR6.22 crore
long term loans & working capital facilities & [ICRA]A4 rating
reaffirmed to the INR0.80 crore, short term non fund based bank
guarantee facilities of Flecto Ceramic Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based-Term
   Loan I                2.60         [ICRA]B+ suspended

   Fund Based-Term
   Loan II               1.62         [ICRA]B+ suspended

   Fund Based-Cash
   Credit                2.00         [ICRA]B+ suspended

   Non Fund Based-
   Bank Guarantee        0.80         [ICRA]A4 suspended

According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information to
assess such rating during the surveillance exercise

Flecto Ceramic Private Limited is a digitally printed ceramic wall
tiles manufacturer with its plant situated at Morbi, Gujarat. The
company was incorporated in 2011 as private limited company with
the commencement of commercial operation in May 2012. Three
directors namely, Mr. Damjibhai Patel, Mr. Manilal Patel and Mr.
Nikunj Paija manage the company. At present, the manufacturing
plant has an installed capacity to produce 17550 metric ton per
annum (MTPA) of digital ceramic wall tiles in three sizes 10"X15",
12"X12' and 18"X12".


G.B. COTTON: ICRA Suspends 'B+' Rating on INR10cr Loan
------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR10.00
crore limits of G.B. Cotton Industries. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company.

According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information to
assess such rating during the surveillance exercise.

Established in 1999, G.B. Cotton Industries (GBCI) is engaged in
the business of ginning and pressing of raw cotton into cotton
seeds and fully pressed cotton bales as well as crushing of cotton
seeds to obtain cotton seed oil and cotton oil cake. The
manufacturing facility, located in Kadi (Mehsana), is equipped
with forty ginning machines and one pressing machine with a
capacity to produce 400 cotton bales with 23 hours (considering 1
hour for cleaning) of operations. The plant is also equipped with
six expellers for cotton seed crushing having an intake capacity
of ~32.50 MTPD. The firm is promoted and managed by Mr. Rajesh
Patel along with his relatives and friends with key promoters
having an experience of more than a decade in the cotton ginning
industry.


G.S. COTTON: Ind-Ra Assigns B+ Long-Term Issuer Rating
------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned G.S. Cotton
Company (GSCC) a Long-Term Issuer Rating of 'IND B+'.  The Outlook
is Stable.

KEY RATING DRIVERS

The ratings are constrained by GSCC's weak credit metrics.  Its
gross interest coverage (operating EBITDA/gross interest expense)
stood at 1.10x in FY15 (FY14: 1.09x) and net leverage (total
Ind-Ra adjusted net debt/operating EBITDAR) at 8.85x (6.10x).  The
ratings further factor in the small scale of operations as evident
from its revenue size of INR587.07 mil. in FY15 (FY14: INR818.10
mil.).

The ratings benefit from the promoter's experience of around 15
years in the cotton business.

RATING SENSITIVITIES

Negative: A fall in the overall credit metrics will be negative
for the ratings.

Positive:  A substantial increase in the sales along with an
overall improvement in credit metrics will be positive for the
ratings.

COMPANY PROFILE

Incorporated in 2012, GSCC trades cotton to various spin millers
in Punjab and Haryana.

GSCC's ratings: - Long-Term Issuer Rating:

   -- INR40 mil. fund-based working capital limit: assigned
      'IND B+'/ Stable/ 'IND A4'
   -- Proposed INR20 mil. fund-based working capital limit:
      assigned 'Provisional IND B+'/Stable/ 'Provisional A4'
   -- Proposed INR40 mil. non-fund based limit: assigned
      'Provisional IND A4'


GOODWIN JEWELLERS: Ind-Ra Assigns BB+ Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Goodwin Jewellers
Private Limited (GJ) a Long-Term Issuer Rating of 'IND BB+'.  The
Outlook is Stable.  The agency has also assigned GJ's INR400 mil.
fund-based working capital facilities an 'IND BB+' rating with a
Stable Outlook and an 'IND A4+' rating.

                        KEY RATING DRIVERS

The ratings reflect GJ's moderate credit metrics because of a
stretched working capital cycle.  In FY15, net leverage was 4.0x
(FY14: 6.2x) and EBITDA interest cover was 2.1x (2.3x).  Net
working capital cycle was 130 days in FY15 primarily on large
inventory (INR429 mil.). As a policy, the company holds a minimum
50kg of gold inventory in every showroom; there are nine showrooms
in total.  Liquidity was comfortable with the fund-based working
capital facilities being utilized at an average of 79.2% during
the 12 months ended November 2015.

The ratings however are supported by the company's promoter's
four-decade-long experience in trading and manufacturing gold
ornaments.

                        RATING SENSITIVITIES

Positive: Stabilization of operations in the new showrooms leading
to a substantial increase in the scale and improved profitability
and a sustained improvement in the credit metrics will be positive
for the ratings.

Negative: Any deterioration in EBITDA margin leading to sustained
deterioration in the credit metrics could be negative for the
ratings.

COMPANY PROFILE

GJ was established in 2004.  The company manufactures and sells
gold ornaments. GJ's FY15 revenue was INR1,415 mil. (FY14: INR723
mil.) and EBITDA margin was 6.5% (5.8%).


GOPAL CHAKRABORTY: Ind-Ra Assigns B+ Rating to INR122.12MM Loans
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) assigned Gopal Chakraborty
Charitable Trust's (GCCT) INR122.12 mil. additional bank loans an
'IND B+' rating.  The Outlook is Stable.

The total rated amount now is INR264.28 mil.


GOUTHAMI HATCHERIES: CRISIL Cuts Rating on INR165MM Loan to D
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Gouthami Hatcheries Private Limited (GHPL: part of the Gouthami
group) to 'CRISIL D' from 'CRISIL B-/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            160      CRISIL D (Downgraded from
                                    'CRISIL B-/Stable')

   Long Term Loan         165      CRISIL D (Downgraded from
                                   'CRISIL B-/Stable')

   Proposed Long Term      71.2    CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL B-/Stable')

The downgrade reflects delay by GHPL in servicing its debt because
of weak liquidity driven by stretched working capital cycle.

The Gouthami group has a weak financial risk profile because of
small networth/high gearing/subdued debt protection measures. It
also has modest scale of operations and faces intense competition
in the poultry industry. However, it benefits from its promoters'
extensive industry experience.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of GHPL and Sujatha Feeds Pvt Ltd (SFPL).
This is because both the companies, together referred to as the
Gouthami group, are under the same management team, and have
considerable operational and business linkages.

GHPL, set up in 1999, produces hatching eggs and broiler birds.
SFPL, set up in 2009, manufactures poultry feed. The companies are
promoted by Mr. D Srinath Reddy and his wife, Ms. D Lokeshwari.


GOVERDHAN VERMA: ICRA Reaffirms B+ Rating on INR6.20cr Loan
-----------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B+ on the
INR6.20 crore fund based bank limits of Goverdhan Verma Punjab
Jewellers Pvt Ltd (GVPJ).

                         Amount
   Facilities         (INR crore)     Ratings
   ----------         -----------     -------
   Fund Based Limits       6.20       [ICRA]B+; (Reaffirmed)
The rating reaffirmation takes into account the 17% year-on-year
growth in GVPJ's operating income in FY15, which has however been
accompanied by an erosion in profit margins.

The rating continues to factor in GVPJ's modest scale of
operations, as well as the highly fragmented and intensely
competitive nature of the jewellery industry, which results in
subdued margins. The rating also takes into account the company's
high working capital intensity due to the need to maintain high
inventory levels. Reliance on bank borrowings for funding the
working capital cycle has resulted in an elevated gearing, which
coupled with GVPJ's weak profitability translates into modest
coverage indicators. However, the rating positively factors in the
company's long standing market presence and the established
position of GVPJ's promoters in the field of jewellery
manufacturing and retailing, and the healthy long term demand
prospects for the jewellery retail industry in India.
Going forward the ability of the company to ramp up its scale of
operations while optimally managing its working capital cycle will
be the key rating sensitivities.

GVPJ was incorporated in 1992 by Mr. Sanjay Verma and is engaged
in the retailing of gold and diamond jewellery and other similar
items. The company has its showroom at Karol Bagh in Delhi.

Recent Results
GVPJ reported a profit after tax (PAT) of INR0.17 crore on an
operating income of INR29.47 crore in FY15 as compared to a PAT of
INR0.17 crore on an operating income of INR33.76 crore in the
previous year.


GOYAL ENGINEERING: ICRA Suspends 'D' Rating on INR130cr Loan
------------------------------------------------------------
ICRA has suspended its rating of [ICRA]D assigned to the INR130
crore bank facilities of Goyal Engineering Polymers Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


GSM PLUS: CRISIL Upgrades Rating on INR52.3MM LT Loan to 'B+'
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
GSM Plus India (GSM) to 'CRISIL B+/Stable' from 'CRISIL B/Stable',
and reaffirmed its rating on the short-term facility at 'CRISIL
A4'.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Packing Credit         60       CRISIL A4 (Reaffirmed)

   Proposed Long Term     52.3     CRISIL B+/Stable (Upgraded
   Bank Loan Facility              from 'CRISIL B/Stable')

   Term Loan               7.7     CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

The rating upgrade reflects improvement in GSM's business risk
profile, backed by increasing demand from a stable clientele
supported by successful installation of own power looms. Sales
grew at a rate of 38 percent year-on-year to INR264.8 million in
2014-15(refers to financial year, April 1 to March 31) and is
expected to increase at a healthy rate over the medium term.

Operating profitability also improved to 4.7 percent in 2014-15
from 2.8 percent in 2013-14 because of improved efficiencies with
installation of own power looms. Financial risk profile continues
to be moderate with moderate gearing and debt protection metrics.

Also, liquidity remains adequate with cash accrual sufficient to
meet debt obligation, despite high bank limit utilisation.

The ratings also reflect the extensive experience of GSM's
promoters, established relationship with customers. These
strengths are partially offset by exposure to volatility in raw
material prices and foreign exchange rates, and large working
capital requirement.
Outlook: Stable

CRISIL believes GSM will continue to benefit over the medium term
from promoters' extensive experience and established relationship
with customers. The outlook may be revised to 'Positive' if
significant and sustained improvement in scale of operations and
profitability leads to sizeable cash accrual. Conversely, the
outlook may be revised to 'Negative' if revenue and profitability
decline, or the company undertakes unanticipated, large, capital
expenditure programme, or if stretch in working capital cycle
weakens liquidity.

Established in 2009 as a partnership firm by Mr. G Boominathan,
Mrs. G Savriti, and Mr. N Gurusamy, GSM manufactures and exports
terry towels and towelling material. Facility is in Madurai, Tamil
Nadu.

In 2014-15, profit after tax (PAT) was INR4.8 million on net sales
of INR264.8 million, against a PAT of INR2.1 million on net sales
of INR191.0 million for 2013-14.


HARIMAN EXPORTS: ICRA Suspends 'B' Rating on INR7.15cr Loan
-----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to
INR7.15 crore proposed fund based limits of Hariman Exports. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information to
assess such rating during the surveillance exercise.

Established as a partnership firm, Hariman Exports is a 100%
Export Orientated Unit engaged in processing and exporting of
granite slabs with proposed installed capacity of 900,000 sq ft of
granite slabs per annum. The firm is promoted by Mr. Srinivasa
Mandava and it is based out in Ongole, Prakassam District of
Andhra Pradesh.


INDIAN ART: Ind-Ra Assigns BB- Long-Term Issuer Rating
------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Indian Art
Gallery (IAG) a Long-Term Issuer Rating of 'IND BB-'.  The Outlook
is Stable.  The agency has also assigned IAG's INR100 mil. fund-
based limits a Long-term 'IND BB-' rating with Stable Outlook and
a Short-term 'IND A4+' rating.

KEY RATING DRIVERS

The ratings are constrained by IAG's small scale of operations and
moderate-to-weak credit metrics.  In FY15, revenue was INR387.23
mil. (FY14: INR324.06 mil.), financial leverage (total Ind-Ra
adjusted net debt/operating EBITDAR) was 4.29x (3.34x) and
interest coverage (operating EBITDA/gross interest expense) was
1.82x (3.66x).

The ratings are, however, supported by the around two-decade-long
experience of IAG's promoters in manufacturing handmade and
handwoven carpets and rugs.  The ratings are further supported by
IAG's satisfactory EBITDA margins of 5.15%.  The ratings also
factor in the company's comfortable liquidity position as evident
from its 83.49% fund-based limits utilization on average during
the 12 months ended January 2016.

RATING SENSITIVITIES

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

Positive: An increase in the revenue and operating profitability
resulting in an improvement in the credit metrics will be positive
for the ratings.

COMPANY PROFILE

Established in 1996, IAG manufactures handmade and handwoven
carpets and rugs.  The firm is located in Bhadohi (Uttar Pradesh).
It has SA 8000:2008, ISO 9001, OHSAS 18001, ISO 14001 and ISO
50001 certifications.


ILA HOME: CRISIL Assigns B+ Rating to INR37MM Bank Loan
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Ila Home Fashions (IHF).

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Proposed Fund-Based
   Bank Limits              37       CRISIL B+/Stable
   Bills Payable            35       CRISIL A4
   Packing Credit           48       CRISIL A4

The ratings reflect the extensive industry experience of IHF's
promoters, established relationship with customers and suppliers,
and above-average financial risk profile because of moderate
gearing and debt protection metrics. These strengths are partially
offset by the firm's small scale of operations, customer
concentration in revenue profile, and exposure to foreign exchange
fluctuation.
Outlook: Stable

CRISIL believes IHF will continue to benefit over the medium term
from partners' extensive industry experience. The outlook may be
revised to 'Positive' if significant improvement in scale of
operations and profitability margins leading to higher-than-
expected cash accrual. Conversely, the outlook may be revised to
'Negative' if revenue from key customers declines, thereby
adversely affecting margins, or in case any large, debt-funded
capital expenditure programme weakens capital structure and debt
protection metrics.

Based in Panipat (Haryana) and established in 2003, IHF is
promoted by Mr. Devesh Gupta and Ms. Ruchi Gupta. The firm
manufactures and exports home furnishing products such as floor
covering, and specialising in hand-tufted rugs, hand-woven rugs,
leather rugs, and bathroom floor coverings.

IHR reported a net profit of INR7 million on net sales of INR321.9
million in FY 2014-15 against net profit of INR6.4 million on net
sales of INR350.6 million in FY 2013-14.


IMOSYS ENGINEERING: ICRA Reaffirms 'B' Rating on INR5.75cr Loan
---------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B to INR7.25
crore1 (earlier INR6.25 crore) fund based limits of Imosys
Engineering Company Private Limited.

                         Amount
   Facilities         (INR crore)     Ratings
   ----------         -----------     -------
   Cash Credit Limits     1.50        [ICRA]B reaffirmed
   Term Loan              5.75        [ICRA]B reaffirmed

The rating reaffirmation is constrained by the modest scale of
operations of the company and its weak financial profile as
characterized by, net losses resulting into erosion of net worth,
moderate gearing and stretched debt protection metrics. The rating
also factors in the stretched liquidity position of the company on
account of elongated operating cycle/cash conversion cycle as
reflected by high working capital intensity (NWC/OI=41% in
FY2015). The rating also takes into consideration the high
customer and supplier concentration and also intense competition
from the established players in the industry. These apart, the
rating is also constrained by the debt-funded capital expenditure
plans towards capacity expansion, which might further exert
pressure on the capital structure and debt protection metrics of
the company over the medium term. Going forward, the company's
ability to scale its operations, improve its profitability and
effectively manage its working capital requirements would be the
key rating drivers.

The reaffirmation, however, favorably factors in the long track
record of the promoters in the field of manufacturing moulds base
and die sets, and the company's relationships with the reputed
clients like Euro American Plastic Products Private Limited,
SMIIEL, Minda Industries etc. The reaffirmation also positively
considers the product usability in different industries and
positive demand prospects for moulded plastics which ensures
demand for the company's products throughout the business cycle.

Imosys Engineering Company Private Limited was incorporated in the
year 2010 as a private limited company. The directors of IECPL are
Mr. Shrikrishna Upadhyay and Ms. Sumi Ajit Thandassery. The
company is involved in the manufacturing of moulds base and die
sets. Major customers of IECPL include companies from sectors such
as automotive, consumer electrical, medical and cosmetics etc.
IECPL commenced its operations in February 2013 and its
manufacturing plant is situated at Belgaum, Karnataka.

Recent Results
As per the results for FY2015, the firm has reported a net loss of
INR0.44 crore on an operating income of INR4.37 crore as against a
net loss of INR0.88 crore on an operating income of INR2.70 crore
in FY2014.


J AND S CONSTRUCTION: CRISIL Reaffirms 'B' Rating on INR50MM Loan
-----------------------------------------------------------------
CRISIL's rating on the bank facilities of J and S Construction
(J&S) continues to reflect the firm's small scale of operations in
a fragmented civil construction industry, large working capital
requirements, and its below-average financial risk profile marked
by a modest net worth. These rating weaknesses are partially
offset by the promoters' extensive experience in the civil
construction industry, and J&S's moderate order book.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         30       CRISIL A4 (Reaffirmed)

   Cash Credit            50       CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     20       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that J&S will benefit over the medium term from
its promoters' experience in the civil construction segment. The
outlook may be revised to 'Positive' if the firm improves its
working capital management and registers larger-than-expected cash
accruals, leading to improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if J&S
reports lower-than-expected revenue or profitability or its
working capital management deteriorates resulting in stretched
liquidity.

Established in 2003, and based in Malappuram (Kerala), J&S is
involved in execution of civil contracts for the Public Works
Department, Kerala. The firm's daily operations are managed by Mr.
N S Luka and Mr. K M Salim.

The firm reported a net profit of INR8.3 million on an operating
income of INR178.9 million for 2014-15 (refers to financial year,
April 1 to March 31), as against a net profit of INR7.1 million on
an operating income of INR152.4 million for 2013-14.


J.G. AGRO: CRISIL Assigns 'D' Rating to INR40MM Term Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of J.G. Agro Foods (JGAF).

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Warehouse Receipts      20       CRISIL D
   Term Loan               40       CRISIL D
   Cash Credit             40       CRISIL D
   Proposed Cash Credit
   Limit                   20       CRISIL D

The rating reflects instances of delay by the firm in meeting its
debt obligations; the delays were due to weak liquidity.

JGAF also has a small scale, and working capital intensive nature,
of operations in the highly fragmented rice industry. Moreover,
its profitability is susceptible to volatility in raw material
prices. However, the firm benefits from the extensive industry
experience of its partners.

JGAF was established in 2013 as a partnership firm by Mr. Vijay
Kumar Chhabra, Mr. Pritam Dass, and Mr. Pawan Kumar. The firm
processes basmati rice at its plant at Ghubaya village, Jalalabad,
in Punjab. It has a total milling and sorting capacity of 2 tonnes
per hour.

On a provisional basis, in 2014-15 (refers to financial year,
April 1 to March 31), book profit was around INR0.2 million on net
revenue of INR197.2 million, against a book profit of around
INR0.1 million on net revenue of INR128.1 million in the previous
year.


JAISHRIRAM SUGAR: CRISIL Ups Rating on INR136.5MM Loan to 'C'
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Jaishriram Sugar and Agro Products Limited (JSAPL) to 'CRISIL C'
from 'CRISIL D'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           33.5      CRISIL C (Upgraded from
                                   'CRISIL D')

   Sugar Pledge         136.5      CRISIL C (Upgraded from
   Cash Credit                     'CRISIL D')

The rating upgrade reflects timely servicing of debt by JSAPL over
the three months through January 2016. Liquidity, however, remains
weak on account of depressed cash accrual, which is expected to be
inadequate to meet term debt obligations over the medium term.
However, the promoters may provide need-based funding support to
support debt servicing.

JSAPL's financial risk profile is weak, with below-average capital
structure and debt protection metrics; moreover, it remains
exposed to risks relating to non-availability of sugarcane and to
unfavourable regulations in the sugar industry. However, the
company benefits from the promoters' experience and funding
support.

JSAPL, incorporated in February 2006, has a sugar plant with
capacity to crush 2000 tonnes of cane per day, and a 5-megawatt
cogeneration plant. The plant, located at Halgaon, Ahmednagar
(Maharashtra), commenced commercial operations in 2012-13 (refers
to financial year, April 1 to March 31). Operations are managed by
current promoter, Mr. M N Navale and his family.


KAVERI SILKS: ICRA Suspends B+ Rating on INR2cr LT Loan
-------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR2.00
crore long term bank facilities and the [ICRA]A4 rating assigned
to the INR9.75 crore short term bank facilities of Kaveri Silks
and Jute Private Limited. The suspension follows ICRA's inability
to carry out a rating surveillance in the absence of the requisite
information from the company.


KBR COMMODITIES: Ind-Ra Assigns BB Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned KBR Commodities
(KBRC) a Long-Term Issuer Rating of 'IND BB'.  The Outlook is
Stable.

KEY RATING DRIVERS

The ratings reflect KBRC's moderate scale of operations with
revenue of INR1,351 mil. in FY15 (eight months operational) with
its moderate financial profile as reflected in its low operating
EBITDA interest coverage of 3.3x, high net leverage of 10.6x and
low operating EBITDA margins of 1.3%.

The ratings are supported by KBRC's partners' experience of nearly
a decade in the cotton business.  Moreover, KBRC is a part of the
Manjeet Cotton group which consists of various companies and firms
engaged in cotton ginning, cotton pressing and cotton trading
activities.

RATING SENSITIVITIES

Positive: A positive rating action could result from an increase
in the scale of operations along with an improvement in the
overall credit metrics of the company.

Negative: A negative rating action could result from failure to
achieve the top line as projected by the company.

Incorporated in September 2014, KBRC is engaged in cotton seed oil
extraction, processing of cotton seed to manufacture cotton seed
oil and cake, ginning & pressing of cotton and trading of cotton &
allied products.  The company has an installed capacity to process
0.32 million quintals of cotton seed every year and 360 cotton
bales per day.

KBRC's ratings:

   -- Long-Term Issuer Rating: assigned 'IND BB'/Stable
   -- INR17 mil. term loan: assigned 'IND BB'/Stable
   -- INR230 mil. fund-based limit: assigned 'IND BB'/Stable


L.M. FOODS: ICRA Lowers Rating on INR23cr Loan to 'D'
-----------------------------------------------------
ICRA has revised its rating on the INR23.0 crore fund based
facilities and INR2 crore unallocated bank limits of L.M. Foods
(LMF) to [ICRA]D from [ICRA]B-.

                           Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Fund Based Facilities     23.0       [ICRA]D;(Revised)
   Unallocated                2.0       [ICRA]D;(Revised)

The revision in rating takes into account delays in debt servicing
by LMF on account of the stretched liquidity position of the firm
as reflected in consistent overutilization of fund based limits.

ICRA takes note of the pressure on LMF's margins consequent to
weak realizations and falling input prices which have resulted in
inventory losses. LMF's weak financial profile is reflected in its
high gearing (9.41 times as on March 31, 2015, when adjusted for
interest free unsecured promoter loans) and weak debt protection
indicators (NCA/Debt of 1.89%, Debt/OPBDITA of 11.76 times and
Interest coverage ratio of 1.09 times for FY15). ICRA takes
cognizance of the extensive experience of the promoters in rice
milling and the favorable location of the mill which ensures easy
availability of paddy.

Going forward, the ability of the firm to improve its liquidity
position and demonstrate a track record of timely debt servicing
will be the key rating sensitivities.

Based in Karnal, L.M. Foods was formed in 1997 as a partnership
firm by Mr Madan Lal and Mr Kewal Krishnan. Mrs Krishna Devi and
Mr Kewal Krishnan are equal partners in the firm. L.M. Foods is
involved in milling and processing of basmati rice. The firm is
also engaged in further processing of byproducts like bran and
husk. From FY13, the firm has focused only on domestic sales and
does not have any export sales.



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

According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information to
assess such rating during the surveillance exercise.

Lakshmi Enterprises is a partnership firm incorporated in 1987, to
undertake the business of trading in tobacco. The partners of the
firm are Mr. S. Srihari Rao and his son Mr. S. Kishore Kumar with
60% and 40% stake respectively. The firm procures raw tobacco,
processes it and sells to manufacturers of tobacco products and
the tobacco exporters. The firm conducts its operations from
Prakasam district in Andhra Pradesh which is among the tobacco
growing regions of the state.


LAP DEVELOPERS: Ind-Ra Withdraws BB- Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Lap Developers
Private Limited's (LDPL) Long-Term Issuer Rating of
'IND BB- (suspended)'.  The agency has also withdrawn LDPL's
proposed INR220 mil. bank loan limits' 'Provisional IND BB-
(suspended)' rating.

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

Ind-Ra suspended Lap Developer's ratings on June 8, 2015.


LAXMIKANT COTTON: ICRA Reaffirms 'B' Rating on INR5cr LT Loan
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating assigned to the INR0.73
crore (reduced from INR0.95 crore) term loan and INR5.00 crore
fund based cash credit facility of Laxmikant Cotton at [ICRA]B.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund
   Based Cash Credit
   Facility              5.00         [ICRA]B reaffirmed

   Long Term Fund
   Based-Term Loans      0.73         [ICRA]B reaffirmed

The rating reaffirmation takes into account the small scale and
limited track record of the firm as well as its weak financial
profile characterized by thin margins and leveraged capital
structure on account of primarily debt funded nature of the
project resulting in modest debt coverage indicators. The rating
continues to factor in the vulnerability of profitability to
adverse movements in raw cotton which are subject to seasonality
and crop harvest; the regulatory risk with regard to MSP and the
firm's low bargaining power given the limited value addition and
the highly competitive & fragmented industry structure due to low
entry barriers. ICRA also notes that LC is a partnership firm and
any significant withdrawals from the capital account could affect
its net worth and thereby its capital structure.

The rating however continues to favourably factor in the
longstanding experience of the promoters in the cotton industry
through other associate concerns and the favourable location of
the firm in Rajkot, Gujarat in terms of proximity to raw material
suppliers and downstream processing units.

Established in May 2013 as a partnership firm, Laxmikant Cotton
(LC) is engaged in ginning and pressing of raw cotton. The
manufacturing facility is located in Rajkot, Gujarat and is
equipped with 24 ginning machines having an input capacity of
~12,000 MTPA. The firm is promoted and managed by Mr. Rupsingh
Zala and Mr. Mansukh Baraiya along with other family members and
relatives.

Recent Results
During FY 2015, the firm reported an operating income of INR19.78
crore and profit after tax of INR0.18 crore as against operating
income of INR13.84 crores and net loss of INR0.17 crores in FY
2014 (4M). Further during the first eight months of FY 2016, the
firm reported an operating income of INR7.91 crore and profit
before depreciation and tax of INR0.07 crore (as per provisional
unaudited financials).


LIZER CYLINDERS: Ind-Ra Withdraws D Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Lizer Cylinders
Limited's 'IND D (suspended)' Long-Term Issuer Rating.

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

Ind-Ra suspended Lizer's ratings on Oct. 29, 2015.

Lizer's ratings:

   -- Long-Term Issuer Rating: 'IND D(suspended)'; rating
      withdrawn

   -- INR126.5 mil. debentures: Long-term 'IND D(suspended)';
      rating withdrawn

   -- INR110 mil. fund-based working capital limits: Long-term
      'IND D(suspended)'; rating withdrawn

   -- INR260 mil. non-fund based working capital limits: Long-
      term 'IND D(suspended)' and Short-term 'IND D(suspended)';
      ratings withdrawn


MACONS INFRATECH: Ind-Ra Withdraws B+ Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Macons Infratech
Private Limited's 'IND B+(suspended)' Long-Term Issuer Rating.

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

Ind-Ra suspended Macons' ratings on June 10, 2015.

Macons' ratings are:

   -- Long-Term Issuer Rating: 'IND B+(suspended)' ; rating
      withdrawn
   -- INR70 mil. fund-based working capital limits:
      'IND B+(suspended)' and 'IND A4 (suspended)' ; ratings
      withdrawn
   -- INR30 mil. non-fund-based working capital limits:
      'IND A4(suspended)' ; rating withdrawn


MUDREMANE COFFEE: Ind-Ra Withdraws BB Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Mudremane Coffee
Curers' (MCC) Long-Term Issuer Rating of 'IND BB (suspended)'.
The agency has also withdrawn the 'IND BB(suspended)' and
'IND A4+(suspended)' ratings on the company's INR250.00 mil. fund-
based working capital limit.

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

Ind-Ra suspended MCC's ratings on July 16, 2015.


N. A. SHELAR: CRISIL Reaffirms 'C' Rating on INR40MM Loan
---------------------------------------------------------
CRISIL's rating on the bank loan facilities of N. A. Shelar and
Company (NAS) continues to reflect the delays in servicing of debt
obligations towards Non-Banking Financial Companies.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Overdraft Facility     40       CRISIL C (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     10       CRISIL C (Reaffirmed)

NAS also has a modest scale of operations in the highly fragmented
civil construction industry, a weak financial risk profile, marked
by a modest net worth and subdued debt protection metrics, and
working-capital-intensive operations. However, the firm benefits
from the extensive experience of its promoter in the civil
construction industry.

Established in the year 1983, as a proprietorship concern of Mr.
Narayan Shelar, NASC is a civil contractor primarily engaged in
construction of buildings (residential and commercial) in the
Mumbai region of Maharashtra.


NADAHALLI AGRO: Ind-Ra Withdraws B- Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Nadahalli Agro
International Private Limited's (NAIPL) Long-Term Issuer Rating of
'IND B- (suspended)'.  The agency has also withdrawn the
'IND B-(suspended)' and 'IND A4(suspended)' ratings on the
company's INR200.00 mil. fund-based working capital limit.  The
ratings have been withdrawn due to lack of adequate information.
Ind-Ra will no longer provide ratings or analytical coverage for
NAIPL.

Ind-Ra suspended NAIPL's ratings on June 24, 2015.


NATURAL SUGAR: CRISIL Lowers Rating on INR1.35BB Loan to B+
-----------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Natural
Sugar and Allied Industries Limited (NSAI) to 'CRISIL B+/Stable'
from 'CRISIL BB+/Negative'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           1350      CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB+/Negative')

   Long Term Loan         150      CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB+/Negative')

The downgrade reflects weakening in NSAI's liquidity, with
depressed cash accrual likely to be just about adequate to service
maturing term debt over the medium term. The company will need
fresh infusion of capital from promoters, or sustained improvement
in cash accrual, to alleviate pressure on liquidity.

Though cash accrual (INR27 million in 2014-15; refers to financial
year, April 1 to March 31) is expected to increase in 2015-16,
supported by better profitability in distillery and co-generation
segments, it may tightly match maturing debt of INR64 million for
the year. Despite the expected rise in sugar prices, sugar millers
are expected to report losses due to high cane costs and slippage
of arrears from the previous season.

The rating reflects NSAI's stretched liquidity, with cash accrual
that should be barely sufficient to service maturing term debt.
The rating also factors in the company's below-average financial
risk profile marked by its high gearing and weak debt protection
metrics. The ratings of the company are also constrained on
account of its large working capital requirements, and
susceptibility to cyclicality and regulatory risks in the sugar
industry. These rating weaknesses are partially offset by the
extensive experience of NSAI's promoter in the sugar industry, and
the company's integrated operations.
Outlook: Stable

CRISIL believes NSAI's credit risk profile will continue to
benefit from its promoter's extensive experience. The outlook may
be revised to 'Positive' if the company registers higher-than-
expected cash accrual, or there is an improvement in its liquidity
on the back of sizeable equity infusion by the promoters.
Conversely, the outlook may be revised to 'Negative' if a steep
decline in profitability margin, or substantial weakening in its
capital structure on the back  of any large debt-funded capital
expenditure, or stretch in working capital cycle.

NSAI was established in 2000 by Mr. Mr B B Thombare and his
family. The company, based in Osmanabad, Maharashtra, manufactures
sugar, and has a cane crushing capacity of 7000 tonnes crushed per
day, a 23 megawatt co-generation power plant, and a 60 kilolitres
per day distillery. It also manufactures ferro alloys, and
processes milk into milk products.


NDV ENTERPRISE: Ind-Ra Withdraws B+ Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn NDV Enterprise
Pvt. Ltd's. (NDVEPL) 'IND B+(suspended)' Long-Term Issuer Rating.

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

Ind-Ra suspended NDVEPL's ratings on April 21, 2015.

NDVEPL's Ratings:

   -- Long-Term Issuer Rating: 'IND B+ (suspended)'; rating
      withdrawn

   -- INR75 mil. fund-based working capital limits: Long term
      'IND B+(suspended)'; rating withdrawn

   -- INR285 mil. non-fund based working capital limits: Short-
      term 'IND A4(suspended)'; rating withdrawn


NEELI AQUA: ICRA Suspends 'B' Rating on INR5cr Bank Loan
--------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B and the short
term rating of [ICRA]A4 assigned to INR5.00 crore proposed bank
limits of Neeli Aqua Private Limited. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company.

According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information to
assess such rating during the surveillance exercise.
Neeli Aqua Private Limited (NAPL) was promoted by Mr. K. V.
Ramana, who has more than 18 years of experience in shrimp
business, in 2005 in order to undertake aqua-culture, processing
and export of shrimps. After just one year, the operations of the
company were discontinued in 2006. The operations were restarted
under NAPL in April 2012. The company owns 54 shrimps ponds spread
across 60 acres of land and has taken a hatchery from Kalyani
Hatcheries on lease to produce shrimp seeds having a capacity to
produce 100 million seeds per annum. The company has production
capacity of 400 MT per annum of shrimps.


OM NAMAH: Ind-Ra Withdraws B Long-Term Issuer Rating
----------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Om Namah Shivay
Trading Company's (ONSTC) 'IND B(suspended)' Long-Term Issuer
Rating.  The ratings have been withdrawn due to lack of adequate
information.  Ind-Ra will no longer provide ratings or analytical
coverage for ONSTC.

Ind-Ra suspended ONSTC's ratings on April 27, 2015.

ONSTC's ratings:

   -- Long-Term Issuer Rating: 'IND B (suspended)'; rating
      Withdrawn

   -- INR21.1 mil. term loan: 'IND B(suspended)'; rating
      withdrawn

   -- INR75 mil. fund-based working capital limits:
      'IND B(suspended)'; rating withdrawn


OSCAR EQUIPMENTS: CRISIL Reaffirms B+ Rating on INR19MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Oscar Equipments
Private Limited (OEPL) continue to reflect the company's modest
scale, working-capital-intensive nature of operations and average
financial risk profile. These rating weaknesses are partially
offset by the extensive experience of its promoter, and its
established market position in the hydraulic and mechanical
equipment manufacturing industry.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         30       CRISIL A4 (Reaffirmed)

   Cash Credit            19       CRISIL B+/Stable (Reaffirmed)

   Import Letter of
   Credit Limit           13       CRISIL A4 (Reaffirmed)

   Letter of Credit        5       CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      2.4    CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes OEPL will continue to benefit over the medium term
from the extensive industry experience of its promoter and its
established market position. The outlook may be revised to
'Positive' if there is a considerable improvement in revenue and
profitability, leading to a substantial increase in cash accrual
and hence to a better financial risk profile. Conversely, the
outlook may be revised to 'Negative' in case of a decline in
revenue, resulting in lower cash accrual, or deterioration in
liquidity or capital structure as a result of large debt-funded
capital expenditure or a stretched working capital cycle.

OEPL, incorporated in 1988 in Kolkata, manufactures a wide range
of hydraulic and mechanical equipment. The company, promoted by
Mr. Vir Prakash Jain, is a preferred partner for the complete
design, development, and manufacture of hydraulic cylinders and
associated products. It is an ISO 9001:2008-certified multi-
facility company, which provides high-performance hydraulic
cylinders for steel mill application, construction equipment,
heavy earthmoving equipment, and allied fluid power applications.
The company also supplies hydraulic systems to the government
sector.


PINKCITY BUILDHOME: ICRA Reaffirms B+ Rating on INR41.23cr Loan
---------------------------------------------------------------
ICRA has reaffirmed its long term rating at [ICRA]B+ to the
INR42.03 crore fund based facility of Pinkcity Buildhome Private
Limited (PBPL). ICRA has also reaffirmed its short term ratings at
[ICRA]A4 to the INR1.0 crore non fund based facility of PBPL.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund based limits
   Term Loans            41.23        [ICRA]B+; Reaffirmed

   Fund based limits
   Cash Credit            0.80        [ICRA]B+; Reaffirmed

   Non-Fund based
   Limits-LC/LG           1.00        [ICRA]A4; Reaffirmed

The ratings reaffirmation factors in the improvements in the ARR
and total revenues of the company in 2014-15.The rating is
constrained by dependence of the company on external funding for
debt servicing given the cash losses from operations and
substantial outflow towards ballooning natured debt obligations.
The rating also factors in the cyclical and intensely competitive
nature of industry which is also exposed to general economic
slowdown. The revenues of the company are dependent on a single
hotel property which exposes the company to adversities in a
particular market.

However, The rating favourably factors in the satisfactory
performance supported by favourable location of the hotel, with
moderate occupancy levels (63% in FY15 and 70% in 6M FY16) and
RevPar levels (Rs. 2,448 in FY15 and INR2,170 in 6M FY16) despite
the limited track record of promoters in the hotel business. The
company also derives stable revenues from Food and Beverages (F&B)
segment whose contribution to overall revenues is significant (51%
in FY15).

Going forward, the ability of the company to achieve healthy
growth in occupancy levels and RevPar levels along with reduction
in the dependence on external funding for debt servicing would be
the key rating sensitivities.

Incorporated in August 2004, Pinkcity Buildhome Pvt Ltd (PBPL) is
promoted by Gurnani family. The company runs a 178-key five star
hotel (with restaurant, convention centre and banquette hall
facility) in Jaipur (Rajasthan). The hotel is located in close
proximity to Jaipur Airport. The company has a brand and
management collaboration with Carlson Hotels (South Asia) Private
Limited for its brand Radisson Blu. The hotel began operations
from January 2013 onwards.

PBPL reported operating income of INR28.20 crore and a net loss of
INR3.58 crore for 2014-15 as against operating income of
INR21.33crore and a net loss of INR9.18 crore for 2013-14.


PRAGATI COTTON: ICRA Reaffirms 'B' Rating on INR5.0cr Cash Loan
---------------------------------------------------------------
ICRA has reaffirmed an [ICRA]B rating to the INR1.55 crore term
loan and INR5.00 crore fund based cash credit facilities of
Pragati Cotton Industries.

                      Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Term Loan limit       1.55       [ICRA]B; Reaffirmed
   Cash Credit limit     5.00       [ICRA]B; Reaffirmed

The rating continues to be constrained by the firm's modest scale
of operations with weak financial profile described by stretched
capital structure and weak coverage indicators. The rating is
further constrained by high working capital intensity on account
of elongated working capital indicators. ICRA also notes limited
value addition and highly competitive and fragmented industry
structure due to low entry barriers result in low return on
capital employed. The ratings further incorporate the
susceptibility of the cotton prices to seasonality and regulatory
risks exert more pressure on the margins. ICRA further notes that
Pragati Cotton Industries is a partnership firm and any
significant withdrawals from the capital account would affect its
net worth and thereby its capital structure.

The rating however continues to favorably consider the strategic
location of the plant in the cotton producing belt of India giving
it easy access to raw cotton as well as diversification achieved
through crushing facilities providing additional revenues.

Pragati Cotton Industries was established in the year 2011 as a
partnership firm and commenced commercial production from November
2013. PCI is engaged in ginning and pressing of raw cotton and
crushing of cotton seeds. The manufacturing plant of the firm is
situated at Hirapar in Rajkot District. The firm has installed 24
ginning machines, 1 pressing machine and 4 expellers to produce
220 cotton bales and 2.5 tonnes cottonseeds oil per day
(considering 24 hours operations). There has been change in
partnership on account of retirement of six partners and admission
of two new partners in December 2015.

Recent Results
For the year ended March 31, 2015, the firm reported an operating
income of INR17.87 crore with profit after tax (PAT) of INR0.38
crore.


QUALITY MINT: ICRA Suspends B+/A4 Rating on INR11cr Loan
--------------------------------------------------------
ICRA has suspended its long-term rating of [ICRA]B+ and short-term
rating of [ICRA]A4 assigned to the INR11 crore bank facilities of
Quality Mint and Allied Chemicals. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.


RAINBOW INFRASTRUCTURE: CRISIL Assigns B+ Rating to INR15MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Rainbow Infrastructure Private Limited.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Proposed Short Term
   Bank Loan Facility       50       CRISIL A4
   Proposed Long Term
   Bank Loan Facility        5       CRISIL B+/Stable
   Bank Guarantee           30       CRISIL A4
   Cash Credit              15       CRISIL B+/Stable

The ratings reflect the company's small scale of operations and
below-average financial risk profile because of a small networth
and weak interest coverage ratio. These rating weaknesses are
partially offset by the extensive experience of the company's
promoters in the civil construction business and a moderate order
book, providing revenue visibility over the near term.
Outlook: Stable

CRISIL believes RIPL will benefit over the medium term from its
promoters' extensive industry experience and a moderate order
book. The outlook may be revised to 'Positive' in case of
significant and sustainable increase in scale of operations and
cash accrual, better working capital management, or infusion of
significant capital, leading to improvement in the company's
business and financial risk profiles. Conversely, the outlook may
be revised to 'Negative' in case of lower-than-expected cash
accrual, a stretched working capital, or large debt-funded capital
expenditure, leading to deterioration in the financial risk
profile, particularly liquidity.

Incorporated in 2005, RIPL undertakes civil construction related
to buildings, warehouses, and substations. The company is promoted
by Kolkata-based. Mr Suman Ghosh, who has been in the civil
construction business for almost three decades.


RAVICAB CABLES: ICRA Withdraws 'D' Rating on INR4.0cr Loan
----------------------------------------------------------
ICRA has withdrawn the long term rating of [ICRA]D assigned to the
INR4.00 crore long term fund based cash credit facilities of
Ravicab Cables Private Limited, which was on notice of withdrawal
for one month. The rating has been withdrawn as the company has
converted the existing bank facilities into asset backed loans.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based-Cash
   Credit Limits          4.00        [ICRA]D Withdrawn

Ravicab Cables Private Limited (RCPL) was incorporated in the year
1999 in Bangalore for manufacturing electrical wires and cables
used for domestic and industrial applications for electrical and
other wiring works. Major user segments include Railway Signaling
Cables, Industrial Cables and Building.


S.C SHAH: ICRA Suspend B+ Rating on INR6.0cr LT Loan
----------------------------------------------------
ICRA has suspended [ICRA]B+ ratings assigned to the INR6.00 crore
long term fund based facilities and [ICRA] A4 ratings assigned to
the INR6.0 Crore short-term facilities of S.C Shah Enterprises.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


S.J. EXPORTS: CRISIL Lowers Rating on INR195MM Loan to 'B+'
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of S.J. Exports (SJ) to 'CRISIL B+/Stable' from 'CRISIL BB-
/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Packing Credit         195      CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

   Proposed Long Term      55      CRISIL B+/Stable (Downgraded
   Bank Loan Facility              from 'CRISIL BB-/Stable')

The downgrade reflects the deterioration in SJ's liquidity with a
stretch in its working capital cycle, resulting in full
utilisation of its bank limits and weakening of the capital
structure. CRISIL believes the firm will need capital infusion
from its promoters, or will have to post sustained improvement in
the working capital cycle, to alleviate the pressure on liquidity.

There has been a stretch in the working capital cycle as reflected
in an increase in gross current assets to 310 days as on December
31, 2015, from 176 days as on March 31, 2014. The stretch is on
account of higher credit given by the firm to its clients.
Consequently, the bank limit remained fully utilised over the six
months through January 2015. The higher reliance on debt and
creditors is also expected to weaken the total outside liabilities
to tangible networth (TOLTNW) ratio to an estimated 2.5 times as
on March 31, 2016, from 2.1 times as on March 31, 2014.

The rating continues to reflect the large working capital
requirement, exposure to intense competition in the diamond
processing industry resulting in its low profitability margins,
and the susceptibility of its profitability margins to volatility
in diamond prices and foreign exchange rates. The rating also
factors in the average financial risk profile because of a modest
networth, moderate TOLTNW ratio, and average debt protection
metrics. These rating weaknesses are partially offset by the
benefits that SJ derives from its partners' extensive experience
in the diamond industry, and their established relations with
customers.
Outlook: Stable

CRISIL believes SJ will continue to benefit over the medium term
from the partners' extensive industry experience and their
established relationships with customers. The outlook may be
revised to 'Positive' in case of a sustained improvement in the
working capital management, or an improvement in the liquidity on
the back of sizeable capital additions from the partners.
Conversely, the outlook may be revised to 'Negative' if the
profitability margins decline sharply or the capital structure
deteriorates significantly, most likely because of a stretch in
the working capital cycle.

SJ was set up in 1992 as a partnership between Mr. Atman Shah, Mr.
Jayantilal Shah, Mr. Sanjay Shah, and Mr. Sunil Shah. The firm
cuts and polishes diamonds. It has a processing facility in Surat,
Gujarat, and a sales office in Mumbai (Maharashtra).


SADGURU GINNING: ICRA Suspends 'B+' Rating on INR3cr Term Loan
--------------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B+ assigned to
the INR3.00 crore fund-based limits and INR3.00 crore term loan of
Sadguru Ginning & Pressing Pvt. Ltd. ICRA has also suspended the
[ICRA]B+ and [ICRA]A4 rating assigned to the unallocated amount of
INR4.00 crore. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.

Sadguru Ginning & Pressing Pvt. Ltd. (SGPPL) incorporated in
August 2012 is promoted by the Bharsakle family. The company is
engaged in ginning raw cotton into cotton bales. The company has
set up 28 ginning machines with an installed capacity of 16000
MTPA. The commercial production of the company commenced in April
2013. The company's registered office and factory is located in
Daryapur, Amravati district of Maharashtra.


SARAF CORPORATION: CRISIL Reaffirms B+ Rating on INR55MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Saraf Corporation India
Private Limited (SCIPL) continue to reflect the company's modest
scale of operations, and its below-average financial risk profile
because of a modest net worth and high gearing. These rating
weaknesses are partially offset by the extensive experience of its
promoters in the catering industry.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee        16.5      CRISIL A4 (Reaffirmed)

   Cash Credit           55        CRISIL B+/Stable (Reaffirmed)

   Letter of Credit      17.5      CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     1        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes SCIPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of a considerable and
sustained improvement in the company's capital structure and debt
protection metrics, backed by healthy growth in cash accrual.
Conversely, the outlook may be revised to 'Negative' in case of a
significant decline in revenue or margins, or a further stretch in
the company's working capital cycle, leading to deterioration in
the financial risk profile.

Update
Operating income is expected at INR300-310 million in 2015-16
(refers to financial year, April 1 to March 31) as against about
INR291 million in the preceding year. However, operating margin is
expected to improve to 8-9 percent from 6.6 percent over this
period because of lower proportion of trading income. The margin
was about 8.6 percent for the nine months through December 2015.
Gross current assets are expected to remain high at 190-200 days
in the near term on account of working capital-intensive
operations.

The financial risk profile is expected to remain below average
because of a modest net worth and high gearing. Net worth is
expected at INR26-28 million and gearing at 3.8 times to 4 times
as on March 31, 2016. Interest coverage and net cash accrual to
total debt ratios are expected at 1.8-2.0 times and 7-9 percent,
respectively, for 2015-16.

Net cash accrual is expected at INR7-8 million in 2015-16 which is
likely to be sufficient to meet term debt obligations during the
year. Liquidity is also supported by unsecured loans from
promoters to meet incremental working capital requirement.
However, the company's bank line remained highly utilised at an
average of about 95 percent over the nine months through December
2015.

SCIPL was originally incorporated as Saraf Hospitality Services
Pvt Ltd in 2005, promoted by Mr. Deepak Saraf; the name was
changed in 2012. The company provides catering and facility
management services to oil companies for their offshore/onshore
rigs. Its registered office is at Mumbai.


SATHE SYNTHETICS: CRISIL Assigns B+ Rating to INR120MM Cash Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facility of Sathe Synthetics (Prop. Rakesh Fuels Private Limited)
(SS).

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

The rating reflects the moderate scale of operations leading to
low return on capital employed , low operating profitability and
below average financial risk profile marked by weak debt
protection metrics. These rating weaknesses have been partially
offset by the promoter's extensive experience in the industry, and
moderate working capital management.
Outlook: Stable

CRISIL believes that Sathe Synthetics (SS) will continue to
benefit over the medium term from its promoters' extensive
experience in the industry. The outlook may be revised to positive
in case of improvement in the scale of operations and/or
profitability leading to improvement in financial risk profile.
The outlook can be revised to negative in case of deteriorating in
working capital management or any large debt funded capex program
leading to deterioration in financial risk profile.

Incorporated in 1995, Sathe Synthetics is a Delhi based company
involved in the manufacturing of multifilament yarn. These are
high tenacity yarn which finds application in filter fabrics,
belts, bags, tapes etc. The promoter of the company is Mr. Rajiv
Mohan Garg.


SHAKAMBARI POLYMERS: CRISIL Assigns 'B+' Rating to INR60MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilites of Shakambari Polymers Private Limited (SPPL). The
ratings reflect SPPL's modest networth, and working capital
intensity in, and early stage of, operations. These rating
weaknesses are partially offset by the promoters' extensive
experience in the plastic caps industry.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Long Term Loan        60        CRISIL B+/Stable
   Cash Credit           10        CRISIL B+/Stable
   Foreign Letter of
   Credit                 5        CRISIL B+/Stable

Outlook: Stable

CRISIL believes SPPL will continue to benefit over the medium term
from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if higher-than-expected
revenue and accretion to reserve, and efficient management of
working capital cycle strengthen financial risk profile.
Conversely, the outlook may be revised to 'Negative' if
significant decline in revenue and profitability, increase in
working capital requirements, or any new debt-funded capital
expenditure weakens the financial risk profile.

Incorporated in 2009, SPPL manufactures plastic caps. The
manufacturing unit is in Bengaluru. Operations of the company are
managed by key promoter, Mr. Shailesh Saraf.


SHARE MICROFIN: ICRA Reaffirms 'D' Rating on INR130.11cr Loan
-------------------------------------------------------------
ICRA has reaffirmed the [ICRA]D ratings assigned to the Non
Convertible Debenture/subordinated debt programme aggregating to
INR125 crore and the INR130.11 crore bank lines of Share Microfin
Limited (SML) to [ICRA]D.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term NCD
   Programme              25          Reaffirmed at [ICRA]D

   Long Term
   Subordinated Debt/
   NCD programme         100          Reaffirmed at [ICRA]D

   Long Term Bank
   Limits                130.11       Reaffirmed at [ICRA]D

The reaffirmation in ratings of SML factors in continued delays in
debt servicing owing to the stretched liquidity position of the
company arising out of the negligible collections from Andhra
Pradesh.

SHARE Microfin Limited was founded by Mr. Udaia Kumar in the year
1999-2000 as public limited company. It became a registered Non
Banking Finance Company (NBFC) in 2000 and was the first
Microfinance Institution (MFI) to obtain a NBFC (Non Deposit
taking) license. SML is engaged in micro finance lending
activities.


SHETKARI SHIKSHAN: CRISIL Reaffirms 'D' Rating on INR195MM Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facility of The Shetkari
Shikshan Mandal (TSSM) continues to reflect instances of delay by
the trust in servicing its term debt; the delays were caused by
cash flow mismatches.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan              195      CRISIL D (Reaffirmed)

TSSM has a modest scale of operations and a below-average
financial risk profile because of a modest net worth and high
gearing. Also, the trust is vulnerable to regulatory changes in
the education sector. However, it benefits from the healthy demand
prospects for education over the medium term, and funding support
from its promoters.

TSSM's management was taken over by the management of Jayawant
Shikshan Prasarak Mandal (JSPM) from Mr. Prateek Patil in 2006-07
(refers to financial year, April 1 to March 31). It has two
campuses in operation: at Bavdhan and Narhe in Pune, Maharashtra.
The trust offers courses such as Bachelor of Engineering (BE; four
disciplines), Master of Engineering (ME; three disciplines),
diploma in engineering, and Master of Business Administration
(MBA). In academic year 2012-13, it started offering courses such
as the Post-Graduate Diploma in Management (PGDM) and Master of
Computer Applications (MCA). It also operates two schools in Pune.


SHREE SHIVAM: ICRA Reaffirms 'B' Rating on INR4cr Cash Loan
-----------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B to the INR4.00
crore fund based cash credit facility and to INR0.98 crore term
loan facility of Shree Shivam Cotton Industries.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit           4.00       [ICRA]B; reaffirmed
   Term Loan             0.98       [ICRA]B; reaffirmed

The rating continues to be constrained by Shree Shivam Cotton
Industry's (SSCI)'s modest scale of operation, low profitability,
weak debt coverage indicators and a stretched liquidity position.
The rating also factors in the low value additive nature of
operations and intense competition on account of the fragmented
industry structure, which leads to thin profit margins. Further,
the rating also takes in to account the vulnerability to adverse
movement in agricultural produce prices which are subject to
seasonality and crop harvest. Further, SSCI being a partnership
firm, any significant withdrawals from the capital account would
affect its net worth adversely.

The rating, however, positively considers the experience of the
partners in the cotton industry and easy availability of raw
material by virtue of its favorable location.

Incorporated in 2012, Shree Shivam Cotton Industries is engaged in
cotton ginning, pressing and cotton seed crushing facility with 24
ginning machines and 4 crushing machines having installed capacity
of producing 200 cotton bales and crushing 30 MT of cotton seed
per day. In July 2014, SSCI was reconstituted and is currently
managed by Mr. Chandu Bediya along with six other partner The
firm's plant is located in Rajkot (Gujarat).

Recent Results
For the year ended 31st March 2015, SSCI reported an operating
income of INR25.81 crore and profit after tax of INR0.17 crore.


SHRI AAVISHKAR: ICRA Reaffirms 'B+' Rating on INR4.50cr Loan
------------------------------------------------------------
ICRA has reaffirmed [ICRA]B+ rating to the INR4.50 crore long-term
fund-based facility of Shri Aavishkar Metals Private Limited. ICRA
has also reaffirmed the [ICRA]A4 rating to the INR3.20 crore short
term non fund based facilities and the INR7.50 crore (sublimit of
total fund based and non fund based limits) short term fund based
facility of SAMPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           4.50        [ICRA]B+ reaffirmed
   Letter of Credit      3.00        [ICRA]A4 reaffirmed
   Credit Exposure
   Limits                0.20        [ICRA]A4 reaffirmed
   Buyer's Credit       (7.50)       [ICRA]A4 reaffirmed

The ratings reaffirmation takes into account SAMPL's small scale
of operations with de-growth reported in FY 2015 and weak
financial risk profile characterized by thin margins, adverse
capital structure and high working capital intensive nature of
operations owing to stretched receivables period. The ratings also
take into account the intense competitive pressures due to
fragmented industry structure and risks arising out of the
vulnerability of company's profitability to adverse volatility in
metals prices, as well as foreign exchange rate fluctuations due
to reliance on imports for procurement.

The ratings, however, favourably take into account the long track
record of the promoters in scrap trading business and long
standing relationship of the company with its suppliers and
customers.

Shri Aavishkar Metals Private Limited (SAMPL) was incorporated in
2006 by Mr. Prakash Jhanwar, in Ahmedabad, Gujarat. The company is
involved in trading of ferrous and non ferrous scrap metals. SAMPL
procures scrap through both local and international market and
supplies it to end users and traders present in Gujarat. The
promoter has more than two decades of experience in the scrap
trading business.

Recent Results
For the year ended 31st March 2015, SAMPL has reported operating
income of INR43.30 crore and profit after tax of INR0.21 crore as
against the operating income of INR50.01 crore and profit after
tax of INR0.20 crore for the year ended 31st March 2014.


SHRI BALAJI: ICRA Reaffirms B+ Rating on INR9.50cr Cash Loan
------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating to the INR9.80 crore long
term bank facilities of Shri Balaji Fibers.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term, Fund
   based limits
   Cash Credit           9.50         [ICRA]B+ reaffirmed

   Long Term, Fund
   based limits
   Term Loan             0.30         [ICRA]B+ reaffirmed

The rating reaffirmation takes into account easy availability of
raw cotton on back of favourable location and substantial
experience of the promoters in the cotton ginning industry. The
rating is however constrained by moderately leveraged capital
structure and weak coverage indicators due to working capital
intensive operations and low profit margins in line with low value
add nature of business. ICRA also takes note of moderate scale of
operations in an intensely competitive industry and vulnerability
associated with agro climatic conditions and regulatory
environment which has direct bearing on capacity utilization and
profitability of the firm.

Established in 2008, SBF is a partnership firm promoted by Mr.
Ravindra Goyanka and Mr. Rohan Goyanka. The firm is engaged in
ginning and pressing of cotton and crushing of cotton seeds.
Ginning facility of the firm is located in Yevatmal district in
Maharashtra. The plant has 40 gins with an annual capacity of
70000 bales.


SIDDHARTHA BRONZE: ICRA Reaffirms B+ Rating on INR7.50cr Loan
-------------------------------------------------------------
ICRA has reaffirmed [ICRA]B+ rating to INR7.50 crore long term
fund based cash credit facility of Siddhartha Bronze Products
Private Limited. ICRA has also assigned the rating of [ICRA]A4 to
INR5.00 crore short term non fund based letter of credit facility
of SBPPL.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit           7.50         [ICRA]B+ reaffirmed
   Letter of Credit      5.00         [ICRA]A4 assigned

The reaffirmation of rating factors in weak financial profile of
the company as reflected by de-growth in operating income during
FY 2015 due to slowdown of demand in non ferrous metal scrap
market resulting in low return indicators, adverse capital
structure owing to high utilization of working capital limits
emanating from high working capital intensity; and weak coverage
indicators The rating also considers vulnerability of
profitability due to volatility in prices of non ferrous metal
scrap as well as limited value addition in scrap trading. ICRA
also notes that trading operations of SBPPL are exposed to
cyclicality in ship breaking activities, the overall outlook of
which is negative for short to medium term.

The rating however positively factors in the long experience of
promoters in the trading of non- ferrous metal scrap; SBPPL's
proximity to Alang port, wherein a large number of ship breaking
units and scrap dealers are located, which results in easy access
to scrap material suppliers. Further, machinery scrap procured
from scrap dealers also serves as an alternative source of
material.

Siddhartha Bronze Product Private Limited (SBPPL) is engaged in
the trading of non ferrous metal scrap. SBPPL was incorporated as
a private limited company in 1995 and is based at Bhavnagar. The
promoters have been engaged in the trading of non ferrous metal
scrap like copper, zinc, lead etc for more than two decades under
its group company by the name of Khushboo India Private Limited
(KIPL). However, KIPL is no more a group concern of SBPPL due to
withdrawal of stake by promoters. The company procures ship
propellers from various ship breaking units located in and around
Bhavnagar, cuts them and supplies to various industrial buyers who
in turn extract non ferrous scrap metal such as aluminium, copper,
nickel, as well as zinc.

Recent Results
For the year ended 31st March 2015, Siddhartha Bronze Product
Private Limited reported an operating income of INR33.58 crore and
profit after tax of INR0.07 crore.


SOUTH INDIA: ICRA Withdraws B+ Rating on INR8.15cr Cash Loan
------------------------------------------------------------
ICRA has withdrawn the long term rating of [ICRA]B+ assigned to
the INR8.15 crore long term fund based cash credit facilities of
South India Sponge Iron Private Limited. The rating has been
withdrawn as the working capital facility has been closed by the
company. There is no amount outstanding against the rated
instrument.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based-Cash
   Credit Limits         8.15         [ICRA]B+ Withdrawn

South India Sponge Iron Private Limited (SISIPL) was incorporated
in year 2006 and engaged in the manufacturing of sponge iron. The
company is promoted by Mr. Rahul Khetan and its family members.
The sponge iron plant is located in Kolar District of Karnataka
and the installed capacity of the plant is 100 TPD (tons per day).


SRI GITA: ICRA Suspends B+ Rating on INR4.90cr LT Loan
------------------------------------------------------
ICRA has suspended the [ICRA]B+ and [ICRA]A4 ratings assigned to
the INR9.83 crore bank facility of Sri Gita Texturisers. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of requisite information from the
company.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long term fund        4.90       [ICRA]B+, Suspended
   based limit
   Cash Credit

   Long term fund        4.62       [ICRA]B+, Suspended
   based limit
   Term Loan

   Unallocated           0.31       [ICRA]B+/[ICRA]A4, Suspended

Established in 2009, Sri Gita Texturisers (SGT) is involved in the
business of manufacturing polyester texturised yarn and roto yarn
in various deniers. The firm started its operations in January
2012 and the entire manufacturing unit is spread across 20,000
square feet with an installed capacity of 4320 MT per annum. The
registered office is in Surat and the production facility is
located in Bharuch.

The firm's associate concern, Sri Mahavir Crimpers is into the
manufacturing of polyester texturised yarn.


SRI VAISHANAVI: ICRA Reaffirms 'B+' Rating on INR13cr LT Loan
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating at [ICRA]B+ to the
INR13.00 crore (revised from INR7.00 crore) fund based limits and
INR0.83 crore (revised from INR0.32 crore) non-fund based limits
of Sri Vaishanavi Spintex (I) Pvt. Ltd.  ICRA has reaffirmed the
short term rating at [ICRA]A4 to the INR0.17 crore (revised from
INR2.68 crore) unallocated limits of SVSPL.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long Term Fund
   Based Limits          13.00      [ICRA]B+ reaffirmed

   Long Term Non-
   Fund Based Limits      0.83      [ICRA]B+ reaffirmed

   Short Term
   Unallocated Limits     0.17      [ICRA]A4 reaffirmed

The reaffirmation of ratings take into account the small scale of
SVSPL's operations in highly fragmented industry with intense
competition limiting the ability of the company to pass on the
hike in input costs. In FY2015, the company witnessed de-growth of
12% in operating income on account of decline in realizations and
volatility in raw material prices as witnessed during last 18
months. The ratings are further constrained by financial profile
as reflected in gearing of 1.76 times as on 31st March 2015,
stretched debt coverage metrics, and moderate customer
concentration with top 10 customers contributing 67% of total yarn
sales as on March 31, 2015. The ratings also factor in constrained
liquidity position of the company with significant repayment
obligations over the medium term, high working capital intensity
and high average utilization of working capital limits over the
past twelve months, The rating however, positively takes into
account the experience of the promoters in the spinning industry,
active involvement of promoters in the operations of the company
and proximity to cotton growing areas of Guntur in the state of
Andhra Pradesh which provides the company competitive advantage in
terms of better raw material availability and savings in logistics
cost. ICRA also notes that the company is eligible for TUFS
interest subsidy and power subsidy which provides financial
support to the company.

Going forward, the ability of the company to enhance its scale of
operations, improve profitability, capital structure, and
effectively manage its working capital requirements and liquidity
position will remain the key rating sensitivities.

Sri Vaishnavi Spintex (I) Private Limited was established in
village of Kolanapalli, kalla mandalam during year 2010-11. The
company started in the month of March, 2012 with an initial
capacity of 14400 spindles and subsequently added 2880 spindles
which were operational since August, 2013 and thus currently
functioning with a capacity of 17280 spindles. The founder of this
organization Sri Vanapalli Baburao has an experience of 30 years
in various industrial fields like Rice Mills & Iron Industry and
Aqua Farming (Fish Ponds).

Recent Results
As per audited financials for FY15, SVSPL reported an operating
income of INR46.75 crore with profit after tax of INR0.29 crore as
against INR53.08 crore of operating income with profit after tax
of INR0.46 crore in FY14.


STABLE PACKAGING: ICRA Reaffirms B+ Rating on INR4cr Cash Loan
--------------------------------------------------------------
ICRA has reaffirmed its long term rating at [ICRA]B+ and short
term rating at [ICRA]A4 to the INR15.00 Crore bank limits of
Stable Packaging Private Limited.

                              Amount
   Facilities              (INR crore)    Ratings
   ----------              -----------    -------
   Cash Credit                  4.00      [ICRA]B+ reaffirmed
   Cash Credit (Proposed)       2.00      [ICRA]B+ reaffirmed
   Buyer's Credit               4.00      [ICRA]B+ reaffirmed
   Buyer's Credit (Proposed)    4.00      [ICRA]B+ reaffirmed
   Letter of Credit             1.00      [ICRA]A4 reaffirmed

The reaffirmation of ratings takes into account the healthy growth
(~31% Y-o-Y) in SPPL's operating income during 2014-15 and the
company's comfortable liquidity position with the average working
capital utilization being moderate at 84% for the period
December 2014 - December 2015.

The rating is constrained by SSPL's modest scale of operations;
the high competitive intensity in the industry which limits the
company's profitability and its weak financial risk profile as
characterized by low profitability margins and leveraged capital
structure. The rating, further factors in the vulnerability of
SPPL's profitability to any adverse variations in foreign exchange
rates and raw material prices.

The rating, however, take comfort from the past experience of the
promoters in the packaging industry; the reputed customer profile
primarily concentrated in the food processing segment; the
favorable location in the Noida SEZ resulting in fiscal benefits
and the favorable demand outlook for packaging products driven by
growing population, consumerism, spending and retail
penetration.Going forward, the ability of the company to scale up
the operations profitably and improve its capital structure will
be some of the key rating sensitivities.

SPPL was incorporated in 2009 and is engaged in the packaging
business wherein it manufactures products such as plastic bags,
carry bags, garbage bags and other related packaging products.
Apart from carrying manufacturing activity, the company is also
involved in the trading of various packaging products such as
paper bags, corrugated boxes, plastic granules, plastic bags,
plastic films etc. The manufacturing facility of the company is
located in Noida SEZ.

As per its audited financials for 2014-15, SSPL reported a net
profit of INR0.47 crore on an operating income of INR42.43 crore
against a net profit of INR0.31 crore on an operating income of
INR32.41 crore in the previous year.


SUJATHA FEEDS: CRISIL Lowers Rating on INR174MM LT Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Sujatha Feeds Private Limited (SFPL; part of the Gouthami
group) to 'CRISIL D' from 'CRISIL B-/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            105      CRISIL D (Downgraded from
                                   'CRISIL B-/Stable')

   Long Term Loan         174      CRISIL D (Downgraded from
                                   'CRISIL B-/Stable')

   Proposed Long Term      14      CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL B-/Stable')

The downgrade reflects delay by SFPL in servicing its debt because
of weak liquidity driven by stretched working capital cycle.

The Gouthami group has a weak financial risk profile because of
small networth/high gearing/subdued debt protection measures. It
also has modest scale of operations and faces intense competition
in the poultry industry. However, it benefits from its promoters'
extensive industry experience.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of SFPL and Gouthami Hatcheries Pvt Ltd
(GHPL). This is because both the companies, together referred to
as the Gouthami group, are under the same management team, and
have considerable operational and business linkages.

SFPL, set up in 2009, manufactures poultry feed. GHPL, set up in
1999, produces hatching eggs and broiler birds. The companies are
promoted by Mr. D Srinath Reddy and his wife, Ms. D Lokeshwari.


SURBHI INDUSTRIES: CRISIL Assigns B Rating to INR60MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities Surbhi Industries - Morbi (SI).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            18       CRISIL B/Stable
   Term Loan              60       CRISIL B/Stable

The rating reflects the extensive experience of the firm's
promoters in the cotton industry, and expected benefits from the
proximity of its cotton-ginning unit to the cotton-growing belt in
Gujarat. These rating strengths are partially offset by the firm's
start-up phase and expected modest scale of operations in the
highly competitive cotton industry, and expected average financial
risk profile because of modest gearing and average debt protection
metrics.
Outlook: Stable

CRISIL believes SI will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' in case of a substantial increase in
revenue along with improvement in profitability and capital
structure. Conversely, the outlook may be revised to 'Negative' if
there is a considerable decline in revenue and profitability or
deterioration in working capital management, impacting liquidity,
or large debt-funded capital expenditure, weakening the financial
risk profile.

Set up in 2015, SI is promoted by Mr. Manoj Panara, Mr. Bipin
Kasundra, and family members. The company is setting up a facility
for ginning and pressing of cotton at its facility in Morbi,
Gujarat.


SYMCOM EXIM: ICRA Reaffirms 'B' Rating on INR55cr LT Loan
---------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B assigned to
the INR55.00 crore fund based sub-limit of Symcom Exim Private
Limited.  ICRA has also reaffirmed the short-term rating of
[ICRA]A4 assigned to the INR55.00 crore non-fund based facilities
of SEPL.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term interchangeable   (55.00)      [ICRA]B re-affirmed
   Short-term non-fund based    55.00       [ICRA]A4 re-affirmed

The re-affirmation of the ratings favourably factors in the
established experience of the promoters in scrap related business.
Nonetheless, the ratings are constrained by the weak financial
profile of the company characterized by modest profitability at
net levels, high gearing and weak coverage indicators. The ratings
also take into account the high inventory levels resulting in high
working capital intensity of operations and the nascent stage of
operations of the company. ICRA also notes that the scrap trading
industry is characterized by severe competition with dominant
presence of unorganized sector and the profitability margins are
exposed to fluctuation in scrap prices.

Incorporated in 2012, Symcom Exim Private Limited (SEPL) is
engaged in the dealing and disposing of scrap procured from sick
industrial units. The scrap procured consists of steel and iron
bars, cables and other metallic components that are obtained by
dismantling and demolition of industrial units. The company is
promoted by Mr. Gopal Goyal and Mr. Suresh Jasiwal who have rich
experience in this business.

Recent Results
As per the provisional results for 9MFY2016, SEPL reported sales
of INR62.30 crore as against operating income of INR35.34 crore
and profit after tax (PAT) of INR0.30 crore during the full year
of FY2015.


TCS AND ASSOCIATES: ICRA Ups Rating on INR26.79cr Loan to BB-
-------------------------------------------------------------
ICRA has upgraded its long term rating on the INR39.29 crore fund
based limits and INR0.71 crore term loan of TCS and Associates
Private Limited to [ICRA]BB- from [ICRA]B+. The outlook on the
long term rating is 'Stable'.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Inventory Funding     26.79       [ICRA]BB-(Stable); upgraded
   (LT scale)                        from [ICRA]B+

   Cash Credit (LT       12.50       [ICRA]BB-(Stable); upgraded
   scale)                            from [ICRA]B+

   Term Loan (LT scale)   0.71       [ICRA]BB-(Stable); upgraded
                                     from [ICRA]B+

The upgrade in ratings takes into account the 22% year-on-year
growth in operating income registered by TCSA in FY15, which has
been accompanied by an improvement in the company's net profit
margins owing to reduced interest cost for the year; the growth in
FY16 is however expected to be relatively moderate. Improved
working capital cycle management in FY15 resulted in reduced
gearing and improved coverage indicators, along with a comfortable
liquidity position, with the bank limits remaining moderately
utilized through the year.

The rating also takes into consideration the extensive experience
of TCSA's management in the automobile dealership industry and the
benefit it derives from being associated with Maruti Suzuki India
Limited (MSIL). The rating, however, continues to be constrained
by the company's working capital intensity, which despite the
improvement in FY15 remained high, and reliance on bank borrowings
for funding the working capital requirements, which has resulted
in a leveraged capital structure. ICRA also takes note of the
competition the company faces from dealers of other passenger car
manufacturers such as Honda Cars India Limited, Hyundai Motors
India Limited, Tata Motors Limited, etc, in the vicinity of the
company's area of operations.

Going forward, the company's ability to continue to ramp up its
scale of operations and register a sustained improvement in its
profitability, while optimally managing its working capital cycle
will be the key rating sensitivities.

TCSA was incorporated in 2002 and is an authorized dealer of MSIL.
TCSA is engaged in the sale of vehicles, spares and also provides
after sales support. Presently, the company has two facilities in
Faridabad.

Recent Results
For 2014-15, the company reported an Operating Income (OI) of
INR202.94 crore and a net profit of INR1.33 crore, as against an
OI of INR166.14 crore and a net profit of INR0.99 crore in the
previous year. The company, on a provisional basis, reported an OI
of INR142.30 crore for the nine months ended December 31, 2015.


TRISHA MARKETING: ICRA Reaffirms 'B' Rating on INR1cr Loan
----------------------------------------------------------
ICRA has reaffirmed its long-term rating of [ICRA]B to the INR1
crore fund based bank facility and its short term rating of
[ICRA]A4 to the INR9 crore non fund based bank facility of Trisha
Marketing Private Limited. ICRA has also reaffirmed its ratings of
[ICRA]B/[ICRA]A4 to the INR2.5 crore unallocated bank limits of
TMPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit            1.0        [ICRA]B; reaffirmed
   LC                     9.0        [ICRA]A4; reaffirmed
   Unallocated            2.5        [ICRA]B/[ICRA]A4; reaffirmed

The rating reaffirmation takes into account the nascent stage of
operations of the company, the same having commenced in June 2014.
The ratings also take into account the low and volatile margins,
which are inherent to the trading business and the high inventory
price risk for the company given that the majority of the
procurement is not on a back-to-back basis. The ratings also take
cognizance of the high competitive intensity in the industry due
to low entry barriers, which combined with the company's modest
scale of operations, result in pressure on margins.

However, the ratings favourably factor in the extensive experience
of the promoters in the trading business and financial support
from group companies in the form of unsecured loans. The ratings
also take into account the fact that the company does not have any
scheduled long term debt repayments.

Going forward, the ability of the company to increase its scale of
operations while maintaining adequate profitability, a prudent
capital structure and optimal working capital intensity will be
key rating sensitivities.

Incorporated in 2003, TMPL is a closely-held company promoted by
Mr. Murari Lal Gupta and his son Mr. Mohit Gupta. The company is
engaged in the business of importing and trading of Chemicals,
Mobile Handsets, Steel Sheets and Pipes. TMPL's has trading
offices in Delhi and Mumbai. However, in FY16 the sale of mobile
phones has been discontinued and that of steel has declined. The
company has diversified into the trading of machine parts and
veneer as well. The machine parts are procured locally and veneer
is imported mainly from Myanmar.

Recent Results
The company reported a net profit after tax (PAT) of INR0.12 crore
on an operating income of INR9.78 crore in FY15.


TRUE WELL: ICRA Suspends 'B' Rating on INR6.20cr FB Loan
--------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to the
INR6.20 crore fund based limits of True Well Pipe Industries. ICRA
has also suspended the ratings of [ICRA]B/[ICRA]A4 assigned to the
INR0.30 crore unallocated limits of TWPI. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company.

According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information to
assess such rating during the surveillance exercise.

Founded in 1997, True Well Pipe Industries was a partnership firm
between the two partners, Mr. V.M. Rama Krishna and Mr T.
Gopalakrishna to manufacture rigid PVC tubes. However in the year
1997, Mr. T. Gopalakrishna retired from the firm and consequently
the firm was dissolved and Mr. V.M. Rama Krishna took over the
firm and registered under his proprietorship concern. The
manufacturing unit is located in Nellore District of Andhra
Pradesh. In 2008, the promoter leased out an outlet to increase
its scale of operations.


VETO CERAMIC: ICRA Suspends 'B' Rating on INR7.42cr Loan
--------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B and short term
rating of [ICRA]A4 assigned to the INR7.42 crore bank facilities
of Veto Ceramic Private Limited. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.

According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information to
assess such rating during the surveillance exercise.
Incorporated in November 2006, VCPL commenced commercial
production in June 2007 with its product portfolio comprising of
ceramic wall tiles of 12"x12" and 12"x18" dimensions. In September
2012, the company incorporated digitally printed tiles to its
portfolio and in November 2012, it replaced its roller kiln which
enabled it to produce large sized wall tiles of 12"x24" dimension.
VCPL is promoted by Mr. Karsan Jivani and Mr. Arvind Jivani along
with their relatives. Its plant is located at Morbi, in Rajkot
district of Gujarat.



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


TOSHIBA CORP: Moody's Cuts Corporate Family Rating to B2
--------------------------------------------------------
Moody's Japan K.K. has downgraded Toshiba Corporation's corporate
family rating (CFR) and senior unsecured rating by three notches
to B2 from Ba2.

Moody's has also downgraded Toshiba's subordinated debt rating by
4 notches to Caa2 from B1, and affirmed its short-term rating of
Not Prime.

At the same time, B2 CFR and long-term senior unsecured bond
ratings, as well as its Caa2 subordinated debt rating remain under
review for further downgrade.

RATINGS RATIONALE

"The downgrade reflects Moody's deepening concerns over the
sustainability of Toshiba's near-term liquidity situation and its
ability to maintain positive internal cash flow following its own
successive downward earnings revisions, as well as the substantive
and rapid erosion in its equity base", says Masako Kuwahara, a
Moody's Vice President and Senior Analyst.

"In combination with large near-term debt maturities and the
potential, in our opinion, for imminent breaches of its bank debt
covenants, Toshiba's ability to maintain its solvency must be
drawn into question if ongoing bank support, which cannot
currently be assured, becomes absent", says Kuwahara, who is also
Lead Analyst for the company.

The ratings remain under review for downgrade reflecting our
continued concerns over the potential for a further deterioration
of Toshiba's operating and financial performance, as well as the
high level of uncertainty over the ongoing availability of
liquidity support from its banks.

The review will focus on (1) the company's ability to maintain
adequate near-term liquidity, (2) Toshiba's progress with
finalizing its planned asset sales and (3) progress on
implementing its planned restructuring. Inability to achieve any
of these could result in an immediate further downgrade of its
ratings.

"While the prospect of a near-term liquidity event is apparent and
is reflected in today's three-notch downgrade on the senior
unsecured rating, the sale of the healthcare business for a
sufficient amount and finalization of adequate arrangements with
its key banks could help stabilize the company's rating outlook",
says Kuwahara.

In addition, we would look for indications that the company's
restructuring plans can be adequately funded, and fully and
rapidly implemented in order to generate sustainable earnings
going forward.

Toshiba's outstanding debt balance at end-2015 was JPY1,594.9
billion, of which some 80% is granted through the banks and other
financial institutions.

Toshiba Corporation, headquartered in Tokyo and founded in 1875,
is one of the largest integrated electronics companies in Japan.
Its businesses range from electronic devices and digital products
to home appliances and electric power generating facilities.



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


* Some 150 Oil Firms May File For Bankruptcy as Oil Prices Fall
---------------------------------------------------------------
Bloomberg News reports that about 150 oil and gas companies
tracked by energy consultant IHS Inc may go bust as a supply glut
pressures prices and punishes revenues.

The number of companies at risk was more than twice the 60
producers that have already filed for bankruptcy, Bob Fryklund,
chief upstream analyst at IHS, said in an interview, Bloomberg
relays.  A further shake out would help stimulate deals that have
been on hold because buyers and sellers had disagreed on asset
values, he said.

Bloomberg says oil has collapsed about 70% over the past two years
as US shale producers boosted output and the Organisation of
Petroleum Exporting Countries flooded the market with crude to
drive out higher-cost suppliers.

According to Bloomberg, Mr. Fryklund said more bankruptcies would
be one signal that energy prices have reached a bottom and would
help kick off deals for the US$230bil worth of oil and gas assets
currently up for sale.

"Nobody is buying because there is a mismatch between
expectations," Bloomberg quotes Mr. Fryklund as saying in an
interview in Tokyo. "We need to close that gap. And the way that
that will happen is the rest of those bankruptcies will go
forward."

Companies that plan to make investments are likely to wait for
prices to gain for six months because they want to be confident in
a recovery, Mr. Fryklund said, Bloomberg relays.

"It usually happens as we begin to come back up on price," Mr.
Fryklund, as cited by Bloomberg, said. "There is always a little
lag on timing."

The global oil surplus that fuelled crude's decline to a 12-year
low will shift to a deficit as output falls and a new bull market
starts before the year is out, Goldman Sachs Group Inc said in
January, Bloomberg relays.

US production will drop by 620,000 barrels a day, or about 7%,
from the first quarter to the fourth, Bloomberg discloses citing
Energy Information Administration.

According to Bloomberg, IHS said low prices are also spurring
greater efficiency.  Operating costs on a per barrel basis
declined about 35% last year in North America and have dropped
about 20% globally, the consultant, as cited by Bloomberg, said.
Crude output from North Dakota rose through most of last year and
some producers in the Permian Basin in western Texas can break-
even drilling oil at US$35 a barrel, he said.



                             *********

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.


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

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

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

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

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



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