TCRAP_Public/160215.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

           Monday, February 15, 2016, Vol. 19, No. 31


                            Headlines


A U S T R A L I A

ASCIANO LTD: Creditors Scamper for Protection Amid Bidding War
AUSTRALIAN PACIFIC: Tinkler Steps Down as Boss Amid Bankruptcy
BAYWEST AUSTRALIA: First Creditors' Meeting Set For Feb. 19
COLLEGE OF CREATIVE: First Creditors' Meeting Set For Feb. 22
LAURA ASHLEY: 5 More Stores to Close; 25 Staff to Lose Jobs

METRACON WASTE: First Creditors' Meeting Set For Feb. 22
QUEENSLAND NICKEL: Administrators Face Huge and Complicated Task


I N D I A

AAREN EXPORTS: CARE Reaffirms B+ Rating on INR4.80cr LT Loan
ADILAXMI INDUSTRIES: CARE Reaffirms B+ Rating on INR12.79cr Loan
AH MALLICK: CARE Assigns 'B' Rating to INR9.17cr LT Loan
BTT INDUSTRIES: Ind-Ra Withdraws D Long-Term Issuer Rating
DAYA ENGINEERING: Ind-Ra Withdraws BB Long-Term Issuer Rating

DIVYARATNA AGROTECH: CARE Lowers Rating on INR29.50cr Loan to D
ELITE INFRA: CARE Lowers Rating on INR9.50cr LT Loan to 'D'
GAJANAND SPINTEX: CARE Assigns 'B+' Rating to INR18.49cr Loan
GAJRAJ HOTELS: CARE Lowers Rating on INR22.30cr Loan to 'D'
GMC INTERNATIONAL: Ind-Ra Assigns D Long-Term Issuer Rating

GOURISHANKAR COTEX: CARE Reaffirms B+ Rating on INR9cr LT Loan
GYANMUDRA EDUCATION: CARE Assigns B+ Rating to INR9.12cr LT Loan
HEMODIAZ LIFE: CARE Reaffirms B+ Rating on INR3.40cr LT Loan
ICON SLEEPER: Ind-Ra Withdraws BB Long-Term Issuer Rating
INDIA: Central Bank Governor Warns Of Need For 'Deep Surgery'

IVRCL CHENGAPALLI: CARE Reaffirms 'D' Rating on INR797.45cr Loan
JANKI CORP: CARE Lowers Rating on INR513.68cr LT Loan to 'D'
KALIMA STEEL: CARE Assigns B+ Rating to INR7.18cr LT Loan
KATARIA MOTORS: CARE Reaffirms 'B+' Rating on INR4.25cr Loan
LIMBANI STEEL: CARE Revises Rating on INR5.84cr Loan to 'B'

NAMBIAR BUILDERS: Ind-Ra Withdraws BB- Long-Term Issuer Rating
NANDI PIPES: CARE Reaffirms B+ Rating on INR8.40cr LT Loan
NARSINGH ISPAT: CARE Reaffirms 'D' Rating on INR7.0cr LT Loan
NSL COTTON: CARE Reaffirms B- Rating on INR25cr LT Loan
OMR MALL: Ind-Ra Withdraws B+ Long-Term Issuer Rating

PANYAM CEMENTS: CARE Assigns 'B-' Rating to INR97.86cr Loan
PATIL RAIL: Ind-Ra Withdraws BB Long-Term Issuer Rating
PLATINA STEELS: CARE Reaffirms B+ Rating on INR16.31cr Loan
PRADEEP COTTON: CARE Reaffirms B+ Rating on INR9cr LT Loan
RADHAMOHAN BUILDERS: CARE Ups Rating on INR6.58cr Loan to BB-

RAJRANI STEEL: Ind-Ra Withdraws B Long-Term Issuer Rating
RELEMAC TECHNOLOGIES: CARE Assigns B+ Rating to INR3.24cr Loan
SAHARA ENGINEERING: Ind-Ra Assigns BB Long-Term Issuer Rating
SAIDRISTI SUITINGS: CARE Reaffirms B+ Rating on INR5.14cr Loan
SAJJALAWOVEN SACKS: CARE Reaffirms 'D' Rating on INR7.84cr Loan

SANJAY TRADE: CARE Reaffirms 'B' Rating on INR5cr LT Loan
SANSAARA WEAVES: Ind-Ra Assigns BB- Long-Term Issuer Rating
SHAKAMBHARI KNITTING: Ind-Ra Withdraws BB- LT Issuer Rating
SHARAD COTTON: CARE Revises Rating on INR7.65cr Loan to B+
SHIVA SHAKTI: CARE Reaffirms B- Rating on INR262.17cr LT Loan

SHREEKANT AGRO: CARE Assigns 'B' Rating to INR9cr LT Loan
SHRI SAMARTH: CARE Assigns B+ Rating to INR7.25cr LT Loan
SIRIUS INFRA: CARE Lowers Rating on INR5cr Loan to 'D'
SKS HOSPITAL: Ind-Ra Withdraws BB- Long-Term Issuer Rating
SRI ANJANEYA: CARE Lowers Rating on INR36.33cr LT Loan to B+

SRINIVASAN ASSOCIATES: Ind-Ra Withdraws BB LT Issuer Rating
SOUTHERN CARGO: Ind-Ra Withdraws BB+ Long-Term Issuer Rating
STAR SHIP: CARE Reaffirms 'B' Rating on INR5cr LT Loan
SUMERU PROCESSORS: Ind-Ra Assigns BB Long-Term Issuer Rating
SUNDIAL MINING: Ind-Ra Withdraws B- Long-Term Issuer Rating

SUNFAB: Ind-Ra Withdraws BB Long-Term Issuer Rating
TIRUPATI IRON: Ind-Ra Withdraws BB+ Long-Term Issuer Rating
UDPL DENA: Ind-Ra Withdraws BB- Long-Term Issuer Rating
USHA SPINCOAT: CARE Lowers Rating on INR30.07cr LT Loan to 'B+'
VIJAYA DURGA: CARE Assigns 'B' Rating to INR8cr LT Loan

VIJAYWARGI INFRA: Ind-Ra Withdraws BB+ Long-Term Issuer Rating
YASH KNITWEAR: CARE Upgrades Rating on INR10cr LT Loan to BB-


N E W  Z E A L A N D

ROSS ASSET: Liquidators Net NZ$446k From Settled Claims


S O U T H  K O R E A

* Companies Operating in Gaeseong Face Bankruptcy Risks


                            - - - - -


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


ASCIANO LTD: Creditors Scamper for Protection Amid Bidding War
--------------------------------------------------------------
Benjamin Purvis and Brett Foley at Bloomberg News report that the
bidding war for Australian port and rail operator Asciano Ltd. is
sending debt investors scurrying for protection.

According to Bloomberg, two separate bidding groups are slugging
it out for control of the company and while that may be good news
for stockholders, bond investors are concerned about a breakup of
Asciano's assets should the consortium led by Qube Holdings Ltd.
prevail. There are risks that the firm's debt could end up being
owed to an entity with weaker credit ratings and a less
diversified business, the report says.

Bloomberg says the cost of insuring Asciano bonds with credit-
default swaps soared to 325 basis points on Feb. 8 after Qube-led
investors made a sweetened offer valuing the company at
AUD9 billion ($6.3 billion).  That eclipsed an earlier bid by
Brookfield Asset Management Inc., which is now working on an all-
cash counterproposal. Asciano's CDS cost was at 207.5 basis points
on Jan. 27, the day before Qube' binding bid was announced,
relates Bloomberg.

"Brookfield is the preferred outcome for bondholders at this
stage," Bloomberg quotes Brendon Cooper, a credit strategist at
Westpac Banking Corp. in Sydney, as saying. "If Brookfield get a
hold of the assets, then we retain Asciano as we know it
effectively at the moment. If Qube happen to get this, then
effectively we're left with that above-rail haulage business and
that is it."

Bloomberg relates that Asciano said on Feb. 8 that Brookfield has
until today, Feb. 15, to match or beat a AUD9.24 a share offer
submitted by Qube along with partners Global Infrastructure
Management LLC, Canada Pension Plan Investment Board and a unit of
China Investment Corp. Under that plan, the Sydney-based logistics
firm would buy the port business, including the Patrick container
terminals. The rail operation will stay with its co-bidders while
the remaining bulk and automotive port unit will be on-sold to an
as yet unidentified third party, Qube said Jan. 28.

Asciano Group (ASX:AIO) -- http://www.asciano.com/-- is an
Australia-based infrastructure owner, with a primary focus on
transport infrastructure, including ports and rail assets, and
associated operations and services.  The company operates through
its wholly owned subsidiary, Asciano Limited, and its controlled
entities, including Asciano Finance Trust.  Asciano provides
freight transport solutions through two freight transport modes.
The company's operations include the Pacific National rail
operations and the Patrick ports and stevedoring businesses.  It
owns and operates a range of infrastructure assets, including
ports and rail across Australia.  It also provides intermodal
services, providing interstate rail freight services to freight
forwarders and steel manufacturers.  Through Patrick's ports and
stevedoring business, Asciano operates container terminals. It
provides a network of ports-related freight services and logistics
to importers and exporters.


AUSTRALIAN PACIFIC: Tinkler Steps Down as Boss Amid Bankruptcy
--------------------------------------------------------------
James Paton at Bloomberg News reports that former mining magnate
Nathan Tinkler stepped down as managing director of Australian
Pacific Coal Ltd. after he was found to be bankrupt by a federal
court judge.

Mr. Tinkler's role at the company will depend on an appeal against
the ruling, expected by early this week, he said in a phone
interview, Bloomberg relates. The bankruptcy judgment filed on
Feb. 9 comes after GE Commercial Australasia Pty claimed
Mr. Tinkler owed about AUD2.8 million ($2 million) on a jet. The
ruling doesn't affect the company's plans, he said.

"While I'm disappointed that I have to step down as managing
director, it's the right thing to do," Bloomberg quotes Mr.
Tinkler as saying. "I'm committed to seeing the company's plans
fulfilled."

Australian Pacific Coal, which has a market value of about
AUD78 million, agreed in December to buy coal assets from Anglo
American Plc in what would be a return to the sector for
Mr. Tinkler, who is the largest shareholder in the company with a
37 percent stake, according to data compiled by Bloomberg.

The electrician-turned-entrepreneur was ranked as Australia's
youngest billionaire at the age of 35 by BRW magazine in 2011
until his wealth was slashed after a series of court cases and
asset sales, the report says.

The judge ordered a 21-day stay on the ruling, according to the
filing cited by Bloomberg. While the businessman argued in the
documents that he is solvent, "the evidence relied upon by Mr.
Tinkler did not support his contention," the judge, as cited by
Bloomberg, ruled.

Australian Pacific Coal was halted from trading Feb. 9 after
closing Feb. 8 at 1.8 cents, Bloomberg notes.


BAYWEST AUSTRALIA: First Creditors' Meeting Set For Feb. 19
-----------------------------------------------------------
Malcolm Kimbal Howell and Andrew John Spring of Jirsch Sutherland
were appointed as administrators of Baywest Australia (Aust) Pty
Ltd, formerly known as Global Industrial Group (Aust) Pty Ltd, on
Feb. 9, 2016.

A first meeting of the creditors of the Company will be held at
Jirsch Sutherland, Melbourne, Level 12, 460 Lonsdale Street, in
Melbourne, on Feb. 19, 2016, at 10:30 a.m.


COLLEGE OF CREATIVE: First Creditors' Meeting Set For Feb. 22
-------------------------------------------------------------
Richard Albarran, Blair Pleash and Shahin Hussain of Hall Chadwick
Chartered Accountants were appointed as administrators of College
of Creative Design and Arts Pty Limited on Feb. 10, 2016.

A first meeting of the creditors of the Company will be held at
Hilton Hotel Brisbane, Samford Room, Level 5, 190 Elizabeth
Street, in Brisbane, on Feb. 22, 2016, at 10:15 a.m.


LAURA ASHLEY: 5 More Stores to Close; 25 Staff to Lose Jobs
-----------------------------------------------------------
Eloise Keating at SmartCompany reports that five Laura Ashley
stores in Victoria and New South Wales will close and 25 employees
will lose their jobs, as the voluntary administration of the
Australian retail chain continues.

SmartCompany relates that FTI Consulting, which was appointed to
manage the voluntary administration of the company on January 7,
said Feb. 10 the closures are part of an ongoing restructure of
the business.

According to the report, the Victorian stores that will close are
located in Geelong and the Melbourne suburbs of Doncaster and
Brighton.  In New South Wales, the Laura Ashley stores in
Newcastle and Balgowlah will also close.

The administrators previously closed seven outlets in Brisbane and
Robina in Queensland, Perth in Western Australia, and Richmond,
Harbour Town, Fountain Gate and Elizabeth Street in Melbourne,
SmartCompany recalls.

"The administrators continue to restructure the operations of
Laura Ashley as we pursue the sale of the company as a going
concern," administrator Ross Blakeley said in a statement provided
to SmartCompany.  "There are still 25 stores continuing to trade
around Australia and we are working closely with a number of
interested parties with respect to the potential sale of the
business."

Laura Ashley Australia sells fashion, homewares and furniture.
Laura Ashley was a Welsh fashion designer who first launched her
furnishings business in the 1950s, before expanding into clothing.
The company was founded in Australia in 1971 and operates 38
stores in Australia and four in New Zealand under a licence
agreement from Laura Ashely UK.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 8, 2016, SmartCompany said external directors were called in
on Jan. 7 to manage the business, with Ross Blakeley, Quentin Olde
and John Park from FTI Consulting appointed as administrators.

The appointment of administrators only applies to the retailer's
Australian stores.  Laura Ashley's New Zealand stores and Laura
Ashley UK are not affected by the collapse of the Australian
business, SmartCompany said.



METRACON WASTE: First Creditors' Meeting Set For Feb. 22
--------------------------------------------------------
Richard Albarran and Cameron Shaw of Hall Chadwick were appointed
as administrators of Metracon Waste Pty Ltd on Feb. 12, 2016.

A first meeting of the creditors of the Company will be held at
Hall Chadwick, Level 11, 16 St Georges Terrace, in Perth, on
Feb. 22, 2016, at 10:00 a.m.


QUEENSLAND NICKEL: Administrators Face Huge and Complicated Task
----------------------------------------------------------------
Melissa Grant at The Sydney Morning Herald reports that
administrators of Clive Palmer's troubled nickel business are
facing a large and complicated task to determine whether its north
Queensland refinery and hundreds of jobs can be saved.

According to SMH, the enormity of the job became clearer in the
Brisbane Supreme Court on Feb. 12 when FTI Consulting was given
more time to investigate Queensland Nickel before convening a
second creditors' meeting.

SMH relates that the court heard the administrators need to sort
through 11,000 boxes of company records, investigate claims of
insolvent trading and probe political donations made to the Palmer
United Party before deciding the best way forward.

They also need to examine claims by creditors, including
employees, against the company, which total about AUD428 million,
SMH notes.

This includes proofs of debt totalling AUD235 million from Mr
Palmer's Waratah Coal and China First, which the mining magnate
says are collateral assets to allow Queensland Nickel to obtain
finance to pay creditors and fund operating costs.

But Mr Palmer has also advised the company, in exchange, must
agree to release all loans owed by entities he owns and subscribe
for two billion shares in China First, according to SMH.

SMH notes that court affidavits showed 800 proofs of debts have
been submitted, although the company's records indicate that's
likely to swell to 1,400.

Queensland Nickel owes employee entitlements of AUD30 million,
including AUD16 million to former workers, SMH discloses.

Just before the company went into voluntary administration on
January 18, 237 workers at its Yabulu refinery, near Townsville,
were sacked, according to the report.

SMH states that the jobs of 550 workers remain on the line as
administrators determine the company's future.

A meeting of creditors earlier this month heard cash flow was
extremely tight and there was yet to be a direct request for a
cash injection from Mr Palmer, the report recalls.

SMH relates that administrators have been undertaking frequent
meetings with Mr Palmer and his legal representatives, trying to
progress a possible deed of company arrangement that may soon be
put to creditors.

The second creditors' meeting was to be held by February 23, but
Justice John Byrne extended the deadline to April 15, the report
notes.

The administrators can either end the administration, enter into a
deed of company arrangement or wind up the company, adds SMH.


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


AAREN EXPORTS: CARE Reaffirms B+ Rating on INR4.80cr LT Loan
------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Aaren Exports.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      4.80      CARE B+ Reaffirmed
   Short-term Bank Facilities    15.40      CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Aaren Exports (AAR)
continue to be constrained by its small scale of operations,
working capital intensive nature of operations and weak solvency
position.

The ratings are further constrained by the constitution of the
entity as a partnership firm and its presence in a highly
fragmented and competitive industry. The ratings, however, derive
strength from the experience of the partners, long track record of
operations of the firm and moderate profitability margins.

Going forward, the ability of AAR to profitably scale-up its
operations while improving its overall solvency position will
remain the key rating sensitivities.

Established in 1992, AAR is a partnership firm with Mr Subash
Chander Aggarwal and Mr Deepak Aggarwal as partners having 60% and
40% share in profit and loss, respectively. The firm is engaged in
manufacturing of garden tools and hand tools at its manufacturing
facility located in Jalandhar, Punjab, with an installed capacity
of 16 lakh pieces per annum (LPA) and 12 LPA, respectively, along
with trading of polyvinyl chloride (PVC) resin. The firm also
started manufacturing of PVC pipes fittings in September 2013 and
plastic water tanks in January 2015 with an installed capacity of
240 metric tonnes per annum (MTPA) and 2,000 MTPA, respectively.
The raw materials required for manufacturing of tools are steel
parts, fasteners etc., which are procured from Punjab while the
wood is imported from Denmark and U.S.A. Furthermore, the firm
imports PVC resin (required for trading and manufacturing of PVC
pipe fittings) from Korea, China and Dubai, while HDPE (High-
Density Polyethylene) granules (required for manufacturing of
water tanks) are procured from Indian Oil Corporation Limited and
GAIL India Limited. AAR exports all its garden tools and hand
tools under the brand name of "HORIZON" and covers the markets of
U.K, Dubai, Russia, etc, while the PVC pipes fittings and water
tanks are supplied to various dealers located in North India.

AAR reported a net profit of INR0.76 crore on a total income of
INR44.94 crore in FY15 (refers to the period April 01 to March 31)
as against net profit of INR0.90 crore on a total income of
INR44.38 crore in FY14. In 7MFY16 (Provisional), AAR has reported
a total sales of INR15 crore.


ADILAXMI INDUSTRIES: CARE Reaffirms B+ Rating on INR12.79cr Loan
----------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Adilaxmi Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     12.79      CARE B+ Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Adilaxmi Industries
(AI) continues to remain constrained by its leveraged capital
structure, weak debt coverage indicators, working capital
intensive nature of operations due to seasonal availability of
paddy, partnership nature of constitution and presence in highly
fragmented and competitive industry due to low entry barriers. The
rating also takes into account deterioration in the capital
structure as on March 31, 2015. The rating, however, derives
strength from experience of partners in rice mill industry,
presence in paddy cultivation area, healthy demand outlook of rice
and increase in profit margins in FY15 (refers to the period
April 1 to March 31). The ability of the company to increase its
scale of operations, profit levels and improve capital structure
are the key rating sensitivities.

AI, was established in January 2000. The firm is mainly engaged in
milling and processing of rice. AI is also engaged in trading of
related products such as paddy, sago, starch powder etc. The rice
mill plant is located at Vetlapalem village in East Godavari
District, Andhra Pradesh. AI currently has paddy de-husking
capacity of 60,000 metric tonnes per annum (MTPA). The firm
procures paddy from Andhra Pradesh State Civil Supplies
Corporation Limited (APSCSCL) and delivers the milled rice. This
apart, the firm also sells the byproducts of rice like brawn,
broken rice and husk.

During FY15, AI reported a PAT of INR0.14 crore on a total
operating income of INR59.83 crore as against net profit of
INR0.07crore on a total operating income of INR59.42 crore in
FY14. Furthermore, as per provisional financials for 9MFY16, the
company has reported sales of around INR42 crore.


AH MALLICK: CARE Assigns 'B' Rating to INR9.17cr LT Loan
--------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank facilities
of AH Mallick Agro Services and Cold Storage Pvt. Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     9.17       CARE B Assigned
   Short-term Bank Facilities    0.26       CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of AH Mallick Agro
Services and Cold Storage Pvt. Ltd. (AMASCS) are primarily
constrained by its small scale of operation with net loss during
last 2 years and short track record, regulated nature of business,
seasonality of business with susceptibility to vagaries of nature,
competition from other local players and working capital intensive
nature of business resulting in leveraged capital structure. The
ratings, however, derive strength from its experienced promoters
and proximity to potato-growing areas. Going forward, the ability
to increase its scale of operation and profitability margins along
with ability to manage working capital effectively are the key
rating sensitivities.

AMASCS was incorporated on January 2012 by the Mallick family of
Hooghly, West Bengal, to provide cold storage services with the
facility being located at village: Gholsara, Hooghly, West Bengal.
However, the commercial operation has been started from March
2013. The company is currently engaged in the business of
providing cold storage facility at the same location primarily for
potatoes and is operating with a storage capacity of 15,650 metric
ton. This apart, the company is in potato trading business during
last 2 years. Mr A.H. Mallick (promoter and director) looks after
the day-today operations of the company.

During FY15 (refers to the period April 01 to March 31), the
company reported a total operating income of INR5.69 crore
(FY14: INR2.66 crore) and a net loss of INR0.89 crore (in FY14 net
loss: INR0.26 crore). Furthermore, the company has achieved a
total operating income of INR1.69 crore during 8MFY16 (refers to
the period April 1 to November 30).


BTT INDUSTRIES: Ind-Ra Withdraws D Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn BTT Industries
Private Limited's Long-Term Issuer Rating of 'IND D (suspended)'.

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

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

BTT's ratings:

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

   -- INR121.5 mil. long-term loans: Long term
      'IND D(suspended)'; rating withdrawn

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


DAYA ENGINEERING: Ind-Ra Withdraws BB Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Daya Engineering
Works Pvt Ltd's (DEWPL) 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 of DEWPL.

Ind-Ra suspended DEWPL's on July 1, 2015.

DEWPL's ratings:

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

   -- INR39.0 mil. term loan limits: 'IND BB(suspended)'; rating
      withdrawn

   -- INR100.0 mil. fund-based working capital limits:
      'IND BB(suspended) and 'IND A4+(suspended)'; ratings
      withdrawn

   -- INR30.0 mil. non-fund-based working capital limits:
      'IND A4+(suspended)'; rating withdrawn


DIVYARATNA AGROTECH: CARE Lowers Rating on INR29.50cr Loan to D
---------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Divyaratna Agrotech Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       4        CARE D Revised from
                                            CARE BB-

   Short-term Bank Facilities     29.50     CARE D Revised from
                                            CARE A4

Rating Rationale

The revision in the ratings of Divyaratna Agrotech Private Limited
(DAPL) is on account of overdrawing in cash credit account and
delay in servicing of interest due to weak liquidity position.

Establishing a clear track record of timely servicing of debt
obligations with improvement in liquidity position is the key
rating sensitivity.

DAPL incorporated in the year 2000 was taken over in 2007 by Mr
Dilip Jindal and Mrs Rachana Jindal, directors of Desmo Exports
Limited. DAPL is engaged in the business of trading of industrial
chemicals and solvents. The company trades nearly 25 different
varieties of products which find its application in textile,
food, dyes, rubber, paint, ceramic, fertilizer, soap, printing
ink, petroleum, metallurgy, construction materials, pulp and paper
industry, photographic and adhesive industries. DAPL earns its
entire revenue from the domestic market. The major raw material
import consists of Citric Acid, Paraffin wax & Sodium sulphate
from countries such as China, Korea and Thailand. The warehouse of
the company is located in Bhiwandi, Maharashtra.

During FY15 (refers to the period April 1 to March 31), DAPL
reported total operating income of INR133.10 crore (vis-…-vis
INR129.06 crore in FY14) and PAT of INR0.77 crore (vis-…-vis
INR0.53 crore in FY14).


ELITE INFRA: CARE Lowers Rating on INR9.50cr LT Loan to 'D'
-----------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Elite Infra Projects Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     9.50       CARE D Revised from
                                            CARE BB

   Short-term Bank Facilities    6.00       CARE D Revised from
                                            CARE A4

Rating Rationale

The revision in the ratings assigned to the bank facilities of
Elite Infra Projects Private Limited (EIPPL) takes into account
delays in servicing of debt obligations owing to the stretched
liquidity position of the company.

Elite Infra Projects Private Limited (EIPPL) was incorporated in
the year 2009 by Mr B Narsimha Reddy and Mr B Nagi Reddy. The
company is engaged in execution of civil construction works such
as laying of roads, canal Irrigation works and other civil works
for both Government and private organizations on contract basis.

During FY14 (refers to the period April 1 to March 31), EIPPL
reported a PAT of INR2.41 crore on a total operating income of
INR66.86 crore as against a PAT of INR1.91 crore on a total
operating income of INR49.15 crore in FY13.


GAJANAND SPINTEX: CARE Assigns 'B+' Rating to INR18.49cr Loan
-------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Gajanand Spintex India Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     18.49      CARE B+ Assigned
   Short-term Bank Facilities     0.10      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Gajanand Spintex
India Private Limited (GSIPL) are primarily constrained on account
of nascent stage of operations in highly fragmented and
competitive cotton yarn manufacturing industry. The ratings are
further constrained due to susceptibility of operating margins to
fluctuation in raw material prices.

The above constraints outweigh the benefits derived from the
promoters' experience in the textile industry, the company's
presence in the cotton-producing belt of Gujarat region with easy
access to raw material and availability of various fiscal benefits
from the government.

Going forward, GSIPL's ability to increase its scale of operations
with improvement in profitability, capital structure and debt
coverage indicators will be the key sensitivity. Furthermore,
GSIPL's ability to manage its working capital requirement
efficiently will also be crucial.

Incorporated in December 2013, GSIPL is engaged into manufacturing
of cotton combed yarn of 30 count which finds application into
manufacturing of hosiery products. GSIPL operates from its sole
manufacturing facility located in Mehsana Gujarat and has an
installed capacity to manufacture 4560 Kg of 30 Count Cotton
Combed Yarn per Day from 8 Ring framed Machines having 11520
spindles as on March 31, 2015. The major raw material for
manufacturing cotton yarn is ginned cotton which is procured from
the local market of Gujarat.

During FY15 (refers to the period April 1 to March 31), GSIPL
reported a total operating income (TOI) of INR0.50 crore and net
loss of INR0.46 crore. During 7MFY16 (Provisional), GSIPL has
achieved TOI of INR19.32 crore.


GAJRAJ HOTELS: CARE Lowers Rating on INR22.30cr Loan to 'D'
-----------------------------------------------------------
CARE revises ratings assigned to bank facilities of Gajraj Hotels
Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     22.30      CARE D Revised from
                                            CARE C

Rating Rationale

The revision in the rating assigned to the bank facilities of
Gajraj Hotels Private Limited (GHPL) takes into account the delays
in debt servicing due to stressed liquidity position.

GHPL was incorporated on November 6, 1992, by Mr Chand Ram, his
wife Ms Krishna Devi and his son, Mr Gajraj Singh. The company
operates Hotel Gajraj (HG) in Bahadurgarh, Haryana, which was its
first hotel established in the year 1992. GHPL has set up another
hotel by the name of Gajraj Continental (GC) in Bahadurgarh,
Haryana, which partly commenced its operations in October 2012
with full-fledged operation from April 2013. The hotel consists of
72 rooms, bar (100 person capacity), coffee shop, restaurant (150
seating capacity), banquet hall (400 person capacity), function
hall (500 person capacity) and other facilities (which includes
health club and swimming pool).


GMC INTERNATIONAL: Ind-Ra Assigns D Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned GMC International
(GMC) a Long-Term Issuer Rating of 'IND D'.  Ind-Ra has also
assigned GMC's INR95.00m fund-based limit a Long-term 'IND D'
rating.

KEY RATING DRIVERS

The ratings reflect GMC's continuous overutilization of the cash
credit facility during November-December 2015 due to stretched
liquidity.

RATING SENSITIVITIES

Positive: Timely debt servicing for at least 90 days from the day
of default could result in a positive rating action.

COMPANY PROFILE

Established in 2011, GMC offers a range of fresh and packed frozen
meat products.  The range covers frozen boneless buffalo, sheep,
goat meat and veal meat.  Its registered office is in Meerut,
Uttar Pradesh.


GOURISHANKAR COTEX: CARE Reaffirms B+ Rating on INR9cr LT Loan
--------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Gourishankar Cotex.

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

Rating Rationale

The rating assigned to the bank facilities of Gourishankar Cotex
(GCX) continues to remain constrained on account of its modest
scale of operations with its presence in fragmented and
competitive cotton ginning industry coupled with its weak
financial risk profile marked by thin profitability, leveraged
capital structure and weak debt coverage indicators. The rating is
further constrained on account of exposure of its profitability to
the volatility associated with the raw material prices,
seasonality associated with raw material availability,
susceptibility to the change in the government policies and its
constitution as partnership firm resulting in limited financial
flexibility. The rating factors in the decline in the total
operating income along with deterioration in capital structure
during FY15 (refers to the period April 1 to March 31).

The above constraints continue to outweigh the benefits derived
from the promoters' experience in the cotton ginning business and
location advantage in terms of proximity to the cotton-growing
region in Maharashtra.

The ability of GCX to increase its scale of operations and move up
in the cotton value chain thereby improving its overall financial
profile and better working capital management are the key rating
sensitivities.

Sillod-based (Maharashtra), GCX was incorporated as a partnership
firm in March 2007 by four partners, namely, Mr Omprakash Garg, Mr
Chittarmal Agarwal, Mr Nandkishore Garg and Mr Rakesh Garg to
undertake the business of cotton ginning and pressing from with
equal profit sharing ratio. It operates from its sole
manufacturing plant located at Sillod (Maharashtra) with installed
capacity for cotton bales of 300 bales per day and 900 quintal per
day for cotton seeds as on March 31, 2015.

As per the audited results of FY15, GCX reported net profit of
INR0.08 crore on a total operating income (TOI) of INR30.97 crore
as against net profit of INR0.09 crore on a TOI of INR37.67 crore
during FY14. During 9MFY16 (provisional), GCX reported TOI of
INR17.92 crore.


GYANMUDRA EDUCATION: CARE Assigns B+ Rating to INR9.12cr LT Loan
----------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Gyanmudra
Education Foundation.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     9.12       CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Gyanmudra Education
Foundation (GEF) is constrained primarily on account of its
project implementation risk associated with debt-funded project
coupled with increasing competition from existing schools and
colleges in vicinity area coupled with its presence in highly
regulated education industry with regard to approvals and
accreditations.

The rating, however, derives strength from the experienced
promoters in education sector coupled with moderate enrollment in
the first academic year.

The ability of GEF to implement the project within envisaged time
and cost coupled with its ability to maintain the healthy
enrollment and achieve the envisaged revenue and profit margins
would be the key rating sensitivity.

Bhavnagar-based (Gujarat) GEF was incorporated in October 2014 as
a private limited company [Under Section 8 not for profit of the
Companies Act, 2013] with the object of running a school and
engineering college. Mr Mansukhbhai Nakrani, Mr Avinash Patel and
Mr Vikrambhai Purohit are the key promoters and directors of GEF.
The entity has purchased the land and existing building of
Shashwat Educational Charitable Trust on which it was running a
school (Pre-primary to higher secondary) under the Gujarat Board.

GEF also manages educational institution namely 'Gyanmanjri
Institute of Technology' offering graduation courses in
Engineering (commenced the first academic session in July 2015)
which is affiliated with Gujarat Technological University (GTU).
The courses offered by GEF are approved by All India Council of
Technical Education (AICTE). The school and engineering college
are spread across the area of 7.76 acres (approximately) and it
has all the state-of-the art facilities like computer labs,
workshops, library, various sports facilities, etc.


HEMODIAZ LIFE: CARE Reaffirms B+ Rating on INR3.40cr LT Loan
------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Hemodiaz Life Sciences Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     3.40       CARE B+ Reaffirmed
   Short-term Bank Facilities    3.40       CARE A4 Reaffirmed

Rating Rationale
The ratings assigned to the bank facilities of Hemodiaz Life
Sciences Private Limited (HLS) continue to remain constrained
by its small scale of operations with low net worth base, low
profitability margins, leveraged capital structure, weak
coverage indicators and working capital intensive nature of
operations. The ratings are further constrained by its
presence in highly competitive industry and foreign exchange
fluctuation risk.  However, the ratings draw comfort from the
experienced promoters with long track record of operations and
moderate operating cycle.

Going forward, the ability of HLS to increase scale of operations,
improvement in capital structure and management of foreign
exchange fluctuation risk shall be the key rating sensitivities.

New Delhi-based HLS is a private limited company which was
incorporated in 1998 under the name of Shri Behrai Lal Polymers
Private Limited by Mrs Rajni Dhawan and Mrs Raj Kumari Dhawan. In
May 2012, its name was changed to HLS.  In 2012, Mrs Rajkumari
Dhawan resigned from the company and Mr Ashish Dhawan joined as
new director. Since inception, HLS is engaged in the trading of
PVC granules. Subsequently, in 2012, HLS diversified its business
and also started trading of medical equipment such as syringe, X-
ray machines, ECG machines, etc. The company imports the PVC
granules from Dubai, Taiwan while medical equipment from China,
Germany. Imports form 65% of the total sales in FY15 (refers to
the period April 1 to March 31). The company sells the medical
equipment to hospitals (AIIMS, Fortis) all over India through
distributor network (around 250). While it sells PVC granules to
plastic products manufacturer in Delhi-NCR.  Asd Ad Media Solution
Private Limited (rated 'CARE B+/A4') is the group associates of
HLS which is engaged in printing & advertisement business.

HLS achieved a total operating income (TOI) of INR20.93 crore with
PBILDT and profit after tax (PAT) of INR0.42 crore and INR0.09
crore, respectively, in FY15 as against TOI of INR17.47 crore with
PBILDT and PAT of INR0.47 crore and INR0.08 crore, respectively,
in FY14. During 9MFY16, the company has achieved a total operating
income of INR23.25 crore.


ICON SLEEPER: Ind-Ra Withdraws BB Long-Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Icon Sleeper
Track Private Limited's 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 of Icon.

Ind-Ra suspended Icon's ratings on July 1, 2015.

Icon's ratings:

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

   -- INR20.0 mil. fund-based working capital limits: migrated to
      'IND BB(suspended)' and 'IND A4+(suspended)'; ratings
      withdrawn

   -- INR80.0 mil. non-fund-based working capital limits:
      migrated to 'IND A4+(suspended)'; rating withdrawn


INDIA: Central Bank Governor Warns Of Need For 'Deep Surgery'
-------------------------------------------------------------
http://www.ft.com/intl/cms/s/0/37346cd6-d0c1-11e5-986a-
62c79fcbcead.html#axzz407oxVady

James Crabtree at The Financial Times reports that India's central
bank governor Raghuram Rajan has warned that the country must
brace for more than a year of "deep surgery" to repair its damaged
banking system, raising fears that tough action on bad loans could
slow economic recovery.

On the surface, India appears to be a beacon of growth among
struggling global emerging markets, posting an increase of
7.3% in gross domestic product in the most recent quarter this
week, underlining its position as the world's fastest-growing big
economy.

However, many economists have expressed doubts about recent
statistical changes used to calculate those figures, and pointed
to broader signs of economic malaise, including a sharp rise in
bad loans across the banking sector.

On Feb. 11, Mr Rajan underlined concerns about the health of
leading banks following a review of asset quality undertaken by
the Reserve Bank of India this year. The central bank is now
urging lenders to complete a clean-up of all bad loans by
March 2017.

"The banks are attempting to regularise the loans that can be put
back on track, and are classifying those that cannot for deeper
surgery," the report quotes Mr Rajan as saying.

In common with other emerging markets, India's corporate sector
has suffered sharp increases in debt levels in recent years, the
FT discloses. Many industrial companies have been hit by delays to
investment projects, leaving them unable to repay loans to state-
backed banks.

This has led both to a jump in stressed bank assets and a collapse
in private sector investment levels, complicating the task facing
Prime Minister Narendra Modi as he attempts to increase growth
rates towards double digits, according to the FT.

The FT notes that the health of India's banks has been a focus of
particular concern last week as a series of big lenders reported
weak financial results as the financial clean-up exercise demanded
by the RBI kicked in.

According to the FT, State Bank of India, the country's largest
lender by assets, on Feb. 11 reported lower profits and a rise in
bad loans, capping a week in which other lenders had seen sharp
drops in share prices following unexpectedly weak results.

"The recent decline in bank share prices has investors on the
edge," Mr Rajan, as cited by the FT, said. "[But] the market
turmoil will pass. The clean-up will get done and Indian banks
will be restored to health.

The FT relates that although few analysts expect widespread bank
failures in India, rising levels of asset stress are likely to
place further strain on the country's public finances by forcing
Mr Modi's government to inject further capital into struggling
state-backed lenders.

Rising stress in the country's banks is also likely to lead to
calls for more radical changes to the structure of the country's
state-dominated banking system, in which government-backed
institutions control around three quarters of assets, the FT
states. Mr Modi's administration has baulked at suggestions that
some weaker public banks should be privatized, adds the FT.


IVRCL CHENGAPALLI: CARE Reaffirms 'D' Rating on INR797.45cr Loan
----------------------------------------------------------------
CARE reaffirms the rating assigned to bank facilities of IVRCL
Chengapalli Tollways Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long -term Bank Facilities    797.45     CARE D Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of IVRCL Chengapalli
Tollways Limited (ICTL) continues to remain constrained by
delays in debt servicing owing to delay in project completion
resulting in substantial cost and time overrun, weak liquidity
position of the sponsor and lower-than-envisaged toll collections
on the completed section-1 of the project.

ICTL, incorporated in February 2010, is a special purpose vehicle
(SPV) promoted by IVRCL Limited (IVRCL), through its subsidiary
IVRCL Assets & Holdings Limited (IAHL), which has now been merged
with IVRCL. ICTL is implementing a road project (under NHDP Phase-
II programme) envisaging 4/6 laning of the road in Chengapalli
Coimbatore Walayar of NH-47 in the state of Tamil Nadu (Total
length: 54.83 km) on Design, Build, Finance, Operate and Transfer
(DBFOT) toll basis for a concession period of 27 years. ICTL has
to pay a premium of INR36.00 crore per annum to NHAI, from the
first year of operations, with an annual increase of 5%. The
project stretch is divided into two sections; from Km 102.03 to Km
144.68 of 42.64 km (Section I) and from Km 170.88 to Km 183.01 of
12.13 Kms (Section II). The project recently achieved provisional
Commercial Operational Date (COD) for Section-1, ie, 42.6 kms, 6
lane [From km 102.035 (Chengapalli) to km 144.680] on October 9,
2015, as against August 31, 2015, and has started collecting toll
revenue from October 14, 2015.

The estimated date for the completion of Section-2, ie, 12.13 km
[170 km to 183 km (Walayar) 4 lane on NH47] and the whole project
was January 07, 2016; however, the company is seeking extension of
same till May 2016. Approval for same is awaited.

IVRCL recently entered into an amended and restated investment
agreement with Chengapalli Road Infra Pvt Ltd (CRIPL) and TRIL
Roads Private Limited (TRPL) in August 2015 to divest its 26% and
49% stake in ICTL to CRIPL and TRPL respectively. The transaction
is expected to be completed by first half of FY17 after the
completion of the project. The company recorded toll income of INR
10.28 crore for the period October 14, 2015 to November 30, 2015.


JANKI CORP: CARE Lowers Rating on INR513.68cr LT Loan to 'D'
------------------------------------------------------------
CARE revises the ratings assigned to the bank facility of Janki
Corp Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     513.68     CARE D Revised from
                                            CARE B+

   Short term Bank Facilities    107.00     CARE D Revised from
                                            CARE A4

Rating Rationale
The revision in the ratings assigned to the bank facilities of
Janki Corp Limited (JCL) takes into account delays in its debt
servicing, as company continue to report cash losses on back of
declining sales realization (on Sponge Iron), weak liquidity
arising from high inventory holding and subdued performance of
pellet plant.

Promoted by Mr Raghu NathMittal, JCL is a closely-held public
limited company. It commenced its operations with fabrics
processing facility in Bhilwara in 1993. JCL entered in steel
business during 2005 by setting up a sponge iron manufacturing
unit in Bellary (Karnataka) with a capacity of 180,000 MTPA. The
company has also setup Waste Heat Recovery Boiler (WHRB) based
power plant of 15 MW (commissioned in March 2010) and pellet plant
of 6,00,000 MTPA (commissioned in September 2011) and iron ore
fines beneficiation plant (IOFBP) of 8,50,000 MTPA (commissioned
in FY14 which is to be used for raw material for manufacturing
pellet). JCL is currently under the ambit of corporate debt
restructuring (CDR) scheme. Nevertheless, JCL could not service
its debt obligations as per terms of CDR owing weak liquidity.

Based on the provisional results for FY15, JCL reported a total
operating income (TOI) of INR530 crore (FY14: INR487 crore)
and net loss of INR30 crore (FY14: net loss of INR18 crore).


KALIMA STEEL: CARE Assigns B+ Rating to INR7.18cr LT Loan
---------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Kalima
Steel Rolling Mills.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     7.18       CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Kalima Steel Rolling
Mills (KSRM) is primarily constrained on account of its weak
financial risk profile marked by modest scale of operations with
thin profit margins, leveraged capital structure, moderately weak
debt coverage indicators and moderate liquidity position. The
rating is further constrained on account of recently completed
debt-funded capex, cyclical nature of the steel industry,
susceptibility of margins to fluctuation in the raw material
prices, presence in highly fragmented industry leading to stiff
competition & dependence on real estate sector.

The rating, however, derives the comfort from the long experience
of the promoters in the steel industry, established track record
of operations and proximity to the raw material.

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

Bhavnagar-based KSRM was established in 1994 as a partnership firm
by Mr Kamlesh Bansal, Ms Premvati Bansal, Mr Ramesh Bansal, Mr
Suresh Bansal and Ms Vijayrani Bansal. KSRM is into manufacturing
of TMT Bars since 1994. KSRM has recently completed debt-funded
capex for automization of plant in July 2015 for INR4.58 crore
which was funded through term loan of INR3.33 crore and remaining
through promoter's fund. Post completion of project its installed
capacity stood at 50,000 metric ton per annum at its sole plant
located at Bhavnagar (Gujarat). It sells its product under the
brand name of "CROWN X TMT".

During FY15 (refers to the period April 1 to March 31), KSRM
reported a total operating income (TOI) of INR12.63 crore and PAT
of INR0.10 crore as against a TOI of INR14.18 crore and PAT of
INR0.15 crore during FY14. As per the provisional results for
9MFY16 (April, 1 2015 to December 31, 2015), KSRM registered a TOI
of INR11.78 crore.


KATARIA MOTORS: CARE Reaffirms 'B+' Rating on INR4.25cr Loan
------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Kataria Motors Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      4.25      CARE B+ Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Kataria Motors
Private Limited (KMPL) continues to remain constrained on account
of its loss-making operations despite improvement in scale of
operations during FY15 (refers to the period of April 1 to
March 31), poor debt coverage indicators coupled with weak
liquidity position. The rating further remained constrained by its
presence in the highly competitive automobile dealership business
and limited bargaining power against the principle automobile
manufacturers.

The rating, however, continues to derive strength from the wide
experience of the promoters in the auto dealership business,
financial support from the group and diversified revenue stream.

The ability of KMPL to improve its profitability, increase its
networth base and improve its capital structure and liquidity
indicators along with the continued support from group concerns
are the key rating sensitivities.

Ahmedabad-based KMPL is part of the Kataria group that has been in
the automobile dealership business for over 16 years. The
automobile dealership business was started as a proprietorship
firm by Mr Rajendra Kataria in the name of Kataria Transports in
1983. KMPL has the authorized dealership of TV Sundaram Iyengar
and Sons Limited (TVS Motor Company) for selling of two and three-
wheeler vehicles and dealership for sale of trucks with Daimler
India Commercial Vehicles Pvt. Ltd., the makers of Bharat Benz
commercial vehicles.

During FY15, KMPL reported a total operating income (TOI) of
INR110.97 crore and a net loss of INR0.66 crore as against a
net loss of INR1.44 crore on a TOI of INR50.59 crore in FY14.


LIMBANI STEEL: CARE Revises Rating on INR5.84cr Loan to 'B'
-----------------------------------------------------------
CARE revises the LT rating and reaffirms the ST rating assigned to
the bank facilities of Limbani Steel Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      5.84      CARE B Revised from
                                            CARE B+

   Short-term Bank Facilities     0.50      CARE A4 Reaffirmed

Rating Rationale

The revision in the long-term rating assigned to the bank
facilities of Limbani Steel Private Limited (LSPL) was mainly on
account of deterioration in overall financial risk profile marked
by decline in total operating income (TOI), reporting losses,
deterioration in capital structure, debt coverage indicators and
liquidity position during FY15 (refers to the period April 1 to
March 31). The ratings continue to remain constrained on account
of its modest scale of operations, leveraged capital structure and
weak debt coverage indicators coupled with stretched liquidity
position in a highly fragmented and competitive industry with low
entry barriers. Furthermore, the ratings also continue to remain
constrained on account of the vulnerability of its profits to
fluctuation in raw material prices. The ratings, however, derive
benefits from the experience of the promoters in the industry.

The ability of LSPL to increase its scale of operations through
optimum utilization of its installed capacity along with
improvement in profitability and capital structure along with
efficient management of its working capital requirements are the
key rating sensitivities.

Anand-based (Gujarat) LSPL was incorporated in 2010 by Mr Mukesh
Patel, Mr Arvind Patel, Mr Naren Patel, and Mr Shailesh Patel.
LSPL is engaged in the manufacturing of MS ingot. The company has
its own plant located at Umreth; Anand with an installed capacity
of 7,500 metric tonnes per annum for manufacturing of MS Ingots.

During FY15, LSPL reported a net loss of INR1.92 crore [FY14: net
loss of INR0.71 crore] on a total operating income (TOI) of
Rs.26.66 crore [FY14: INR28.70 crore]. Furthermore, during current
year till December 12, 2015 (Provisional), LSPL achieved a TOI of
INR11.28 crore.


NAMBIAR BUILDERS: Ind-Ra Withdraws BB- Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Nambiar Builders
Private Limited's (NBPL) Long-Term Issuer Rating of 'IND BB-
(suspended)'.  The agency has also withdrawn the Long-term
'IND BB-(suspended)' rating on the company's INR450.00 mil. long-
term loans.  The ratings have been withdrawn due to lack of
adequate information.  Ind-Ra will no longer provide ratings or
analytical coverage for NBPL.  Ind-Ra had suspended NBPL's ratings
on June 22, 2015.


NANDI PIPES: CARE Reaffirms B+ Rating on INR8.40cr LT Loan
----------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Nandi Pipes Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      8.40      CARE B+ Reaffirmed
   Short-term Bank Facilities     1.00      CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Nandi Pipes Private
Limited (NPPL) continue to remain constrained by its limited track
record of operations, susceptibility of profit margins to
fluctuations in raw material prices and presence in the highly
fragmented and competitive industry. The ratings also factor in
deterioration in the overall gearing level of the company as on
March 31, 2015 and increase in operating cycle. The ratings,
however, derive strength from experience of the promoter,
established track record of the group, diversified geographical
and customer reach and marginal growth in total income and
increase in profit levels in FY15 (refers to the period April 1 to
March 31) being the first full year of operations.

The ability of the company to increase its scale of operations,
improve the profitability margins and capital structure are the
key rating sensitivities.

Nandi Pipes Private Limited (NPPL) was incorporated in October,
2011 by Mrs V Aravinda Rani, Mrs S Sujala and Mrs S Parvathi. The
company is engaged in manufacturing of PVC pipes with an installed
capacity of 6000 Metric tons. The manufacturing facility of NPPL
is located at Nandyal, Andhra Pradesh. The company started its
commercial production from June 2013.The key raw material being
PVC resin and PVC stabilizers are procured fromdomestic traders
(Chennai and Andhra Pradesh). The final products being PVC pipes
are sold in the domestic market either directly to end customers
or through dealers.


NARSINGH ISPAT: CARE Reaffirms 'D' Rating on INR7.0cr LT Loan
-------------------------------------------------------------
CARE reaffirms ratings assigned to bank facilities of Narsingh
Ispat Udyog Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     7.00       CARE D Reaffirmed
   Short-term Bank Facilities    4.50       CARE D Reaffirmed

Rating Rationale

The ratings continue to remain constrained on account of the
overdrawls in cash credit account for over 60 days on account of
subdued steel industry scenario The ability of the company to
improve its liquidity and regularise its cash credit account will
remain the key rating sensitivity.

Narsingh Ispat Udyog Pvt. Ltd (NIUPL) incorporated in March 2012
belongs to the Kolkata based Goyal group. The company had taken
over the business of Proprietorship firm Goyal Ispat Udyog with
effect from April 01, 2013. Currently the company is engaged in
trading of steel related items. The other company of the group is
Narsingh Ispat Ltd. (rated CARE D) which is engaged in
manufacturing of Pig Iron (capacity of 70,000 mtpa) and trading of
steel related items.

During FY15, NIUPL earned a PBILDT of INR1.59 crore and incurred a
net loss of INR0.10 crore on a total income of INR92.04
crore.


NSL COTTON: CARE Reaffirms B- Rating on INR25cr LT Loan
-------------------------------------------------------
CARE revises the ratings assigned to the LT bank facilities and
reaffirms the rating assigned to the ST bank facilities of NSL
Cotton Corporation Pvt Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     25.00      CARE B- Reaffirmed
   Short-term Bank Facilities     0.16      CARE A4 Reaffirmed

Rating Rationale

The revision in the long-term rating assigned to the bank
facilities of NSL Cotton Corporation Private Limited (NCCL)
factors in significant decline in total operating income (TOI)
during FY15 (refers to the period April 1 to March 31) coupled
with decline in profit margins and high collection period
resulting in stretched liquidity position. The ratings continue to
remain constrained by the vulnerability of the firm's
profitability to adverse fluctuations in the raw material
prices, exposure to trading nature of the cotton industry and
leveraged capital structure.

The ratings continue to draw strength from experienced promoters,
strong brand image of the Nuziveedu (NSL) group in the southern
part of India, presence of the group in the entire value chain of
the textile industry, reduced group exposure in the form of
corporate guarantees given to subsidiaries.

The ability of the company to improve its scale of operations,
profitability margins and efficiently manage its working capital
requirements are the key rating sensitivities.

Incorporated in 2007, NCCL is in the trading of cotton bales,
business of cotton ginning and pressing, and trading of cotton
seeds & cotton bales. Earlier, NCCL was a wholly owned subsidiary
of NSL, the flagship company of NSL Group. Post demerger of the
NSL Group (from April 1, 2010), the shares of NCCL has been
transferred to Mandava Holding Private Ltd. (MHL), which is the
holding company of NSL Group. The NSL Group is diversified with
business interests in hybrid seeds, power, IT parks, cotton
spinning, sugar, ethanol, etc. NCCL has 11 subsidiary units with
an aggregate capacity of 370 gins.

Of the 11 units, there are three units with 24 gins each, one unit
with 34 gins, six units with 36 gins each and the remaining one
unit with 48 gins capacity. Of the 11 subsidiary companies, nine
are 100% subsidiary of NCCL and remaining two have 60% equity
contribution from NCCL and the balance 40% is contributed by the
local promoters. NCCL is primarily into trading of cotton bales.

During FY15, NCCL registered a total operating income of INR106.22
crore (Rs.173 crore in FY14) with net loss of INR0.69 crore (net
loss of INR10.73 crore in FY14).


OMR MALL: Ind-Ra Withdraws B+ Long-Term Issuer Rating
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn OMR Mall
Developers Private Limited's (OMDPL) 'IND B+ (suspended)' Long-
Term Issuer Rating.  The agency has also withdrawn the
'IND B+(suspended)' rating on the company's INR950.00 mil. term
loans.

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

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


PANYAM CEMENTS: CARE Assigns 'B-' Rating to INR97.86cr Loan
-----------------------------------------------------------
CARE assigns rating of 'CARE B-' to the proposed ncd and revises
the ratings assigned to the bank facilities of Panyam Cements And
Mineral Industries Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Non-Convertible Debentures     97.86     CARE B- Assigned
   Long-term Bank Facilities      56.24     CARE B- Revised from
                                            CARE C
   Short-term Bank Facilities      9.32     CARE A4 Reaffirmed

Rating Rationale

The revision in the ratings assigned to the bank facilities of
Panyam Cements and Mineral Industries Limited (PCMIL) takes into
account the improvement in the liquidity position and financial
performance of the company during H1FY16 with the company
registering net profit during the period vis-a-vis net loss
reported during FY15 (refers to the period April 1 to March 31).

The ratings continue to factor in the long experience and
satisfactory track record of promoter in diversified business,
location advantage of the plant and increase in demand for cement
due to improved business sentiments across the industry in
Telangana and Andhra Pradesh post bifurcation of Andhra Pradesh
state. The ratings, however, continue to be constrained by PCMIL's
leveraged capital structure, working capital-intensive nature of
the business and significant exposure to the group companies. The
ability of the company to improve the liquidity and profitability
parameters and efficiently manage its working capital requirements
are the key rating sensitivities.

Panyam Cements & Mineral Industries Limited (PCMIL), incorporated
in June 23, 1955, is part of the Nandi Group of Industries based
out of Nandyal in Andhra Pradesh. Nandi group is promoted by Mr
SPY Reddy. PCMIL is, currently, engaged in manufacturing of
Ordinary Portland Cement (OPC) 53 grade & 43 grade and Pozzolona
Portland cement (PPC) with installed capacity of 1 million tons
per annum. PCMIL was acquired by Nandi Group from its earlier
promoters, Mr M V Subba Rao and associates during September 2004.

Nandi group has a presence in diversified business segments such
as cement, dairy, PVC pipes, construction, TMT bars etc. CARE has
rated some of the companies of the group; Anantha PVC Pipes
Private Ltd. (rated CARE B/CARE A4), SPY Agro Industries Limited
(rated CARE B-/CARE A4), Nandi Pipes Private Limited (rated CARE
B+/CARE A4), Shreekanth Pipes Private Ltd. (rated CARE B+/CARE
A4) etc.

During FY15, PCMIL achieved a total income of INR94.18 crore
(FY14: INR52.54 crore) and incurred net loss of INR15.38 crore
(FY14: net loss of INR4.26 crore). As per the unaudited results
for H1FY16, PCMIL posted a PAT of INR9.39 crore (H1FY15: net loss
of INR13.14 crore) on a total operating income of INR119.34 crore
(H1FY15: INR8.24 crore).


PATIL RAIL: Ind-Ra Withdraws BB Long-Term Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Patil Rail
Infrastructure Pvt Ltd's (PRIL) 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 of PRIL.

Ind-Ra suspended Patil Rail's on July 1, 2015.

Ind-Ra has also withdrawn PRIL following bank loan ratings:

   -- INR385 mil. term loan limits: 'IND BB(suspended)'
   -- INR847 mil. fund-based working capital limits:
      'IND BB(suspended) and 'IND A4+(suspended)'
   -- INR768 mil. non-fund-based working capital limits:
      'IND A4+(suspended)'


PLATINA STEELS: CARE Reaffirms B+ Rating on INR16.31cr Loan
-----------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Platina Steels Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     16.31      CARE B+ Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Platina Steels
Private Limited (PSPL) continues to remain constrained by the
leveraged capital structure and weak debt coverage indicators,
long working capital cycle, susceptibility of margin to
fluctuation in steel prices and the company's presence in
competitive steel rerolling industry.

The rating is, however, underpinned by experience and resourceful
promoters and growth in the total operating income in FY15 (refers
to the period April 1 to March 31).

The ability of the company to expand its scale of operations,
improve profitability and capital structure and manage its
working capital requirements efficiently are the key rating
sensitivities.

Incorporated in June 2011, PSPL is engaged in the manufacturing of
stainless steel rerolling mill with plant located at Thimmapuram,
Guntur District, Andhra Pradesh with an installed capacity of
4,200 metric tonnes per annum (MTPA). The company is currently
procuring its raw materials from Jindal Steel and Power Limited
and Rohit Ferrotech Limited and is supplying through agents to
various manufacturing entities.

During FY15, PSPL has reported a net loss of INR0.57 crore on
total operating income of INR23.52 crore compared with PAT
of INR0.07 crore on a total operating income of INR11.53 crore in
FY14.


PRADEEP COTTON: CARE Reaffirms B+ Rating on INR9cr LT Loan
----------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Pradeep Cotton Private Limited.

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

Rating Rationale

The rating assigned to the bank facilities of Pradeep Cotton
Private Limited (PCPL) continues to remain constrained on account
of the decline in total operating income during FY15 (refers to
the period April 1 to March 31) coupled with weak debt coverage
indicators and elongated working capital cycle. The rating is
further constrained due to susceptibility of profit margins to
cotton price fluctuations, seasonality associated with the cotton
industry and the company's presence in the highly fragmented
cotton ginning and pressing industry with limited value addition
resulting into working-capital intensive nature of operations.

The rating continues to draw strength from the wide experience of
the promoters in the cotton industry and location advantage in
terms of proximity to the cotton seed growing regions in Madhya
Pradesh. The rating also takes into account improvement in profit
margin and capital structure during FY15.

PCPL's ability to increase its scale of operations coupled with
improvement in profit margins while managing fluctuation in
profitability in light of the volatile raw material prices and
further improvement in the capital structure as well as liquidity
profile remain the key rating sensitivities.

Incorporated in July 2011, PCPL is engaged in business of cotton
ginning & pressing. PCPL is a family owned company with key
promoters being Mr Mohanlal Tayal & Mr Kishore Tayal and both the
directors are actively involved in the overall management of the
company. PCPL supplies cotton bales to spinning mills (through
agents) and cotton seeds to oil extracting units. The company's
entire sales are into domestic market & the key raw material i.e.
raw cotton is also sourced from local framers and "mandis"
predominantly on cash basis.


RADHAMOHAN BUILDERS: CARE Ups Rating on INR6.58cr Loan to BB-
-------------------------------------------------------------
CARE revises the LT rating assigned and reaffirms ST rating to the
bank facilities of Radhamohan Builders Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      6.58      CARE BB- Revised from
                                            CARE B+

   Short-term Bank Facilities     1.31      CARE A4 Reaffirmed


Rating Rationale

The revision in the long-term rating of Radhamohan Builders
Private Limited (RBPL) takes into consideration the continuous
infusion of share capital including share premium by the promoters
in last two financial years ended FY15 (FY refers to the period
from April 1 to March 31) to repay unsecured loans and to support
business operations and increase in scale of operations coupled
with improvement in PBILDT margin in FY15.

The ratings, however, continue to remain constrained on account of
continuous net losses registered in last three financial years
ended FY15, single property causing revenue concentration risk in
the highly competitive hospitality market of Jaipur and moderate
liquidity position.

The ratings, further, derive strength from the vast experience of
the promoters in diversified businesses with continuous financial
support provided by the promoters to RBPL and RBPL's hotel being
managed by a reputed hotel chain.

RBPL's ability to increase its scale of operations through
achievement of better Occupancy Rate (OR) and high Average
Room Rent (ARR) resulting in improved cash accruals and consequent
improvement in the liquidity position are the key rating
sensitivities.

RBPL was incorporated in December 02, 2004 by Mr. Surja Ram Meel
to carry out hotel business at Jaipur, Rajasthan. RBPL started its
commercial operations in November, 2007. Mr. Surja RamMeel,
Chairman, holds 51% of the equity share capital in aggregate in
RBPL in his own name as well as through associate concerns and
rest (49%) is held by Ager Hotels India Private Limited (AHIPL).
RBPL operates a four star hotel having 108 rooms, three
restaurants and four banquet halls. Earlier, RBPL was operating
the property under the brand "Golden Tulip" at Jaipur. However,
the company has terminated its franchise agreement with Golden
Tulip, Netherlands and entered into agreement with Lemon Tree
Hotels Limited (LTHL) for its brand "Lemon Tree Premier" on
February 28, 2013. At present, LTHL owns and operates 24 hotels in
14 cities with about 2800 rooms and 3000 employees in India.

During FY15 (FY refers to the period of March 31 to April 1), RBPL
has reported a total operating income of INR11.40 crore (FY14:
INR9.53 crore) with a net loss of INR 2.13 crore (net loss in
FY14: INR2.73 crore).


RAJRANI STEEL: Ind-Ra Withdraws B Long-Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Rajrani Steel
Casting Private Limited's (RSCPL) 'IND B(suspended)' Long-Term
Issuer Rating.  The agency has also withdrawn the
'IND B(suspended)' and 'IND A4(suspended)' ratings on the
company's INR130 mil. cash credit limits.

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

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


RELEMAC TECHNOLOGIES: CARE Assigns B+ Rating to INR3.24cr Loan
--------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' rating to the bank facilities
of Relemac Technologies Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      3.24      CARE B+ Assigned
   Short-term Bank Facilities    13.61      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Relemac
Technologies Private Limited (RTP) are primarily constrained by
its small scale of operations with low networth base, weak
financial risk profile characterized by low and fluctuating
profitability margins, leveraged capital structure and weak
coverage indicators. The ratings are further constrained by highly
fragmented nature of industry characterized by intense
competition.  The rating, however, draws comfort from experienced
management, growing scale of operations and moderate operating
cycle.

Going forward, the ability of the company to increase its scale of
operations while improving its profitability margins and capital
structure shall be the key rating sensitivities.

RTP was incorporated in 2009 and currently being managed by Mr
Vivek Gupta and Mr Surinder Kumar Jindal. The company has
succeeded an erstwhile proprietorship firm Reliance Cables (RLC)
established in 1993. Mr Surinder Kumar Jindal managed business
operations of RLC since 2000. RTP is engaged in manufacturing as
well as trading of cables such as house wiring cables, fire
survival cables, telecommunication cables, etc, which finds its
application in industrial and household sectors. RTP's has total
installed capacity of 33,200 kilometres of cables per annum as on
March 31, 2015, at its manufacturing units located in Delhi and
Sonipat (Haryana). The company's major raw materials are aluminium
and copper which are procured from domestic manufacturers as well
as the traded goods are also procured domestically. The major
customers of the company include both private players and public
sector undertakings spread across various industries such as power
and telecommunication.


SAHARA ENGINEERING: Ind-Ra Assigns BB Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Sahara
Engineering Private Limited (SEPL) a Long-Term Issuer Rating of
'IND BB'.  The Outlook is Stable.  The agency has also assigned
SEPL's INR75 mil. fund-based working capital limit an 'IND BB'
rating with a Stable Outlook.

KEY RATING DRIVERS

SEPL's ratings reflect its small scale of operations and its
moderate credit metrics.  During FY15, revenue was INR461 mil.
(FY14: INR352 mil.), operating EBITDA margins were 6.3% (4.0%),
net adjusted debt/EBITDAR was 2.3x ( 4.6x) and EBITDAR interest
coverage was 3.2x (1.4x).

The ratings are constrained by the instances of SEPL's
overutilization in the working capital limits during the six
months ended December 2015 which were however regularized within a
span of two to nine days.  The company's business is highly
working capital intensive due to high receivables.

The ratings are however supported by the company's over 15 years
of track record in providing integrated ocean logistics services
in India.

RATING SENSITIVITIES

Positive: Substantial improvements in the scale of operations and
liquidity profile will be positive for the ratings.

Negative: Any further deterioration in the liquidity profile or
credit metrics will be negative for the ratings.

COMPANY PROFILE

Incorporated in 2000, SEPL was founded by Manoj Kumar Jena and is
engaged in providing comprehensive shipping services of clearing
and forwarding, contract handling and transportation services at
the various ports of east coast of India.


SAIDRISTI SUITINGS: CARE Reaffirms B+ Rating on INR5.14cr Loan
--------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Saidristi Suitings Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      5.14      CARE B+ Reaffirmed

Rating Rationale

The rating continues to remain constrained on account of
relatively modest scale of operations of Saidristi Suitings
Private Limited (SSPL) in the highly competitive and fragmented
textile industry and its financial risk profile marked by thin PAT
margins, moderately leveraged capital structure, weak debt
coverage indicators and working capital intensive nature of
operations. The rating, further, continues to remain constrained
on account of the susceptibility of the company's profitability to
fluctuations in the raw material prices.

The rating, however, continues to draw strength from the long-
standing experience of the promoters with its established track
record of operations of more than a decade in the industry and
location advantage by way of proximity to the raw material as well
as customers due to its presence in the textile cluster, Bhilwara
(Rajasthan).

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

Bhilwara-based SSPL was initially incorporated in the name of
Sairam Suitings Private Limited in 2003 by Mr Kamal Singh
Jain along with his son, Mr Amit Kumar Mahnot. However, in July
2014, the name of the company changed to its current
form. SSPL is primarily engaged in the business of manufacturing
of synthetic grey fabrics from polyester yarn and outsources the
processing work required for the manufacturing of finished fabrics
on job work basis to the nearby process house located at Bhilwara.
Furthermore, the company also does trading of grey and finished
fabrics. The manufacturing facility of SSPL is located at Bhilwara
with total of 56 sulzar looms having an installed capacity of 36
lakh meters per annum (LMPA) as on March 31, 2015. The company
caters to domestic market and sells its products through the
network of its agents located all over India under the brand name
of "SSPL".

During FY15 (refers to the period April 1 to March 31), SSPL has
reported a total operating income of INR19.24 crore (FY14:
INR18.75 crore), with a PAT of INR0.02 crore (FY14: INR0.04
crore).


SAJJALAWOVEN SACKS: CARE Reaffirms 'D' Rating on INR7.84cr Loan
---------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Sajjalawoven Sacks Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      7.84      CARE D Reaffirmed
   Short term Bank Facilities     1.00      CARE D Reaffirmed

Rating Rationale
The ratings assigned to the bank facilities of Sajjala Woven Sacks
Private Limited (SWS) continue to remain constrained by
the delays in debt servicing in the past owing to the weak
liquidity position. Improvement in the liquidity position with
subsequent regularization of debt servicing is the key rating
sensitivity.

Incorporated in 2007, SWS is engaged in manufacturing of High
Density Polyethylene (HDPE) based woven sack, bags and
fabric. SWS has manufacturing facility at Kadapa with installed
capacity of 40 lakh bags per month and 70 MT of fabric per
month. The company has signed a 10-year renewable agreement (six
years completed in FY15 [refers to the period April 1 to
March 31]) with Dalmia Cement (Bharat) Limited to supply woven
sacks from SWS.


SANJAY TRADE: CARE Reaffirms 'B' Rating on INR5cr LT Loan
---------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Sanjay Trade Corporation.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       5        CARE B Reaffirmed
   Short-term Bank Facilities     30        CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Sanjay Trade
Corporation (STC) continue to remain constrained on account of
decline in total operating income during FY15 (refers to the
period April 1 to March 31) coupled with weak capital structure
and moderate liquidity position. The ratings further continue to
remain constrained due to partnership nature of business operation
coupled with operations in volatile, fragmented and competitive
nature of the ship breaking industry.

The ratings, however, continue to take into account vast
experience of the partners coupled with comfortable profit margin,
moderately comfortable capital structure and debt coverage
indicators.  The ability of STC to increase its scale of
operations by acquiring ships coupled with an improvement
in profit margins, capital structure and debt coverage indicators
remains the key rating sensitivities.

Established as partnership firm in 1996 by Mr Salim Dholia, Mr
Salim Lakhani and Mr Rafik Dholia, STC is engaged in the ship
breaking activity. STC purchases ships like primarily bulk
carriers and cargo ships, mainly through brokers from the open
market and sells scraps through brokers mainly in Sihor,
Ahmedabad and Jamnagar (Gujarat) for manufacturing of TMT bars.
The ship breaking operations are carried out at premises which are
taken on lease for tenure of 10 years from Alang Port from Gujarat
Maritime Board.

During FY15, STC reported TOI of INR1.05 crore and PAT of INR0.06
crore as against TOI of INR29.45 crore and PAT of INR0.31 crore
during FY14. STC has achieved TOI of INR13.24 crore up to
January 15, 2016.


SANSAARA WEAVES: Ind-Ra Assigns BB- Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Sansaara Weaves &
Filaments Private Limited (SWFPL) a Long-Term Issuer Rating of
'IND BB-'.  The Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect SWFPL's small scale of operations, volatile
profitability and moderate credit metrics.  9MFY16 provisional
financials indicate revenue of INR90 mil. (FY15: INR82 mil.).  By
FYE16, net leverage is likely to be around 4.1x (FY15: 4.1x) and
EBITDA interest coverage 2.7x (2.0x).  The ratings also factor in
the risks associated with agricultural commodity based
manufacturing business.  EBITDA margins remained volatile in the
range of 11.8%-17.8% over FY12-FY15 on cotton price movements.
Ind-Ra expects moderate revenue growth over the medium term.

Liquidity position was comfortable with the fund-based working
capital facilities being utilized at an average of 56.7% over the
12 months ended August 2015.

The ratings are supported by the promoter's over two decades of
experience in the grey fabric manufacturing business.

RATING SENSITIVITIES

Positive: A significant increase in the scale and profitability
leading to a sustained improvement in the credit metrics will be
positive for the ratings.

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

COMPANY PROFILE

SWFPL was established in 2010.  It manufactures and sells grey
fabric in the domestic market to customers in Surat (Gujarat).

SWFPL's ratings:

   -- Long-Term Issuer Rating: assigned 'IND BB-'; Outlook Stable
   -- INR46.7 mil. long-term loans: assigned 'IND BB-'/Stable
   -- INR20.0 mil. fund-based facilities: assigned
      'IND BB-'/Stable; 'IND A4+


SHAKAMBHARI KNITTING: Ind-Ra Withdraws BB- LT Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Shakambhari
Knitting Private Limited' (SKPL) 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 SKPL.

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

SKPL's ratings:

   -- Long-Term Issuer Rating: 'IND BB-(suspended)'; rating
      withdrawn
   -- INR35 mil. term loans: 'IND BB-(suspended)'; rating
      withdrawn
   -- INR50 mil. fund-based working capital limits:
      'IND BB-(suspended)'; rating withdrawn


SHARAD COTTON: CARE Revises Rating on INR7.65cr Loan to B+
----------------------------------------------------------
CARE revises the rating assigned to the bank facilities of Sharad
Cotton Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     7.65       CARE B+ Revised from
                                            CARE B

Rating Rationale

The revision in the rating assigned to the bank facilities of
Sharad Cotton Private Limited (SCPL) was primarily on account of
increase in total operating income, improvement in operating
margins and cash accruals during FY15 (refers to the period
April 1 to March 31) along with improvement in capital structure
and debt coverage indicators as on March 31, 2015. Furthermore,
the rating continues to derive strength from the established
operational track record of the group and vast experience of the
promoters in the cotton business.

The rating, however, continues to remain constrained due to
moderate scale of operations with the presence in the lowest
segment of highly fragmented textile industry's value chain and
moderate liquidity amid working capital intensive nature of
operations. The rating also remains constrained on account
susceptibility of operating margins to volatile raw cotton prices,
seasonality associated with cotton availability and regulatory
risk.

The ability of SCPL to increase its scale of operations while
sustaining its operating profitability along with improvement in
capital structure and liquidity indicators would be the key rating
sensitivities.

Incorporated in 2011, SCPL was promoted by the Goyal family, and
the company is engaged in the business of cotton ginning &
pressing. The plant commenced commercial production from December
2011. SCPL's plant is located at Sendhwa, District Barwani (Madhya
Pradesh) with installed capacity of ginning and pressing of 62,500
bales per annum. SCPL has completed expansion project of setting
up cotton seed crushing facility with an installed capacity of
68,000 quintals of cotton oil and 80,000 quintals of de-oiled cake
in FY14. SCPL has started commercial production from the crushing
unit from April 2014.


SHIVA SHAKTI: CARE Reaffirms B- Rating on INR262.17cr LT Loan
-------------------------------------------------------------
CARE reaffirms the ratings to the bank facilities of Shiva Shakti
Sugars Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    262.17      CARE B- Reaffirmed

Rating Rationale

The rating assigned to bank facilities of Shiva Shakti Sugars Ltd
(SSL) continues to be constrained by continuous net losses
with high interest cost, weak financial risk profile marked by
erosion of net worth & rise in debt primarily owing to debt
funded project and project stabilization risk pertaining to newly
added capacity. The rating is also constrained by the stretched
operating cycle, cyclical and regulated nature of the sugar
industry and single site concentration exposing SSL to high agro-
climatic risk.

The rating, however, continues to draw comfort from the experience
of the promoters, SSL's partially integrated nature of operations
with cogen power plant and the company's presence in a high
recovery zone.

The ability of the company to improve its capital structure and
running the business profitably would be the key rating
sensitivities.

Shivashakti Sugars Limited (SSL) was set up in 1995 by Dr.
Prabhakar B Kore. Dr. Kore is currently the chairman of KLE
Society, Belgaum which runs over 220 educational institutions in
Karnataka. SSL was issued license for setting up a sugar
manufacturing unit in 1995. However, it was unable to launch the
project till 2000 for various reasons. Subsequently, SSL
was acquired by KPR Sugar Mills Pvt Ltd (part of KPR group,
Coimbatore) in the early 2000s. Even under the new management, the
project did not commence operations and the company was reacquired
by Dr. Kore in April 2010. The company then set up the sugar plant
with an installed capacity of 3500 Tonnes Crushed per Day (TCD)
and bagasse based co-generation capacity of 15 MW at Belgaum,
Karnataka. The plant commenced operation from November 2011. The
company further enhanced its sugar capacity to 10000 TCD and cogen
capacity to 35 MWby November 2015.

During FY15 (refers to the period from April 1 to March 31), SSL
registered a net loss of INR4.60 crores on a total operating
income of Rs 167.01 crores as compared to a net loss of INR6.20
crores on a total operating income of Rs 177.36 crores.


SHREEKANT AGRO: CARE Assigns 'B' Rating to INR9cr LT Loan
---------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Shreekant
Agro Industries Private Public Limited.

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

Rating Rationale
The rating assigned to the bank facilities of Shreekant Agro
Industries Private Public Limited (SAIPPL) is constrained by the
risk emanating from execution of the project underway, pending
financial closure and risk related to timely commencement and
stabilization of operations. The rating further takes into
consideration susceptibility to fluctuation in the raw material
prices along with seasonal nature of operations and presence in a
fragmented industry marked by low entry barriers. The above
constraints outweigh the comforts derived from the experience of
the promoters and location advantage emanating from proximity to
sugar growing region.

The ability of the company to successfully complete the project in
a timely manner without any cost overruns and achieve the
projected turnover and profitability margins which efectivley
managing working capital are the key rating sensitivities.

Satara-based (Maharashtra), SAIPPL was initially incorporated in
July 10, 2013, in the name of Shreekant Agro Industries Private
Limited. Later on, in July 19, 2014, the company was converted
into public limited company with the name of the company changed
to the current one.  The company is in the process of setting up a
jaggery manufacturing unit at Surli, Satara district of
Maharashtra, with a proposed processing sugarcane capacity of 150
tonnes of cane crushed per day (TCD) capacity spread over 1.1
acres of land. The total cost of the project is estimated at
INR11.29 crore which is proposed to be funded by promoters'
contribution in the form of equity of INR4.29 crore and term loan
from bank of INR7.00 crore with pending debt tie-up. The proposed
project is expected to commence operations from October 2016. The
key raw material sugarcane required for manufacturing of jaggery
which is planned to be sourced from local farmers. Furthermore,
the company will sell its products to Agriculture Produce
Marketing Committee (APMC) and wholesalers. The company is also
planning to export its finished products going ahead.


SHRI SAMARTH: CARE Assigns B+ Rating to INR7.25cr LT Loan
---------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Shri
Samarth Oil Refinery LLP.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     7.25       CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Shri Samarth Oil
Refinery LLP (SSOR) is constrained due to low profitability
margins with vulnerability of profitability margins due to
presence in the highly volatile agro commodity business, weak
capital structure, presence in highly fragmented oil refining
industry, and partnership nature of its constitution.

The rating derives strength from experience of the partners along
with support from group companies emanating from integrated nature
of operations, moderate debt coverage indicators and comfortable
liquidity position.  The ability of the firm to improve its
profitability and capital structure is the key rating sensitivity.

Established in August 2012, SSOR belongs to the Tapdiya group of
Beed. In addition to SSOR, the group is managing three firms, viz,
Shri Samarth Oil Industries (SSOI proprietor: Renuka Santosh
Tapadiya), Shri Samarth Agro Industries (SSAI proprietor: Mangal
Balkisan Tapadiya) and Balkisan Trading Company (BTC proprietor:
Balkisan Tapadiya). SSOI and SSAI are engaged in the business of
oil expelling from cotton seed and ground nut while BTC is engaged
in trading of cotton seed oil.

SSOR is primarily engaged in the business of processing of three
types of edible oils viz. soya oil, cotton oil and palm oil with
cotton oil being the major contributor to total income from
operations contributing 80% of the total operating income for FY15
(refers to the period April 01 to March 31), while soya oil and
palm oil contributing 10% each. The processing facility of the
firm is located at Beed, Maharashtra, with an installed capacity
to process 20,000 metric ton of oil per annum (MTPA).
The major raw material for the firm is wash oil which it procured
from its group concerns as well as other producers located in and
around Beed, Maharashtra. The final product, ie, refined edible
oil is sold to the wholesalers and retailers under the brand name
'Samarth'. The commercial operations of the firm commenced in FY14
(April 2013).

Prior to SSOR, the Tapadia group was only engaged in the business
of oil expelling and trading; with SSOR, the group has forayed
into the forward integration through refining of edible oil.

In FY15, the firm has registered a total income from operation and
PAT of INR77.62 crore and INR0.11 crore, respectively, as against
the total operating income and PAT of INR44.68 crore and INR0.08
crore, respectively, in FY14.


SIRIUS INFRA: CARE Lowers Rating on INR5cr Loan to 'D'
------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Sirius Infra Projects Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       4        CARE D Revised from
                                            CARE BB+

   Short-term Bank Facilities      5        CARE D Revised from
                                            CARE A4+

Rating Rationale

The revision in the ratings assigned to the bank facilities of
Sirius Infra Projects Private Limited (SIPPL) takes into account
delays in servicing of debt obligations owing to the stretched
liquidity position of the company.

SIPPL was promoted by Mr B Narsimha Reddy and Mr Rajeev Mayor in
2008. The company is engaged in civil construction works such as
laying of roads and irrigation works for government organizations
covering the states of Madhya Pradesh and Odisha. Till March 2011,
the company used to work as a sub-contractor for Patel Engineering
Limited and KNR Constructions Limited, whereas from April 2012
onwards, the company started participating in tenders and
executing the projects directly for the government. The company
has executed around INR12.98 crore for Madhya Pradesh Road
Development Corporation Limited (MPRDCL) (Road Work) during FY13
(refers to the period April 1 to March 31).

During FY14, SIPPL reported a net profit of INR1.81 crore on a
total operating income of INR31.25 crore as against a profit of
INR0.97 crore on a total operating income of INR18.61 crore in
FY13.


SKS HOSPITAL: Ind-Ra Withdraws BB- Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn SKS Hospital
India Private Limited's (SKS Hospital) Long-Term Issuer Rating of
'IND BB- (suspended)'.  The agency has also withdrawn the Long-
term 'IND BB-(suspended)' and 'IND A4+(suspended)' ratings on the
company's INR60.00 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 SKS Hospital.

Ind-Ra suspended SKS Hospital's ratings on July 17, 2015.


SRI ANJANEYA: CARE Lowers Rating on INR36.33cr LT Loan to B+
------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of Sri
Anjaneya Agro-Tech Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     36.33      CARE B+ Revised from
                                            CARE BB-

Rating Rationale

The revision in the rating assigned to bank facilities of Sri
Anjaneya Agro-Tech Private Limited (SAPL) takes into account
the net losses in FY15 (refers to the period April 1 to March 31),
substantial weakening of operational performance during H1FY16 and
deterioration of capital structure. The rating continues to be
further constrained by seasonal availability of raw material,
exposure to volatility in the raw material prices and highly
competitive edible oil industry. The rating, however, derives
strength from experienced promoters & established market presence
of SAPL.

Going forward, the ability of the company to improve its
operational performance with greater reliance on the cotton
seed oil unit and reduce its debt burden thereby reducing the
interest cost constitutes the key rating sensitivity.

Promoted by Mr A. S. Veeranna, SAPL is engaged in the
manufacturing & trading of various edible oils such as Rice
bran/sunflower/soya bean oil under the brand name "Akshath" in the
state of Karnataka. The company operates a solvent extraction unit
(500 MTPD) and refining unit (100 MTPD), which are supported by a
co-generation unit (0.60 MW). The company also installed Cotton
Seed Expeller plant (160 MTPD) in December 2013 and Cotton Seed
Delinting and Dehulling (CSDD) plant (200 TPD) in September 2014
to diversify into cotton seed oil business.

The company reported net loss of INR2.35 crore on total operating
income of INR169.91 crore in FY15 as against net profit of INR0.23
crore on a total operating income of INR152.66 crore in FY14.
During H1FY16, the company registered net loss of INR5.00 crore on
total operating income of INR33.00 crore.


SRINIVASAN ASSOCIATES: Ind-Ra Withdraws BB LT Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Srinivasan
Associates Private Limited's (SAPL) 'IND BB(suspended)' Long-Term
Issuer Rating.  The agency has also withdrawn the
'IND BB(suspended)' and 'IND A4+(suspended)' ratings on the
company's INR150.00 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
SAPL.

Ind-Ra suspended SAPL's ratings on June 23, 2015.


SOUTHERN CARGO: Ind-Ra Withdraws BB+ Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Southern Cargo
Carriers (India)'s (SCC) 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 INR140.00 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
SCC.

Ind-Ra suspended SCC's ratings on June 22, 2015.


STAR SHIP: CARE Reaffirms 'B' Rating on INR5cr LT Loan
------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Star Ship Breaking Corporation.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       5        CARE B Reaffirmed
   Short-term Bank Facilities     30        CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Star Ship Breaking
Corporation (SSBC) continue to remain constrained on account of
declined in total operating income and cash accruals during FY15
(refers to the period April 1 to March 31). The ratings further
continue to remain constrained due to partnership nature of
business operation coupled with operations in volatile, fragmented
and competitive nature of the ship breaking industry.

The ratings, however, continue to take into account vast
experience of the partners coupled with comfortable capital
structure and debt coverage indicators and comfortable liquidity
position.  The ability of SSBC to increase its scale of operations
by acquiring ships coupled with an improvement in profit margins,
capital structure and debt coverage indicators remains the key
rating sensitivities.

SSBC is a partnership firm established by Mr Arif Lakhani and two
other partners Mr Kashid Dholia and Mr Ashraf Lakhani during the
year 1998. After death of Mr Ashraf Lakhani in April, 2013, the
operation of the firm was carried out by the other two partners
during FY13. SSBC is engaged in the ship breaking activity. SSBC
purchases ships, primarily bulk carriers and cargo ships, either
directly from ship owners or agents which is then sold as scrap.

The ship breaking operations are carried out at premises which are
taken on lease for tenure of 10 years from Alang Port from Gujarat
Maritime Board (GMB). SSBC purchases ships mainly from brokers
through open market and sells scraps through brokers mainly in
Jamnagar, Gujarat which is being used for manufacturing of TMT
bars.

During FY15, SSBC reported TOI of INR0.26 crore and PAT of INR0.05
crore as against TOI of INR32.72 crore and PAT of INR0.10 crore
during FY14. SSBC has not achieved any TOI up to Jan. 15, 2016.


SUMERU PROCESSORS: Ind-Ra Assigns BB Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Sumeru Processors
Private Limited (SPPL) a Long-Term Issuer Rating of 'IND BB'.  The
Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect SPPL's moderate scale of trading operations as
well as financial profile.  During FY15, SPPL's revenue was
INR1,240 mil. (FY14: INR1,018 mil.), operating EBITDA interest
coverage was 1.2x (1.3x), net leverage was 6.6x (8.0x) and
operating EBITDA margins were 3.7% (2.9%).

SPPL's liquidity position is moderate as reflected in around 97%
utilization of its working capital limits during the 12 months
ended December 2015.

The ratings benefit from SPPL's founder's experience of over three
decades in the FMCG trading business.  The ratings also take into
account the company's association with reputed corporates such as
Nestle India Limited and ITC Limited for their distributorship
business in Delhi and NCR.

RATING SENSITIVITIES

Positive: A positive rating action could result from a substantial
increase in the scale of operations along with a sustained
improvement in the credit profile.

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

COMPANY PROFILE

SPPL is a private limited company incorporated by Mr Dhiren
Navlakha and Mr. Farhad Suri and their family members in 1986.
The company started its operations as trading in lime and other
mineral products but has transformed its operations and is now
engaged in product distribution for Nestle India and ITC as well
as looking after the vending work of Nestle India in Delhi NCR.

SPPL's ratings:

   -- Long-Term Issuer Rating: assigned 'IND BB'; Outlook Stable

   -- INR100 mil. fund-based working capital limit: assigned
      'IND BB'/Stable/'IND A4+'

   -- Proposed INR50 mil. fund based limit: assigned 'Provisional
      IND BB'/ Stable

   -- Proposed INR50 mil. non-fund-based limit: assigned
      'Provisional IND A4+'


SUNDIAL MINING: Ind-Ra Withdraws B- Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Sundial Mining
and Metals LLP's Long-Term Issuer Rating of 'IND B- (suspended)'.
The agency has also withdrawn the 'Provisional IND B-(suspended)'
and 'Provisional IND A4(suspended)' ratings on the company's
INR100.00 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 Sundial.

Ind-Ra suspended Sundial's ratings on June 16, 2015.


SUNFAB: Ind-Ra Withdraws BB Long-Term Issuer Rating
---------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Sunfab's 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 Sunfab.

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

Sunfab's ratings:

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

   -- INR60.0 mil. long-term loans outstanding:
      'IND BB(suspended)' ; rating withdrawn

   -- INR37.5 mil. fund-based working capital limits:
      'IND BB(suspended)' and 'IND A4+(suspended)'; ratings
      withdrawn


TIRUPATI IRON: Ind-Ra Withdraws BB+ Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Tirupati Iron
Impex Private Limited's (TIIPL) '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 TIIPL.

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

TIIPL's Ratings:

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

   -- INR60 mil. Fund-based working capital limits: Long-term
      'IND BB+ (suspended)'; rating withdrawn

   -- INR50 mil. non-fund-based working capital limits: Short-
      term 'IND A4+(suspended)'; rating withdrawn

   -- INR20 mil. non-fund based-working capital limits: Short-
      term 'IND A4+(suspended)'; rating withdrawn


UDPL DENA: Ind-Ra Withdraws BB- Long-Term Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn UDPL Dena India
Private Limited's (UDPL) '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 UDPL.

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

UDPL's ratings:

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

   -- INR120 mil. term loan: 'IND BB-(suspended)'; rating
      withdrawn

   -- INR30 mil. fund-based working capital limits:
      'IND BB-(suspended)'; rating withdrawn


USHA SPINCOAT: CARE Lowers Rating on INR30.07cr LT Loan to 'B+'
---------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Usha Spincoat Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     30.07      CARE B+ Revised from
                                            CARE BB-

Rating Rationale

The revision in the rating assigned to the bank facilities of Usha
Spincoat Private Limited (USPL) takes into account subdued
financial performance during FY15 (refers to the period April 1 to
March 31) and weakening of financial risk profile in FY15. The
rating continues to remain constrained by working capital
intensive nature of operations and intense competition in cotton
industry. The rating, however, derives strength from experience of
the promoters and adequate availability of raw material. The
ability of the company to increase the scale of operations,
improve profitability and sustain fierce competition in fragmented
cotton industry are the key rating sensitivities.

Usha Spincoat Private Limited (USPL) was established by Mr P Ranga
Rao, Mr G Rajesh and others in October 2006 for the manufacturing
of cotton yarn. The company started its commercial operations from
February 2011 with 15,600 spindles (11 ring frames with 1440
spindles per ring frame) which was later expanded to 20,160
spindles in September 2011.

During FY15, USPL reported a PAT of INR0.04 crore on a total
operating income of INR56.96 crore as against a PAT of INR0.85
crore on a total operating income of INR63.77 crore in FY14.


VIJAYA DURGA: CARE Assigns 'B' Rating to INR8cr LT Loan
-------------------------------------------------------
CARE assigns 'CARE B' rating to bank facilities of Vijaya Durga
Green Fields Private Limited.

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

Rating Rationale

The rating assigned to the bank facilities of Vijaya Durga Green
Fields Private Limited (VDGFPL) is constrained by relatively small
size of business with nascent stage of operation, volatility in
prices of raw cotton and highly regulated cotton industry, low
profit margins, high overall gearing and weak debt coverage ratio
and working capital nature of the business. However, the rating is
underpinned by experience of the promoters in cotton and textile
industry, adequate supply of the product due to geographical
advantage, moderate revenue and operating cycle during the first
year of operation in FY15 (refers to the period April 1 to March
31).

The ability of the company to improve scale of operation and
profitability, improve favourable capital structure and manage
working capital efficiently are the key rating sensitivities.

VDGFPL was promoted by Ms Nandamuri Meena Latha and Ms Potluri
Sita Ratnam in December 2013. The company is engaged in the
trading of cotton lint and cotton yarn and is the supplier of
cotton lint to various spinning units in the major cotton growing
region in Krishna District, Andhra Pradesh. The company started
commercial operations from January 2014 onwards. Ms Meena Latha,
Managing Director, manages the financial operation of the company,
and Ms P. Sitaratnam manages the human resources of the business.

During FY15, the first year of operation, the company registered a
total operating income of INR28.920 crore with a PBILDT of INR1.16
crore and PAT of INR0.004 crore.


VIJAYWARGI INFRA: Ind-Ra Withdraws BB+ Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Vijaywargi Infra
Engineers Pvt Ltd's (VIEPL) 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 VIEPL.

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

VIEPL's ratings:

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

   -- INR 57.5 mil. fund-based working capital limits: Long-term
      'IND BB+ (suspended)'; rating withdrawn

   -- INR180 mil. non-fund based working capital limits: Short-
      term 'IND A4+(suspended)'; rating withdrawn


YASH KNITWEAR: CARE Upgrades Rating on INR10cr LT Loan to BB-
-------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of Yash
Knitwear.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      10        CARE BB- Revised from
                                            CARE B

Rating Rationale

The revision in the rating assigned to the bank facilities of Yash
Knitwear (YKN) is primarily on account of growth in total
operating income along with improvement in profit margins, capital
structure, debt coverage indicators and improvement in operating
cycle during FY15 (refers to the period April 1 to March 31).

However, the rating continues to be constrained by small scale of
operations, weak debt coverage indicators and working capital
intensive nature of operation with elongated collection period.

The rating further continues to be constrained by susceptibility
of profit margins to volatility in the prices of traded goods,
presence in highly competitive and fragmented industry and
proprietorship constitution of the entity.

The rating, however, continues to derive strength from experience
of the proprietor in the textile industry and his resourcefulness.

The ability of the entity to further increase its overall scale of
operation and improve profit margins and capital structure amidst
intense competition along with efficient management of the working
capital cycle are the key rating sensitivities.

Established in April 2002, YKN is a proprietorship concern engaged
in the trading of finished fabrics. YKN purchases fabrics from
local manufacturers, as per designs provided/pre-approved by YKN
and then subsequently sells to customers in the domestic market.
YKN has its warehousing facility located in Bhiwandi, Thane, for
meeting its storage requirements. Furthermore, during FY15, the
entity earned 35% of its revenue by selling its product in West
Bengal and the balance from Delhi, Bangalore, Mumbai, Indore &
Ahmedabad and its earned 60% of revenue by selling Linen garments
and the balance 40% by selling other cotton/polyester-based
garments.

During FY15, the total operating income of YKN stood at INR62.15
crore (compared with INR58.12 crore in FY14), while net profit of
the entity stood at INR0.56 crore in FY15 (compared with INR0.43
crore in FY14). During 9MFY16 (refers to the period April 01 to
December 31), YKN has registered a total revenue of INR48.00
crore. As on January 18, 2016, the entity has order book position
of INR4.00 crore which will be delivered by end of February 2016.



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


ROSS ASSET: Liquidators Net NZ$446k From Settled Claims
-------------------------------------------------------
The New Zealand Herald reports that the liquidators of David Ross'
Ponzi scheme have netted NZ$446,000 after settling with three
investors who got money out of the Wellington fraudster's money-
go-round before it collapsed.

They have also launched legal action another two investors who
refused to enter into "standstill" agreements with them, the
report says.

The Herald relates that these agreements, according to John Fisk,
mean he and co-liquidator David Bridgman won't launch clawback
proceedings before a test case is decided if the investors agree
not to challenge any action as time-barred.

As of last week of January 28 investors had agreed to the
standstill, the Herald notes.

"Three investors wished to avoid any ongoing risk of litigation
and settlements have been agreed with them with a combined value
of [NZ]$446,00, of which [NZ]$171,000 had been received by [16
December]," the Herald quotes Mr. Fisk as saying in his latest
liquidators' report published on Feb. 3.

According to the Herald, Mr. Fisk said last year that nearly 200
investors who got about NZ$30 million of "fictitious profits" out
of Ross' Ponzi scheme could face claims to claw that money back.

Whether or not those claims proceed could depend on the outcome of
a test case involving Wellington lawyer Hamish McIntosh, which the
Court of Appeal has yet to rule on, the report states.

Mr. McIntosh borrowed NZ$500,000 from Westpac to put into Ross'
business in 2007, the report says.

His investment had purportedly grown to NZ$954,000 when he closed
his portfolio four and a half years later and the liquidators of
Ross' since-collapsed business went to the High Court to recover
the funds, according to the Herald.

While Mr. McIntosh had a defence to the liquidators' claim for the
NZ$500,000 original investment, the lawyer was ordered to pay back
the NZ$454,000 of "fictitious profits" when the case was in the
High Court, the Herald says.

Both the liquidators and Mr. McIntosh appealed the decision, the
report notes.

                         About Ross Asset

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 8, 2012, the High Court appointed PricewaterhouseCoopers
partners John Fisk and David Bridgman as Receivers and Managers
to Ross Asset Management Limited and nine other associated
entities following application by the Financial Markets
Authority.  The associated entities are:

     * Bevis Marks Corporation Limited;
     * Dagger Nominees Limited;
     * McIntosh Asset Management Limited;
     * Mercury Asset Management Limited;
     * Ross Investment Management Limited;
     * Ross Unit Trusts Management Limited;
     * United Asset Management Limited;
     * Chapman Ross Trust;
     * Woburn Ross Trust;
     * Ace Investments Limited or Ace Investment Trust Limited or
       Ace Investment Trust;
     * Vivian Investments Limited; and
     * Ross Units Trusts Limited.

The Receivers and Managers have also been appointed to Wellington
investment adviser David Robert Gilmore Ross personally.

Mr. Fisk said they have identified investments of nearly
NZ$450 million held on behalf of more than 900 investors across
1,720 individual accounts.

The High Court in mid-December ordered John Fisk and David
Bridgman be appointed liquidators of these companies:

   -- Ross Asset Management Limited (In Receivership);
   -- Bevis Marks Corporation Limited (In Receivership);
   -- McIntosh Asset Management Limited (In Receivership);
   -- Mercury Asset Management Limited (In Receivership);
   -- Dagger Nominees Limited (In Receivership);
   -- Ross Investment Management Limited (In Receivership);
   -- Ross Unit Trust Management Limited (In Receivership); and
   -- United Asset Management Limited (In Receivership).



====================
S O U T H  K O R E A
====================


* Companies Operating in Gaeseong Face Bankruptcy Risks
-------------------------------------------------------
Yoon Ja-young at The Korea Times reports that companies that
operated in the Gaeseong Industrial Complex (GIC) in North Korea
are suffering growing losses after its closure. Many are expected
to go under if they fail to receive financial support at the right
time from the government, officials said on Feb. 14.

The impact will be deadly for the 124 small- and medium-sized
companies that were expelled from the GIC, they said, the Korea
Times relates.

Because many of the companies made products solely in Gaeseong,
some will have to close, according to the report.

SnG, which supplies garments to around 20 companies, for instance,
moved all its manufacturing to Gaeseong last April. The company
invested KRW10 billion in Gaeseong, hiring more than 900 North
Koreans to produce 100% of its goods.

Hans Safety Shoes, which produces around 600,000 pairs of shoes a
year, has manufacturing facilities in Daejeon and Gaeseong, but
the latter was responsible for over 90 percent of total
production.

Despite the geopolitical risks, many companies shifted production
to the North Korean facility because of cheaper labor. The minimum
monthly wage at Gaeseong was $74, with workers there earning on
average $160 a month.

According to the report, more than 70 percent of the companies in
Gaeseong were textile and garment manufacturers, with most
producing goods under OEM contracts. However, their buyers are
likely to switch to other suppliers following the GIC closure, the
report notes.

When the complex was shut down for five months in 2013, businesses
reported around KRW1 trillion won in losses, the report recalls.
However, the losses are estimated to have been bigger when taking
into account the damage to their reputation, and falling sales
afterward.

The Korea Times relates that to prevent them from going bankrupt,
Strategy and Finance Minister Yoo Il-ho met heads of business
lobby groups, Feb. 14, to discuss measures to support the
companies.

The measures include deferring payment of taxes and public utility
bills, such as electricity, the report says.

At the meeting, Yoo called for bigger companies to maintain
business transactions and contracts with the firms, the Korea
Times relays.

"The government is making efforts to help the companies that
operated in Gaeseong, but there are limitations," the report
quotes Yoo as saying. He requested that the whole business circle
participate to help them, the report says.

The report notes that the representatives from business lobby
groups said they will ask their members to minimize making
complaints to firms in Gaeseong while making settlements in cash
as early as possible.

According to the Korea Times, businessmen said losses should be
much bigger now than in 2013. Back then, they could take materials
and finished goods from Gaeseong to South Korea, to continue
production and sales. They cannot do anything now as North Korea
has frozen all the assets, including materials, facilities and
finished goods.

Shops that sell products manufactured in Gaeseong Industrial
Complex are also facing huge damage, the report notes. They were
launched last September as a symbol of economic cooperation
between the two Koreas, with five branches operating nationwide.
Each has invested between KRW100 million and KRW300 million to
open the shop, but they will now have to close down, according to
the Korea Times.

"There are procedures for the government to follow even in
shutting down a mom-and-pop store, such as prior notice and a
hearing. The government is ignoring businesses," the report quotes
Chung Ki-sup, president of the association representing the firms
that were based in the GIC, as saying.



                             *********

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

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

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


                            *********


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

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

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

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

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



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