TCRAP_Public/160222.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 22, 2016, Vol. 19, No. 36


                            Headlines


A U S T R A L I A

LONGFORDS SOUTHERN: First Creditors Meeting Set For March 1
PAKENHAM NEWS: First Creditors Meeting Slated For Feb. 26
RED MULGA: First Creditors Meeting Set For Feb. 29


C H I N A

CHINA: Bank Losses May Top 400% of Subprime Crisis, Bass Says
CHINA NATURAL: Receives NASDAQ Listing Non-Compliance Notice
KU6 MEDIA: Fails to Regain NASDAQ Listing Rules Compliance
YUANTA COMMERCIAL: Fitch Affirms 'bb+' Viability Rating


I N D I A

4 GENIUS: CRISIL Reaffirms B- Rating on INR125MM Cash Loan
AGGARWAL FOODS: ICRA Assigns B+ Rating to INR16.77cr Loan
AJB LEATHERS: CRISIL Assigns B Rating to INR44.0MM Cash Loan
ASMITHA MICROFIN: CRISIL Reaffirms D Rating on INR9.88BB Loan
AUTOLOGIC MOTORS: CRISIL Assigns B+ Rating to INR80MM Cash Loan

AVMARK POLYMERS: Ind-Ra Suspends 'IND B' Long-Term Issuer Rating
BALAJI INDUSTRIAL: ICRA Assigns 'B' Rating to INR2.6cr Cash Loan
BARODA AGRO: ICRA Reaffirms B+ Rating on INR14cr Cash Loan
BHADORA INDUSTRIES: ICRA Suspends B/A4 Rating on INR10.20cr Loan
CALCHEM INDUSTRIES: Ind-Ra Suspends 'IND B+' LT Issuer Rating

CLASSIC MICROTECH: ICRA Reaffirms B Rating on INR10cr Cash Loan
CORDOBA ENGINEERING: CRISIL Cuts Rating on INR70MM Loan to B
DHRUVDESH METASTEEL: Ind-Ra Suspends 'IND BB' LT Issuer Rating
EHSAAS FROZEN: Ind-Ra Suspends 'IND B-' Long-Term Issuer Rating
GORAYA STRAW: Ind-Ra Suspends 'IND B+' Long-Term Issuer Rating

HARMILAP AGRO: ICRA Lowers Rating on INR12.50cr Loan to 'D'
HBS REALTORS: ICRA Lowers Rating on INR53.55cr Loan to 'B'
INDO-GERMAN: CRISIL Reaffirms B+ Rating on INR230MM Loan
INTEGRATED CAPS: CRISIL Cuts Rating on INR150MM Loan to 'D'

JAGANNATH POLYPACKS: CRISIL Cuts Rating on INR45MM Loan to C
KALPATHARU BREWERIES: CRISIL Reaffirms B Rating on INR50MM Loan
KRISHNA TEXTILE: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
KSR INFRACON: Ind-Ra Suspends 'IND BB-' Long-Term Issuer Rating
KUSHAL FOODS: Ind-Ra Suspends 'IND BB+' Long-Term Issuer Rating

MAA BHAGWATI: CRISIL Reaffirms B+ Rating on INR80MM Cash Loan
MADHABGANJ KARUNAMOYEE: ICRA Assigns 'B' Rating to INR0.83cr Loan
MADHAV INDUSTRIES: Ind-Ra Assigns IND B+ Long-Term Issuer Rating
MORNING STAAR: Ind-Ra Suspends 'IND BB' Long-Term Issuer Rating
MOTHER'S EDUCATIONAL: CRISIL Rates INR54MM LT Loan at 'B'

NUTAN COTTON: ICRA Suspends B- Rating on INR6.80cr LT Loan
OM SAI: ICRA Suspends B+ Rating on INR7.50cr Loan
PARAMESWARA COTTON: Ind-Ra Assigns IND B Long-Term Issuer Rating
PATNA SAHIB: Ind-Ra Assigns LT 'IND D' Rating on INR217.5MM Loan
PNG TOLLWAY: ICRA Lowers Rating on INR1,198.91cr Loan to D

PRAGATI EDIBLE: Ind-Ra Assigns 'IND BB+' Long-Term Issuer Rating
PRIME GEMS: Ind-Ra Suspends 'IND BB-' Long-Term Issuer Rating
PUNJAB ALKALIES: CRISIL Reaffirms C Rating on INR724.4MM Loan
PURE VIEW: Ind-Ra Suspends 'IND B' Long-Term Issuer Rating
R.N. METALS: ICRA Assigns B+ Rating to INR10cr LT Loan

RAJASTHAN LIQUORS: Ind-Ra Suspends IND BB Long-Term Issuer Rating
RAMAN AGRO: Ind-Ra Suspends 'IND B+' Long-Term Issuer Rating
S .D EDUCATION: ICRA Reaffirms 'D' Rating on INR6.75cr Loan
SETH INDUSTRIAL: Ind-Ra Suspends IND BB+ Long-Term Issuer Rating
SHAKUMBARI AUTOMOBILES: Ind-Ra Withdraws IND BB LT Issuer Rating

SHREE R.N.: ICRA Assigns B+ Rating to INR6.0cr LT Loan
SRI RAMA EDUCATIONAL: ICRA Reaffirms B- Rating on INR16.8cr Loan
SRI SAI: ICRA Assigns 'B' Rating to INR3.50cr Cash Loan
SUBABHALAJI SPINNING: ICRA Reaffirms 'B' Rating on INR10cr Loan
SULAIMAN STEELS: CRISIL Cuts Rating on INR40MM Cash Loan to D

SUNDARAM MAHADEO: CRISIL Reaffirms 'B' Rating on INR55MM Loan
SWAMI TEXTILES: Ind-Ra Suspends 'IND BB-' Long-Term Issuer Rating
TENTIWALA METAL: CRISIL Cuts Rating on INR173MM Loan to 'D'
THIRUMALA KNIT: ICRA Assigns 'B' Rating to INR3.78cr Term Loan
TRIMURTHI HITECH: ICRA Assigns C+ Rating to INR4.75cr LT Loan

TULIPS AMBBIENCE: CRISIL Reaffirms 'B' Rating on INR42MM Loan
TUNIC FASHION: Ind-Ra Suspends 'IND BB-' Long-Term Issuer Rating
VED SASSOMACCANICCA: Ind-Ra Suspends 'IND BB' LT Issuer Rating
VICTORY OIL: CRISIL Assigns 'B+' Rating to INR95MM Cash Loan
VIVAANA DESIGNERS: Ind-Ra Assigns 'IND B- Long-Term Issuer Rating

WYAN INDUSTRIES: Ind-Ra Withdraws 'IND B+' LT Issuer Rating


J A P A N

MTGOX: Significant Progress Made in Bitcoin Probe, Kraken Says
TAKATA CORP: Carmakers Hold Crisis Meeting on Ways to Aid Firm


M A L A Y S I A

1MALAYSIA DEVELOPMENT: Issue 'Nothing To Do With Sarawak'


N E W  Z E A L A N D

UCI HOLDINGS: Defers $17.25 Million Interest Payment
UCI HOLDINGS: Names Alan Carr to Board of Directors
UCI HOLDINGS: S&P Cuts CCR to 'CCC' Ff. Delayed Interest Payment


                            - - - - -


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


LONGFORDS SOUTHERN: First Creditors Meeting Set For March 1
-----------------------------------------------------------
Sean Wengel & Robert Whitton of William Buck were appointed as
administrators of Longfords Southern Transport Pty Ltd and Willett
Holdings Pty Ltd, trading as Longford Southern Deliveries, on Feb.
18, 2016.

A first meeting of the creditors of the Company will be held at
Nowra Golf & Recreation Club, Fairway Drive, in North Nowra,
New South Wales, on March 1, 2016, at 11:30 a.m.


PAKENHAM NEWS: First Creditors Meeting Slated For Feb. 26
---------------------------------------------------------
Gideon Isaac Rathner at Lowe Lippmann was appointed as
administrator of Pakenham News & Tatts Pty ltd, trading as
Newsxpress Pakenham and Pakenham Authorised Newsagency, on
Feb. 17, 2016.

A first meeting of the creditors of the Company will be held at
Level 7, 616 St Kilda Road, in Melbourne, Victoria, on Feb. 26,
2016, at 4:00 p.m.


RED MULGA: First Creditors Meeting Set For Feb. 29
--------------------------------------------------
Stephen Glen James of BCR Advisory (SA) Pty Ltd was appointed as
administrator of Red Mulga (SA) Pty Ltd, trading as Red Mulga
Indigenous Services, on Feb. 17, 2016.

A first meeting of the creditors of the Company will be held at
BCR Advisory (SA) Pty Ltd, Level 2, 139 Frome Street, in Adelaide,
on Feb. 29, 2016, at 11:00 a.m.



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


CHINA: Bank Losses May Top 400% of Subprime Crisis, Bass Says
-------------------------------------------------------------
Katia Porzecanski at Bloomberg News reports that Kyle Bass, the
hedge fund manager who successfully bet against mortgages during
the subprime crisis, said China's banking system may see losses of
more than four times those suffered by U.S. banks during the last
crisis.

Should the Chinese banking system lose 10 percent of its assets
because of nonperforming loans, the nation's banks will see about
$3.5 trillion in equity vanish, Bass, the founder of Dallas-based
Hayman Capital Management, wrote in a letter to investors obtained
by Bloomberg. The world's second-biggest economy may end up having
to print more than $10 trillion of yuan to recapitalize banks,
pressuring the currency to devalue in excess of 30 percent against
the dollar, Mr. Bass, as cited by Bloomberg, said.

According to Bloomberg, Mr. Bass, 46, scored big after betting
against mortgages in 2007, racking up gains as the world's largest
banks wrote off more than $80 billion in subprime losses. All his
calls haven't been as prescient. He revealed wagering on a
collapse in Japan's government-bond market in 2010, a short
position that Mr. Bass later acknowledged that other bond
investors had nicknamed "the widow maker," says Bloomberg News.

"What we are witnessing is the resetting of the largest macro
imbalance the world has ever seen," he wrote in the letter cited
by Bloomberg. "Credit in China has reached its near-term limit,
and the Chinese banking system will experience a loss cycle that
will have profound implications for the rest of the world."

According to Bloomberg, Mr. Bass said his hedge fund has sold most
of its riskier assets since the middle of last year to position
itself for 18 months of "various events that are likely to
transpire along this long road to a Chinese credit and currency
reset." In an e-mailed response to questions, he said about 85
percent of his portfolio is invested in China-related trades,
Bloomberg relays.

"The problems China faces have no precedent," Mr. Bass wrote in
the letter. "They are so large that it will take every ounce of
commitment by the Chinese government to rectify the imbalances.
Risk assets will not be the place to be while all of this is
happening."

Chinese growth, which averaged 10 percent for three decades
through 2010, has decelerated for five straight years and in 2015
slowed to 6.9 percent, the lowest rate in a quarter of a century.
It will ease to 6.5 percent this year, according to a Bloomberg
survey of economists. The economy continues to transition toward
growth driven by services and consumption instead of manufacturing
and investment, but the new drivers haven't yet proven sufficient
to offset the lagging older ones, Bloomberg notes.

Mr. Bass estimates the Chinese economy actually expanded last year
at a slower pace than reported, about 3.6 percent, according to
the letter. He estimates that of China's $3.2 trillion in foreign-
exchange reserves, about $2.2 trillion are liquid, Bloomberg
relays.

The banking system, which he estimates swelled 10-fold in assets
over the last decade to more than $34.5 trillion, is fraught with
risky products used by financial companies to skirt regulations,
wrote Mr. Bass.  Bloomberg relates that the nation's expanding
shadow banking system -- which he said has grown almost 600
percent in the last three years, citing UBS Group AG data -- "is
where the first credit problems are emerging."

Wealth-management products, which have been used by Chinese banks
for off-balance sheet lending and to lure buyers with perceived
guarantees and yields that trump the deposit rate, are being
brought back onto the balance sheets as they begin to fail,
Mr. Bass, as cited by Bloomberg, said. He also said the use of
trust-beneficiary rights -- the legal rights to trust products --
are "ticking time bombs" because they're used by banks to hide
loan losses, adds Bloomberg News.

"We believe the epicenter of the problem is the Chinese banking
system and its coming losses," Mr. Bass wrote, notes the report.
"Until China experiences a significant devaluation, it will not be
able to cope with the build-up of credit that has helped fuel its
rise, but may, in the short-term, be its undoing."

Since his successful call betting on subprime mortgages,
Mr. Bass's performance has been more mixed, with his main fund
returning about 1.6 percent annualized as of last August, the New
York Post reported at the time, Bloomberg adds.


CHINA NATURAL: Receives NASDAQ Listing Non-Compliance Notice
------------------------------------------------------------
China Natural Resources, Inc. (CHNR), a company based in the
People's Republic of China, on Feb. 16 disclosed that, on February
9, 2016, the Company received a written notice from the Listing
Qualifications department of The Nasdaq Stock Market (the
"Notice") indicating that the Company is not in compliance with
the $35 million market value of listed securities ("MVLS")
requirement set forth in Nasdaq Rule 5550(b)(2) for continued
listing on The Nasdaq Capital Market.  The Nasdaq Rule requires
listed securities to maintain a minimum MVLS of $35 million and,
based upon the closing bid price of the Company's common shares
for the 30 consecutive business day measurement period, the
Company no longer meets this requirement.  The Notice indicates
that the Company will be provided 180 calendar days (until
August 8, 2016) in which to regain compliance.

If at any time during this compliance period the MVLS of the
Company's common shares closes at or above $35 million for a
minimum of ten consecutive business days, or the Company
demonstrates compliance with one of the alternative continued
listing standards, the Nasdaq Staff will provide the Company with
a written confirmation of compliance and the matter will be
closed. In the event the Company does not regain compliance with
Rule 5550(b)(2), or satisfy one of the alternative continued
listing standards, prior to expiration of the 180-calendar day
compliance period, the Nasdaq Staff will provide the Company with
written notification that its securities are subject to delisting
from The Nasdaq Capital Market.  At that time, the Company may
appeal the delisting determination to a Hearings Panel.

The Company is actively evaluating several business transactions
which the Company believes, if consummated, will enable it to
achieve compliance with Nasdaq continued listing criteria.

              About China Natural Resources, Inc.:

China Natural Resources, Inc., a British Virgin Islands
corporation, through its operating subsidiaries in the People's
Republic of China, is currently engaged in the acquisition and
exploitation of mining rights, including the exploration, mineral
extraction, processing and sale of iron, zinc and other nonferrous
metals, extracted or produced at mine primarily located in Anhui
Province in the PRC.  Due to the depressed market price of metals,
it is currently not economical to engage in metal mining
activities and, accordingly, effective
December 27, 2015, mining operations atthe Company's sole current
mining property were temporarily suspended.


KU6 MEDIA: Fails to Regain NASDAQ Listing Rules Compliance
----------------------------------------------------------
Ku6 Media Co., Ltd., an internet video company focused on User
Generated Content in China, on Feb. 16 disclosed that it has
received a determination letter from The NASDAQ Stock Market LLC
("NASDAQ") dated February 10, 2016, indicating that the Company
has failed to regain compliance with the US$50,000,000 minimum
market value requirement under NASDAQ Listing Rule 5450(b)(2)(A)
(the "MVLS Rule") and the US$15,000,000 minimum market value of
publicly held securities requirement under NASDAQ Listing Rule
5450(b)(2)(C) (the "MVPHS Rule").  The Company was first notified
by NASDAQ that it failed to comply with the MVLS Rule and the
MVPHS Rule on August 13, 2015.  In accordance with NASDAQ Listing
Rules 5810(c)(3)(C) and 5810(c)(3)(D), the Company was provided
180 calendar days, or until February 9, 2016, to regain compliance
with the MVLS Rule and the MVPHS Rule.

NASDAQ has indicated that the Company's American Depositary Shares
will be delisted from The Nasdaq Global Market unless the Company
appeals NASDAQ's determination to a Hearing Panel.  The Company
intends to request a hearing to appeal NASDAQ's determination.  If
the Company appeals NASDAQ's determination, the Company's American
Depositary Shares will continue to trade on The Nasdaq Global
Market during the appeal process.  There is no assurance that the
Hearing Panel will grant the Company's request for continued
listing.

               About Ku6 Media Co., Ltd.

Ku6 Media Co., Ltd. (KUTV) -- http://ir.ku6.com-- is an internet
video company in China focused on User Generated Content ("UGC").
Through its premier online brand and online video website,
www.ku6.com, Ku6 Media provides online video uploading and sharing
services, video reports, information and entertainment in China.


YUANTA COMMERCIAL: Fitch Affirms 'bb+' Viability Rating
-------------------------------------------------------
Fitch Ratings has maintained the Rating Watch Negative (RWN) on
most of the ratings of Taiwan-based Yuanta Financial Holding Co.,
Ltd. (YFHC) and its subsidiaries - Yuanta Securities Co., Ltd.
(YS) and Yuanta Commercial Bank Co., Ltd. (YCB). Fitch placed most
of the ratings of Yuanta Group on RWN on 19 August 2015 following
the announcement that YFHC will acquire all the shares of Ta Chong
Bank (TCB). A full list of rating actions is at the end of this
rating action commentary.

Fitch expects to resolve the Rating Watch after the transaction is
completed in late March, when Fitch receives greater clarity on
YFHC's consolidated credit profile and capitalisation. The group
plans to merge TCB into YCB over the course of a year after that.

The transaction has received approvals from the regulator and both
companies' shareholders. The acquisition is valued at TWD56.5bn,
which includes YFHC's purchase of TCB's existing European
convertible bonds.

Fitch expects the group's financial flexibility to weaken after
the completion of transaction, which YFHC will finance through a
mix of debt issuance, and capital upstreaming from YS and Yuanta
Securities Finance. YFHC's double leverage ratio could rise to
about 115%-119% after the transaction from 106% at end-3Q15. In
addition, its sum of parts capitalisation ratio could drop to
115%-123% from 146% at end-3Q15.

KEY RATING DRIVERS

IDRS, NATIONAL RATINGS AND SENIOR DEBT
The RWN continues to reflect the potential dilution of Yuanta
Group's credit profile due to the increase in commercial banking
assets, and potentially weaker capitalisation as the group's
leverage increases. Fitch estimates that once YCB merges with TCB,
it will account for 48% of the group's equity and 65% of the
group's assets, compared with 29% and 54%, respectively at end-
3Q15.

YS's IDR and National Ratings, the anchor ratings for companies in
the Yuanta group, remain on RWN because the company's decreased
capital buffer (after a capital reduction to help YFHC to finance
the transaction) could weaken its ability to provide sufficient
support to the group as a whole at the 'BBB+' rating level.

YCB's IDR and National Ratings remain on RWN, aligned with the
rating action on its parent, YFHC, reflecting its status as a core
subsidiary of the group and the obligatory support from the parent
company under Taiwan's Financial Holding Company Act.

YFHC and YCB's senior unsecured bond ratings remained on RWN
because they are notched from the companies' Long-Term IDRs and
National Long-Term Ratings.

VIABILITY RATING (VR)
YCB's VR is affirmed at 'bb+'. YCB is likely to benefit from a
larger scale once it merges with TCB. However, such positive
effects are likely to arise only after 12 months or more. Fitch
will evaluate YCB's VR after there is greater clarity on how the
two entities will be merged.

RATING SENSITIVITIES
IDRS, NATIONAL RATINGS AND SENIOR DEBT
Fitch will likely downgrade the group's IDRs, National Ratings and
debt ratings by one notch if the consolidated financials confirm
Fitch's expectations that the group's credit profile and
capitalisation will be weaker. Fitch may take further negative
rating actions in the medium term should the group continue to
grow aggressively or the acquisition lead to a significant
deterioration in the Yuanta Group's asset quality and capital
buffer.

VIABILITY RATING (VR)
Fitch will consider upgrading YCB's VR if it realises the benefits
from a larger scale following the acquisition. However, the VR
will not be upgraded if the bank's risk appetite rises and asset
quality deteriorates after the transaction.

The rating actions are as follows:

Yuanta Securities Co., Ltd.:
Long-Term Foreign Currency IDR at 'BBB+'; maintained on RWN
Short-Term Foreign Currency IDR at 'F2'; maintained on RWN
National Long-Term Rating at 'AA-(twn)'; maintained on RWN
National Short-Term Rating at 'F1+(twn)'; maintained on RWN

Yuanta Commercial Bank Co., Ltd.:
Long-Term Foreign Currency IDR at 'BBB+'; maintained on RWN
Short-Term Foreign Currency IDR at 'F2'; maintained on RWN
National Long-Term Rating at 'AA-(twn)'; maintained on RWN
National Short-Term Rating at 'F1+(twn)'; maintained on RWN
Viability Rating affirmed at 'bb+'
Senior unsecured debt at 'AA-(twn)'; maintained on RWN

Yuanta Financial Holding Co., Ltd.:
Long-Term Foreign Currency IDR at 'BBB+'; maintained on RWN
Short-Term Foreign Currency IDR at 'F2'; maintained on RWN
National Long-Term Rating at 'AA-(twn)'; maintained on RWN
National Short-Term Rating at 'F1+(twn)'; maintained on RWN
Senior unsecured debt at 'AA-(twn)'; maintained on RWN



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


4 GENIUS: CRISIL Reaffirms B- Rating on INR125MM Cash Loan
----------------------------------------------------------
CRISIL's rating on the long-term bank facility of 4 Genius Minds
(4GM) continues to reflect the firm's weak financial risk profile,
because of below-average debt protection metrics, and modest scale
of operations in the industry. These weaknesses are partially
offset by the partners' extensive industry experience.

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

Outlook: Stable

CRISIL believes that 4GM will maintain a stable business risk
profile over the medium term backed by its association with the
principal. The outlook could be revised to 'Positive' in case of
sizeable cash accrual and improvement in the working capital
cycle, resulting in significant improvement in the financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
the firm faces decline in orders, adversely affecting its revenue
and margins leading to weakening of liquidity and the capital
structure.

Update
4GM's operating income improved to INR1558.70 million in 2014-15
(refers to financial year, April 1 to March 31) from INR659
million from 2013-14 on account of healthy demand for Apple Inc's
(Apple) mobile phones and expansion of the clientele pan India.
Till November 30, 2015, 4GM has achieved the sales of INR2.09
billion and is likely to report revenue of INR2.9-3.0 billion for
2015-16. Although operating profitability declined to 1.61 percent
in 2014-15, overall margin will remain low in the range of 1.4-1.5
percent over the medium term due to low value addition arising
from the trading nature of the business. Going forward, the
business risk profile will be supported by the partners' extensive
industry experience and established relationship with its
customers and suppliers.

4GM's working capital requirements have improved compared to last
year as reflected by improvement in the gross current assets to 79
days as on March 31, 2015 from 116 days as on March 31, 2014
mainly due to improvement in inventory level to 39 days.
Significant withdrawal by the partners in the past two years
resulted in an aggressive capital structure, marked by a high
total outside liabilities to tangible net worth (TOLTNW) ratio and
negative networth for the year ended March 31, 2015. Due to
decline in profitability, the interest coverage ratio was 1.37
times for 2014-15. CRISIL believes the financial risk profile will
remain at a similar level in the absence of infusion of funds into
the business.

Liquidity is stretched marked by high bank limit utilisation of
around 99 percent for the 12 months through November 2015.
Liquidity is expected to be supported by cash accrual of INR14
million and INR16 million during 2015-16 and 2016-17,
respectively, against negligible debt repayment obligations for
the same period.

Incorporated in 2006, 4GM, a Delhi-based partnership firm, is an
authorised retailer and service provider of Apple products such as
mobile phones, computers (desktops and notebooks), tablets, and
other accessories, primarily catering to enterprise clients. The
overall operations are managed by Mr. Aditya Agarwal and Mr.
Abhishek Agarwal. The firm operates three showrooms, one each in
Delhi, Jalandhar (Punjab), and in Bengaluru (Karnataka).

Subudhi and his family members, JPL manufactures PP woven sacks
for the cement and fertiliser industries. Facility is in Jagatpur,
Cuttack.


AGGARWAL FOODS: ICRA Assigns B+ Rating to INR16.77cr Loan
---------------------------------------------------------
ICRA has assigned [ICRA]B+ rating to INR16.80 crore (enhanced from
INR13.00 crore) bank lines of Aggarwal Foods.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based limits     16.77        [ICRA]B+ (assigned)

   Unallocated
   (Proposed Limits)      0.03        [ICRA]B+ (assigned)

The rating reaffirmation factors in AF's weak financial profile
reflected by low operating margins on account of fall in
realization of basmati rice coupled with high gearing level. The
rating continues to be constrained by high intensity of
competition in the industry and agro climatic risks, which can
affect the availability of paddy in adverse weather conditions.
The rating, however favorably takes into account long standing
experience of promoters in rice industry and proximity of the mill
to major rice growing area which results in easy availability of
paddy.

Aggarwal Foods (AF) is a proprietorship firm, was set up in 1997
by Mr. Suresh Kumar. Aggarwal Foods is engaged in processing and
export of basmati rice to countries in the Middle East. It has a
plant at Karnal (Haryana) which has a milling capacity of 6 tonnes
per hour and a sortex machinery with a capacity of 4 ton/hr.

Recent Results
During the financial year 2014-15, the firm reported profit after
tax (PAT) of INR0.92 crore on an operating income of INR27.86
crore as against PAT of INR0.91 crore on an operating income of
INR20.36 crore in FY14. During nine months FY16, on a provisional
basis, the firm reported an operating income of INR22.14 crore and
profit before tax of INR0.86 Crore.


AJB LEATHERS: CRISIL Assigns B Rating to INR44.0MM Cash Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of AJB Leathers (AJBL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Long Term
   Bank Loan Facility    43.5      CRISIL B/Stable
   Cash Credit           44.0      CRISIL B/Stable
   Long Term Loan        12.5      CRISIL B/Stable

The rating reflects AJBL's large working capital requirement,
modest scale of operations and weak financial risk profile because
of subdued capital structure and stretched liquidity. These
weaknesses are partially offset by promoter's experience in the
leather industry, and established relationships with suppliers and
clients.
Outlook: Stable

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

AJBL, set up in 2000 as a proprietorship firm, processes goat,
sheep, and cow leather. It has a tannery in Dindigul (Tamil Nadu).
Operations are managed by Mr. J Balasubramaniam.


ASMITHA MICROFIN: CRISIL Reaffirms D Rating on INR9.88BB Loan
-------------------------------------------------------------
CRISIL has reaffirmed its rating on the bank loan facilities of
Asmitha Microfin Limited at 'CRISIL D'. CRISIL has also withdrawn
its rating on the non-convertible debentures of Asmitha. There is
no amount outstanding against these instruments and the withdrawal
is in line with CRISIL's withdrawal policy.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Long Term Bank
   Facility                9887.3     CRISIL D (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility       112.7     CRISIL D (Reaffirmed)

CRISIL's rating on the bank facilities of Asmitha continue to
reflect instances of delay by Asmitha in servicing its debt. The
rating also factors in the company's weak financial risk profile,
its exposure to risks related to the challenging operating
environment in Andhra Pradesh (AP) and Telangana, and the
constrained funding environment for microfinance institutions
(MFIs) operating in these states. The company, however, benefits
from its management's extensive experience in the microfinance
business.

Set up in 2002 as a non-banking financial company, Asmitha is an
MFI offering microcredit to women. The company follows the
microcredit model of Grameen Bank (Bangladesh). As on Sept. 30,
2015, Asmitha had an outstanding loan portfolio of INR8.6 billion
(AP and Telangana accounted for about 70 per cent of loans
outstanding).

Asmitha reported a net loss of INR368 million on a total income of
INR873 million for 2014-15 (refers to financial year, April 1 to
March 31), against a net loss of INR476 million on a total income
of INR1.0 billion for 2013-14.


AUTOLOGIC MOTORS: CRISIL Assigns B+ Rating to INR80MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Autologic Motors India Private Limited (AMIPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           80        CRISIL B+/Stable
   Long Term Loan        70        CRISIL B+/Stable

The rating reflects AMIPL's below-average financial risk profile
marked by small net worth, high total outside liability to
tangible networth (TOL/TNW) ratio, and average debt protection
metrics, and susceptibility to economic cyclicality, and to
intense competition in the automobile dealership industry. These
rating weaknesses are partially offset by promoters' extensive
experience and moderate revenue visibility marked by moderate
bookings.

Outlook: Stable

CRISIL believes AMIPL will continue to benefit over the medium
term from its promoters' extensive experience. The outlook may be
revised to 'Positive' in case of substantial and sustainable
increase in the company's profitability, or there is a better-
than-expected improvement in its capital structure on the back of
sizeable equity infusion by the promoters. Conversely, the outlook
may be revised to 'Negative' in case of a steep decline in the
company's profitability margins, or significant deterioration in
its capital structure caused most likely by a stretch in its
working capital cycle.

Incorporated in 2014, AMIPL is an authorized dealer for Renault
India Pvt Ltd in Hyderabad. The company is promoted by Mr.
Jagadish Ramadugu and his father, Mr. Laxmana Rao Ramadugu.


AVMARK POLYMERS: Ind-Ra Suspends 'IND B' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Avmark Polymers
Private Limited's Long-Term Issuer Rating of 'IND B' to the
suspended category. The Outlook was Stable. The rating will now
appear as 'IND B(suspended)' on the agency's website. A full list
of rating actions is at the end of the commentary.

The ratings have been migrated to the suspended category due to
lack of adequate information. Ind-Ra will no longer provide
ratings or analytical coverage for Avmark Polymers.

The ratings will remain in the suspended category for a period of
six months and be withdrawn at the end of that period. However, in
the event the issuer starts furnishing information during this
six-month period, the ratings could be reinstated and will be
communicated through a rating action commentary.

Avmark Polymer's ratings:

-- Long-Term Issuer Rating: migrated to 'IND B(suspended)' from
    'IND B'

-- INR110 million term loans: migrated to 'IND B(suspended)'
    from 'IND B'

-- INR40 million fund-based working capital limits: migrated to
    'IND B(suspended)'/'IND A4(suspended)' from 'IND B'/'IND A4'


BALAJI INDUSTRIAL: ICRA Assigns 'B' Rating to INR2.6cr Cash Loan
----------------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B to the INR2.60
crore cash credit limits and short-term rating of [ICRA]A4 to the
INR6.00 crore non-fund based limits of Balaji Industrial and
Agricultural Castings Private Limited. ICRA has also assigned the
long-term/short-term rating of [ICRA]B/[ICRA]A4 to the INR1.40
crore unallocated limits of BIACPL.

                          Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Cash Credit              2.60        [ICRA]B assigned
   Non-fund based Limits    6.00        [ICRA]A4 assigned
   Unallocated Limits       1.40        [ICRA]B/[ICRA]A4 assigned

The assigned rating is constrained by the small scale of
operations and the financial profile of the company, characterized
by low profitability, weak coverage indicators and constrained
liquidity position with high working capital intensity on account
of high inventory and significant delays in receivables from
customers. ICRA also takes note of the susceptibility of
profitability in fluctuations in the raw material prices and high
customer and geographic concentration for the company with about
~82% of the revenue being generated from a single customer.

However, the ratings draw comfort from the long standing
experience of the promoters in the hand pump manufacturing/solar
business. Moreover, a favorable demand outlook for solar-powered
pumps and handpumps on the back of government sponsored
initiatives to provide safe drinking water to rural areas augurs
well for the company in the long-term.

Going forward, ability of the company to improve its scale of
operations with regular order inflow and timely execution of
orders on hand, improve profitability, and effectively manage its
working capital requirements with timely receipt of payments from
its clients would be the key rating sensitivities.

Balaji Industrial and Agricultural Castings Private Limited
(BIACPL) is located at Hyderabad in India. It was established in
1978 and was converted to a private limited company in 2013 and is
in the field of drilling and implementation of water supply
schemes, civil construction and fabrication of solar products. It
is also into construction and execution of community water supply
projects, roads and bridges, civil constructions of multi storied
and office buildings etc. for government of India and Government
of Nigeria. Also, It is engaged in the supply of spares parts to
machineries, erection & Maintenance tool kits for hand pumps.

Recent Result
According to audited FY2014 results, BIACPL recorded an operating
income of INR4.41 crore with a net profit of INR0.03 crore. As per
audited FY2015 results, BIACPL recorded an operating income of
INR14.05 crore with a net profit of INR0.01 crore.


BARODA AGRO: ICRA Reaffirms B+ Rating on INR14cr Cash Loan
----------------------------------------------------------
ICRA has reaffirmed the long-term rating assigned to the INR14.00
crore (enhanced from INR8.50 crore) cash credit facility and
INR10.30 crore (enhanced from INR7.50 crore) term loan of Baroda
Agro Chemicals Limited at [ICRA]B+. ICRA has assigned the short
term rating to INR1.50 crore short term facility of BACL at
[ICRA]A4.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit           14.00        [ICRA]B+ reaffirmed

   Bank guarantee        10.30        [ICRA]B+ reaffirmed

   Non-fund Based,
   Short-term
   facilities             1.50        [ICRA]A4 assigned

The rating reaffirmation takes into account the weak financial
risk profile characterized by high gearing levels and high working
capital intensity of operations as well as high customer
concentration; however addition of the new customers in the recent
years has reduced its dependence on a few customers to some
extent. The ratings also factors in the vulnerability of the
operations to the agro climatic risk caused due to the cyclicality
inherent in the agricultural sector and regulatory controls that
govern the pesticide and agro chemical industry and vulnerability
of profitability to highly fragmented nature of industry due to
the presence of large number of players.

The ratings however favourably factors in company's established
track record in the pesticide manufacturing business, diversified
product portfolio and established relationship with large and
reputed agro chemical companies as well as stable demand
prospects.

Baroda Agro Chemicals Limited (BACL) was incorporated in 1996 by
Mr. K.V Rao. BACL is engaged in the manufacture of insecticide,
pesticide and fungicide formulations. The company operates from
its manufacturing facility located at Halol near Vadodara city
with an installed capacity of ~265 KL/per day. BACL enters into
contract manufacturing as well as job work with respect to generic
pesticide formulation and can produce formulations in varying
forms like Emulsifiable Concentrates (EC), Dusting Powders (DP),
Granules (G), Wettable Powders (WP), Soluble Powders (SP),
Suspension Concentrates (SC), Flowables Slurries (FS), Water
Disbursable Granules (WDG), Dry Flowables (DF) and Soluble
Granules (SG).

Recent Results
For the year ended March 31, 2015, the company reported an
operating income of INR49.19 crore and profit after tax of INR3.04
crore against operating income of INR25.49 crore and profit after
tax of INR1.90 crore for the year ended March 31, 2014.


BHADORA INDUSTRIES: ICRA Suspends B/A4 Rating on INR10.20cr Loan
----------------------------------------------------------------
ICRA has suspended [ICRA] B/A4 ratings assigned to the INR10.20
crore, bank lines of Bhadora Industries Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


CALCHEM INDUSTRIES: Ind-Ra Suspends 'IND B+' LT Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Calchem
Industries (India) Ltd's 'IND B+' Long-Term Issuer Rating with a
Stable Outlook to the suspended category. This rating will now
appear as 'IND B+(suspended)' on the agency's website.
The ratings have been migrated to the suspended category due to
lack of adequate information. Ind-Ra will no longer provide
ratings or analytical coverage for Calchem Industries.

The ratings will remain in the suspended category for a period of
six months and be withdrawn at the end of that period. However, in
the event the issuer starts furnishing information during this
six-month period, the ratings could be reinstated and will be
communicated through a rating action commentary.

Calchem Industries' ratings:
-- LongTerm Issuer Rating: migrated to 'IND B+(suspended)' from
    'IND B+'
-- INR83.9 million term loans: migrated to 'IND B+(suspended)'
    from 'IND B+'
-- INR135.5 million fund-based cash credit limits: migrated to
    'IND B+(suspended)' from 'IND B+'
-- INR9.5 million fund-based working capital demand loan limits:
    migrated to 'IND B+(suspended)' from 'IND B+'
-- INR15 million non-fund-based letter of credit: migrated to
    'IND A4(suspended)' from 'IND A4'
-- INR10 million non-fund-based bank guarantee: migrated to 'IND
    A4(suspended)' from 'IND A4'


CLASSIC MICROTECH: ICRA Reaffirms B Rating on INR10cr Cash Loan
---------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B rating assigned to the INR10.00
crore1 cash credit facility of Classic Microtech Private Limited.
ICRA has also reaffirmed the [ICRA]A4 rating assigned to the
INR5.00 crore (reduced from INR10.00 crore) short-term non-fund
based facility of CMPL.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit           10.00        [ICRA]B reaffirmed
   Letter of Credit       5.00        [ICRA]A4 reaffirmed

The ratings reaffirmation takes into account the weak financial
profile characterized by modest scale of the company's operations,
moderate operating profitability margins, leveraged capital
structure, weak coverage indicators. The ratings are further
constrained by vulnerability of profitability to adverse
fluctuations in raw material (Zirconium sand) prices which may not
be passed onto the customers adequately and to foreign exchange
rate fluctuations with raw material requirement majorly met
through the imports; however this is largely mitigated with the
formal hedging policy followed by the company from FY15. The
ratings also consider the high working capital intensity of
operations owing to the stretched receivables and high inventory
holding. ICRA also notes that the demand for the company's
products remains exposed to performance of ceramic tile industry
which in turn is linked to real estate business cycle as well as
highly fragmented nature of the industry which results in intense
competitive pressures.

The ratings, however, take comfort from the experience of the
promoters spanning over a decade in the ceramic industry and the
company's locational advantage on account of proximity to tile
manufacturing hubs such as Morbi, Kadi, and Himmatnagar ensuring
steady demand for the its products.

Classic Microtech Pvt. Ltd. (CMPL), incorporated in 2000, is
engaged in the business of manufacturing zirconium silicate - a
mineral used as an input during manufacturing of ceramic glaze
frits for tiles, sanitary ware etc. CMPL has an installed capacity
to manufacture ~4200 Metric Tonnes Per Annum (MTPA) of zirconium
silicate at its manufacturing facility located in Pratij, Gujarat.
CMPL is a closely held entity with the members of the Patel family
being the key stakeholders.

Recent Results
For the year ended 31st March, 2015, CMPL reported an operating
income of INR38.54 crore and profit after tax of INR0.09 crore as
against an operating income of INR34.23 crore and net loss of
INR0.20 crore for the year ended 31st March, 2014.


CORDOBA ENGINEERING: CRISIL Cuts Rating on INR70MM Loan to B
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Cordoba Engineering Private Limited (CEPL) to 'CRISIL B/Stable'
from 'CRISIL BB-/Negative', while reaffirming its rating on the
short-term bank facility at 'CRISIL A4'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         5        CRISIL A4 (Reaffirmed)

   Cash Credit           70        CRISIL B/Stable (Downgraded
                                   from 'CRISIL BB-/Negative')

   Proposed Fund-Based   30        CRISIL B/Stable (Downgraded
   Bank Limits                     from 'CRISIL BB-/Negative')

   Term Loan              5        CRISIL B/Stable (Downgraded
                                   from 'CRISIL BB-/Negative')

   Working Capital       10        CRISIL B/Stable (Downgraded
   Demand Loan                     from 'CRISIL BB-/Negative')

The downgrade reflects CRISIL's belief that the company's
financial risk profile will remain weak over the medium term
because of a modest networth and deterioration in debt protection
metrics on account of a decline in profitability and high reliance
on bank funds for working capital. In 2014-15 (refers to financial
year, April 1 to March 31) interest coverage ratio declined to
1.62 times from 1.83 times in the previous year, while the net
cash accrual to total debt ratio reduced to 0.05 time from 0.06
time. Over the medium term, debt protection metrics are expected
to remain below average. The company's working capital cycle
remained stretched in 2014-15, with high gross current assets of
249 days as on March 31, 2015. This was driven by large inventory
of 170 days as on this date, an increase from 166 a year earlier.
Liquidity also remains stretched with high bank limit utilisation
and cash accrual barely sufficient to meet debt repayment
obligations. Cash accrual was INR6.2 million in 2014-15 against
debt repayment of INR6.1 million. CRISIL believes liquidity will
remain constrained over the medium term due to high working
capital requirement.

However, CEPL is expected to maintain its improved business risk
profile over this period backed by a healthy order book and higher
operating income. Revenue increased marginally in 2014-15 to
INR224 million, and is expected to remain stable in 2015-16 at
about INR240 million. Furthermore, growth in the domestic
fabrication and engineering industry, to which CEPL belongs, has
been fuelled by growth in key end-user industries and many new
projects undertaken in various industries such as automobiles,
automobile components, and steel.

The company's ability to ramp-up operations while maintaining its
working capital cycle and ensuring adequate liquidity will be a
rating sensitivity factor over the medium term.

The ratings continue to reflect CEPL's modest financial risk
profile because of a small net worth. The ratings also factor in a
modest scale of operations, exposure to intense competition in the
fabrication segment, and vulnerability of the operating margin to
volatility in raw material prices. These rating weaknesses are
partially offset by the extensive experience of the company's
promoters in the fabrication industry, and their continued and
timely fund support and healthy relationship with key customers.
Outlook: Stable

CRISIL believes CEPL's will continue to benefit from extensive
experience of the Company's promoters resulting in stable business
risk profile over the medium term. The outlook may be revised to
'Positive' in case of a substantial increase in scale of
operations and profitability along with improvement in the working
capital cycle resulting in lower reliance on debt and hence in
better debt protection metrics. Conversely, the outlook may be
revised to 'Negative' if liquidity deteriorates, most likely
because of large, debt-funded working capital requirement or
capital expenditure, or low cash accrual.

CEPL, incorporated in 1975, is based in Jamshedpur. The company
fabricates automobile-components and heavy equipment. Mr. Satish
Kumar Garg and his sons, Mr. Amit Garg and Mr. Sumit Garg, manage
its operations.


DHRUVDESH METASTEEL: Ind-Ra Suspends 'IND BB' LT Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Dhruvdesh
Metasteel Pvt Ltd's (DMPL) 'IND BB' Long-Term Issuer Rating with a
Stable Outlook to the suspended category. This rating will now
appear as 'IND BB(suspended)' on the agency's website. A full list
of rating actions is at the end of this commentary.

The ratings have been migrated to the suspended category due to
lack of adequate information. Ind-Ra will no longer provide
ratings or analytical coverage for DMPL.

The ratings will remain in the suspended category for a period of
six months and be withdrawn at the end of that period. However, in
the event the issuer starts furnishing information during the six-
month period, the ratings could be reinstated and will be
communicated through a rating action commentary.

DMPL' ratings are as follows:

-- Long-Term Issuer Rating: migrated to 'IND BB(suspended)' from
    'IND BB'/Stable

-- INR436.2 million long-term loans: migrated to 'IND
    BB(suspended)' from 'IND BB'
-- INR200.0 million fund-based working capital limits: migrated
    to 'IND BB(suspended)' from 'IND BB'

-- INR70.0 million non-fund-based working capital limits:
    migrated to 'IND A4+(suspended)' from 'IND A4+'


EHSAAS FROZEN: Ind-Ra Suspends 'IND B-' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Ehsaas Frozen
Foods Pvt Ltd (EFFPL) 'IND B-' Long-Term Issuer Rating to the
suspended category. The Outlook was Stable. The rating will now
appear as 'IND B-(suspended)' on the agency's website. A full list
of rating actions is at the end of this commentary.

The ratings have been migrated to the suspended category due to
lack of adequate information. Ind-Ra will no longer provide
ratings or analytical coverage for EFFPL.

The ratings will remain in the suspended category for a period of
six months and be withdrawn at the end of that period. However, in
the event the issuer starts furnishing information during this
six-month period, the ratings could be reinstated and will be
communicated through a rating action commentary.

EFFPL' ratings:

-- Long-Term Issuer rating: migrated to 'IND B-(suspended)' from
    'IND B-'

-- INR22.50 million fund-based limits: migrated to 'IND B-
    (suspended)' from 'IND B-' and 'IND A4(suspended)' from 'IND
    A4'

-- INR40.0 million term loan-1: migrated to 'IND B-(suspended)'
    from 'IND B-'

-- INR27.50 million term loan-2: migrated to 'IND B-(suspended)'
    from 'IND B-'


GORAYA STRAW: Ind-Ra Suspends 'IND B+' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Goraya Straw
Board Mills Pvt. Ltd. (GSBMPL) 'IND B+' Long-Term Issuer Rating
with a Stable outlook to the suspended category. The rating will
now appear as 'IND B+(suspended)' on the agency's website. A full
list of rating actions is at the end of this commentary.

The ratings have been migrated to the suspended category due to
lack of adequate information. Ind-Ra will no longer provide
ratings or analytical coverage for GSBMPL.

The ratings will remain in the suspended category for a period of
six months and be withdrawn at the end of that period. However, in
the event the issuer starts furnishing information during this
six-month period, the ratings could be reinstated and will be
communicated through a rating action commentary.

CMCPL's ratings:

-- Long-Term Issuer Rating:migrated to 'IND B+(suspended)' from
    'IND B+'

-- INR82.5 million fund-based limit: migrated to 'IND
    B+(suspended)' from 'IND B+'

-- INR2.5 million non-fund-based limit: migrated to 'IND
    A4(suspended)' from 'IND A4'


HARMILAP AGRO: ICRA Lowers Rating on INR12.50cr Loan to 'D'
-----------------------------------------------------------
ICRA has revised its long term rating on the INR12.50 crore fund
based facilities of Harmilap Agro Industries Private Limited to
[ICRA]D from [ICRA]BB-(Stable).


                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based limits     12.50       [ICRA ]D; revised from
                                     [ICRA]BB- (Stable)

The rating revision is driven by delays in debt servicing by HAIPL
on account of its stretched liquidity position. ICRA takes note of
the high inventory losses suffered by the company, coupled with
continued pressures on its revenues and profitability.

HAIPL was established in 2007 as a private limited company. The
company is primarily engaged in the milling of rice with an
installed capacity of 4 Tons per hour in Kurukshetra (Haryana).
The company has a sortex plant with a capacity of 5 tons/hour. The
company is professionally managed by Mr. Hari Narayan.


HBS REALTORS: ICRA Lowers Rating on INR53.55cr Loan to 'B'
----------------------------------------------------------
ICRA has revised the long-term rating assigned to the outstanding
amount of INR53.55 crore for the Non-Convertible Debenture (NCD)
program of HBS Realtors Private Limited to [ICRA]B from [ICRA]BB-

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Non-Convertible         53.55        Revised to [ICRA]B
   Debenture Program                    from [ICRA]BB- (Negative)

The rating revision factors in the significant re-financing risk
arising out of considerable delays in project execution on account
of delays in receiving key approvals for the three ongoing
redevelopment projects under its subsidiaries which has led to
inadequate cash flow generation for redemption of the debentures
falling due in March 2016. Ability of the company to timely
refinance the debentures, so as to meet the repayments in a timely
manner remains critical from the credit perspective. The rating,
however, draws comfort from the attractive location of three re-
development projects, located in South and South Central Mumbai.

Incorporated in 1995, HBS Realtors Private Limited (HBS) is a
Mumbai-based real estate developer involved in large scale city-
centric developments in commercial as well residential segments.
The group has a diversified product mix with a strong presence in
residential, retail, commercial, hospitality and SEZ developments.
Over the last decade, HBS has built strategic partnerships with
reputed business houses such as Phoenix Mills Limited for the
development of its 'Marketcity' projects, and with the Mody Group
of JB Chemicals and Pharmaceuticals for the development of its
pharma SEZ project. Over the years, HBS has also attracted various
financial investors like IL&FS, MPC Fund, SREI Infrastructure
Finance Ltd. and Edelweiss across its various projects. Since
2006-07, the group has raised private equity and debt for its
various projects.

On a provisional basis, the company reported a net loss of INR4.24
crore on a topline of INR6.65 crore for the half year ended
September 30, 2015, as compared to a net profit of INR1.51 crore
on a topline of INR25.42 crore for the full year ended March 31,
2015.


INDO-GERMAN: CRISIL Reaffirms B+ Rating on INR230MM Loan
--------------------------------------------------------
CRISIL's rating on the long-term bank facility of Indo-German
International Private Limited (IGIPL) continue to reflect IGIPL's
low profitability along with modest scale of operations in a
highly fragmented industry and high customer concentration in
revenue. This rating weakness is partially offset by the
promoters' extensive experience in the steel-trading business and
the company's efficient working capital management.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Packing Credit         230      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes IGIPL will continue to benefit over the medium
term from its efficient working capital management and the
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if sustained growth in revenue, improvement
in profitability, and diversification in customer profile
strengthen key credit metrics. Conversely, the outlook may be
revised to 'Negative' if financial risk profile weakens, most
likely because of delay in receivables, or decline in
profitability or revenue.

Incorporated in December 1994, IGIPL is jointly promoted by the
Somani group and ThyssenKrupp AG, which holds a 49.99 percent
stake in the company. IGIPL trades in steel, ferroalloys, and raw
materials for manufacturing steel. The Somani group is run by Mr.
T K Somani and Mr. Atul Varma, who oversees the daily operations
of IGIPL.


INTEGRATED CAPS: CRISIL Cuts Rating on INR150MM Loan to 'D'
-----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Integrated Caps Private Limited (ICPL) to 'CRISIL D/CRISIL D' from
'CRISIL B-/Stable/CRISIL A4'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Letter of Credit      150       CRISIL D (Downgraded from
                                   'CRISIL A4')

   Proposed Term Loan     80       CRISIL D (Downgraded from
                                    'CRISIL B-/Stable')

The downgrade reflects ICPL's delay in servicing debt obligations
on account of weak liquidity driven by large working capital
requirement. The company has negative networth on account of
accumulated loss (Rs.182 million in 2014-15 [refers to financial
year, April 1 to March 31]), resulting in stretched liquidity and
dependence on timely receipt of payments from customers to fund
operations.

ICPL also has a weak financial risk profile and modest scale of
operations. However, the company benefits from its promoter's
extensive industry experience and its reputed clientele.
About the Company

ICPL, incorporated in 1990 by Mr. Biren Sabharwal, manufactures
crown caps and polyethylene terephthalate (PET) preforms. Its
manufacturing facility is in Noida.


JAGANNATH POLYPACKS: CRISIL Cuts Rating on INR45MM Loan to C
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Jagannath Polypacks Limited to 'CRISIL C' from 'CRISIL B-
/Stable' and reaffirming its rating on the short-term facilities
at 'CRISIL A4'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee          15      CRISIL A4 (Reaffirmed)

   Cash Credit             45      CRISIL C (Downgraded from
                                   'CRISIL B-/Stable')

   Proposed Long Term      20      CRISIL C (Downgraded from
   Bank Loan Facility               'CRISIL B-/Stable')

The downgrade reflects Jagannath Polypacks' delay in meeting
obligation on debt not rated by CRISIL. The company has weak
liquidity, and its cash accrual will not suffice to meet term debt
obligation over the medium term. Its financial risk profile has
weakened due to erosion of networth because of net loss of INR25
million in 2014-15 (refers to financial year, April 1 to March
31), leading to weakening of capital structure and below-average
debt protection metrics. Revenue declined to INR91.7 million in
2014-15 from INR157 million the previous year.

The ratings reflect Jagannath Polypacks' stretched liquidity
because of large working capital requirement, and small scale of
operations in the fragmented polypropylene (PP) woven sacks
manufacturing segment, with low capacity utilisation. These
weaknesses are partially offset by its promoters' extensive
industry experience.

Jagannath Polypacks, incorporated in in 2007, manufactures PP
woven sacks for the cement and fertilizer industries. Its
promoters, the Cuttack-based Mr. M K Subudhi and his family, have
industry experience of three decades. The company's manufacturing
facility at Jagatpur in Cuttack began commercial operations in
March 2012.


KALPATHARU BREWERIES: CRISIL Reaffirms B Rating on INR50MM Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Kalpatharu
Breweries and Distilleries Private Limited (KBDPL) continues to
reflect the company's below-average financial risk profile because
of a highly leveraged capital structure and subdued debt
protection metrics. The rating also factors in a modest scale,
working capital intensive nature, of operations, and
susceptibility to regulatory risks in the Indian-made foreign
liquor (IMFL) segment. These rating weaknesses are partially
offset by the extensive industry experience of the company's
promoters.

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

   Proposed Long Term
   Bank Loan Facility      15      CRISIL B/Stable (Reaffirmed)

   Term Loan               35      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes KBDPL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of a significant
increase in revenue, along with improvement in profitability and
capital structure. Conversely, the outlook may be revised to
'Negative', in case of an adverse impact of any regulatory changes
on revenue and margins, large, debt-funded capital expenditure, or
a stretched working capital cycle, leading to further
deterioration in the financial risk profile.

Update:
Revenue increased by 19 percent to INR298 million in 2014-15
(refers to financial year, April 1 to March 31) from INR248
million in the previous year. The increase was on account of
higher quantity of IMFL sold. In 2015-16, the company received
orders from Radico Khaitan Ltd, Rockland Distribution, Sri Lanka,
and Pincon Spirit Ltd for bottling of whiskey; this is expected to
increase the share of income from bottling. Sales were INR231
million for the nine months through December 2015. Operating
margin increased to 18 percent in 2014-15 due to higher
realisation for products marketed under the company's own brand
and increase in revenue from bottling. The increased share of
revenue from the bottling business is expected to help maintain a
healthy operating margin over the medium term.

The financial risk profile remains below average because of a
highly leveraged capital structure, subdued debt protection
metrics, and weak liquidity. Net cash accrual is expected at INR9
million, sufficient for repayment obligation of INR6 million, in
2015-16. Promoters have provided need-based fund support in the
past; this helped to service term debt obligations. Unsecured
loans of INR52.9 million from promoters were outstanding as on
March 31, 2015. The company's bank limit remained almost fully
utilised during the 12 months through December 2015 owing to large
working capital requirement.

Incorporated in 2010, KBDPL is an IMFL producer and markets its
own brand of liquor comprising of whisky, gin, rum, and brandy. It
also undertakes bottling for third-party brands. Located at
Sompura, Karnataka, the company is promoted and managed by Mr. S
Kantappa.


KRISHNA TEXTILE: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Krishna Textile
Process (KTP) a Long-Term Issuer Rating of 'IND BB-'. The Outlook
is Stable.

KEY RATING DRIVERS

The ratings reflect KTP's moderate credit profile, volatile
profitability, and tight liquidity. In FY15, revenue was INR141
million (FY14: INR140 million), net leverage was 3.0x (FY14:
3.4x), and EBITDA interest cover was 3.4x (2.7x). EBITDA margin
fluctuated between 9.2% and 19.8% during FY13-FY15 on account of
power. The company has indicated revenue of INR120 million for
9MFY16. The fund-based facilities were nearly fully utilised at an
average of 99.9% during the 12 months ended January 2016.

The ratings factor in the partnership form of the organisation.
Revenue is not likely to grow substantially as the company is
already operating at 80% capacity and has no plans to increase
capacity for the next two years.

The ratings are supported by the promoters' more than three
decades of experience in fabric dyeing.

RATING SENSITIVITIES

Negative: A substantial decline in the profitability leading to
sustained deterioration in the credit metrics will be negative for
the ratings.

Positive: An increase in the scale of operations while maintaining
the profitability leading to a sustained improvement in the credit
metrics will be positive for the ratings.

COMPANY PROFILE

Incorporated in 2004, Perundurai-based KTP has a daily production
capacity of up to 8,000kg of fabric dyeing. 50% of the business is
sourced from group companies while the remaining comes from other
local players who have all been associated with KTP for more than
five years.

KTP's ratings:
-- Long-Term Issuer rating: assigned 'IND BB-', Outlook Stable
-- INR7.7 million long-term loans of: assigned 'IND BB-'/Stable
-- INR31.5 million fund-based facilities of: assigned 'IND BB-
    '/Stable/'IND A4+'
-- INR2.5 million non-fund-based facilities: assigned 'IND A4+'


KSR INFRACON: Ind-Ra Suspends 'IND BB-' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has suspended KSR Infracon
Private Ltd's Long-Term Issuer Rating of 'IND BB-' with a Stable
Outlook. The rating will now appear as 'IND BB-(suspended)' on the
agency's website.

The ratings have been migrated to the suspended category due to
lack of adequate information. Ind-Ra will no longer provide
ratings or analytical coverage for KSR Infracon.

The rating will remain suspended for a period of six months and be
withdrawn at the end of that period. However, in the event the
issuer starts furnishing information during this six-month period,
the rating could be reinstated and will be communicated through a
rating action commentary.

KSR Infracon' ratings:

-- Long-Term Issuer Rating: migrated to 'IND BB-(suspended)'
    from 'IND BB-'/Stable

-- INR40 million fund-based working capital limits: migrated to
    'IND BB-(suspended)'/'IND A4+ (suspended)' from
    'IND BB-'/'IND A4+'

-- INR75 million non-fund-based working capital limits: migrated
    to 'IND A4+(suspended)' from 'IND A4+'

-- Proposed INR260 million fund-based working capital limits:
    migrated to provisional 'IND BB-(suspended)'/provisional 'IND
    A4+ suspended' from provisional 'IND BB-'/provisional 'IND
    A4+'

-- Proposed INR1,125 million non-fund-based working capital
    limits: migrated to provisional 'IND A4+(suspended)' from
    provisional 'IND A4+'


KUSHAL FOODS: Ind-Ra Suspends 'IND BB+' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Kushal Foods
Private Limited 'IND BB+' Long-Term Issuer Rating to the suspended
category. The Outlook was Stable. The rating will now appear as
'IND BB+(suspended)' on the agency's website. The agency has also
migrated the company's INR95 million fund-based limits to 'IND
BB+(suspended)' and 'IND A4+(suspended)' from 'IND BB+ 'and 'IND
A4+'.

The ratings have been migrated to the suspended category due to
lack of adequate information. Ind-Ra will no longer provide
ratings or analytical coverage for Kushal Foods.

The ratings will remain in the suspended category for a period of
six months and be withdrawn at the end of that period. However, in
the event the issuer starts furnishing information during this
six-month period, the ratings could be reinstated and will be
communicated through a rating action commentary.


MAA BHAGWATI: CRISIL Reaffirms B+ Rating on INR80MM Cash Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Maa Bhagwati
Rice Mill (MBRM) continues to reflect MBRM's small scale of
operations in the highly fragmented rice industry, constrained
financial risk profile because of high gearing and small networth,
and susceptibility to volatility in raw material prices. These
weaknesses are mitigated by moderate working capital management
and partners' experience.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             80      CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      34      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes MBRM will benefit over the medium term from its
partners' experience. The outlook may be revised to 'Positive' if
scale of operations and cash accrual increase substantially or
capital structure and liquidity improve significantly, driven by
capital infusion. Conversely, the outlook may be revised to
'Negative' if any large, debt-funded capital expenditure weakens
capital structure, or working capital cycle stretches.

MBRM was set up as a partnership firm by Mr. Pawan Kumar Goyal and
Mr. Joginder Pal in 2006. The firm mills and processes basmati
rice, and has a manufacturing facility in Cheeka, Haryana.


MADHABGANJ KARUNAMOYEE: ICRA Assigns 'B' Rating to INR0.83cr Loan
-----------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B for the INR0.83
crore working capital loan and a short term rating of [ICRA]A4 to
the INR4.23 crore seasonal cash credit, INR0.16 crore non fund
based facilities of Madhabganj Karunamoyee Himghar Private
Limited. ICRA has also assigned the ratings of [ICRA]B and
[ICRA]A4 to MKHPL's unallocated limits of INR0.03 crore.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Working
   Capital Loan          0.83         [ICRA]B Assigned

   Fund Based Seasonal
   Cash Credit           4.23         [ICRA]A4 Assigned

   Non Fund Based
   Bank Guarantee        0.16         [ICRA]A4 Assigned

   Unallocated Limits    0.03         [ICRA]B and [ICRA}A4
                                      Assigned

The assigned ratings take into account MKHPL's small scale of
operations and its weak financial profile as reflected by low
business returns, high gearing levels and subdued debt coverage
indicators. The ratings are further constrained by the regulated
nature of industry making it difficult to pass on increase in
operating costs, thus exerting pressure on the profitability, and
MKHPL's exposure to agro-climatic risks, with its business
performance being entirely dependent upon an agro commodity, i.e.
potato. The loans extended to farmers by MKHPL may lead to
delinquency, if potato prices fall to a low level. The ratings,
however, derive support from the long experience of the promoters
in the trading of potatoes, and locational advantage of MKHPL by
way of presence of its cold storage unit in West Bengal, a state
with large potato production. In ICRA's opinion, the ability of
the company to scale up its operations while improving
profitability would remain key rating sensitivities going forward.

Incorporated in 2011, MKHPL is owned by the Ranjit Maity and
family and by Mondol family of Kolkata. MKHPL has commenced its
commercial operation in March 2013. Prior to the commencement of
cold storage operation, in FY13, MKHPL was engaged in trading of
potato. MKHPL is situated in the Bankura district of West Bengal
and has a capacity to store 17,200 metric tonnes (MT) of potatoes.

Recent Results
During FY15, MKHPL reported a net profit of INR0.12 crore on an OI
of INR2.56 crore as against a net profit of INR0.15 crore and OI
of INR2.30 crore during FY14.


MADHAV INDUSTRIES: Ind-Ra Assigns IND B+ Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Madhav Industries
a Long-Term Issuer Rating of 'IND B+'. The Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect the under construction stage of MI's project.
The company was established in 2015 to set up a specialty
inorganic chemical manufacturing plant in Mehsana, Gujarat which
is nearly complete (85%). Trial production is likely to start
towards end-April 2016. The project is likely to start commercial
production on schedule in June 2016.

The ratings also factor in   the promoters' experience in silica
manufacturing.

RATING SENSITIVITIES

Positive: The timely completion of the project in line of the
project cost outlay and the commencement of commercial operations
leading to an EBITDA interest cover of above 2.0x will be positive
for the ratings.

Negative: Any time or cost overrun will be negative for the
ratings.

COMPANY PROFILE

Incorporated in 2015, MI manufactures fine and speciality
inorganic chemicals such as molecular sieves, activated alumina,
zeolite and silicon dioxide.

MI's ratings:

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

-- INR148.7 million long term loans: assigned 'IND B+'/ Stable

-- INR30 million fund-based working capital limit: assigned 'IND
    B+'/ Stable and 'IND A4'

-- INR20 million non-fund based limit: assigned 'IND A4'


MORNING STAAR: Ind-Ra Suspends 'IND BB' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has suspended Morning Staar
Apparel's (MSA) Long-Term Issuer Rating of 'IND BB' with a Stable
Outlook. The rating will now appear as 'IND BB(suspended)' on the
agency's website. A full list of rating actions is at the end of
the commentary.

The ratings have been migrated to the suspended category due to
lack of adequate information. Ind-Ra will no longer provide
ratings or analytical coverage for MSA.

The ratings will remain in the suspended category for a period of
six months and be withdrawn at the end of that period. However, in
the event the issuer starts furnishing information during the six-
month period, the ratings could be reinstated and will be
communicated through a rating action commentary.

MSA' ratings:

-- Long-Term Issuer Rating: migrated to 'IND BB(suspended)' from
    'IND BB'/Stable

-- INR20.0 million fund-based working capital limits: migrated
    to 'IND BB(suspended)' from 'IND BB'

-- INR100 million non-fund-based working capital limits:
    migrated to 'IND BB(suspended)' and 'IND A4+(suspended)' from
    'IND BB' and 'IND A4+'


MOTHER'S EDUCATIONAL: CRISIL Rates INR54MM LT Loan at 'B'
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Mother's Educational Charitable Trust (MECT). The
rating reflects MECT's below-average financial risk profile
because of high gearing and weak debt protection metrics, and
early stage of operations. These weaknesses are mitigated by the
trustees' experience and healthy demand prospects for the
education sector.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Long Term Loan          54      CRISIL B/Stable

Outlook: Stable

CRISIL believes MECT would continue to benefit from its trustees'
longstanding presence in the education industry. The outlook may
be revised to 'Positive' if revenue increases significantly driven
by more-than-expected occupancy levels, thus improving
profitability. Conversely, the outlook may be revised to
'Negative' if substantial delays in project implementation result
in cost overruns or increase in occupancy levels does not
materialise, thus constraining financial risk profile, especially
liquidity.

Incorporated on February 02, 2011, MECT currently is running two
educational institutions: Prakrit, which is a preschool and
Mother's Business School, which is running Bachelors of Business
Administration program in Bhubaneswar and is affiliated to Utkal
University, since 2008-09 (academic year). MECT is setting up
another school, which would be running classes from 1st to 7th
Standard in the initial phase with 2017-18 projected as its first
academic year.


NUTAN COTTON: ICRA Suspends B- Rating on INR6.80cr LT Loan
----------------------------------------------------------
ICRA has suspended [ICRA]B- rating assigned to the INR6.80 crore,
long term bank facilities of Nutan Cotton Industries. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

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

Established in 2011, NCI is a partnership firm promoted by Mr. Ram
Patil with other two partners Mr. Babasaheb Patil and Mr. Pawan
Kharabe. The firm is engaged in ginning and pressing of cotton and
crushing of cotton seeds. The manufacturing facility of the firm
is located in Parbhani district of Maharashtra. The plant has 36
gins and 4 expellers.


OM SAI: ICRA Suspends B+ Rating on INR7.50cr Loan
-------------------------------------------------
ICRA has suspended the rating of [ICRA]B+ rating assigned to the
INR7.50 crore line of credit of Om Sai Hospitality. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.

Incorporated as a Private Limited Company in 2007, Mahesh Products
Private Limited (MPPL) commenced operations from October 2010.
Mahesh Products Private Limited is engaged in the manufacture of
Thermo Mechanically Treated (TMT) bars. MPPL has its registered
office and manufacturing facility at Jalna, Maharashtra. It has an
installed capacity to manufacture 54, 000 Metric Tons of steel
annually.


PARAMESWARA COTTON: Ind-Ra Assigns IND B Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Parameswara
Cotton Mills (LCPL) a Long-Term Issuer rating of 'IND B'. The
Outlook is Stable. A list of additional rating actions is provided
at the end of this commentary.

KEY RATING DRIVERS

The ratings factor in PCM's small scale of operations and weak
credit metrics. Revenue was INR215m in FY15 (FY14: INR190 million)
and EBITDA margin was 3.5% (2.6%). EBITDA interest coverage
(operating EBITDA/gross interest expense) was 1.6x in FY15 (FY14:
1.3x) and net financial leverage (total adjusted net
debt/operating EBITDA) was 7.5x (8.1x).

Moreover, liquidity is tight with the fund-based facilities being
utilised at an average of 94.9% over the 12 months ended November
2015.

The ratings are supported by over three decade of experience of
PCM's promoters in the cotton ginning business.

RATING SENSITIVITIES

Positive: Substantial growth in the top line and stabilisation in
profitability leading to a sustained improvement in the overall
credit metrics will result in a positive rating action.

Negative: Deterioration in the operating profitability leading to
deterioration in the overall credit metrics will be negative for
the ratings.

COMPANY PROFILE

Established in 1972, PCM's a partnership concern engaged in the
processing and ginning of cotton balls.

PCM's facilities:
-- Long-Term Issuer Rating: assigned 'IND B'; Outlook Stable
-- INR14 million long-term loans: assigned 'IND B'/Stable
-- INR40 million fund-based facilities: assigned 'IND
    B'/Stable/'IND A4'


PATNA SAHIB: Ind-Ra Assigns LT 'IND D' Rating on INR217.5MM Loan
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Patna Sahib
Charitable Educational Trust's (PSCET) INR217.5 million term loan
facility a Long-term 'IND D' rating.

KEY RATING DRIVERS

The rating reflects PSCET's irregularity in debt servicing in 2015
due to its strained liquidity profile and limited size of
operations. The term loan facility of the society was restructured
in September 2014.

RATING SENSITIVITIES

The rating could be upgraded if the loan obligations are serviced
in a timely manner for at least one quarter.

COMPANY PROFILE

PSCET was established in December 2010 under the Societies
Registration Act XXI of 1860. The trust manages Patna Sahib Group
of Colleges which was established in FY12 and located in Vaishali,
Bihar. The colleges offer courses of B.Tech and Diploma in
Engineering and they are approved by AICTE, New Delhi and
affiliated to Aryabhatt Knowledge University, Patna.


PNG TOLLWAY: ICRA Lowers Rating on INR1,198.91cr Loan to D
----------------------------------------------------------
ICRA has revised the rating outstanding on the INR1198.91 crore
(reduced from INR1264.51 crore) long term loan programme of
PNG Tollway Limited from [ICRA]BB+ to [ICRA]D.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loans           1198.91       [ICRA]D; downgraded

The rating revision takes note of the recent delay in servicing
part of the debt for the month of January 2016 (scheduled
repayment of INR16.84 crore, out of which amount repaid was
INR6.50 crore) following the low toll collections resulting in
cash shortfalls.

The project has recorded weak tolled traffic volumes since the
achievement of partial COD in October 2012 due to local protests
and diversion of traffic near Nashik. The protests have continued
in the form of political agitations and civil commotion demanding
stoppage of tolling/providing discounted rates for local users.
Despite the State Government (Govt. of Maharashtra) being a party
to the tripartite State Support Agreement signed with NHAI &
MoRTH, there has been no support forthcoming with respect to
additional security to toll plazas which would have aided full
tolling. Pursuant to the Writ Petition filed by the Company, the
Hon'ble Bombay High Court had directed the District Administration
to ensure law and order is maintained at the Toll Plaza and on the
Project Highway. The said Directions of the Hon'ble Court have
also not been implemented by the District Administration/State
Government and the company has been forced to continue offering
the discounted rates. Further, given that the toll rates notified
post the partial COD in Oct-2012 were at ~30% of the applicable
rates, the average daily revenue collections were significantly
weaker than the company's initial estimates. Even after the
revision in toll in May 2014, the average daily revenue
collections have witnessed a sizable deficit vis-a-vis company's
initial forecasts. As a result, the company had stopped paying the
committed revenue share to NHAI. Sizeable external funding support
was required by PNG for servicing its debt obligations which was
being provided by the sponsors, in the form of unsecured loans
(although not required under the loan documents) till recently to
ensure timely servicing of debt obligations.

The company was actively pursuing various avenues to increase toll
revenues and to minimize the cash shortfall. In addition to
deferment of revenue share payments to NHAI, the company has also
claimed revenue loss for the preceding years and a revenue
shortfall loan from NHAI which would aid the cash flows to an
extent. In addition the company was looking at refinancing the
current borrowings, considering the substantial tail period
available post completion of repayment, which would have resulted
in reduction of repayment commitments in the near to medium term
and brought down the stress on cash flows.

However, in view of the delay in materialization of any of the
above mentioned relief measures, there has been a delay in
voluntary infusion of funds from the Sponsors for the month of
January 2016 resulting in partial debt servicing by the SPV for
the month. After several rounds of discussion with the Authority
and the lenders, the SPV has served a 'Notice of Intention to
issue Termination notice' to NHAI, on the grounds of prevailing
Force Majeure conditions in the absence of requisite State
support. ICRA notes that NHAI has also acknowledged the default on
the part of the State Government and has been following up with
the State proactively for speedy resolution of the issue. In case
the default is not cured and Termination notice is served, this is
expected to be classified as an Indirect Political Event as per
the Concession Agreement and the SPV will be eligible for
termination payments to the extent of Debt Due & 110% of Adjusted
Equity. In the event this is decided as an Authority Event of
Default, the termination payment would be to the extent of Debt
Due & 150% of Adjusted Equity.


PRAGATI EDIBLE: Ind-Ra Assigns 'IND BB+' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Pragati Edible
Processing Private Limited (PEPPL) a Long-Term Issuer Rating of
'IND BB+'. The Outlook is Stable.
KEY RATING DRIVERS

The ratings reflect PEPPL's small scale of operations coupled with
its moderate credit metrics and low profitability. This can be
attributed to the company's presence in the highly fragmented and
competitive rice milling business, raw material price fluctuations
subject to government regulations, and the seasonal nature of
availability of paddy.

In FY15, the company reported revenue of INR734 million (FY14:
INR563 million), EBITDA interest coverage of 2.2x (3.7x) and net
financial leverage of 3.2x (2.8x). The EBITDA margins were 2.9%
(3.0%). However, Ind-Ra expects a sustainable improvement in
PEPPL's financial profile by FYE16 on the back of steady revenue
growth owing to an improvement in export sales volume as well as
credit metrics.

The ratings are constrained by the company's short track
operational record since it started commercial operations only in
FY12.

The ratings, however benefits from the promoters' more than two
decades of experience in the rice industry along with the
company's locational advantage owing to its proximity to paddy
growing regions.

RATING SENSITIVITIES

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

Negative: A negative rating action could result from a decline in
the scale of operations along with deterioration in the credit
metrics.

COMPANY PROFILE

PEPPL was incorporated in 2007 by Mr. Purushottam Agarwal and
Sunil Kumar Agarwal and primarily manufactures, trades, and
exports a wide assortment of rice. Its manufacturing facility is
located in Mednipore, West Bengal. The unit commenced commercial
production in June 2011 with an installed capacity of 29,820mtpa
of parboiled rice, 3,780mtpa of rice bran and 8,400mtpa of rice
husk.

The company sells its products under the brand name Pragati to
traders and wholesalers located in different states of India and
also started exporting from February 2014 to countries such as
Singapore, Indonesia, Bangladesh, the UAE, Germany and Sri Lanka.

PEPPL's ratings:

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

-- INR144.00 million fund-based working capital limits: assigned
    at 'IND BB+'/Stable

-- INR86.00 million long-term loans: assigned 'IND BB+'/Stable

-- INR20.00 million non-fund-based working capital limits:
    assigned 'IND A4+'


PRIME GEMS: Ind-Ra Suspends 'IND BB-' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Prime Gems' 'IND
BB-' Long-Term Issuer Rating with a Stable Outlook to the
suspended category. This rating will now appear as 'IND BB-
(suspended)' on the agency's website. A full list of rating
actions is at the end of this commentary.

The ratings have been migrated to the suspended category due to
lack of adequate information. Ind-Ra will no longer provide
ratings or analytical coverage for Prime Gems.

The ratings will remain in the suspended category for a period of
six months and be withdrawn at the end of that period. However, in
the event the issuer starts furnishing information during this
six-month period, the ratings could be reinstated and will be
communicated through a rating action commentary.

Prime Gems' ratings:
-- Long-Term Issuer Rating: migrated to 'IND BB-(suspended)'
    from 'IND BB-'
-- INR60 million fund-based limits: migrated to Long-term 'IND
    BB-(suspended)' from 'IND BB-'
-- Proposed INR90 million fund-based limits: migrated to Long-
    term 'Provisional IND BB-(suspended)' from 'Provisional IND
    BB-'


PUNJAB ALKALIES: CRISIL Reaffirms C Rating on INR724.4MM Loan
-------------------------------------------------------------
CRISIL's rating on the bank facilities of Punjab Alkalies and
Chemicals Limited (PACL) continues to reflect PACL's weak
financial risk profile, with high gearing. The rating also factors
in the company's susceptibility to changes in government
regulations and to intense competition from importers and other
players in the domestic market. These rating weaknesses are
partially offset by PACL's established and diversified customer
and end-user industry base.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             90      CRISIL C (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      69.1    CRISIL C (Reaffirmed)

   Term Loan              724.4    CRISIL C (Reaffirmed)

Update
The growth in net sales'to INR2665.2 million in 2014-15 (refers to
financial year, April 1 to March 31) from INR2648.9 million the
previous year'was marginal on account of competition from cheap
imports. Sizeable fixed overheads and muted sales growth resulted
in operating loss of INR46.3 million and decline in operating
margin to a negative 1.7 percent in 2014-15 from 0.1 percent the
previous year. CRISIL believes that the operating profitability
will remain under pressure over the medium term on account of
muted sales growth and large fixed overseads.

Financial risk profile continues to be weak, with high gearing and
subdued debt protection metrics, on account of erosion in networth
due to continued losses. Networth declined to a negative INR100.5
million as of March 2015 from INR12.1 million a year ago, due
primarily to negative accretions of INR131.4 million in 2014-15.

Liquidity remains stretched, with low current ratio of 0.7 time
and negative net cash generation in 2014-15. The company
approached lenders for restructuring of debt and the proposal has
been approved and is currently under implementation.

PACL's net loss and net sales increased to INR131.4 million and
INR2665.2 million, respectively, in 2014-15, from INR96.1 million
and INR2648.9 million in 2013-14. Net loss and net revenue were
INR140.7 million and INR1774.8 million, respectively, for the nine
months through December 2015, against net loss and net revenue of
INR82.5 million and INR2084.8 million, respectively, for the nine
months through December 2014.
About the Company

Incorporated in 1975, with 44.6 per cent stake owned by Punjab
State Industrial Development Corporation Ltd, PACL manufactures
caustic soda and chlorine. Its plant is in Ropar district
(Punjab); it is listed on the Bombay Stock Exchange.


PURE VIEW: Ind-Ra Suspends 'IND B' Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Pure View Impex
Private Limited's 'IND B' Long-Term Issuer Rating to the suspended
category. The Outlook was Stable. The rating will now appear as
'IND B(suspended)' on the agency's website. The agency has also
migrated the company's INR80 million non-fund based limits to 'IND
A4(suspended)' from 'IND A4'.

The ratings have been migrated to the suspended category due to
lack of adequate information. Ind-Ra will no longer provide
ratings or analytical coverage for Pure View Impex.

The ratings will remain in the suspended category for a period of
six months and be withdrawn at the end of that period. However, in
the event the issuer starts furnishing information during this
six-month period, the ratings could be reinstated and will be
communicated through a rating action commentary.


R.N. METALS: ICRA Assigns B+ Rating to INR10cr LT Loan
------------------------------------------------------
ICRA has assigned its ratings of [ICRA]B+/A4 to the enhanced
limits of INR25.00 crore bank limits of R.N. Metals.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term-Fund
   Based               10.00       [ICRA]B+; Assigned/Outstanding

   Short Term Non
   Fund Based          15.00       [ICRA]A4; Assigned/Outstanding

ICRA's rating takes into account the 17% year-on-year decline in
RNM's Operating Income (OI) in FY 15, which has however been
accompanied by margin expansion on account of improved
realizations.

ICRA's ratings continue to be constrained by the vulnerability of
RNM's profitability to raw material price fluctuations on account
of its limited pricing power, as also its relatively modest scale
of operations. The ratings also take into account the company's
weak coverage indicators and its elevated TOL/TNW. ICRA also takes
note of RNM's stretched liquidity position as reflected in the
full utilization of its working capital limits. The ratings
however, continue to favorably factor in the long experience of
RNM's promoters in the industry, its established client base and
steady equity infusion by the promoters over the years.
Going forward, the company's ability to ramp up its scale of
operations along with an improved profitability and optimally
manage its working capital cycle, will be the key rating
sensitivities.

RNM was established by Mr. Roop Narayan Sharma in 1997 and is
engaged in the manufacturing of hi chrome, hyper steel and forged
steel grinding media balls, bull ring segments and jaw plates. The
company's manufacturing facilities are located near Jaipur,
Rajasthan. The products find application in varied industries
including mining, cement, power, fertilizer and refining.

Recent Results
The company reported an OI of INR38.60 crore and a net profit of
INR0.52 crore for FY15, as against an OI of INR45.86 crore and a
net profit of INR0.62 crore for the previous year.


RAJASTHAN LIQUORS: Ind-Ra Suspends IND BB Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Rajasthan Liquors
Limited's 'IND BB' Long-Term Issuer Rating to the suspended
category. The Outlook was Stable. The rating will now appear as
'IND BB(suspended)' on the agency's website. The agency has also
migrated the company's INR600 million long-term bank loan limit to
'IND BB (suspended)' from 'IND BB'. The ratings have been migrated
to the suspended category due to lack of adequate information.
Ind-Ra will no longer provide ratings or analytical coverage for
Rajasthan Liquors.

The ratings will remain in the suspended category for a period of
six months and be withdrawn at the end of that period. However, in
the event the issuer starts furnishing information during this
six-month period, the ratings could be reinstated and will be
communicated through a rating action commentary.


RAMAN AGRO: Ind-Ra Suspends 'IND B+' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Raman Agro
Exports Private Limited's 'IND B+' Long-Term Issuer Rating to the
suspended category. The Outlook was Stable. The rating will now
appear as 'IND B+(suspended)' on the agency's website. A full list
of rating actions is at the end of this commentary.

The ratings have been migrated to the suspended category due to
lack of adequate information. Ind-Ra will no longer provide
ratings or analytical coverage for Raman Agro Exports.

The ratings will remain in the suspended category for a period of
six months and be withdrawn at the end of that period. However, in
the event the issuer starts furnishing information during this
six-month period, the ratings could be reinstated and will be
communicated through a rating action commentary.

Raman Agro Exports' ratings:

-- Long-Term Issuer Rating: migrated to 'IND B+(suspended)' from
    'IND B+'
-- INR60 million term loan: migrated to 'IND B+(suspended)' from
    'IND B+'/Stable
-- INR40 million fund-based limits: migrated to 'IND
    B+(suspended)' and 'IND A4(suspended)' from 'IND B+'
    and  'IND A4'


S .D EDUCATION: ICRA Reaffirms 'D' Rating on INR6.75cr Loan
-----------------------------------------------------------
ICRA has reaffirmed its long term rating on the INR6.75 crore fund
based bank facilities of S .D Education Trust (SDET) at [ICRA]D.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund based bank
   facilities             6.75        [ICRA]D; reaffirmed

The rating reaffirmation takes into account the delays in
servicing of interest obligations by the trust on account of its
stretched liquidity position. The liquidity position of the trust
continues to remain weak given the high operating and interest
costs which have resulted in continued dependence on funding
support from the member group for servicing of the debt
obligations. ICRA notes that apart from reduction in cash loss in
FY15, there has been an improvement in the enrolments in the
current academic year (AY2015-16) to 533 students from 348
students in the previous academic year. Further, ICRA also takes
note of the experienced member group of the trust.

Going forward, improvement in debt servicing track record will be
a key rating sensitivity. Pending ramp up of revenues, timely
receipt of funding support from the member group will remain
critical for cashflow management of the trust.

Incorporated in 2012, SDET is a single-asset trust which runs and
operates a school-by the name "Shanti Asiatic School" in Jaipur
(SAS, Jaipur), Rajasthan. The school commenced operations in AY
2013-14 and presently caters to 533 students till Standard IX. The
school proposes to commence admissions for Standard X from AY
2016-17.

Recent Results
SDET reported a cash loss of INR1.94 crore on revenue receipts of
INR2.05 crore in 2014-15 as compared to a cash loss of INR2.19
crore on revenue receipts of INR1.16 crore in 2013-14.


SETH INDUSTRIAL: Ind-Ra Suspends IND BB+ Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Seth Industrial
Corporation's 'IND BB+' Long-Term Issuer Rating to the suspended
category. The Outlook was Stable. The rating will now appear as
'IND BB+(suspended)' on the agency's website. A full list of
rating actions is at the end of this commentary.

The ratings have been migrated to the suspended category due to
lack of adequate information. Ind-Ra will no longer provide
ratings or analytical coverage for Seth Industrial Corporation.

The ratings will remain in the suspended category for a period of
six months and be withdrawn at the end of that period. However, in
the event the issuer starts furnishing information during this
six-month period, the ratings could be reinstated and will be
communicated through a rating action commentary.

Seth Industrial Corporation's ratings:

-- Long-Term Issuer Rating: migrated to 'IND BB+(suspended)'
    from 'IND BB+'

-- INR27.1 million term loans: migrated to Long-term 'IND
    BB+(suspended)' from 'IND BB+'

-- INR200 million fund based working capital limits: migrated to
    Long-term 'IND BB+(suspended)'and Short-term 'IND
    A4+(suspended)' from 'IND BB+' and 'IND A4+'

-- INR30.0 million non fund based limit: migrated to Long-term
    'IND BB+(suspended)'and Short-term 'IND A4+ (suspended)' from
    'IND BB+' and 'IND A4+'


SHAKUMBARI AUTOMOBILES: Ind-Ra Withdraws IND BB LT Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Shakumbari
Automobiles Private Limited's (SAPL) Long-Term Issuer Rating of
'IND BB(suspended)'. The agency has also withdrawn the 'IND
BB(suspended)' rating on the company's INR200 million fund-based
working capital limits. The ratings have been withdrawn due to
lack of adequate information. Ind-Ra will no longer provide
ratings or analytical coverage of SAPL.

Ind-Ra suspended SAPL's ratings on 29 June 2015.


SHREE R.N.: ICRA Assigns B+ Rating to INR6.0cr LT Loan
------------------------------------------------------
ICRA has assigned its ratings of [ICRA]B+/A4 on enhanced limits of
the INR11.00 crore of Shree R.N. Metals (India) Private Limited.

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term Fund
   Based               6.00       [ICRA]B+; Assigned/Outstanding

   Short Term Non
   Fund Based          5.00       [ICRA]A4; Assigned/Outstanding

ICRA's ratings take into account the 6% year-on-year growth in
SRNM's Operating Income (OI) in FY 15, which has also been
accompanied by margin expansion on account of improved
realizations.

ICRA's ratings continue to be constrained by the vulnerability of
SRNM's profitability to raw material price fluctuations on account
of its limited pricing power, as also its relatively modest scale
of operations. ICRA also takes note of SRNM's stretched liquidity
position as reflected in the high utilization of its working
capital limits. The ratings however, continue to favorably factor
in the long experience of SRNM's promoters in the industry, its
established client base and steady equity infusion by the
promoters over the years.

Going forward, the company's ability to ramp up its scale of
operations along with an improved profitability will be the key
rating sensitivities.

SRNM was established by Mr. Roop Narayan Sharma in 1997 and it is
engaged in the manufacturing of steel grinding media balls. The
company's manufacturing facilities are located in Jaipur,
Rajasthan with a total installed manufacturing capacity of 12,000
Tonnes Per Annum (TPA). The products find application in varied
industries including mining, cement, power, fertilizer and
refining.

Recent Results
The company reported an OI of INR30.49 crore and a net profit of
INR0.10 crore for FY15, as against an OI of INR28.7 crore and a
net profit of INR0.19 crore for the previous year.


SRI RAMA EDUCATIONAL: ICRA Reaffirms B- Rating on INR16.8cr Loan
----------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B- assigned to
INR3.00 crore cash credit facility, INR7.20 crore term loan and
INR16.80 crore unallocated limits of Sri Rama Educational Trust.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit             3.00        [ICRA]B-; reaffirmed
   Term Loan               7.20        [ICRA]B-; reaffirmed
   Unallocated Limits     16.80        [ICRA]B-; reaffirmed

The reaffirmation of rating is constrained by the stretched
liquidity position of the trust on account of delay in receipt of
reimbursements from Andhra Pradesh government towards Arogyasree
(hospital revenue) & tuition fees of the students covered under
fee reimbursement scheme resulting in consistent overutilization
of working capital limits; decline in revenues owing to lower
tuition fees received by the trust and accumulated losses
resulting in negative capital fund. The rating also takes into
account decline in operating profitability of the trust from
44.79% in FY14 to 29.13% in FY15 on account of increase in
employee expenses.

The rating, however, favourably factors in established presence of
the medical college with 100% occupancy for the MBBS and PG course
owing to shortage of medical seats in the state of Andhra Pradesh.
The rating also favourably factors in the increased scale of
operations of the trust from FY2014 onwards on account of increase
in the number of MBBS and PG seats coupled with increased hospital
revenue.

Going forward, the ability of the trust to increase its scale of
operations while maintaining its profitability and managing its
working capital requirements would remain the key rating drivers.

Sri Rama Educational Trust was established in 2000 by Mr. Alluri
Murthy Raju. The trust runs Maharajah Institute of Medical
Sciences in Vizianagaram District of Andhra Pradesh and is
affiliated to Dr. NTR University of Health Sciences, Vijayawada,
Andhra Pradesh. It started operations in 2003 by offering gradute
medical course (MBBS). Gradually over the years courses in
nursing, paramedical sciences and post graduate medical courses
were introduced. As part of the medical institute, the trust also
runs a 760 bed hospital which includes both inpatient and
outpatient facilities. The hospital has the departments of
surgery, orthopedics, ENT, ophthalmology, medicine, pediatrics,
obstetrics and gynecology department. It houses a diagnostic
laboratory and pharmacy. It also has a casualty emergency service
with ambulance facility intensive care unit, five fully
functioning operation theatres and a labour room complex.

Recent Results
According to audited FY 2015 results, the trust has achieved
revenue receipts of INR46.96 crore with operating surplus of
INR13.68 crore and net surplus of INR6.86 crore as against
operating income of INR49.39 crore with operating surplus of
INR22.12 crore and net surplus of -INR1.74 crore for FY 2014.


SRI SAI: ICRA Assigns 'B' Rating to INR3.50cr Cash Loan
-------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B to the INR3.50
crore cash credit facility of Sri Sai Earth Movers. ICRA has also
assigned a short-term rating of [ICRA]A4 to the INR3.50 crore non-
fund based limit of SSEM.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit            3.50        [ICRA]B/Assigned

   Non-Fund Based Limit   3.50        [ICRA]A4/Assigned

The assigned ratings are constrained by the moderate scale of the
firm's operations that limits economies of scale and the highly
working capital intensive nature of operations with high reliance
on the working capital borrowings and stressed capital structure
as reflected by gearing of 2.11 times as on March 31, 2015. The
ratings also consider the highly fragmented and competitive nature
of the industry and the risk of capital withdrawal arising due to
the proprietorship nature of the firm. The ratings, however, take
comfort from the long track record of the proprietor of more than
three decades in the earth work/civil construction industry and
the healthy operating margins. Going forward, the firm's ability
to scale up the operations and sustain profitability along with
efficient management of its working capital requirements would be
the key rating sensitivities.

Established in 1990, SSEM is engaged in earth work related
activities like excavation, road development and site development,
among others. The entity is a proprietorship concern owned and
managed by Mr. P. Raghupathy. The firm is based out of Bangalore,
Karnataka. The proprietor has an experience of more than three
decades in this line of business through other entities in the
past.

Recent Results

For FY 2015, SSEM reported a net profit of INR0.54 crore on an
operating income of INR13.04 crore, as against a net profit of
INR0.55 crore on an operating income of INR11.03 crore in FY 2014.


SUBABHALAJI SPINNING: ICRA Reaffirms 'B' Rating on INR10cr Loan
---------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]BB outstanding
on the INR10.00 crore term loan facilities, INR3.00 crore fund
based facilities and INR1.15 crore proposed facilities of
Subabhalaji Spinning Mills India Private Limited. ICRA has also
reaffirmed the short-term rating of [ICRA]A4 outstanding on the
INR1.49 crore non-fund based facilities of the Company.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long term-Term
   Loans                 10.00        [ICRA]B/reaffirmed

   Long term-Fund
   based facilities       3.00        [ICRA]B/reaffirmed

   LT-proposed
   facilities             1.15        [ICRA]B/reaffirmed

   ST-Non-fund based
   facilities             1.49        [ICRA]A4/reaffirmed

The ratings consider the promoter's long-standing experience in
the textiles industry and the operational support extended by
group entities, lending revenue visibility to SSMIPL over the
medium term. The ratings also factor in the healthy operating
margins due to favourable pricing of products and high-margin job
work revenues. However, the ratings are constrained by the
leveraged capital structure, which is expected to be stressed on
account of additional term loans been taken for capacity
expansion. The resultant increase in the interest cost is also
expected to stress the coverage metrics over the medium term. The
ratings are further constrained by the small scale of operations
and sales being predominantly made to group entities resulting in
high client concentration levels and low bargaining power with its
customers. The working capital intensity is high due to long
credit period extended to its customers of up to 120 days. ICRA
also takes in to account the high repayment obligation arising out
of existing as well additional term loans taken during the current
fiscal scheduled against tightly matched cash flows. Going
forward, the company's ability to scale up its operations while
sustaining the profit margins, besides improving its receivables
period, would be key credit rating considerations.

Promoted by Mr. R. Subramaniam in 2010, Subabhalaji Spinning Mills
India Private Limited (SSMIPL) is engaged in cotton spinning
operations, predominantly in the 40's count range (semi-combed and
carded), which is used in the home furnishing segment. The company
commenced its first full year of commercial operations during
2011-12. SSIMPL has a manufacturing facility in Erode district
(TN) and has an installed capacity of 16,800 spindles. Besides
SSMIPL, promoter has business interests in Kalaimagal Textiles,
Balaji Textiles, Gowri Textiles and Sri Subam Textiles, which are
engaged in manufacture of grey cloth.

Recent Results
SSMIPL reported a net profit of INR0.07 crore on an operating
income of INR22.3 crore for the financial year 2014-15 against a
net profit of INR1.2 crore on an operating income of INR14.3 crore
for the financial year 2013-14.


SULAIMAN STEELS: CRISIL Cuts Rating on INR40MM Cash Loan to D
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Sulaiman Steels Pvt Ltd (SSPL) to 'CRISIL D' from 'CRISIL
B/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            40       CRISIL D (Downgraded from
                                   'CRISIL B/Stable')

   Long Term Loan         37       CRISIL D (Downgraded from
                                   'CRISIL B/Stable')

   Proposed Long Term     23       CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL B/Stable')

The rating downgrade reflects delays by the company in servicing
its debt. The delays have been caused by SSPL's weakening
liquidity following the shutdown of its unit for the past few
months.

SSPL has a modest scale of operations in the highly fragmented
ingot manufacturing industry, and a below-average financial risk
profile because of a small net worth and subdued debt protection
metrics. These rating weaknesses are partially offset by the
experience of the company's promoters in the steel industry.

SSPL, incorporated in 2012 in Cheyyar, Tamil Nadu, manufactures
mild steel ingots.


SUNDARAM MAHADEO: CRISIL Reaffirms 'B' Rating on INR55MM Loan
-------------------------------------------------------------
CRISIL's rating on the bank facilities of Sundaram Mahadeo
Autoworld Private Limited (SMAPL) continue to reflect the SMAPL's
exposure to risk related to on-going projects and its leveraged
financial risk profile. These rating are partially offset by
extensive entrepreneur experience of the promoters in auto dealer
industry and established relations with the customers.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            55       CRISIL B/Stable (Reaffirmed)
   Term Loan              15       CRISIL B/Stable (Reaffirmed)

On October 29, 2015, CRISIL had assigned its 'CRISIL B/Stable'
rating to the long-term bank facilities of SMAPL.
Outlook: Stable

CRISIL believes that SMAPL will benefit from the promoters'
extensive entrepreneur experience over the medium term. The
outlook may be revised to 'Positive' if SMAPL stabilizes
operations of its proposed showroom in a timely manner and
generates higher -than 'expected revenue and profitability leading
to higher cash accruals. Conversely, the outlook may be revised to
'Negative' in case the company faces delays in the commencement of
its operations, or generates lower-thanexpected cash accruals
during the initial phase of its operations, resulting in a
pressure on its liquidity.

Incorporated in June 2015, Sundaram Mahadeo Autoworld Pvt. Ltd.
(SMAPL) is setting up auto dealership business for commercial
vehicle of Tata Motor Ltd at Tezpur Assam. The company is promoted
by Mr. Sumit Agarwal and Mr. Amit Agarwal. The company is expected
to commence operations from January 2016.


SWAMI TEXTILES: Ind-Ra Suspends 'IND BB-' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Swami Textiles
Private Limited's (STPL) 'IND BB-' Long-Term Issuer Rating to the
suspended category. The Outlook was Stable. The rating will now
appear as 'IND BB-(suspended)' on the agency's website.

The ratings have been migrated to the suspended category due to
lack of adequate information. Ind-Ra will no longer provide
ratings or analytical coverage for STPL.

The ratings will remain in the suspended category for a period of
six months and be withdrawn at the end of that period. However, in
the event the issuer starts furnishing information during this
six-month period, the ratings could be reinstated and will be
communicated through a rating action commentary.

STPL's ratings:

-- Long-Term Issuer Rating: migrated to 'IND BB-(suspended)'
    from 'IND BB-'

-- INR37.20 million long-term loans: migrated to 'IND BB-
    (suspended)' from 'IND BB-'

-- INR1.60 million non-fund-based limits: migrated to 'IND BB-
    (suspended)' and 'IND A4+( suspended)' from 'IND BB-' and
    'IND A4+'

-- INR31.5 million fund-based limits: migrated to 'IND BB-
    (suspended)' and 'IND A4+( suspended)' from 'IND BB-' and
    'IND A4+'


TENTIWALA METAL: CRISIL Cuts Rating on INR173MM Loan to 'D'
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Tentiwala Metal Products Limited (TMPL) to 'CRISIL D' from
'CRISIL B+/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         40       CRISIL D (Downgraded from
                                   'CRISIL B+/Stable')

   Overdraft Facility    173       CRISIL D (Downgraded from
                                   'CRISIL B+/Stable')

   Term Loan              81.5     CRISIL D (Downgraded from
                                   'CRISIL B+/Stable')

The downgrade reflects delays by TMPL in meeting term loan
obligations. The repayment due on December 30, 2015, was paid in
January 2016. Also, the payment for January 30, 2016, was paid in
February 2016. The company has monthly repayments of over INR0.3
million each.

TMPL's financial risk profile has weakened because of
deterioration in gearing and total outside liabilities to tangible
net worth ratio (TOLTNW) to 3.78 times and 4.64 times,
respectively, as on March 31, 2015, from 3.48 times and 3.13
times, respectively, as on March 31, 2014. CRISIL believes the
financial risk profile will remain weak over the medium term of
account of modest expected net cash accrual.

The rating continues to reflect TMPL's weak financial risk profile
marked by high gearing and TOL/TNW and modest debt protection
metrics and working-capital-intensive operations. These rating
weaknesses are partially offset by TMPL's diversified product
portfolio and end-user industry.

Incorporated in 1994, TMPL is owned and managed by Mr. Radhapad
Tetiwala. It manufactures submersible copper winding wires,
aluminium extrusions, and enamelled copper wires. Its plant is in
Mathura, Uttar Pradesh.


THIRUMALA KNIT: ICRA Assigns 'B' Rating to INR3.78cr Term Loan
--------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B to the INR3.78
crore term loan facilities and INR2.00 crore fund based facilities
of Thirumala Knit Finisher. ICRA has also assigned a short-term
rating of [ICRA]A4 to the INR4.22 crore long/short term fund based
facilities of the firm.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long term Term
   Loans                  3.78        [ICRA]B/assigned

   Long term Fund
   based facilities       2.00        [ICRA]B/assigned

   Long/Short term
   proposed facilities    4.22        [ICRA]B/[ICRA]A4 assigned

The assigned ratings take into consideration the significant
experience of the promoters in the textile industry of over a
decade and the healthy operating margins due to job work nature of
business. The ratings are, however, constrained by the leveraged
capital structure with gearing at 1.7 times, moderate debt
protection measures and high working capital intensity of 42.2% as
of 31st March 2015. The receivables have been stretched due to
long credit period offered to its customers, leading to high
working capital requirement. As a result the utilization of the
working capital borrowings from bank stands high (at ~99% during
2015). The ratings are further constrained by the Firm's small
scale of operations with limited service offerings which restricts
the benefits from scale economies. Also, the high competition
prevalent in the industry limits its pricing flexibility and
bargaining power with the clients. ICRA also takes into account
the risks of capital continuity associated with partnership firms.
Going forward, the key rating consideration would be the Firm's
ability to scale up its revenues and efficiently manage its
working capital cycle.

Thirumala Knit Finisher is a partnership firm established in 2006,
and is providing fabric processing services on jobwork basis. The
firm is located in Tirupur (Tamilnadu) with capabilities for
tubular and open width compacting and operating with an installed
capacity 35 metric tons per day. The firm was promoted by six
partners, and is family-owned. Mr.Duraisamy is the managing
partner of the firm having experience of more than a decade in the
textile industry. The firm caters to about 300 customers, mostly,
garment manufacturers' located in and around Tirupur providing
fabric processing services like compacting, raising and sueding,
among others.

Recent Results
The firm reported a net profit of INR1.3 crore on an operating
income of INR10.9 crore during 2014-15 as against a net profit of
INR0.8 crore on an operating income of INR10.4 crore during 2013-
14.


TRIMURTHI HITECH: ICRA Assigns C+ Rating to INR4.75cr LT Loan
-------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]C+ to the INR4.75
crore long-term fund based facilities and a short-term rating of
[ICRA] A4 to the INR2.75 Crore short-term non-fund based
facilities of Trimurthi Hitech Company Private Limited. ICRA has
also assigned a long-term/short-term rating for the INR2.50 Crore
proposed facilities of Trimurthi.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-term Cash
   Credit facilities      4.75        [ICRA]C+; Assigned

   Short-term non
   fund based
   facilities             2.75        [ICRA]A4; Assigned

   Long-term/Short-
   term proposed
   facilities             2.50        [ICRA]C+/[ICRA]A4; Assigned

The assigned ratings consider the weak financial profile of the
company characterized by high gearing levels and high working
capital intensity The ratings are also constrained by the
vulnerability of the company's margins to fluctuations in raw
material prices and labour costs. The ratings are further
constrained by the high dependence of the company on the railway
sector with ~99% of the projects being executed for southern
railways.

The ratings, however, considers the long standing experience of
the promoter as an EPC contractor for various government railway
projects and the "ESA" grade of the company which enables it to
bid for small to medium scale railway electrification projects.
The ratings also take into consideration the strong order book
position of the company and positive outlook for railway
electrification in India.

Trimurthi Hitech Company Pvt Ltd was incorporated in the year 1989
by Mr B.L Kabra and Mr Sundeep Kabra who have close to two decades
of experience as EPC contractors for various government projects.
The company predominantly takes up electrification works for
railway projects in southern India. By virtue of the long standing
experience of the promoters in execution of such projects, the
company is prequalified to take up overhead electrification works,
high voltage substation contracts and civil tenders for government
projects.

Recent Results
The company recorded a net profit of INR0.2 crore on an operating
income of INR63.1 crore in FY 2015. For FY 2014, the firm had
reported a net profit of INR0.2 crore on an operating income of
INR47.2 crore.


TULIPS AMBBIENCE: CRISIL Reaffirms 'B' Rating on INR42MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Tulips Ambbience
Private Limited (TAPL) continue to reflect the company's subdued
financial risk profile because of a weak capital structure and
below-average debt protection metrics.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit           35       CRISIL B/Stable (Reaffirmed)
   Letter of Credit       3       CRISIL A4 (Reaffirmed)
   Term Loan             42       CRISIL B/Stable (Reaffirmed)

The ratings also factor in a modest scale of operations in the
fragmented soft-furnishing industry, and exposure to
implementations and off-take risks for its ongoing expansion
project. These rating weaknesses are partially offset by the
extensive industry experience of the company's promoters and their
funding support.

For arriving at the ratings, CRISIL has treated unsecured loans of
INR34.8 million as on March 31, 2015, extended by promoters, as
neither debt nor equity. This is because these loans are interest-
free, and are expected to be retained in the business over the
medium term.
Outlook: Stable

CRISIL believes TAPL will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' in case of significant and sustained
improvement in revenue and profitability resulting in sizable cash
accrual, or substantial capital infusion, leading to a better
financial risk profile. Conversely, the outlook may be revised to
'Negative' in case of weakening of the financial risk profile,
especially liquidity, because of low cash accrual, stretched
working capital cycle, or any time or cost overrun in the ongoing
project.

Update
Revenue and operating profitability improved in 2014-15 (refers to
financial year, April 1 to March 31) to INR123 million and 10.5
percent, respectively, from INR104 million and loss, respectively,
in 2013-14, remaining broadly in line with CRISIL's earlier
expectation. For the nine months ended December 31, 2015, revenue
was about INR127 million and is expected at about INR150 million
in 2015-16 with stabilisation of operations of the company's
Bengaluru showroom.

Operations remain working capital intensive as indicated by gross
current assets of 186 days as on March 31, 2015, though better
than 201 days a year earlier. Despite improvement in operating
performance, the financial risk profile remains subdued due to a
weak capital structure with a eroded networth as on March 31, 2015
and a planned capital expenditure (to open a new showroom) of
INR30 million, to be debt funded to the tune of INR 20 million.
Also debt protection metrics were below average, with interest
coverage ratio of 1.7 times for 2014-15. Liquidity too remains
stretched with high bank limit utilisation averaging over 95 per
cent during the 12 months through December 2015, modest cash
accrual just sufficient to meet debt repayments and ongoing debt
funded capital expenditure.

Incorporated in 2001, TAPL designs and manufactures customised
soft furnishings for retail and corporate clients. The company is
promoted by Mrs. Raajkumarri Mutha, who has been in this line of
business for over two decades.  It has a workshop in Pune and
showrooms in Pune and Bengaluru. It is presently setting up a new
showroom in Delhi, which is expected to commence operations from
March 2016.


TUNIC FASHION: Ind-Ra Suspends 'IND BB-' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has suspended Tunic Fashion
Apparels' (Tunic) Long-Term Issuer Rating of 'IND BB-' with a
Stable Outlook. This rating will now appear as 'IND BB-
(suspended)' on the agency's website. The agency has also migrated
Tunic's INR30.0 million fund-based working capital limits to 'IND
BB-(suspended)' from 'IND BB-'.

The ratings have been migrated to the suspended category due to
lack of adequate information. Ind-Ra will no longer provide
ratings or analytical coverage for Tunic.

The ratings will remain in the suspended category for a period of
six months and be withdrawn at the end of that period. However, if
the issuer starts furnishing information during the six-month
period, the ratings could be reinstated and will be communicated
through a rating action commentary.


VED SASSOMACCANICCA: Ind-Ra Suspends 'IND BB' LT Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Ved
Sassomaccanicca (India) Pvt Ltd's 'IND BB' Long-Term Issuer Rating
to the suspended category. The Outlook was Stable. The rating will
now appear as 'IND BB(suspended)' on the agency's website. A full
list of rating actions is at the end of this commentary.

The ratings have been migrated to the suspended category due to
lack of adequate information. Ind-Ra will no longer provide
ratings or analytical coverage for Ved Sassomaccanicca.

The ratings will remain in the suspended category for a period of
six months and be withdrawn at the end of that period. However, in
the event the issuer starts furnishing information during this
six-month period, the ratings could be reinstated and will be
communicated through a rating action commentary.

Ved Sassomaccanicca's ratings:

-- Long-Term Issuer Rating: migrated to 'IND BB(suspended)' from
    'IND BB'

-- INR30 million fund-based working capital limits: migrated to
    'IND BB(suspended)' and 'IND A4+(suspended)' from 'IND BB'
    and 'IND A4+'

-- INR10 million non-fund-based working capital limits: migrated
    to 'IND BB(suspended)' and 'IND A4+(suspended)' from 'IND BB'
    and 'IND A4+'

-- INR25.5 million term loans: migrated to 'IND BB(suspended)'
    from 'IND BB'


VICTORY OIL: CRISIL Assigns 'B+' Rating to INR95MM Cash Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Victory Oil Gram Udyog Association.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             95      CRISIL B+/Stable

The rating reflects the firm's weak financial risk profile because
of high gearing and subdued debt protection metrics, and modest
scale of operations with low profitability, and large working
capital requirement. These weaknesses are partially offset by
promoters' extensive experience in the edible oil industry,
established customer relationships, and healthy demand prospects
for mustard oil in the domestic market.
Outlook: Stable

CRISIL believes Victory will continue to benefit over the medium
term from its established customer base and promoters' extensive
industry experience. The outlook may be revised to 'Positive' if
financial risk profile improves because of increase in cash
accrual and better working capital cycle. Conversely, the outlook
may be revised to 'Negative' if profitability declines or working
capital cycle lengthens, or if the firm undertakes large debt-
funded capital expenditure, adversely affecting its financial risk
profile.

Victory, set up in 2000 by Mr. Vashnoo Malhotra and his brother
Mr. Anil Malhotra, manufactures mustard oil. Its processing
facility at Kangra, Himachal Pradesh, has installed capacity of 10
tonnes per day. Its products are certified by Agmark, Food Safety
and Standards Authority of India (FSSAI), and its unit is
ISO:22000/19000-compliant. The firm set up a cleaning chemicals
unit in 2012-13 (refers to financial year, April 1 to March 31).
Other partners in the firm are Mr. Vashnoo Malhotra's wife Ms.
Anjula Malhotra, sons Mr. Piyush Malhotra and Mr. Gautam Malhotra,
and Mr. Anil Malhotra's wife Ms. Mamta Malhotra.


VIVAANA DESIGNERS: Ind-Ra Assigns 'IND B- Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Vivaana Designers
Private Limited (VDPL) a Long-Term Issuer Rating of 'IND B-' with
Stable Outlook. VDPL's INR84.0 million fund-based working capital
limits have been assigned Long-term 'IND B-'/Stable and Short-term
'IND A4' ratings.

KEY RATING DRIVERS

The ratings reflect VDPL's tight liquidity position as reflected
in the continuous overutilisation of its cash credit facility for
up to 19 days during the three months ended January 2016. The use
of the cash credit account was also irregular intermittently
during the 12 months ended January 2016.

The ratings also factor in the company's weak credit metrics. In
FY15, the company's interest coverage (operating EBITDA/gross
interest expense) stood at 1.1x (FY14: 1.1x) and net financial
leverage (total Ind-Ra adjusted net debt/operating EBITDA) was
4.9x (6.7x).

The ratings, however, benefit from VDPL's established track record
and the over two decades of experience of its promoters in
manufacturing designer sarees and dress materials.

RATING SENSITIVITIES

Positive: A sustained improvement in the liquidity leading to an
improvement in the ability to service debt in a timely manner
could lead to a positive rating action.

COMPANY PROFILE

Established in 2010, VDPL manufactures textile products such as
embroidery works on sarees and suits. It also stitches suits and
other textile products. The company books a majority of sales by
selling through Home Shop Network. According to the provisional
financials up to December 2015, it achieved revenue of INR285.89
million, EBITDA of INR15.67 million and interest coverage of
1.27x.


WYAN INDUSTRIES: Ind-Ra Withdraws 'IND B+' LT Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Wyan Industries
Pvt Ltd's (WIPL) Long-Term Issuer Rating of 'IND B+(suspended)'. A
full list of rating actions is at the end of this commentary.

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

Ind-Ra suspended WIPL's ratings on 29 June 2015.

WIPL's ratings are as follows:

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

-- INR19.45 million term loan limits: 'IND B+(suspended)' ;
    rating withdrawn

-- INR13.05 million working capital term loan limits: 'IND
    B+(suspended)'; rating withdrawn

-- INR60 million fund-based working capital limits: 'IND
    B+(suspended)'; rating withdrawn

-- INR22.5 million non-fund-based working capital limits: 'IND
    A4(suspended)'; rating withdrawn


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


MTGOX: Significant Progress Made in Bitcoin Probe, Kraken Says
--------------------------------------------------------------
Gertrude Chavez-Dreyfuss at Reuters reports that global bitcoin
exchange Kraken said on Feb. 17 significant progress has been made
in the investigation into claims of creditors of bankrupt exchange
MtGox.

In 2014, MtGox Co Ltd., a Tokyo-based bitcoin exchange, was forced
to file for bankruptcy after hackers stole an estimated $650
million worth of customer bitcoins.

Reuters relates that Kraken was appointed in November of that year
to assist Tokyo district court-appointed trustee Nobuaki Kobayashi
in the bankruptcy investigation of missing bitcoins, receiving
claims and distributing remaining assets to creditors of MtGox.

According to Reuters, Kraken said in a statement, citing the
Tokyo-based trustee, that out of the 9,863 persons who filed
bitcoin-only claims through the Japanese trustee or through
Kraken's online service, 7,952 claimants have been approved. The
approved creditor claims are equivalent to around JPY12.6 billion
in bitcoins, with about JPY27.5 billion in bitcoins still on hold.

According to the trustee's report shared by Kraken, a total of
24,733 people around the world have filed bankruptcy claims
related to the MtGox exchange, Reuters relays.

The total amount of bankruptcy claims filed in both bitcoin and
fiat currencies are about JPY2.7 trillion, Reuters discloses. The
trustee currently holds 202,163.41191816 bitcoin, worth more than
$84 million.

"Although the investigation into MtGox claims is still ongoing, we
have made significant progress for creditors," Reuters quotes Mr.
Kobayashi as saying.

One bitcoin is currently worth around $418.88 on the BitStamp
platform.

                           About Mt. Gox

Bitcoin exchange MtGox Co., Ltd., filed a petition under Chapter
15 of the U.S. Bankruptcy Code on March 9, 2014, days after the
company sought bankruptcy protection in Japan.  The bankruptcy in
Japan came after the bitcoin exchange lost 850,000 bitcoins valued
at about $475 million "disappeared."

The Japanese bitcoin exchange halted trading in February 2014.  It
filed for bankruptcy protection in the U.S. to prevent customers
from targeting the cash it holds in U.S. bank accounts.

The Chapter 15 case is In re MtGox Co., Ltd., Case No. 14-31229
(Bankr. N.D. Tex.).  The Chapter 15 Petitioner is Robert Marie
Mark Karpeles, the company's chief executive officer.  Mr.
Karpeles is represented by John E. Mitchell, Esq., and David
William Parham, Esq., at Baker & Mcckenzie LLP, in Dallas, Texas.

The bankruptcy trustee and foreign representative of MtGox Co.
Ltd. with respect to the Japan Bankruptcy Proceedings:

     MtGox Co., Ltd.
     Office of Bankruptcy Trustee
     Kojimachi 3 chome building #202
     Kojimachi 3-4-1
     Chiyoda-ku, Tokyo
     Tel: +81-3-4588-3922
     Attn: Nobuaki Kobayashi

The Ontario Superior Court of Justice (Commercial List) on
Oct. 3, 2014, ordered, pursuant to Section 272 of the Bankruptcy
and Insolvency Act, that the bankruptcy proceedings commenced with
respect to MtGox Co., Ltd. -- aka Mt. Gox KK and dba MtGox
-- be recognized as a "foreign main proceeding."

The Canadian legal counsel to the bankruptcy trustee and foreign
representative of MtGox Co., Ltd, are Jeffrey Carhart and Margaret
Sims, at Miller Thomson LLP.

The company said it has estimated assets of $10 million to $50
million and debts of $50 million to $100 million.


TAKATA CORP: Carmakers Hold Crisis Meeting on Ways to Aid Firm
--------------------------------------------------------------
The Japan Times reports that automakers have held a crisis meeting
to see how they can help Japanese air bag manufacturer Takata
after the recall of millions of vehicles worldwide due to a fault
in the air bags, a German magazine reported on Feb. 18.

The Japan Times, citing monthly Manager Magazin, relates that
Takata is unable to produce a sufficient number of air bags to
replace the faulty ones. And it was impossible to find an
alternative manufacturer in time, the magazine said.

According to the Japan Times, the magazine said that at the crisis
meeting, it was discussed whether a buyer could be found for
embattled Takata or whether to help it out financially.

Also at the meeting, German automakers in particular discussed a
possible solution for Takata's plant in Freiberg in eastern
Germany, which has not been affected by the fault, the magazine
continued, the Japan Times relays.

Neither Volkswagen and its Audi brand, nor Daimler's Mercedes-Benz
nor BMW were willing to comment on the report, the Japan Times
notes.

The Japan Times says that two week ago, the manufacturers recalled
a total of 2.5 million vehicles in the United States because of
the fault.  The recalls became necessary after it was found that
the Takata air bags can rupture and hit occupants of a car with
shrapnel, the report says.

At least 10 deaths, including nine in the United States, have been
tied to the faulty air bags. Automakers worldwide have been forced
to recall more than 20 million cars to have the air bags replaced,
the Japan Times states.

Investigators suspect that the air bag inflators and the
propellant inside can deteriorate, especially in consistently hot
and humid conditions, causing them to misfire, adds the Japan
Times.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 24, 2014, 24/7 Wall St. said Takata Corporation faces huge
fines, and almost certainly lawsuits (which have already begun),
over its defective airbags.  The report related that some experts
believe that the Japanese company was not forthcoming about the
technical failure that caused several serious accidents and
deaths. If Takata goes bankrupt, which could certainly happen,
claims against the company would be in limbo, 24/7 Wall St. said.

Takata Corporation (TYO:7312) develops, manufactures and sells
safety products for automobiles.  The Company offers seatbelts,
airbags, steering wheels, child seats and trim parts. The Company
has subsidiaries located in Japan, the United States, Brazil,
Germany, Thailand, Philippines, Romania, Singapore, Korea, China
and other countries.



===============
M A L A Y S I A
===============


1MALAYSIA DEVELOPMENT: Issue 'Nothing To Do With Sarawak'
--------------------------------------------------------
The Straits Times reports that Sarawak Chief Minister Adenan Satem
has put some distance between himself and the financial issues
facing Malaysian Prime Minister Najib Razak.

According to The Straits Times, Tan Sri Adenan, who is to lead the
Sarawak Barisan Nasional coalition in the state elections expected
in April, told Sin Chew Daily newspaper in an interview that
issues surrounding federal state investor 1Malaysia Development
Berhad (1MDB) and the US$681 million (S$960 million) found in
Datuk Seri Najib's bank accounts had nothing to do with him or
Sarawak.

"The opposition always likes to associate these issues with
Sarawak, arguing that supporting Adenan is akin to supporting
Najib. As a matter of fact, these issues have nothing to do with
Sarawak, or me, in any way," he told the Chinese newspaper's
editors, The Straits Times relays. "I don't even know what exactly
is going on there!"

The Straits Times says Mr Adenan's comments came as Mr Najib
remains in the international spotlight over allegations that some
of the funds from 1MDB were funnelled into his bank accounts.

The report relates that the government has said the US$681 million
in those accounts was from a "donation" from the Saudi royal
family, with the bulk returned to the Middle-Eastern kingdom.

But Switzerland's chief prosecutor said at the end of last month
that a criminal investigation into 1MDB revealed that about US$4
billion appeared to have been misappropriated from Malaysian state
companies, the report recalls. And the Singapore authorities said
early this month that they have seized a "large number" of bank
accounts over possible money-laundering and other offences linked
to 1MDB, The Straits Times relates.

Mr Adenan understandably wants no part of the scandal, analysts
have said, the report relays. He is determined to show his
administration is a breath of fresh air. He took over as Chief
Minister two years ago. Before that, Sarawak was led for 33 years
by Tun Abdul Taib Mahmud, whose latter years at the helm were
tainted by accusations of corruption.

Malaysia's biggest state by land size, Sarawak -- like
neighbouring Sabah -- is considered a staunchly Barisan Nasional
state, The Straits Times notes.

Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) operates as a
government agency. The Company offers financial assistance,
analysis, and advice through investors, corporations, and
consultants to startups and growth companies. 1MDB focuses on
investments with strategic value and high multiplier effects on
the economy, particularly in energy, real estate, tourism, and
agribusiness.

As reported in the Troubled Company Reporter-Asia Pacific on
July 23, 2015, Reuters said Singapore Police Force has frozen two
bank accounts to help with an investigation in to Malaysia's
troubled state-owned investment fund 1Malaysia Development Bhd
(1MDB), which is being probed by authorities in Malaysia for
financial mismanagement and graft.  Reuters said the freezing of
the Singapore bank accounts follows a similar move in Malaysia
where a task force investigating 1MDB said earlier in July that it
had frozen half a dozen bank accounts following a media report
that nearly $700 million had been transferred to an account of
Malaysia's Prime Minister Najib Razak.

The Wall Street Journal reported on July 3, 2015, that
investigators looking into 1MDB had traced close to US$700 million
of deposits moving through Falcon Bank in Singapore into personal
bank accounts in Malaysia belonging to Najib, Reuters related.

The TCR-AP, citing Bloomberg News, reported on Nov. 26, 2015, that
1MDB agreed to sell its power assets to China General Nuclear
Power Corp. for MYR9.83 billion ($2.3 billion) as the state
investment company moved one step closer to winding down
operations after its mounting debt raised investor concern.

Bloomberg related that the company faced cash-flow problems after
a planned initial public offering of Edra faced delays amid
unfavorable market conditions, President Arul Kanda said Oct. 31,
2015.  The listing plan was later canceled as the company opted
for a sale of the assets, Bloomberg noted.



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


UCI HOLDINGS: Defers $17.25 Million Interest Payment
----------------------------------------------------
UCI Holdings Limited said its wholly-owned subsidiaries, UCI
International LLC and UCI Acquisition Holdings (No.3) Corp., have
elected to exercise the grace period with respect to the
$17,250,000 interest payment due on its 8.625% senior unsecured
notes.

Under the terms of the indenture governing the Notes, the Company
has a 30 day grace period for interest payments.

The Company is engaged in discussions with representatives of
certain of the Noteholders. The Company has the right to make the
interest payment at any time during the grace period and thereby
avoid an event of default. The Company believes it has sufficient
liquidity to continue meeting all of its obligations to employees,
customers, and suppliers during the grace period.

Auckland, New Zealand-based UCI Holdings Limited is a supplier to
the light and heavy-duty vehicle aftermarket for replacement
parts, supplying a broad range of filtration, fuel delivery
systems, vehicle electronics and cooling systems products.  In the
U.S., the Company has an office in Lake Forest, Illinois.

UCI Holdings, as of Dec. 31, 2014, reported total assets of
$1,360,123,000 and total liabilities of $1,134,542,000.


UCI HOLDINGS: Names Alan Carr to Board of Directors
---------------------------------------------------
Alan J. Carr has been appointed to the Board of Directors of UCI
Holdings Limited, effective February 10, 2016.

Auckland, New Zealand-based UCI Holdings Limited is a supplier to
the light and heavy-duty vehicle aftermarket for replacement
parts, supplying a broad range of filtration, fuel delivery
systems, vehicle electronics and cooling systems products.  In the
U.S., the Company has an office in Lake Forest, Illinois.

UCI Holdings, as of Dec. 31, 2014, reported total assets of
$1,360,123,000 and total liabilities of $1,134,542,000, according
to its Annual Report on Form 20-F filing with the Securities and
Exchange Commission in March 2015.


UCI HOLDINGS: S&P Cuts CCR to 'CCC' Ff. Delayed Interest Payment
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered the corporate credit
rating on UCI Holdings Ltd. to 'CCC' from 'CCC+' and, as a
consequence, lowered the issue-level rating on the company's
unsecured debt to a 'CCC-' from 'CCC'. The recovery rating on this
debt remains a '5', which indicates S&P's expectation of modest
(10% to 30%; lower half of the range) recovery in the event of a
default.

S&P is placing all of the ratings on UCI on CreditWatch with
negative implications.

"The downgrade reflects our view that there is at least a
one-in-two likelihood of default within the next 12 months," said
Standard & Poor's credit analyst Lawrence Orlowski. "UCI's
announcement [] indicating its intent to exercise its grace period
with respect to a $17.25 million interest payment due on its
8.625% senior unsecured notes raises questions as to the
likelihood that it will meet its debt obligation."

Under the terms governing the notes, the company has a 30-day
grace period for interest payments.

"While the company believes it has sufficient liquidity to
continue meeting all of its obligations to employees, customers,
and suppliers during the grace period, the decision to delay
making its interest payments could indicate that the company might
engage in an exchange offer that we would deem as a selective
default, or could be considering filing for bankruptcy," said Mr.
Orlowski.

Standard & Poor's expects to resolve the CreditWatch placement in
the next 90 days after it has gained greater clarity as to the
company's future strategic plans.


                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***