TCRAP_Public/160224.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

           Wednesday, February 24, 2016, Vol. 19, No. 38


                            Headlines


A U S T R A L I A

ABC LEARNING: ASIC Concludes Investigation Into Collapse
DICK SMITH: PMP Blames Firm's Collapse For 60% Profit Fall
E-ENERGY PTY: First Creditors' Meeting Set For March 2
GREAT FINANCIAL: First Creditors' Meeting Set For March 3
J & C ELECTRICAL: First Creditors' Meeting Set For March 3

REEDMANS SHEETMETAL: First Creditors' Meeting Set For March 3
SINO INVESTMENT: ASIC Accepts Enforceable Undertaking
ULTIMATE ELECTRICAL: First Creditors' Meeting Set For March 2

* Australian Auto ABS Delinquencies to Rise in 2016, Moody's Says


C H I N A

HENGDELI HOLDINGS: Fitch Places 'BB' LT IDR on Rating Watch Neg
ICICI BANK: S&P Puts US$340MM Issues' BB Rating on Watch Neg.


H O N G  K O N G

UP ENERGY: Defaults on Convertible Bonds as Fuel Prices Drop


I N D I A

ALBUS INDIA: CRISIL Reaffirms D Rating on INR110MM Term Loan
ARVIND REMEDIES: ICRA Reaffirms 'D' Rating on INR277cr Loan
BRIJBASI HI-TECH: Ind-Ra Assigns 'IND D' Long-Term Issuer Rating
CLAYRIS CERAMICS: CRISIL Cuts Rating on INR283.6MM Loan to C
CRESCENT INNOVATIVE: CRISIL Cuts Rating on INR230MM Loan to B+

EXTOL INDUSTRIES: CRISIL Reaffirms 'C' Rating on INR125MM Loan
GOYAL COTTON: CARE Revises Rating on INR8.65cr Loan to BB-
HOIN MAN: ICRA Reaffirms B+ Rating on INR19.40cr Loan
JPV REALTORS: CRISIL Withdraws B+ Rating on INR58.5MM Term Loan
KANNAPPAN TEXTILE: Ind-Ra Suspends 'IND BB-' LT Issuer Rating

LEAPFROG ENGINEERING: ICRA Assigns 'C' Rating to INR6cr LT Loan
MISHTANN FOODS: ICRA Assigns 'B' Rating to INR22cr Cash Loan
MOONSHINE FINVEST: CRISIL Suspends FB Rating on INR20MM Loan
MSR INFRAA: ICRA Reaffirms 'B' Rating on INR20cr Term Loan
NEYSA JEWELLERY: CRISIL Reaffirms 'D' Rating on INR444.7MM Loan

OMAR INT'L: Ind-Ra Suspends 'IND B' Long-Term Issuer Rating
ORIILON INDIA: CARE Reaffirms B+ Rating on INR22.53cr LT Loan
PDRV ENTERPRISES: CRISIL Reaffirms B+ Rating on INR100MM Loan
PRAVIN MOHANLAL: CRISIL Reaffirms B+ Rating on INR100MM Loan
R VIDYASAGAR: ICRA Reaffirms 'B' Rating on INR4cr Cash Loan

RAVI TRADING: ICRA Assigns B+ Rating to INR10cr Cash Loan
RELIANCE METAL: CRISIL Assigns 'B' Rating to INR5MM Loan
RUDRA ALLOYS: ICRA Suspends 'B/A4' Rating on INR20cr Bank Loan
SABARIS EDUCATIONAL: CRISIL Reaffirms 'D' Rating on INR112MM Loan
SAFA CONSTRUCTIONS: CRISIL Reaffirms B+ Rating on INR55MM Loan

SARAH FOODS: CRISIL Assigns B+ Rating to INR19.8MM Term Loan
SATNAM GLOBAL: CRISIL Cuts Rating on INR96MM Demand Loan to B-
SHAH PACKWELL: CRISIL Cuts Rating on INR100MM Cash Loan to B
SHAH PRECICAST: ICRA Reaffirms B+ Rating on INR15.50cr LT Loan
SHRI KRISHAN: CARE Assigns B+ Rating to INR10cr LT Loan

SILVERLINE INVESTMENTS: ICRA Assigns C+ Rating to INR7.40cr Loan
SKYVIEW CERAMICS: ICRA Withdraws 'B' Rating on INR3.0cr Loan
SUBHASREE PROJECTS: ICRA Assigns 'SP 3D' Grading
SUNSHINE CONVEYORS: ICRA Rates INR3.50cr Bank Loan at 'B'
TIRUPATI STARCH: ICRA Reaffirms B+ Rating on INR18.40cr Term Loan

TRILOK COTTON: ICRA Reaffirms 'B-' Rating on INR10.50cr Loan
V. S. MATRIX: CRISIL Assigns B+ Rating to INR100MM Cash Loan
VADALIA FOODS: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating
VIJAY LATEX: ICRA Reaffirms 'D' Rating on INR9.5cr Cash Loan
VILTANS POLYPLAST: CRISIL Reaffirms B+ Rating on INR40MM Loan

VIMAL CHHAGANLAL: CRISIL Cuts Rating on INR50MM Cash Loan to D
VINAYAK PIPES: CRISIL Reaffirms 'B' Rating on INR100MM Cash Loan
VSRK CONSTRUCTIONS: ICRA Assigns B+ Rating to INR8cr Loan


J A P A N

* JAPAN: Continuous Low Oil Price to Hurt Refiners, Moody's Says


N E W  Z E A L A N D

STONEWOOD HOMES: Directors Appoints Kordamentha as Receivers
STONEWOOD HOMES: Home Buyers Get Build Guarantee


T H A I L A N D

TRUE CORPORATION: Moody's Withdraws B2 CFR with Stable Outlook


X X X X X X X X

* SG Lawyers Warn of 1998-Like Pain as Debt Defaults Spread


                            - - - - -


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ABC LEARNING: ASIC Concludes Investigation Into Collapse
--------------------------------------------------------
Australian Securities and Investment Commission has been advised
by the Commonwealth Director of Public Prosecutions that it has
considered all matters referred by ASIC and determined that there
was no reasonable prospect of a conviction for any further
criminal charges to be commenced. Accordingly, ASIC has closed its
investigation into the collapse of ABC Learning Centres Ltd.

In 2011, ASIC commenced action against two former executive
directors of ABC in the Brisbane Magistrates Court on criminal
charges of breaching their directors' duties.

In May 2013, former chief financial officer of ABC, James Black,
appeared in the Brisbane Magistrates Court charged with three
counts of authorising false or misleading information. Mr Black
was sentenced to 18 months imprisonment, wholly suspended after
entering into a two-year good behaviour bond with AUD2,000
recognisance, in March 2015.

The former director ABC, Martin Kemp, stood trial for breaching
his directors' duties in July. He was found not guilty in
June 2012.

                        About ABC Learning

Based in Australia, ABC Learning Centres Limited (ASX: ABS) --
http://www.childcare.com.au/-- provides childcare services and
education in more than 1,200 centers in Australia, New Zealand,
the United States and the United Kingdom.  The Company's
subsidiaries include A.B.C. Developmental Learning Centers Pty
Ltd., A.B.C. Early Childhood Training College Pty Ltd., Premier
Early Learning Centers Pty Ltd., A.B.C. Developmental Learning
Centers (NZ) Ltd., A.B.C. New Ideas Pty Ltd., A.B.C. Land Holdings
(NZ) Limited and Child Care Centers Australia Ltd.  On Jan. 26,
2007, it acquired La Petite Holdings Inc.  On Feb. 2, 2007, it
acquired Forward Steps Holdings Ltd.  On March 23, 2007, it
acquired Children's Gardens LLP.  In September 2007, the Company
purchased the Nursery division (Leapfrog Nurseries) from Nord
Anglia Education PLC.  In June 2008, the Company completed the
sale of a 60% stake in its United States business to Morgan
Stanley Private Equity.

In November 2008, ABC Learning Centres Limited appointed Peter
Walker and Greg Moloney of Ferrier Hodgson as voluntary
administrators of the company and a number of its subsidiaries.
Subsequent to the appointment of administrators, the company's
banking syndicate appointed Chris Honey, Murray Smith and John
Cronin of McGrathNicol as receivers.

The Administrators filed a Chapter 15 petition for the Company
(Bankr. D. Del. Case No. 10-11711) on May 26, 2010.  Joel A.
Waite, Esq., at Young, Conaway, Stargatt & Taylor, represents the
Petitioners in the Chapter 15 case.  ABC's debts and assets were
estimated to be between US$100 million and US$500 million.

A separate Chapter 15 petition was filed for affiliate A.B.C.
USA Holdings Pty Ltd., listing assets and debts of at least
US$100 million.

In June 2010, ABC Learning creditors in Australia voted to wind
up the failed childcare provider.


DICK SMITH: PMP Blames Firm's Collapse For 60% Profit Fall
----------------------------------------------------------
Eloise Keating at SmartCompany reports that the receivership of
Dick Smith is causing ripple effects in industries other than
consumer electronics, with printing group PMP blaming the collapse
of the retail chain for a 58.8% drop in its profit for the first
half of the financial year.

Dick Smith collapsed into voluntary administration in early
January, with receivers appointed on the same day. A sale campaign
is continuing for the business, which reportedly has total debts
of approximately AUD400 million, SmartCompany says.

SmartCompany relates that releasing its half-year results on
Feb. 29, PMP said it is owed a pre-tax total of AUD3.9 million by
Dick Smith in Australia and New Zealand but it is unlikely to
recover the full amount.

As a result, it has booked a post-tax one-off impairment of AUD2.7
million for the six-month period, which pushed its profit for the
two quarters to AUD1.78 million, SmartCompany discloses.

A year earlier, PMP recorded a profit of AUD4.31 million.

Aside from printing and distributing catalogues for retailers such
as Dick Smith, PMP offers book printing and magazine distribution
services.

In a statement to shareholders, PMP described the loss to Dick
Smith as the company's "largest bad debt in over 10 years and
given the materiality and one-off nature of this impairment it has
been treated as a significant item".

However, while PMP confirmed it is on track to make the full-year
guidance outlined at its last annual general meeting, it said
"trading conditions remain challenging" and it expects to lose
volumes during the second half of the financial year from Dick
Smith and home improvement chain Masters, which parent company
Woolworths intends to sell or wind-up, SmartCompany adds.

                         About Dick Smith

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

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

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

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

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

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

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


E-ENERGY PTY: First Creditors' Meeting Set For March 2
------------------------------------------------------
A first meeting of the creditors of E-Energy Pty Ltd, Empyreal
Holdings Co Pty Ltd and Empyreal Energy International Pty Ltd will
be held at Crowne Plaza Surfers Paradise, 2807 Gold Coast Highway,
in Surfers Paradise, Queensland, on March 2, 2016, at 12:30 p.m.

James White and Rachel Burdett-Baker of BDO were appointed as
administrators of the companies on Feb. 19, 2016.


GREAT FINANCIAL: First Creditors' Meeting Set For March 3
---------------------------------------------------------
Claudio Trimboli -- ctrimboli@charlesandco.com.au -- of Charles &
Co was appointed as administrator of Great Financial Pty Ltd on
Feb. 22, 2016.

A first meeting of the creditors of the Company will be held at
offices of Charles & Co, Suite 2, Level 1, 190 Queen Street, in
Melbourne, on March 3, 2016, at 10:00 a.m.


J & C ELECTRICAL: First Creditors' Meeting Set For March 3
----------------------------------------------------------
Stephen Robert Dixon & Laurence Andrew Fitzgerald of Grant
Thornton Australia Limited were appointed as administrators of J &
C Electrical Contractors Pty Ltd on Feb. 22, 2016.

A first meeting of the creditors of the Company will be held at
Grant Thornton Australia Limited, The Rialto, Level 30, 525
Collins Street, in Melbourne, on March 3, 2016, at 10:00 a.m.


REEDMANS SHEETMETAL: First Creditors' Meeting Set For March 3
-------------------------------------------------------------
Todd William Kelly of BDO was appointed as administrator of
Reedmans Sheetmetal Pty Ltd on Feb. 22, 2016.

A first meeting of the creditors of the Company will be held at
the office of BDO (NTH QLD), Level 1, 15 Lake Street, Cairns, in
the State of Queensland, on March 3, 2016, at 10:00 a.m.


SINO INVESTMENT: ASIC Accepts Enforceable Undertaking
-----------------------------------------------------
The Australian Securities and Investment Commission has accepted
an enforceable undertaking (EU) from Australian financial services
licensee Sino Investment Services Pty Ltd (SIS) and its sole
director Mr Richard Li, following an ASIC investigation into
concerns about compliance with financial services laws.

Sino Investment Services is a Melbourne based company that has
held an AFS licence since 2004.  Mr Li is the responsible manager
of the financial services business of SIS and an authorised
representative of SIS' AFS licence.

ASIC's investigation found that:

   * SIS had not lodged financial statements for the financial
     years ended 30 June 2013, 30 June 2014 and 30 June 2015
     as at 31 December 2014, there was a AUD355,144 deficiency of
     cash held in the trust accounts of SIS on behalf of the
     clients of SIS

   * the clients of SIS had not consented to certain withdrawals
     being made from the trust accounts,  and

   * Mr Li had authorised the withdrawals as the sole director of
     SIS.

ASIC has accepted an EU which requires SIS and Mr Li to repay to
clients the entire amount that should have been held in each
client's trust account. SIS and Mr Li acknowledge that, due to the
absence of a formal trust deed being in place with each of the
clients, SIS and Mr Li misunderstood that the client funds were to
be held in trust for the benefit of clients. They were not aware
of the legal effect of section 981H of the Act or Corporations
Regulation 7.8.02(1); SIS and Mr Li have since deposited
sufficient funds in the trust accounts to repay all of the
clients.

Further, under the EU, SIS is required to:

   * lodge an application with ASIC to cancel the AFSL
   * revoke the authorisation of Mr Li
   * lodge the outstanding financial statements with ASIC,
     together with relevant late fees, and
   * send a copy of the EU to all clients.

Mr Li is required to:

   * provide all necessary assistance to SIS to ensure compliance
     with its undertakings
   * provide ASIC with a statutory declaration in respect to
     repayment of the client money by SIS and him.

Finally, both SIS and Mr Li have agreed to not reapply for an AFS
licence nor provide financial services in any capacity for a
period of 10 years from the date of the EU.

Deputy Chairman Peter Kell said 'ASIC will take action against
financial services licensees and their responsible managers to
ensure that they continue to comply with their obligations under
the Corporations Act.'


ULTIMATE ELECTRICAL: First Creditors' Meeting Set For March 2
-------------------------------------------------------------
Steve Naidenov and David Iannuzzi of Veritas Advisory were
appointed as administrators of Ultimate Electrical & Security Pty
Ltd on Feb. 19, 2016.

A first meeting of the creditors of the Company will be held at
Level 12, 88 Pitt Street, in Sydney, on March 2, 2016.


* Australian Auto ABS Delinquencies to Rise in 2016, Moody's Says
-----------------------------------------------------------------
Moody's Investors Service says that Australian auto loan asset-
backed securities (ABS) should see higher delinquencies and
defaults in 2016, due to below trend GDP growth in Australia and
uncertain labor market conditions.

"ABS portfolios with exposure to commercial loans and leases in
Western Australia and Queensland will come under the most
pressure, owing to slowing business conditions," says Alena Chen,
a Moody's Assistant Vice President and Analyst.

Chen explains that Moody's forecast is for GDP in Australia to
grow by 2% in 2016, below the long-term average of 3.5%.  The
ongoing gradual slowdown of China's economy and the sharp
deterioration in Australia's terms of trade - owing to lower
commodity prices - will weigh on economic growth in Australia.

Chen was speaking on the release of Moody's quarterly Australian
auto ABS Indices for the three months between October and December
2015 (Q4 2015).

Moody's says that the performance of Australian auto loan ABS
deteriorated in the three months to Dec. 31, 2015, adding to a
significant year-on-year increase in delinquencies for 2015.

Specifically, 30-plus day delinquencies increased to 1.33% at
Dec. 31, 2015, from 1.20% at Sept. 30, 2015, and 1.07% at
Dec. 31, 2014.

The increase in delinquencies reflects Australia's below-trend GDP
growth and soft labor market.  The natural amortization of auto
ABS portfolios has also had a large impact on the arrears rates of
older and smaller deals.

Despite the year-on-year increase in arrears, default and loss
levels remained low.  At Dec. 31, 2015, the 2012 vintage - the
most seasoned of outstanding pools - exhibited a cumulative
default rate of 1.86% and a net loss rate of 0.87%.

Recovery rates for all vintages remained stable in the 45%-50%
range.

Moody's rated three new ABS deals with a total volume of AUD2.5
billion during Q4 2015.  For all of 2015, Moody's rated AUD5.1
billion worth of issuance, up from AUD3.8 billion in 2014.

Subscribers can access the report at:

   http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF426854



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HENGDELI HOLDINGS: Fitch Places 'BB' LT IDR on Rating Watch Neg
---------------------------------------------------------------
Fitch Ratings has placed China-based watch retailer Hengdeli
Holdings Limited's (Hengdeli) Long-Term Issuer Default Rating
(IDR) and senior unsecured rating of 'BB' on Rating Watch Negative
(RWN). Fitch has also placed on RWN the 'BB' ratings on the
company's $US 350 million 6.25% senior notes due 2018.

The action follows the Hengdeli's profit warning on 17 February
2016. The company expects net profit attributable to equity
shareholder to decrease by about 70% in 2015, due to a decline in
revenue and gross profit, the absence of a one-off gain from
property sales in 2014, goodwill impairment and mark-to-market
loss of listed investments.

Fitch is unable to determine the extent of the decline in revenue
and profit because of the lack of financial and operation details
in the announcement. Fitch will conduct a review of the ratings
after the company announces its results in mid-March 2016, at
which point a negative rating action is highly likely. We believe
that Hengdeli is no longer meeting the financial and operational
metrics for its current rating, even after excluding the impact of
non-cash items on its net profit.

KEY RATING DRIVERS
Net Loss in 2H15: The profit warning implies net profit of CNY151m
in 2015, compared to CNY504 million in 2014. This means that
Hengdeli made a net loss of CNY104 million in 2H15, a substantial
deterioration from the CNY255 million net profit in 1H15. The poor
2H15 result also suggests that that there may have been a drastic
slowdown in the China operations, which only recorded a mild
revenue decline of 4% yoy in 1H15,compared with a 32% revenue
increase for Hong Kong. The China market has been a major profit
driver for Hengdeli since 2012, and accounted for over 44% of
total gross profit in 2014 and 1H15.

Profitability Continues to Decline: Fitch expects the pressure on
profitability to persist in 2016 due to the weak consumer spending
in China and Hong Kong, sales discounting and appreciation of the
Swiss franc, the currency of the country where the company sources
many of its watches. Hengdeli's EBITDA margin contracted to 8.1%
in 1H15 from 8.7% in 1H14. The decline in Hengdeli's same-store
sales in mainland China further deteriorated to 4.5% in 1H15 from
0.8% in 2014; in particular, the same-store sales for mid-end
retail in China fell 1.7% in 1H15 compared with growth of 2.2% in
2014.

The efforts to raise EBITDA margin through optimising its product
portfolio and reducing distribution costs may not be sufficient to
offset the impact of continued weakness in consumer spending in
China and Hong Kong. Traditional watch retailing also faces
competition from online sales and marketing channels, as well as
wearable gadgets such as smart watches, which are gaining
popularity.

Increase in Inventory: Hengdeli had negative free cash flow and
high FFO-adjusted net leverage of over 5x in 1H15 (2014: 3.6x) due
to larger working capital needs that stem from an increase in
average inventory days to 233 days in 1H15 (2014: 224 days) and a
fall in payable days to 48 in 1H15 (2014: 52). The high inventory
and low payables were the result of slowing sales growth in Hong
Kong from 4Q14 as well as in China from mid-2015. Fitch expects
the inventory days and net leverage to continue rising over the
next 12 months, assuming no significant asset disposal in 2016 and
2017. Hengdeli sold investment properties in Shenzhen and Taiwan
for CNY114m in 2014.

Relatively Strong Business Positioning: Hengdeli's rating is still
supported by its leading position in the market for retailing of
Swiss watches in China, its established distribution network and
exclusive distribution arrangements that support its wholesale
business. In 1H15, Hengdeli maintained a share of around 35% of
the market for Swiss watch sales in China and further fine-tuned
its business strategy to focus on mid-end products with higher
margins in lower-tier cities. Tier 3 and Tier 4 cities accounted
for 32% of total sales in 1H15, up from 21% in 2011.

KEY ASSUMPTIONS
Fitch's key assumptions within our rating case for the issuer
include:
-- Stable gross margins for different business segments in 2015-
    2018 from 2014 levels
-- EBITDA margin hovers around 8% into 2017
-- Annual capex plus acquisition budget of about CNY150m

RATING SENSITIVITIES
Negative: Future developments that may, individually or
collectively, lead to negative rating action include
-- Contraction in same-store sales in China
-- Sustained weakening in EBITDA margin to below 8%
-- FFO-adjusted net leverage sustained above 3.5x

Positive: The rating is on Watch Negative; the likelihood of
positive action is low.


ICICI BANK: S&P Puts US$340MM Issues' BB Rating on Watch Neg.
-------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BBB-' long-term
issue rating on senior unsecured bonds issued by the Bahrain
branch of HDFC Bank Ltd. (BBB-/Stable/A-3) and ICICI Bank (foreign
currency: BBB-/Stable/A-3) on CreditWatch with negative
implications.  S&P also placed the 'BB' long-term issue rating on
ICICI Bank's Basel II compliant hybrid instrument issued by the
Bahrain branch on CreditWatch with negative implications.

At the same time, S&P placed on CreditWatch with developing
implications its 'cnBBB+' Greater China regional scale issue
rating on HDFC's Chinese yuan (CNY) 150 million 4.30% bonds
maturing 2018, and ICICI's CNY600 million 4% bonds maturing 2017.
The developing implications of Greater China scale ratings reflect
that the ratings could go higher or lower, whereas the issue
credit rating could remain at the current level or be lowered.

These rating actions come after S&P lowered its long-term
sovereign credit rating on Bahrain to 'BB/Stable'.  The foreign
currency rating on the host sovereign caps S&P's view of the
creditworthiness of the bank branches.  Both banks have announced
that they are in process of taking steps with regard to all their
issuances from Bahrain to address the rating action on the host
country.  Standard & Poor's is studying the alternative payment
structures that the banks are proposing for their effectiveness in
avoiding and mitigating the sovereign risk of Bahrain.

S&P aims to resolve the CreditWatch status within a few weeks, or,
at the latest, in the next three months.  S&P may lower the
ratings by multiple notches if, in its view, the new structure
does not reduce the sovereign risk of the host country for HDFC's
and ICICI Bank's bondholders.  Alternatively, if S&P believes the
new structure insulates the bondholders, it may affirm the
ratings.  Under this scenario, S&P may also raise the Greater
China regional scale rating on these bonds to 'cnA-', in line with
S&P's long-term foreign currency issuer credit ratings on the
banks (BBB-/Stable) instead of the sovereign foreign currency
rating on Bahrain.

Ratings List

Ratings Placed On CreditWatch Developing
                                        To                From
Greater China Regional Scale Issue Ratings
ICICI Bank CNY600 mil, 4.00% due 2017   cnBBB+/Watch Dev   cnBBB+
HDFC Bank CNY150 mil, 4.30% due 2018    cnBBB+/Watch Dev   cnBBB+

Ratings Placed On CreditWatch Negative

Global Scale Issue Ratings

ICICI Bank CNY600 mil, 4.00% due 2017    BBB-/Watch Neg     BBB-
ICICI Bank A$150 mil, 6.125% due 2019    BBB-/Watch Neg     BBB-
ICICI Bank US$340 mil,
  7.25% subordinated                     BB/Watch Neg      BB
HDFC Bank CNY150 mil, 4.30% due 2018     BBB-/Watch Neg     BBB-
HDFC Bank US$500 mil, 3.00% due 2018     BBB-/Watch Neg     BBB-
HDFC Bank US$595 mil, 3.00% due 2016     BBB-/Watch Neg     BBB-



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UP ENERGY: Defaults on Convertible Bonds as Fuel Prices Drop
------------------------------------------------------------
Lianting Tu at Bloomberg News reports that Up Energy Development
Group Ltd. has defaulted on convertible bonds, becoming the latest
firm in the industry to renege on obligations after prices of the
fuel plunged.

The company failed to repay an unspecified amount of convertible
notes by a Feb. 18 grace-period deadline after missing payment by
the Jan. 18 maturity, according to a filing on Feb. 19, Bloomberg
relays. That gives holders of other debt totaling HK$3.46 billion
($444.8 million), including convertible securities due 2018, the
right to demand immediate repayment under a cross-default clause,
it said.

Bloomberg says prices for hard coking coal, used in steelmaking,
have fallen 43 percent since the beginning of 2014. Winsway
Enterprises Holdings Ltd., a Chinese coking-coal importer, missed
an interest payment for the second time in October on a debenture
due 2016, Bloomberg recalls. Coal miner Hidili Industry
International Development Ltd. didn't repay dollar-denominated
bonds due in November.

According to Bloomberg, the filing said Up Energy is in
discussions with its creditors to restructure its debt or reach a
standstill agreement so the creditors do not take enforcement
actions. The board has proposed an open offer to existing holders
to subscribe to the company's shares, Bloomberg notes.

In September, the company completed the acquisition of Canada's
Grande Cache Coal, according to its website. Along with four coal
mines in Xinjiang, it has coal resources of about 1.2 billion tons
and reserves of 300 million tons, the website said. Its
shares have dived 32.6 percent this year to HK$0.3, Bloomberg
notes.

Up Energy Development Group Limited Ltd (HKG:0307) --
http://www.upenergy.com/-- is an investment holding company. The
principal activities of the Company's subsidiaries are development
and construction of coal mining and coke processing facilities.
The Company operates in one business segments: mainly engaged in
development and construction of coal mining and coke processing
facilities. The Group has three coal mines in Fukang, Xinjiang of
China, namely the Xiaohuangshan Mine, the Shizhuanggou Mine and
the Quanshuigou Mine.



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ALBUS INDIA: CRISIL Reaffirms D Rating on INR110MM Term Loan
------------------------------------------------------------
CRISIL rating on Albus India Limited (AIL) continues to reflect
instances of delay by AIL in servicing its debt. The delays have
been caused by the company's weak liquidity.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           110       CRISIL D (Reaffirmed)
   Term Loan             110       CRISIL D (Reaffirmed)

AIL has limited track record and modest scale of operations, has
large working capital requirements and is exposed to intense
competition in the ferro alloys industry. The company has a below-
average financial risk profile marked by its small net-worth, high
gearing, and below-average debt protection metrics. However, it
benefits from its promoters extensive industry experience.

AIL was set up in 2011 by Mr. Gaurav Agrawal and his two brothers
Mr. Gautam Agrawal and Mr. Gokul Agrawal. The company manufactures
low carbon ferro manganese. Its manufacturing unit is located in
Vishakhapatnam (Andhra Pradesh), and commenced operations in
August 2015.


ARVIND REMEDIES: ICRA Reaffirms 'D' Rating on INR277cr Loan
-----------------------------------------------------------
ICRA has re-affirmed the long term rating outstanding on the
INR277.0 crore term loan facilities and the INR216.00 crore fund
based bank facilities of Arvind Remedies Limited t [ICRA]D. ICRA
has also re-affirmed the short term rating outstanding on the
INR67.00 crore short term non fund based facilities of ARL at
[ICRA]D.

                          Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Term loans               277.0       [ICRA]D/re-affirmed
   Fund Based limits        216.0       [ICRA]D/re-affirmed
   Non Fund Based limits     67.0       [ICRA]D/re-affirmed

The re-affirmation of ratings reflects the continued delays in
debt servicing by the company. ARL's liquidity position remains
constrained by the high working capital intensity in the business,
modest utilization of its capacities, delays in fund infusion and
high repayment obligations. ARL has a long standing presence in
the domestic institutional segment with a diversified product
base.

ARL was incorporated in the year 1988 by Mr. Arvind Shah, who has
more than two decades of experience in the Pharmaceutical
industry. ARL is engaged in the manufacturing of pharmaceutical
formulations such as tablets, capsules (including soft gels),
ointments and liquids. ARL markets its products in the
institutional (primarily government organizations) and ethical
segments. ARL currently has three manufacturing facilities located
near Chennai, Tamil Nadu.


BRIJBASI HI-TECH: Ind-Ra Assigns 'IND D' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Brijbasi Hi-tech
Udyog Limited (BHUL) a Long-Term Issuer Rating of 'IND D'.

KEY RATING DRIVERS

The ratings reflect BHUL's instances of overutilisation of the
working capital facilities during November and December 2015 due
to its weak liquidity position.

RATING SENSITIVITIES

Timely debt servicing for three consecutive months will be
positive for the ratings.

COMPANY PROFILE

Established in 1971, BHUL manufactures fire fighting vehicles for
various government departments. It has its manufacturing plant in
Mathura.

BHUL's ratings are as below:
-- Long-Term Issuer Rating: assigned Long-term 'IND D'
-- INR85.0 million fund based working capital limits: assigned
    Long-term 'IND D' and Short-term 'IND D'
-- INR100.0 million non fund based limit: assigned Short-term
    'IND D'


CLAYRIS CERAMICS: CRISIL Cuts Rating on INR283.6MM Loan to C
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Clayris Ceramics Private Limited (CCPL) to 'CRISIL C' from
'CRISIL B/Stable', while reaffirming its rating on the short-term
facilities at 'CRISIL A4'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         40       CRISIL A4 (Reaffirmed)

   Cash Credit           100       CRISIL C (Downgraded from
                                   'CRISIL B/Stable')

   Letter of Credit       20       CRISIL A4 (Reaffirmed)

   Long Term Loan        283.6     CRISIL C (Downgraded from
                                   'CRISIL B/Stable')

   Proposed Long Term      3.6     CRISIL C (Downgraded from
   Bank Loan Facility              'CRISIL B/Stable')

The rating downgrade reflects CRISIL's belief that the company's
business and financial risk profiles will remain under pressure
over the medium term owing to weak operating performance and
liquidity. Revenue was modest at INR371 million in 2014-15 (refers
to financial year, April 1 to March 31) due to low export demand
and a slowdown in the end-user, the industry. Even in 2015-16,
revenue growth remains muted with revenue for the six months
through September 2015 at INR11.61 million, and INR200-220 million
expected for the full year. There was a net loss of INR23.3
million in 2014-15 led by high interest and depreciation expenses.
These expenses remain high on account of debt-funded capital
expenditure made in the past. Due to losses, networth deteriorated
to INR104 million as on March 31, 2015, as against INR127.2
million a year earlier. As a result, gearing increased to 3.17
times from 2.67 times over this period.

Liquidity is stretched and financial flexibility weak, reflected
in high bank line utilisation at an average of 92 per cent during
the 12 months through November 2015. Intense competition, large
debt, and modest revenue are likely to reduce the cushion between
maturing term debt obligations and cash accrual over the medium
term.

CRISIL's rating on bank facilities of CCPL continues to reflect
its working-capital-intensive operations and its below-average
financial risk profile marked by its modest debt protection
metrics. These rating weaknesses are partially offset by the
benefits that CCPL is expected to derive from the extensive
experience of its promoters in manufacturing ceramic tiles and its
established relationships with its customers and suppliers.

Set up in 2008 by Mr. Divyesh Patel and his family in Morbi,
Gujarat, CCPL manufactures ceramic tiles.

In 2014-15, there was a net loss of INR23.3 million on net sales
of INR371.2 million, against a net loss of INR48 million on net
sales of INR282.9 million in 2013-14.


CRESCENT INNOVATIVE: CRISIL Cuts Rating on INR230MM Loan to B+
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Crescent Innovative Packaging Private Limited (CIPL) to 'CRISIL
B+/Stable' from 'CRISIL BB/Stable'.

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

   Proposed Term Loan     107.7    CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB/Stable')

   Term Loan              230      CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB/Stable')

The rating downgrade reflects deterioration in the company's
liquidity, driven by a significant net loss in 2014-15 (refers to
financial year, April 1 to March 31). The net loss was INR53.2
million against a net profit of INR1.5 million in 2013-14. The
loss was because of significant inventory loss due to a decline in
the price of the company's finished product resulting from lower
crude oil price. In 2015-16 the company has reported operating
revenues of Rs 382.7 million for the 7 months ended October 2015.
CRISIL believes that the operating margins of the company will be
susceptible to fluctuations in the raw material prices. Its
financial risk profile has also deteriorated as indicated by high
gearing and weak debt protection metrics. Liquidity is likely to
be stretched on account of significant debt repayment obligations
of INR77 million per annum, against low cash accrual expected,
over the medium term

The rating reflects the company's limited track record of
profitable operations. This rating weakness is partially offset by
benefits expected from the favourable demand prospects for bottom-
welded polypropylene (PP) bags in the cement, fertiliser, and
agriculture sectors, and support from the parent company, Crescent
Organics Pvt Ltd (COPL; rated 'CRISIL BB+/Stable/CRISIL A4+').

Outlook: Stable

CRISIL believes CIPPL will continue to benefit over the medium
term from the healthy demand prospect for bottom-welded PP bags
and support from COPL. The outlook may be revised to 'Positive' in
case of higher-than-expected operating cash flows, driven by
substantially more-than-expected offtake, resulting in significant
improvement in the financial risk profile. Conversely, the outlook
may be revised to 'Negative' in case of debt-funded capital
expenditure, leading to weakening of the financial risk profile.

CIPPL, incorporated in 2009, manufactures bottom-welded PP bags.
The company commenced operations in May 2012. It is promoted and
owned by the Crescent group, which trades in organic chemicals.
Currently, the group's operations are managed by its chairman, Mr.
G D Shah, and his son, Mr. Ashit Shah, the managing director.


EXTOL INDUSTRIES: CRISIL Reaffirms 'C' Rating on INR125MM Loan
--------------------------------------------------------------
CRISIL rating to the long-term bank facility of Extol Industries
Limited (EIL) continue to reflect EIL's limited track record of
operations along with lumpiness in the revenue generation and its
below-average financial risk profile, marked by modest net worth
and high gearing amidst working capital intensive operations.


                             Amount
   Facilities               (INR Mln)   Ratings
   ----------               ---------   -------
   Working Capital Facility     125     CRISIL C (Reaffirmed)

These rating weaknesses are partially offset by the extensive
industry experience of EIL's promoters and their funding support.

Update
EIL commenced commercial operations in 2014-15 (refers to
financial year, April 1 to March 31) and achieved revenue of
INR42.6 million. The company is expected to achieve revenue of
INR150 million in 2015-16 driven by ramp up in its scale of
operations, on the back of which it is expected to generate net
cash accruals of about INR23-26 million. Although the net cash
accruals are expected to be sufficient for their scheduled term
debt repayments, the lumpiness of the revenues continues to
constrain the liquidity profile.

Incorporated in 1997, EIL is owned and managed by Mr. Gyanendra
Bhatnagar and his family members. EIL operates wind turbine
generator facility in Raisen (Madhya Pradesh). The facility
started operations in September 2014.


GOYAL COTTON: CARE Revises Rating on INR8.65cr Loan to BB-
----------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Goyal Cotton Fiber.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      8.65      CARE BB- Revised from
                                            CARE B+
Rating Rationale

The revision in the rating assigned to the bank facilities of
Goyal Cotton Fiber (GCF) takes into account the improvement
in profit margins, capital structure, debt coverage indicators and
liquidity position of the firm during FY15 (refers to the
period April 1 to March 31). The rating however, continues to
remain constrained on account of its presence in the highly
competitive and fragmented cotton ginning business with limited
value addition, its constitution as a partnership firm,
susceptibility of its profit margins to raw material price
fluctuation, working capital intensive operations and seasonality
associated with the cotton industry coupled with susceptibility of
the operations to government regulation.

The ratings continue to derive strength from the partners'
experience in the cotton ginning business and the firm's
proximity to the cotton-producing regions of Madhya Pradesh and
Maharashtra.

The ability of GCF to increase its scale of operations, improve
profit margins and capital structure along-with efficient
working capital management remain the key rating sensitivities.

GCF is a partnership firm incorporated on June 15, 2012 by four
partners of the Goyal family at Barwani district, Madhya Pradesh
and is engaged in the cotton ginning and pressing business with an
installed capacity of 36,000 bales of cotton and 11,500 metric
tonne per annum (MTPA) of cotton seed per annum as on March 31,
2015. GCF belongs to the Goyal Group of Sendhwa which is engaged
in the business of cotton ginning and pressing since more than two
decades and enjoys good market reputation.

GCF reported a PAT of INR0.35 crore on a total operating income
(TOI) of INR36.52 crore during FY15 as against a PAT of INR0.12
crore on a TOI of INR48.59 crore during FY14.


HOIN MAN: ICRA Reaffirms B+ Rating on INR19.40cr Loan
-----------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B+ on the
INR19.40 crore fund-based limits of Hoin Man Sons Enterprises Pvt.
Ltd.


                        Amount
   Facilities         (INR crore)     Ratings
   ----------         -----------     -------
   Fund based limits      19.40       [ICRA]B+; reaffirmed

Rating reaffirmation continues to be constrained by HMPL's smaller
scale of operation and limited track record of operations. The
ratings are also impacted by the company's presence in a highly
fragmented and competitive industry, which coupled with the
cyclical nature of the steel industry, exposes it to raw material
price fluctuations. These factors, along with the power costs
which are highly dependent on the state government's policies
imbue volatility to the profitability margins of the firm. The
ratings also take into account the relatively high gearing level
and weak coverage indicators due to debt funded capex and working
capital requirements. The ratings also consider the term loan
repayments which are significantly high as compared to the
profitability of the company. The ratings, however, derive comfort
from the extensive track record of the promoters in the industry
with experience in managing similar group companies and easy
availability of key raw materials from surrounding location.

Going forward the company's ability to register healthy growth in
the turnover, maintaining adequate profitability to generate
enough cash accruals for repayment of its current debt and
interest obligations will be the key rating sensitivities.

HMPL was established in 2008 for manufacturing of MS (mild steel)
Billets and TMT (thermo mechanically treated) bars. The company
started its commercial operations in April 2014. The Company is
promoted by Mr. Anshul Chandwani and Mr. Chandan Chandwani along
with other members of their family. All the directors are
experienced in manufacturing and sale of steel and iron products.
Further, the firm is a part of Chandwani group which has other
companies in a similar line of business. The manufacturing
facility of the company is located in UPSIDC Industrial Area in
Rae Bareli with an installed capacity of 70 MT (metric tonnes) per
day for Billets and 100 MT per day for TMT bars.

Recent Results
HMPL reported net loss of INR0.25 crore on an operating income of
INR31.72 crore in FY2014-15.


JPV REALTORS: CRISIL Withdraws B+ Rating on INR58.5MM Term Loan
---------------------------------------------------------------
CRISIL has withdrawn its rating on the long-term bank facilities
of JPV Realtors Private Limited at the company's request and on
receipt of a no-due certificate from Union Bank of India.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Proposed Long Term
   Bank Loan Facility      1.5        CRISIL B+/Stable
   Term Loan              58.5        CRISIL B+/Stable

The rating action is in line with CRISIL's policy on withdrawal of
its ratings on bank loan facilities.


KANNAPPAN TEXTILE: Ind-Ra Suspends 'IND BB-' LT Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Kannappan Textile
Mill Pvt Ltd's (KTMPL) '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 KTMPL.

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.

KTMPL's ratings:

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

-- INR53.5 million long-term loans: migrated to 'IND BB-
    (suspended)' from 'IND BB-'

-- INR35 million fund-based limits: migrated to 'IND BB-
    (suspended)' from 'IND BB-'

-- INR16.2 million non-fund-based limits: migrated to 'IND
    A4+(suspended)' from 'IND A4+'


LEAPFROG ENGINEERING: ICRA Assigns 'C' Rating to INR6cr LT Loan
---------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]C to the INR10.00
crore limits of Leapfrog Engineering Services Pvt Ltd.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long term scale
   Fund based
   Facilities            6.00         [ICRA]C/assigned

   Long term scale
   Non fund based        4.00         [ICRA]C/assigned

The assigned rating takes into account the delay in the debt
servicing by the company coupled with the consistently high
working capital utilization. The rating is also constrained by the
company's small scale of operations with volatility in the revenue
and margins in line with the order inflow. ICRA notes the weak
financial profile of the company characterized by low net worth,
weak cash accruals and depressed debt coverage indicators. The
rating factors in the leveraged capital structure of the company
due to the high working capital borrowings on account of high
working capital intensity of operations and high reliance on
creditor funding as evident from Total Outside
Lilabilities/Tangible Net Worth of 6.39 times as on March 31,
2015.

The rating takes into account the company's modest current order
book with an outstanding order book to revenue multiple of 1.0x
providing limited revenue visibility going forward. ICRA takes
note of the high client concentration with ~49% of the outstanding
order book contributed by a single client.
The rating, however, favorably factors in the technical and domain
expertise of the management and the company's track record of
project execution in the domestic and overseas locations with
diversified services offered in electrical, fire protection &
detection and IT infrastructure segments. The rating is also
supported by the association with reputed clients across different
industries like oil & gas, infrastructure, manufacturing etc and
the ability to secure orders through tenders, referrals and repeat
orders from the existing client base.

Leapfrog Engineering Services Pvt Limited was incorporated by
Prabhav N Rao in 2005, in Bangalore, Karnataka. The company
provides 'Design Build' solutions to its clients in the Electrical
and Instrumentation, Fire Protection & Detection, Passive Fire
Protection and IT Infrastructure & Electronic Security Systems
domains. The company has expertise in developing strategy,
engineering and execution mechanism for a range of industrial,
commercial, and allied projects and has successfully completed
projects both in India and overseas for various industry verticals
like Oil & Gas, Process Industries, Utilities and Infrastructure,
Manufacturing, and Telecom.

Recent Results
LES reported a profit after tax (PAT) of INR0.22 crore on an
operating income (OI) of INR19.35 crore in FY2014-15 as compared
to a PAT of INR0.27 crore on an OI of INR9.18 crore in FY2013-14.


MISHTANN FOODS: ICRA Assigns 'B' Rating to INR22cr Cash Loan
------------------------------------------------------------
ICRA has assigned [ICRA]B rating to the INR22.00 crore working
capital facility and INR7.38 crore term loan facility of Mishtann
Foods Limited.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit Limits      22.00       [ICRA]B; Assigned
   Term Loan                7.38       [ICRA]B; Assigned

The assigned rating is constrained on account of risk of
stabilization of operations as per expected parameters and high
debt funded capex incurred for setting up the operations. The
rating is further constrained by the highly competitive and
fragmented industry structure and vulnerability of company's
profitability towards regulatory and agro climatic risks, which
affects availability and prices of rice. The assigned ratings also
consider the limited value addition in rice processing operations
and highly competitive and fragmented industry structure which
leads to low operating and net margins. ICRA also takes note that
the capital structure and credit metrics are expected to remain
under pressure due to impending debt repayment and working capital
intensive nature of operations.
The assigned ratings however, derive comfort from the past
experience of the promoters in the food processing and agro
commodities business through its group concern "Ravi Trading
Company; favorable location of the company giving it easy
availability of paddy.

Mishtann Foods Limited, is a closely held public limited company
incorporated on 27th February, 1981 as "HICS Cements Limited" and
was managed by Mr.Duleray Prabhudas Vyas, Mr.Vinodbhai Mohnalal
Buch, Mr.Shashin Vindonbhai Buch and Mr.Chandubhai Vallabhai Patel
for the purpose of carrying out business of manufacturing cement,
later on in February 2015 , Mr.Navinchandra Dahyalal Patel,
Mr.Hiteshkumar Patel, Mr.Ravikumar Patel, and Mr.Jatinkumar Patel
took over the management of the listed company from the erstwhile
directors with the change in name of company as "Mishtann Foods
Limited" as the company decided to change the business of the
company from manufacturing of cement to
processing/cleaning/grading of rice, wheat, pulses & other grains
at its manufacturing plant located at Sabarkantha, Gujarat. The
company is planning to sell the basmati rice under its already
established brand "Mishtann" in the market.


MOONSHINE FINVEST: CRISIL Suspends FB Rating on INR20MM Loan
------------------------------------------------------------
CRISIL has suspended its rating on the fixed deposits of
Moonshine Finvest Ltd (Moonshine).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Fixed Deposits         20       FB/Stable (Suspended)

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

MFL is registered with RBI as a deposit-taking NBFC. The company
is primarily engaged in financing all types of equipment that are
used in small industries and machinery used in the agricultural
sector.

For 2012-13 (refers to financial year, April 1 to March 31), MFL
reported a profit after tax (PAT) of INR0.5 million on a total
income of INR2.7 million, against a PAT of INR0.2 million on a
total income of INR2.0 million for the previous year. For the nine
months ended December 31, 2013, the company reported a PAT of
INR0.3 million on a total income of INR2.1 million


MSR INFRAA: ICRA Reaffirms 'B' Rating on INR20cr Term Loan
----------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B assigned to
the INR20 crore term loan limits of MSR Infraa (erstwhile RR
Constructions).


                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long term: Term
   Loan                  20.00        [ICRA]B/reaffirmed

The rating continues to positively factor in the long standing
experience of the promoters with over two decades of experience in
the real estate industry and the favorable location of the
entity's only ongoing project, R.R. Signature, which is in close
proximity to various IT companies and other social infrastructure
including international schools and shopping malls.
The rating is, however, constrained by the low sales velocity and
the escalation in the cost of construction with the increase in
the built up area and delay in the execution. ICRA also takes into
account the exposure of the ongoing project to funding risks, with
dependence on customer advances which will be contingent upon the
firm's ability to sell the remaining space as well as maintain
healthy collection efficiency, and with additional term loan yet
to be tied up. The firm's capital structure is highly leveraged as
reflected by a gearing of 9.09 as on 31st March, 2015 on account
of the dependence on term loans and unsecured loans for the
project execution. The rating also factors in the high competition
in the location with many projects from other developers and the
risk associated with a partnership firm with no restrictions on
capital drawdown.

Going forward, ability of the company to achieve healthy booking
levels, improve collection efficiency and execute the project in a
timely manner would be the key rating sensitivities.

MSR Infraa was founded in the year 1996 by Mrs. M. Sunitha as a
proprietorship firm. The firm was reconstituted as a partnership
firm in September, 2013 with Mrs. M Sunitha and Mr. M Sanjeeva
Raju as partners. The entity is engaged in the business of real
estate development and has completed many residential projects in
Nellore and Bangalore since its inception. They are currently
developing a residential apartment project, "R.R. Signature" at
Hegde Nagar - Thanisandra Road, Bangalore. The project will
consist of 2 blocks of 14 floors each excluding two basements and
ground floor for parking, with a total of 248 2-BHK and 3-BHK
apartments.

Recent Results
The entity reported net profit of INR0.82 crore on operating
income of INR4.77 crore for FY 2015 as compared to a net profit of
INR0.96 crore on operating income of INR4.58 crore for FY 2014.


NEYSA JEWELLERY: CRISIL Reaffirms 'D' Rating on INR444.7MM Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Neysa Jewellery Limited
(NJL) continues to reflect instances of delay by NJL in servicing
its term debt. The delays have been caused by the company's weak
liquidity.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bill Discounting      93.7      CRISIL D (Reaffirmed)

   Export Packing
   Credit                75.8      CRISIL D (Reaffirmed)

   Funded Interest
   Term Loan            270.0      CRISIL D (Reaffirmed)

   Packing Credit       266.7      CRISIL D (Reaffirmed)

   Post Shipment
   Credit               313.9      CRISIL D (Reaffirmed)

   Rupee Term Loan       84.7      CRISIL D (Reaffirmed)

   Term Loan             21.1      CRISIL D (Reaffirmed)

   Working Capital
   Demand Loan          179.4      CRISIL D (Reaffirmed)

   Working Capital
   Term Loan            444.7      CRISIL D (Reaffirmed)

NJL has large working capital requirements and is exposed to
intense competition in the jewellery manufacturing industry. The
company has a weak financial risk profile marked by its negative
net-worth, high debt levels and weak debt protection metrics.
However, the company continues to benefit from its promoters
extensive experience in jewellery business.

NJL was set up in 1996 by Mr. Pravin Shah and his family members.
The company manufactures and exports diamond-studded gold, silver,
and platinum jewellery. It is a 100 per cent export-oriented unit,
and its manufacturing unit is in Mumbai (Maharashtra).


OMAR INT'L: Ind-Ra Suspends 'IND B' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Omar
International'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 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 Omar International.

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.

Omar International's ratings:

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

-- INR50 million fund based limits: migrated to 'IND
    B(suspended)' and 'IND A4(suspended)' from 'IND B' and   'IND
    A4'

-- INR148 million term loan: migrated to 'IND B(suspended)' from
    'IND B'


ORIILON INDIA: CARE Reaffirms B+ Rating on INR22.53cr LT Loan
-------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Oriilon India Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     22.53      CARE B+ Reaffirmed
   Long-term/Short-term Bank
   Facilities                    15.00      CARE B+/CARE A4
                                            Reaffirmed

   Short-term Bank Facilities     0.85      CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Oriilon India
Private Limited (OIPL) continue to remain constrained on account
of declining profit margins coupled with moderate capital
structure and debt coverage indicators. The ratings are further
constrained due to the company's presence in the highly
competitive and fragmented textile industry and susceptibility of
operating margins to fluctuation in raw material prices and
foreign exchange rate.

The ratings, however, continues to draw strength from promoters'
extensive experience into the textiles industry and location
advantage with presence in Surat - the largest manmade fiber
cluster in India - with proximity to a large customer base
resulting in reduced transportation costs. The ratings also
factors in healthy growth in Total Operating Income (TOI) and
improvement in liquidity profile of the company during FY15
(refers to the period April 1 to March 31).

Going forward, OIPL's ability to increase its scale of operations,
improve its profit margins, capital structure and efficient
management of working capital would be the key rating sensitivity.

Incorporated in 2008, OIPL (erstwhile known as "Vandana Suppliers
Pvt. Ltd.") is engaged in the manufacturing of Nylon Filament Yarn
(NFY), which is mainly used in the textile industry, with an
installed capacity of 18,000 metric tonnes per annum (MTPA) as on
March 31, 2015. The entity is a part of "Rangoli Group of
companies" located in Gujarat. The group has been into the textile
industry for about two decades. The manufacturing facility is
located at Surat in Gujarat.

During FY15, OIPL reported a TOI of INR43.48 crore and PAT of
INR0.54 crore as against TOI of INR16.31 crore and PAT of INR0.32
crore during FY14. Furthermore, during 8MFY16 (Provisional), OIPL
has achieved TOI of INR36.59 crore.


PDRV ENTERPRISES: CRISIL Reaffirms B+ Rating on INR100MM Loan
-------------------------------------------------------------
CRISIL has reaffirmed its ratings of 'CRISIL B+/Stable/CRISIL A4'
on the bank facilities of PDRV Enterprises Pvt Ltd (PDRV).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         40       CRISIL A4 (Reaffirmed)

   Cash Credit- Book
   Debt                  100       CRISIL B+/Stable (Reaffirmed)

   Cash Credit-Stock      60       CRISIL B+/Stable (Reaffirmed)

   Proposed Fund-Based
   Bank Limits            70       CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect company's modest scale of
operations in the wire-manufacturing industry, low operating
margin, and large working capital requirement. The ratings also
factor in a below-average financial risk profile because of high
gearing and weak debt protection metrics. These rating weaknesses
are partially offset by the extensive industry experience of the
company's promoters, their funding support, and established
relationship with customers and suppliers.
Outlook: Stable

CRISIL believes PDRV will continue to benefit over the medium term
from its promoters' extensive industry experience and established
relationship with customers. The outlook may be revised to
'Positive' in case of substantial cash accrual while working
capital management is improved, leading to a better financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case of a significant decline in operating profitability or
deterioration in working capital management, leading to pressure
on liquidity and capital structure.

Established in 2001 and based in Delhi, PDRV manufactures winding
wires used in transformers. The key promoters are Mr. Rajesh Giri
and his brother in law Mr. Vikas Talwar, who have extensive
experience of around two decades in the industry.

PDRV reported a net profit of INR3.1 million on net sales of
INR733.7 million in FY 2014-15 against net profit of INR2.6
million on net sales of INR597.2 million in FY 2013-14.


PRAVIN MOHANLAL: CRISIL Reaffirms B+ Rating on INR100MM Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Pravin
Mohanlal (PM) continues to reflect PM's below-average financial
risk profile marked by its small net worth, high total outside
liabilities to tangible net worth ratio, and average debt
protection metrics.

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

The rating of the firm is also constrained on account of its
modest scale of operations and exposure to intense competition in
diamond industry resulting in low profitability margins. These
rating weaknesses are partially offset by the extensive experience
of PM's promoter's in the gems and jewellery industry, and its
established relationships with customers and moderate working
capital requirements.
Outlook: Stable

CRISIL believes that PM will continue to benefit over the medium
term from its promoter's extensive industry experience and
established relationships with customers. The outlook may be
revised to 'Positive' if there is a substantial improvement in its
capital structure on the back of sizeable capital additions from
its promoter, or there is a sustained improvement in its working
capital management. Conversely, the outlook may be revised to
'Negative' in case of a steep decline in PM's profitability
margins, or significant deterioration in its capital structure
caused most likely by a stretch in its working capital
requirements.

PM, a proprietorship concern, was set up in 1994 by the Mumbai
(Maharashtra)-based Mr. Pravin Mohanlal Selvadia. The firm,
primarily, trades in rough and polished diamonds. The firm also
manufactures diamond-studded jewellery. The trading division
contributes to around 70 per cent of the firm's revenues, and the
manufacturing division contributes to the balance 30 per cent.


R VIDYASAGAR: ICRA Reaffirms 'B' Rating on INR4cr Cash Loan
-----------------------------------------------------------
ICRA has reaffirmed [ICRA] B rating assigned to INR4.00 crore cash
credit facilities and INR3.00 crore bank guarantee facility of R
Vidyasagar Rao Constructions.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           4.00        [ICRA]B; reaffirmed
   Bank Guarantee        3.00        [ICRA]B; reaffirmed

The rating reaffirmation continues to be constrained by small
scale of operations of the firm with operating income of INR19.82
crore for FY15 in civil construction industry which limits the
ability of the firm to directly bid for larger value projects;
stretched liquidity position as indicated by high working capital
intensity and high utilization of working capital limits and weak
financial profile of the firm as indicated by net margin of 1.66%,
gearing of 0.99 times, OPBITDA-to-Interest & Finance Charges of
1.54 times and Net Cash Accruals-to-Total Debt of 11% in FY15. The
rating is further constrained by the high sector concentration
risk with primary focus on road repair works; exposure to high
geographic concentration with presence only in the state of
Telangana and risk of capital withdrawal arising out of the
partnership nature of the firm. The rating however favourably
factors in extensive experience of promoters in execution of civil
construction projects and outstanding order book position of
INR75.82 crore (3.83 times of the operating income of FY15)
thereby providing revenue visibility for the medium term.

The ability of the company to execute its the orders in timely
manner while maintaining its profitability and managing its
working capital requirements will be the key rating sensitivities
going forward.

R Vidyasagar Rao Constructions was founded as a sole
proprietorship concern in 1973 and was converted into a
partnership firm in 2003. It is promoted by Mr. R Vidyasagar Rao
and family. The firm was initially involved in execution of
projects for Andhra Pradesh Irrigation Department. The firm is
primarily involved in road repair works, construction of civil
structures such as water storage tanks and other civil
construction works for private and government players such as AMR
India Limited and Singareni Collieries Private Limited.

Recent Results
According to audited FY15 financials, the company registered an
operating income of INR19.82 crore and net profit of INR0.33 crore
as compared to operating income of INR16.54 crore and net profit
of INR0.15 crore during FY14.


RAVI TRADING: ICRA Assigns B+ Rating to INR10cr Cash Loan
---------------------------------------------------------
A rating of [ICRA]B+ has been assigned to the INR10.00 crore long
term fund based cash credit facility of Ravi Trading Co.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit Limits    10.00        [ICRA]B+; Assigned

The assigned rating is constrained the highly fragmented and
competitive nature of the industry and the vulnerability of firm's
profitability to movements in food grain prices which are subject
to seasonality and crop harvest. The rating also takes into
account the firm's weak financial risk profile characterized low
profitability, stretched liquidity, aggressive capital structure
and weak coverage indicators. The rating also considers any
potential impact on net worth and gearing levels in case of any
substantial withdrawal from capital account given the constitution
as a partnership firm.

The rating, however, takes comfort from the favourable location of
the firm's plant with respect to raw material procurement. ICRA
also positively considers the long standing experience of the
promoters in the agro-commodities trading industry.

Ravi Trading Co. was established in 1997 as a proprietorship firm
by Mr Gaurishankar Patel in Idar, Sabarkantha and was primarily
engaged in trading of wheat and pulses (toor dal, urad dal). It
was later converted into a partnership firm in 2001 with Mr Hitesh
Patel joining as a partner. The firm is currently owned and
managed by three partners Mr Hitesh Patel, Mr Ravi Patel and Mr
Navinchandra Patel and is engaged in processing and trading of
wheat. The plant is located in Himatnagar with an installed output
capacity of 240 metric tons per day (MTPD).

Recent Results
During FY 2015, RTC reported an operating income of INR92.64 crore
and a profit after tax of INR0.30 crore as against an operating
income of INR70.26 crore and a profit after tax of INR0.24 crore
in FY 2014.


RELIANCE METAL: CRISIL Assigns 'B' Rating to INR5MM Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Reliance Metal Industries (RMI).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee          45      CRISIL A4
   Cash Credit/Overdraft
   facility                 5      CRISIL B/Stable

The ratings reflect the firm's average financial risk profile,
because of small networth, subdued debt protection metrics, and
stretched liquidity driven by low cash accrual, and small scale
of, and working capital-intensive, operations. These weaknesses
are partially offset by the benefits that RMI derives from the
proprietor's extensive experience in commodity trading.
Outlook: Stable

CRISIL believes RMI will continue to benefit from the proprietor's
extensive experience in commodity trading. The outlook may be
revised to 'Positive' if the scale of operations and profitability
increase leading to higher-than-expected cash accrual. Conversely,
the outlook may be revised to 'Negative' if the financial risk
profile, particularly liquidity, weakens because of sizable
increase in working capital requirements or pressure on revenue
and profitability.

RMI, based in Uttar Pradesh, was established in 2003 by Mr. Nisar
Husain as a proprietorship firm. The firm mainly trades in various
types of ferrous and non-ferrous metal scraps such as aluminium
scraps, copper and brass scraps and zinc scraps. It also deals in
mild-steel ingots, billets, and Indian artifacts on a small scale.


RUDRA ALLOYS: ICRA Suspends 'B/A4' Rating on INR20cr Bank Loan
--------------------------------------------------------------
ICRA has suspended its long-term rating of [ICRA]B and short-term
rating of [ICRA]A4 assigned to the INR20.0 crores bank facilities
of Rudra Alloys Private Limited. The suspension follows ICRA's
inability to carry out a rating surveillance in absence of
requisite information from the company.


SABARIS EDUCATIONAL: CRISIL Reaffirms 'D' Rating on INR112MM Loan
-----------------------------------------------------------------
CRISIL's rating on the bank facilities of Sabaris Educational
Trust (SET) continue to reflect delays by SET in servicing its
debt; the delays have been caused by SET's weak liquidity arising
out of its inadequate cash accruals for meeting the repayment
obligations.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             5       CRISIL D (Reaffirmed)
   Term Loan             112       CRISIL D (Reaffirmed)

SET also has a weak financial risk profile marked by small
networth, high gearing and weak debt protection metrics. However,
the trust continues to benefit from good infrastructure with
growing reputation.

Set up in 1997 by Mr. T N P Muthoo Nataraajan, SET runs a higher
secondary school, Sri Dhayanandapuri Matriculation Higher
Secondary School, and an engineering college for women, Tejaa
Shakthi Institute of Technology (established in 2008). Both the
institutions are near Tirupur (Tamil Nadu).


SAFA CONSTRUCTIONS: CRISIL Reaffirms B+ Rating on INR55MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of SAFA Constructions
Private Limited continues to reflect the company's small scale of
operations in a fragmented civil construction industry, and large
working capital requirement. The rating also factors in an average
financial risk profile because of a modest net worth. These rating
weaknesses are partially offset by the extensive industry
experience of the promoters.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         10       CRISIL A4 (Reassigned)

   Cash Credit            55       CRISIL B+/Stable (Reaffirmed)

   Long Term Loan         10       CRISIL B+/Stable (Reaffirmed)

   Standby Line of
   Credit                  5       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes SCPL will continue to benefit over the medium term
from its promoters' extensive industry experience and a moderate
order book. The outlook may be revised to 'Positive' in case of a
substantial and sustainable growth in scale of operations while
profitability and working capital cycle are maintained.
Conversely, the outlook may be revised to 'Negative' in case of
deterioration in the financial risk profile, most likely because
of lower-than-expected cash accrual, a stretched working capital
cycle, or any significant debt-funded capital expenditure (capex).

Update
Operating income was around INR147 million in 2014-15 (refers to
financial year, April 1 to March 31), below CRISIL's expectations
on account of subdued orders. For the nine months through December
2015, revenue was around INR110 million and is expected at around
INR150 million, with stable operating margin of around 12 per cent
in 2015-16. The company's business risk profile is expected to
remain constrained because of its modest scale and high customer
concentration.

The company's capital structure is modest with a net worth of
around INR30 million and gearing of 1.97 times as on March 31,
2015. The capital structure is expected to improve gradually with
repayment of term debt and absence of any debt-funded capex plans.
The debt protection metrics are moderate as indicated by interest
coverage ratio of around 2.42 times and net cash accrual to total
debt ratio of around 17 percent for 2014-15. CRISIL believes the
financial risk profile will remain modest over the medium term.

SCPL's bank limit has been utilised at an average of around 87
percent during the 12 months through December 2015. Cash accrual
of 9-12 million per annum, will be adequate to meet annual debt
obligations of around INR4.5 million, over the medium term.
Liquidity is further supported by the absence of debt-funded capex
plans. CRISIL believes liquidity will remain moderate over the
medium term.

SCPL, set up in 2012 and based in Ernakulam, Kerala, undertakes
civil construction contracts. Its operations are managed by Mr. P
M Aliyar.


SARAH FOODS: CRISIL Assigns B+ Rating to INR19.8MM Term Loan
------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Sarah Foods (SF) and has assigned its 'CRISIL
B+/Stable/CRISIL A4' ratings to these facilities. The ratings had
been suspended by CRISIL on August 19, 2015, as SF had not
provided the necessary information for taking a rating view. The
firm has now shared the requisite information, enabling CRISIL to
assign ratings to the bank facilities.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Packing Credit         78       CRISIL A4 (Assigned;
                                   Suspension Revoked)

   Term Loan              19.8     CRISIL B+/Stable (Assigned;
                                   Suspension Revoked)

The ratings reflect the firm's average financial risk profile
because of high gearing, and susceptibility of its operating
profitability to changes in government policies in the meat
processing industry. These rating weaknesses are partially offset
by the extensive experience of the firm's proprietor in the
buffalo meat processing industry, healthy revenue growth, and
moderate working capital requirement.
Outlook: Stable

CRISIL believes SF will continue to benefit over the medium term
from its proprietor's extensive industry experience. The outlook
may be revised to 'Positive' if the financial risk profile
improves significantly, most likely because of substantial growth
in profitability resulting in better-than-expected cash accrual,
or infusion of capital. Conversely, the outlook may be revised to
'Negative' in case deterioration in the financial risk profile,
particularly liquidity, most likely because of increase in working
capital requirement, decline in revenue and profitability, or
large debt-funded capital expenditure.
SF, based in Delhi, was established as a proprietorship firm of
Mr. Mohd. Zulfiqar in 2006. It processes and exports of frozen
buffalo meat. Mr. Zulfiqar has around 15 years of experience in
the meat processing industry. The firm's processing unit is at
Bijnor, Uttar Pradesh.

Book profit was INR21.1 million on sales of INR2226.7 million in
2014-15 (refers to financial year, April 1 to March 31), as
against a book profit of INR12.7 million on sales of INR941.7
million in 2013-14.


SATNAM GLOBAL: CRISIL Cuts Rating on INR96MM Demand Loan to B-
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Satnam Global Infraprojects Ltd (SGIL) to 'CRISIL B-/Stable'
from 'CRISIL B/Stable' and reaffirmed its rating on the short-term
facilities at 'CRISIL A4'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         500      CRISIL A4 (Reaffirmed)

   Cash Credit             64      CRISIL B-/Stable (Downgraded
                                   from 'CRISIL B/Stable')

   Letter of Credit        50      CRISIL A4 (Reaffirmed)

   Proposed Long Term      10      CRISIL B-/Stable (Downgraded
   Bank Loan Facility              from 'CRISIL B/Stable')

   Working Capital         96      CRISIL B-/Stable (Downgraded
   Demand Loan                     from 'CRISIL B/Stable')

The downgrade reflects CRISIL's belief that SGIL's liquidity will
be stretched due to receivables of INR145 million that have been
delayed for four years and have minimal chance of recovery, and
are sizeable compared to networth. As a result, dependence on bank
limits is high. SGIL will require immediate funding support either
through equity infusion by promoters or bank finance, lack of
which may adversely impact execution of projects.

The ratings reflect SGIL's weak liquidity because of large working
capital requirement, and constrained business risk profile due to
modest scale of operations in a highly fragmented industry. These
weaknesses are partially offset by varied portfolio of services,
catering to diverse end-user industries.
Outlook: Stable

SGIL's liquidity will remain weak over the medium term because of
stretched receivables. The outlook may be revised to 'Positive' if
the company realises its overdue receivables without any further
delays and improves its collection cycle, or if promoters infuse
sizeable equity, leading to better liquidity. Conversely, the
outlook may be revised to 'Negative' in case of further weakening
of SGIL's liquidity, most likely because of a continued stretch in
its receivables without equity infusion, or a decline in its cash
accruals driven by lower revenues or profitability.

SGIL was established by Mr. Satnam Singh Sandhu and Mr. B K Jain
in 1987 as a private limited company, and was reconstituted as a
public limited company in 2008. It executes engineering contracts
involving erection, commissioning, and installation of machines.
It also erects and commissions high-capacity diesel generator
sets.

SGIL reported a profit after tax (PAT) of INR11.6 million in 2014-
15 (refers to financial year, April 1 to March 31) from INR6.50
million in 2013-14, while net sales increased to INR895.20 million
from INR815.80 million.


SHAH PACKWELL: CRISIL Cuts Rating on INR100MM Cash Loan to B
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Shah Packwell Industries (SPI) to 'CRISIL B/Stable' from
'CRISIL B+/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            100      CRISIL B/Stable (Downgraded
                                   from 'CRISIL B+/Stable')

   Term Loan               25      CRISIL B/Stable (Downgraded
                                   from 'CRISIL B+/Stable')

The rating downgrade reflects deterioration in the firm's business
profile, with of an elongation in working capital cycle leading to
higher dependence on bank borrowings. While the firm's revenues
remained subdued at INR 219 million for 2014-15 (refers to
financial year, April 1 to March 31); low bargaining power with
customers and intense competition led to higher gross current
asset (GCA) days of 425 days as on March 31, 2015 from 348 days as
on March 31, 2014 emanating primarily from high inventory levels.
This in turn, led to increased dependence on bank borrowings with
gearing of 3.2 times as on March 31, 2015 from 2.2 times as on
March 31, 2014. While SPI's working capital requirements are
expected to moderate, CRISIL believes that SPI's high inventory
levels along with intense industry completion will continue to
constrain its business risk profile.

The rating continues to reflect SPI's modest scale and working
capital intensity of operations in the intensely competitive
packaging industry, and below-average financial risk profile,
marked by modest net worth, high gearing and weak debt protection
metrics. The rating also factors in vulnerability of SPI's
operating performance to volatility in raw material prices. These
rating weaknesses are partially offset by the extensive experience
of SPI's partners in the packaging industry, and their established
relationships with suppliers and customers.
Outlook: Stable

CRISIL believes that SPI will continue to benefit from its
promoter's extensive industry experience and diversified customer
base. The outlook may be revised to 'Positive' if the firm has
higher-than-expected cash accruals, while improving its working
capital cycle leading to improvement in financial risk profile or
in case of significant infusion of capital resulting in an
improvement in its capital structure. The outlook may be revised
to 'Negative' in case of lower-than-expected cash accruals or any
further stretch in working capital cycle or if the partners
withdraw capital from the firm leading to deterioration in its
financial risk profile.

Set up as a partnership firm in 1996, SPI commenced commercial
operations from 1997. The firm manufactures corrugated boxes using
kraft paper. The firm is promoted by Mr. Kapoor Shah, and his son
Mr. Khilin Shah.


SHAH PRECICAST: ICRA Reaffirms B+ Rating on INR15.50cr LT Loan
--------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ to the
INR25.0 crore long term fund based facilities of Shah Precicast
Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long term, fund
   based limits
   Term Loans            5.15         [ICRA]B+ Reaffirmed

   Long term, fund
   based limits
   Cash Credit          15.50         [ICRA]B+ Reaffirmed

   Long term,
   unallocated           4.35         [ICRA]B+ Reaffirmed

The rating reaffirmation takes into consideration the long
standing experience of the promoters in the casting industry and
established relations with major customers like VVCL and LTV. ICRA
also takes note of the strong OI growth in FY15, albeit on a
modest base primarily supported by increased volumes and
realizations from existing customers like LTV. The rating however
is constrained by net losses incurred in FY15 on account of higher
overhead costs and sub optimal capacity utilization of the new
foundry. The same have resulted in leveraged capital structure,
modest coverage indicators and stretched liquidity profile. The
company has moderate scale of operations and faces high customer
concentration risk emanating from its dependency on few customers.
The company's ability to diversify the client base and secure
healthy order inflow for improvement in capacity utilization of
the new foundry and hence profitability remains key rating
sensitivities going forward.

Established in 1997, SPPL is promoted by Mr. Nitin Shah and Mr.
Ashok Phadke. The company is engaged in manufacturing of steel,
stainless steel and high nickel alloy castings. The main types of
castings manufactured are valve castings followed by pump and
general engineering castings. The company has two foundry units
for manufacturing of single piece castings ranging from 15Kgs to
3000Kgs and one machine shop for supply of fully machined
components from 1" to 24". The manufacturing units of SPPL are
located in Sangli and the company has total installed capacity of
7800 MT per annum.

Recent Results
The Company reported an operating income of INR81.22 crore and net
loss of INR1.35 crore for the year ending March 31, 2015.


SHRI KRISHAN: CARE Assigns B+ Rating to INR10cr LT Loan
-------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Shri
Krishan Kripa Rice Mills.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       10       CARE B+ Assigned

Rating Rationale

The rating assigned to Shri Krishan Kripa Rice Mills (SKRM) is
primarily constrained by its small scale of operations, weak
financial risk profile marked by low profitability margins, highly
leveraged capital structure, weak coverage indicators and
working capital intensive nature of operations. The rating is,
further constrained by its presence in highly fragmented and
competitive nature of industry, dependence on vagaries of nature,
high level of government regulation and partnership nature of its
constitution.

The rating, however, draws comfort from experience of the partners
in trading and processing of rice and favorable manufacturing
location.

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

Kurukshetra-based (Haryana) Shri Krishan Kripa Rice Mills (SKRM)
was established in 2007 as a partnership concern by Mr.Sat Pal, Mr
Ved Prakash, Smt Sunita Rani and Smt Sushama Rani sharing profit
and losses equally.

SKRMis engaged in milling, processing and trading of both basmati
and non-basmati rice with installed capacity of 12 tonnes per hour
(MTPH). The firm procures the raw material (unprocessed rice/de-
husked paddy) from grain markets located in Delhi, Haryana and
Uttar Pradesh through commission agents and sells its product to
export houses located in Punjab, Haryana and Delhi. In FY15
(refers to the period April 1 to March 31), the firm generated 90%
of its revenue from sale of basmati rice and balance from non-
basmati rice.

In FY15, SKRM has achieved a total operating income (TOI) of
INR28.28 crore with PBILDT and PAT of INR1.44 crore and INR0.03
crore respectively as against total operating income (TOI) of
INR23.44 crore with PBILDT and PAT of INR1.25 crore and INR0.02
crore respectively in FY14. In 10MFY16, the firm achieved TOI of
INR27.83 crore.


SILVERLINE INVESTMENTS: ICRA Assigns C+ Rating to INR7.40cr Loan
----------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]C+ to the INR5.25
crore term loans and the INR7.40 crore unallocated limits of
Silverline Investments.


                            Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Long term: Term Loan       5.25       [ICRA]C+/assigned
   Long term: Unallocated     7.40       [ICRA]C+/assigned

The assigned rating takes into account the small scale of
operations which restricts the operational and financial
flexibility of the firm and the high customer concentration risk
with a single tenant occupying the entire space of Silverline
Polymatix, the rentals from which constitute 100% of the income of
the firm. The absence of a Debt Service Reserve Account exposes
the company to default risk on account of any delays in depositing
the rentals by the tenant. The rating takes into account the
irregularities in debt servicing in the past which has been
regularized over the last few months on account of timely rental
deposits from the tenant. Also, ICRA takes note of the additional
debt taken by Silverline Investments for the new commercial
project to be undertaken under a group entity secured by the
rentals from Silverline Polymatix. The firm is also exposed to the
inherent risks associated with the partnership nature of business
including the risk of capital drawdown. The rating positively
factors in the long standing experience of the promoters in
development of residential and commercial properties. The rating
also takes comfort from the y-o-y 5% rental escalation and the 10
year lease period which provides revenue visibility; however, the
lack of lock in period increases the vacancy risk.

Formed in January 2004, Silverline Investments (the firm) is a
partnership firm engaged in development of residential and
commercial properties. The firm has completed 6 residential
projects and two commercial projects till date. Currently the firm
focuses only on commercial projects. Having sold the first
commercial property, the rentals from the second property,
Silverline Polymatix, constitute the entire operating income of
the firm. Silverline Polymatix is occupied by a single tenant,
Nettur Technical Training Foundation (NTTF).

Recent Results
During 2014-15, the firm reported a net profit of INR0.5 crore on
an operating income of INR2.0 crore, as against a net profit of
INR1.1 crore on an operating income of INR2.2 crore during 2013-
14.


SKYVIEW CERAMICS: ICRA Withdraws 'B' Rating on INR3.0cr Loan
------------------------------------------------------------
ICRA has withdrawn the ratings of [ICRA]B assigned to the INR5.50
crore bank limits of Skyview Ceramics, which were under notice of
withdrawal.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loan             3.00        [ICRA]B (withdrawn)
   Cash Credit           2.50        [ICRA]B (withdrawn)

The ratings are withdrawn as the period of notice of withdrawal is
completed.


SUBHASREE PROJECTS: ICRA Assigns 'SP 3D' Grading
------------------------------------------------
ICRA has assigned SP 3D grading to Subhasree Projects Private
Limited indicating 'Moderate Performance Capability' and 'Weak
Financial Strength' of the channel partner to undertake solar
projects. The grading is valid for a period of two years from the
date of assignment of grading i.e. till January 17, 2018 after
which it will be kept under surveillance.

Grading Drivers

Strengths
* Strong second tier management, both in terms of technical acumen
and experience
* Customer base of the existing business in trading of electrical
equipment is likely to support growth in SPV segment
* Healthy return on capital employed and comfortable debt coverage
metrics in 2014-15; though the same may weaken to some extent with
fresh external borrowing availed by the company

Risk Factors
* Limited operational track record and small scale of current
operation in the solar segment
* Limited number of manpower with experience in solar photovoltaic
domain; expansion of the technical team would remain critical to
business growth
* Increasing competition among a large number of unorganized
players in the solar system integration business, which is likely
to exert pressure on margins
* Low tangible net worth relative to total outside liabilities

Fact Sheet
Subhasree Projects Private Limited
Date of Incorporation
17th January 2005
Office Address
Commercial House, 1st Floor, 135A, Biplabi Rash Behari Basu Road,
Kolkata - 700 001, West Bengal

Directors
Mr. Yashvardhan Poddar
Mr. Abhay Poddar
Mr. Anand Neotia
Mr. Arihant Raj Parekh

Subhasree Projects Pvt. Ltd. (SPPL) is engaged in trading of
cables, transformers and other electrical equipments. The company
is an authorized channel partner of companies like Finolex Cables
Limited, Finolex J-Power Systems Limited, Tesla Transformers Ltd.
and Bharat Bijlee Ltd. In the recent past, the company has forayed
into the field of solar photovoltaic (SPV) industry to act as a
system integrator. It also undertakes system integration of solar
water heaters.

SI Related Business - Moderate P oderate Performance Capability

Promoter Track Record: The promoters, Mr. Yashvardhan Poddar and
Mr. Abhay Poddar have limited experience of around a year in the
solar photo voltaic business. However, they have a long track
record in trading of electrical equipments, and have established
relationship with institutional customers in the power segment.
SPPL has so far installed SPV systems of around 15.25 KWp
capacity.

Technical competence and adequacy of manpower: The second tier
management of the company includes three graduate engineers with
strong technical back ground and fairly long experience, who
remain actively involved in planning, designing and supervision of
projects. In addition, the company's technical team includes two
other graduate engineers engaged in project implementation and
technical sales, along with two other employees who do not possess
technical qualification, but have moderate experience in the field
of electrical installation. The company procures the key
components like SPV module, battery, inverter, cable etc. from
domestic suppliers. The system integration works are largely
executed by SPPL's own employees except civil construction work,
which is outsourced.


SUNSHINE CONVEYORS: ICRA Rates INR3.50cr Bank Loan at 'B'
---------------------------------------------------------
ICRA has assigned long term rating of [ICRA]B to INR1.35 crore
term loans, INR2.50 crore existing cash credit facility, INR1.00
crore proposed cash credit facility, INR3.50 crore existing bank
guarantee, INR1.00 crore proposed bank guarantee and INR0.65 crore
unallocated limit of Sunshine Conveyors Private Limited. The
unallocated limit has also been rated on short-term scale for
which ICRA has assigned the short term rating of [ICRA]A4.

                            Amount
   Facilities             (INR crore)     Ratings
   ----------             -----------     -------
   Term Loans                 1.35        [ICRA]B assigned
   Cash Credit                2.50        [ICRA]B assigned
   Proposed Cash Credit       1.00        [ICRA]B assigned
   Bank Guarantee             3.50        [ICRA]B assigned
   Proposed Bank Guarantee    1.00        [ICRA]B assigned
   Unallocated Limit          0.65        [ICRA]B/[ICRA]A4
                                          Assigned

The ratings take into account high working capital intensity of
operations which has adversely impacted the liquidity position of
the company which is also reflected from high utilisation of
working capital limits. The ratings also take cognizance of the
weak financial profile of the company characterised by low
profitability margins, leveraged capital structure with gearing of
3.85 time as on March 31, 2015, and weak coverage indicators as
reflected by interest cover of 1.26 time and Net cash
accrual/Total debt of 4% as on March 31, 2015. The ratings also
consider vulnerability of the company's profitability to
fluctuations in prices of key raw materials and its small scale of
operations at present. The ratings, however, derive comfort from
established experience of the promoters for more than four decades
in rubber industry which is a related business and long standing
relations with reputed clients which provides revenue visibility
going forward.

Incorporated in 2002, SCPL is engaged in the manufacture of rubber
conveyor belts. The company has its manufacturing facility located
at Rajnandgaon in Chhattisgarh. The promoters have experience of
more than four decades in the rubber industry which is one the
major components in conveyor belt manufacturing. SCPL has reputed
clientele comprising various public sector entities across the
country.
Recent Results
In 2014-15, SCPL reported a profit after tax (PAT) of INR0.10
crore on an operating income of INR17.15 crore as compared to a
PAT of INR0.23 crore on an operating income of INR17.44 crore in
2013-14.


TIRUPATI STARCH: ICRA Reaffirms B+ Rating on INR18.40cr Term Loan
-----------------------------------------------------------------
ICRA has reaffirmed its long term-rating of [ICRA] B+ on the
INR18.4 crore term loans(reduced from INR23.08 crore) and INR8
crore cash credit limits (enhanced from INR5.5 crore) of Tirupati
Starch & Chemicals Ltd.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           8.00        [ICRA]B+; reaffirmed
   Term Loan            18.40        [ICRA]B+; reaffirmed

ICRA's rating reaffirmation takes into account the successful
expansion of TSCL's milling capacity to 300 tonnes per day (TPD)
from 80 TPD earlier. On account of this, the company's operating
income has shown a sharp increase in H1, FY16 (relative to the
same period prior year). However, high interest expenses have
resulted in depressed interest coverage, which coupled with large
debt repayments have resulted in an inadequate Debt Service
Coverage ratio, necessitating support from the promoters, which
has been forthcoming in the current year. On account of net
losses, the company's net worth has seen erosion, which combined
with high debt levels, has resulted in an elevated gearing.
ICRA's rating continues to be constrained by TSCL's modest and
volatile operating profitability and fragmented nature of the
industry, with a high competitive intensity. The rating also
factors in risks inherent to agro based industries. However, the
rating positively factors in the extensive industry experience of
the promoters and advantages arising from the location of the
manufacturing facility, which is in proximity to maize cultivating
regions and also starch consuming industries. The rating also
takes into account the multiple end applications for its products
which help considerably mitigate the risks arising from
fluctuation in demand from any one sector. ICRA notes that with
the commencement of the new plant, TSCL's scale of operations
would further increase in the coming years, which is likely to
support its profitability going forward, given the benefits of
economies of scale. The rating also draws comfort from the ability
of the promoters to infuse funds consistently to support growth.

Going forward, the ability of the company to improve its
profitability, so as to generate sufficient accruals for debt
servicing, along with optimal management of the working capital
cycle, will be the key rating sensitivities.

TSCL incorporated in 1985 and promoted by Dr. Damodar Modi, along
with six other promoter Directors, is primarily engaged in the wet
milling of maize corn for manufacturing of unmodified/modified
starch and other downstream products like liquid glucose, dextrose
monohydrate and other by products like maize gluten. TSCL's wet
corn processing facility is located in Dhar, Madhya Pradesh.


TRILOK COTTON: ICRA Reaffirms 'B-' Rating on INR10.50cr Loan
------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B- rating to INR13.50 crore long
term fund based limits of Trilok Cotton Private Limited. ICRA has
also reaffirmed the short term rating of [ICRA]A4 to the INR9.75
crore short term fund based limits of TCPL.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term, Fund
   based limits
   Cash Credit           10.50        [ICRA]B- reaffirmed

   Long Term, Fund
   based limits
   Term Loan              3.00        [ICRA]B- reaffirmed

   Short Term, Fund
   based limits           9.75        [ICRA]A4 reaffirmed

The rating reaffirmation takes into account easy availability of
raw cotton on back of favourable location. The rating is however
constrained by highly leveraged capital structure and weak
coverage indicators due to working capital intensive operations
and low profit margins in line with low value add nature of
business. The company has reported losses in FY15 results and also
reported substantial de-growth in FY15 owing to low capacity
utilisation and significant fall in yarn export on back of overall
decline in demand as well as lower exports to China. ICRA also
takes note of moderate scale of operations in an intensely
competitive industry and vulnerability associated with agro
climatic conditions and regulatory environment which has direct
bearing on capacity utilization and profitability of the company.
Going forward, maintaining optimum capacity utilisations to cover
fixed overhead and working capital cycle management will remain
key rating sensitivity factors.

Incorporated in 2009, Trilok Cotton Private Limited is promoted by
Mr. Vinod Patni and Mr. Dinesh Patni. The company is engaged in
ginning & pressing of raw cotton and crushing of cotton seeds. The
ginning facility of the company is located in Kolhapur district of
Maharashtra which includes 36 ginning machines, one pressing
machine and four expellers. Apart from ginning and crushing
business, the company also involves in trading of cotton bales &
seeds and yarn exports.


V. S. MATRIX: CRISIL Assigns B+ Rating to INR100MM Cash Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of V. S. Matrix Private Limited (VSMPL).

                              Amount
   Facilities                (INR Mln)    Ratings
   ----------                ---------    -------
   Proposed Cash Credit Limit    100      CRISIL B+/Stable
   Proposed Letter of Credit      25      CRISIL A4

The ratings reflect the small scale of operations in a highly
fragmented industry and a below-average financial profile owing to
low profitability and an expected increase in debt levels to meet
large working capital requirement. These rating strengths are
partially offset by the extensive experience of promoters in the
copper and aluminium wire industry and their established
relationships with reputed customers.
Outlook: Stable

CRISIL believes VSMPL will continue to benefit over the medium
term from the promoters' extensive industry experience and the
established customer base. The outlook may be revised to
'Positive' in case of a significant improvement in the scale of
operations and profitability, while efficiently managing the
working capital cycle. Conversely, the outlook may be revised to
'Negative' if lower-than-expected profit margin or a stretch in
the working capital cycle, or any large, debt-funded capital
expenditure leads to deterioration in the financial risk profile.

VSMPL was taken over by its present owner - Mr. Amit Gupta in 2012
and the company acquired its group entities - Krishna Insulation
and Jyoti Infracon Private Limited in November 2015. The company
is engaged in manufacturing of copper and aluminium cables and
wires, which find application in the electrical components and
equipment industry. Presently, the company has three manufacturing
facilities in NCR region, with an installed capacity of nearly
2900 tonnes per annum.


VADALIA FOODS: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Vadalia Foods a
Long-Term Issuer Rating of 'IND B+'. The Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect Vadalia Foods' small scale of operations with
limited track record and high net leverage. In FY15, its first
full year of operations, revenue was INR340.5 million and net
leverage (total Ind-Ra adjusted net debt/operating EBITDAR) was
5.0x. Ind-Ra expects the net leverage to further deteriorate at
FYE16 due to large debt-led capital expenditure for its new
product line of potato chips. The total project cost is around
INR214.5 million, funded in a debt:equity ratio of 1.8:1.  The
production of potato chips will start from March 2016.

The ratings are constrained by the risk related to an agriculture
commodity-based manufacturing unit.

Vadalia Foods' comfortable liquidity position is evident from the
average peak utilisation of 46% of its cash credit limits during
the 12 months ended January 2016 due to a short cash conversion
cycle of around 10 days in FY15. The ratings are further supported
by the partner's experience of around two decades in different
industries.

RATING SENSITIVITIES

Negative: Failure to achieve stable business operations for the
new product line/or any additional debt-lead capex leading to
deterioration in the credit metrics will be negative for the
ratings.

Positive: Substantial revenue growth along with an improvement in
the profitability leading to improved credit metrics will lead to
a positive rating action.

COMPANY PROFILE

Established in July 2013 and based out of Gujrat, Vadalia Foods is
into food processing and packaged snacks. The firm is undergoing
an expansion to install a 6,600mtpa potato chips product line.

Vadalia Foods' ratings:

-- Long-Term Issuer Rating: assigned 'IND B+'; Outlook Stable
-- INR30.0 million fund-based working capital limit: assigned
    Long-term 'IND B+'/Stable and Short-term 'IND A4'
-- INR43.84 million term loan limit: assigned Long-term 'IND
    B+'/Stable


VIJAY LATEX: ICRA Reaffirms 'D' Rating on INR9.5cr Cash Loan
------------------------------------------------------------
ICRA has reaffirmed the rating assigned to the INR20 crore line of
credit of Vijay Latex Products Private Limited at [ICRA]D.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund
   Based Demand
   cash credit           9.50         [ICRA]D reaffirmed

   Long Term Fund
   Based Term Loans      2.43         [ICRA]D reaffirmed

   Short Term Non
   Fund Based Letter
   of Credit             2.00         [ICRA]D reaffirmed

   Short Term Non
   Fund Based Bank
   Guarantee             1.00         [ICRA]D reaffirmed

   Unallocated Amount    5.07         [ICRA]D reaffirmed

The rating reaffirmation factors in VLPPL's continuing delays in
debt servicing reflecting highly stressed liquidity position due
to delays in realizing receivables. The ratings are further
constrained by VLPPL's small scale of operations, weak financial
profile characterized by losses incurred by the company during the
last two years and weak debt coverage indicators. The rating also
takes into account the highly fragmented and competitive nature of
the industry and vulnerability of operations to volatility in
prices and availability of the principal raw material (natural
rubber latex).

The rating however favorably factors in the long experience of the
promoters in the rubber glove manufacturing industry.

Incorporated in 1992 by Mr. Jitendra Salot, Vijay Technologies (I)
Private Limited (VTIPL) was dormant till FY 2007 and commenced
commercial operations from FY 2009 as a manufacturer of rubber
gloves. VTIPL then acquired its parent company which was engaged
in the same line of business effective from April 2010. The
company then changed its name to Vijay Latex Products Private
Limited in June, 2013. The company has its factory located in
Umbergaon, Gujarat and has its head office in Andheri, Mumbai. Its
group company Vijay Sabre Safety Private Limited is engaged in
manufacture and trading of fire and safety equipments (rated
[ICRA]C and [ICRA]A4 by ICRA).

Recent Results
VLPPL recorded a net loss of INR1.36 crore on operating income of
INR17.04 crore for the year ending March 31, 2015.


VILTANS POLYPLAST: CRISIL Reaffirms B+ Rating on INR40MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Viltans Polyplast (VP)
continue to reflect its average financial risk profile because of
small networth, a weak capital structure, and average debt
protection metrics.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         0.5      CRISIL A4 (Reaffirmed)

   Cash Credit           40        CRISIL B+/Stable (Reaffirmed)

   Foreign Exchange
   Forward                1.5      CRISIL A4 (Reaffirmed)

   Letter of Credit      10        CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     1.3      CRISIL B+/Stable (Reaffirmed)

   Term Loan             21.7      CRISIL B+/Stable (Reaffirmed)

The ratings also factor in the firm's small scale of, and working
capital-intensive, operations. These weaknesses are partially
offset by the benefits that VP derives from the partners'
extensive experience in the packaging industry and the firm's
established relationship with customers.
Outlook: Stable

CRISIL believes VP will continue to benefit over the medium term
from the extensive experience of the partners in the packaging
industry. The outlook may be revised to 'Positive' in case of
significant and sustained increase in the firm's scale of
operations and cash accrual, while it improves its working capital
cycle. Conversely, the outlook may be revised to 'Negative' if the
financial risk profile, especially liquidity, deteriorates because
of pressure on profitability, stretch in the working capital
cycle, or if the firm undertakes a large, capital expenditure
programme.

VP was set up in 1977 as a partnership firm by Mr. Parimal Davda,
his wife, Mrs. Meeta Davda, and their sons, Mr. Ruchir Davda and
Mr. Punnet Davda. The firm manufactures monolayer flexible
packaging materials such as polypropylene, high-density
polypropylene, and low-density polypropylene, which find
application in packaging of foodgrain, fertilisers, and
pharmaceutical products.


VIMAL CHHAGANLAL: CRISIL Cuts Rating on INR50MM Cash Loan to D
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Vimal Chhaganlal Jewellers Private Limited (VCJPL) to 'CRISIL
D' from 'CRISIL B/Stable'

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

   Proposed Long Term     50       CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL B/Stable')

The downgrade reflects VCJPL's delays in meeting interest
obligation, and its overdrawn cash credit limit for more than 30
consecutive days, driven by weak liquidity on account of stretched
receivables.

The company has a weak financial risk profile because of small
networth, inadequate debt protection metrics, and aggressive
capital structure. Its scale of operations is modest, and it has
large working capital requirement and low profitability. However,
it benefits from its promoters' extensive experience in the
jewellery industry.

VCJPL, promoted by Mr. Vimal Seth and his family in 2010-11
(refers to financial year, April 1 to March 31), trades in gold
ornaments.


VINAYAK PIPES: CRISIL Reaffirms 'B' Rating on INR100MM Cash Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Vinayak Pipes and Tubes
Private Limited (VPPL; part of the Vinayak group) continue to
reflect the group's below-average financial risk profile, with
modest networth, high gearing and subdued debt protection metrics.

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

   Letter of Credit
   Bill Discounting        40      CRISIL A4 (Reassigned)

The ratings also factor in VPPL's modest scale of operations, and
large working capital requirements. These weaknesses are partially
offset by the promoters' extensive experience and funding support.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of VPPL and Vinayak Tubes (VT). This is
because these entities, together referred to as the Vinayak group,
are in the same line of business and under a common management.
Outlook: Stable

CRISIL believes Vinayak group will continue to benefit over the
medium term from its promoters' extensive industry experience and
its established relationships with suppliers. The outlook may be
revised to 'Positive' if improvement in profitability and working
capital management strengthen debt protection metrics. Conversely,
the outlook may be revised to 'Negative' if financial risk
profile, particularly liquidity, weakens, on account of low net
cash accrual, stretch in working capital cycle resulting in
sizeable working capital borrowings.

VT, set up in 1995, as a proprietorship firm by Mrs. Vandana
Sarawgi, traded in seamless and electric resistance welded (ERW)
pipes and fittings, till it was taken over by VPPL. VPPL, set up
in April 2013, took over the business of VT, while VT currently
undertakes smaller projects related to supply of seamless and ERW
pipes and fittings. VPPL is an authorised dealer of Jindal Pipes
Ltd, Maharashtra Seamless Ltd, ISMT Ltd, Mahalaxmi Seamless Ltd,
and JCO Gas Pipe Ltd.


VSRK CONSTRUCTIONS: ICRA Assigns B+ Rating to INR8cr Loan
---------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to the INR0.82
crore fund based limits of VSRK Constructions. ICRA has also
assigned a long term rating of [ICRA]B+ to the INR8.00 crore non-
fund based limits and INR1.82 crore unallocated limits of VSRKC.

                          Amount
   Facilities           (INR crore)      Ratings
   ----------           -----------      -------
   Fund Based Limits        0.82         [ICRA]B+ assigned
   Non Fund Based Limits    8.00         [ICRA]B+ assigned
   Unallocated Limits       1.82         [ICRA]B+ assigned

The assigned ratings are constrained by the small scale of
operations of the firm in the civil construction industry with
revenues of INR43.5 crore in FY15; high geographical concentration
risk of the firm with order execution limited to Andhra Pradesh
and Telangana; and modest order book size of INR23.08 crore (0.53
times FY15 revenues) as on December 31, 2015 providing near term
revenue visibility. The rating is further constrained by the
significant competition faced from other players in the civil
construction industry constraining the margins; and risks
associated from partnership nature of the firm. The assigned
ratings however positively factors in promoter's vast experience
in executing road construction works; recognition as a special
class contractor by Andhra Pradesh and Telangana state
governments; and healthy leverage and coverage metrics over the
last 3 years due to low debt levels.

Going forward, the ability of the firm to increase and diversify
order book while managing working capital requirements remain the
key credit rating drivers from credit perspective.

VSRK Constructions (VSRKC) is a partnership firm established in
2002 by Mr. N.T. Venkateswara Rao and Ch. Venkateswara Rao. The
firm is recognized as a special class contractor by Roads and
Buildings department of Andhra Pradesh and Telangana. It is
engaged in the business of constructing roads, bridges, etc.
primarily in Telangana and Andhra Pradesh.

Recent Results
As per the audited results for FY2015, the company reported profit
after tax of INR1.74 crore on turnover of INR43.54 crore as
against profit after tax of INR0.87 crore on turnover of INR23.23
crore during FY2014.



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


* JAPAN: Continuous Low Oil Price to Hurt Refiners, Moody's Says
----------------------------------------------------------------
Moody's Japan K.K. says that the prolonged sharp falls in global
oil prices will hurt the balance sheet strength of Japanese
refiners over the next 12-18 months and pressure their credit
quality.

Moody's points out that the refiners hold 70 days (40% by volume)
of the country's strategic oil reserves.

"Japanese refiners will experience a second consecutive year of
large inventory valuation losses, because of the slide in global
oil prices over the last 18 months," says Kailash Chhaya, a
Moody's Vice President and Senior Analyst.

"In fact, Japan's five-largest refiners by sales will likely
register up to JPY550 billion or $4.8 billion in aggregate
inventory valuation losses for the fiscal year ending March 31,
2016," adds Chhaya.

Chhaya explains that while the losses will be non-cash in nature,
they reduce the refiners' total asset base and balance sheet
equity.  As a result, balance sheet strength - as measured by
debt-to-equity - will deteriorate in the absence of a substantial
debt reduction, and lead to downward pressure on ratings.

Moody's analysis is contained in its just-released report titled
"Refining & Marketing -- Japan: Large Inventory Valuation Losses
Will Pressure Refiners' Credit Quality," and is co-authored by
Chhaya and Kenichiro Sano, an Associate Analyst.

Moody's report points out that balance sheet strength represents
an increasingly important rating factor when oil price movements
are sharp, significant and prolonged, because large inventory
valuation losses owing to steep price declines will reduce the
total asset base which can be called upon to repay debt if the
need arises.

Moody's believes an oil price recovery will take several years.

The report says that the refiners' efforts to rationalize their
operations and improve margins will not fully offset the
deterioration in their balance sheets.

Moody's says that the major Japanese refiners will need to
accelerate closures of old and inefficient refineries to
restructure/optimize their businesses and raise profitability.

The profitability of Japanese refiners has lagged that of their
global peers because of overcapacity in the domestic market -
where their operations are focused - and a tendency to prioritize
maintaining market share over profitability.

The refiners expect to leverage on recently announced mergers to
reduce excessive competition in the industry.  Such competition
has formed a key reason for their weak industry margins.

While the mergers represent positive steps, Moody's believes that
the extent of the deterioration in the refiners' balance sheets
will not be offset fully by these countermeasures.  As a result,
the refiners' credit quality will worsen over the next 12-18
months, putting pressure on ratings.

Subscribers can access the report at:

https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_
1014025.



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


STONEWOOD HOMES: Directors Appoints Kordamentha as Receivers
------------------------------------------------------------
Grant Graham and Neale Jackson of KordaMentha have been appointed
as receivers to Stonewood Homes New Zealand Limited, and sister
companies Stonewood Homes Limited and Sterling Homes Limited. The
appointment was requested by the companies' director.

Stonewood Homes New Zealand Limited is the master franchisor for
the Stonewood Homes network. Stonewood Homes Limited holds the
Stonewood franchise for Christchurch.

The receivers stress that the receiverships do not affect any of
the other independently owned Stonewood franchises operating
throughout New Zealand.

"Having just been appointed, we are working as quickly as possible
to establish the companies' financial position and a path forward
for the receiverships. We will communicate with all affected
parties as we work through this process," Mr Graham said.


STONEWOOD HOMES: Home Buyers Get Build Guarantee
------------------------------------------------
Anne Gibson at New Zealand Herald reports that a reassurance has
been issued on the Stonewood Homes receivership situation, with
people building houses with the company told they are covered by a
guarantee and all homes will be finished.

According to the Herald, David Kelly, Registered Master Builders
Association chief executive, has just issued a reassurance to
anyone affected of the receivership of Stonewood Homes New
Zealand.

The Herald relates that Mr. Kelly said while it was regrettable
that business was in receivership, all Stonewood Christchurch
homeowners had Master Build Guarantees and therefore all of their
homes will be completed.

"We will be working with the receivers KordaMentha closely to
ensure that while they work on behalf of the secured creditors, we
will be doing our best to ensure that the guarantees are not
compromised so the homes are completed. We will help KordaMentha
find members who can take over the contracts. This could take some
time to sort out," the Herald quotes Mr. Kelly as saying in a
statement.

"Homeowners with guarantees should not pay money to anybody or
contract new builders themselves because at this stage the
original Stonewood Homes building contract that has the guarantee
is still owned by the receivers. We will be discussing with them
the best way forward for the homeowners and helping them find RMBA
members who are able to take over the contracts," his statement
said.

Master Builders was in the process of contacting all of the
Stonewood Homes Christchurch homeowners to inform them of the
process and ensure that in the short term they do nothing to
compromise their rights under the guarantee, he said, notes the
report.

It is because of unfortunate circumstances like this receivership
that Master Builders had developed the Master Build Guarantee,
says the Herald.

"From time to time, regrettably businesses fail. RMBA is committed
to supporting its members with programmes that help them run
better businesses, unfortunately this does not mean that failure
does not occur," Mr. Kelly's statement said, the Herald relays.

Stonewood operates throughout New Zealand but Newstalk ZB is
reporting that independently owned Stonewood franchises are not
affected, adds the Herald.


===============
T H A I L A N D
===============


TRUE CORPORATION: Moody's Withdraws B2 CFR with Stable Outlook
--------------------------------------------------------------
Moody's Investors Service has withdrawn True Corporation Public
Company Limited's B2 corporate family rating with a stable
outlook.

                         RATINGS RATIONALE

Moody's has withdrawn the rating for its own business reasons.

Listed on the Thai Stock Exchange, True Corporation Public Company
Limited is an integrated telecommunications provider in Thailand
that provides: 1) mobile; 2) fixed-line and broadband; and 3) pay-
TV services.  True Corp operates its mobile business through three
subsidiaries: (1) True Move Company Limited (unrated); (2) Real
Move Company Limited (unrated); and (3) True Move H Universal
Communication Company Limited (previously known as Real Future
Company Limited; unrated).


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


* SG Lawyers Warn of 1998-Like Pain as Debt Defaults Spread
-----------------------------------------------------------
David Yong and Andrea Tan at Bloomberg News report that Rajah &
Tann Singapore LLP, Southeast Asia's largest law firm, reckons the
region's rising bond defaults will inflict as much pain on
creditors as the financial crises of 2008 and 1998.

As distress spreads from shipping to mining and retail to
construction industries, the law firm said in an interview that
recovery rates will be similar to those seen in the global credit
meltdown and Asian financial crisis, according to Bloomberg.
Secured creditors recover only less than 33 cents on the dollar
from insolvencies in East and South Asia, compared with more than
80 cents in the U.S., Bloomberg says citing World Bank studies.
Bloomberg relates that rival law firm Hogan Lovells US LLP said in
an interview that regional banks will likely boost sales of bad
loans in coming months.

"The trough in the mining cycle seems to be continuing and some
say it will be a while more before any significant recovery is
expected," Bloomberg quotes Sim Kwan Kiat, Rajah & Tann's head of
restructuring and insolvency based in Singapore as saying. "From
experience, the lower end of the spectrum for recovery rates this
time round in 2016 is unlikely to be much different from those in
2008 or 1997-98."

Bad loans in Singapore rose to a six-year high in 2015, Bloomberg
discloses.  Rating firms last month placed energy and mining
companies globally on review for downgrades, the Baltic index of
shipping rates last week reached the lowest since its 1985
inception and Singapore home sales had the worst start to a year
since 2009, Bloomberg says.

Bloomberg relates that energy firms dominated 112 global bond
defaults last year, according to Standard & Poor's, as the slowest
Chinese growth in two decades helped drive prices for commodities
from oil to iron ore and coal to multi-year lows. In Southeast
Asia, Indonesia's PT Berau Coal Energy and PT Trikomsel Oke and
Thailand's Sahaviriya Steel Industries Pcl have missed bond and
loan repayments, Bloomberg notes. Sembcorp Marine Ltd., the
world's second-largest oil-rig builder, had its first quarterly
loss in at least 12 years as clients canceled orders.

According to Bloomberg, Berau Coal flagged the depth of distress
in regional credit markets when it bought back $150 million of
bonds at 30.3 cents in December. That's the lowest since China's
Asia Aluminum Holdings Ltd. repurchased notes at 22.5 cents before
it collapsed in March 2009. The price of distressed buybacks in
Asia since 2008 averaged 48 cents on the dollar, Bloomberg data
show.

Bloomberg says offshore investors have challenged PT Bakrie
Telecom's restructuring in U.S. courts, saying their principal
would be trimmed to between 7 and 19 cents on the dollar under the
Indonesian firm's local proposal. In 2009, bondholders recovered
under 7 cents on the dollar from the failure of Singapore-listed
Celestial Nutrifoods Ltd. and Asia Aluminum Holdings, according to
estimates by Greenwich, Connecticut-based Gramercy Funds
Management LLC, Bloomberg recalls.

Bloomberg adds Mr. Sim said Rajah & Tann has seen as much as a 30
percent rise in restructuring and insolvency work over the past
two years. His firm was involved in cases related to marine fuel
supplier OW Bunker A/S, New Delhi-based contractor Punj Lloyd
Ltd., China Fishery Group Ltd. and Bakrie Telecom. It also worked
on the insolvencies of Siva Shipping and Mercator Lines Singapore
Ltd, Bloomberg notes.

Mr. Sim sees similar trends to the shipping industry emerging
throughout the region, following the slump in oil and gas prices,
and predicts that construction will continue to see tough times,
Bloomberg says. After a steady stream of restructuring mandates
focused on commodities, coal and oil producers, Hogan Lovells is
starting to see signs of stress in the retail industry, said Shaun
Langhorne, a restructuring partner based in Singapore, Bloomberg
relays.

The creditworthiness of Asia's junk-rated borrowers has weakened
as investors sought the highest risk premium in four years to own
their debt, with the spread over government securities jumping to
904 basis points earlier this month from as low as 596 basis
points in May, Bloomberg reports citing a Bank of America Merrill
Lynch index. Ructions in Asia's credit markets have wiped out more
than $11 billion of junk-bond value from the peak in April last
year, while Moody's Investors Service said in January the negative
rating trend for Asia's non-bank corporates can only worsen in
2016, adds Bloomberg.



                             *********

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 ***