TCRAP_Public/160225.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

          Thursday, February 25, 2016, Vol. 19, No. 39


                            Headlines


A U S T R A L I A

CANDELLA ELECTRICAL: First Creditors' Meeting Set For March 1
EXA WEB: Goes Into Liquidation; 60 Jobs Axed
PALMER AVIATION: In Liquidation; Palmer's Assets Up For Sale
PLASTERBOARD WEST: Goes into Liquidation
REEDMANS SHEETMETAL: First Creditors' Meeting Set For March 3

SLATER & GORDON: Shares Suspended Ahead of Interim Earnings
STRUCTURAL MAINTENANCE: First Creditors' Meeting Set For March 4
ULTIMATE ELECTRICAL: First Creditors' Meeting Set For March 2
WATTPOWER PTY: First Creditors' Meeting Scheduled For March 3


C H I N A

COUDERT BROTHERS: Orrick Says China Sale Claims to Fail at Trial
MAOYE INTERNATIONAL: Moody's Lowers CFR to Caa1; Outlook Negative


H O N G  K O N G

NOBLE GROUP: Moody's Cuts CFR to Ba3; Under Review for Downgrade


I N D I A

ADITYA MOTORS: CRISIL Assigns 'B' Rating to INR50MM Loan
AISHWARYA TECHNOLOGIES: CARE Reaffirms B- INR7.11cr Loan Rating
ALIGARH ROLLER: Ind-Ra Suspends 'IND B+' Long-Term Issuer Rating
BHAVANAM TEXTILES: CARE Assigns B+ Rating to INR9.57cr Loan
BHUSHAN POWER: Ind-Ra Withdraws 'IND BB' Long-Term Issuer Rating

DELTA JEWELLERS: Ind-Ra Upgrades LT Issuer Rating to 'IND BB'
DOABA KHALSA: Ind-Ra Rates INR336MM Term Loans Facility 'IND D'
GANAPATHI SPINNING: CRISIL Reaffirms B+ Rating on INR150MM Loan
GE GODAVARI: Ind-Ra Suspends 'IND B+' Long-Term Issuer Rating
GIRRAJ JI: Ind-Ra Assigns 'IND BB+' Long-Term Issuer Rating

H. P. ZALA: CRISIL Reaffirms B- Rating on INR50MM Cash Loan
HANUMAN DAL: CARE Assigns B+ Rating to INR35cr LT Loan
HARIYANA INTERNATIONAL: CRISIL Cuts Rating on INR2BB Loan to B+
HARIYANA SHIP: CRISIL Cuts Rating on INR4.0BB Loan to B+
HARIYANA SHIP DEMOLITION: CRISIL Cuts INR2.0BB Loan Rating to B+

HITECH PRINT: CARE Revises Rating on INR11.87cr Loan to 'B+'
HOTEL VAKRATUNDA: Ind-Ra Assigns 'IND B' Long-Term Issuer Rating
IMPRESSION FURNITURE: CRISIL Assigns B+ Rating to INR50MM Loan
IND-BARATH POWERGENCOM: CARE Cuts Rating on INR281.86cr Loan to D
ISHAN INTERNATIONAL: Ind-Ra Affirms 'IND B+' LT Issuer Rating

K.B.N. JEWELLERY: Ind-Ra Suspends 'IND B' Long-Term Issuer Rating
KAILASH CASTINGS: CRISIL Assigns B+ Rating to INR55MM Loan
KAMDHENU COTTON: CRISIL Reaffirms B+ Rating on INR172MM Loan
KUSMASULI MULTIPURPOSE: CRISIL Ups Rating on INR55.5MM Loan to B
LORD GANESH: Ind-Ra Suspends 'IND B+' Long-Term Issuer Rating

M.P. AGARWALA: CRISIL Ups Rating on INR60MM Cash Loan to 'B'
MAGPET POLYMERS: CRISIL Ups Rating on INR83.9MM Loan to B+
MAHIPAL FOOD: CRISIL Assigns 'B' Rating to INR150MM Cash Loan
MASCONS ENGINEERING: CRISIL Cuts Rating on INR50MM Loan to D
MAT WHITE: CRISIL Assigns 'B' Rating to INR150MM Cash Loan

MD. QUIYAMUDDIN: CRISIL Cuts Rating on INR84MM Cash Loan to D
MJ AND SONS: CRISIL Ups Rating on INR380MM LT Loan to B-
MODEL EXIMS: Ind-Ra Suspends 'IND BB-' Long-Term Issuer Rating
MOUNT SHIVALIK: CRISIL Cuts Rating on INR100MM Loan to 'D'
PATEL INCORPORATION: CRISIL Assigns B+ Rating to INR75MM Loan

PIONEER STEELS: Ind-Ra Withdraws IND B+ Long-Term Issuer Rating
PRINCEMARINE TRANSPORT: CARE Lowers Rating on INR5.5cr Loan to C
R. D. SALES: CRISIL Assigns 'B' Rating to INR40MM LT Loan
RAILONE PROJECTS: Ind-Ra Suspends 'IND BB-' LT Issuer Rating
RAJ ISPAT: CARE Assigns 'B+' Rating to INR7cr LT Loan

RAJ STEEL: CARE Assigns B+ Rating to INR5cr LT Loan
RAJENDRA KUMAR: Ind-Ra Affirms 'IND BB' Long-Term Issuer Rating
RAJINDER & CO.: Ind-Ra Suspends 'IND B+' LT Issuer Rating
ROYAL PLAZA: CRISIL Assigns 'D' Rating to INR100MM Term Loan
S. E. ENTERPRISES: CRISIL Assigns B Rating to INR50MM Cash Loan

SACHDEVA RICE: CRISIL Cuts Rating on INR100MM Loan to B-
SAHANU SPONGE: CARE Reaffirms B+ Rating on INR12.30cr LT Loan
SHANKAR FLOUR: Ind-Ra Suspends 'IND B-' Long-Term Issuer Rating
SHUBH ALUMINIUM: CARE Assigns 'B/A4' Rating to INR14cr Loan
SINGH CYCLE: CRISIL Assigns B+ Rating to INR100MM Loan

SREE KOPPAMMAL: CRISIL Reaffirms 'D' Rating on INR110MM Loan
SUNLEX FABRICS: CARE Ups Rating on INR7.69cr Loan to 'BB-'
SWASTIK OIL: CARE Assigns 'B' Rating to INR87.1cr LT Loan
UTTORAYON TEA: CRISIL Reaffirms B Rating on INR57.5MM Term Loan
VANTAGE SPINNERS: CARE Reaffirms 'B+' Rating on INR68.75cr Loan

VARSHA SUPER: CRISIL Assigns B+ Rating to INR67.5MM Cash Loan
VINAY WIRES: Ind-Ra Affirms 'IND BB' Long-Term Issuer Rating
WESTERN INDIA: CARE Assigns B+ Rating to INR8.24cr LT Loan


I N D O N E S I A

ENERGI MEGA: S&P Lowers LT CCR to 'B-'; Outlook Negative


P H I L I P P I N E S

LBC DEVELOPMENT: Garnishment Order on Unit's Accounts Lifted


S O U T H  K O R E A

DOOSAN INFRACORE: IPO Plan Will be Credit Positive, Moody's Says
MAGNACHIP SEMICONDUCTOR: Moody's Affirms Caa2 CFR; Outlook Stable


X X X X X X X X

* South Asian NOC Face Higher Risk of Downgrade, Moody's Says


                            - - - - -


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A U S T R A L I A
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CANDELLA ELECTRICAL: First Creditors' Meeting Set For March 1
-------------------------------------------------------------
Malcolm Kimbal Howell and Glenn Anthony Crisp of Jirsch Sutherland
were appointed as administrators of Candella Electrical Pty Ltd on
Feb. 19, 2016.

A first meeting of the creditors of the Company will be held at
Jirsch Sutherland, Melbourne, Level 12, 460 Lonsdale Street, in
Melbourne, on March 1, 2016, at 10:30 a.m.


EXA WEB: Goes Into Liquidation; 60 Jobs Axed
--------------------------------------------
Jeff Whalley at Herald Sun reports that sixty workers have lost
their jobs at Melbourne tech company Exa Web Solutions after
liquidators were called in on Feb. 22.

But at the same time about 250 workers in India and Thailand
employed by the same director will keep their jobs as it is
understood he retains control of those operations which are still
solvent and fireproofed from changes, Herald Sun says.

According to Herald Sun, the company which does online work for
companies including Ingham, UNSW and The Cheesecake Shop were
placed in the hands of Deloitte Restructuring Services on
Feb. 22.

The company was founded in 2000 and labels itself "Australia's
number one online marketing and web solutions company".

Herald Sun says the 60 Australian workers spread across its
Melbourne head office and offices in Sydney, Brisbane and Perth
all lost their jobs after liquidators found no way to continue
trading.

Four companies that collectively trade as Exa Web Solutions and
Exa Business Technologies were swept up in the action.  These
include Exa Pty Ltd, Exa Franchising Pty Ltd, Exa Holdings Pty Ltd
and Exasites Pty Ltd.

Employees with outstanding entitlements have access to the Federal
Government's Fair Entitlements Guarantee scheme, the report
states.

"We will be contacting customers as soon as possible to advise
them of the situation. We will do whatever we can within the
context of the liquidation to minimise service disruption for
customers," Herald Sun quotes Joint Liquidator and Deloitte
Restructuring Services partner Glen Kanevsky as saying.  "We are
working with the director to develop strategies to extract as much
value as possible from the intellectual property assets."


PALMER AVIATION: In Liquidation; Palmer's Assets Up For Sale
------------------------------------------------------------
ABC News reports that administrators have moved to sell assets
owned by companies belonging to federal MP Clive Palmer, including
a Bombardier Global Express aircraft that is the property of
Palmer Aviation, which owes AUD26 million.

ABC News says creditors of Mr Palmer's aviation company met on
Feb. 23 in Sydney and decided to put it into liquidation.

According to the report, liquidators FTI Consulting said the
process would start in March.

"At that meeting, creditors resolved to place the company into
liquidation, with FTI Consulting to act as liquidators," an FTI
statement confirmed, ABC News relays. "The liquidators will now
prepare the company's only asset -- a Bombardier Global Express
aircraft -- for sale."

Mr Palmer's 6,000 hectare cattle property, Mamelon Station,
located north of Rockhampton, will also go under the hammer next
month, the report notes.

ABC News relates that FTI Consulting said the proceeds from the
sale of the property would go toward the cost of running of the
federal MP's Queensland Nickel refinery at Yabulu near Townsville,
which is currently under voluntary administration.

It said cash flow for the refinery was a critical issue, ABC News
says.

Surplus equipment, including trucks from the refinery, have
already been sold to improve Queensland Nickel's cash flow, the
report notes.

ABC News says the Townsville refinery went into voluntary
administration last month, just days after it laid off more than
237 people.

According to ABC News, John Park from FTI Consulting said on
January 29 the company was more than AUD100 million in debt, with
1,500 creditors and more than AUD30 million owed in outstanding
employee entitlements.

At that time, Mr Park estimated that Queensland Nickel would need
a cash injection of tens of millions of dollars to continue
trading beyond April 30, says the report.  He said for the 2016
financial year, the company was forecast to produce approx 60
million pounds of nickel at a cash loss of 50 US cents per pound.

It is not yet clear whether other assets from Mr Palmer's business
empire will go on sale to provide funds for Queensland Nickel, ABC
News says.

ABC News relates that it is understood money from Queensland
Nickel helped pay for vintage cars and dinosaurs at the Palmer
Coolum Resort on Queensland's Sunshine Coast, which closed its
doors in March last year.  At that time, Mr Palmer announced plans
for a major refurbishment of the resort.  However, Sunshine Coast
Council has received no development applications for the property.

Local councilor Steve Robinson said Mr Palmer's financial
difficulties made it increasingly unlikely the resort would ever
return to be the "jewel in the coast's tourism crown" it had been
before Mr Palmer bought it.

The resort's golf course, which once hosted the Australian PGA
tournament, remains open, ABC News notes.

ABC News adds that Cr Robinson said the council had offered to
help Mr Palmer but he has had minimal contact.

He said the golf course could not be touched, but if Mr Palmer
wanted to subdivide part of the resort council would consider all
requests.

Mr Palmer has also been locked in a bitter battle with villa
owners at the resort.

When contacted by the ABC, Mr Palmer said he was busy in Federal
Parliament and could not comment until Feb. 26.


PLASTERBOARD WEST: Goes into Liquidation
----------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Plasterboard West
Pty Ltd has gone into liquidation.  Gary John Anderson of HLB Mann
Judd has been appointed liquidator of the company on
Feb. 12, 2016.

Earlier in February, the company entered receivership under the
control of FTI Consulting, Dissolve.com.au relates.

Plasterboard West Pty Ltd was a supplier of construction lining
product and building materials. It offered a range from wall
cladding and insulation products to plasterboards and accessories.


REEDMANS SHEETMETAL: First Creditors' Meeting Set For March 3
-------------------------------------------------------------
Todd William Kelly of BDO (NTH QLD) 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.


SLATER & GORDON: Shares Suspended Ahead of Interim Earnings
-----------------------------------------------------------
Jonathan Shapiro at The Sydney Morning Herald reports that Slater
& Gordon shares have been suspended from trading ahead of the
company reporting its interim results on February 29.

SMH relates that in a statement to the Australian Securities
Exchange, company secretary Moana Weir said 'certain material
items' had not been finalised, such as the goodwill values for
impairment of the UK business.

The "voluntary suspension" is so that the company can meet its
continous disclosure obligations ahead of finalising a potential
goodwill write-down, SMH relays.

According to the report, Slater & Gordon said "it continues to
work with its auditors and external advisors to finalise and
confirm" these items.

Shares of Slater & Gordon closed on Feb. 23 at 83 cents, valuing
the law firm at just under AUD300 million. In late March, the
personal injury law firm's market capitalisation peaked at almost
AUD2.75 billion.

The company showed AUD1.15 billion of "goodwill" on its book when
it reported full year financial results for 2015, SMH discloses.

In March, Slater & Gordon acquired the professional services
division from UK listed firm Quindell for AUD1.3 billion, of which
AUD710 million was a "goodwill" consideration, SMH recalls.
However, that acquisition has proved ill-fated, straining the law
firm's cash flows, while touted regulatory changes have cast doubt
over future profits from fast-track road accident claims, SMH
relates.

Slater & Gordon's lenders have appointed advisers to assess the
company's books, according to the reports.

SMH adds that recent disclosures from Westpac, a major lender to
Slater & Gordon, showed it had increased provisions relating to a
property and business services loan, which the bank told analysts
was an exposure to Slater & Gordon.


STRUCTURAL MAINTENANCE: First Creditors' Meeting Set For March 4
----------------------------------------------------------------
Nick Cooper and Raj Khatri of Worrells Solvency & Forensic
Accountants were appointed as administrators of Structural
Maintenance and Contracting Australia Pty Ltd on Feb. 23, 2016.

A first meeting of the creditors of the Company will be held at
Worrells Solvency & Forensic Accountants, Suite 1103, Level 11,
147 Pirie Street, in Adelaide, on March 4, 2016, at 10:30 a.m.


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, at
10:00 a.m.


WATTPOWER PTY: First Creditors' Meeting Scheduled For March 3
-------------------------------------------------------------
Terrence John Rose and David Michael Stimpson of SV Partners were
appointed as administrators of Wattpower Pty Ltd on Feb. 22, 2016.

A first meeting of the creditors of the Company will be held at
SV Partners, 138 Mary Street, in Brisbane, Queensland, on
March 3, 2016, at 10:30 a.m.



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COUDERT BROTHERS: Orrick Says China Sale Claims to Fail at Trial
----------------------------------------------------------------
Matt Chiappardi at Bankruptcy Law360 reported that Orrick
Herrington & Sutcliffe LLP told a New York federal judge on
Feb. 11, 2016, that the claims from defunct law firm Coudert
Brothers LLP's Chapter 11 plan administrator stemming from the
bygone firm's sale of its Chinese assets to Orrick are so weak
that there's no need for a trial. In a trial memorandum before the
New York federal court, Orrick argued that plan administrator
Development Specialists Inc. falls short of carrying its burden to
prove that Coudert didn't receive equivalent value in its sale.

                      About Coudert Brothers

Coudert Brothers LLP was an international law firm specializing in
complex cross-border transactions and dispute resolution. The firm
had operations in Australia and China. Coudert filed for Chapter
11 protection (Bankr. S.D.N.Y. Case No. 06-12226) on Sept. 22,
2006.

John E. Jureller, Jr., Esq., and Tracy L. Klestadt, Esq., at
Klestadt & Winters, LLP, represented the Debtor in its
restructuring efforts. Brian F. Moore, Esq., and David J. Adler,
Esq., at McCarter & English, LLP, represented the Official
Committee of Unsecured Creditors. Coudert scheduled total assets
of $30.0 million and total debts of $18.3 million as of the
Petition Date. The Bankruptcy Court in August 2008 signed an order
confirming Coudert's chapter 11 plan. The Plan contemplated on
paying 39% to unsecured creditors with $26 million in claims.
Coudert has been succeeded by Development Specialists, Inc., in
its capacity as Plan Administrator under the confirmed chapter 11
plan.


MAOYE INTERNATIONAL: Moody's Lowers CFR to Caa1; Outlook Negative
-----------------------------------------------------------------
Moody's Investors Service has downgraded Maoye International
Holdings Ltd.'s corporate family rating (CFR) to Caa1 from B1.

At the same time, Moody's has downgraded the company's senior
unsecured ratings to Caa2 from B2.

The ratings outlook is negative.

                         RATINGS RATIONALE

"The downgrade reflects our concern over Maoye's increased
probability of default," says Lina Choi, a Moody's Vice President
and Senior Credit Officer.  "We believe the company's debt
repayment risk has increased, because of its weakening operating
cash flow and the potential cash drainage from further
acquisitions."

"The downgrade also reflects heightened financial risk from its
high debt leverage," adds Choi, who is also the Lead Analyst for
Maoye.

Maoye's liquidity position is weak.  At June 30, 2015, its cash
and deposits to debt maturing over the next 12 months were at
around 0.15x.

Given the weaker retail market conditions in China, the company's
weak liquidity position will likely deteriorate further over the
next 12 months, in the absence of measures to raise cash.  As
such, Maoye's probability of debt default will increase.

Moody's notes Maoye's announced profit warning for the full year
ended Dec. 31, 2015, and expects the company to generate weak
EBITDA over the next 12-18 months.

Pressured by weak operating performance in both its retail and
property businesses, Moody's expects that Maoye's debt leverage
-- as measured by adjusted debt/EBITDA -- will increase to around
8.5x in 2015 and around 10x in 2016-2017 compared to 6.6x at end-
2014. Such levels are weaker than those of its single-B rated
peers in the retail sector.

At the same time, the company maintains an aggressive business
strategy.  Maoye made a number of acquisitions during the fiscal
year ended Dec. 31, 2015, resulting in a total cash outflow of
RMB3.9 billion.  The company announced on Feb. 19, 2016, a
potential acquisition in Inner Mongolia.  Moody's expects that the
acquisition will consume its cash and increase its gross debt.

Consequently, Moody's estimates that Maoye's recurring cash
flow/debt adjusted for cash, deposit and short term investments
will likely fall below 5% over the coming 12-18 months from 8%-12%
during 2013-2014.

The negative ratings outlook reflects Moody's concern over Maoye's
high refinancing risk and the fact that its deteriorating
financial position could reduce the recovery by bondholders in the
event of a default.

The prospect of upward rating pressure in the near term is
limited, given the negative outlook on the ratings.  But the
outlook could return to stable if the company demonstrates an
improvement in both its liquidity position and debt leverage.
Indicative ratios include cash/short-term debt close to 0.75x-
1.00x and adjusted debt/EBITDA below 6.5x.

Downgrade rating pressure could arise if Maoye fails to meet its
payment obligations.

The principal methodology used in these ratings was Retail
Industry published in October 2015.

Maoye International Holdings Ltd. is one of the leading department
store operators in China (Aa3 stable).  Headquartered in Shenzhen,
Guangdong Province, the company has built a strong position in its
home market, while strategically expanding elsewhere in the
country.  The company had 41 stores in 17 cities across China's
four main regions at end-June 2015.



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H O N G  K O N G
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NOBLE GROUP: Moody's Cuts CFR to Ba3; Under Review for Downgrade
----------------------------------------------------------------
Moody's Investors Service has downgraded Noble Group Limited's
corporate family rating and senior unsecured bond ratings to Ba3
from Ba1 and the provisional rating on its senior unsecured
medium-term note (MTN) program to (P)Ba3 from (P)Ba1.

The ratings are under review for further downgrade.

                        RATINGS RATIONALE

On Feb. 23, 2016, Noble announced that it will book $1.2 billion
in non-cash asset impairment charges, which are in addition to the
expected write-down of over $500 million related to the sale of
its remaining 49% stake in Noble Agri Limited.  The asset
impairment was primarily triggered by a lowering in its anchor
price for thermal coal to reflect the prolonged weakness in coal
prices.

"The downgrade reflects the impact of the unexpected assets write-
down on Noble's business and financial profile," says Joe
Morrison, a Moody's Vice President and Senior Credit Officer.

Moody's estimates the write-downs will increase Noble's adjusted
net debt/net capitalization to about 58% at end-2015 from about
51% at end-September 2015.

"The asset impairment significantly heightens uncertainty
regarding its ability to achieve adequate profitability and cash
flow, given our expectation of a prolonged commodity down-cycle,
and the consequent negative impact on its relationships with banks
and counterparties," adds Morrison.

The rating review reflects concerns regarding progress in
resolving its liquidity issue as well as the consequences of the
impairment charges.

Moody's expects that the receipt in 1Q 2016 of $750 million in
proceeds from the sale of its remaining 49% stake in Noble Agri
Limited (unrated) will help improve Noble's liquidity profile.
Noble also reported that operating cash flow reached about $650
million (before interest expenses) in 2H 2015, and that reported
net debt declined by over $200 million from 3Q to 4Q 2015.

However, Noble's liquidity position will remain constrained until
it refinances approximately $1.6 billion in bank facilities due in
May 2016.

Moody's review will examine (1) Noble's execution on its plan to
refinance the May 2016 facilities, including the pricing and
conditions associated with the new facilities; (2) the
implications of the asset write-downs and resultant impact on
Noble's business and bank relationships; (3) the execution of
plans to raise capital, lower operating expenses, reduce working
capital utilization, and strengthen cash flow generation.

The ratings could be downgraded if there is no material progress
in refinancing the bank facilities within the next few weeks.

The principal methodology used in these ratings was Trading
Companies published in March 2015.

Noble Group Limited is the largest global physical commodities
supply chain manager in Asia by revenue.  Its diversified
activities across the supply chain include the sourcing, storage,
processing, transportation, and distribution of over 20 commodity
products.

Headquartered in Hong Kong, Noble Group Limited operates offices
in 60 locations globally, and employs 1,900 staff.

The company is publicly traded on the Singapore Stock Exchange.

Founder and Chairman, Mr. Richard Elman, holds an approximate 22%
stake in the company. China Investment Corporation -- the Chinese
sovereign wealth fund -- owns about 10% of the company.



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ADITYA MOTORS: CRISIL Assigns 'B' Rating to INR50MM Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Aditya Motors (AM).

                                Amount
   Facilities                 (INR Mln)    Ratings
   ----------                 ---------    -------
   Cash Credit                    6        CRISIL B/Stable
   Inventory Funding Facility     50       CRISIL B/Stable

The rating reflects AM's initial phase of operations, dependence
on performance of Tata Motors Ltd (TML) and success of TML's car
models, and exposure to intense competition in the automotive
dealership business. These weaknesses are partially offset by
experience of AM's promoters in dealership of two-wheelers in
Jamnagar.

Outlook: Stable

AM will benefit from its promoters' industry experience. The
outlook may be revised to 'Positive' in case of higher-than-
expected operating revenue or profitability, leading to increase
in cash accrual, and consequently, a better capital structure.
Conversely, the outlook may be revised to 'Negative' if accrual is
lower than expected, or if financial risk profile deteriorates
because of significant stretch in working capital cycle.

AM, set up by Mr. Ajay Singh Chattrasingh Chudsama and Mr.
Harvijay Singh Chattrasingh Chudsama in 2015, is an authorised
dealer of TML's passenger cars in Jamnagar with a 3S (showroom,
spares, and services) facility. It is setting up a showroom in
Jamnagar, which is expected to commence operations in April 2016.


AISHWARYA TECHNOLOGIES: CARE Reaffirms B- INR7.11cr Loan Rating
---------------------------------------------------------------
CARE reaffirms the ratings assigned to bank facilities of
Aishwarya Technologies & Telecom Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      7.11      CARE B- Reaffirmed
   Short term Bank Facilities     4.50      CARE A4 Reaffirmed
   Long-term/Short-term Bank      6.00      CARE B-/CARE A4
   Facilities                               Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Aishwarya
Technologies and Telecom Limited (ATTL) continue to be
constrained by relatively small scale of operation, elongated
operating cycle days primarily due to delayed realisation from
telecom clients and continued net loss during FY15 (refers to the
period April 01 to March 31). However, the ratings are underpinned
by the satisfactory experience of the promoters in the telecom
equipment industry, in-house research & development facility,
exclusive distributorship with suppliers and low debt level.

The ability of the company to diversify the order book,
successfully execute projects in timely manner and efficiently
recover the long-standing receivables are the key rating
sensitivities.

ATTL was promoted by Mr G Rama Manohar Reddy and Mrs G Amulya
Reddy as a partnership firm named Advanced Electronics &
Communications System. ATTL was formed by taking over the business
of the said partnership firm and.

ATTL is a ISO 9001:2008 certified company, which manufactures
testing & measuring equipments like fiber, data and
copper cable fault locators for telephone service providers,
defense sector, cable TV operators and railways. The company
has its manufacturing facilities situated at Hyderabad and it
supplies a wide range of telecom & fiber optic products to
Bharat Sanchar Nigam Limited, Tata Tele Services, Bharati Airtel,
Mahanagar Telephone Nigam Limited, railways &
defense sectors in India.

During FY15, ATTL reported a total operating income of INR31.99
crore with a PBILDT of INR0.54 crore and net loss of 2.02
crore compared with total operating income of INR26.95 crore with
a PBILDT of INR3.15 crore and net loss of INR0.25 crore
in FY14.

During H1FY16, the company reported a total operating income of
INR23.60 crore with a PBILDT of INR0.42 crore and net
loss of INR0.60 crore.


ALIGARH ROLLER: Ind-Ra Suspends 'IND B+' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Aligarh Roller
Flour Mills Private Limited's 'IND B+' Long-Term Issuer Rating to
the suspended category. The Outlook was Stable. The rating will
now appear as 'IND B+(suspended)' on the agency's website. A full
list of rating actions is at the end of this commentary. The
ratings have been migrated to the suspended category due to lack
of adequate information. Ind-Ra will no longer provide ratings or
analytical coverage for Aligarh Roller Flour Mills.

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.

Aligarh Roller Flour Mills' ratings:

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

-- INR88.5 million fund based limits: migrated to 'IND
    B+(suspended)' and IND A4(suspended) from 'IND B+'/ and 'IND
    A4`

-- INR2.45 million term loan: migrated to 'IND B+(suspended)'
    from 'IND B+'


BHAVANAM TEXTILES: CARE Assigns B+ Rating to INR9.57cr Loan
-----------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Bhavanam
Textiles (India) Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     9.57       CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Bhavanam Textiles
(India) Private Limited (BTIPL) is constrained by the inexperience
of the promoters in cotton yarn manufacturing segment, short track
record with small scale of operations albeit increase in income
during FY15 (refers to the period April 1 to March 31), low profit
margins with losses during FY14-FY15 coupled with susceptibility
of profit margins to fluctuations in raw material prices,
leveraged capital structure with weak debt coverage indicators and
the company's presence in the highly fragmented industry regulated
by the government. The rating is however, underpinned by the
established track record of the promoters in other businesses
coupled with financial support being extended in the form of
unsecured loans, strategic location of the manufacturing facility
within cotton producing areas, government support to textile
industry and satisfactory working capital cycle despite working
capital intensive nature of operations. The ability of the company
to further increase the scale of operations along with an
improvement in profitability in a highly competitive scenario and
improvement in the capital structure are the key rating
sensitivities.

Bhavanam Textiles (India) Private Ltd. (BTIPL) was incorporated on
February 27, 2013 by Mr Bhavanam Rama Koti Reddy and Mrs Bhavanam
Adi Lakshmi after the promoters took over the operations of
another company, Pujita Spinning Mills Limited. Commercial
operations of the company commenced from April 1, 2013 and FY14
(refers to the period April 1 to March 31) was the first full year
of operation. The company is engaged in the manufacturing of
cotton yarn through its manufacturing unit at Thimmapuram village,
Guntur district, Andhra Pradesh, with an installed capacity of
13,644 spindles.

During FY15, BTIPL reported a net loss of INR0.09 crore (FY14: net
loss of INR0.31 crore) on a total operating income of INR20.97
crore (FY14: INR9.43 crore). Furthermore, during H1FY16
(unaudited), the company has reported PAT of INR0.29 crore on
total operating income of INR12.36 crore.


BHUSHAN POWER: Ind-Ra Withdraws 'IND BB' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Bhushan Power &
Steel Limited's (BPSL) 'IND BB(suspended)' Long-Term Issuer
Rating.

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

Ind-Ra suspended BPSL's ratings on 19 June 2015

BPSL's ratings are as follows:

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

-- INR220 billion long-term bank loans: 'IND BB(suspended)';
    rating withdrawn

-- INR36.67 billion fund-based working capital limits: 'IND
    BB(suspended)'; rating withdrawn

-- INR33.77 billion non fund-based working capital limits: 'IND
    A4+(suspended)'; rating withdrawn
-- INR10 billion short-term loans: 'IND A4+(suspended)'; rating
    withdrawn


DELTA JEWELLERS: Ind-Ra Upgrades LT Issuer Rating to 'IND BB'
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Delta Jewellers
Pvt Ltd's Long-Term Issuer Rating to 'IND BB' from 'IND BB-'. The
Outlook is Stable. Ind-Ra has also upgraded Delta Jewellers' INR70
million fund-based working capital limits to 'IND BB'/Stable from
'IND BB-'.

KEY RATING DRIVERS

The upgrade reflects Delta Jewellers' improved scale of operations
on account of higher sales  as reflected from its revenue of
INR376 million in FY15 (FY14: INR321 million), and stable
operating EBITDA margins of 3.8% (3.9%). Its net leverage also
improved to 3x in FY15 (FY14: 5.7x) on account of lower debt
levels, while interest coverage remained comfortable at 1.7x
(2.3x).

The upgrade also factors in the comfortable liquidity profile of
the company as reflected in its average working capital
utilisation of around 78% during the 12 months ended January 2016.

The ratings however remain constrained by the trading nature of
the company's business and volatility in gold prices along with
the small scale of operations.

RATING SENSITIVITIES

Positive: An improvement in the scale of operations along with an
overall improvement in the credit profile will be positive for the
ratings.

Negative: Any fall in the profitability leading to deterioration
in the credit metrics will be negative for the ratings.

COMPANY PROFILE

Incorporated in 2006, Delta Jewellers is a franchise of Tanishq
and deals in gold and diamond jewellery. The company has its
registered office and retail showroom in Durgapur, West Bengal and
is managed by Mr. Dokania and family.


DOABA KHALSA: Ind-Ra Rates INR336MM Term Loans Facility 'IND D'
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Doaba Khalsa
Trust's (DKT) INR336 million term loans facility an 'IND D'
rating.

KEY RATING DRIVERS

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

RATING SENSITIVITIES

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

COMPANY PROFILE

DKT is a charitable educational trust registered under Indian
Trust Act. It was established in 1997-1998 by S. Khushia Singh
Bath. The trust started with a polytechnic college in 1997-1998.
It expanded to a pharmacy college and an engineering and technical
college both affiliated to Punjab Technical University. The campus
is situated in Mohali, Punjab.


GANAPATHI SPINNING: CRISIL Reaffirms B+ Rating on INR150MM Loan
---------------------------------------------------------------
CRISIL's rating on the bank facility of Ganapathi Spinning Mill
(GSM) continues to reflect the firm's moderate scale of operations
in the intensely competitive textile industry and vulnerability to
volatile raw material prices. The rating also factors in GSM's
working capital intensity operations and below-average financial
risk profile marked by weak debt protection metrics. These rating
weaknesses are partially offset by the promoters' extensive
experience and established customer relationships.

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

Outlook: Stable

CRISIL believes GSM will continue to benefit over the medium term
from the promoters' extensive experience. The outlook may be
revised to 'Positive' if significant improvement in scale of
operations and profitability, and efficient working capital
management strengthen financial risk profile. Conversely, the
outlook may be revised to 'Negative' if decline in revenue or
profitability, stretch in working capital cycle, or any large,
debt-funded capital expenditure weakens the financial risk
profile.

Set up in 1997 in Palladam, Tamil Nadu, GSM manufactures grey
cotton fabric. The firm is promoted by Mr. Shantakumar and his
family.


GE GODAVARI: Ind-Ra Suspends 'IND B+' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated GE Godavari
Engineering Limited (GEGEL) 'IND B+' Long-Term Issuer Rating with
a Stable Outlook to the suspended category. This rating will now
appear as 'IND B+(suspended)' on the agency's website. A full list
of rating actions is at the end of this commentary.

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


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

GEGEL' ratings are as follows:

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

-- INR106.0 million fund-based working capital limits: migrated
    to 'IND B+(suspended)' and 'IND A4(suspended)' from 'IND B+'
    and 'IND A4'
-- INR50.0 million non-fund-based working capital limits:
    migrated to 'IND A4(suspended)' from 'IND A4'


GIRRAJ JI: Ind-Ra Assigns 'IND BB+' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Girraj Ji Stone
Crushers Private Limited (GSCPL) a Long-Term Issuer Rating of 'IND
BB+'. The Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect GSCPL's small scale of operations, evidenced
by its INR212.99 million revenue in FY15 (FY14: INR33.77 million;
FY13: INR252.87 million) and tight liquidity, due to its average
working capital utilisation of around 100% during the 12 months
ended January 2016. The ratings also reflect the nature of GSCPL's
business, which is highly dependent on government regulations and
the availability of tenders/projects; any adverse change in policy
may severely hamper operations.

However, the ratings are supported by GSCPL's comfortable credit
metrics in FY15, with interest coverage (operating EBITDA/gross
interest expense) of 3.20x (FY14: 4.10x; FY13: 5.86x) and net
financial leverage (total adjusted debt/operating EBITDAR: 2.03x;
2.03x; 1.40x). The ratings further draw comfort from GSCPL's
promoters' long operational record and experience of around four
decades in the railway construction industry.

RATING SENSITIVITIES

Negative: Deterioration in GSCPL's operating EBITDA margin,
leading to weaker credit metrics, will be negative for the
ratings.

Positive: A substantial improvement in the top line while
sustaining credit metrics, will be positive for the ratings.

COMPANY PROFILE

GSCPL was incorporated in 1994 and is an 'A' class contractor
engaged in the tender-based business of ballast supply, linking of
railway tracks and construction of railway under bridges and
railway over bridges as well as other construction work in various
parts of India. Its current order book position stands at
INR1,013.42 million.

GSCPL's ratings:
-- Long-Term Issuer Rating: assigned 'IND BB+'/Stable
-- INR13.70 million fund-based working capital limits: assigned
    'IND BB+'/Stable/'IND A4+'
-- INR58.70 million non-fund-based limits: assigned 'IND A4+'


H. P. ZALA: CRISIL Reaffirms B- Rating on INR50MM Cash Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of H. P. Zala (HPZ)
continue to reflect the firm's modest scale of operations with
large geographical concentration and below-average financial risk
profile constrained by small networth and low cash accrual. These
weaknesses are partially offset by the extensive experience of the
promoters in the civil construction industry with funding support.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         20       CRISIL A4 (Reaffirmed)
   Cash Credit            50       CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes HPZ's business risk profile will continue to
benefit from the established presence of the promoters in the
construction industry in Gujarat. The outlook may be revised to
'Positive' upon a substantial increase in the scale of operations
arising from the firm's better flow of order book and timely
realisation of the debtors. Conversely, the outlook may be revised
to 'Negative' in case of lower-than-expected cash accrual on
account of lower-than-expected scale of operations or
profitability or a significant increase in working capital
requirements leading to weaker liquidity.

Update
Revenue is expected to be modest, at INR60-65 million, in 2015-16
(refers to financial year, April 1 to March 31) on account of low
order book position. Operating profitability is expected to be
moderate at 20-22 percent, in line with previous years. The
working capital requirements will remain large, with high gross
current assets expected mainly driven by large inventory levels of
130-150 days along with high debtors of 90-100 days resulting in
full utilisation of its bank limits. The financial risk profile is
expected to remain below average because of small networth of
INR22-25 million against high working capital borrowings resulting
in a highly leveraged capital structure and weak debt protection
metrics.

HPZ was set up in 1976 as a proprietorship concern by Mr. H P
Zala. The operations of the firm were taken over by Mr. Naresh H
Zala. It undertakes civil construction activities, such as
drainage work and sewerage lines, in Gujarat. HPZ mainly executes
projects for state government entities.


HANUMAN DAL: CARE Assigns B+ Rating to INR35cr LT Loan
------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Hanuman
Dal Industries Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     35         CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Hanuman Dal
Industries Private Limited (HDUPL) is constrained on account of
the project execution and stabilization risk, vulnerability to
fluctuations in prices of raw material, working capital
intensive nature of operations and presence in a highly fragmented
and regulated industry which depends heavily on the weather
conditions prevailing in the country.

The above weaknesses are partially offset by the extensive
experience of the promoters in the agro-based industry along
with their established relations with customers and suppliers,
support from the group companies in terms of marketing and
technical aspects. The rating further takes a note that financial
closure of the project has been achieved. The ability of the
company to complete the project as per the scheduled timeline and
without any cost overrun is a key rating sensitivity.

Incorporated in the year 2015, HDIPL belongs to the Bolla group of
Nagpur, promoted by the Bolla family that is currently managing
eight entities including HDIPL. The company proposes to set up a
tur-dal processing unit at Nagpur, Maharashtra, with a proposed
processing capacity of 150 MTPD. The project is in its initial
stage and commercial production of the project is expected to
start by July 2016.


HARIYANA INTERNATIONAL: CRISIL Cuts Rating on INR2BB Loan to B+
---------------------------------------------------------------
CRISIL has downgraded the rating on Hariyana International Private
Limited (HIPL; part of the Hariyana group) bank facility to
'CRISIL B+/Stable' from 'CRISIL BB-/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Letter of Credit      2000      CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

The rating downgrade reflects deterioration in Hariyana group's
business profile marked by weakened operating profitability. The
group's operating margin is expected to decline in 2015-16 from
2014-15 levels in the wake of softening steel prices.
Additionally, the operating margin is expected to continue to
remain weak over the medium term driven by oversupply of steel and
subdued demand conditions prevailing globally. The lower price
realization of its products, procured against letters of credit
(LCs), constrains its credit profile, particularly its liquidity.
The liquidity is further constrained by loans to third parties
remaining at the same level, as against expectations of a decline
in their quantum. The receipt of the loans continues to remain a
key rating sensitivity factor affecting the group's credit
profile, especially liquidity over the medium term.

CRISIL's ratings on the bank facilities of HIPL continue to
reflect Hariyana group's exposure to risks inherent in the ship
breaking, steel trading, and money-lending businesses, and the
group's extant investments in unrelated businesses, such as real-
estate. These rating weaknesses are partially offset by the
group's moderate financial risk profile, marked by a healthy net
worth and moderate gearing, and will continue to benefit from its
promoter's track record of more than 30 years in the ship-breaking
industry.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of HSBL, Hariyana Ship Breakers Ltd
(HSBL), Hariyana International Pvt Ltd (HIPL), and Inducto Steel
Ltd. This is because these entities, collectively referred to as
the Hariyana group, have significant operational linkages and
fungible cash flows, and are under a common management.
Outlook: Stable

CRISIL believes that Hariyana group will remain exposed to risks
inherent in ship-breaking. The outlook may be revised to
'Positive' if the group recovers its funds advanced to third
parties sooner than expected or achieves significantly higher
profitability or revenue growth thereby improving its liquidity
profile. Conversely, the outlook may be revised to 'Negative' if
Hariyana group incurs losses in its money-lending businesses,
witnesses a steep decline in its revenues, or weakens its capital
structure by undertaking a larger-than-expected debt-funded
capital expenditure programme.

The Hariyana group, promoted by Mr. Shanti Sarup Reniwal, is
primarily into ship breaking and steel trading. The group also
undertakes inter-corporate lending activities, and develops
residential real estate projects.

For 2014-15 (refers to financial year, April 1 to March 31), HSDPL
reported a PAT of INR26.9 million on net sales of INR1.77 billion,
against a PAT of INR46.4 million on net sales of INR2.31 billion
for 2013-14.

For 2014-15, HIPL reported a profit after tax (PAT) of INR17.5
million on net sales of INR1.59 billion, against a PAT of INR18.1
million on net sales of INR1.34 billion for 2013-14.

For 2014-15, HSBL reported a PAT of INR141.4 million on net sales
of INR2.69 billion, against a PAT of INR131.9 million on net sales
of INR5 billion for 2013-14.


HARIYANA SHIP: CRISIL Cuts Rating on INR4.0BB Loan to B+
--------------------------------------------------------
CRISIL has downgraded the rating on Hariyana Ship Breakers Limited
(HSBL; part of the Hariyana group) bank facility to 'CRISIL
B+/Stable' from 'CRISIL BB-/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Letter of Credit      4000      CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

The rating downgrade reflects deterioration in Hariyana group's
business profile marked by weakened operating profitability. The
group's operating margin is expected to decline in 2015-16 from
2014-15 levels in the wake of softening steel prices.
Additionally, the operating margin is expected to continue to
remain weak over the medium term driven by oversupply of steel and
subdued demand conditions prevailing globally. The lower price
realization of its products, procured against letters of credit
(LCs), constrains its credit profile, particularly its liquidity.
The liquidity is further constrained by loans to third parties
remaining at the same level, as against expectations of a decline
in their quantum. The receipt of the loans continues to remain a
key rating sensitivity factor affecting the group's credit
profile, especially liquidity over the medium term.

CRISIL's ratings on the bank facilities of HSBL continue to
reflect Hariyana group's exposure to risks inherent in the ship
breaking, steel trading, and money-lending businesses, and the
group's extant investments in unrelated businesses, such as real-
estate. These rating weaknesses are partially offset by the
group's moderate financial risk profile, marked by a healthy net
worth and moderate gearing, and will continue to benefit from its
promoter's track record of more than 30 years in the ship-breaking
industry.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of HSBL, Hariyana Ship Breakers Ltd
(HSBL), Hariyana International Pvt Ltd (HIPL), and Inducto Steel
Ltd. This is because these entities, collectively referred to as
the Hariyana group, have significant operational linkages and
fungible cash flows, and are under a common management.
Outlook: Stable

CRISIL believes that Hariyana group will remain exposed to risks
inherent in ship-breaking. The outlook may be revised to
'Positive' if the group recovers its funds advanced to third
parties sooner than expected or achieves significantly higher
profitability or revenue growth thereby improving its liquidity
profile. Conversely, the outlook may be revised to 'Negative' if
Hariyana group incurs losses in its money-lending businesses,
witnesses a steep decline in its revenues, or weakens its capital
structure by undertaking a larger-than-expected debt-funded
capital expenditure programme.

The Hariyana group, promoted by Mr. Shanti Sarup Reniwal, is
primarily into ship breaking and steel trading. The group also
undertakes inter-corporate lending activities, and develops
residential real estate projects.

For 2014-15 (refers to financial year, April 1 to March 31), HSDPL
reported a PAT of INR26.9 million on net sales of INR1.77 billion,
against a PAT of INR46.4 million on net sales of INR2.31 billion
for 2013-14.

For 2014-15, HIPL reported a profit after tax (PAT) of INR17.5
million on net sales of INR1.59 billion, against a PAT of INR18.1
million on net sales of INR1.34 billion for 2013-14.

For 2014-15, HSBL reported a PAT of INR141.4 million on net sales
of INR2.69 billion, against a PAT of INR131.9 million on net sales
of INR5 billion for 2013-14.


HARIYANA SHIP DEMOLITION: CRISIL Cuts INR2.0BB Loan Rating to B+
----------------------------------------------------------------
CRISIL has downgraded the rating on Hariyana Ship Demolition
Private Limited (HSDPL; part of the Hariyana group) bank facility
to 'CRISIL B+/Stable' from 'CRISIL BB-/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Letter of Credit      2000      CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

The rating downgrade reflects deterioration in Hariyana group's
business profile marked by weakened operating profitability. The
group's operating margin is expected to decline in 2015-16 from
2014-15 levels in the wake of softening steel prices.
Additionally, the operating margin is expected to continue to
remain weak over the medium term driven by oversupply of steel and
subdued demand conditions prevailing globally. The lower price
realization of its products, procured against letters of credit
(LCs), constrains its credit profile, particularly its liquidity.
The liquidity is further constrained by loans to third parties
remaining at the same level, as against expectations of a decline
in their quantum. The receipt of the loans continues to remain a
key rating sensitivity factor affecting the group's credit
profile, especially liquidity over the medium term.

CRISIL's ratings on the bank facilities of HSDPL continue to
reflect Hariyana group's exposure to risks inherent in the ship
breaking, steel trading, and money-lending businesses, and the
group's extant investments in unrelated businesses, such as real-
estate. These rating weaknesses are partially offset by the
group's moderate financial risk profile, marked by a healthy net
worth and moderate gearing, and will continue to benefit from its
promoter's track record of more than 30 years in the ship-breaking
industry.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of HSBL, Hariyana Ship Breakers Ltd
(HSBL), Hariyana International Pvt Ltd (HIPL), and Inducto Steel
Ltd. This is because these entities, collectively referred to as
the Hariyana group, have significant operational linkages and
fungible cash flows, and are under a common management.
Outlook: Stable

CRISIL believes that Hariyana group will remain exposed to risks
inherent in ship-breaking. The outlook may be revised to
'Positive' if the group recovers its funds advanced to third
parties sooner than expected or achieves significantly higher
profitability or revenue growth thereby improving its liquidity
profile. Conversely, the outlook may be revised to 'Negative' if
Hariyana group incurs losses in its money-lending businesses,
witnesses a steep decline in its revenues, or weakens its capital
structure by undertaking a larger-than-expected debt-funded
capital expenditure programme.

The Hariyana group, promoted by Mr. Shanti Sarup Reniwal, is
primarily into ship breaking and steel trading. The group also
undertakes inter-corporate lending activities, and develops
residential real estate projects.

For 2014-15 (refers to financial year, April 1 to March 31), HSDPL
reported a PAT of INR26.9 million on net sales of INR1.77 billion,
against a PAT of INR46.4 million on net sales of INR2.31 billion
for 2013-14.

For 2014-15, HIPL reported a profit after tax (PAT) of INR17.5
million on net sales of INR1.59 billion, against a PAT of INR18.1
million on net sales of INR1.34 billion for 2013-14.

For 2014-15, HSBL reported a PAT of INR141.4 million on net sales
of INR2.69 billion, against a PAT of INR131.9 million on net sales
of INR5 billion for 2013-14.


HITECH PRINT: CARE Revises Rating on INR11.87cr Loan to 'B+'
------------------------------------------------------------
CARE revises the lt rating and reaffirms the st rating assigned to
the bank facilities of Hitech Print Systems Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     11.87      CARE B+ Revised from
                                            CARE B

   Short-term Bank Facilities     3.50      CARE A4 Reaffirmed

Rating Rationale

The revision in the long-term rating assigned to the bank
facilities of Hitech Print Systems Limited (HPSL) takes into
account improvement in the financial and liquidity profile of the
company marked by growth in the total income and PAT margin during
FY15 (refers to the period April 01 to March 31) along with
improvement in overall gearing and debt coverage indicators. The
ratings also factor in the satisfactory experience of the
promoters and moderate order book position. The ratings are,
however, constrained by relatively small scale of operation,
working capital intensive nature of operation and intense
competition in the industry. The ability of the company to expand
the scale of operation with improvement in profitability and
working capital cycle are the key rating sensitivities.

Incorporated in 1986, HPSL is an ISO 9001-2008 certified entity
(Quality Certification) engaged in the printing business at its
manufacturing facility (capacity: 37.6 MTPA) located at
Peddavutapalli Village in Krishna District. The product portfolio
includes high security documents like cheque books, interest and
dividend warrants, utility bills, OMR sheets and question papers
for educational institutions. HPSL is also involved in printing
customized business stationary like gift vouchers, food vouchers,
inserts for newspapers, etc. The company is approved by Indian
Banking Association and is also a member of Print Services
Distribution Association. HPSL is a wholly-owned subsidiary of
Hyderabad-based Anjani Projects & Constructions Ltd (APCL).

During FY15, HPSL achieved a total income of INR47.92 crore (FY14:
INR44.66 crore) and PAT of INR1.18 crore (FY14: INR0.77 crore). As
per the unaudited results for H1FY16, HPSL posted a PAT of INR0.63
crore on a total operating income of INR23.01 crore.


HOTEL VAKRATUNDA: Ind-Ra Assigns 'IND B' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Hotel Vakratunda
a Long-Term Issuer Rating of 'IND B'. The Outlook is Stable. The
company has also assigned the company's INR62.5 million term loan
an 'IND B' rating with Stable Outlook.

KEY RATING DRIVERS

The ratings reflect Hotel Vakratunda's promoters' experience of
more than a decade in the hospitality sector. The entity has set
up a hotel and restaurant in Naddi, Dharamshala (Himachal Pradesh)
and its commercial operations are likely to start from March 2016.
The project is funded by a term loan of INR62.5 million. The
ratings benefit from the locational advantage of the hotel, by
being situated close to Mc LeodGanj which is a major tourist
attraction.

The ratings are constrained by the entity's presence in the highly
competitive and fragmented hotel industry with low entry barriers.

RATING SENSITIVITIES

Negative: Any delays in commercial operations or lower-than-
expected occupancy levels impacting the revenues will be negative
for the ratings.

Positive: The entity's ability to execute the project and ramp up
the operations on time along with achieving stable business
operations will be positive for the ratings.

COMPANY PROFILE

Hotel Vakratunda is a proprietorship entity and is into the hotel
and restaurant business.


IMPRESSION FURNITURE: CRISIL Assigns B+ Rating to INR50MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Impression Furniture Industries (IFI). The
ratings reflect the firm's modest scale of operations, tender
based nature of business, and working capital-intensive
operations. These weaknesses are partially offset by the extensive
experience of the promoters and average financial risk profile
marked by moderate gearing.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         20       CRISIL A4
   Cash Credit            50       CRISIL B+/Stable

Outlook: Stable

CRISIL believes IFI will benefit from the promoters' experience in
the home furnishing industry. The outlook may be revised to
'Positive' if the firm stabilises its operations leading to
larger-than-expected cash accrual and improved working
capitalcycle. Conversely the outlook may be revised to 'Negative'
if IFI's accrual is lower than expectations due to reduced order
flow or profitability, or its financial risk profile weakens due
to a stretch in the working capital cycle or large, debt-funded
capital expenditure.

Incorporated in 1996, IFI is owned and managed by Sukhmani family
based out of Bhopal. IFI manufactures furniture for the central
government and the Madhya Pradesh (MP) government. The firm
supplies furniture in 61 districts of MP. Around 80 percent of
revenue is contributed by the state government through tender
route.

The firm recorded book profit of INR1.61 million on operating
income of INR111.6 million in 2014-15 as against book profit of
INR3.26 million on operating income of INR157.0 million in 2013-
14.


IND-BARATH POWERGENCOM: CARE Cuts Rating on INR281.86cr Loan to D
-----------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Ind-Barath Powergencom Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    281.86      CARE D Revised from
                                            CARE BB+

   Short-term Bank Facilities    96.00      CARE D Revised from
                                            CARE A4+

Rating Rationale

The revision in the ratings assigned to the bank facilities of
Ind-Barath Powergencom Limited (IBPGL) is on account of
delays in debt servicing at the back of stressed liquidity
position owing to delayed realization from debtors.

IBPGL belongs to the IndBarath group and is a subsidiary (99.94%)
of Ind-Barath Power Infra Limited (IBPIL), the flagship company of
the group. Incorporated on July 25, 2005, IBPGL has set up a
coastal coal-based thermal power project of capacity 189 (3 x 63)
MW power plant in Thoothukudi District in Tamil Nadu in two phases
with Phase 1 of 126 MW (2 x 63) which commenced operations in
January 2010 and Phase 2 of 63 MWwhich commenced operations inMay
2011.

IBPGL has entered into short-term Power Purchase Agreement (PPA)
on September 27, 2014, with Tamil Nadu Generation and Distribution
Corporation Limited (TANGEDCO) for supply of 135 MW power at net
tariff of INR5.50/Kwh for a period of 1 year from October 1, 2014,
to November 30, 2015. Post November 2015, the company has been
supplying power to group captive consumers.

During FY15 (refers to the period April 01 to March 31), IBPGL
reported PAT of INR3.39 crore (Rs.32.14 crore in FY14) on a
total income of INR544.78 crore (Rs.554.04 crore in FY14).


ISHAN INTERNATIONAL: Ind-Ra Affirms 'IND B+' LT Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Ishan
International's (ISIN) Long-Term Issuer Rating at 'IND B+'. The
Outlook is Stable. The agency has also affirmed the company's
INR347.50 million fund-based limits (increased from INR300.00
million) at 'IND B+'/Stable and 'IND A4'.

KEY RATING DRIVERS

The affirmation reflects ISIN's weak credit profile and volatile
EBITDA margins. In FY15, net leverage (total Ind-Ra adjusted net
debt/operating EBITDAR) was 12.36x (FY14: 12.56x), interest cover
(operating EBITDA/gross interest expense) was 1.07x (1.03x) and
EBITDA margins were 4.67% (3.01%). EBITDA margins fluctuated
between 3.01% and 4.67% over FY12-FY15 due to raw material price
volatility. Also, the firm operates in the highly commoditised and
fragmented rice processing industry, susceptible to seasonal
trends, government interventions and monsoon fluctuations.

The ratings also factor in the firm's tight liquidity due to high
working capital intensity. Its average use of the working capital
limits was 93.07% over the 12 months ended January 2016. The
ratings also reflect the partnership structure of the entity.

However, the ratings are supported by ISIN's founders over 40
years of experience in the rice processing industry, established
customer relationships, growth in revenue and healthy growth
prospects for the rice industry.

RATING SENSITIVITIES

Negative: A negative rating action could result from a further
stretch on the liquidity profile and/or a decline in the operating
profitability leading to deterioration in the overall credit
metrics.

Positive: A positive rating action could result from an
improvement in the operating profitability leading to improvements
in the overall credit metrics.

COMPANY PROFILE

Incorporated in 1999 in Haryana, ISIN is a partnership firm
engaged in the business of rice milling. The total installed
capacity of its plant is 40MT of paddy processing per day. The
firm uses paddy as raw material and rice is the final product.


K.B.N. JEWELLERY: Ind-Ra Suspends 'IND B' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated K.B.N.
Jewellery's 'IND B' Long-Term Issuer Rating to the suspended
category. The Outlook was Stable. The rating will now appear as
'IND B(suspended)' on the agency's website. The agency has also
migrated the company's INR80 million fund-based limits to 'IND
B(suspended)' and 'IND A4(suspended)' from 'IND B' and 'IND A4`.

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

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.


KAILASH CASTINGS: CRISIL Assigns B+ Rating to INR55MM Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank loan facility of Kailash Castings Limited (KCL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            55       CRISIL B+/Stable

The rating reflects the company's low operating margin and modest
scale of operations in the highly fragmented steel industry. These
rating weaknesses are partially offset by the extensive industry
experience of KCL's promoters and its moderate financial risk
profile because of low gearing.
Outlook: Stable

CRISIL believes KCL will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' in case of significant increase in scale
of operations and operating profitability, along with improvement
in debt-protection metrics and prudent working capital management.
Conversely, the outlook may be revised to 'Negative' if the
financial risk profile, particularly liquidity, deteriorates, most
likely because of a decline in revenue and profitability, larger-
than-expected, debt-funded capital expenditure, or an increase in
working capital requirement.

KCL was incorporated in 2004 and started commercial operations
from 2005. The company manufactures mild steel ingots with an
installed capacity of 25,000 tonnes per annum. It is promoted by
Mr. Abhay Kumar Singh, Mr. Arun Kumar Tayal, and Mr. Sandeep
Gupta.


KAMDHENU COTTON: CRISIL Reaffirms B+ Rating on INR172MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Kamdhenu Cotton and
Spinning Mills Private Limited (KCSM) continue to reflect the
company's modest scale of operations, volatile operating
profitability in the highly fragmented textile industry, and
average financial risk profile because of high gearing and below-
average debt protection metrics.

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

   Cash Credit            58       CRISIL B+/Stable (Reaffirmed)

   Letter of Credit       10       CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     27.5     CRISIL B+/Stable (Reaffirmed)

   Standby Line of
   Credit                  7.5     CRISIL B+/Stable (Reaffirmed)

   Term Loan             172       CRISIL B+/Stable (Reaffirmed)

These weaknesses are partially offset by the extensive experience
of KCSM's promoters and their funding support, and efficient
working capital management.
Outlook: Stable

CRISIL believes KCSM will continue to benefit over the medium term
from promoters' extensive experience. The outlook may be revised
to 'Positive' if capital structure improves either through equity
infusion or substantial cash accrual, backed by ramp-up in
operations and sustained profitability. Conversely, the outlook
may be revised to 'Negative' if financial risk profile
deteriorates because of decline in revenue and profitability,
large, debt-funded capital expenditure (capex), or if liquidity
weakens due to increase in working capital requirement.

Update
Revenue at INR443.7 million in 2014-15 (refers to financial year,
April 1 to March 31) was marginally lower than expectation due to
reduced demand from regional players. Turnover is expected at
INR455-460 million in 2015-16 due to advanced manufacturing
process. Change in entry tax law in Punjab led to lower
realisation from sales, which resulted in weak operating
profitability (5.4 percent). However, margin is expected to
recover to 11 percent in 2015-16 with increased revenue from
recycled yarn. Efficient working capital management is reflected
in gross current assets and inventory of 21 and 10 days,
respectively, as on March 31, 2015. Bank limit utilisation was
moderate at 75 percent on an average over the 17 months through
December 2015. Also, funding from the promoters (equity of INR10.5
million in 2015-16) supports liquidity.

Financial risk profile is average because of high gearing of 2.36
times as on March 31, 2015, and weak debt protection metrics:
interest coverage and net cash accrual to total debt ratios were
1.1 and 0.05 time, respectively, for 2014-15. Networth was also
modest and stood at INR69.5 million as on March 31, 2015. Cash
accrual of INR28.0 million and INR31.8 million in 2015-16 and
2016-17, respectively, will tightly match term debt obligation of
INR27.8 million and INR27.1 million for the corresponding periods.
However, absence of capex plans over the medium term will support
liquidity.

Incorporated in 2008 and promoted by the Ludhiana-based Dhir and
Johar families, KCSM commenced operations in January 2013 and
manufactures synthetic yarn (polyester, polyester-blended, and
acrylic yarn). Mr. Puneet Dhir and his brother-in-law, Mr. Manav
Johar, manage operations.

Net loss was INR22.2 million on net sales of INR443.7 million for
2014-15, against a net profit of INR0.02 million on net sales of
INR406.7 million for 2013-14.


KUSMASULI MULTIPURPOSE: CRISIL Ups Rating on INR55.5MM Loan to B
----------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of
Kusmasuli Multipurpose Cold Storage Private Limited (KMCSPL) to
'CRISIL B/Stable/CRISIL A4' from 'CRISIL D/CRISIL D'.


                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         1.3      CRISIL A4 (Upgraded from
                                   'CRISIL D')

   Cash Credit           55.5      CRISIL B/Stable (Upgraded
                                   from 'CRISIL D')

   Term Loan             32.5      CRISIL B/Stable (Upgraded
                                   from 'CRISIL D')

   Working Capital        4.5      CRISIL B/Stable (Upgraded
   Facility                        from 'CRISIL D')

The rating upgrade reflects timely servicing of term debt
obligation by KMCSPL over the past 12 months ended December, 2015,
driven by comfortable liquidity position marked by sufficient cash
accrual of INR8.7 million to meet debt obligation of INR5 million
in 2014-15 (refers to financial year, April 1 to March 31). The
revenue level of KMCSPL also witnessed improvement with net sales
increased by 9 percent in 2014-15 to INR32.8 million from INR29.8
million in 2013-14 due to upward revision in the storage rates.

The rating continues to reflect KMCSPL's small scale of
operations, weak financial risk profile, marked by low net-worth
and low debt protection metrics. The ratings also factor in the
company's susceptibility to regulatory changes and intense
competition in the cold storage industry in West Bengal (WB).
These weaknesses are partially offset by promoters' extensive
industry experience in the cold storage industry.
Outlook: Stable

CRISIL believes KMCSPL will continue to benefit over the medium
term from its promoters' extensive experience in the cold storage
business. The outlook may be revised to 'Positive' if the company
efficiently manages farmer credit financing, significantly scales
up operations, and improves profitability. Conversely, the outlook
may be revised to 'Negative' in case of pressure on liquidity
because of delays in repayment by farmers, low cash accrual, or
large debt-funded capital expenditure.

KMCSPL, incorporated by Mr. Nandalal Ghosh and Mr. Bibekananda
Sannigrahi in 2011, operates a cold storage unit for potatoes,
with capacity of 16,000 tonne, in Paschim Medinipur, West Bengal.
The company occasionally trades in potatoes to ensure optimum
capacity utilisation of the cold storage unit. It also finances
farmers' potato storage, which is refinanced by banks.


LORD GANESH: Ind-Ra Suspends 'IND B+' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Lord Ganesh
Roller Flour Mills' (LGRFM) 'IND B+' Long-Term Issuer Rating to
the suspended category. The Outlook was Stable. The rating will
now appear as 'IND B+ (suspended)' on the agency's website. The
agency has also migrated the company's INR60 million fund-based
working capital limit to 'IND B+ (suspended)' from 'IND B+'.

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

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


M.P. AGARWALA: CRISIL Ups Rating on INR60MM Cash Loan to 'B'
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
M.P. Agarwala (MPA) to 'CRISIL B/Stable' from 'CRISIL B-/Stable'
and reaffirmed its rating on the short-term facility at 'CRISIL
A4'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         90       CRISIL A4 (Reaffirmed)
   Cash Credit            60       CRISIL B/Stable (Upgraded from
                                   'CRISIL B-/Stable')

The upgrade reflects improvement in the firm's business risk
profile and operating efficiency due to steady revenue growth and
improved operating profitability. Revenue increased to INR246.4
million in 2014-15 (refers to financial year, April 1 to March 31)
from INR212.9 million the previous year due to healthy project
execution. Operating margin improved to 13.4 percent from 12.4
percent supported by project management expertise. The promoters
have a track record of more than two decades in undertaking civil
contracts in North-East India, which has helped to maintain a
healthy relationship with suppliers, and also in undertaking
projects with a minimal cost or time overrun. This has resulted in
a healthy return on capital employed of around 14.6 percent in
2014-15. Further, the firm has an outstanding order book of INR750
million as on, February 2016 which provides adequate revenue
visibility over the medium term to sustain the business risk
profile.

The ratings reflect the firm's modest scale, and working capital-
intensive nature, of operations. These rating weaknesses are
partially offset by the extensive experience of MPA's proprietor
in the civil construction industry, and the firm's moderate
profitability.
Outlook: Stable

CRISIL believes MPA will continue to benefit over the medium term
from the extensive industry experience of its proprietor. The
outlook may be revised to 'Positive' in case of significant growth
in scale of operations and profitability, along with improvement
in the firm's working capital cycle. Conversely, the outlook may
be revised to 'Negative' in case of deterioration in the firm's
financial risk profile, most likely due to lengthening of its
operating cycle, a decline in revenue or profitability, or large
debt-funded capital expenditure.

Established in 2010, MPA is a proprietorship firm set up by Mr.
Mahabir Prasad Agarwala. The firm undertakes civil construction of
buildings, roads, and bridges for the public works departments of
Assam and Meghalaya, and for the North-East Council.


MAGPET POLYMERS: CRISIL Ups Rating on INR83.9MM Loan to B+
----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Magpet Polymers Private Limited (MPPL) to 'CRISIL B+/Stable' from
'CRISIL B/Stable' and reaffirmed its rating on the short-term bank
facility at 'CRISIL A4'.

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

   Cash Credit           35       CRISIL B+/Stable (Upgraded from
                                  'CRISIL B/Stable')

   Letter of Credit       3.2     CRISIL A4 (Reaffirmed)

   Term Loan             83.9     CRISIL B+/Stable (Upgraded from
                                  'CRISIL B/Stable')

   Proposed Long Term     9.7     CRISIL B+/Stable (Upgraded
   Bank Loan Facility             from 'CRISIL B/Stable')

The upgrade reflects improvement in MPPL's business risk profile
due to stabilisation of newly setup facilities and healthy
operating profitability. The company commercialised operations in
December 2014 and recorded revenue of INR55 million in four months
of operation in 2014-15 (refers to financial year, April 1 to
March 31). The company's performance was strong till the third
quarter of 2015-16, with sales of INR254.9 million till January
2016. Operating margin was also healthy, at 16.4 percent in 2014-
15, supported by reputed clientele. CRISIL believes business risk
profile of MPPL will improve over the medium term supported by
steady orders from reputed customer base providing healthy revenue
visibility over the medium term.

The ratings reflect intense competition in the polyethylene
terephthalate (PET) bottle manufacturing business, and MPPL's
below-average financial risk profile because of small networth,
high gearing, and weak debt protection metrics. These weaknesses
are partially offset by its promoter's extensive industry
experience.
Outlook: Stable

CRISIL Believes MPPL will continue to benefit from its promoter's
extensive experience in the PET bottle manufacturing business. The
outlook may be revised to 'Positive' if operating profitability
increases along with healthy cash accrual, or a substantial
capital infusion by the promoter. Conversely, the outlook may be
revised to 'Negative' if financial risk profile and liquidity
weaken with stretched working capital cycle or significant, debt-
funded capital expenditure.

Magpet Polymers Private Limited (MPPL), incorporated in September
2004, is involved in manufacturing of polyethylene terephthalate
(PET) preforms, PET bottles, plastic enclosures, plastic inserts
and moulded items. The company commenced operations from December
2014 and the day to day operations are being managed by Mr.
Devendra Surana.


MAHIPAL FOOD: CRISIL Assigns 'B' Rating to INR150MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Mahipal Food and Gum Industries (MFGI).


                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            150      CRISIL B/Stable

The rating reflects MFGI's weak financial risk profile because of
high gearing and subdued debt protection measures, and
vulnerability of its operating profitability to volatility in raw
material prices. These weaknesses are partially offset by
partners' extensive experience in the commodity trading industry
and their funding support.
Outlook: Stable

MFGI will benefit over the medium term from its partner's
extensive industry experience. The outlook may be revised to
'Positive' if increase in revenue and profitability, and prudent
working capital management lead to considerably stronger net cash
accrual, or if capital structure improves because of capital
infusion. Conversely, the outlook may be revised to 'Negative' if
significant decline in revenue or profitability, or increase in
working capital requirement, or any large debt-funded capital
expenditure weakens financial risk profile.

MFGI, a partnership firm of Mr. Sanjay Mahipal, Ms. Munni Devi,
and Ms. Nisha Mahipal, processes and manufactures guar split and
mustard oil. Its processing unit is at Sriganganagar, Rajasthan,
and has installed capacity of 120 tonne per day (tpd) for guar gum
and 50 tpd for mustard oil.


MASCONS ENGINEERING: CRISIL Cuts Rating on INR50MM Loan to D
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Mascons Engineering & Contracting Company Private Limited
(Mascons) to 'CRISIL D' from 'CRISIL B/Stable'.

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

The rating downgrade reflects delays by Mascons in servicing
interest obligation on term loan due to stretched liquidity, which
is in turn because of low saleability of project and low customer
advances.

The company is also exposed to risks related to completion of
ongoing project and to cyclicality in the real estate industry.
However, Mascons benefits from promoter's experience in the civil
construction industry.

Incorporated in 2004, in Chennai and promoted by Mr. Said
Mohammed, Mascons undertakes civil construction and real estate
development.

Mascons reported a profit after tax (PAT) of INR1.6 million on
total revenue of INR46.2 million for 2014-15 (refers to financial
year, April 1 to March 31), against a PAT of INR1.1 million on
total revenue of INR44.1 million for 2013-14.


MAT WHITE: CRISIL Assigns 'B' Rating to INR150MM Cash Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Mat White Gum Industries Private Limited (MWG).
The rating reflects MWG's below-average financial risk profile,
because of high gearing, and vulnerability of its operating
profitability to volatility in raw material prices. These
weaknesses are partially offset by the promoters' extensive
experience in the commodity trading industry and their funding
support.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            150      CRISIL B/Stable

Outlook: Stable

CRISIL believes MWG will benefit over the medium term from the
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if increase in revenue and profitability and
prudent working capital management lead to considerably better net
cash accrual, or if the capital structure improves because of
capital infusion. Conversely, the outlook may be revised to
'Negative' if a significant decline in revenue or profitability,
or an increase in working capital requirement, or any large debt-
funded capital expenditure weakens the financial risk profile.

MFGI, promoted by Mr. Sanjay Mahipal, Mr. Ramavtar Mahipal, Ms.
Munni Devi, and Ms. Nisha Mahipal, processes and manufactures guar
gum powder and its by-products guar korma and guar churi. Its
processing unit in Sriganganagar, Rajasthan, has installed
capacity of 36 tonnes per day.


MD. QUIYAMUDDIN: CRISIL Cuts Rating on INR84MM Cash Loan to D
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Md. Quiyamuddin Khan Engineers Private Limited (QKEPL) to 'CRISIL
D/CRISIL D' from 'CRISIL B/Stable/CRISIL A4'.


                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee        65.3      CRISIL D (Downgraded from
                                   'CRISIL A4')

   Cash Credit           84        CRISIL D (Downgraded from
                                   'CRISIL B/Stable')

   Proposed Fund-        15.7      CRISIL D (Downgraded from
   Based Bank Limits               'CRISIL B/Stable')


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

QKEPL has a small scale and working-capital-intensive operations
in the highly fragmented civil construction industry, and customer
concentration in its revenue profile. However, the company
benefits from the extensive industry experience of its promoters.

QKEPL, promoted in August 2010 by Ranchi-based Mr. Manzar Imam
Khan and his family members, undertakes civil construction,
primarily construction of roads, in Jharkhand and Bihar.


MJ AND SONS: CRISIL Ups Rating on INR380MM LT Loan to B-
--------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
MJ and Sons Distilliery and Breweries Private Limited (MJS) to
'CRISIL B-/Stable' from 'CRISIL D'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            170      CRISIL B-/Stable (Upgraded
                                   from 'CRISIL D')

   Long Term Loan         380      CRISIL B-/Stable (Upgraded
                                   from 'CRISIL D')

   Proposed Long Term      90      CRISIL B-/Stable (Upgraded
   Bank Loan Facility              from 'CRISIL D')

The upgrade reflects timely servicing of debt by MJS over the past
three months. While MJS's bank line remains fully utilised because
of large working capital requirement, CRISIL believes the
company's liquidity will continue to be supported by need-based
funds from promoter over the medium term.

The rating reflects MJS's weak financial risk profile because of
stretched liquidity driven by modest cash accrual and sizeable
incremental working capital requirement. These weaknesses are
partially offset by promoter's funding support and his extensive
industry experience.
Outlook: Stable

CRISIL believes MJS will continue to benefit over the medium term
from its promoter's extensive industry experience. The outlook may
be revised to 'Positive' in case of substantial and sustained
increase in revenue and profitability, or improvement in capital
structure driven by equity infusion. Conversely, the outlook may
be revised to 'Negative' if a steep decline in profitability, any
large debt-funded capital expenditure, or stretch in working
capital cycle weakens key credit metrics.

MJS was established in October 2005 by Mr. Shiv Kumar to
manufacture extra-neutral alcohol and country liquor from food
grains. Its plant is in Patna.


MODEL EXIMS: Ind-Ra Suspends 'IND BB-' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Model Exims' 'IND
BB-' Long-Term Issuer Rating to the suspended category. The
Outlook was Stable. The rating will now appear as 'IND BB-
(suspended)' on the agency's website. The agency has also migrated
the company's INR135 million fund based limits to 'IND BB-
(suspended)' and IND A4+(suspended) from 'IND BB-' and `INDA4+`.

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 Model Exims.

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.


MOUNT SHIVALIK: CRISIL Cuts Rating on INR100MM Loan to 'D'
----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Mount Shivalik Industries Limited (MSIL) to 'CRISIL D/CRISIL D'
from 'CRISIL B-/Stable/CRISIL A4'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee          5       CRISIL D (Downgraded from
                                   'CRISIL A4')
   Cash Credit           100       CRISIL D (Downgraded from
                                   'CRISIL B-/Stable')
   Letter of Credit       30       CRISIL D (Downgraded from
                                   'CRISIL A4')
   Term Loan              62.2     CRISIL D (Downgraded from
                                   'CRISIL B-/Stable')

The downgrade reflects a significant deterioration in the business
and financial risk profiles. The company reported losses
consistently for the five years ended June 30, 2015, resulting in
a negative networth. Following this, the Board for Industrial and
Financial Reconstruction (BIFR) declared the company sick in
October 2015. MSIL further reported losses of INR18 million for
the quarter ended September 30, 2015. Sustained losses led to a
negative networth of INR200 million as on June 30, 2015.  It
generated negative cash accruals of over INR 11 million as of June
2015 against estimated debt obligation of around INR4.5 million
per quarter in 2015-16 (July to June). CRISIL believes MSIL's
liquidity is severely stretched on account of sustained operating
losses, along with a negative networth.

The ratings continue to reflect MSIL's weak financial risk profile
because of negative debt protection metrics and leverage, exposure
to regulatory risks and geographical concentration in the revenue
profile, and susceptibility to volatility in raw material prices
and exposure to intense competition in beer industry. These rating
weaknesses are partially offset by the established market position
of its thunderbolt brand in the strong-beer segment.

Established by Mr. B D Bali in 1995, MSIL manufactures and markets
beer. Its facility, located at Behror (Rajasthan), has an
installed capacity to produce 400,000 hectolitres of beer per
annum. Most of its beer sales are made under the Thunderbolt
brand.


PATEL INCORPORATION: CRISIL Assigns B+ Rating to INR75MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Patel Incorporation (PI). The rating reflects
modest scale of operations and low margins in fragmented industry
and below-average financial risk profile marked by high leverage.
These weaknesses are mitigated by promoter's extensive experience
and prudent working capital management.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Overdraft Facility     75       CRISIL B+/Stable

Outlook: Stable

CRISIL believes PI will benefit over the medium term from its
promoter's extensive experience. The outlook may be revised to
'Positive' if revenue increases significantly, while improving
margins and capital structure. Conversely, the outlook may be
revised to 'Negative' if financial risk profile weakens because of
large external debt for meeting working capital requirement or
substantially low cash accrual.

Set up in 2006 as a proprietorship firm, PI trades in iron and
steel. Kanpur-based PI is promoted by Mr. Ritesh Patel. The firm
procures majority of its raw material from Tata Steel Ltd, Steel
Authority of India Ltd, and Bhushan Power and Steel Ltd.

The firm recorded book profit of INR1.05 million on sales of 293.2
million in 2014-15 as against book profit of INR0.74 million on
sales of INR281.3 million in 2013-14.


PIONEER STEELS: Ind-Ra Withdraws IND B+ Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Pioneer Steels'
Long-Term Issuer Rating of IND B+(suspended). The ratings have
been withdrawn due to lack of adequate information. Ind-Ra will no
longer provide ratings or analytical coverage for Pioneer Steels.

Ind-Ra suspended Pioneer Steels' ratings on 18 June 2015.

Pioneer Steels' ratings:

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

-- INR11.7 million term loans: 'IND B+(suspended)'; rating
    withdrawn
-- INR200 million fund-based working capital limits: 'IND
    B+(suspended)'/'IND A4(suspended)'; ratings withdrawn


PRINCEMARINE TRANSPORT: CARE Lowers Rating on INR5.5cr Loan to C
----------------------------------------------------------------
CARE revises the lt rating and reaffirms the st rating assigned to
the bank facilities of Princemarine Transport Services Private
Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     0.82       CARE D Revised from
   (Term Loan)                              CARE B

   Long-term Bank Facilities     5.50       CARE C Revised from
   (Fund-based)                             CARE B

  Short-term Bank Facilities     3.00       CARE A4 Reaffirmed

Rating Rationale

The revision in the ratings assigned to the bank facilities of
Prince Marine Transport Services Private Limited (PMTS) is on
account of delays in servicing of term loan instalment with
Oriental Bank of Commerce due to weak liquidity position.

The ability of PMTS to establish a clear track record of timely
servicing of debt obligations with improvement in liquidity
position is the key rating sensitivity.

Prince Marine Transport Pvt. Ltd. (PMTS) was founded by Mr Abdul
Razak in July 1993 as a proprietary firm. During the year 1994, it
was converted into a partnership firm and then in 2007 into
a private limited company. The company initially started with the
business of hiring ships, vessels, barges, tugs and towage of
vessels within Mumbai harbor limits as well as for ocean passages.
During 1998, it ventured into the business of cargo lighterage. To
capitalize on the opportunity of various services in the
developing port sector, the company entered into dredging support
services and bagged a dredging contract from JSWJaigarh Port Ltd.
in the year 2009.

As on February 28, 2015, the company owned 15 barges mainly
involved in offshore supply as well as lighterage operations for
coal. Out of the 15 barges, nine were deployed on yearly contracts
and the remaining deployed on spot. The company also operates a
small ship building yard in Goa.


R. D. SALES: CRISIL Assigns 'B' Rating to INR40MM LT Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of R. D. Sales (RDS).

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Proposed Long Term
   Bank Loan Facility       40       CRISIL B/Stable

   Cash Credit              40       CRISIL B/Stable

   Electronic Dealer        40       CRISIL B/Stable
   Financing Scheme (e-DFS)

The rating reflects RDS's small scale of operations in a highly
competitive industry, geographical concentration in revenue, and
weak financial risk profile. These weaknesses are partially offset
by its promoters' extensive experience in the steel trading
business and their financial support, and its large working
capital requirement.
Outlook: Stable

CRISIL believes RDS will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' in case of more-than-expected revenue
growth and improvement in operating profitability, leading to a
better financial risk profile. Conversely, the outlook may be
revised to 'Negative' if financial risk profile weakens because of
lengthening of working capital cycle, or if operating margin is
lower than expected.

RDS was set up as a proprietorship concern by Mr. Anil Bansal in
2007 and is based in Delhi. It was reconstituted as a partnership
firm in 2012. The firm trades in steel and is an authorised dealer
of Steel Authority of India Ltd for north Delhi.

In 2014-15 (refers to financial year, April 1 to March 31), RDS's
book profit was INR1.1 million on net sales of INR527 million,
against book profit of INR1.3 million on net sales of INR370
million for 2013-14.


RAILONE PROJECTS: Ind-Ra Suspends 'IND BB-' LT Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has suspended Railone Projects
Private Ltd's (Railone) 'IND BB-' Long-Term Issuer Rating. The
Outlook was Negative .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 Railone.

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

Railone's ratings are as follows:

-- Long-Term Issuer Rating: migrated to 'IND BB-(suspended)'
    from 'IND BB-'/Negative
-- INR195 million fund-based working capital limits: migrated to
    'IND BB-(suspended)' and 'IND A4+(suspended)' from 'IND BB-'
    and 'IND A4+ '
-- INR575 million non-fund-based working capital limits:
    migrated to 'IND BB-(suspended)' and 'IND A4+(suspended)'
    from 'IND BB-' and 'IND A4+'


RAJ ISPAT: CARE Assigns 'B+' Rating to INR7cr LT Loan
-----------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Raj Ispat
Udyog.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       7        CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Raj Ispat Udyog
(RIU) is constrained by the entity's small and declining scale of
operations, weak solvency position, and working capital intensive
nature of operations. The rating is further constrained by highly
fragmented & competitive nature of the steel trading segment and
constitution of the entity being a partnership concern. The
rating, however, derives strength from the experienced promoters
with long track record of operations and moderate PBILDT margins.

Going forward, the ability of the entity to profitably scale up
its operations, improve the overall solvency position and manage
the working capital requirements efficiently will remain the key
rating sensitivities.

Established in 1988, Raj Ispat Udyog (RIU) is a Ludhiana-based
(Punjab), partnership concern engaged in the trading of steel
products including CR coils, HR sheet, straight angles, channel
and joints, etc. The traded goods are procured from an associate
concern, Raj Steel Industries (RSI) [rated 'CARE B+'] and sold to
various dealers and wholesalers in Punjab, Chandigarh and J&K
(Jammu and Kashmir). RSI, was established in 1984, which is
engaged in manufacturing and trading of steel items.

In FY15 (as per the unaudited results; refers to the period
April 1 to March 31), RIU had achieved total operating income of
INR26.84 crore with PAT of INR0.11 crore compared to total
operating income of INR27.66 crore and PAT of INR0.03 crore in
FY14. In 6MFY16 (Provisional), the firm has achieved total
operating income of INR29.42 crore.


RAJ STEEL: CARE Assigns B+ Rating to INR5cr LT Loan
---------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Raj Steel
Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       5        CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Raj Steel Industries
(RSI) is constrained by the entity's small and fluctuating scale
of operations, working capital intensive nature of operations and
leveraged capital structure. The rating is further constrained by
susceptibility of profitability margins to raw material price
fluctuations, presence of the firm in a highly fragmented &
competitive industry and constitution of the entity being a
partnership concern. The rating, however, derives strength from
the experienced promoters and long track record of operations of
the firm for more than three decades.

Going forward, the ability of the entity to profitably scale up
its operations, improve the overall solvency position and
manage the working capital requirements efficiently will remain
the key rating sensitivities.

Established in 1984, Raj Steel Industries (RSI) is a partnership
entity engaged in the manufacturing and trading of steel products
with its manufacturing facility located at Ludhiana, Punjab. The
finished products include H.R Shuttering, H.R pipe, steel box etc.
The raw material, majorly steel is procured from reputed suppliers
as Steel Authority of India Limited (SAIL) [Rourkela Steel and
Bokaro Steel Plant], Punjab State Small Industries and Export
Corporation (PPSIEC). The finished goods are sold to dealers and
wholesalers in Punjab, Chandigarh and J&K (Jammu and Kashmir).RSI
has another group concern viz. Raj Ispat Udyog (RIU; rated 'CARE
B+'), established in 1988, which is engaged in trading of steel
items.

In FY15 (as per the unaudited results; refers to the period
April 1 to March 31), RSI had achieved total operating income
of INR29.82 crore with PAT of Rs1.76 crore compared to total
operating income of INR26.47 crore and PAT of INR0.21 crore
in FY14. In 6MFY16 (Provisional), RSI has achieved a total
operating income of INR18.50 crore.


RAJENDRA KUMAR: Ind-Ra Affirms 'IND BB' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Rajendra Kumar
Kalal's (Rajendra) Long-Term Issuer Rating at 'IND BB'. The
Outlook is Stable.

KEY RATING DRIVERS

The ratings continue to reflect Rajendra's moderate scale of
operations, with revenue of INR836 million in FY15 (FY14: INR952
million). The ratings are constrained by its weak order book size
of around INR394 million (unexecuted value) at end-December 2015
and the proprietorship nature of the organisation. Also, liquidity
is tight, as reflected in the company's around 99% working capital
utilisation over the six months ended January 2016.

The ratings benefit from Rajendra's strong credit metrics, with
interest coverage (operating EBITDAR/gross interest expense) of
5.3x in FY15 (FY14: 7.2x) and leverage (total adjusted net
debt/operating EBITDAR) of 1.4x (0.8x) due to its comfortable
EBITDA margin of 6.8% (5.9%). The ratings are also supported by
the proprietor's two-decade-long experience in the construction
business.

RATING SENSITIVITIES

Positive: An improvement in the scale of operations, while
maintaining the credit metrics, will be positive for the ratings.

Negative: Any deterioration in the credit metrics will be negative
for the ratings.


COMPANY PROFILE

Rajendra executes civil contracts in Rajasthan. It mainly executes
orders issued by the Public Works Department, which is a state-
level enterprise. Rajendra operates in several locations across
Rajasthan, such as Udaipur, Dungarpur and Pratapgarh.

Rajendra's ratings:
-- Long-Term Issuer Rating: affirmed at 'IND BB'; Outlook Stable
-- INR25 million fund-based working capital limits: affirmed at
    'IND BB'/Stable
-- INR95 million non-fund-based working capital limits: affirmed
    at 'IND A4+'
-- INR25 million proposed fund-based working capital limits:
    assigned 'Provisional IND BB'/Stable


RAJINDER & CO.: Ind-Ra Suspends 'IND B+' LT Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated M/S Rajinder &
Co.'s (RAC) 'IND B+' Long-Term Issuer Rating to the suspended
category. The Outlook was Stable. This rating will now appear as
'IND B+(suspended)' on the agency's website. A full list of rating
actions is at the end of this commentary.

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

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.

RAC's ratings:
-- Long-Term Issuer Rating: migrated to 'IND B+(suspended)' from
    'IND B+'/Stable
-- INR50 million fund-based limits: migrated to 'IND
    B+(suspended)'/'IND A4 (suspended)' from 'IND B+'/'IND A4'
-- INR150 million non-fund-based limits: migrated to 'IND
    B+(suspended)'/'IND A4(suspended)' from 'IND B+'/'IND A4'


ROYAL PLAZA: CRISIL Assigns 'D' Rating to INR100MM Term Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facility of Royal Plaza Inn (RPI).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan              100      CRISIL D

The rating reflects instances of delays by RPI in servicing its
term debt obligations owing to weak liquidity following the delay
in project completion. The rating also factors in the risks
related to the implementation of its ongoing project. These
weaknesses are mitigated by the entrepreneurial experience of the
proprietor.

RPI, a sole proprietorship entity set up in 2010 by Mr. M P
Shamsudheen, is currently constructing a 108 room hotel in
Arayidathupalam, Kozhikode.


S. E. ENTERPRISES: CRISIL Assigns B Rating to INR50MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of S. E. Enterprises Private Limited (SEPL).

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

   Proposed Long Term
   Bank Loan Facility     10       CRISIL B/Stable

The rating reflects SEPL's weak financial risk profile because of
muted debt protection metrics and high total outside liabilities
to tangible networth ratio, and its small scale of operations in
the fragmented textile trading industry. These weaknesses are
mitigated by the promoters' extensive experience in the textile
industry.
Outlook: Stable

CRISIL believes SEPL to maintain its business risk profile backed
by its promoters' experience. The outlook may be revised to
'Positive' in case of a substantial increase in sales, leading to
sizeable cash accrual, or if the company's capital structure
improves due to equity infusion, along with prudent working
capital management. Conversely, the outlook may be revised to
'Negative' if financial risk profile weakens due to decline in
revenues and profitability or if a large, debt-funded capital
expenditure is undertaken, or if liquidity weakens significantly
owing to increase in working capital requirement.

SEPL was established in 1992 by the Kapoor family. The company is
into the trading and wholesaling of Raymond Suitings through its
showroom in Bareilly (Uttar Pradesh). The company is managed by
Mr. Suresh Kapoor and his family.

On provisional basis, SEPL reported a profit after tax (PAT) of
INR0.7 million on net sales of INR134.8 million for 2014-15
(refers to financial year, April 1 to March 31), vis-a-vis net
loss of INR0.02 million on net sales of INR132.2 million for 2013-
14.


SACHDEVA RICE: CRISIL Cuts Rating on INR100MM Loan to B-
--------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Sachdeva Rice and General Mills (SRGM) to 'CRISIL B-/Stable'
from 'CRISIL B/Stable'.

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

   Warehouse Receipts      80      CRISIL B-/Stable (Downgraded
                                   from 'CRISIL B/Stable')

The downgrade reflects the firm's stretched liquidity and subdued
profitability on account of substantial build-up of inventory.
Consequently, its dependence on bank borrowing has increased
significantly as reflected in almost full utilisation of its fund-
based working capital limit. This is expected to further weaken
the firm's financial risk profile. CRISIL believes liquidity will
depend on the extent of liquidation of inventory and the level of
realisation from this, over the medium term.

The rating reflects SRGM's weak financial risk profile because of
a small net worth and high gearing, and a small scale of
operations in the highly fragmented and working capital-intensive
rice industry. These rating weaknesses are partially offset by the
extensive industry experience of the firm's partners.
Outlook: Stable

CRISIL believes SRGM will continue to benefit over the medium term
from its partners' extensive industry experience. The outlook may
be revised to 'Positive' if the firm improves its capital
structure, most likely because of large net cash accrual,
significant infusion of capital, or improvement in working capital
cycle. Conversely, the outlook may be revised to 'Negative' in
case of any aggressive debt-funded expansions, or a substantial
decline in revenue and profitability, or a stretched working
capital cycle, resulting in deterioration in the financial risk
profile.

SRGM was set up in 2008 by Mr. Sachit Sachdeva and his family. It
is a partnership firm based in Fazilka, Punjab. The firm processes
paddy into basmati rice; it has a processing capacity of 6 tonnes
per hour.

In 2014-15 (refers to financial year, April 1 to March 31), SRGM
had a book profit of INR2.4 million on net sales of INR292.5
million, against a book profit of INR1.9 million on net sales of
INR355.7 million in the previous year.


SAHANU SPONGE: CARE Reaffirms B+ Rating on INR12.30cr LT Loan
-------------------------------------------------------------
CARE reaffirmes ratings to bank the facilities of Sahanu Sponge &
Power Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     12.30      CARE B+ Reaffirmed
   Short term Bank Facilities     0.30      CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Sahanu Sponge &
Power Limited (SSPL) continue to remain constrained due to the
limited track record of its operations in the highly competitive
and fragmented steel bars segment, stressed financial profile
characterized by highly leveraged capital structure and stressed
debt coverage indicators, working capital intensive nature of
operations, cyclical nature of the steel sector and exposure to
volatile raw material prices.

The ratings, however, continue to take into account the long
experience of the promoters in the steel sector through
association with Ambey Metallic Limited, Jay Ambey Iron Private
Limited, Goa Ispat Limited, HariPriya Corporation and Hari Priya
Steel Industries, operating in same business line, which are
coupled with moderate capacity utilization of SSPL, strong growth
in revenue along with improvement in the operational performance
and its diversified customer base.  Ability of the company to
improve capital structure, utilize the installed capacity
optimally and manage volatility in raw material prices are the key
rating sensitivity.

Goa-based, SSPL was incorporated in June, 2003 for the
manufacturing of TMT (Thermo Mechanical Treatment) bars. The
company remained dormant upto May 2012 and in June 2012acquired
the production facilities of 'Srithik Rolling Private Limited'
which was based out of Goa. SSPL restarted commercial production
of TMT bars, under the new management team comprising of Mr Sunil
Garg, Mr Pawan Bansal and Mr Tushar Garg who are the Directors of
the company. SSPL manufactures Steel TMT bars of various
specifications and markets the same as "GOA GOLD TMT". SSPL's
facilities, which commenced operations from July 2012, are ISO
certified and have an annual capacity of 45,000 Metric Tonnes Per
Annum(MTPA).


SHANKAR FLOUR: Ind-Ra Suspends 'IND B-' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Shankar Flour
Mill's (SFM) 'IND B-' Long-Term Issuer Rating with a Stable
Outlook to the suspended category. The rating will now appear as
'IND B- (suspended)' on the agency's website.

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 SFM.

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

SFM's ratings are as follows:

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

-- INR36 million fund based limits: migrated to 'IND B-
    (suspended)' from 'IND B-'

-- INR14 million long-term loans: migrated to 'IND B-
    (suspended)' from 'IND B-'


SHUBH ALUMINIUM: CARE Assigns 'B/A4' Rating to INR14cr Loan
-----------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank facilities
of Shubh Aluminium Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term/Short-term          14.00      CARE B/CARE A4
   Bank Facilities                          Assigned

Rating Rationale

The ratings assigned to the bank facilities of Shubh Aluminum
Private Limited (SAPL) are primarily constrained on account
of its nascent stage of operations along with its presence in a
highly competitive and fragmented trading industry and
susceptibility of the company's profitability to fluctuations in
the raw material prices.

The ratings, however, derives strength from the long standing
experience of the promoters in the diversified line of
business.

SAPL's ability to stabilize the operations of newly setup business
with achievement of the envisaged levels of income and
profitability shall be the key rating sensitivities.

Udaipur-based (Rajasthan) SAPL was incorporated in 2012 by
'Motawat family' along with Mr Ashok Agarwal. SAPL has commenced
its commercial operation from September, 2015 onwards and is
primarily engaged in trading of Iron & Steel, Polyester Yarn and
PET bottles. SMPL mainly caters to the domestics market with sales
concentrated predominantly in Rajasthan, Gujarat and Delhi to
various processing and end user manufacturing units pertaining to
the industry. The company procures iron and steel mainly form
dealers located in Jaipur as well as directly through SAIL (Steel
Authority of India) while its procures polyester from Del Cadre
Agents of Reliance Industries Limited and PET bottles from all
over Rajasthan.


SINGH CYCLE: CRISIL Assigns B+ Rating to INR100MM Loan
------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Singh Cycle And Motor Co. Private Limited (SCMCPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Inventory Funding
   Facility              100       CRISIL B+/Stable

   Cash Credit            10       CRISIL B+/Stable

   Drop Line Overdraft
   Facility               50       CRISIL B+/Stable

The rating reflects SCMCPL's initial phase and expected modest
scale of operations in the intensely competitive automobile
dealership business in Pune, and average financial risk profile,
marked by modest networth and leveraged capital structure, driven
by debt-funded capital expenditure and working capital
requirements.  These rating weaknesses are partially offset by the
promoters' extensive experience in the automobile dealership
business and its association with Hyundai Motors India Ltd (HMIL;
rated 'CRISIL A1+'), one of the prominent players in the Indian
passenger car industry.
Outlook: Stable

CRISIL believes SCMCPL will continue to benefit over the medium
term from its promoters' extensive experience and its association
with HMIL. The outlook may be revised to 'Positive' if substantial
ramp-up in sales and profitability leads to sizeable cash accruals
in the initial phase. Conversely, the outlook may be revised to
'Negative' if the financial risk profile, particularly liquidity,
weakens because of lower ramp-up in sales, decline in cash
accrual, sizable working capital requirements, or a large debt-
funded capital expenditure.

SCMCPL, incorporated in 2012-13 by Mr. K S Bedi and family, is the
authorised dealer for HMIL's passenger cars in Pune. The company
commenced its operations in January 2016 and currently operates
one showroom and two workshops in Pune.


SREE KOPPAMMAL: CRISIL Reaffirms 'D' Rating on INR110MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sree Koppammal Cotton
Spinning Mills Private Limited (SKCSMPL) continue to reflect
instances of delay by SKCSMPL in servicing its term debt because
of stretched liquidity and working capital intensity in
operations.

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

   Letter of Credit        40       CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      14.7     CRISIL D (Reaffirmed)

   Rupee Term Loan         15.3     CRISIL D (Reaffirmed)

The rating also reflects SKCSMPL's small scale of operations in
the intensely competitive cotton spinning industry and below-
average financial risk profile marked by high gearing and moderate
debt protection metrics. These rating weaknesses are partially
offset by the promoters' extensive experience in the textile
industry.

SKCSMPL, based in Aruppukottai, Tamil Nadu, was incorporated in
1995. It manufactures cotton yarn and polyester - and viscose-
blended yarn. Its operations are managed by key promoters, Mr. T R
S Babu and Mr. T R S Karthikeyan.

SKCSMPL reported profit after tax (PAT) of INR0.5 million on total
revenues of INR617.5 million in 2014-15 (refers to financial year,
April 1 to March 31) against PAT of INR0.4 million on total
revenues of INR545.8 million for 2013-14.


SUNLEX FABRICS: CARE Ups Rating on INR7.69cr Loan to 'BB-'
----------------------------------------------------------
CARE revises the lt rating and reaffirms the st rating assigned to
the bank facilities of Sunlex Fabrics Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     7.69       CARE BB- Revised
                                            from CARE B

   Long-term/Short-term Bank    12.00       CARE BB-/CARE A4
   Facilities                               Long-term rating
                                            revised from CARE B
                                            and Shortterm
                                            rating reaffirmed

Rating Rationale

The revision in the long-term rating assigned to the bank
facilities of Sunlex Fabrics Private Limited (SFPL) was primarily
on account of healthy growth in its scale of operations during
FY15 (refers to the period April 1 to March 31) along with
improvement in debt coverage indicators. The ratings continue
to draw strength from the long industrial experience of the
promoters.

The ratings, however, continue to remain constrained on account of
moderate profit margins, moderately leveraged capital structure,
moderate debt coverage indicators and liquidity position along
with susceptibility of its profit margins to the fluctuation in
foreign exchange rates and raw material prices.

The ability of SFPL to increase its scale of operations and
improve profitability through mitigating raw material and foreign
exchange fluctuation risks along with an improvement in the
overall financial risk profile via efficient liquidity management
are the key rating sensitivities.

Morbi-based (Gujarat) SFPL was incorporated in 2011 by "Detroja"
family to undertake the manufacturing of flex banner and its
allied products. SFPL recently started its commercial production
from September 2013 onwards with an installed capacity of 12,000
metric tonne per annum (MTPA).

The promoter family is also engaged in tiles manufacturing
business through other entities. Products manufactured by SFPL are
used as a medium of advertisement in the form of billboards,
banners, exhibition booth decoration etc. after digitally printing
the same.

During FY15, SFPL reported a total operating income (TOI) of
INR72.14 crore with a PAT of INR1.02 crore as against TOI of
INR15.56 crore with a net loss of INR0.65 crore for its seven
months of operations during FY14. During 9MFY16 (Provisional),
SFPL reported TOI of INR75.55 crore.


SWASTIK OIL: CARE Assigns 'B' Rating to INR87.1cr LT Loan
---------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to bank facilities of
Swastik Oil Refinery Pvt. Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      87.1      CARE B Assigned
   Short-term Bank Facilities     17.9      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Swastik Oil
Refinery Pvt Ltd (SORPL) are constrained by significant losses in
the last three years due to volatile raw material price as well as
forex fluctuation leading to tight liquidity position, low
operating margin inherent in the nature of business, moderate
capacity utilisation and fragmented nature of the industry
with presence of unorganized players. The above constraints are
partially offset by the experience of the promoter and
satisfactory presence in East and North-East India. The ability to
turnaround the business and earn profit as envisaged in the wake
of volatile raw material prices would remain the key rating
sensitivity.

SORPL incorporated in April 1997 as Swastik Refinery Pvt Ltd, is
engaged in manufacturing of various edible oils (refined palm and
rice bran) and Vanaspati ghee. Subsequently in December 2015 the
name of the company was changed to its present name SORPL. The
company is promoted by Kolkata-basedMr. O.P. Agarwal, his sonMr.
Manoj Agarwal and his nephew Mr. Ashok Agarwal. The company has a
total installed capacity of 20,000 tonnes per annum (TPA) for
vanaspati and 70,000 TPA for refined oil at its manufacturing
facilities located in Howrah (West Bengal).

The company has presence mainly in the East & North East India.
SORPL internally consumes 80% of the produce i.e. Refined Palm Oil
in its other divisions like Vanaspati and Rice Bran Oil. Remaining
20% of the Refined Palm Oil is sold to the outside market.

SORPL's board of directors comprise of two directors both from
promoters family. The day-to-day affairs of the company are looked
after by Mr. Ashok Agarwal.

In FY15 (refers to the period April 1 to March 31), SORPL net loss
of INR14.07 crore (loss of INR12.40 crore in FY14) on operating
income of INR206.96 crore (Rs.290.08 crore in FY14).


UTTORAYON TEA: CRISIL Reaffirms B Rating on INR57.5MM Term Loan
---------------------------------------------------------------
CRISIL ratings on bank facilities of Uttorayon Tea Industries
Private Limited (UTIPL) continues to reflect UTIPL's modest scale
of operations and financial risk profile marked by modest net
worth, high gearing and average debt protection metrics. These
rating weakness are partially offset by UTIPL's promoter's
extensive industry experience in the tea industry.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         2        CRISIL A4 (Reaffirmed)

   Cash Credit           24.5      CRISIL B/Stable (Reaffirmed)

   Proposed Long Term     2        CRISIL B/Stable (Reaffirmed)
   Bank Loan Facility

   Rupee Term Loan       57.5      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that UTIPL will continue to benefit from its
promoters' extensive experience in the tea industry. The outlook
may be revised to 'Positive' if the company generates more-than-
expected revenues while maintaining its profitability, leading to
improvement in its financial risk profile. Conversely, the outlook
may be revised to 'Negative' if UTIPL's business and financial
risk profiles weaken, most likely because of lower-than-expected
profitability or a stretch in its working capital cycle.

UTIPL was incorporated in July 2012 in Siliguri. It manufactures
black CTC tea.


VANTAGE SPINNERS: CARE Reaffirms 'B+' Rating on INR68.75cr Loan
---------------------------------------------------------------
CARE reaffirms the rating assigned to bank facilities of Vantage
Spinners Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     68.75      CARE B+ Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Vantage Spinners
Private Limited (VSPL) continues to be constrained by high
inventory holding period, decline in the PBILDT margin,
deterioration of capital structure, susceptibility of margins to
volatility in raw cotton prices and limited track record of the
company in the industry. However, the rating is underpinned
by geographical advantage for raw material availability, growth in
the total operating income in FY15 (refers to the period
April 01 to March 31) with improvement in liquidity profile and
stable outlook for the cotton yarn industry. The ability of
the company to further increase the scale of operations with
improvement in profitability and liquidity are the key rating
sensitivities.

VSPL was incorporated on July 28, 2006, by Mr Potluri Mohana
Murali Krishna, Mr Potluri Soma Sekhar and Ms Nandamuri
Meenalatha. The promoters inducted Mr J. S. Prasad Reddy as the
chairman of VSPL in 2010. He has over 26 years of experience of
working in a spinning mill. VSPL is mainly into manufacturing of
cotton yarn (40s and 60s count) with an installed capacity of
31,500 spindles. The company's manufacturing plant is located at
Nuzividu Mandalam in Krishna district, Andhra Pradesh. The company
started commercial operation in February 2010.

In January 2015, VSPL added three open-ended spinning machines
with annual installed capacity of 4,641 metric tones (MT) to
manufacture cotton yarn of 10s/12s/16s count size. Currently,
VSPL's capacity utilisation has remained around 94%-96% of
installed capacity of 31,500 spindles and 2,688 rotors (Open Ended
machines).

For FY15 (Audited), VSPL reported PBILDT of INR14.86 crore and PAT
of INR1.21 crore on total operating income of INR98.61 as against
PBILDT of INR15.23 crore and PAT of INR1.08 crore on total
operating income of INR80.47 crore.


VARSHA SUPER: CRISIL Assigns B+ Rating to INR67.5MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long term
bank facilities of Varsha Super Stockist India Private Limited
(VSS).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           67.5      CRISIL B+/Stable

   Proposed Long Term     7.5      CRISIL B+/Stable
   Bank Loan Facility

The rating reflects VSS's below-average financial risk profile
marked by high total outside liabilities to total net worth along
with limited geographical diversity in its revenue profile. These
rating weaknesses are mitigated by its promoters' extensive
experience in the consumer durable distributorship business and
VSS's established relationship with its principal Samsung India
Electronics Pvt Ltd.
Outlook: Stable

CRISIL believes that VSS will benefit from its promoters' long-
standing presence in the distribution industry and established
presence. The outlook may be revised to 'Positive' if VSS reports
more-than-expected growth in revenues and profitability, leading
to improvement in its financial risk profile, led by increase in
cash accruals. Conversely, the outlook may be revised to
'Negative' if VSS's financial risk profile deteriorates, due to a
stretch in the working capital cycle or lower-than-expected
profitability.

Established as a proprietorship firm in 1993 and later
reconstituted into a private limited company, VSS is the sole
regional distributor for Samsung Mobile Phones in Trivandrum and
also the sole regional distributor for Samsung Home Appliances for
Trivandrum and Kollam District. It is also a distributor of M/s
MVJ Foods India Pvt Ltd and V-Guard Industries. Based in
Trivandrum (Kerala), the company is promoted by Mr. T.G. Thampy.


VINAY WIRES: Ind-Ra Affirms 'IND BB' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Vinay Wires &
Poly Products Private Limited's (VWPPPL) Long-Term Issuer Rating
at 'IND BB'. The Outlook is Stable.

KEY RATING DRIVERS

The ratings continue to reflect VWPPPL's moderate scale of
operations with its net revenue of INR1,098 million in FY15 (FY14:
INR1,160 million) as well as its presence in a highly fragmented
and competitive industry. The ratings are constrained by VWPPPL's
weak credit profile with net financial leverage (total adjusted
net debt/operating EBITDAR) of 5.73x in FY15 (FY14: 4.16x) and
gross interest coverage (operating EBITDA/gross interest expense)
of 1.26x (1.30x).

The ratings are also constrained by its tight liquidity position,
with the average maximum utilisation of the working capital limits
being 103.67% in the 12 months ended January 2016.

However, the ratings also reflect the improvement in VWPPPL's
operating EBITDA margins to 4.28% in FY15 (FY14: 3.49%) due to a
reduction in raw material prices, the two-decade-long experience
of its directors in the industry, and the company's strong
relationships with its customers and suppliers.

The ratings also factor in the low customer concentration risk,
evidenced by its top 10 customers contributing 36% to the total
sales in FY15. Ind-Ra expects an improvement in its credit metrics
in FYE16.

RATING SENSITIVITIES

Negative: A further decline in revenue growth, along with
deterioration in VWPPPL's liquidity position, will be negative for
the ratings.

Positive: A significant improvement in the revenue, along with
improvement in its liquidity and overall credit profile, will be
positive for the ratings.

COMPANY PROFILE

Incorporated in 1999, VWPPPL manufactures cast polypropylene film,
blister film, opaque film, blister pack film, metalised cast
polypropylene film (an intermediate product used as packaging
material for FMCG products), blister packaging film, electric
resistance welded steel pipes, black electric resistance welded
pipes, pipe fittings, steel scraps and billets.

VWPPPL's ratings:

-- Long-Term Issuer Rating: affirmed at 'IND BB'; Outlook Stable
-- INR100 million fund-based working capital limits: affirmed at
    'IND BB'/Stable and 'IND A4+'
-- INR140 million non-fund-based limits: affirmed at 'IND A4+'


WESTERN INDIA: CARE Assigns B+ Rating to INR8.24cr LT Loan
----------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Western
India Sea Brines Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      8.24      CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Western India Sea
Brines Private Limited (WISBPL) is primarily constrained on
account of its small scale of operation coupled with net loss
reported in last three years ended FY15 (refers to the period
April 1 to March 31), leveraged capital structure, weak debt
coverage indicators and working capital intensive nature of
business. The rating also factors in the presence in a salt
business which is highly susceptible to adverse weather conditions
and instance of any natural calamities.

The rating, however, derives comfort from the experienced
promoters as well as established business operation coupled with
the presence of well-known customer base and location advantage.
Going forward, ability of WISBPL to increase its scale of
operations, improvement in profit margins and better working
capital management remains the key sensitivities. Furthermore,
improvement in capital structure and debt coverage indicators
would also remain crucial.

Kutch-based (Gujarat) WISBPL was incorporated in March 21, 1995 as
a private limited company by Mr Jawerilal G Nahata and other
promoters. WISBPL is engaged into the business of refining of
salt.  WISBPL has also installed 1 windmill with aggregate power
generation capacity of 1.50 MW (MegaWatt) as on March 31, 2015.
WISBPL has been accredited ISO 9001: 2008 (for quality
standard).

WISBPL has other group companies namely Chirai Salt (India) Pvt
Ltd (engaged in trading of salt), Pharmanza India Pvt. Ltd.
(engaged in manufacturing of human and veterinarian allopathic and
ayurvedic products), Shree Krishna Salt Industries (engaged in
manufacturing and exporting of industrial and refined salt), Shiv
Group of Hotels (engaged in hotel business in Kutch and Rajkot
district) and Atlas Cable Industries (engaged in cable
manufacturing business).

During FY15, WISBPL reported net loss of INR0.81 crore on a TOI of
INR30.02 crore as against net loss of INR0.95 crore on a TOI of
INR30.04 crore during FY14. During H1FY16 (Provisional), WISBPL
has achieved a TOI of INR16 crore.



=================
I N D O N E S I A
=================


ENERGI MEGA: S&P Lowers LT CCR to 'B-'; Outlook Negative
--------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit rating on Indonesia-based oil and gas
producer PT Energi Mega Persada Tbk. (EMP) to 'B-' from 'B'.  The
outlook is negative.  At the same time, S&P also lowered its long-
term ASEAN regional scale rating on EMP to 'axB-' from 'axB+'.

"We lowered the rating because PT Energi Mega continues to face
refinancing risks because of its sizable short-term debt at the
holding company level," said Standard & Poor's credit analyst
Yuehao Wu.  "We anticipate that EMP's cash and internal accruals
will be insufficient for the debt servicing and the company will
rely on rolling over its short-term debt."

S&P estimates that EMP has about US$86 million in short-term debt
maturing over the next 12 months at the holding company.  This
compares with S&P's estimate that the holding company has a cash
balance of less than US$10 million as of Sept. 30, 2015.  In
December 2015, EMP refinanced about US$53 million of high-cost
debt at its Bentu gas block with a lower cost US$60 million bank
loan maturing in December 2020.  The company's operating cash
flows and dividends from equity stakes in various oil and gas
producing blocks, which S&P estimates at US$25 million-US$30
million for the next 12 months, will be insufficient to repay the
remaining short-term debt without current maturities being rolled
over.

S&P notes that EMP has managed to roll over maturing debts several
times over the past 18 months, in particular its high-cost loan
from PST Finance Ltd.  Nevertheless, S&P is unsure whether the
company will remain able to do so in tougher market conditions.

The current poor industry and pricing conditions for hydrocarbons
narrow EMP's refinancing options, in S&P's view.  Asset disposals
could alleviate refinancing risk on maturing debts.  Still, S&P
believes this process could be lengthy and the proceeds uncertain,
especially for non-producing blocks that have additional capital
spending requirements.  Refinancing short-term maturities with
longer term loans could also be difficult at a reasonable cost
over the next six to 12 months, given the reduced investor
appetite for oil and gas exposure.  S&P believes refinancing
though resource-based lending will also have more stringent
covenants attached.  Moreover, S&P estimates that blocks
contributing more than 85% of EMP's production are already
encumbered.  This leaves limited scope for meaningful additional
secured debt.

"The government extension of EMP's concession on its Offshore
North West Java block is positive from a liquidity standpoint
because it postpones the maturity of a collateralized loan on the
block to December 2020," said Ms. Wu.

Nevertheless, EMP's effective interest in the block decreased to
12.2% from 18.7%.  This reduction in interest will narrow the
company's asset base, reserve profile, and increase its dependency
on its other assets.  The company acquired the block in 2011 and
its concession was to originally mature in 2017.  EMP's other
producing blocks will also likely require growing capital spending
to maintain or increase production over the next two years, most
notably at the Kangean block.

The negative outlook on EMP reflects S&P's view that the company's
refinancing risk will persist over the next 12 months.

S&P could lower the rating if EMP faces difficulty in refinancing
or rolling over its maturing short-term debts over the next six
months.

S&P may revise the outlook to stable if EMP addresses its
refinancing risk, resulting in a lengthened debt maturity profile
at a reasonable cost.  An outlook revision also depends upon the
company maintaining funds from operations cash interest coverage
well above 1.5x based on the equity-accounting method.



=====================
P H I L I P P I N E S
=====================


LBC DEVELOPMENT: Garnishment Order on Unit's Accounts Lifted
------------------------------------------------------------
Daphne J. Magturo at BusinesWorld Online reports that a regional
trial court (RTC) ordered the lifting of the garnishment of LBC
Express Holdings, Inc.'s bank accounts, after the company posted a
counter-bond following a PHP1.8-billion collection case filed by
the Philippine Deposit Insurance Corp. (PDIC) on behalf of the
shuttered LBC Development Bank, Inc.

"LBC Express Holdings, Inc., has been advised of the issuance by
the regional trial court of an order dated 17 February 2016 in
relation to Civil Case No. 15-1258 to lift and set aside the writ
of preliminary attachment issued on 7 December 2015 and the
garnishment made pursuant thereto," the listed firm told the
Philippine Stock Exchange on Feb. 22.

A writ of attachment is a court order for the attachment or
seizure of a property, and is generally used to freeze the assets
of a defendant while awaiting the results of a legal action to
satisfy the plaintiff's claim and costs of suit, BusinessWorld
says.

"The order to lift and set aside the preliminary attachment
directs the sheriff of the court to deliver to the defendants all
properties previously garnished pursuant to the writ of
preliminary attachment," the disclosure, as cited by
BusinessWorld, read.  "The counter-bond delivered by the
defendants shall stand in place of the properties so released and
shall serve as security to satisfy any final judgment in the
case."

According to BusinessWorld, the sheriff of Makati City RTC Branch
143 served the lifting of garnishment on the main offices of Land
Bank of the Philippines, BDO Unibank, Inc., Metropolitan Bank and
Trust Co., Bank of the Philippine Islands, Rizal Commercial
Banking Corp., and Philippine National Bank.

BusinessWorld relates that LBC Express Holdings, Inc. Chairman,
President and Chief Executive Officer Miguel Angel A. Camahort
said last month the group expects "administrative and operational
challenges" due to the garnishment of bank accounts.

The PDIC is pursuing action against the holding company as the
former liquidates the failed LBC Development Bank. PDIC, claiming
that it is owed PHP1.8 billion in service fees, won a garnishment
order for PHP6.94 million against its bank accounts as well as the
attachment of 1.21 billion LBC Express shares registered under the
name of LBC Development Corp.

Shares in LBC Express Holdings recovered 19 centavos or 2.24% to
end Feb. 22's trading at PHP8.69 apiece.

BusinessWorld notes that the defendants in the case include LBC
Development Corp. and LBC Express, Inc. -- the listed firm's
parent and subsidiary, respectively. Other defendants are LBC
Properties, Inc., former LBC Bank President and Chairman Ma. Eliza
G. Berenguer, and Juan Carlos Araneta, Santiago G. Araneta,
Fernando G. Araneta, Monica G. Araneta, Carlos Araneta, Ofelia F.
Cuevas, Apolonia L. Ilio, Joseph Jeffrey Rodriguez, and Arlan T.
Jurado.

On Sept. 9, 2011, the Monetary Board closed the thrift bank and
placed it under PDIC receivership, amid allegations of diversion
of bank funds to related companies. Bangko Sentral ng Pilipinas
Deputy Governor Nestor A. Espenilla, Jr. said in September 2011
that LBC Bank made cash advances worth billions of pesos to LBC
Express, Inc.

                          About LBC

LBC Development Bank is a 20-unit thrift bank.  Its head office
is located at 809 J. P. Rizal St., Poblacion, Makati City.  Its
19 branches are located nationwide.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 13, 2011, the Monetary Board placed LBC Development Bank
under receivership of the Philippine Deposit Insurance
Corporation by virtue of MB Resolution No. 1354 dated Sept. 9,
2011.

LBC Development incurred non-performing loans of PHP316.3 million
representing 27.29% of its total loan portfolio of more than
PHP1 billion as of December 2010, according to Manila Standard
Today.  The bank also had more than PHP725 million in classified
loans and other risk assets as of December last year.  Against
these high-risk loans, the bank had only PHP158.7 million in
specific provision for loan losses.  While LBC Development Bank
had nearly PHP6 billion in deposit liabilities, its net loans and
receivables amounted to less than PHP1 billion, the Manila
Standard disclosed.



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


DOOSAN INFRACORE: IPO Plan Will be Credit Positive, Moody's Says
----------------------------------------------------------------
Moody's Investors Service says that the IPO plan of Doosan
Infracore International, Inc.'s (DII, B1 CFR stable) parent --
Doosan Bobcat Inc.'s (DBI, unrated) -- will be credit positive, if
implemented.

"The IPO, if it proceeds as planned, will help improve the credit
profiles of both DII as well as its ultimate parent, Doosan
Infracore Co., Ltd," says Wan Hee Yoo, a Moody's Vice President
and Senior Analyst.

According to a public filing on Feb. 23, 2016, Doosan Infracore
Co., Ltd (DI, unrated) said that DBI plans to list itself on the
Korean stock market in 2016.

The size and structure of the IPO has not been decided yet.

Should DBI issue new shares during the IPO process, DBI's
financial profile will improve.

In addition, the IPO will help DI lower its financial leverage.
DI's weak financial profile has been a drag on DII's credit
profile and rating.

In addition, the IPO will improve DBI's and (indirectly) DII's
corporate governance and transparency.


In 3Q 2015, DBI issued KRW705 billion ($597 million) in
convertible preferred shares (CPS) to financial investors through
a private placement.

At that time, DI said that DBI's CPS issuance was a pre-IPO
transaction in conjunction with its listing planned in the next
few years.

DII and Doosan Holdings Europe Limited (DHEL, unrated) are co-
borrowers for the majority of their debt, including the rated $1.2
billion senior secured term loan.

Given this structure, Moody's analyzes DII based on DBI's
consolidated financials, which effectively combines those of DII
and DHEL. DBI is the immediate parent company of DII and DHEL.


MAGNACHIP SEMICONDUCTOR: Moody's Affirms Caa2 CFR; Outlook Stable
-----------------------------------------------------------------
Moody's Investors Service has revised MagnaChip Semiconductor
Corporation's rating outlook to stable from negative.

At the same time, Moody's has affirmed its Caa2 corporate family
and senior unsecured bond ratings.

                         RATINGS RATIONALE

"The change in outlook reflects an improvement in the company's
liquidity position, helped by prepaid deposits for the planned
sale of the company's 6" fab equipment and cost reductions," says
Gloria Tsuen, a Moody's Vice President and Senior Analyst.

"Moreover, as the company has become current with its financial
filings since 2Q 2015, and it has also agreed in principle to
settle its shareholder lawsuits in the past several months, its
regulatory and legal risks have declined," adds Tsuen.

MagnaChip's cash balance improved to $91 million at end-2015 after
five consecutive quarters of decline.

The cash balance had risen by $22.5 million sequentially, helped
by prepaid deposits for the planned sale of the company's 6" fab
equipment and prepayment received for end-of-life products
produced in the 6" fab.

This level of cash holdings provides a reasonable buffer for
negative free cash flow, if any, over the next 1-2 years.  The
company has no debt refinancing requirement other than the Senior
Notes due July 2021.

At the same time, the company's operating loss narrowed to $43
million in 2015, from $77 million in 2014, driven by a $42 million
year-on-year decrease in operating expenses, as management
delivered on its plans to reduce spending.

MagnaChip's revenue fell 9% to $634 million in 2015 and its gross
margins fell 0.6 percentage points to 21.3%.

The company implemented its portfolio optimization plan in early
2015, developing new products and broadening its customer base.
There has been some initial traction and management expects
revenue and fab utilization -- which drives gross margins -- to
improve progressively in 2016.

However, whether the company will successfully turn around its
operations remains uncertain, particularly given challenging
macro-economic conditions.  In this regard, Moody's expects
MagnaChip to continue reporting operating losses and negative
funds from operations in the next several quarters.

As indicated, MagnaChip became current again with the filing of
its financial statements -- following the filing of Form 10-Q for
2Q 2015 -- and is no longer in breach of the reporting
requirements under the covenants of its $225 million notes due
2021.

Since December 2015, the company has also agreed in principle to
settle its class action shareholder lawsuits.  Although it remains
under investigation by the Securities and Exchange Commission, the
legal overhang and financial risks stemming from issues relating
to material weaknesses in the company's internal controls have
declined.

Upward rating pressure could emerge if the company: 1)
successfully turns around its operations such that it can reduce
operating loss to a manageable level and generate positive funds
from operations on a sustained basis; 2) maintains cash holdings
of at least $90-$100 million; and 3) successfully completes the
remediation of material weaknesses in its internal controls.

On the other hand, downward ratings pressures could re-emerge if
the company: 1) fails to turn around its operations, such that it
continues to report negative EBITDA and funds from operations; 2)
reports cash on hand below $50 million; or 3) fails to complete
the remediation of material weaknesses in its internal controls.

The principal methodology used in these ratings was Semiconductor
Industry Methodology published in December 2015.

MagnaChip Semiconductor Corporation is a Korea-based designer and
manufacturer of analog and mixed-signal semiconductor products for
consumer, computing, communication, industrial, automotive and
Internet of Things ("IoT") applications.



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


* South Asian NOC Face Higher Risk of Downgrade, Moody's Says
-------------------------------------------------------------
Moody's Investors Service says that in its current review of the
ratings of national oil companies (NOC) in South and Southeast
Asia, companies with ratings higher than their sovereigns face a
higher risk of downgrade when compared with NOCs rated at par with
their sovereigns.

"Petronas, Oil & Natural Gas Corporation and Oil India Limited are
rated higher than their respective sovereigns and face a higher
risk of downgrade than NOCs rated at par with their sovereigns.
We will downgrade the final ratings of these three companies if
their baseline credit assessments are lowered," says Vikas Halan,
a Moody's Vice President and Senior Credit Officer.

"By contrast, there is scope for NOCs with final ratings at par
with their respective sovereigns' rating, such as PTT Public
Company Limited and Pertamina (Persero) (P.T.), to benefit from
varying degrees of additional ratings uplift due to sovereign
support in situations where the companies' baseline credit
assessments deteriorate," adds Rachel Chua, a Moody's Analyst.

Moody's also explained that PTT Exploration and Production Public
Company Limited (PTTEP) can benefit from an additional notch of
ratings uplift if there is a clear demonstration of extraordinary
support from its Thai state-owned parent, PTT.

Moody's analysis is contained in its just-released report titled
"Oil and Gas - South and Southeast Asia: National Oil Companies
Rated Above the Sovereigns Face Higher Risk of Final Ratings
Downgrade," co-authored by Halan and Chua.

The report points out that on Jan. 22, 2016, Moody's placed the
ratings of five NOCs and one NOC subsidiary in South and Southeast
Asia on review for downgrade, as Moody's recalibrates ratings
globally for the sector in view of the sharp fall in oil prices.
Moody's has lowered its oil price estimates and expects a slow
recovery for oil prices over the next several years.

Moody's review of the companies' ratings will focus on cash flow.
In particular, Moody's will assess the impact of Moody's latest
crude price assumptions on the cash flows of the Asian oil and gas
companies under review.

Other credit metrics that Moody's will focus on in its review
include the companies': 1) liquidity positions; 2) debt maturity
profiles and financing needs; 3) capital and operating spending
requirements; and 4) cost structure.  Moody's will also consider
the companies' efforts to cope with a prolonged downturn in the
oil sector, as well as the relative rating positioning of each
company in the E&P space globally.

Moody's report says that low oil prices will put pressure on most
NOCs' baseline credit assessments (BCAs). Such assessments provide
indications of the companies' standalone credit strength.

For all the companies under review, Moody's expects that their
BCAs will fall by at least one notch under Moody's current oil
price assumptions, without taking into account a change in
management strategy for coping with the sustained pressure on oil
prices.

Pure play upstream producers or integrated players with a small
downstream presence will see more pressure on their fundamental
credit profiles.

Companies which exhibited high leverage profiles going into the
downturn could experience a multi-notch downgrade of their BCAs.

Moody's will complete its reviews of the NOCs' ratings by the end
of the first quarter in 2016.

Subscribers can access the report at:

   http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_1015759



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

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

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


                            *********


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

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

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

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

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



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