TCRAP_Public/160302.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Wednesday, March 2, 2016, Vol. 19, No. 43


                            Headlines


A U S T R A L I A

AUSDRILL LIMITED: Moody's Retains B2 Rating on 1st-Half Results
CL GOLD: First Creditors' Meeting Scheduled For March 9
HEALTH SERVICES: HSU Branch at Risk of Insolvency
MICHELS CLAN: First Creditors' Meeting Slated For March 9
MISSION NEW ENERGY: Incurs $1.38MM Net Loss for Half Year 2015

NEDRILL BLASTING: First Creditors' Meeting Set For March 8
SLATER & GORDON: Under Bank Pressure to Settle Cases
TRI NATION: First Creditors' Meeting Set For March 9


C H I N A

JES INTERNATIONAL: To Sell Shipbuilding Units to Victo for $500K
SKYSTAR BIO-PHARMA: Nasdaq to Complete Delisting, Filings Delayed


H O N G K O N G

MCE FINANCE: Moody's Revises Outlook on Ba3 CFR to Stable


I N D I A

ALLEPPEY COMPANY: CARE Reaffirms B+/A4 Rating on INR20.70cr Loan
AMUL COTTON: CARE Reaffirms B+ Rating on INR6.50cr LT Loan
ATRA PHARMACEUTICALS: CARE Lowers Rating on INR43.11cr Loan to D
BISMAN INDUSTRIES: ICRA Reaffirms 'B+' Rating on INR8cr Loan
BOCHEM HEALTHCARE: ICRA Assigns 'B' Rating to INR10cr Loan

CONTROLS & SCHEMATICS: ICRA Reaffirms B/A4 Rating on INR12cr Loan
DIAMANT INFRASTRUCTURE: CRISIL Cuts Rating on INR80MM Loan to C
DISTRIBUTION LOGISTICS: ICRA Suspends D Rating on INR280cr Loan
DWARKADHISH COTSPIN: ICRA Reaffirms B+ Rating on INR49.7cr Loan
ELITE MOTORS: CARE Assigns B+ Rating on INR7.39cr Loan

GARIB NAWAZ: CRISIL Lowers Rating on INR35MM Cash Loan to D
GODAWARI COTTON: CRISIL Assigns B+ Rating to INR40MM Cash Loan
JOGI FOOD: ICRA Suspends 'D' Rating on INR4.40cr Term Loan
KERALA BALERS: CARE Reaffirms B+/A4 Rating on INR12cr Loan
KINGSMEN FAIRTECH: CRISIL Assigns B+ Rating to INR150MM Loan

KRISHNA FOOD: ICRA Suspends 'D' Rating on INR3.47cr Term Loan
LIMTEX AGRI: ICRA Reaffirms B+ Rating on INR25cr Cash Loan
MAA GAURI: ICRA Reaffirms 'B' Rating on INR4.90cr LT Loan
MANGAL SHANTI: CARE Lowers Rating on INR10cr LT Loan to 'D'
NARESH KUMAR: CRISIL Reaffirms B+ Rating on INR82.5MM Cash Loan

NITTYAKALI RICE: CRISIL Assigns B+ Rating to INR35MM Cash Loan
NUTRI AGROVET: CRISIL Assigns B+ Rating to INR50MM Cash Loan
PAS TRADING: CRISIL Assigns B+ Rating to INR90MM Cash Loan
PATCO FOODS: ICRA Suspends 'D' Rating on INR5cr Cash Loan
PRIME TECHNOPLAST: CRISIL Cuts Rating on INR500MM Loan to D

PROMPT TERMINALS: ICRA Assigns B+ Rating to INR20CR LT Loan
R.K. PULSES: CRISIL Assigns 'B' Rating to INR60MM Cash Loan
RA PARIKH: Ind-Ra Suspends 'IND BB-' Long-Term Issuer Rating
RAKSHIT ENGINEERING: Ind-Ra Suspends 'IND B-' LT Issuer Rating
ROCKLINE CONSTRUCTION: CRISIL Assigns D Rating to INR36.5MM Loan

S K PLASTIC: Ind-Ra Suspends 'IND BB-' Long-Term Issuer Rating
SAI CONSTRUCTION: Ind-Ra Suspends 'IND B' Long-Term Issuer Rating
SANTARAM SPINNERS: CARE Reaffirms B+ Rating on INR2.8cr LT Loan
SATYANARAYAN TEA: CARE Lowers Rating on INR24.27cr Loan to 'B'
SAVITRIDEVI INDUSTRIES: CARE Assigns B+ Rating to INR9.19cr Loan

SHIVA VEENER: Ind-Ra Suspends 'IND B+' Long-Term Issuer Rating
SHREE HARI: Ind-Ra Suspends 'IND B' Long-Term Issuer Rating
SHREE RADHA: CRISIL Assigns B+ Rating to INR25MM Cash Loan
SHREE SANTOSH: ICRA Assigns B+ Rating to INR10cr Cash Loan
SHREEJI FOOD: ICRA Suspends 'D' Rating on INR3.57cr Term Loan

SHRI BALAJI: ICRA Upgrades Rating on INR65cr Term Loan to B
SHRI RAMGINNING: CARE Assigns B Rating to INR9.80cr LT Loan
SHRI ROKADOBAMAHARAJ: CARE Reaffirms B+ Rating on INR10.03cr Loan
SITARAM MAHARAJ: CARE Lowers Rating on INR68.24cr LT Loan to 'D'
SOLVAY VISHNU: CARE Assigns B+ Rating to INR17.20cr LT Loan

SRAVYA INFRA: CRISIL Assigns B+ Rating to INR150MM LT Loan
T BHIMJYANI: Ind-Ra Assigns BB+ Rating; Outlook Stable
TRIKAAL LEASING: CARE Assigns 'B+ [FD]' Rating to INR2.87cr Loan
TROY IFMR: Ind-Ra Puts BB- Rating on INR24.1MM Series A2 PTCs
UNI SOURCCE: Ind-Ra Suspends 'IND BB+' Long-Term Issuer Rating

UNIWORLD SUGARS: CARE Assigns 'B' Rating to INR75cr LT Loan
VEDA BIOFUEL: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
VIJAY SABRE: ICRA Reaffirms 'C' Rating on INR10cr LT Loan
VIKAS TECHNOPLAST: Ind-Ra Suspends 'IND BB-' LT Issuer Rating
VINAYAKA ELECTROALLOYS: CRISIL Assigns B Rating to INR50MM Loan

VINDHYA CEREALS: Ind-Ra Suspends 'IND B' Long Term Issuer Rating
VISHRAMBHAI GORASIA: Ind-Ra Assigns 'IND B+' LT Issuer Rating
VISHWAKARMA SCALES: CRISIL Assigns B Rating to INR55MM LT Loan
VMD MILLS: Ind-Ra Ups LT Issuer Rating to 'IND BB-'
YOGAA AND CO: Ind-Ra Raises Long-Term Issuer Rating to 'IND B+'


J A P A N

TOSHIBA CORP: Plans to Sell Entire Medical Unit


N E W  Z E A L A N D

STONEWOOD HOMES: Collapse is a Wake Up Call for All Directors


S R I  L A N K A

SRI LANKA: Fitch Cuts Long-Term Issuer Default Ratings to 'B+'


X X X X X X X X

* 2016 High-Yield Corporate Default Rate Will Stay at 3.2%


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AUSDRILL LIMITED: Moody's Retains B2 Rating on 1st-Half Results
---------------------------------------------------------------
Moody's Investors Service said that Ausdrill Limited's
("Ausdrill", B1 negative) first half results for FY2016 (1H2016)
are in line with expectations and hold no rating implications.
The results also have no immediate impact on the B2 senior
unsecured rating of Ausdrill Finance Pty Ltd and the outlook on
all ratings is negative.

"Ausdrill's leverage ratio, as measured by adjusted debt/EBITDA in
the twelve months to Dec. 31, 2015, is within the range of 3.4x-
3.8x, as compared to a maximum tolerance for its current rating of
4.25x", says Matthew Moore, Moody's Senior Vice President and
Credit officer.

"Ausdrill has responded effectively to the very challenging market
conditions by reducing debt and improving efficiency.  Yet it has
still managed to win new contracts", adds Moore.

Moody's expects operating conditions to remain weak through 2016
and mining companies to continue to focus on cost savings while
deferring non-essential capital expenditure.

Ausdrill's focus on reducing cash outflows and debt -- it repaid
$46.5 million in 1H16 -- as well as the benefits accruing from
ongoing operational improvements therefore provide important
support to its credit profile and rating.  Ausdrill's credit
profile also benefits from its large exposure to the Australian
Gold sector, which has experienced less of a contraction in mining
activity than other commodities.

Moody's expects these positive factors to mitigate some of the
operating environment pressures on the company's credit metrics,
but in light of the severity of the collapse in commodity prices,
the rating agency does not expect Ausdrill's credit metrics to
improve materially from their current level.

Moody's expects Ausdrill to maintain sufficient liquidity over the
next 12 months, supported by its cash balances, undrawn credit
facilities and reduced capital expenditure.

The negative outlook on Ausdrill's ratings reflects the weakness
in the commodity sector, which is expected to continue to pressure
the company's credit profile for at least the next 12-18 months.

                   WHAT COULD CHANGE THE RATINGS

Downward rating pressure could emerge if operating conditions
deteriorate beyond Moody's expectations or if the company is
unable to reduce its debt, as indicated by debt-to-EBITDA above
4.25x.

In addition, Moody's would consider downgrading the ratings if the
company experiences significant contract losses or is unable to
comply with the covenants in its syndicated facilities.

On the other hand, the outlook could revert to stable if Ausdrill
secures new contracts and increases revenue and earnings, such
that gross adjusted debt-to-EBITDA remains comfortably below 3.25x
on a sustained basis.

The principal methodology used in these ratings was Business and
Consumer Service Industry published in December 2014.

Ausdrill Limited was established in 1987 as a drill and blast
company in the Australian mining services sector.  It has since
expanded into a vertically integrated provider of mining services
to the resources industry in Australia and Africa, with in-house
capabilities in manufacturing, logistics and supply.


CL GOLD: First Creditors' Meeting Scheduled For March 9
-------------------------------------------------------
Steve Naidenov and David Iannuzzi of Veritas Advisory were
appointed as administrators of CL Gold Coast Pty Ltd on Feb. 26,
2016.

A first meeting of the creditors of the Company will be held at
Level 12, 88 Pitt Street, in Sydney, on March 9, 2016, at
11:00 a.m.


HEALTH SERVICES: HSU Branch at Risk of Insolvency
-------------------------------------------------
Ben Schneiders and Royce Millar at The Age report that a scandal-
plagued union run by the close friends and political allies of
Opposition Leader Bill Shorten has been warned it risks insolvency
after it spent heavily to defend senior union officials in a case
involving forged documents.

According to the report, the Health Services Union No. 1 branch in
Victoria lost AUD1.6 million in 2014/15, and a similar amount the
previous year. Once the one-off sale of its building is excluded,
the HSU branch has lost nearly AUD3.2 million in two years as cash
reserves plummeted, The Age relates.

However, its embattled secretary and Mr. Shorten ally Diana Asmar
was still paid the highest wage of any HSU official in Australia,
nearly AUD180,000, says The Age.

The Age notes that Fair Work Commission financial reporting
advisor Ken Morgan, recently warned that the union regulator had
"concerns about the ongoing solvency of the HSU-VIC1".

According to The Age, Mr. Morgan said there were civil penalties
for not acting in the best interests of a union and it was
"incumbent on the officers of the union to take appropriate steps
to address the net operating loss and ensure its ongoing
solvency".

Fairfax Media late last year revealed the role of the branch,
which trades as the Health Workers Union, in Labor party branch
stacking, the report recalls.

The Age says documents show its computers were used to pay for
multiple Labor memberships with anonymous gift cards. Ms Asmar's
husband, David, is a central figure in a broader branch-stacking
scam that engulfed Victorian Labor, the report states.

Mr Asmar flew to Lebanon in September after he was told the royal
commission into union corruption wanted to question him. He then
said he was too ill to return, The Age relates.

Fairfax Media understands he has since returned to Australia and
was recently added to ballot papers as a candidate for internal
Labor elections ahead of the party's state conference in April,
according to The Age.

The Age notes that while the Victorian branch of the union is not
affiliated to the Labor Party, its leaders are linked to Mr
Shorten through Ms Asmar and notorious former blogger Andrew
Landeryou, a close friend of the Opposition Leader who has played
a behind-the-scenes role at the union.

Among those close to Mr Landeryou who have worked at the union
include his wife, Kimberley Kitching, a former union general
manager, and an assortment of Labor Right figures, often with
chequered pasts, including David Saunderson, Scott Crawford and
Dean Sherriff, The Age discloses.

According to the report, Ms Asmar's election came after Mr
Shorten, as workplace relations minister, launched legal action to
put the dysfunctional union into administration. She won control
of the branch later that year after a fiercely contested election
against an ally of the corrupt Kathy Jackson.

The Age says labor sources expect the No. 1 branch to eventually
apply to reaffiliate with Victorian Labor, once the dust settles
on its current scandals, and for it to align with the faction of
Mr Shorten and federal frontbencher Stephen Conroy.

In NSW, the HSU's largest branch recently decided to apply to
rejoin Labor after a number of years outside the fold following
the corruption scandals nationally involving Craig Thomson and
Michael Williamson, the report says.

In Victoria, the No. 1 branch remains mired in difficulties.

The Age notes that the branch was in such a perilous situation a
year ago it had cut staff numbers and wages. Despite the heavy
pruning -- which reduced the wage bill by AUD500,000 -- its cash
position collapsed from AUD2.4 million to AUD83,695 at the end of
the last financial year.

Its short-term debts are well in excess of short term assets --one
measure of financial distress. It has spent large amounts on
advertising and marketing, believed to include giant billboards of
Ms Asmar near prominent roads, the report says.

In a statement Ms Asmar denied her union was insolvent, The Age
says. "I completely reject any commentary that we are not solvent.
We pay our debts as and when they fall due."

She said the union had a projected surplus of AUD500,000 this
financial year, the report relates.  The Age adds that Ms Asmar
said the union had previously absorbed significant debts from "the
mismanagement of previous corrupt union officials" and had
suffered from an "inequitable de-amalgamation some years ago by
the previous administrator of the HSU."

She defended the billboards as a successful recruitment tool and
defended her pay as being set by a previous administrator of the
union, The Age adds.


MICHELS CLAN: First Creditors' Meeting Slated For March 9
---------------------------------------------------------
Terrence John Rose and David Michael Stimpson of SV Partners were
appointed as administrators of Michels Clan Pty Ltd on Feb. 26,
2016.

A first meeting of the creditors of the Company will be held at
SV Partners, 138 Mary Street, in Brisbane, Queensland, on
March 9, 2016, at 2:30 p.m.


MISSION NEW ENERGY: Incurs $1.38MM Net Loss for Half Year 2015
--------------------------------------------------------------
Mission New Energy Limited reported loss of $1.38 million on
$18,233 of total revenue for the six months ended Dec. 31, 2015,
2015, compared to a profit of $28.67 million on $688,222 for the
six months ended Dec. 31, 2014.  As of Dec. 31, 2015, Mission New
Energy had $7.20 million in total assets, $1.60 million in total
liabilities and $5.60 million in total equity.  A full-text copy
of the Form 6-K is available for free at http://is.gd/mE1Gpu

                   About Mission NewEnergy

Based in Subiaco, Western Australia, Mission NewEnergy Limited is
a producer of biodiesel that integrates sustainable biodiesel
feedstock cultivation, biodiesel production and wholesale
biodiesel distribution focused on the government mandated markets
of the United States and Europe.

The Company is not operating its biodiesel refining segment.  The
refineries are being held in care and maintenance either awaiting
a return to positive operating conditions or the sale of assets.

The Company has materially diminished its Jatropha contract
farming operation and the company is now focused on divesting the
remaining Indian assets.  The Company intends to cease all Indian
operations.

Mission NewEnergy reported profit of $28.4 million on $7.27
million of total revenue for the year ended June 30, 2015,
compared to a loss of $1.09 million on $9.68 million of total
revenue for the year ended June 30, 2014.

"Although we incurred an operating profit for the year ended June
30, 2015 of A$28.3 million (2014: A$1.1 million loss), we have a
history of net losses and there is a substantial doubt about our
ability to continue as a going concern," the Company states in its
annual report for the year ended June 30, 2015.


NEDRILL BLASTING: First Creditors' Meeting Set For March 8
----------------------------------------------------------
Christopher Powell and Nicholas Gyss of DuncanPowell were
appointed as administrators of Nedrill Blasting Contractors Pty
Ltd on Feb. 29, 2016.

A first meeting of the creditors of the Company will be held at
Paspalis Business Centre Darwin, Level 1, Paspalis Centrepoint,
48-50 Smith Street Mall, in Darwin, Northern Territory, on
March 8, 2016, at 2:30 p.m.


SLATER & GORDON: Under Bank Pressure to Settle Cases
----------------------------------------------------
Sarah Danckert, Lucy Battersby and Jonathan Shapiro at The Sydney
Morning Herald report that Slater & Gordon will be under pressure
to settle a swathe of cases in the next month to appease their
bankers after delivering a horror write-down in its half-year
results.

The law firm's shares were smashed again on March 1 as analysts
raised questions about Slater & Gordon's solvency, SMH relates.

SMH relates that on Feb. 29, Slater & Gordon revealed a $958
million half year loss as a result of AUD876 million of write-
downs, an amount three times larger than the sum of its profits,
since it became the first law firm in the world to list on the
stock exchange.

According to the report, analysts at Macquarie Bank said the firm
would be expected to settle as many cases as possible in the next
month to soothe the concerns of its bankers.

SMH says the analysts described Slater & Gordon's financial
position as 'precarious' after it reported negative cash flows of
AUD80 million, much worse than analysts had feared after the
company warned in November that the measure would be negative $30
million to AUD40 million.

According to SMH, the bulk of its cases are personal injury
claims, although it has one shareholder class action against
Newcrest mining close to settlement for AUD36 million.

Slater & Gordon's banks National Australia Bank and Westpac, who
have given the firm until April 30 to prove it can improve its
cash flow position, will be receiving weekly cash flow updates
from the company's financial advisors at McGrath Nicol, SMH says.

The firm has also been struggling to cover its payroll costs in
recent months with employee payments exceeding receipts by nearly
$60 million, according to financial accounts, SMH relays.

According to SMH, receipts from customer in the six months to
December 31 were AUD534 million, while payments to suppliers and
employees were AUD594 million. This was the first time employee
costs exceeded receipts.

National Australia Bank and Westpac are together owed about AUD800
million and have reserved their right to demand Slater & Gordon
repay all of its debt by next year if the law firm can't settle
enough cases during March and April this year, SMH discloses.

This could lead to the 81-year-old law firm, with over 5000
employees, being placed into receivership, SMH notes.


TRI NATION: First Creditors' Meeting Set For March 9
----------------------------------------------------
Gavin Moss of Chifley Advisory Pty Ltd was appointed as
administrator of Tri Nation Steel (WA) Pty Ltd, also trading as
"Goldfields Steel Framing", on Feb. 28, 2016.

A first meeting of the creditors of the Company will be held at
The Regency Room, Tower Hotel Kalgoorlie, Corner of Bourke and
Maritana Streets, in Kalgoorlie, on March 9, 2016, at 4:00 p.m.



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JES INTERNATIONAL: To Sell Shipbuilding Units to Victo for $500K
----------------------------------------------------------------
DealStreet Asia reports that JES International Holdings, a
shipbuilding and offshore engineering company, plans to sell its
shipbuilding business to Hong Kong Victo International for an
initial $500,000 in cash and a potential top-up after a year.

According to the report, a filing said the conditional sale and
purchase agreement with Victo will see JES International divest
its ownership of Jiangsu Eastern Heavy Industry Co., Ltd (JEHI),
Jiangsu New Eastern Marine Engineering Equipment Co., Ltd (JNEME)
and 49% of the registered capital of Jiangsu Nereus Shipyard Co.,
Ltd (JNS), the shipbuilding business in question.

DealStreet Asia says the companies have a fixed asset value of
CNY1.53 billion ($235,4 million) as at 31 December 2014, with bank
debts of about CNY1.96 billion ($301.6 million). As of December
2014, they maintain trade payables of CNY558.46 million  ($85.9
million).

As part of the terms, if the fixed asset value of the disposal
companies is in excess of $1 million over their combined bank debt
and trade payables one year after completion of the acquisition,
Hong Kong Victo will pay JES an additional amount, the report
relates.

This amount is equal to 20 per cent of the net value of the
disposal companies at that time, according to DealStreet Asia.

According to DealStreet Asia, JEHI had earlier filed an
application in the People's Republic of China (PRC) for a proposed
restructuring scheme between JEHI and few creditors, a judicial
decision of which is pending an appeal to the Jiangsu High
People's Court, on the decision by the Taizhou Intermediate
People's Court, Jiangsu Province.

DealStreet Asia notes that the insolvency of the Chinese business
units has led to problems in engaging and securing the commitment
of investors, in addition to bank debts of the disposal assets
being outstanding to their creditor banks and greatly exceeding
the value of their fixed assets.

Based on legal developments, the JES proceeded with the decision
to divest their PRC business assets, following delays in a
judicial decision to restructure the firm. The board of directors
approved the sale, viewing it as benefiting shareholders while
seeking new business to inject into JES, DealStreet Asia states.

DealStreet Asia relates that notwithstanding known bank debts
exceeding the fixed asset value of the assets being divested, JES
has been able to negotiate for the consideration of $500,000 and
the adjustment amount, ensuring that JES will be able to benefit
from the terms of the proposed restructuring, if it is approved.

The acquisition by Hong Kong Victo will also see them indemnifying
the company against all liabilities, claims, costs, expenses and
damages with regard to the assets from the time of the
acquisition, adds DealStreet Asia.


SKYSTAR BIO-PHARMA: Nasdaq to Complete Delisting, Filings Delayed
-----------------------------------------------------------------
Skystar Bio-Pharmaceutical Company, a China-based manufacturer and
distributor of veterinary medicine, vaccines, micro-organisms and
feed additives, on Feb. 26 disclosed that The Nasdaq Stock Market
("Nasdaq") filed a Form 25 to complete the Company's delisting.
The Company will be delisted from Nasdaq on March 4, 2016.

The Company previously announced that, on December 17, 2015, the
Company received notification from Nasdaq that a Nasdaq hearing
panel had decided to delist the Company's securities from Nasdaq.
Skystar continues to trade on the OTC Pink market under ticker
'SKBI.'

Delinquent filings

Following the filing and acceptance of its delinquent quarterly
and fiscal year end reports with the Securities Exchange
Commission pursuant to the Exchange Act of 1934, as amended,
Skystar intends to continue to follow applicable Nasdaq listing
standards, notwithstanding its delisting.

As of the date of this release, the Company continues to make
progress with the completion of its delinquent quarterly and
annual reports and intends to file these reports with the SEC
following their completed review with Skystar's external auditors.

           About Skystar Bio-Pharmaceutical Company

Skystar -- http://www.skystarbio-pharmaceutical.com-- is a
China-based developer, manufacturer and distributor of veterinary
healthcare and medical care products.  Skystar has four product
lines: veterinary medicines, probiotics, vaccines and feed
additives formulated and packaged in house across several modern
manufacturing and distributions facilities.  Skystar's
distribution network includes almost 3,000 distribution agents of
which 360 are franchised stores with exclusivity agreements
covering 29 provinces throughout China.



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MCE FINANCE: Moody's Revises Outlook on Ba3 CFR to Stable
---------------------------------------------------------
Moody's Investors Service has revised the outlook for MCE Finance
Limited's Ba3 corporate family and senior unsecured bond ratings
to stable from positive.

At the same time, Moody's has affirmed the above ratings.

                         RATINGS RATIONALE

"The revision of the outlook for MCE Finance's ratings to stable
from positive reflects our view that the potential for the
company's ratings to be upgraded over the next 12-18 months is
limited, given the ongoing weak operating environment in Macao's
gaming market," says Kaven Tsang, a Moody's Vice President and
Senior Credit Officer.

The declining trend in Macao's (Aa2 stable) gross gaming revenues
has affected all gaming operators.  But Moody's points out that
MCE Finance has established profitable operations at the City of
Dreams and maintained low debt leverage; factors which will enable
it to operate through the downcycle.

Moody's estimates that MCE Finance's adjusted debt/EBITDA was at
around 2.1x in 2015.  This ratio will stay at around 2.0x-2.5x
over the next 1-2 years and will continue to support its Ba3
ratings.

"Material improvements in its parent, Melco Crown Entertainment's
financial profile appear unlikely in the near term," says Tsang
who is also the Lead Analyst for MCE Finance.

Melco Crown Entertainment Limited's (unrated) 60%-owned Studio
City project, an integrated hotel and casino resort at Cotai,
commenced operations only at end-2015.  Moody's points out that
Melco Crown Entertainment's financial profile over the next 12
months will therefore reflect Studio City's ramping up of its
operations.

Moody's estimates that Melco Crown Entertainment's adjusted
debt/EBITDA rose to around 7.0x in 2015, due to increased debt and
operating expenses -- including pre-opening expenses -- from the
Studio City project, as well as lower EBITDA generation from MCE
Finance.

Moody's expects that Melco Crown Entertainment's adjusted
debt/EBITDA will stay at around 4.0x-5.0x over the next 1-2 years,
as Studio City ramps up gradually its operations in an environment
of weak demand, and with the additional supply of two new casinos
in the same Cotai area in 2016.

MCE Finance's Ba3 corporate family rating reflects its established
operations through Melco Crown (Macau) Limited (unrated) -- which
is the key operating entity that holds the gaming concession --
and two major casino properties, Altira Macau and City of Dreams.

However, the Ba3 corporate family rating is constrained by the
group's geographic concentration and heavy reliance on the
operations of its two major properties.

The rating also considers Melco Crown Entertainment's consolidated
financial position, because MCE Finance will use surplus cash --
after servicing payments under its secured bank loans and bonds --
to support its parent's cash needs.

Moody's further notes that Melco Crown Entertainment has recently
announced a special dividend of $350 million.  Much of this
payment will come from MCE Finance.

Nevertheless, Moody's believes that MCE Finance's liquidity
position is strong.

Moody's estimates that MCE Finance held cash and deposits of
around $1.5 billion at end-2015 and had access to undrawn banking
facilities of $1.25 billion.  This situation is adequate to cover
the company's capex -- which Moody's estimates at $350-$400
million over the next 12 months -- its debt repayments of
approximately $23 million and special dividends.

The stable ratings outlook reflects Moody's expectation that MCE
Finance will maintain its strong financial profile over the next
12-18 months, based on its mass market businesses and prudent
financial management.  Moreover, Moody's does not expect the
company to fund another major distribution to its parent.

MCE Finance's ratings could be downgraded if: (1) MCE
Finance/Melco Crown Entertainment demonstrate operating
performances that are significantly weaker than Moody's expects,
due to a material slowdown in Macao's gaming market, or stronger-
than-expected competition; (2) a major construction project is
vested at MCE Finance, increasing its financial risk; or (3) Melco
Crown Entertainment engages in significant debt-funded
investments.

Credit metrics indicating a possible downgrade in MCE Finance's
ratings include debt/EBITDA in excess of 4.0x -- 4.5x or
EBITDA/interest below 4x.

On the other hand, upgrade pressure on the ratings could emerge
if: (1) MCE Finance improves its financial profile such that its
debt/EBITDA falls below 2.0x and EBITDA/interest exceeds 6.0x-7.0x
on a sustained basis; and (2) Melco Crown Entertainment maintains
stable credit metrics such that its consolidated debt/EBITDA falls
below 3.5x and consolidated EBITDA/interest exceeds 5.5x-6.0x on a
sustained basis.

The principal methodology used in these ratings was Global Gaming
Industry published in June 2014.

MCE Finance Limited is a subsidiary of Melco Crown Entertainment
Limited (unrated), which is in turn majority-owned by the
Australian-based gaming operator, Crown Resorts Limited (Baa2
stable) and the Hong Kong-listed Melco International Development
Ltd (unrated).  Each of the two companies holds an approximate
34.3% equity stake in Melco Crown Entertainment.

Through Melco Crown Gaming, MCE Finance holds one of six gaming
concessions/sub-concessions in Macao and operates two casinos in
the territory; namely, Altira Macau and City of Dreams, as well as
approximately 1,300 slot machines in Macao through its Mocha
Clubs.



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ALLEPPEY COMPANY: CARE Reaffirms B+/A4 Rating on INR20.70cr Loan
----------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
the Alleppey Company Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term/Short- term         20.70      CARE B+/CARE A4
   Bank Facilities                          Reaffirmed

Rating Rationale

The ratings of The Alleppey Company Limited (ACL) continue to be
constrained by the underutilization of capacity and modest scale
of operations, fluctuating profit margin with history of losses
although the loss incurred in FY15 (refers to the period April 1
to March 31) was comparatively lesser than FY14. The ratings are
further constrained by the working capital intensive nature of
operations, exposure to foreign currency risk, and limited pricing
flexibility on account of competition from the unorganized sector.

The ratings however, derive comfort from the long experience of
the promoters in the manufacturing of coir products, established
market position derived from long track record of the company and
the long association with renowned customers.

Going forward, the company's ability to increase the scale of
operation and improve profitability in the intensely competitive
industry, and manage its working capital borrowings effectively,
would be the key rating sensitivities.

The Alleppey Company Limited (ACL) is the flagship company of the
Karan Group which has interests in manufacture of coir mats,
mattings, rugs, sisal, jute and sea grass. ACL was established in
1927 as coir yarn traders. The installed capacity of the company
is 15 lakh square meters as of December 31, 2015. The other two
companies in the group are Kerala Balers Pvt. Ltd (CARE B+/CARE A4
reviewed on February 2016)and William Goodacre & Sons India Ltd.
which are also in the same line of business.

Mr Revi Karunakaran(S/o Mr Keerthi Karunakaran), established the
first mechanical coir-based production unit in 1965. In 1991, KG
pioneered the making of PVC coir mats in India. KG has its
headquarters in Alleppey (Kerala) with 8 manufacturing units
(owned) and 6 ware housing facilities (rented) spread across the
states of Tamil Nadu and Kerala.

ACL has an integrated factory for weaving of natural fibre floor
coverings. The raw material, coir is purchased from
dealers, who in turn procure it from local farmers. The finished
products are sold predominantly in export market such as
North America and Western Europe.

The company has incurred net loss of INR0.09 crore in FY15 on
total operating income of INR52.44 crore as compared to a
net loss of INR0.94 crore on total operating income of INR 42.44
crore in FY14 (refers to the period April 1 to March 31).
The company achieved sales of INR32.12 crore in 1FY16
(Provisional, refers to the period April 1 to September 30).


AMUL COTTON: CARE Reaffirms B+ Rating on INR6.50cr LT Loan
----------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Amul Cotton Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     6.50       CARE B+ Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Amul Cotton
Industries (ACI) continues to remain constrained on account of the
decline in total operating income during FY15 (refers to the
period April 1 to March 31) coupled with thin profit margins,
leveraged capital structure and weak debt coverage indicators. The
rating is further constrained due to susceptibility of profit
margins to cotton price fluctuations, seasonality associated with
the cotton industry and the firm's presence in the highly
fragmented cotton ginning and pressing industry with limited value
addition resulting into working-capital intensive nature of
operations coupled with limited financial flexibility owing to
partnership nature of constitution.

The rating, however, continues to draw strength from the wide
experience of the partners in the cotton ginning business coupled
with location advantage in terms of proximity to the cotton
growing regions in Gujarat.

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

Amreli-based (Gujarat) ACI is a partnership firm established in
2006. The firm is promoted by Mr Saukatali Gangani and Mr Najimali
Gangani along with other family members with an unequal profit
and loss sharing agreement among them. ACI is primarily engaged in
cotton ginning & pressing activities with an installed capacity of
200 cotton bales per day as on March 31, 2015, and operates from
its sole manufacturing facility located at Babra Amreli (Gujarat).
ACI deals in Shankar- 6 cotton which is being sourced through
local farmers from Gujarat.

During FY15 (A), ACI reported a TOI of INR32.28 crore and PAT of
INR0.06 crore as against TOI of INR55.77 crore and PAT of INR0.07
crore during FY14 (A). During 10MFY16 (Provisional), ACI achieved
TOI of around INR33.78 crore.


ATRA PHARMACEUTICALS: CARE Lowers Rating on INR43.11cr Loan to D
----------------------------------------------------------------
CARE revises the rating assigned to bank facilities of Atra
Pharmaceuticals Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     43.11      CARE D Revised from
                                            CARE B+

   Short term Bank Facilities     4.00      CARE D Revised from
                                            CARE A4

Rating Rationale
The revision in the ratings assigned to the bank facilities of
Atra Pharmaceuticals Limited (APL) factors in the ongoing
delays in debt servicing with respect to principal repayment and
interest payments on the term loan account.

APL, incorporated in 1991, is managed by Commander Anil M. Save
(ex-Indian Navy), who is the Managing Director (MD) of the company
since inception. APL is primarily into manufacturing of
pharmaceuticals, formulations branded generics, generics and
herbals and probiotics and trading of bulk drugs. The company has
manufacturing facilities at Aurangabad (Maharashtra) which meets
current good manufacturing practices (cGMP) norms laid down by the
World Health Organization. APL is primarily into contract
manufacturing, domestic sales and export of oral solid dosages
(OSD) in nutritional, cardiovascular, urology, ARV, NSAID, dental
care, anti-diabetic and anti-malarial therapeutic segments. It
undertakes contract manufacturing for some of the global
pharmaceutical giants such as Merck, Serdia Pharmaceuticals
Private Limited, Mylan Laboratories Limited etc. The company
manufactures popular brands such as Diamicron, Neurobion Forte,
Livogen, Coversyl and Polybion tablets for its customers. APL
sells its final products to pharmaceutical companies, while raw
materials are procured either from dealers or pharmaceutical
companies.


BISMAN INDUSTRIES: ICRA Reaffirms 'B+' Rating on INR8cr Loan
------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating of the INR8.00 crore fund-
based facilities and INR0.20 crore non fund based facilities of
Bisman Industries Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based-Cash
   Credit                8.00        [ICRA]B+ reaffirmed

   Non Fund Based        0.20        [ICRA]B+ reaffirmed

The rating reaffirmation continues to take into account the
significant deterioration in the financial risk profile of the
Limtex group as a whole, primarily the flagship company Limtex
India Limited (rated at [ICRA]D/D), which incurred significant
cash losses during FY15 primarily due to increase in tea
procurement cost relative to its tea realization. The rating also
factors in the low profitability of the company on account of the
trading nature of the tea operations, which account for 96% of the
total revenues; the further deterioration in the operating
profitability of BIL during FY15 owing to higher input costs for
biscuits manufacturing; and the inability of the company to pass
on the same owing to intense competition. The rating is further
constrained by the aggressive capital structure of the company,
however, a large part of the debt is in the form of interest free
unsecured loans from promoters; and the highly working capital
intensive nature of operations, which exerts pressure on the
liquidity position of the company, as reflected by almost full
utilization of the working capital limits every month. The
ratings, however, also continue to factor in the experience of the
promoters in the tea and biscuits industry and its established
distribution network in Eastern India which supports the revenue
growth.

Bisman Industries Limited (BIL) was established in the year 1988
by Mr. Subhash Kumar Poddar in the name of Limtex Industries Ltd
having its registered office at Kolkata. The company is engaged in
manufacturing of biscuits and trading of tea in the domestic
markets, primarily East India. BIL has a biscuit manufacturing
unit in Asansol, West Bengal, with an installed production
capacity of 1500 MTPA and has a warehousing unit in Kolkata for
blending of tea. BIL sells both biscuits and tea under the brand
"Nargis".

Recent Results
The company reported an operating income (OI) of INR40.64 crore
and a net profit of INR0.01 crore during FY15 as compared to an OI
of INR35.61 crore and a PAT of INR0.26 crore during FY14


BOCHEM HEALTHCARE: ICRA Assigns 'B' Rating to INR10cr Loan
----------------------------------------------------------
ICRA has assigned its long-term rating of [ICRA]B to the INR21.72
crore bank facilities of Bochem Healthcare Pvt Ltd.

                            Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Fund based limits-CC     10.00       [ICRA]B; assigned
   Fund-based-Term Loans     6.72       [ICRA]B; assigned
   Non fund based limits     5.00       [ICRA]A4; assigned

ICRA's ratings factor in BHPL's limited track record of the
operations with plant getting operational in FY13. The ratings
also take into account the high leverage and weak coverage
indicators (Gearing of 5.38x as on March 31, 2015, Net Cash
Accruals/Debt of 9% in FY 2015, Interest coverage of 2.3x in FY
2015) owing to the debt funded capex undertaken and pending ramp
up of capacity utilization. The working capital intensity of the
company remains high (NWC/OI of 61% in FY2014 and 58% in FY2015)
largely on account of elongated receivable and inventory cycle
which has resulted in stretched liquidity. While the demand
prospects remain stable for medicines in the country, BHPL remains
exposed to high competition from various large and small sized
players.

ICRA, however, takes comfort from the healthy demand prospects for
various iron tablets and ORS on the back of increased healthcare
initiatives by government, which provides growth visibility to the
company. The ratings also draw comfort from the experience
promoters of the company.

Going forward, the company's ability to manage its funding
requirements and improve its liquidity situation will be the key
rating sensitivities. Further, the company's ability to increase
its scale of operations and improve its coverage indicators will
also be key monitorables.

Bochem Healthcare Pvt Ltd (BHPL) is incorporated in the year 2013
in Ujjain, Madhya Pradesh. BHPL is engaged in the manufacture of
formulation in various dosage forms, ie, tablets, capsules and ORS
(General group) at its WHO GMP certified facility at Nagziri,
Ujjain. The company is promoted by Mr. Sunil Kumar Jain.

Recent results
BHPL reported a net profit of INR0.34 crore on an operating income
of INR42.86 crore in FY 2015, as compared to a net profit of
INR0.64 crore on an OI of INR36.84 crore in the previous year.


CONTROLS & SCHEMATICS: ICRA Reaffirms B/A4 Rating on INR12cr Loan
-----------------------------------------------------------------
ICRA has reaffirmed the long-term rating at [ICRA]B and short term
rating at [ICRA]A4 assigned to the INR0.60 crore term loan and
INR4.00 crore fund-based limits and INR12.00 crore non-fund based
limits and INR0.40 crore proposed limits of Controls & Schematics
Limited.

The re-affirmation of ratings takes into account CSL's weak
business risk profile characterized by poor order book visibility
owing to reduced demand, particularly from the company's main
customer viz. BHEL, which accounts for more than 90% of its
overall sales and intense competitive pressures from larger
established entities, which benefit from backward integration in
manufacturing of switchgear components. The ratings are also
tempered by CSL's high working capital intensity in the business,
its small scale of operations and vulnerability of profitability
to any adverse fluctuations in raw material/bought-out prices,
given the 'fixed-price' nature of most of the supply contracts.
The company's ability to improve its order book position as well
as to ensure timely execution of these orders within the budgeted
costs remains crucial from the credit perspective. The rating also
takes into consideration sharp de-growth in operating income and
weakening in debt-protection metrics. The ratings, however,
favourably factor in the longstanding experience of the company's
promoter in manufacturing of control equipments and its reputed
client profile along with pre-qualification status obtained from
various PSUs and private companies.

Controls and Schematics Ltd. (CSL) was incorporated in 1971 as a
partnership firm by Mr. P.P. Reddy, Mr. A.A. Raje, Mr. A.M.
Bendrey, Mr. K.S. Reddy, Mrs. Lalitha Rajmal Davda and Mrs. Vimal
Deshmukh. The company undertakes total turnkey orders of Low
Tension Switchgear projects comprising of supply of equipments
like Motor Control Centre (MCC), Power Control Centre (PCC), Bus
Ducts, Distribution Boards and Push Button stations for process
industries and their erection and commissioning. Historically, the
company has maintained its focus towards the customers in power
sector and, to some extent, in refineries & petrochemicals. The
turnkey orders include design, engineering, manufacturing, supply,
erection and commissioning. At present, the company has only one
operational manufacturing facility at Hyderabad.

Recent Results
For FY 2015, CSL has reported a profit after tax (PAT) of INR0.48
crore on an operating income of INR26.3 crore. During nine month
period ending December 2015, the company reported a PAT of INR0.1
crore on an operating income of INR6.3 crore.


DIAMANT INFRASTRUCTURE: CRISIL Cuts Rating on INR80MM Loan to C
---------------------------------------------------------------
CRISIL has downgraded its rating on the long term bank facilities
of Diamant Infrastructure Limited (DIL) to 'CRISIL C' from 'CRISIL
B+/Stable', while reaffirming its rating on the short term bank
facilities at 'CRISIL A4'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         20       CRISIL A4 (Reaffirmed)

   Cash Credit            80       CRISIL C (Downgraded from
                                   'CRISIL B+/Stable')

   Proposed Long Term     40       CRISIL C (Downgraded from
   Bank Loan Facility              'CRISIL B+/Stable')

The downgrade reflects consistent delays by DIL in servicing its
debt (not rated by CRISIL) owing to liquidity constraints. This
emanates from a decline in demand owing to the ongoing slowdown,
leading to a sharp revenue decline.

CRISIL's ratings on the bank facilities of Diamant Infrastructure
Ltd (DIL) reflect DIL's customer concentration in company's order
book, and risks associated with working-capital-intensive nature
of operations. These rating weaknesses are partially offset by
DIL's moderate gearing and healthy debt protection metrics.

DIL, established in 1980, is a Nagpur based player, engaged in the
infrastructure business in India primarily as a sub-contractor in
the road sector.

The company registered a net loss of INR4 million on net sales of
INR530 million in 2014-15, against a profit after tax of INR0 on
net sales of INR570 million in 2013-14.


DISTRIBUTION LOGISTICS: ICRA Suspends D Rating on INR280cr Loan
---------------------------------------------------------------
ICRA has suspended the [ICRA]D rating outstanding on INR280.0
crore term loans and INR30.0 crore proposed facilities of
Distribution Logistics Infrastructure Private Limited (erstwhile
Vikram Logistic and Maritime Services Private Limited). The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Distribution Logistics Infrastructure Private Limited (DLIPL,
erstwhile Vikram Logistic and Maritime Services Limited) was
originally promoted as a partnership firm in 1972 to undertake
material handling, and subsequently container movement and road
transportation services. It was converted to a private limited
company in 1992 and took its present name in 2006. In 2011,
through share swap agreements with the promoters and private
equity investors, DLIPL became a wholly owned subsidiary of
Infrastructure India Plc (IIP), a company incorporated in the Isle
of Man to invest in infrastructure assets in India. It is
currently implementing a project to set up and operate a Free
Trade and Warehousing Zone in Chennai, an Inland Container Depot
(ICD) in Bangalore, an ICD in Hassan and domestic terminals (DTs)
at all these three locations. In March 2013, DLIPL completed the
acquisition of the logistics division of ETA Engineering Private
Limited, which consists of container train operations and planned
ICDs/DTs at Nagpur and Palwal.


DWARKADHISH COTSPIN: ICRA Reaffirms B+ Rating on INR49.7cr Loan
---------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating to INR14.00 crore fund-
based cash credit facility and INR49.70 crore term loan facility
of Dwarkadhish Cotspin Private Limited. A rating of [ICRA]A4 has
also been reaffirmed to the INR3.00 crore short term non fund
based bank guarantee facility and INR0.44 crore of derivative
facility of DCPL.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Term Loan               49.70        [ICRA]B+ reaffirmed
   Cash Credit             14.00        [ICRA]B+ reaffirmed
   Bank Guarantee           3.00        [ICRA]A4 reaffirmed
   Credit Exposure Limit    0.44        [ICRA]A4 reaffirmed

The rating reaffirmation takes into account significant experience
of the promoter in cotton ginning and spinning industry. The
rating further takes into account improvement in profitability and
return indicators of the company; capacity enhancement with
installation of additional 10,000 spindles with compacts which
will enable the company to manufacture better quality yarn which
is likely to improve sales realizations. ICRA also takes note of
various fiscal benefits that the company avails in terms of
interest subsidy and VAT subsidy as well as subsidized power
tariffs resulting in relatively comfortable margins.

Further, the ratings continue to be constrained by debt funded
capital expenditure undertaken by the company and high working
capital intensity of operations which is expected to keep the
capital structure and credit metrics stretched in near term. ICRA
further notes the highly competitive business environment given
the fragmented nature of cotton industry thus limiting the
company's ability to fully pass on the increase in raw material
prices; demand fluctuation on account of cyclical nature of
textile industry and vulnerability of profitability to unexpected
movements in cotton prices which are in turn subject to
seasonality and crop harvest.

Incorporated in May 2011 , Dwarkadhish Cotspin Private Limited
(DCPL) is engaged in the business of cotton yarn spinning with
24,688 spindles having capacity to manufacture 13-15 MTPD of
30s,32s and 40s of combed hosiery yarn as well as compact combed
hosiery yarn. The manufacturing facility is located at Chuli,
Dist. Surendranagar, Gujarat.

Recent Results
For the year ended March 31, 2015, Dwarkadhish Cotspin Private
Limited achieved an operating income of INR69.02 crore and profit
after tax of INR5.70 crore as per the audited financials.


ELITE MOTORS: CARE Assigns B+ Rating on INR7.39cr Loan
------------------------------------------------------
CARE assigns 'CARE B+' ratings to the bank facilities of
Elite Motors Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     7.39       CARE B+ Assigned

Rating Rationale
The rating assigned to the bank facilities of Elite Motors Pvt Ltd
is constrained by working capital intensive nature of operations
stretching the company's liquidity, thin profitability as is
inherent in the industry accentuated by intense competition from
other auto dealers, exposure to cyclicality associated with the
auto industry and declining operating income. However, the rating
derives strength from reasonable track record of the promoters in
the automobile dealership business, lineage from strong brand
image of Volkswagen (VW), infusion of funds by the promoters in
the form of unsecured loans to support its operations.

Going forward, ability of the company to scale its operations amid
high competition and effectively manage its working capital
requirements would remain the key rating sensitivities.

Elite Motors Private Limited (EMPL) was promoted by Mr Gurjit
Singh and Mrs Sonia Singh in September 2007. EMPL is an authorized
dealer for passenger vehicles (PV) of Volkswagen India Private
Limited (VIPL). The company has entered into a dealership
agreement with VIPL in 2007 for sales of Volkswagen cars, spares
and accessories and as an authorized service centre for Volkswagen
four wheelers. It operates through one show room and one yard
having a capacity of parking 500 cars in Bangalore. The showroom
is occupied on leased premises and is equipped with 3-S facilities
(Sales, Service and Spare-parts).

Elite group was established in Bangalore in the year 1975 with the
business in trading of crockery and consumer durables. In the year
2005, the group diversified into automobiles and since then
established three dealerships for Honda, Ford and Volkswagen.

During FY15 (refers to the period April 1 to March 31), the
company registered a PAT of INR0.11 crore (FY14: INR0.64
crore) on a total operating income of INR58.87 crore (FY14:
INR52.41 crore).


GARIB NAWAZ: CRISIL Lowers Rating on INR35MM Cash Loan to D
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Garib Nawaz Polymers Private Limited (GNPPL; part of the GN
group) to 'CRISIL D' from 'CRISIL C'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            35       CRISIL D (Downgraded from
                                   'CRISIL C')

   Funded Interest        11.4     CRISIL D (Downgraded from
   Term Loan                       'CRISIL C')

   Proposed Long Term     12.4     CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL C')

   Term Loan              24.2     CRISIL D (Downgraded from
                                   'CRISIL C')

   Working Capital        27       CRISIL D (Downgraded from
   Term Loan                       'CRISIL C')

The downgrade reflects recent instances of delay by the GN group
in meeting debt obligation due to weakened liquidity because of
significant stretch in receivables.

The GN group also has a weak financial risk profile because of
poor debt protection metrics and high gearing, small scale of
operations in the intensely competitive packaging industry, and
large working capital requirement.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of GN Pet (GNP) and GNPPL. This is because
the two entities, together referred to as the GN group, are in the
same line of business, have close operational and financial
linkages, and are under a common management.

GNPPL, set up in 2007 by Mr. Sunil Bansal, manufactures
polyethylene terephthalate bottles for consumers in the
pharmaceuticals industry. It commenced commercial operations in
2008. In 2009, Mr. Bansal set up proprietorship concern GNP, which
is in the same line of business and commenced commercial
operations in 2011. Both entities' manufacturing facilities are in
Baddi.


GODAWARI COTTON: CRISIL Assigns B+ Rating to INR40MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Godawari Cotton Industries (GIC). The rating
reflects below-average financial risk profile because of high
gearing and weak debt protection metrics, and susceptibility to
raw material price fluctuations and unfavorable changes in
government policy. These rating weaknesses are mitigated by the
promoter's extensive industry experience and prudent working
capital management.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            40       CRISIL B+/Stable

Outlook: Stable

CRISIL believes GIC will continue to benefit from its promoter's
extensive industry experience and financial support over the
medium term. The outlook may be revised to 'Positive' if revenue
and profitability improve while prudently managing the working
capital and capital structure. Conversely, the outlook may be
revised to 'Negative' if the working capital management
deteriorates or liquidity weakens significantly, because of lower-
than-expected cash accrual, or if a large, debt-funded capital
expenditure programme, weakens the capital structure.

GCI was formed in July 2003 as a proprietorship firm. The firm is
promoted and managed by Mr. Ashish Mohanlal Tayal. The firm gins
and presses raw cotton and sells cotton bales, cotton seeds and
oil produced from cotton seeds. Its manufacturing unit is located
at Aurangabad. GCI supplies cotton bales to spinning mills
(through agents) and cotton seeds to oil extracting units.


JOGI FOOD: ICRA Suspends 'D' Rating on INR4.40cr Term Loan
----------------------------------------------------------
ICRA has suspended the [ICRA]D rating assigned to the INR4.50
crore facilities of Jogi Food Processing. The suspension follows
ICRAs inability to carry out a rating surveillance due to non
cooperation from the company.

                          Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Term Loan Limit          4.40        [ICRA]D suspended
   Credit Exposure Limits   0.10        [ICRA]D suspended

JFP, a proprietorship firm, is a part of the 'Patco' group of
companies, established in 2010 to manufacture various ready-to-eat
food products. The group is promoted by Mr. Matur Savani, Mr.
Rakesh Patel and Mr. Lalji Patel. PFPL is the flagship company of
the group while the rest three associate firms namely M/s Jogi
Food Processing, M/s Krishna Food Processing and M/s Shreeji Food
Processing operates on a job work basis for PFPL. The
manufacturing facility of all the four companies are located in a
single premise spread over 58 acres of land. JFP has a biscuit
(various types) manufacturing of 7,500TPA.


KERALA BALERS: CARE Reaffirms B+/A4 Rating on INR12cr Loan
----------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Kerala Balers Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term/Short-term           12        CARE B+/CARE A4
   Bank Facilities                          Reaffirmed

   Short-term Bank Facilities     12        CARE A4 Reaffirmed

Rating Rationale

The ratings of Kerala Balers Private Limited (KBPL) are
constrained by the underutilization of capacity and modest scale
of operations, and fluctuating profit margin with history of
losses, although the loss incurred in FY15 (refers to the period
April 1 to March 31) was comparatively lesser than FY14. The
ratings are further constrained by the working capital
intensive nature of operations, exposure to foreign currency risk
and limited pricing flexibility on account of competition
from the unorganized sector.

The ratings derive comfort from the long experience of the
promoters in the manufacturing of coir products, established
market position derived from the long track record of the company
and long association with renowned customers.

Going forward, the ability of the company to increase the size of
operation and improve profitability in the intensely competitive
industry, and manage its working capital requirements effectively
will be the key rating sensitivities.

KBPL is the flagship company of the Karan Group which has
interests in manufacture of coir mats, mattings, rugs, sisal,
jute and sea grass. The installed capacity of the company is 12
lakh Sq. Meter. as on December 31, 2015. Karan group (KG) was
established in late 1800s by Mr Keerthi Karunakaran and was
initially engaged in coir yarn spinning. KBPL was established in
1948 with the objective of spinning coir yarn. The other two
companies in the group are The Alleppey Company Limited ('CARE
B+/CARE A4' reviewed on February 2016) and William Goodacre & Sons
India Ltd which are also in the same line of business.

Mr Revi Karunakaran (S/o Mr Keerthi Karunakaran), established the
first mechanical coir-based production unit in 1965. In 1991, KG
pioneered the making of PVC coir mats in India. KG has its
headquarters in Alleppey (Kerala) with 8 manufacturing units
(owned) and 6 warehousing facilities (rented) spread across the
states of Tamil Nadu and Kerala.

KBPL has an integrated factory for weaving of natural fibre floor
coverings. The raw material, coir is collected from dealers, who
in turn procure it from local farmers. The finished products are
sold predominantly in export market such as North America and
Western Europe.

The company has incurred net loss of INR0.42 crore in FY15 on
total operating income of INR60.09 crore as compared to a net loss
of INR2.25 crore on total operating income of INR 50.26 crore in
FY14 (refers to the period April 01 to March 31). The company
achieved sales of INR30.19 crore in H1FY16(Provisional, refers to
the period April 01 to September 30).


KINGSMEN FAIRTECH: CRISIL Assigns B+ Rating to INR150MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Kingsmen Fairtech Interiors Private
Limited.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee       102.5      CRISIL A4
   Cash Credit          150        CRISIL B+/Stable

The ratings reflect the extensive experience of the company's
promoters in the interior designing and execution business, and
benefits derived from association with Kingsmen Creative Ltd,
Singapore. These rating strengths are partially offset by a below-
average financial risk profile because of high gearing and a small
net worth, and exposure to risks relating to the tender-based
nature of its business.
Outlook: Stable

CRISIL believes KFIPL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of significant and
sustained increase in revenue and accruals along with improved
working capital management and capital structure leading to a
better financial risk profile. Conversely, the outlook may be
revised to 'Negative' in case of a considerable decline in revenue
or accrual, large, debt-funded capital expenditure, or a stretched
working capital cycle, leading to deterioration in the financial
risk profile.

Incorporated in 2010, KFIPL provides end-to-end interior design
solutions for corporate clients. The company is a joint venture
between Delhi-based Mr. Ajay Kumar Kapoor and the Singapore-based
Kingsmen group. The company primarily provides interior design
services for retail showrooms and exhibition stalls, and has
recently also ventured into designing museums for government
authorities.


KRISHNA FOOD: ICRA Suspends 'D' Rating on INR3.47cr Term Loan
-------------------------------------------------------------
ICRA has suspended the [ICRA]D rating assigned to the INR3.57
crore facilities of Krishna Food Processing. The suspension
follows ICRAs inability to carry out a rating surveillance due to
non cooperation from the company.

                            Amount
   Facilities             (INR crore)    Ratings
   ----------             -----------    -------
   Term Loan Limit           3.47        [ICRA]D suspended
   Credit Exposure Limits    0.10        [ICRA]D suspended

KFP is a part of 'Patco' group of companies, established in 2010
to manufacture various ready-to-eat food products. The group is
promoted by Mr. Matur Savani, Mr. Rakesh Patel and Mr. Lalji
Patel. PFPL is the flagship company of group while the rest three
associate firms namely M/s Jogi Food Processing, M/s Krishna Food
Processing and M/s Shreeji Food Processing operate on job work
basis for PFPL. The manufacturing facility of all the four
companies are located in a single large campus spread over 58
acres of land. KFP is a proprietorship firm engaged in the
manufacturing of spices, khakara & papad and sorting & repacking
of tea. The installed capacity of the firm is 10800TPA, 300TPA and
4500TPA for spices, tea and Khakara & papad respectively.


LIMTEX AGRI: ICRA Reaffirms B+ Rating on INR25cr Cash Loan
----------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating of the INR25.00 crore
(revised from INR23.00 crore), and INR0.50 crore (revised from
INR0.40 crore) non fund-based facilities of Limtex Agri Udyog
Limited. ICRA has also reaffirmed the [ICRA]A4 rating of the
INR8.00 crore non fund-based facilities of the company.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limits
   Cash Credit          25.00         [ICRA]B+ reaffirmed

   Non Fund Based       0.50          [ICRA]B+ reaffirmed

   Non Fund based
   Letter of Credit     8.00          [ICRA]A4 reaffirmed

The ratings reaffirmation continues to take into account the
significant deterioration in the financial risk profile of the
Limtex group as a whole, primarily the flagship company Limtex
India Limited (rated at [ICRA]D/D), which incurred net cash losses
during FY15 primarily due to increase in tea procurement cost
relative to its tea realization. The ratings also factor in the
deterioration in the operating profitability of LAUL during FY2015
on account of increase in input cost, adversely impacting the
debt-coverage indicators of the company. In addition, the capital
structure continues to remain adverse as reflected by a gearing of
around 1.87 times as on 31st March, 2015. ICRA further notes that
the limited value addition as well as intense competition in the
tea trading business limits the scope of margin expansion to a
large extent. In addition, the highly working capital intensive
nature of operations exerts pressure on the liquidity position of
the company, as also reflected by almost full utilization of the
working capital limits every month. LAUL is also engaged in tea
production out of leaves procured from small growers, which
increases the risks related to availability, quality and prices of
green leaves procured. The ratings, however, also continue to
factor in the experience of the promoters in the tea industry.

LAUL was incorporated as a private company in 2003, by Mr. Gopal
Poddar. The company owns a bought leaf tea plant and is primarily
engaged in manufacturing of CTC variety of tea as well as blending
and trading of tea in the domestic market. The factory is located
at Bidhan Nagar, Siliguri with a total installed capacity of 30
lakh kgs per annum.

Recent Results
The company reported an operating income (OI) of INR126.78 crore
and a net profit of INR0.25 crore during FY15 as compared to an OI
of INR115.08 crore and a PAT of INR0.91 crore during FY14


MAA GAURI: ICRA Reaffirms 'B' Rating on INR4.90cr LT Loan
---------------------------------------------------------
ICRA has re-affirmed the long-term rating assigned to the INR9.00
crore fund based bank facilities of Maa Gauri Poultry Private
Limited (MGPPL) at [ICRA]B.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund
   Based Limit (TL)      4.90         [ICRA]B Re-affirmed

   Long Term Fund
   Based Limit (CC)      4.10         [ICRA]B Re-affirmed

The assigned rating continues to be constrained by MGPPL's weak
financial profile as indicated by high gearing levels, thin net
margins and weak coverage indicators. The rating is further
constrained by the company's strained cash flows and inherent
weaknesses in the form of seasonal demand and susceptibility to
risks like disease outbreak. ICRA also takes note of the
fragmented industry structure with presence of various unorganised
players which limits pricing flexibility and also the exposure of
margins to feed price fluctuations. The rating, however,
favourably factors in the long standing experience of promoters in
the poultry industry.

Incorporated in 2006, Maa Gauri Poultry Private Limited (MGPPL) is
family managed company engaged in the production of table eggs and
trading in wheat, paddy, rice, animal feed and poultry feed. The
company is based out of Nagpur and sells the eggs to nearby
distributors and traders. The promoter family has been in the
poultry business since 1996.

For the full year FY15, the firm reported a net loss of INR0.02
crore on a topline of INR40.60 crore, as compared to a profit
after tax of INR0.34 crore on a topline of INR41.29 crore in the
previous year.


MANGAL SHANTI: CARE Lowers Rating on INR10cr LT Loan to 'D'
-----------------------------------------------------------
CARE revises ratings to the bank facilities of Mangal Shanti
Development Corporation.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     10.00      CARE D Revised from
                                            CARE B

Rating Rationale
The ratings assigned to the bank facilities of Mangal Shanti
Development factors in the ongoing delays in debt servicing
with respect to interest payments on the term loan account.

Established in the year 2010, Mangal Shanti Development
Corporation (MSDC) is a partnership firm of the members of
the Gundecha and Bathiya family who are stakeholders inMangal
Builders, Pune and Hazel properties, Pune respectively.
Mangal Builders is a part of Pune based Mangal-Shanti Group
engaged in real estate development promoted by Mr. Ashok Gundecha
and his son Mr. Rajesh Gundecha. The promoters have been involved
as real estate investors and aggregators over the last three
decades. The group has been engaged in real estate development
over the last five years and has completed projects over 3 lakhs
square feet (lsf). over the last five years and has completed
projects over 3 lakhs square feet (lsf).

Project Details:
MSDC is currently developing a residential project "Mansha" in
Wagholi, Pune comprising 1.5BHK & 2BHK, with a total
saleable area of 2.32 lsf which includes three buildings A, B and
C with a total of 223 flats. The estimated project cost is
about INR56.71 crore and is proposed to be funded with a debt of
INR10.00 crore, promoter's funds of INR10.00 crore and
balance through customer advances of INR36.71 crore. The
construction of the project commenced in May, 2014 and is
expected to be completed by November, 2017. As on Q3FY16, the firm
has expensed out about INR 6.63 crore funded by
promoter's contribution.


NARESH KUMAR: CRISIL Reaffirms B+ Rating on INR82.5MM Cash Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Naresh Kumar
Rajendra Kumar (NKRK) continues to reflect the firm's modest scale
of operations marked by geographical concentration in its revenue
profile, and susceptibility of profitability to raw material price
volatility and intense competition. The rating also factors in a
modest financial risk profile. These rating weaknesses are
partially offset by the extensive experience of the firm's
promoters in the agricultural (agro) trading business.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            82.5     CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes NKRK will continue to benefit over the medium term
from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of more-than-expected
increase in revenue and profitability, or significant improvement
in capital structure and working capital management. Conversely,
the outlook may be revised to 'Negative' in case of a decline in
profitability or revenue, resulting in lower-than-expected cash
accrual, substantial debt-funded capital expenditure, or a
stretched working capital cycle, leading to deterioration of the
financial risk profile.

NKRK was originally set up in 1980 as a proprietorship firm by Mr.
Mahaveer Prasad Vijay. In 2011, the firm was reconstituted as a
partnership firm with Mr. Naresh Kumar Vijay and Mr. Rajendra
Kumar Vijay (sons of Mr. Mahaveer Prasad Vijay) joining as
partners. NKRK trades in agro commodities, mainly wheat. Its
office is in Baran, Rajasthan, close to the food grain market,
which ensures easy availability of agro commodities.


NITTYAKALI RICE: CRISIL Assigns B+ Rating to INR35MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Nittyakali Rice Mill (NKRM). The ratings
reflect NKRM's modest scale of operations in intensely competitive
industry and vulnerability of operating profitability to
volatility in raw material prices and government regulations.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan              2.5      CRISIL B+/Stable
   Cash Credit           35        CRISIL B+/Stable
   Bank Guarantee         3        CRISIL A4
   Bill Purchase-
   Discounting Facility  39.5      CRISIL A4

These rating weaknesses are partially offset by promoters'
extensive experience in the rice milling business and established
and diverse customer base.
Outlook: Stable

CRISIL believes NKRM will continue to benefit over the medium term
from diverse clientele and promoters' extensive experience. The
outlook may be revised to 'Positive' if substantial and sustained
increase in scale of operations and cash accrual, along with
improved working capital management, leads to a better financial
risk profile. Conversely, the outlook may be revised to 'Negative'
if lower-than-expected cash accrual, stretch in working capital
cycle, or large, debt-funded capital expenditure leads to
deterioration in overall financial risk profile.

Set up as a partnership firm by Mr. Tapan Kumar Dutta, Mr. Swapan
Kumar Dutta, Mr. Janardan Dutta, and Ms. Aruna Dutta, NKRM mills
non-basmati rice. Manufacturing facility is in Alamganj, Burdwan
district, West Bengal.


NUTRI AGROVET: CRISIL Assigns B+ Rating to INR50MM Cash Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Nutri Agrovet (Nutri). The rating reflects
Nutri's modest scale of operations with low operating margins,
high customer concentration, susceptibility to risks inherent in
the poultry industry and intense competition. These weaknesses are
mitigated by the partners' experience and moderate financial risk
profile because of low gearing and comfortable debt protection
metrics.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------          ---------    -------
   Cash Credit            50        CRISIL B+/Stable
   Term Loan              20        CRISIL B+/Stable

Outlook: Stable

CRISIL believes Nutri will continue to benefit from its partners'
experience. The outlook may be revised to 'Positive' if scale of
operations and operating profitability improve on a sustained
basis. Conversely, the outlook may be revised to 'Negative' if
decline in revenue and operating profitability or large, debt-
funded capital expenditure weakens financial risk profile.

Nutri, set up in 2013, manufactures poultry feed with capacity of
100 tonne per day. The firm has a manufacturing facility in
Kanpur, Uttar Pradesh. Nutri is a partnership firm with Mr. Ajay
Tiwari, Mr. Mohammad Imran, Mr. Jitendra Dixit, Mr. Mahanand
Pathak and Mr. Mohammad Naseem as partners.


PAS TRADING: CRISIL Assigns B+ Rating to INR90MM Cash Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of PAS Trading House (PAS). The rating reflects
the firm's below-average financial risk profile because of small
networth and weak capital structure; its modest, albeit improving,
scale of operations; and large working capital requirement. These
weaknesses are partially offset by its promoters' extensive
experience in the paper trading business.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            90       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility     45       CRISIL B+/Stable

Outlook: Stable

CRISIL believes PAS will benefit from its promoters' extensive
industry experience. The outlook may be revised to 'Positive' if
the firm's scale of operations increases significantly, while it
achieves moderate and stable profitability, leading to higher-
than-expected cash accrual, or if promoters infuse substantial
capital. Conversely, the outlook may be revised to 'Negative' if
financial risk profile, particularly liquidity, weakens because of
lower cash accrual or stretch in working capital cycle.

PAS, a partnership firm established by Mr. Sunil Khanna and his
family members, trades in paper. It imports around 75 percent of
its requirement.


PATCO FOODS: ICRA Suspends 'D' Rating on INR5cr Cash Loan
---------------------------------------------------------
ICRA has suspended the [ICRA]D rating assigned to the INR9.71
crore long term fund based facilities of Patco Foods Private
Limited. The suspension follows ICRAs inability to carry out a
rating surveillance due to non cooperation from the company.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term-Cash
   Credit Limit          5.00         [ICRA]D suspended
   Long Term Term
   Loan Limit            4.71         [ICRA]D suspended

PFPL is a part of 'Patco' group of companies, established in 2010
to manufacture various ready-to-eat food products. The group is
promoted by Mr. Matur Savani, Mr. Rakesh Patel and Mr. Lalji
Patel. PFPL is the flagship company of the group while the rest
three associate firms namely M/s Jogi Food Processing, M/s Krishna
Food Processing and M/s Shreeji Food Processing operate on a job
work basis for PFPL. The manufacturing facility of all the four
companies are located in a single premises spread over 58 acres of
land. PFPL manufactures potato wafers, namkeen & kurkure and has
an installed capacity of 2700 TPA of wafers and 1800 TPA of
namkeen & kurkure


PRIME TECHNOPLAST: CRISIL Cuts Rating on INR500MM Loan to D
-----------------------------------------------------------
CRISIL has downgraded its rating on the bank facility of Prime
Technoplast Private Limited (PTPL) to 'CRISIL D' from 'CRISIL
BB/Stable'. The downgrade reflects ongoing delays by PTPL in
servicing interest dues owing to stretched liquidity.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            500      CRISIL D (Downgraded from
                                   'CRISIL BB/Stable')

The company has large working capital requirements, low
profitability, and a weak financial risk profile, marked by high
gearing, modest networth and average debt protection metrics. The
company, however, benefits from the extensive experience of the
promoters in manufacturing polypropylene (PP) bags, and from its
established market position.

Incorporated in 2007, PTPL manufactures PP bags. Mr. Mehtab
Hussain manages the daily operations. The manufacturing facility
is in Howrah, West Bengal.


PROMPT TERMINALS: ICRA Assigns B+ Rating to INR20CR LT Loan
-----------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to the INR20.00
crore long-term proposed bank facilities of Prompt Terminals
Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Proposed long
   term facility         20.00        [ICRA]B+ (assigned)

The assigned rating draws comfort from the favorable demand for
container freight station (CFS) facilities in Tuticorin,
buttressed by robust growth in container throughput volumes in the
V.O. Chidambaranar port (VOC) on the back of strong exim trade.
Increase in the draft of the port from 12.8m to 16.0 m and
conversion of a berth into a new container terminal would propel
demand growth for CFS facilities in the port town. The rating also
considers the promoter's experience in the business of port
handling in Tuticorin through the group firm, Prompt Shipping,
committed volumes from the group company (Global Polybags
Industries Private Limited) which is involved in manufacturing and
exports of polythene bags.

The total cost of the proposed CFS project is ~Rs. 28.0 crore, and
is planned to be funded through a debt to equity mix of 2.5:1. The
rating considers the associated risks of a project entity, namely
timely sanction and disbursement of funds leading to completion of
the project and commencement of operations within the targeted
deadlines, and the company's ability to achieve breakeven volumes
at the earliest. The ratings also consider the declining exports
and slowing economic activity across ports in India, and the
prevalent competition in the Tuticorin CFS market from 12
established players, which could hinder PTPL's efforts to enhance
the facility's throughput; however, this is partly mitigated by
the volumes expected from businesses of Group companies.

Prompt Terminals Private Limited was incorporated in September
2014 with the aim of establishing a container freight station at
Tuticorin in Tamil Nadu. The venture was set up to take advantage
of the burgeoning CFS market in Tuticorin, leveraging the
experience of the promoters, Mr. Muralidharan and Mr.
Mathiprakash, in the business of Clearing and Forwarding in the
said market. The facility would have a warehousing space of 75,000
square feet, including a bonded warehouse and reefer points. The
total cost of the project is estimated to be INR28.0 crore, to be
funded through a debt: equity mix of 2.5:1. The project is
targeted to be completed by September 2016.


R.K. PULSES: CRISIL Assigns 'B' Rating to INR60MM Cash Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of R.K. Pulses Private Limited (RKP). The rating
reflects RKP's below-average financial risk profile because of
small net worth, leveraged capital structure and sub-par debt
protection metrics. The rating also factors in the company's small
scale of operations and large working capital requirements. These
weaknesses are mitigated by the promoter's extensive industry
experience and funding support.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             60      CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility      20      CRISIL B/Stable

Outlook: Stable

RKP will benefit from the extensive industry experience and
funding support of its promoter. The outlook may be revised to
'Positive' in case of significant growth in scale of operations
and profitability along with efficient working capital management.
Conversely, the outlook may be revised to 'Negative' if liquidity
weakens because of lower-than-anticipated cash accrual, large
working capital requirements, or debt-funded capital expenditure.

Incorporated in 2000 by Mr. Rajiv Kumar Agarwal, RKP processes
pulses such as urad dal, whole urad dal, masoor pulses, soyabean
pulses, and soyameal pulses. RKP also undertakes trading in other
pulses and sugar. It has one manufacturing unit in Bareilly, Uttar
Pradesh.


RA PARIKH: Ind-Ra Suspends 'IND BB-' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has suspended RA Parikh
Jewellers' (RAPJ) Long-Term Issuer Rating of 'IND BB-' with a
Stable Outlook.  The rating will now appear as
'IND BB-(suspended)' on the agency's website.

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

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.

RAPJ's ratings are:

   -- Long Term Issuer Rating: migrated to 'IND BB-(suspended)'
      from 'IND BB-'/ Stable
   -- INR60 mil. fund-based limits: migrated to
      'IND BB-(suspended)' from 'IND BB-'
   -- Proposed INR60 mil. fund based limits: 'Provisional IND
      BB-'; rating withdrawn as the firm did not proceed with the
      instrument as envisaged.


RAKSHIT ENGINEERING: Ind-Ra Suspends 'IND B-' LT Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Rakshit
Engineering Works Pvt. Ltd.'s (REWPL) Long-Term Issuer Rating of
'IND B-' to the suspended category.  The Outlook was Stable.  The
rating will now appear as 'IND B-(suspended)' on the agency's
website.

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 REWPL.

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.

REWPL's ratings are:

   -- Long-Term Issuer Rating: migrated to 'IND B-(suspended)'
      from 'IND B-'/Stable
   -- INR40 mil. fund-based limits: migrated to
      'IND B-(suspended)' from 'IND B-'
   -- INR40.26 mil. long-term loans: migrated to
      'IND B-(suspended)' from 'IND B-'
   -- INR15 mil. non-fund-based limits: migrated to
      'IND A4(suspended)' from 'IND A4'


ROCKLINE CONSTRUCTION: CRISIL Assigns D Rating to INR36.5MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Rockline Construction (RC). The rating reflects
instance of delayed payment of RC's term debt obligation, during
December 2015. This was caused due to weak liquidity.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee       36.5       CRISIL D
   Cash Credit          23.5       CRISIL D

RC has a small scale of operations in a highly competitive and
fragmented industry and is also exposed to risks relating to
geographical and customer concentration. The operation of the
company is working capital intensive. These rating weaknesses are
partially offset by the extensive experience of the partners in
execution of water supply projects.

Established in 1991, RC is a partnership firm engaged in the
business of construction of sewerage, laying of pipelines, supply
of raw material and other water supply projects for various
Government of Maharashtra undertakings.

The firm's partners are Mr. Popatrao Gaikwad, Mr. G.K. Chavan, Mr.
Sumit Gaikwad and Mr. Sachin Gaikwad.


S K PLASTIC: Ind-Ra Suspends 'IND BB-' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated S K Plastic
Engineerings' (SKPE) 'IND BB-' Long-Term Issuer Rating with a
Stable Outlook to the suspended category.  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 SKPE.

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.

SKPE's ratings are:

   -- Long Term Issuer Rating: migrated to 'IND BB-(suspended)'
      from 'IND BB-'/ Stable
   -- INR40 mil. fund based limits: migrated to
      'IND BB-(suspended)' from 'IND BB-'
   -- INR45 mil. long-term loans: migrated to
      'IND BB-(suspended)' from 'IND BB-'
   -- INR0.27 mil. non-fund-based limits: migrated to
      'IND A4+(suspended)' from 'IND A4+'


SAI CONSTRUCTION: Ind-Ra Suspends 'IND B' Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Sai Construction
& Builders' (SCB) '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.

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 SCB

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.

SCB's ratings:

   -- Long-Term Issuer Rating: migrated to 'IND B(suspended)'
      from 'IND B'/Stable
   -- INR100.00 mil. fund-based OD limits: migrated to
      'IND B(suspended)' from 'IND B' and 'IND A4 (suspended)'
      from 'IND A4'
   -- INR95.00 mil. fund-based limits: migrated to
      'IND B(suspended)' from 'IND B' and 'IND A4 (suspended)'
      from 'IND A4'


SANTARAM SPINNERS: CARE Reaffirms B+ Rating on INR2.8cr LT Loan
---------------------------------------------------------------
CARE reaffirms ratings assigned to bank facilities of
Santaram Spinners Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     2.80       CARE B+ Reaffirmed

   Long-term/Short-term Bank     8.00       CARE B+/CARE A4
   Facilities                               Reaffirmed

Rating Rationale
The ratings assigned to the bank facilities of Santaram Spinners
Limited (SSL) continue to remain constrained on account of its
thin profitability due to limited value addition in the cotton
ginning business, weak debt protection indicators and leveraged
capital structure. The ratings are further constrained by the
working capital intensive operations and susceptibility of its
operating margin to volatile cotton prices and seasonality
associated with the availability of cotton coupled with impact of
changes in government policy on cotton.

The ratings, however, favorably takes into consideration the vast
experience of the promoters in the cotton ginning business, its
strategic location within the cotton producing region of Gujarat
and reputed clientele of SSL. SSL's ability to increase its scale
of operations while efficiently managing its working capital
requirements along with the improvement in the profitability would
be the key rating sensitivities.

SSL was incorporated in September 1983, as a private limited
company and subsequently got converted into a public limited
company in December 1994. SSL is engaged in cotton ginning and
pressing with an installed capacity of 300 Metric Tons per Day
(MTPD) along with the trading of kapas, ginned cotton and cotton
seeds. SSL has also set up an oil mill with 11 oil expellers
having an installed capacity of 10 MTPD for manufacturing raw oil
and de-oiled cakes. The manufacturing facilities of the company
are located at Kadi, Gujarat. SSL has also commissioned wind
turbine generator of 0.80 MW at Jamnagar.

Based on FY15 audited results, (refers to the period April 1 to
March 31), SSL reported a Total Operating Income (TOI) of
INR173.96 crore (P.Y.: INR80.71 crore) and profit after tax (PAT)
of INR0.21 crore (P.Y.: net loss of INR0.01 crore). Based on
9MFY16 provisional results, (refers to the period April 1 to
December 31), SSL reported TOI of INR125.33 crore (P.Y.:
INR119.22 crore) and PAT of INR0.07 crore (P.Y.:INR0.70 crore).


SATYANARAYAN TEA: CARE Lowers Rating on INR24.27cr Loan to 'B'
--------------------------------------------------------------
CARE revises the rating assigned to lt bank facilities and
reaffirms the rating assigned to ST bank facilities of
Satyanarayan Tea Company Pvt Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     24.27      CARE B Revised from
                                            CARE BB+

   Short-term Bank Facilities    11.80      CARE A4 Reaffirmed

Rating Rationale

The revision in the rating assigned to the long-term bank
facilities of Satyanarayan Tea Company Pvt Ltd (STCPL) takes
into account the deterioration in the financial risk profile in
FY15 (refers to the period April 01 to March 31) and 9MFY16
leading to stretched liquidity position. The above ratings
continue to be constrained by working capital intensive
operations, and inherent susceptibility of the tea industry to the
vagaries of nature. The above constraints are partially offset by
the long experience of the promoters and fund support to the
company, moderate capacity utilisation with reasonable recovery
rate and stable outlook for the tea industry.

The ability of the company to manage working capital effectively,
curb losses, and improve capital structure are the key rating
sensitivities.

STCPL was promoted by Mr Saharia and Mr Kanoi of Assam during
1930's and was engaged in manufacturing and trading of tea. It was
taken over by the Kolkata-based Limtex Group in FY05 and since
then, the company is under the aegis of Mr Gopal Poddar, the
promoter of the Limtex Group.

Over the years, the company increased its tea processing capacity,
in phases, to 4 million kgpa CTC (Crush, Tear and Curl) tea. STCPL
is also involved in blending and trading of tea. STCPL owns one
tea estate in Naharkatia (Dibruagarh, Assam). The aggregate area
under cultivation is 222 hectares, having yielding capacity of 23
lakh kg per annum of green leaf. The tea estate meets about 22% of
STCPL's annual requirement of green leaf.

During FY15, SNTCPL reported a net profit of INR0.8 crore (net
profit of INR1.8 crore in FY14) on a total operating income
of INR167.9 crore (Rs.159.0 crore in FY14). As per the provisional
results for 9MFY16, the company incurred a net loss of INR5.5
crore on a total operating income of INR115.2 crore.


SAVITRIDEVI INDUSTRIES: CARE Assigns B+ Rating to INR9.19cr Loan
----------------------------------------------------------------
CARE assigns 'CARE B+' ratings to the bank facilities of
Savitridevi Industries Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     9.19       CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Savitridevi
Industries Limited (SIL) is constrained by low profitability
margins inherent to the cotton ginning business and trading of
milk, seasonal availability of raw material (raw cotton),
volatility in raw material prices, working capital intensive
nature of operations and presence in a highly fragmented cotton
ginning industry.

The rating derives strength from experience of promoters in the
cotton industry, location advantage with respect to close
proximity of raw material, diversified product portfolio and
regular capital infusion in past to fund increasing scale
of operations.

The ability of SIL to increase its scale of operations,
improvement in profitability margin along with effective
management of working capital requirement and maintaining its
capital structure are the key rating sensitivities.

SIL was incorporated in October 2009 as Savitridevi Cotton and Oil
Limited. During December 2013, the name of company was changed to
Savitridevi Industries Limited on account of diversified business
division. SIL currently is engaged in ginning and pressing of
cotton, extraction of oil from cotton seed and trading of milk.
The ginning & pressing plant and oil extraction unit is located at
Atpadi, Sangli (Maharashtra) with an installed capacity of 73,000
bales per annum and to extract 2,628 mettic tones of cotton seed
oil per annum. Moreover, the company is also involved in trading
of milk with 30 dairy centres in and around Sangli (Maharashtra)
for collection of milk. The major customers of milk division are
Parag Milk Food Limited and Chitale Dairy.

During FY15 (Audited), SIL reported a total operating income of
INR44.94 crore, PBILDT of INR1.98 crore and PAT of INR0.39
crore as against a total operating income of INR36.65 crore,
PBILDT of INR1.39 crore and PAT of INR0.08 crore in FY14
(Audited).


SHIVA VEENER: Ind-Ra Suspends 'IND B+' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Shiva Veener
(India) Private Limited's (SVIPL) '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.
The agency has also migrated the company's INR60.00 mil. fund-
based limits to 'IND B+(suspended)'/'IND A4(suspended)' from
'IND B+'/'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 SVIPL.

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.


SHREE HARI: Ind-Ra Suspends 'IND B' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Shree Hari Om
Foods' (SHOF) '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.

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 SHOF.

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.

SHOF's ratings:

   -- Long-Term Issuer Rating: migrated to 'IND B(suspended)'
      from 'IND B'/Stable
   -- INR120 mil. fund-based working capital limits: migrated to
      'IND B(suspended)' from 'IND B' and 'IND A4(suspended)'
      from 'IND A4'
   -- INR6 mil term loan: migrated to 'IND B(suspended)' from '
      'IND B'


SHREE RADHA: CRISIL Assigns B+ Rating to INR25MM Cash Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Shree Radha Krishna Vinimay Private Limited.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            25       CRISIL B+/Stable

The rating reflects average financial risk profile because of high
gearing and weak debt protection metrics, and SRKVPL's exposure to
risks related to highly fragmented industry because of stiff
competition and low operating margin. These rating weaknesses are
mitigated by the promoters' extensive experience in the
construction industry.

Outlook: Stable

CRISIL believes SRKVPL will continue to benefit from the
promoters' longstanding presence in the construction industry. The
outlook may be revised to 'Positive' if the financial risk profile
improves significantly, because of capital infusion and better-
than-expected revenue and profitability. Conversely, the outlook
may be revised to 'Negative' if the profitability or revenue
decline, resulting in low cash accrual, or if the company
undertakes any large, debt-funded capital expenditure programme.

SRKVPL, incorporated in 2012 in Ranchi (Jharkhand), trades in
steel, cement and high sea sales. The company is promoted by Mr.
Amit Sarawgi and Ms. Swati Sarawgi who has 15 years' experience in
trading of steel and cement products.


SHREE SANTOSH: ICRA Assigns B+ Rating to INR10cr Cash Loan
----------------------------------------------------------
ICRA has assigned the [ICRA]B+ rating to the INR10.00 crore cash
credit facility and INR3.00 crore term loan facility of Shree
Santosh Cotton Spin Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit           10.00        [ICRA]B+ assigned
   Term Loan              3.00        [ICRA]B+ assigned

The assigned rating factors in the weak financial risk profile of
the company characterised by thin profitability, highly leveraged
capital structure and weak debt coverage indicators. The rating is
also constrained by highly competitive and fragmented industry
structure with low entry barriers and the vulnerability of the
company's profitability to movements in cotton prices on account
of seasonality and company's exposure to regulatory risks with
regards to MSP.

The rating, however, positively factors in the longstanding
experience of the promoters in the cotton ginning and pressing
industry and the location advantage enjoyed by the company by
virtue of its location in the cotton producing belt of Gujarat.

Incorporated in February 2013, Shree Santosh Cotton Spin Private
Limited (SSCSPL) is engaged in cotton ginning and pressing
business. The company started commercial operations from April
2014 at its plant located at Gondal, Rajkot in Gujarat. The plant
is equipped with 44 ginning machines and 1 pressing machine with a
total installed capacity of producing ~450 bales per day
(considering 24 hours of operations). The promoters have extensive
experience in cotton industry and are also involved in the
operations of a few other cotton ginning companies namely Shree
Raghuvanshi Fibers Private Limited, Gopal Enterprise, Gopal
Trading Co. and Gopal Cotton Corporation.

Recent Results
For the first full year of commercial operations, the company has
reported an operating income of INR91.07 crore and profit after
tax of INR0.15 crore in FY15.


SHREEJI FOOD: ICRA Suspends 'D' Rating on INR3.57cr Term Loan
-------------------------------------------------------------
ICRA has suspended the [ICRA]D rating assigned to the INR3.68
crore facilities of Shreeji Food Processing. The suspension
follows ICRAs inability to carry out a rating surveillance due to
non cooperation from the company.

                          Amount
   Facilities           (INR crore)      Ratings
   ----------           -----------      -------
   Term Loan Limit          3.57         [ICRA]D suspended
   Credit Exposure Limits   0.11         [ICRA]D suspended

SFP is a part of 'Patco' group of companies, established in 2010
to manufacture various ready-to-eat food products. The group is
promoted by Mr. Matur Savani, Mr. Rakesh Patel and Mr. Lalji
Patel. PFPL is the flagship company of group while the rest three
associate firms namely M/s Jogi Food Processing, M/s Krishna Food
Processing and M/s Shreeji Food Processing operate on job work
basis for PFPL. The manufacturing facility of all the four
companies are located in a single large campus spread over 58
acres of land. SFP is a proprietorship firm engaged in the
processing and sorting of cereals & pulses and cashew nuts. The
installed capacity of the firm is 15000TPA and 300TPA for pulses
and cashews respectively.


SHRI BALAJI: ICRA Upgrades Rating on INR65cr Term Loan to B
-----------------------------------------------------------
ICRA has upgraded the long-term rating assigned to INR65.00 crore
term loan and INR15 crore unallocated limits of Shri Balaji Sugars
& Chemicals Private Limited from [ICRA]D to [ICRA]B.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loan             65.00        [ICRA]B upgraded
   Unallocated limits    15.00        [ICRA]B upgraded

The revision in rating takes into consideration timely debt
servicing by SBSCPL in the last three months. ICRA also notes that
the sugar unit under SBSCPL has commenced full fledged operations
in the on-going FY 2016 post trial operations conducted in March
2015.

The rating continues to remain constrained by the stretched
capital structure and sizeable debt repayment obligations of
SBSCPL going forward. Further, as financial closure for the
proposed Ethanol unit of the company (total cost of INR95.50 crore
to be funded by debt of INR66.8 crore and the remaining by quasi
equity with assistance from the Sugar development fund and
promoters equity) remains to be achieved, funding requirement for
the same could exert pressure on the cashflows of the company
given that the operations of the sugar unit are currently in a
nascent stage with a limited track record. In addition, the rating
continues to remain tempered by the vulnerability of the sugar
operations to agro climatic risks, and regulated nature of the
industry in terms of pricing and exports. The rating, however,
draws comfort from the presence of a power purchase agreement(PPA)
for the co-generation unit at a relatively remunerative tariff,
which, along with sales proceeds from molasses provides a cushion
for the company in case of sugar downturn. Further, the rating
continues to positively factor in the location attractiveness of
the project as the command area constitutes of a well-developed
cane area; and the extensive experience of management personnel in
the sugar industry.

The company's ability to adequately manage its working capital
requirements, ensure timely completion of the capital expansion
plan undertaken while servicing its long term debt obligations in
a timely manner remain the key rating sensitivities.

Shri Balaji Sugars and Chemicals Private Limited incorporated in
2011 and has set up a 3500 TCD sugar plant in Bijapur district in
North Karnataka. The manufacturing facility is being set up in two
phases; first phase comprising 3500 TCD sugar mill and 18 MW
cogeneration plant and the second phase comprising a 60 KLPD
distillery. While the first phase was commissioned in March 2015,
the construction of the second phase is likely to commence in
during H2 FY 2016.


SHRI RAMGINNING: CARE Assigns B Rating to INR9.80cr LT Loan
-----------------------------------------------------------
CARE assigns 'CARE B' rating to the bank faciities of
Shri Ramginning Pressing And Oilmill.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     9.80       CARE B Assigned

Rating Rationale
The rating assigned to the bank facilities of Shri Ram Ginning
Pressing and Oil Mill (SGP) is constrained by lack of experience
of the promoters in the cotton industry, susceptibility to
cyclicality and agro-climatic risk of industry, working capital
intensive nature of operations and partnership nature of
constitution.

The above weaknesses are offset by qualified partners, locational
advantage emanating from proximity to raw material and eligibility
for interest subsidy against capital expenditure from the central
and state governments. The ability of the firm to achieve the
envisaged income from operations and profitability margins is the
key rating sensitivity.

SGP is a Nagpur-based (Maharashtra) partnership firm established
by Mr Mahipal Choukasey and his son Mr Saurabh Choukasey in
December 2014. SGP has set up a ginning and pressing unit to
manufacture cottons bales and cotton seeds. The plant is being set
up with a capacity of about 45,000 bales per annum (7,425 metric
tonnes) working 125 days in a year and is spread over a land of
4.5 acres. The commercial operations of the plant started from
January 2016.


SHRI ROKADOBAMAHARAJ: CARE Reaffirms B+ Rating on INR10.03cr Loan
-----------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Shri Rokadobamaharaj Ginning And Pressing Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     10.03      CARE B+ Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Shri Rokadoba
Maharaj Ginning and Pressing Private Limited (SRMGPPL) is
constrained by low profitability margins inherent to the cotton
ginning business, seasonal availability of raw material (raw
cotton) and associated volatility in raw material prices, working
capital intensive nature of operations and presence in a
highly fragmented cotton ginning industry. The rating further
takes a note of de-growth in total operating income during
FY15 (refers to the period April 1 to March 31).

The rating, however, continues to derive strength from experience
of the promoters in the cotton industry, strategic location of the
manufacturing unit with proximity to the source of cotton. The
rating further takes a note of improvement in capital structure
and improvement in profitability margin during FY15.

Going forward, the ability of SRGPL to improve its scale of
operations, improvement in the profitability margin along-with
effective management of working capital is the key rating
sensitivities.

Incorporated in the year 2008, Aurangabad-based SRMGPPL is engaged
in cotton ginning and pressing along with extraction of cotton
oil. SRGPL procures its raw material i.e. raw cotton from the
local market (farmers) and sell its finished products to its
customers located in and around Aurangabad. The finished products
of the company include cotton bales, cotton seed, cotton oil and
cotton cake (a by-product). The manufacturing facility of the
company is located at Sillod, Aurangabad with an installed
capacity of manufacturing 70,000 bales per annum (utilization 75%
in FY15) and extracting 12,000 quintals of cotton oil per annum
(utilization 70% in FY15). The facility started its commercial
operations of ginning unit in 2010 and cotton oil from February
28, 2013.

During FY15 (Audited), SRMGPPL reported total operating income of
INR89.59 crore, PBILDT of INR2.56 crore and PAT of INR0.17 crore
as against total operating income of INR96.37 crore, PBILDT of
INR2.65 crore and PAT of INR0.13 crore in FY14 (Audited).


SITARAM MAHARAJ: CARE Lowers Rating on INR68.24cr LT Loan to 'D'
----------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Sitaram Maharaj Sakhar Karkhana (Khardi) Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     68.24      CARE D Revised from
                                            CARE B

Rating Rationale
The revision in the rating of the bank facilities of Sitaram
Maharaj Sakhar Karkhana (Khardi) Limited (SMSKL) takes into
account the ongoing delays in debt servicing of its rated bank
facilities.

SMSKL was incorporated by Mr Baban Sonawale (Chairman) on May 24,
1999, under the guidance of chief promoter Mr Kalyanrao Kale to
undertake sugar and sugar-related production at Khardi village,
in Pandhrapur District, Solapur, Maharashtra. Post fund tie-ups
and receiving all necessary approvals over the period 2010-2012,
SMSKL set up a partially integrated sugar manufacturing facility
with the installed capacity of 2,500 tonnes of cane crushed per
day (TCD) and bagasse-based cogeneration plant with an installed
capacity of 10 mega-watts (MW).

The company has entered into a PPA (Power Purchase Agreement) with
Maharashtra State Electricity Distribution Co. Ltd (MSEDCL) for
the sale of electricity post captive consumption. SMSKL commenced
commercial operations from the sugar season (SS) 2012-2013, which
was the trial season for the sugar factory. During crushing season
(SS 2014-15), SMSKL has crushed cane to the tune of 350,331 lakh
MT at an average recovery rate of 10.70%.

Based on the financials for audited FY15 (refers to the period
April 1 to March 31), SMSKL reported a total operating income of
INR74.49 crore (P.Y: INR49.69 crore) and profit after tax of
INR6.26 crore (P.Y: loss of INR11.08 crore).


SOLVAY VISHNU: CARE Assigns B+ Rating to INR17.20cr LT Loan
-----------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of
Solvay Vishnu Barium Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     17.20      CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Solvay Vishnu Barium
Private Limited (SVB) are constrained by small and volatile scale
of operations with continued loss and declining trend in PBILDT
margin over the period FY13-15 (refers to the period April 01 to
March 31), low capacity utilization levels and volatile raw
material costs at the back of issues related to availability of
raw materials and high working capital utilization. The ratings
are however underpinned by experienced promoters and management
team, moderately diversified client base albeit limited product
portfolio, repeated orders backed by long standing association
with reputed clientele and comfortable capital structure as on
March 31, 2015; however the same deteriorated as on September 30,
2015 (un-audited). The ability of the company to further improve
its scale of operation and profitability margins while efficiently
managing its working capital are the key rating sensitivities.

Solvay Vishnu Barium Private Limited (SVB) was originally
incorporated on May 29, 2001. The company was initially
established as a Joint Venture (JV) between Solvay group (Belgium
Chemical Group) and Vishnu Chemicals Limited (VCL).

After 5 years, VCL exited and Solvay group took over the entire
100% stake in the company. Solvay is an international chemical
group which serves many markets, varying from energy and the
environment to automotive and aerospace or electricity and
electronics. The group is headquartered in Brussels and generated
around 10.2 billion euros in net sales in 2014. Recently, Solvay
decided to move away from the business of barium carbonate in
India primarily on account of local nature of business and not
having control over mining and has sold the entire 100% stake to
VCL in H1FY16 and the operations of the company under VCL has
commenced from July 01, 2015.

The main products of the company include Barium Carbonate (powder
and granules), sulphur and barium chloride. SVB has its
manufacturing facilities at Kalahasti, Andhra Pradesh and is one
of the leading manufacturers of barium carbonate in India. The
unit has an installed capacity of 40,000 Metric Tonnes Per Annum
(MTPA) for barium carbonate as on March 31, 2015.

During FY15 SVB registered a total operating income of INR38.02
crore (Rs.35.31 crore in FY14) with net loss of INR5.51 crore (net
loss of INR3.55 crore in FY14). Furthermore, the company has
registered sales of INR11.13 crore for H1FY16 (Unaudited).


SRAVYA INFRA: CRISIL Assigns B+ Rating to INR150MM LT Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Sravya Infra Projects Private Limited (SIPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Long Term Loan         150      CRISIL B+/Stable

The rating reflects SIPL's susceptibility to risks related to the
completion and salability of its ongoing real estate residential
projects in Bengaluru and to cyclicality in the real estate
industry. These weaknesses are partially offset by the extensive
industry experience of the promoters in the residential real
estate development business and the strategic location of the
projects.
Outlook: Stable

CRISIL believes SIPL will benefit over the medium term from the
promoters' extensive experience in the residential real estate
development segment. The outlook may be revised to 'Positive' if
the company completes its projects earlier than expected or in
case of more-than-expected sales realisations from ongoing
projects, leading to substantial cash flow. Conversely, the
outlook may be revised to 'Negative' if there is any delay in
project completion, in the receipt of advances from customers, or
if SIPL undertakes a large, debt-funded project.

Established in 2010, SIPL is engaged in real estate development.
The company is promoted by Mr. Sri Partha Sarathi Reddy and Mrs. B
Prantiha.


T BHIMJYANI: Ind-Ra Assigns BB+ Rating; Outlook Stable
------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned T Bhimjyani
Realty Private Limited (TBRPL) a Long-Term Issuer Rating of
'IND BB+'.  The Outlook is Stable.  The agency has also assigned
the company's INR1,800 mil. long-term loans an 'IND BB+' rating
with Stable Outlook.

KEY RATING DRIVERS

The ratings reflect TBRPL's execution risk in its ongoing
residential project Neelkanth Woods in Thane, Mumbai.  Only 13.19%
of the total construction has been completed, and the project is
scheduled to be completed by January 2019.

The ratings benefit from the promoter's experience of around five
decades in the real estate sector, and the project's proximity to
all the basic amenities such as schools and colleges.  The ratings
are supported by the customer advances received (INR1,926.97 mil.)
by the company till November 2015, which is equal to 23.44% of the
total project cost.

RATING SENSITIVITIES

Positive: The timely progress of the project and the sale of a
substantial number of housing units leading to strong cash flow
visibility will be positive for the ratings.

Negative: Any slowing down of flat booking leading to a cash flow
shortfall will be negative for the ratings.

COMPANY PROFILE

TBRPL was incorporated in 2011as Ravechi Infrastructure Projects
Pvt Ltd and during 2013, its name was changed to T Bhimjyani
Realty Private Limited.

This project is to be developed in 43 acres of land located at the
foot of Yeoor Hills with access from Ghodbunder Road.  The project
includes 12 residential towers.  The company is planning to
develop Phase 1 and Phase 2 which includes six towers with a total
saleable area of 12,52,130 sq. ft.

Tulsi Bhimjyani is the chairman of the company, and Anshul T
Bhimjyani and Devang T Bhimjyani are the other directors of the
company.


TRIKAAL LEASING: CARE Assigns 'B+ [FD]' Rating to INR2.87cr Loan
----------------------------------------------------------------
CARE assigns 'CARE B+ [FD]' ratings assigned to the fixed deposits
of Trikaal Leasing And Finance Limited.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Fixed Deposits           2.87       CARE B+ [FD] Assigned

Rating Rationale
The rating assigned to the fixed deposits raised by Trikaal
Leasing and Finance Ltd (TLFL) is constrained by its small size of
operations and high regional concentration, concentrated resource
profile, weak asset quality, low product diversification, inherent
risk associated with target lending segment. However, the rating
derives strength from the experience of the promoters in the
industry, comfortable capital adequacy levels and satisfactory
profitability margins.

Going forward, the ability of the company to scale up its
operation and achieve geographical diversification, improve
asset quality and profitability parameters would be the key rating
sensitivities.

TLFL is a Dharwad-based Deposit taking NBFC involved in business
of hire purchase of used commercial vehicles to individuals in
Karnataka. The company was incorporated in June 1992. TLFL has
presence in four districts of Karnataka, namely Hubli-Dharwad,
Gadag, Haveri and Belgaum. Mr. Ravi N Deshpande is the Managing
Director (CMD) who handles the day-to-day operations of the
company.

During FY15 (refers to the period April 1 to March 31), the
company registered a PAT of INR0.23 crore (FY14: INR0.31 crore) on
a total income of INR1.12 crore (FY14: INR1.17 crore). The company
had a loan portfolio of INR6.54 crore and capital adequacy level
of 66.21% as on March 31, 2015.


TROY IFMR: Ind-Ra Puts BB- Rating on INR24.1MM Series A2 PTCs
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Troy IFMR Capital
2016 (an ABS transaction) provisional ratings as:

  -- INR357.5 mil. Series A1 pass through certificates (PTCs):
     'Provisional IND A-(SO)'; Outlook Stable

   -- INR24.1 mil. Series A2 PTCs: 'Provisional IND BB-(SO)';
      Outlook Stable

The final ratings are contingent upon the receipt of final
documents conforming to the information already received.

The micro finance loan pool to be assigned to the trust is
originated by Satin Creditcare Network Limited (SCNL;
'IND BBB+'/Stable).

KEY RATING DRIVERS

The provisional ratings are based on the origination, servicing,
collection and recovery expertise of SCNL, the legal and financial
structure of the transaction and the credit enhancement (CE)
provided in the transaction.  The provisional rating of Series A1
PTCs addresses the timely payment of interest on monthly payment
dates and ultimate payment of principal by the final maturity date
on Dec. 20, 2017, in accordance with the transaction
documentation.

The provisional rating of Series A2 PTCs addresses the timely
payment of interest on monthly payment dates only after the
complete redemption of Series A1 PTCs and ultimate payment of
principal by the final maturity date on Dec. 20, 2017, in
accordance with the transaction documentation.

The transaction benefits from the internal CE on account of excess
interest spread, subordination and over-collateralisation.  The
levels of overcollateralisation available to Series A1 and A2 PTCs
are 11% and 5%, respectively, of the initial pool principal
outstanding (POS).  The total excess cash flow or the internal CE
available to Series A1 and A2 PTCs is 21.96% and 14.85%
respectively, of the initial POS.  The transaction also benefits
from the external CE of 3.00% of the initial POS in the form of
fixed deposits in the name of the originator with a lien marked in
favour of the trustee.  The collateral pool to be assigned to the
trust at par had the initial POS of INR401.7 mil., as of the pool
cut-off date of Feb. 1, 2016.

The external CE will be used in case of a shortfall in a) complete
redemption of all Series of PTCs on the final maturity date, b)
monthly interest payment to Series A1 investors and c) monthly
interest payment of Series A2 investors after the complete
redemption of Series A1 investors.

RATING SENSITIVITIES

As part of its analysis, Ind-Ra built a pool cash flow model based
on the transaction's financial structure.  The agency also
analyzed historical data to determine the base values of key
variables that would influence the level of expected losses in
this transaction.  The base values of the default rate, recovery
rate, time to recovery, collection efficiency, prepayment rate and
pool yield were stressed to assess whether the level of CE was
sufficient for the current rating levels.

Ind-Ra also conducted rating sensitivity tests.  If the
assumptions of the base case default rate worsen by 30%, the
model-implied rating sensitivity suggests that the rating of the
Series A1 will be downgraded by two notches.  If the assumptions
of the base case default rate worsen by 30%, the model-implied
rating sensitivity suggests that the rating of the Series A2 will
not be downgraded.


UNI SOURCCE: Ind-Ra Suspends 'IND BB+' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Uni Sourcce
Treend India's (USTI) 'IND BB+' Long-Term Issuer Rating with a
Stable Outlook to the suspended category.  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 USTI.

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.

USTI's ratings are:

   -- Long-Term Issuer Rating: migrated to 'IND BB+(suspended)'
      from 'IND BB+'/Stable
   -- INR170 mil. fund-based limits: migrated to
      'IND A4+(suspended)' from 'IND A4+'
   -- INR46.08 mil. long-term loans: migrated to
      'IND BB+(suspended)' from 'IND BB+'


UNIWORLD SUGARS: CARE Assigns 'B' Rating to INR75cr LT Loan
-----------------------------------------------------------
CARE assigns 'CARE B' ratings to the bank facilities of
Uniworld Sugars Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       75       CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Uniworld Sugars P
Ltd (USPL) takes into account the weak financial risk profile of
the company characterized by cash losses and past delays,
regulated nature of the business and inherent cyclicality of the
sugar industry.

The rating, however, draws comfort from experienced promoters and
port based processing unit which extends logistical advantage.
Going forward, the ability of USPL to improve profitability
without any adverse impact on the capital structure shall be the
key rating sensitivity.

USPL is an equal joint venture between ED & F Man Sugar
Netherlands BV (EDF), one of the largest commodity traders in the
world markets and Simbhaoli Sugars Limited (SSL), having one of
the largest sugar refineries in India. USPL is engaged in refinery
operations which processes raw sugar into white refined sugar
though ION exchange process and sells its product under the brand
name "Tiger". SSL and EDF formed a joint venture to set up a
manufacturing facility at the port of Kandla, Gujarat with a
capacity to refine 1000 metric tonnes of raw sugar per day into
white refined sugar.

USPL commissioned the project at a total cost of INR270 crore
funded through term loan of INR103.50 crore, Promoters
contribution of INR145 crore and the balance INR21.50 crore
through contributions in form of compulsory convertible debentures
(from the promoters). The project commenced commercial production
with effect from July 1, 2014, which was delayed by a year owing
to delay in supply of project equipments.

As per the Audited results for FY15 (refers to the period April 1
to March 31) USPL had a total operating income of INR259 crore
with a Net loss of INR41 crore.


VEDA BIOFUEL: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
--------------------------------------------------------------
India Rating and Research (Ind-Ra) has assigned Veda Biofuel
Limited (VBFL) a Long-Term Issuer Rating of 'IND BB-'.  The
Outlook is Stable.  Ind-Ra has also assigned the company's
INR773.00 mil. long-term loans an 'IND BB-' rating with a Stable
Outlook.

KEY RATING DRIVERS

The ratings reflect the near complete status of VBFL's alcohol
plant.  The company was established in 2010 to set up a 75,000
litres per day plant in Vishakhapatnam, Andhra Pradesh.  The plant
is 95% complete and trial production is likely to start towards
the end of February 2016.  The management expects to start
commercial production latest by end-March 2016, ahead of the
scheduled July 2016 commencement.

The ratings also factor in the plant's locational advantage in
terms of the availability of raw materials as it is located in an
agricultural area, and absence of any competition for the raw
material (broken rice, corn, rice husk and coal) in the vicinity.

RATING SENSITIVITIES

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

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

COMPANY PROFILE

VBL was established in 2010.  The plant is located in Nadipalli
Village, Pusapatirega Mandal, Vizianagaram Dist, Andhra Pradesh.
The company is involved in manufacturing of Extra Neutral
Alcohol/Ethanol/Industrial Alcohols, with CO2 & Cattle feed as by
products along with 3 MW captive power plant.


VIJAY SABRE: ICRA Reaffirms 'C' Rating on INR10cr LT Loan
---------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to the INR11.49
crore fund based bank facilities of Vijay Sabre Safety Private
Limited at [ICRA]C. ICRA has also reaffirmed the short term rating
of [ICRA]A4 assigned to the INR8.00 crore non-fund based bank
facilities of the company.

                           Amount
   Facilities           (INR crore)      Ratings
   ----------           -----------      -------
   Long Term Fund Based
   Demand cash Credit      10.00         [ICRA]C reaffirmed

   Long Term Fund Based
   Standby Line of Credit  00.90         [ICRA]C reaffirmed

   Long Term Fund Based
   Term Loan               00.59         [ICRA]C reaffirmed

   Short Term Non Fund
   Based - Letter of
   Credit                  03.00         [ICRA]A4 reaffirmed

   Short Term Non Fund
   Based-Bank Guarantee    05.00         [ICRA]A4 reaffirmed

The ratings reaffirmation factors in VSSPL's weak financial
profile characterized by stagnant revenues during the past three
years, low profitability and sluggishness in realization of
receivables resulting in stretched liquidity position,
necessitating increased utilization of working capital limits and
delay in payments to creditors. Given the stretch on liquidity,
the total outside liabilities to total net worth has increased to
2.17 times as on March 31, 2015 as compared to 1.69 times as on
March 31, 2014. The ratings continue to be constrained by the
susceptibility of margins to foreign exchange risks and intense
competitive pressure from players in the organized sector. ICRA
notes that the company has given a large corporate guarantee to
its group entity, Vijay Latex products Private Limited (rated
[ICRA]D by ICRA) which has a weak financial profile.

The ratings, however, continue to positively factor in the
experience of the promoters of more than two decades in the
fire/safety industry and established market position in the
personal protective equipment segment as reflected in a reputed
and diversified customer base.

Incorporated in 1988 by Mr. Jitendra Salot, VSSPL is engaged in
manufacture and trading of fire and safety equipment with its head
office in Sakinaka, Mumbai and has its manufacturing and trading
units in Silvassa and Umbergaon. The company is ISO 9000:2001
certified and its product range is approved by BIS and CE marked.
VSSPL has been an authorised distributor of Scott Health & Safety
Limited in India since inception. It's group concern, Vijay Latex
Products Private Limited (rated at [ICRA]D) is engaged in
manufacturing of rubber gloves.

Recent Results
VSSPL recorded a net profit of INR0.03 crore on an operating
income of INR32.41 crore for the year ending March 31, 2015.


VIKAS TECHNOPLAST: Ind-Ra Suspends 'IND BB-' LT Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Vikas Technoplast
Pvt Ltd (VTPL) 'IND BB-' Long-Term Issuer Rating with a Stable
outlook to the suspended category.  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 VTPL.

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.

VTPL's ratings are:

   -- Long-Term Issuer Rating: migrated to 'IND BB-(suspended)'
      from 'IND BB-'/Stable
   -- INR30 mil. fund-based limits: migrated to
      'IND BB-(suspended)' and 'IND A4+(suspended)' from
      'IND BB-' and 'IND A4+'
   -- INR30 mil. long-term loans: migrated to 'IND BB-
      (suspended)' from 'IND BB-'


VINAYAKA ELECTROALLOYS: CRISIL Assigns B Rating to INR50MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Vinayaka Electroalloys India Private Limited.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            40       CRISIL B/Stable
   Long Term Loan         50       CRISIL B/Stable

The rating reflects VEIPL's modest scale of operations, large
working capital requirement, and weak financial risk profile
because of high gearing, modest networth, and subdued debt
protection metrics. These weaknesses are partially offset by its
promoters' extensive industry experience and the company's
established supplier and customer relationships.
Outlook: Stable

CRISIL believes VEIPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company reports
significant growth in revenue and profitability, while improving
its financial risk profile. Conversely, the outlook may be revised
to 'Negative' in case of decline in revenue and profitability; or
lengthening of working capital cycle, adversely affecting
financial risk profile, particularly liquidity.

VEIPL, established in 2006 and based in Erode, Tamil Nadu,
manufactures steel castings for valves and pumps. It is promoted
and managed by Mr. S Venkatachalamurthi, Mr. P Chinnusamy, and Mr.
K Muthurathinam.

For 2014-15 (refers to financial year, April1 to march 31),
VEIPL's profit after tax (PAT) was INR1.8 million on net sales of
INR183 million against net loss of INR13.1 million on net sales of
INR140 million for 2013-14.


VINDHYA CEREALS: Ind-Ra Suspends 'IND B' Long Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has suspended Vindhya Cereals
Pvt Ltd (VCPL) Long Term Issuer Rating of 'IND B' with a Stable
Outlook.  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 VCPL.

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.

VCPL's ratings:

   -- Long Term Issuer Rating: migrated to 'IND B(suspended)'
      from 'IND B'/Stable
   -- INR200 mil. fund-based limits: migrated to
      'IND B(suspended)' from 'IND B'
   -- INR68.34 mil. long-term loans: migrated to
      'IND B(suspended)' from 'IND B'


VISHRAMBHAI GORASIA: Ind-Ra Assigns 'IND B+' LT Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Vishrambhai
Gorasia Construction Private Limited (VGCPL) a Long-Term Issuer
Rating of 'IND B+'.  The Outlook is Stable.  The agency has also
assigned the company's INR50.0 mil. fund-based working capital
limits a Long-term 'IND B+' rating with a Stable Outlook and a
Short-term 'IND A4' rating.

KEY RATING DRIVERS

The ratings reflect VGCPL's small scale of operations, moderate
credit metrics and tight liquidity.  FY15 revenue was INR140.3
mil. (FY14: INR139.2 mil.), net leverage (total Ind-Ra adjusted
net debt/operating EBITDAR) was 5.3x (4.5x) and EBITDA interest
cover was 2.3x (2.2x).  The company's use of the working capital
facilities was 100% during the 12 months ended January 2016.
EBITDA margins were 14.8% in FY15 (FY14: 10.0%).

Ind-Ra expects the liquidity position to remain tight on a long
collection period (87 days in FY15).

The ratings are supported by the presence of an escalation clause
for cement prices in its contracts for readymade concrete,
safeguarding its margins from input price volatility.  The ratings
also benefit from VGCPL's around eight years of customer
relationships, which have enabled it to obtain repeat orders.
Also, its founders' experience of over two decades in the
construction and readymade concrete industry benefits the ratings.

RATING SENSITIVITIES

Positive: Substantial revenue growth and increased profitability
leading to a sustained improvement in the credit metrics will lead
to a positive rating action.

Negative: A decline in profitability resulting in a sustained
deterioration in the credit profile of the company will lead to a
negative rating action.

COMPANY PROFILE

Incorporated in 2008, VGCPL supplies readymade concrete.  It also
undertakes civil project works such as roads, buildings, dams,
railways, and drainage and water supply line.  The readymade
concrete facilities are in four locations in Gujarat with a
combine capacity of 190.0 cubic meters per hour.  It is a closely
held private limited company founded by Mr. Vishram Karsan
Gorasia.


VISHWAKARMA SCALES: CRISIL Assigns B Rating to INR55MM LT Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Vishwakarma Scales Private Limited (VSPL). The
ratings reflect VSPL's small scale of operations in a highly
fragmented industry, working capital intensive operations, and its
weak financial risk profile marked by modest networth and average
debt protection metrics. These weaknesses are partially offset by
the promoters' extensive experience in the weighbridge industry
and established relations with the reputed clientele.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Long Term
   Bank Loan Facility     55       CRISIL B/Stable
   Cash Credit            30       CRISIL B/Stable
   Letter of Credit       15       CRISIL A4

Outlook: Stable

CRISIL believes VSPL will continue to benefit over the medium
term, backed by the promoters' extensive industry experience and
relations with its reputed clientele. The outlook may be revised
to 'Positive' if the company improves its working capital
management or increases its scale of operations on a sustainable
basis while improving its profitability margin. Conversely, the
outlook may be revised to 'Negative' if liquidity deteriorates
because of a stretched working capital cycle, or if the scale of
operations or profitability declines, leading to significantly low
cash accrual, or any large, debt-funded capital expenditure
weakens the capital structure.

VSPL, incorporated in 2007, is an Uttarakhand-based company. It is
promoted by Mr. Avinash Chandra Dhiman, Mrs. Meenal Dhiman, and
Mr. Pranav Dhiman. VSPL manufactures and markets weighing systems
from miniature scales to heavy highway weighbridges and highway
traffic-management systems. Its plant in Roorkee, Uttarakhand, has
facilities for manufacturing more than 1850 different types of
weighbridges per year.


VMD MILLS: Ind-Ra Ups LT Issuer Rating to 'IND BB-'
---------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded VMD Mills Pvt
Ltd's (VMD) Long-Term Issuer Rating to 'IND BB-' from 'IND B+'.
The Outlook is Stable.

KEY RATING DRIVERS

The upgrade reflects a significant improvement in VMD's operating
EBITDA margins to 12.6% during FY15 from around 6%-7% over FY12-
FY14.  The improvement in margins was due to improved quality and
substantial cost savings after the company installed new advanced
machineries.

The ratings also considers  VMD's strong credit metrics with
interest coverage of 6.7x (FY14: 39.0x) and net financial leverage
of 3x (0.4x) during FY15, and its strong liquidity with average
working capital utilization of around 50% during the 12 months
ended January 2016.

The ratings are, however, constrained by the company's small scale
of operations, as reflected in its revenue of INR319 mil. during
FY15.

RATING SENSITIVITIES

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

Negative: A reduction in profitability, leading to deterioration
in credit metrics, will be negative for the ratings.

COMPANY PROFILE

VMD manufactures and exports yarns.  The company is managed by Mr.
A.P Dhandapani and family.  Its registered office is located in
Coimbatore.  The company has an installed capacity of
36,000tons/annum.

VMD's ratings:

   -- Long Term Issuer Rating: upgraded to 'IND BB-' from
      'IND B+'; Outlook Stable
   -- INR50 mil. fund-based working capital limit: upgraded to
      'IND BB-'/Stable from 'IND B+'
   -- INR106.5 mil. term loan: upgraded to 'IND BB-'/Stable from
      'IND B+'
   -- INR19.5 mil. non fund based limit: upgraded to 'IND A4+'
      from 'IND A4'


YOGAA AND CO: Ind-Ra Raises Long-Term Issuer Rating to 'IND B+'
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Yogaa and Co.'s
Long-Term Issuer Rating to 'IND B+' from 'IND B-'.  The Outlook is
Stable.

KEY RATING DRIVERS

The upgrade reflects the company's improved liquidity position.
The average utilization of its limits improved to around 95%
during the 12 months ended January 2016 from full utilization for
the 12 months ended March 2015.  The ratings also reflect the
company's strong credit profile with interest coverage of 3.8x in
FY15 (FY14: 4.3x), net financial leverage of 2.1x (2x) and
moderate operating margins of 8.6% (10.3%).  The ratings also
derive support from the two-decade-long experience of Yogaa's
partners' in the construction business.

However, the ratings are constrained on account of Yogaa's small
scale of operations, as reflected in its revenue of INR268 mil.
during FY15, the partnership nature of the business and high-
geographical-concentration risk, as the company mainly executes
projects in Karnataka and Tamil Nadu.

RATING SENSITIVITIES

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

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

COMPANY PROFILE

Incorporated in 2007, Yogaa constructs roads and bridges. It
executes orders mainly for government enterprises such as Public
Works Department and National Highway Authority of India ('IND
AAA'/Stable) and is managed by A.D. Meenaachisundram.  The company
had an order book of INR712.85 mil. at end-October 2015, which is
slated to be executed within the two years.

Yogaa's ratings:

   -- Long-Term Issuer Rating: upgraded to 'IND B+' from
      'IND B-';  Outlook Stable
   -- INR50 mil. fund-based limit: upgraded to 'IND B+'/Stable
      from 'IND B-'
   -- INR100 mil. non-fund-based limit: affirmed at 'IND A4'



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


TOSHIBA CORP: Plans to Sell Entire Medical Unit
-----------------------------------------------
Junko Fujita and Emi Emoto at Japan Today reports that struggling
Toshiba Corp plans to sell its entire medical equipment unit
rather than just a controlling stake, people familiar with the
matter said, adding that aggressive bidding could value the
business at much more than initial estimates of JPY500 billion.

Japan Today says the deal is seen as crucial to bolstering
Toshiba's finances as the industrial conglomerate has been
grappling with the fallout from a damaging accounting scandal.
Rising restructuring costs have prompted management to pursue an
entire sale of Toshiba Medical Systems Corp, the sources said,
Japan Today relays.

According to Japan Today, people familiar with sale process said a
price tag between JPY400 billion to JPY500 billion was a
reasonable value for the unit. But one person said the deal value
could go as high as JPY650 billion amid strong demand for medical
businesses with high growth prospects, Japan Today relates.

Global buyout firm KKR & Co as well as Canon Inc, Fujifilm
Holdings Corp and Konica Minolta Inc, Japanese imaging firms with
medical device units, have been shortlisted for the second round
of bidding, they said. The deadline for the bids is on March 4,
Japan Today discloses.

KKR has partnered with trading house Mitsui & Co, while Konica
Minolta has partnered with Permira, the sources added, Japan Today
relays.

The people asked not to be identified because they are not
authorised to speak to the media, Japan Today says. Toshiba and
representatives of all short-listed parties declined to comment on
the deal.

Toshiba has previously said it was planning to sell either a
controlling holding or the entire stake but has so far not
specified which, adds Japan Today.

                         About Toshiba Corp.

The Troubled Company Reporter-Asia Pacific, citing Reuters,
reported on July 22, 2015, that an independent investigation said
in a report dated July 21 that Toshiba Corp. overstated its
operating profit by JPY151.8 billion ($1.22 billion) over several
years in accounting irregularities involving top management.

The investigating committee said in a report filed by Toshiba to
the Tokyo Stock Exchange that Toshiba President and Chief
Executive Hisao Tanaka and his predecessor, Vice Chairman Norio
Sasaki, were aware of the overstatement of profits and delay in
reporting losses in a corporate culture that "avoided going
against superiors' wishes," according to Reuters.

The TCR-AP, citing Bloomberg News, reported on July 22, 2015, that
Toshiba Corp. President Hisao Tanaka and two other executives quit
to take responsibility for a $1.2 billion accounting scandal that
caused the maker of nuclear reactors and household appliances to
restate earnings for more than six years.

Norio Sasaki, the vice chairman, and Atsutoshi Nishida, a former
president who was serving as adviser, also resigned, the Tokyo-
based company said July 21, more than two months after announcing
it was investigating possible accounting irregularities, according
to Bloomberg.

On Feb. 12, 2016, Moody's Japan K.K. has downgraded Toshiba
Corporation's corporate family rating (CFR) and senior unsecured
rating by three notches to B2 from Ba2.  Moody's has also
downgraded Toshiba's subordinated debt rating by 4 notches to Caa2
from B1, and affirmed its short-term rating of Not Prime.
At the same time, B2 CFR and long-term senior unsecured bond
ratings, as well as its Caa2 subordinated debt rating remain under
review for further downgrade.

On Feb. 9, 2016, Standard & Poor's Ratings Services said that it
has lowered its long-term corporate credit rating on Japan-based
diversified electronics company Toshiba Corp. three notches to
'B+' from 'BB+' and its long-term senior unsecured debt rating two
notches to 'BB' from 'BBB-'.  The debt rating is two notches
higher than the corporate credit rating, reflecting S&P's view
that the probability of default in Toshiba's bonds is lower than
that in its bank borrowings.  S&P is keeping its long-term ratings
on Toshiba on CreditWatch with negative implications, where S&P
placed them Dec. 22, 2015, when it lowered the long-term corporate
credit rating.  S&P has affirmed its short-term corporate credit
and commercial paper ratings on Toshiba.

Toshiba Corporation (TYO:6502) -- http://www.toshiba.co.jp/-- is
a Japan-based manufacturer involved in five business segments.
The Digital Products segment offers cellular phones, hard disc
devices, optical disc devices, liquid crystal televisions, camera
systems, digital versatile disc (DVD) players and recorders,
personal computers (PCs) and business phones, among others.  The
Electronic Device segment provides general logic integrated
circuits (ICs), optical semiconductors, power devices, large-scale
integrated (LSI) circuits for image information systems and liquid
crystal displays (LCDs), among others.  The Social Infrastructure
segment offers various generators, power distribution systems,
water and sewer systems, transportation systems and station
automation systems, among others.  The Home Appliance segment
offers refrigerators, drying machines, washing machines, cooking
utensils, cleaners and lighting equipment.  The Others segment
leases and sells real estate.



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


STONEWOOD HOMES: Collapse is a Wake Up Call for All Directors
-------------------------------------------------------------
Amanda Cropp at Stuff.co.nz reports that in the wake of the
Stonewood Homes collapse, directors are being reminded that they
face tough financial penalties if they fail to meet their legal
responsibilities.

Stuff.co.nz relates that Gerard Dale, a corporate law specialist
with Christchurch law firm Lane Neave, said company directors came
under close scrutiny when things went wrong, and when a company
faced insolvency, they were at greatest risk of personal
liability.

"There are significant penalties for directors under the Companies
Act and they could be liable for a fine of up to NZ$200,000 or up
to five years imprisonment," the report quoted Mr. Dale as saying.

Stonewood Homes New Zealand -- the master franchisor of the
Stonewood Group -- and sister companies Stonewood Homes and
Sterling Homes (Christchurch) were put into receivership on
Feb. 22 owing about NZ$15 million to unsecured creditors.
Receivers are still calculating the outstanding debt to secured
creditors, the report says.

Under the Companies Act, Mr. Dale said directors were not meant to
allow a company to take on extra obligations it might not be able
to meet, and a two part insolvency test applied, according to
Stuff.co.nz.

"[It] shows whether the company is able to pay its debts as they
become due in the normal course of business, and that the value of
the company's assets is greater than its liabilities, including
contingent liabilities," Mr. Dale, as cited by Stuff.co.nz, said.

Stuff.co.nz relates that Mr. Dale said directors may also be
personally liable to creditors under the Fair Trading Act for
misleading and deceptive conduct if they knowingly misled
creditors about the solvency of the company, and its ability to
pay its debts.

"Creditors may be able to take action against directors personally
if they were wrongly reassured that the company was in a stronger
financial position than it was.

"Directors must act in the best interests of the company. They can
take prudent business risks but they cannot make rash business
decisions that may put a creditor at risk."

In 2014, Stonewood Homes received bad publicity over claims of
poor workmanship, Stuff.co.nz says.  Director Brett Mettrick said
the company had struggled with the rapid expansion of the post-
earthquake building market, the report relays.

Soon after the company hired former Central Christchurch
Development Unit director Warwick Isaacs, former Christchurch
Airport boss Jim Boult and former Meridian Energy finance head
Neil Cochrane to turn its fortunes around, according to
Stuff.co.nz.  Mr. Boult stood down as a director this month citing
a conflict of interest, Stuff.co.nz notes.

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

Grant Graham and Neale Jackson of KordaMentha have been appointed
as receivers to Stonewood Homes New Zealand Limited, and sister
companies Stonewood Homes Limited and Sterling Homes Limited. The
appointment was requested by the companies' director.



================
S R I  L A N K A
================


SRI LANKA: Fitch Cuts Long-Term Issuer Default Ratings to 'B+'
--------------------------------------------------------------
Fitch Ratings has downgraded Sri Lanka's Long-Term Foreign- and
Local-Currency Issuer Default Ratings (IDRs) to 'B+' from 'BB-'. A
Negative Outlook has been assigned to the IDRs. The issue ratings
on Sri Lanka's senior unsecured foreign- and local-currency bonds
are also downgraded to 'B+' from 'BB-'. The Country Ceiling is
downgraded to 'B+' from 'BB-' and the Short-Term Foreign-Currency
IDR is affirmed at 'B'.

KEY RATING DRIVERS

The rating action reflects the following key rating drivers:

-- Increasing refinancing risks. The Sri Lankan sovereign faces
    increased refinancing risks on account of high upcoming
    external debt maturities. Further, the sovereign's external
    liquidity position remains strained, reflecting pressure on
    foreign exchange reserves. In Fitch's view, this partly
    reflects a weakening in policy coherence that increases the
    likelihood of Sri Lanka requiring external liquidity support
    from the IMF and other multilateral institutions. Sri Lanka's
    external liquidity ratio, as measured by Fitch at the end of
    2015, was 70.9%, which is far below the median of 'B'-rated
    peers' of 171.9% and the 'BB' median of 152.4%.

-- Significant debt maturities. Sri Lanka faces significant debt
    maturities in 2016 amid the country's vulnerability to a
    shift in investor sentiment. Fitch estimates the sovereign's
    external debt service to be close to $US 4billion for the
    rest of 2016, compared with FX reserves of $US 6.3billion
    (end- January 2016). Sri Lanka's vulnerability to a shift in
    investor sentiment was evident when investors sold-off the
    equivalent of nearly $US 2billion in local-currency
    government securities in 2015. A further outflow from
    treasury bills and treasury bonds, which account for about
    31% of the country's FX reserves, could put more pressure on
    reserves. However, prevailing low oil prices will continue to
    support Sri Lanka's current-account deficit in the near term.
    Fitch expects the current-account deficit to remain
    manageable at about 3% of GDP over 2016-17.

-- Weaker public finances. The deterioration in Sri Lanka's
    fiscal finances is driven partly by consistently low general
    government revenues. At an estimated 13% of GDP, Sri Lanka's
    gross general government revenues remain far below the 'B'
    median of 25.4% and the 'BB' median of 26%. The 2016 budget
    did little to address this issue directly and absent any
    significant fiscal consolidation, Fitch expects continued
    fiscal slippage over 2016-17. Sri Lanka's gross general
    government debt (GGGD) burden is estimated to have increased
    to more than 75% of GDP by the end of 2015, up from 71% at
    the end of 2014 and much higher than the 'B' median of 52% of
    GDP and 'BB' median of 43.6%.

-- Decline in foreign-exchange reserves. Fitch has revised
    downwards its forecast for foreign-exchange reserves, with
    reserve coverage of current external payments now forecast to
    decline to 2.9 months in 2016 from an estimated 3.4 months in
    2015. This forecast compares unfavourably with Fitch's
    earlier forecast of 3.9 months for 2016 and is well below the
    'BB' median of 4.2 months. While the authorities have
    undertaken certain measures to support external finances,
    including entering into bilateral swaps with other central
    banks, Fitch does not view this to be a sustainable way to
    improve the stability of the external finances.

-- Foreign-currency debt portion remains high. Sri Lanka has
    also increased its issuance of foreign-currency debt, which
    Fitch estimates now makes up close to 46% of total public
    debt, up from nearly 42% at the end of 2014. This has
    increased vulnerability of Sri Lanka's public debt to a
    significant depreciation of the exchange rate, which would
    increase the debt burden in local currency terms.

-- Favourable economic growth. Sri Lanka's macroeconomic
    performance remains stronger than some of its peers' in the
    'B' and 'BB' range with real GDP growth for the five-year
    period ending 2015 averaging close to 6%, compared with the
    'B' median of 4.6% and 'BB' median of 3.9%. Sri Lanka also
    continues to score highly, compared with the 'B' median, on
    basic human development indicators, such as education, health
    and literacy, which is indicated by its favourable ranking in
    the UN's Human Development Index. These relative structural
    strengths, combined with a clean external debt service record
    and smooth transition of power during the presidential and
    parliamentary elections in 2015 indicates a basic level of
    political stability, which supports the rating at 'B+'.

RATING SENSITIVITIES
The Negative Outlook reflects the following risk factors that
could, individually or collectively, result in a downgrade of the
ratings:

-- A further increase in external vulnerability driven by a
    sustained decline in FX reserves reflecting, for instance,
    reduced international market access and/or a sudden reversal
    in portfolio inflows.
-- A further deterioration in policy coherence and credibility
    that widens macroeconomic imbalances and/or heightens
    external vulnerabilities.
-- Continued fiscal slippage resulting in a failure to stabilise
    the general government debt ratio.

The main factors that could, individually or collectively, lead to
a revision of the Outlook to Stable are:

-- Implementation of a predictable and robust policy framework
    leading to a reduction in risks to basic economic and
    financial stability.
-- Improvement in Sri Lanka's public finances underpinned by a
    credible medium-term fiscal consolidation strategy, including
    a broadening of the general government revenue base.
-- Sustained smaller current-account deficits with higher levels
    of non-debt capital inflows (FDI) and an increase in foreign
    exchange reserves.

KEY ASSUMPTIONS
-- There is no renewal in the civil conflict that previously
    lasted 26 years and ended in 2009.
-- Global economic assumptions are consistent with Fitch's
    latest Global Economic Outlook.



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


* 2016 High-Yield Corporate Default Rate Will Stay at 3.2%
----------------------------------------------------------
Moody's Investors Service says that the trailing 12-month Asian
high-yield corporate default rate at end-2016 will stay at a
moderate 3.2%.  The forecast -- using Moody's Credit Transition
Model -- translates to five potential defaulters during 2016.
However, Moody's also notes the large element of uncertainty
around this forecast, and that the nine defaults recorded in 2015
were the highest since 2009.

"The 3.2% default forecast for Asian high-yield corporates for
2016 reflects the profile and distribution of our rated
portfolio," says Clara Lau, a Moody's Group Credit Officer.  "The
forecast also incorporates our expectation of monetary policy in
the region remaining accommodative which will result in most rated
corporates showing manageable liquidity positions," adds Lau.

"The metals and mining and oil & gas industries will likely
account for the largest number of defaults in Asia in 2016," says
Lau.

Lau warns that the actual default rate for 2016 could be volatile,
due to the small size of Moody's Asian speculative-grade
portfolio.  The challenging global economic outlook, volatile
capital markets, as well as the occurrence of unexpected policy
mishaps could also lead to market and liquidity volatility,
resulting in a rapid deterioration of corporate credit profiles
and more defaults.

Lau was speaking on Moody's just-released report titled "Default
Report: 2016 Asian Non-Financial Corporate High-Yield Default Rate
to Stay Moderate".

Moody's says that the depressed oil and commodities price
situation will continue throughout 2016, driven by lower demand
and oversupply.  The very challenging environment will weaken
materially the credit fundamentals of metals and mining as well as
oil & gas companies; thereby resulting in a higher likelihood of
defaults.

The report points out that Moody's Asian high-yield corporate
default rate ended 2015 at 6.4%, up from 3.9% in 2014.  There were
nine defaulters in 2015; the highest number since 2009.  Six of
the nine comprised Chinese companies, and contributed to a default
rate of 9.7% for Moody's Chinese speculative-grade portfolio.

By industry, five of the nine issuers operated in the coal mining
and related industries, reflecting the very depressed state of the
sector.

Subscribers can access the report at:

    http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_1011501



                             *********

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
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                 *** End of Transmission ***