---

        T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Monday, March 7, 2016, Vol. 19, No. 46


                            Headlines


A U S T R A L I A

DALITZ ENTERPRISES: First Creditors' Meeting Slated for March 17
DICK SMITH: Four Move Airport Stores to Close
PEPPER RESIDENTIAL: S&P Raises Rating on Class F Notes to BB
PRONTO E FRESCO: Placed in Voluntary Administration


C H I N A

NEXTEER AUTOMOTIVE: Moody's Changes Ba1 CFR Outlook to Stable
YANLORD LAND: S&P Raises CCR to 'BB-'; Outlook Stable


I N D I A

3 GUYS: Ind-Ra Withdraws B+ Long-Term Issuer Rating
AANAV CONSTRUCTION: CRISIL Assigns B- Rating to INR55MM Loan
AJAY ASSOCIATES: CRISIL Assigns 'B' Rating to INR50MM Cash Loan
AJIT INDIA: Ind-Ra Suspends B Long-Term Issuer Rating
AMMAN SAGO: CRISIL Reaffirms 'B+' Rating on INR55MM Cash Loan

ANSHULA TECHNOLOGICAL: CRISIL Cuts Rating on INR1.8MM Loan to B+
ARMANIA AGRO: ICRA Reaffirms 'B' Rating on INR7cr Cash Loan
ASSOCIATE HIGH: Ind-Ra Suspends D Long-Term Issuer Rating
ASSOCIATE HOLDINGS: Ind-Ra Suspends D Long-Term Issuer Rating
BASHIR OIL: CRISIL Reaffirms 'B' Rating on INR85MM Cash Loan

BHARAT GINNING: CRISIL Reaffirms 'B' Rating on INR90MM Cash Loan
BRIJNANDAN INDUSTRIES: Ind-Ra Withdraws B Long-Term Issuer Rating
BRITEX COTTON: CRISIL Lowers Rating on INR750MM Loan to 'D'
CHANDRASHEKARAIAH: CRISIL Assigns 'B' Rating to INR70MM Loan
CHOUDHARY LAYER: Ind-Ra Suspends B+ Long-Term Issuer Rating

DALLU CONSTRUCTION: Ind-Ra Suspends B- Long-Term Issuer Rating
DANCO ENTERPRISES: CRISIL Assigns 'B' Rating to INR35MM Loan
DEEPAK COTTON: Ind-Ra Suspends B Long-Term Issuer Rating
DIANA HEIGHTS: CRISIL Lowers Rating on INR90MM Term Loan to D
DSM SOFT: ICRA Upgrades Rating on INR10cr LT Loan to B+

FRANK LIFECARE: ICRA Reaffirms B+ Rating on INR14.40cr Loan
GANGA DAIRY'S: Ind-Ra Suspends 'IND BB-' Long-Term Issuer Rating
GEETA COTTON: CRISIL Lowers Rating on INR350MM Loan to B+
GJA STORAGE: Ind-Ra Suspends B Long-Term Issuer Rating
HAPPY ACOUSTICS: Ind-Ra Suspends BB- Long-Term Issuer Rating

HARIOM COTGIN: ICRA Suspends 'B+' Rating on INR8.03cr Loan
HBS CITY: CRISIL Assigns 'B' Rating to INR109.5MM Term Loan
J G FOUNDRY: CRISIL Lowers Rating on INR120MM Cash Loan to B+
JAIRAM MARUTI: CRISIL Lowers Rating on INR70MM Cash Loan to 'D'
JAYACHANDRAN INDUSTRIES: CRISIL Reaffirms B Rating on INR60M Loan

JCL INFRA: Ind-Ra Suspends B+ Long-Term Issuer Rating
JESUS LOVES: CRISIL Reaffirms 'B' Rating on INR120MM LT Loan
JUNEJA AGRO: CRISIL Assigns 'B' Rating to INR150MM LT Loan
K.C. EDIBLE: Ind-Ra Suspends B+ Long-Term Issuer Rating
K.C. ROLLER: Ind-Ra Suspends B+ Long-Term Issuer Rating

KAILASH INFRATECH: ICRA Reaffirms 'B' Rating on INR5cr LT Loan
LAKSHMI COT-GIN: ICRA Reaffirms B+ Rating on INR22cr Cash Loan
LAURENT PACKAGING: Ind-Ra Suspends B Long-Term Issuer Rating
LAXMI MOULDS: CRISIL Reaffirms 'D' Rating on INR150.6MM LT Loan
M/S LIVINGSTONES: ICRA Reaffirms 'B+' Rating on INR48cr Loan

M.B.C. INDUSTRIES: CRISIL Assigns 'B' Rating to INR34.9MM Loan
M. P. AGRAWAL: Ind-Ra Suspends B+ Long-Term Issuer Rating
M. P. ASSOCIATES: CRISIL Lowers Rating on INR620MM Loan to 'D'
MAHAMAYA MINES: Ind-Ra Assigns IND BB- Long-Term Issuer Rating
MAPLE HOTELS: Ind-Ra Suspends IND B+ Long-Term Issuer Rating

MICKY METALS: Ind-Ra Assigns BB+ Long-Term Issuer Rating
MIRACLE DEVELOPERS: CRISIL Cuts Rating on INR60MM Loan to 'D'
MODULUS COSMETICS: CRISIL Ups Rating on INR100MM Loan to BB-
NAVAGIRI APPAREL: Ind-Ra Suspends BB Long-Term Issuer Rating
NEEV TECHNOCAST: ICRA Lowers Rating on INR5.25cr Loan to 'D'

PADHAS HYDEL: CRISIL Assigns 'B+' Rating on INR240MM Loan
PARAMESU BIOTECH: CRISIL Assigns B- Rating to INR364MM LT Loan
PARICHITHA CONSTRUCTIONS: CRISIL Reaffirms B+ INR35MM Loan Rating
POLYPET FLEXIBLE: Ind-Ra Suspends B+ Long-Term Issuer Rating
PREMIER METCAST: Ind-Ra Suspends BB Long-Term Issuer Rating

PRIME URBAN: Ind-Ra Raises Long-Term Issuer Rating to BB
RAJANI GINNING: CRISIL Reaffirms 'B' Rating on INR160MM Cash Loan
RISHIKESH FILAMENTS: Ind-Ra Suspends BB- Long-Term Issuer Rating
SBT SPINTEX: Ind-Ra Assigns BB Long-Term Issuer Rating
SEW BELLARY: Ind-Ra Suspends D Rating on INR1.21BB Bank Loans

SH-HARYANA: Ind-Ra Suspends BB+ Long-Term Issuer Rating
SHREE METALLOYS: ICRA Suspends 'B+' Rating on INR8cr Loan
SHREE RAJMOTI: ICRA Suspends 'D' Rating on INR100cr LT Loan
SINGH NATURAL: Ind-Ra Withdraws B+ Long-Term Issuer Rating
TAURUS FLEXIBLES: Ind-Ra Withdraws BB- Long-Term Issuer Rating

TIGER CAMP'S: Ind-Ra Suspends B+ Long-Term Issuer Rating
TIRUPATI FORGE: ICRA Suspends 'B/A4' Rating on INR5.70cr Loan
TIRUPATI VEHICLES: CRISIL Ups Rating on INR100MM Loan to 'B'
UNIQUE GEM: ICRA Reaffirms 'D' Rating on INR50cr LT Loan
V.R.N. ENTERPRISES: CRISIL Reaffirms 'B+' Rating on INR200MM Loan

WORLDWIDE TRADELINKS: Ind-Ra Raises Long-Term Issuer Rating to BB


J A P A N

SKYMARK AIRLINES: Set to Unveil Business Plan by April


S I N G A P O R E

SINGAPORE TECHNOLOGIES: Liquidates China Marine Subsidiary


                            - - - - -


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


DALITZ ENTERPRISES: First Creditors' Meeting Slated for March 17
----------------------------------------------------------------
Daniel Lopresti and Mark Hall of Clifton Hall were appointed as
Joint and Several Liquidators of Dalitz Enterprises Pty Ltd on
Feb. 29, 2016.

A meeting of creditors will be held at 11:00 a.m. on March 17,
2016, at Clifton Hall, Level 3, 431 King William Street, in
Adelaide.


DICK SMITH: Four Move Airport Stores to Close
---------------------------------------------
Receivers and Managers to Dick Smith Holdings and associated
entities, James Stewart, Jim Sarantinos and Ryan Eagle of Ferrier
Hodgson on March 4 announced the closure of the four Move Airport
stores located at Sydney International Airport.

Receiver James Stewart said, "Unfortunately, we have been unable
to reach agreement to sell the Move Airport assets and have no
option but to close the stores located at Sydney International
Airport effective from today."

Approximately 48 staff are employed at the Move Airport stores and
Mr Stewart said where possible, they will be offered the
opportunity of redeployment within the remaining Dick Smith store
network for the duration of the store closure program. They will
also be offered appropriate outplacement support.

All Australian employee entitlements will rank as priority
unsecured claims ahead of the secured creditors and are expected
to be paid in full.


PEPPER RESIDENTIAL: S&P Raises Rating on Class F Notes to BB
------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on five
classes of notes issued by G.T. Australia Nominees Ltd. as trustee
of the Pepper Residential Securities Trust No.11.  At the same
time, S&P affirmed its ratings on the remaining two classes of
rated notes.  Pepper Residential Securities Trust No.11 is a
securitization of nonconforming residential mortgages originated
by Pepper Group Ltd.

S&P raised its ratings on the five note classes to reflect its
view of the performance of the pool to date and the credit risk of
the remaining collateral pool.  The transaction has built up
significant credit support to each class of rated notes, and the
amount of credit support provided to each class of rated notes is
in excess of the minimum amount assessed as commensurate with the
respective rating levels and is thereby sufficient to withstand
the stresses commensurate with the ratings.

The ratings reflect:

   -- S&P's view of the credit risk of the underlying collateral
      portfolio, which consists of loans to nonconforming
      borrowers.  The current balance of the asset pool is
      AUD138.6 million, which consists of 417 consolidated loans
      with a weighted-average current loan-to-value ratio of
      70.5% and weighted-average seasoning of 34 months.  As of
      Dec. 31, 2015, 7.0% of the asset pool is in arrears, with
      2.5% in arrears by more than 90 days.  Losses to date have
      been minimal -- about AUD0.6 million, which equates to 0.2%
      of the original pool balance--and have all been covered by
      excess spread.  The bond factor as of Dec. 31, 2015, is
      approximately 38%.

   -- The availability of a retention amount built from excess
      spread before the call date, which is applied to reduce the
      balance outstanding of the most subordinated rated note at
      that time and serves to create overcollateralization in the
      transaction.  S&P's expectation that the various mechanisms
      to support liquidity within the transaction, including a
      liquidity facility equal to 2.5% of the outstanding balance
      of the notes, and principal draws are sufficient under
      S&P's stress assumptions to ensure timely payment of
      interest.

   -- The availability of an amortization amount built from
      excess spread after the call date, and applied with
      principal collections to reduce the balance of the most
      senior rated note at that time.

   -- The availability of a yield reserve built from excess
      spread before the call date up to a limit of AUD1 million,
      and made available to meet senior expenses and interest
      shortfalls on the class A notes.

   -- The condition that a minimum margin will be maintained on
      the assets.

RATINGS RAISED

CLASS      Rating To      Rating From     Amount (mil. A$)
B          AAA (sf)       AA (sf)         17.5
C          AA+ (sf)       A (sf)          16.2
D          A+ (sf)        BBB (sf)        11.6
E          BBB (sf)       BB (sf)          8.3
F          BB (sf)        B (sf)           2.5

RATINGS AFFIRMED
Class      Rating        Amount (mil. A$)
A-1        AAA (sf)      60.0
A-2        AAA (sf)      12.8


PRONTO E FRESCO: Placed in Voluntary Administration
---------------------------------------------------
Eloise Keating at SmartCompany reports that a Melbourne-based
manufacturer of antipasto food products is for sale, after the
business collapsed into voluntary administration on March 2.

Andrew Yeo and David Vasudevan of Pitcher Partners were appointed
as administrators to Pronto e Fresco on March 2, SmartCompany
says.

Receivers and managers have subsequently been appointed to the
business, with Keith Crawford and Thea Eszenyi from McGrathNicol
commencing a sale campaign for the company and two related
entities in an advertisement in the Australian Financial Review on
March 4, according to SmartCompany.

SmartCompany says McGrathNicol is seeking urgent expressions of
interest in Pronto e Fresco Pty Ltd, The Australian Antipasto
Company Pty Ltd and Cumpa Imports Pty Ltd, which collectively form
the Pronto Group.

The report relates that the Pronto Group's business and assets are
for sale, as is its food processing facility in Broadmeadows.

Pronto Group currently employs 70 people and is continuing to
trade throughout the voluntary administration process.

McGrathNicol partner Rob Smith told SmartCompany the receivers
hope to stabilise the business and sell it as a going concern.

Mr. Smith described the business as a significant player in the
market for products such as semi-dried tomatoes and olives and
said the Broadmeadows business premise is an impressive facility.

The Pronto Group is currently turning over between $15 -20 million
annually.

According to SmartCompany, Mr. Smith said it is too early to
specify the factors that lead to the business entering voluntary
administration, saying the administrators will investigate why the
directors of the company opted to appoint external managers.

Pronto e Fresco Pty Ltd has been operating for more than 15 years
and is based in the Melbourne suburb of Broadmeadows.  The
business supplies antipasto products such as semi-dried tomatoes,
olives and grilled vegetables to the major Australian
supermarkets, as well as other wholesale and retailer customers.



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


NEXTEER AUTOMOTIVE: Moody's Changes Ba1 CFR Outlook to Stable
-------------------------------------------------------------
Moody's Investors Service has changed to stable from positive the
outlook for Nexteer Automotive Group Limited's Ba1 corporate
family and senior unsecured debt ratings.

Moody's has also affirmed the company's Ba1 corporate family and
senior unsecured debt ratings.

The rating actions follow Moody's decision to change to negative
from stable the outlook on the Aa3 rating of China, as announced
on 2 March 2016.

RATINGS RATIONALE

While Moody's expects that Nexteer will continue to receive
support from its ultimate parent, Aviation Industry Corporation of
China (AVIC, unrated), the change in outlook to negative from
stable for the Chinese sovereign rating indicates that any
parental support to Nexteer would more likely come from AVIC than
indirectly from the government.

As a result, Nexteer's ratings are appropriately positioned at the
Ba1 rating level, despite the company's improving standalone
credit fundamentals.

Nexteer's Ba1 corporate family rating incorporates its standalone
credit profile, and a two-notch uplift, based on Moody's
expectation that the company will receive support -- mainly from
AVIC -- in times of financial distress.

AVIC exhibits a strong record of providing financial support to
Nexteer.

Evidence of support includes the parent's guarantee of Nexteer's
long-term bank loans from the Export-Import Bank of China in
October 2012. These loans totaled $335 million and accounted for
50% of Nexteer's reported debt at 30 June 2015. AVIC guaranteed
51% of the bank loan, with the remaining 49% guaranteed by Beijing
E-Town International Investment & Development Co. Ltd. (unrated).

Nexteer's standalone credit profile reflects (1) strong barriers
to entry; (2) the company's long track record and global
footprint; (3) its electric power steering product, which drives
revenue growth; and (4) an expectation that its debt leverage will
improve.

On the other hand, Nexteer's standalone credit profile is
constrained by (1) its concentration in terms of customer revenue;
and (2) its small scale and geographic concentration.

The stable outlook on Nexteer's ratings reflects Moody's
expectation that Nexteer will maintain its relationships with its
key auto manufacturer clients and strong market position, and that
it will maintain its prudent financial discipline.

In view of the negative Chinese sovereign rating outlook, Moody's
expects that Nexteer will face limited upward pressure on its
ratings.

Upward ratings pressure could arise over the longer term, if
Nexteer demonstrates a track record of: (1) improving EBITA
margins; (2) decreasing the concentration on its General Motors
Company (credit facility Baa3 positive) supply contracts, and on
its US operations; (3) expanding its business scale, and improving
its credit metrics, such that its adjusted debt/EBITDA stays below
2.0x on a sustained basis.

The ratings could come under downward pressure if Nexteer: (1)
experiences a consistent fall in market share, or loses major
customers; (2) faces a deterioration in its profit margins, such
that its adjusted EBITA margin falls below 3.5% on a sustained
basis; (3) suffers material financial losses from product recalls;
or (4) increases its debt leverage, such that adjusted debt/EBITDA
exceeds 4x on a sustained basis.

Any weakening in support from its ultimate parent AVIC will be
negative for the ratings.

Headquartered in Saginaw, Michigan, and listed on the Hong Kong
Stock Exchange in October 2013, Nexteer Automotive Group Limited
manufactures steering and driveline systems. The company had 21
manufacturing plants across North and South America, Europe and
Asia on 24 November 2015.

On 24 November 2015, Nexteer was 67.3%-owned by Pacific Century
Motors, Inc., which is in turn 51%-owned by AVIC Automotive
Systems Holding Co., Ltd. (AVIC Auto, unrated), and 49% owned by
Beijing E-Town International Investment & Development Co. Ltd.
(Beijing E-Town, unrated), which is controlled by Beijing's
municipal government.

AVIC Auto is wholly owned by Aviation Industry Corporation of
China (unrated), a Chinese central government-owned enterprise.


YANLORD LAND: S&P Raises CCR to 'BB-'; Outlook Stable
-----------------------------------------------------
Standard & Poor's Ratings Services said that it had raised the
long-term corporate credit rating on China-based real estate
developer Yanlord Land Group Ltd. and the issue rating on the
company's outstanding senior unsecured notes to 'BB-' from 'B+'.
The outlook on the corporate credit rating is stable.  In line
with the upgrade, S&P also raised the Greater China regional scale
long-term ratings on the company and its notes to 'cnBB+' from
'cnBB'.

"We raised the rating on Yanlord to reflect the company's improved
leverage in 2015 as a result of stronger-than-expected sales
performance and restrained land acquisitions," said Standard &
Poor's credit analyst Dennis Lee.  S&P forecasts that its key
credit metrics will remain at a similar level in the coming 12
months.  Yanlord's debt-to-EBITDA ratio notably improved to about
4.3x in 2015, from 6.2x in 2014.  In S&P's base-case scenario, the
ratio will stabilize at 4.0x-4.5x in 2016 and weaken slightly to
4.5x-5.0x in 2017.  S&P added back capitalized interest in cost of
goods sold when calculating its adjusted EBITDA.

Yanlord achieved contracted sales of Chinese renminbi (RMB) 28.9
billion in 2015, significantly better than the company's
projection of RMB18 billion at the beginning of the year.  During
the period, its cash balance also increased to RMB17.5 billion
from RMB6.6 billion.

Yanlord's geographic focus in high-tier cities and good product
positioning offsets its high sales and earnings volatilities from
a small number of projects, in S&P's view.  Yanlord has a track
record of steady execution in its key markets, including Shanghai,
Tianjin, Nanjing, Chengdu, Suzhou, Zhuhai, and Shenzhen.  S&P
expects the company's product orientation toward upgrader demand
to continue to benefit from improved market condition in these
cities.  Nonetheless, the company could be sensitive to policy
risk in local governments, and its revenue recognition may be more
volatile than similarly rated peers because of its project
concentration.

"We believe Yanlord's projects in Shanghai will remain the key
sales contributors in 2016, in addition to those in Nanjing and
Suzhou.  We expect property prices in higher-tier cities to
continue a rising trend in 2016 due to low inventory level and the
government's supportive measures.  In addition, we expect
Yanlord's strategy of increasing asset churn will further support
its sales.  We forecast Yanlord's contracted sales will decline
slightly to RMB25 billion in 2016 due to the high base in 2015.
Yanlord estimates that it has more than RMB40 billion of saleable
resources.  It has achieved contracted sales of RMB5.6 billion in
the first two months of 2016," S&P said.

S&P also expects Yanlord's profitability to be stable in the
coming two years.  In S&P's view, rising land cost and
intensifying competition is likely to keep the company's gross
margin below 30% despite the price recovery in higher-tier cities
since mid-2015.

In S&P's view, Yanlord will accelerate its buying of land in 2016
and 2017.  The company was cautious toward land acquisitions in
the past few years, relative to many of its peers.

In S&P's base case, it assumes the company will spend RMB15
billion-RMB16 billion per year in land acquisitions to replenish
its land bank.  Despite higher land cost, S&P anticipates that the
company's cash position and satisfactory sales performance will
provide sufficient resources to support its expansion.  Thus, S&P
anticipates only a moderate increase in Yanlord's gross debt in
2016.

"The stable outlook reflects our view that Yanlord will control
its debt leverage in the next 12-24 months, despite our
expectation of higher land acquisitions during the period," said
Mr. Lee.  In S&P's view, Yanlord's adequate cash balance and cash
inflow from sales will remain sufficient for the company to expand
without a significant debt increase.  S&P also expects Yanlord to
maintain its EBITDA margin of about 27% during the same period.

S&P could lower the rating if Yanlord's debt-to-EBITDA ratio
deteriorates above 5x.  This could happen if Yanlord's land
acquisition is substantially larger than S&P's assumption of RMB15
billion in 2016.  This could also happen if Yanlord's revenue
growth is materially weaker than S&P expected, as a result of
project delays.

An upgrade is unlikely in the coming 12 months, given that
Yanlord's operating scale, and its project and geographic
diversity are weaker than those of 'BB' rated peers'.
Nevertheless, S&P may consider raising the rating if Yanlord
continues to diversify and expand, while maintaining a
satisfactory profitability, adopts a more conservative financial
policy, and significantly improves its leverage, such that its
debt-to-EBITDA ratio is sustainably below 4x.



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


3 GUYS: Ind-Ra Withdraws B+ Long-Term Issuer Rating
---------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn The 3 Guys
Network Pvt Ltd's (TGNPL) 'IND B+(suspended)' Long-Term Issuer
Rating.

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

Ind-Ra suspended TGNPL's ratings on July 9, 2015.

TGNPL's ratings are:

   -- Long-Term Issuer Rating: 'IND B+(suspended)'; rating
      withdrawn
   -- INR90 mil. fund-based limits: 'IND B+(suspended)'; rating
      withdrawn
   -- INR3.3 mil. long-term loans: 'IND B+(suspended)'; rating
      withdrawn
   -- INR2 mil. non-fund-based limits: 'IND A4(suspended)';
      rating withdrawn


AANAV CONSTRUCTION: CRISIL Assigns B- Rating to INR55MM Loan
------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Aanav Construction Co. (ACC) and has assigned its
'CRISIL B-/Stable/CRISIL A4' ratings to the bank facilities.
CRISIL had suspended the ratings on August 28, 2015, as ACC had
not provided the necessary information for a rating review. ACC
has now shared the requisite information, enabling CRISIL to
assign ratings to its bank facilities.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee          25      CRISIL A4 (Assigned;
                                   Suspension Revoked)

   Cash Credit             55      CRISIL B-/Stable (Assigned;
                                   Suspension Revoked)

The ratings reflect ACC's large working capital requirement
leading to high bank limit utilisation, and susceptibility of
risks inherent in tender-based business. These weaknesses are
partially offset by its proprietor's extensive experience in the
construction industry.

Outlook: Stable
CRISIL believes ACC will continue to benefit over the medium term
from its proprietor's extensive industry experience. The outlook
may be revised to 'Positive' in case of significant increase in
cash accrual and improvement in working capital management,
leading to a better financial risk profile, particularly
liquidity. Conversely, the outlook may be revised to 'Negative' in
case of delays in project execution, resulting in stretch in
working capital cycle, or lower-than-expected cash accrual,
weakening financial risk profile.

ACC, a proprietorship firm established by Mr. Manish Sachdeva in
2001, is a civil contractor undertaking power projects and road
construction near Delhi and the National Capital Region. Its
operations are managed by Mr. Sachdeva.

ACC had net profit of INR6.7 million on net sales of INR213.6
million in 2014-15 (refers to financial year, April 1 to March
31), against net profit of INR4.5 million on net sales of INR135.1
million in 2013-14.


AJAY ASSOCIATES: CRISIL Assigns 'B' Rating to INR50MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facility of Ajay Associates (AJA).

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

The ratings reflect AJA's small scale of operations in the
intensely competitive civil construction industry and weak
liquidity driven by high bank limit utilisation. These rating
weaknesses are mitigated by the proprietor's extensive experience
in the civil construction industry and the firm's moderate working
capital requirement.

Outlook: Stable

CRISIL believes AJA will continue to benefit over the medium term
from its proprietor's extensive industry experience. The outlook
may be revised to 'Positive' if more-than-expected increase in
revenue and profitability leads to high net cash accrual along
with prudent working capital management. Conversely, the outlook
may be revised to 'Negative' if the financial risk profile weakens
on account of decline in revenue and profitability or if the
liquidity weakens significantly on account of increase in working
capital requirement or higher-than-expected capital withdrawal.

AJA was setup in 1995 as a proprietorship concern by Gorakhpur
(Uttar Pradesh)-based Mr. Ajay Singh. AJA executes road
construction works for public works department and other
government agencies.

AJA's book profit was INR23.76 million on net sales of INR388.09
million for 2014-15 (refers to financial year, April 1 to
March 31), compared with a book profit of INR13.60 million on net
sales of INR197.87 million for 2013-14.


AJIT INDIA: Ind-Ra Suspends B Long-Term Issuer Rating
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Ajit India
Enterprises' (AIE; an Entity of R S Ghumman Group) 'IND B' Long-
Term Issuer Rating to the suspended category.  The Outlook was
Stable.  The rating will now appear as 'IND B(suspended)' on the
agency's website.   The agency has migrated AIE's INR90 mil. fund-
based working capital limit to 'IND B(suspended)' from 'IND B'.

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

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.


AMMAN SAGO: CRISIL Reaffirms 'B+' Rating on INR55MM Cash Loan
-------------------------------------------------------------
CRISIL's rating on the bank facilities of Amman Sago Factory (ASF)
continues to reflect its modest scale of operations in the
fragmented agricultural products industry, and its below-average
financial risk profile because of high gearing. These weaknesses
are partially offset by the proprietor's extensive industry
experience, and the firm's established relationship with
customers.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            55       CRISIL B+/Stable (Reaffirmed)
   Rupee Term Loan        35       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable
CRISIL believes ASF will continue to benefit over the medium term
from its proprietor's extensive industry experience. The outlook
may be revised to 'Positive' if the scale of operations and
profitability improves on a sustained basis, leading to better
financial risk profile. Conversely, the outlook may be revised to
'Negative' in case of low cash accrual, or if the financial risk
profile weakens because of large, debt-funded capital expenditure
or weakening in working capital management or significant capital
withdrawals by the promoter.

Update
ASF's revenue was INR268 million in 2014-15 (refers to financial
year, April 1 to March 31) as against revenue of INR248 million
the previous year. However, decline in revenue is expected in
2015-16 owing to low demand and slowdown in the industry. The
operating margin declined to 6.8 percent in 2014-15 from 7.8
percent in the previous year due to increasing competition and low
demand. Further decline in revenue will affect the business and
financial risk profile, particularly liquidity, and will remain a
key rating sensitivity factor.

ASF's large working capital requirement is reflected in gross
current assets of 92 days as on March 31, 2015, driven by high
inventory.

Liquidity is expected to remain adequate because of modest annual
cash accrual of INR6.8-8 .8 million against debt obligation of
INR5.8 million per annum over the medium term. Bank limit
utilisation was high, averaging 95 percent over the 12 months
through December 2015 due to high dependence on bank debt to fund
working capital requirement.

ASF, set up in 1984, manufactures tapioca pearls (sago) and the
operations are managed by the proprietor, Mr. R Ganesan. The
manufacturing facility is located in Salem, Tamil Nadu.


ANSHULA TECHNOLOGICAL: CRISIL Cuts Rating on INR1.8MM Loan to B+
----------------------------------------------------------------
CRISIL has downgraded its rating on the long term bank facilities
of Anshula Technological Engineering Consultants Private Limited
(ATEC) to 'CRISIL B+/Stable' from 'CRISIL BB-/Stable and has
assigned its short term rating of 'CRISIL A4'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee        160       CRISIL A4 (Reassigned)

   Proposed Long Term      1.8     CRISIL B+/Stable (Downgraded
   Bank Loan Facility              from 'CRISIL BB-/Stable')

The downgrade reflects the weakening in ATEC's credit risk profile
with a substantial and sustained decline in its scale of
operations and limited revenue visibility. The company's revenue,
expected to be INR600 million in 2015-16 (refers to financial
year, April 1 to March 31) would decline to INR200 million in
2016-17. The company has not received any major incremental orders
in the last nine months ended January 2016. CRISIL believes that
ATEC's ability to ramp up its order-book and revenues, while
maintaining its profitability margins, remains a key rating
sensitivity factor.

The rating reflects ATEC's modest scale of operations, high degree
of project concentration in its order-book, its limited revenue
visibility, and its small net worth limiting its financial
flexibility. The above mentioned rating weaknesses are partially
offset by promoter's extensive industry experience, and its
efficient working capital management.

Outlook: Stable

CRISIL believes that ATEC will benefit over the medium from its
promoters extensive industry experience. The outlook may be
revised to 'Positive' if there is a substantial and sustained
improvement in ATEC's scale of operations, while it maintains its
profitability margins. Conversely, the outlook may be revised to
'Negative' in case of a steep decline in the company's
profitability margins, or significant deterioration in its capital
structure caused most likely by a stretch in its working capital
cycle.

ATEC was set up in 2006 as a private limited company by Mr.
Trinetra Bajpai and Mrs. Kanika Bajpai. The company is engaged in
providing engineering, project management, inspection,
procurement, technical auditing and commissioning services mainly
for petrochemical industry and steel industry. It is based in
Mumbai, Maharashtra.


ARMANIA AGRO: ICRA Reaffirms 'B' Rating on INR7cr Cash Loan
-----------------------------------------------------------
ICRA has reaffirmed the [ICRA]B rating assigned to the INR7.35
crore long term fund based facilities of Armania Agro Industries.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           7.00        [ICRA]B reaffirmed
   Unallocated Limits    0.35        [ICRA]B assigned

The reaffirmation of the rating takes into account Armania Agro
Industries' (AAI) weak financial profile as is reflected in its
low profitability, highly leveraged capital structure and weak
debt coverage indicators. The rating is further constrained by the
highly competitive and fragmented industry structure resulting in
low profitability margins and exposure of the entity's
profitability to agro- climatic risks and regulatory policies.
ICRA also notes that AAI is a partnership firm and any significant
withdrawals from the capital account could adversely impact its
net worth and thereby the capital structure.

The rating however, continues to positively consider the past
experience of the promoters in agro commodities trading, favorable
location of the firm with proximity to wheat cultivated in Gujarat
and stable demand prospects for wheat due to the increasing
population and varied applications of the product

Himatnagar (Gujarat) based Armania Agro Industries (AAI) was
established in 2008 and is engaged in wheat-sorting operations
with an installed capacity of 150 MT per day. The Patel family
that owns AAI, has experience in trading agro commodities through
their erstwhile concern Prakash Trading Company.

Recent Results
In FY15, the firm reported an operating income of INR81.32 crore
and profit before tax of INR0.34 crore as against an operating
income of INR78.52 crore and profit before tax of INR0.39 crore
for the FY14. Further, during 9M FY16 (provisional unaudited
financials), the firm reported operating income of INR64.16 crore
and profit before tax of INR0.47 crore.


ASSOCIATE HIGH: Ind-Ra Suspends D Long-Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Associate High
Pressure Technologies Pvt Ltd's (AHPT) 'IND D' Long-Term Issuer
Rating to the suspended category.  The rating will now appear as
'IND D(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 AHPT.

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.

AHPT's ratings:

   -- Long-Term Issuer Rating: migrated to 'IND D(suspended)'
      from 'IND D'
   -- INR150 mil. fund-based packing credit: migrated to Long-
      term 'IND D(suspended)' from 'IND D'
   -- INR428.5 mil. term loan: migrated to Long-term
      'IND D(suspended)' from 'IND D'
   -- INR237.4 mil. fund-based working capital term loan:
      migrated to Long-term 'IND D(suspended)' from 'IND D'
   -- INR141.6 mil. fund-based funded interest term loan:
      migrated to Long-term 'IND D(suspended)' from 'IND D'


ASSOCIATE HOLDINGS: Ind-Ra Suspends D Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Associate
Holdings Private Limited's (AHPT) 'IND D' Long-Term Issuer Rating
to the suspended category.  The rating will now appear as 'IND
D(suspended)' on the agency's website.  The agency has also
migrated AHPT's INR210.0 mil. long-term loan to Long-term
'IND D(suspended)' from 'IND D'.

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 AHPT.

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.


BASHIR OIL: CRISIL Reaffirms 'B' Rating on INR85MM Cash Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Bashir Oil Mills (BOM)
continue to reflect the firm's average financial risk profile,
small scale of operations, and susceptibility to volatile input
prices. These rating weaknesses are mitigated by the extensive
experience and funding support of the promoters.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            85       CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     20       CRISIL B/Stable (Reaffirmed)

CRISIL had on December 31, 2015, upgraded its rating on the long-
term bank facilities of BOM to 'CRISIL B/Stable' from 'CRISIL B-
/Stable'

Outlook: Stable
CRISIL believes BOM will continue to benefit over the medium term
from its promoters' extensive industry experience and funding
support. The outlook may be revised to 'Positive' if the firm
significantly increases its scale of operations, while it improves
or maintains its profitability margin and capital structure
leading to sizeable net cash accrual. Conversely, the outlook may
be revised to 'Negative' if the financial risk profile
deteriorates, owing to decline in revenue or margin, stretch in
working capital cycle, or any sizeable debt-funded capital
expenditure.

BOM was set up in 1937 as a proprietorship concern by Mr. Ishak
Chini. It was converted to a partnership firm with other family
members in the mid-1960s. It manufactures and trades in cotton
seed, cotton seed oil, and cotton seed cake. The firm procures
cotton seeds from ginners. It has a crushing capacity of 100 tonne
per day. BOM currently has six partners (all members of the same
family). Mr. Jabbar Chini (son of Mr. Ishak Chini) and his son,
Mr. Irfan Chini, look after the day-to-day operations of the firm.
BOM's crushing unit and registered office are in Warora
(Maharashtra).


BHARAT GINNING: CRISIL Reaffirms 'B' Rating on INR90MM Cash Loan
----------------------------------------------------------------
CRISIL's ratings on the long-term bank facilities of Bharat
Ginning Factory (BGF) continues to reflect BGF's below-average
financial risk profile, marked by high gearing and below-average
debt protection metrics, and the firm's small scale of operations
in the highly fragmented and competitive cotton ginning industry.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            90       CRISIL B/Stable (Reaffirmed)
   Term Loan              10       CRISIL B/Stable (Reaffirmed)

The rating also factors in the vulnerability of the firm's
business and profitability to changes in government policy. These
rating weaknesses are partially offset by the extensive industry
experience of BGF's promoters and the benefits that the firm
derives from its proximity to the cotton belt of Gujarat.

Outlook: Stable

CRISIL believes that BGF will continue to benefit over the medium
term from its promoters' industry experience. The outlook may be
revised to 'Positive' if the firm's scale of operations and
profitability improves significantly, leading to a further
improvement in liquidity. Conversely, the outlook may be revised
to 'Negative' if BGF's financial risk profile weakens, most likely
because of increased working capital borrowings or large debt-
funded capital expenditure.

BGF, established in 1999, gins cotton at its facility in
Gandhinagar (Gujarat). The firm is promoted by Mr. Kiritbhai
Prahladbhai Patel and his brother Mr. Mukeshbhai Prahladbhai
Patel.


BRIJNANDAN INDUSTRIES: Ind-Ra Withdraws B Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Brijnandan
Industries Pvt Ltd.'s (BIPL) 'IND B(suspended)' Long-Term Issuer
Rating.

The ratings have been withdrawn due to lack of adequate
information.  Ind-Ra will no longer provide ratings or analytical
coverage for BIPL.  Ind-Ra suspended BIPL's ratings on June 22,
2015.

BIPL's ratings are:

   -- Long-Term Issuer Rating: 'IND B(suspended)'; rating
      withdrawn
   -- INR25 mil. long-term loans: 'IND B(suspended)'; rating
      withdrawn
   -- INR65 mil. fund-based limits: 'IND B(suspended)'; rating
      withdrawn


BRITEX COTTON: CRISIL Lowers Rating on INR750MM Loan to 'D'
-----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Britex Cotton International Limited (BCIL) to 'CRISIL D/CRISIL D'
from 'CRISIL BB/Stable/CRISIL A4+'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            200      CRISIL D (Downgraded from
                                   'CRISIL BB/Stable')

   Letter of Credit      750       CRISIL D (Downgraded from
                                   'CRISIL A4+')

The rating downgrade reflects instances of the company's cash
credit account being overdrawn for more than 30 days, and
devolvement of its letter of credit facility which has been due to
delays in realisation of payments, primarily from its Chinese
customers.

BCIL has low profitability and limited pricing flexibility in an
industry that is vulnerable to volatility in commodity prices and
to regulatory changes. Further the company has weak financial risk
profile, marked by a high total outside liabilities to tangible
net worth (TOLTNW) ratio. These rating weaknesses are offset by
promoter's extensive experience in the cotton and yarn trading
industry.

BCIL was incorporated in 1996, promoted by Mr. Bhadresh Mehta, a
first-generation entrepreneur from Mumbai. The company trades in
yarn, fabrics, and cotton, and operates mainly in the Indian
market.


CHANDRASHEKARAIAH: CRISIL Assigns 'B' Rating to INR70MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Chandrashekaraiah.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         35       CRISIL A4
   Cash Credit            70       CRISIL B/Stable

The ratings reflect the firm's small scale of operations in the
intensely competitive civil construction business, exposure to
tender-driven operations, and constrained financial risk profile
because of stretched liquidity driven by working-capital-intensive
operations. These weaknesses are partially offset by the extensive
experience of Chandrashekaraiah's proprietor and established
association with key principals.

Outlook: Stable
CRISIL believes Chandrashekaraiah will benefit over the medium
term from proprietor's extensive experience. The outlook may be
revised to 'Positive' in case of significant and sustained growth
in revenue, while managing working capital requirement.
Conversely, the outlook may be revised to 'Negative' if financial
risk profile, especially liquidity, deteriorates due to low
profitability, stretch in working capital cycle, or any
unanticipated capital expenditure.

Chandrashekaraiah is a proprietorship of Mr. Chandrashekaraiah
that undertakes contracts to construct roads for Karnataka
government agencies. The firm is an L1 contractor registered with
Public Works Department, Karnataka.


CHOUDHARY LAYER: Ind-Ra Suspends B+ Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Choudhary Layer
Farm's (CLF) 'IND B+' Long-Term Issuer Rating with a Stable
Outlook to the suspended category.  The rating will now appear as
'IND B+(suspended)' on the agency's website.

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

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.

CLF's ratings:

   -- Long-Term Issuer Rating: migrated to 'IND B+(suspended)'
      from 'IND B+'/Stable
   -- INR53.75 mil. long-term loan: migrated to
      'IND B+(suspended)' from 'IND B+'
   -- INR17 mil. fund-based limits: migrated to
      'IND B+(suspended)'/'IND A4(suspended)' from 'IND B+'/
      'IND A4'


DALLU CONSTRUCTION: Ind-Ra Suspends B- Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has suspended Dallu
Construction Company's (DCC) 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 DCC.

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.

DCC's ratings are:

   -- Long-Term Issuer Rating: migrated to 'IND B-(suspended)'
      from 'IND B-'/Stable
   -- INR30.00 mil. fund-based limits: migrated to
      'IND B-(suspended)' from 'IND B-'
   -- INR45.00 mil. non-fund-based limits migrated to
      'IND A4(suspended)' from 'IND A4'


DANCO ENTERPRISES: CRISIL Assigns 'B' Rating to INR35MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Danco Enterprises India Private Limited.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Letter of Credit       15       CRISIL A4
   Corporate Loan          7.2     CRISIL B/Stable
   Bank Guarantee         30       CRISIL A4
   Cash Credit            35       CRISIL B/Stable

The ratings reflect DEIPL's modest scale and working capital
intensive nature of operations. The rating also factors in the
weak financial risk profile marked by low net worth and weak debt
protection indicators. These rating weaknesses are partially
offset by the DEIPL's promoter's extensive industry experience.

Outlook: Stable

CRISIL believes that DEIPL will benefit over the medium term from
its promoters extensive industry experience. The outlook may be
revised to 'Positive' if the company successfully scales up its
operations, while it maintains its profitability and improves its
working capital management. Conversely, the outlook may be revised
to 'Negative' if DEIPL's financial risk profile weakens because of
stretch in working capital cycle, or decline in revenues or
profitability, or due to large than expected debt-funded capital
expenditure.

DEIPL was incorporated in 2012 to takeover the business of Danco
Enterprises, which was setup in 1975. The company is engaged in
undertaking turnkey project for electrical work. The company is
based out of Mumbai and is promoted by Mr. Kuulin Danani and Mr.
Niraj Danani.


DEEPAK COTTON: Ind-Ra Suspends B Long-Term Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Deepak Cotton
Factory's (DCF) 'IND B' Long-Term Issuer Rating with a Stable
Outlook to the suspended category.  The rating will now appear as
'IND B(suspended)' on the agency's website.

The agency has also migrated DCF's INR100 mil. fund-based cash
credit limit to 'IND B(suspended)' and '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 Deepak Cotton Factory.

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.


DIANA HEIGHTS: CRISIL Lowers Rating on INR90MM Term Loan to D
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Diana Heights (DH) to 'CRISIL D' from 'CRISIL C'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan              90       CRISIL D (Downgraded
                                   from 'CRISIL C')

The rating downgrade reflects the delays by DH in servicing its
term loan; the delays were because of the firm's weak liquidity.

The rating also reflects DH's exposure to risks arising from
cyclical demand inherent in the hospitality sector and the firm's
nascent stage of operations. These rating weaknesses are partially
offset by the extensive experience of DH's promoters in the
hospitality sector.

DH was established as Diana Tourist Home in Athani (Kerala) in
2010. The firm got its present name in 2012. It is promoted by
Kerala-based Mr. Jose G Mathew and family. The firm commenced
operations in April 2010 as a restaurant-bar in Athani and started
operating as a five star hotel since March 2015.


DSM SOFT: ICRA Upgrades Rating on INR10cr LT Loan to B+
-------------------------------------------------------
ICRA has upgraded the long-term rating assigned to the INR10.00
crore long-term fund based facilities of DSM Soft Private Limited
from [ICRA]B- to [ICRA]B+. ICRA has also reaffirmed the short-term
rating of [ICRA] A4 assigned to the Rs 4.00 Crore short-term fund
based facilities of DSM.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-term fund        10.00        Upgraded to [ICRA] B+ from
   based facilities                   [ICRA] B-

   Short-term fund
   based facilities       4.00        [ICRA] A4 reaffirmed

The rating upgrade factors in the healthy growth in revenues in FY
15 and the strong order book position of the company which
provides revenue visibility to the company in the near to medium
term. The rating also takes into account the long standing
experience and established track record of the company in
providing software services in the geospatial and engineering
domains. The ratings are also supported by the presence of DSM's
subsidiary in the overseas markets aiding revenue growth and the
diversified customer base of the company across geographies.
The ratings are, however, constrained by the modest scale of the
company's operations, high working capital intensity and the
susceptibility of company's revenues to fluctuations in the order
flow. The ratings also take note of the company's highly geared
capital structure and the vulnerability of margins to Forex risk.

DSM Soft Private Limited was incorporated in 1991. DSM Soft is a
service provider in the Geospatial, Engineering and Publishing
domains. It has over 17 years of experience in the industry and
established relationship with its clients over the years. It has
production centers in Chennai, Tiruchirapalli and Pondicherry in
India The company also has wholly owned subsidiary based out of
Scotland, DSM Geodata Ltd.

Recent Results
The company reported net profit of INR0.9 crore on an operating
income of INR14.2 crore during 2014-15 as against net profit of
INR0.8 crore on an operating income of INR8.1 crore during 2013-
14.


FRANK LIFECARE: ICRA Reaffirms B+ Rating on INR14.40cr Loan
-----------------------------------------------------------
ICRA has reaffirmed its rating of [ICRA]B+ on the INR15.00 crore
fund based bank facilities of Frank Lifecare Private Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loan             14.40       [ICRA]B+; reaffirmed
   Over Draft Facility    0.60       [ICRA]B+; assigned

The rating reaffirmation takes into account the commencement of
Frank Lifecare Private Limited (FLPL) as per the scheduled
timeline. However, the low occupancy levels during the initial
period of operations accompanied by scheduled debt repayments
remain a major concern. The rating continues to be constrained by
the geographical concentration due to its single location presence
and the likely competition from established hospitals in Delhi.
ICRA's rating also factors in the adverse capital structure of the
company and the subdued coverage indicators. However, ICRA
continues to favourably consider the extensive experience of the
promoters in the healthcare industry with a number of
specialities/departments being headed by the promoter doctors and
their spouses and the association with renowned doctors and latest
facilities and services being available within the hospital
premises. The rating also factors in the good catchment area of
the hospital as it is located in the high population density area
of Sonipat (Haryana), with a number of colonies and institutions
in the vicinity.

The ability of the hospital to increase its occupancy levels
through the build up of patient volumes and maintain a profitable
margins accompanied by meeting its debt obligations will remain
the key rating sensitivities.

Incorporated in 1993 in the name of Frank Pharmaceutical Private
Limited, the company was earlier engaged in the manufacturing of
High Density Polypropylene and High Density Polyethylene bags.
Later, the promoters decided to set up a hospital by the name of
Frank Institute of Medical Sciences in the Sonipat district of
Haryana. Subsequent to the decision to construct a hospital, the
promoters divested the packaging business of the company in 2014.
The construction of the proposed hospital was finished in March
2015 and the hospital commenced operations in April 2015 as per
the scheduled timeline.

Recent Result
In FY15, FLPL recorded a net loss of INR0.06 crore on an operating
income of INR0.02 crore, as against a net profit of INR0.01 crore
on an operating income of INR1.47 crore in the previous year.


GANGA DAIRY'S: Ind-Ra Suspends 'IND BB-' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Ganga Dairy's
(GANGA) 'IND BB-' Long-Term Issuer Rating to the suspended
category.  The Outlook was Stable.  The rating will now appear as
'IND BB-(suspended)' on the agency's website.  The agency has also
migrated GANGA's INR120 mil. fund-based working capital limit to
'IND BB-(suspended)' from 'IND BB-' and 'IND A4+(suspended)' from
'IND A4+'.

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

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.


GEETA COTTON: CRISIL Lowers Rating on INR350MM Loan to B+
---------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Geeta Cotton Company Private Limited (GCC; part of the Geeta
group) to 'CRISIL B+/Stable' from 'CRISIL BB-/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            350      CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

The rating downgrade reflects weakening of the group's liquidity,
with low cash accrual and a stretched working capital cycle
resulting in full utilisation of its bank limit. There have also
been instances of overdrawn limits, which get regularised within a
week. CRISIL believes the group will need fresh capital infusion,
or will have to improve its working capital cycle in a sustained
manner, to alleviate the pressure on its liquidity.

The working capital cycle has been significantly stretched as
reflected in an increase in gross current assets (GCAs) to an
expected 152 days as on March 31, 2016, from 111 days as on March
31, 2014. GCAs increased on account of a stretched receivables
cycle and build-up of inventory. Consequently, the bank limit
remained fully utilised over the 12 months through January 2016.

The ratings reflect the Geeta group's below-average financial risk
profile because of high gearing and below-average debt protection
metrics. The ratings also factor in vulnerability to changes in
government regulations, and exposure to intense competition in the
cotton ginning industry resulting in low profit margins, which are
also susceptible to volatility in cotton prices. These rating
weaknesses are partially offset by the extensive industry
experience of the group's promoters.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of GCC and Krishna Cotton Company (KCC).
This is because both the entities, together referred to as the
Geeta group, have common promoters, are in the same line of
business, and have operational linkages.

Outlook: Stable

CRISIL believes the Geeta group will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of sustained
improvement in the working capital cycle, or considerably better
liquidity on the back of sizeable equity infusion. Conversely, the
outlook may be revised to 'Negative' in case of a steep decline in
profitability margins, or significant weakening in the group's
capital structure most likely because of a stretched working
capital cycle or large debt-funded capital expenditure.

GCC was originally set up as a proprietorship firm in 1983 by Mr.
K Nagnath Patel; this firm was reconstituted as a private limited
company in 2013. KCC was set up as a proprietorship concern by Mr.
Patel in 2006. Both the entities primarily undertake ginning and
pressing of raw cotton. The group also has crushing units to
extract de-oiled cake and oil from cotton seeds. The manufacturing
facilities of both the entities are in Bhainsa, Telangana.


GJA STORAGE: Ind-Ra Suspends B Long-Term Issuer Rating
------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated GJA Storage
Solutions' (GJASS; an entity of R S Ghumman Group) 'IND B' Long-
Term Issuer Rating to the suspended category.  The Outlook was
Stable.  The rating will now appear as 'IND B (suspended)' on the
agency's website.  The agency has also migrated GJASS' INR90 mil.
fund-based working capital limit to 'IND B(suspended)' from
'IND B'.

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

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.


HAPPY ACOUSTICS: Ind-Ra Suspends BB- Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Happy Acoustics
Pvt. Ltd.'s (HAPL) 'IND BB-' Long-Term Issuer Rating to the
suspended category.  The Outlook was Stable.  This rating will now
appear as 'IND BB-(suspended)' on the agency's website.  The
agency has also migrated HAPL's INR250.00 mil. fund-based limits
to 'IND BB-(suspended)'/'IND A4+(suspended)' from 'IND BB-'/
'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 HAPL.

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.


HARIOM COTGIN: ICRA Suspends 'B+' Rating on INR8.03cr Loan
----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ assigned to
the INR8.03 crore bank facilities of Hariom Cotgin Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

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

Incorporated in 2008, Hariom Cotgin Private Limited (HCPL) is
engaged in the business of ginning and pressing of raw cotton into
cotton seeds and fully pressed cotton bales having a production
capacity of 42.5 tonnes per day (TPD) of cotton bales and 80 TPD
of cotton seeds. The company is also engaged in crushing of cotton
seeds to obtain cotton seed oil and cotton oil cake having an
intake capacity of 250 TPD. The plant is located at Tankara-
Rajkot in the Saurashtra region of Gujarat. The company is
promoted by Mr. Gangaram Bhagiya along with his relatives and
friends. The promoters have about a decade of experience in the
oil mill industry by the virtue of being associated with other oil
mill companies.


HBS CITY: CRISIL Assigns 'B' Rating to INR109.5MM Term Loan
-----------------------------------------------------------
CRISIL has revoked the suspension of its rating on the long-term
bank facilities of HBS City Pvt Ltd (HBSCPL) and has assigned its
'CRISIL B/Stable' rating to the facilities. The rating was
previously 'Suspended' by CRISIL on November 9, 2015, since HBSCPL
had not provided necessary information required for a rating
review. HBSCPL has now shared the requisite information enabling
CRISIL to assign rating to the bank facilities.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Long Term     0.5      CRISIL B/Stable (Assigned;
   Bank Loan Facility              Suspension Revoked)

   Term Loan            109.5      CRISIL B/Stable (Assigned;
                                   Suspension Revoked)

The rating reflects exposure to risks related to implementation
and saleability of the ongoing project because of initial stage of
construction and low initial bookings, and susceptibility to
cyclicality inherent in the Indian real estate industry. These
weaknesses are partially offset by the extensive experience of
promoters in the real estate industry and their funding support.

Outlook: Stable
CRISIL believes HBSCPL will continue to benefit over the medium
term from the promoters' extensive industry experience. The
outlook may be revised to 'Positive' if healthy sales of units,
along with timely implementation of the project and receipt of
customer advances, leads to steady cash inflow. Conversely, the
outlook may be revised to 'Negative' if time and cost overruns in
project, lower-than-expected sales, or delays in receipt of
customer advances lead to low cash inflow, and thus constrained
liquidity.

Incorporated in 2008, HBSCPL is a special-purpose vehicle set up
by HBS Realtors Pvt Ltd to develop a township project in Panoli,
Ankleshwar (Gujarat). It has presently undertaken construction of
phase-1 of project which is spread over 8 acres with about 680
saleable units.


J G FOUNDRY: CRISIL Lowers Rating on INR120MM Cash Loan to B+
-------------------------------------------------------------
CRISIL has downgraded its long term rating on the bank facility of
J G Foundry Limited to ' 'CRISIL B+/Stable' from 'CRISIL BB-
/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            120      CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

The rating downgrade reflects deterioration in JGFL's financial
risk profile and liquidity. Operating margin declined sharply to
0.4 percent in 2014-15 (refers to financial year, April 1 to March
31) from 3.7 percent in 2013-14, owing to subdued industry
scenario, low finished goods prices, and inability to pass on high
raw material prices to customers. Operating income increased only
marginally to INR688.2 million from INR678.1 million during this
period. Cash accrual was, therefore, negative at INR20.2 million
in 2014-15, down from INR15.7 million the previous year. Networth
reduced and gearing increased to INR30.4 million and 5.10 times,
respectively, as on March 31, 2015 from INR52.5 million and 2.21
times a year ago.

The ratings reflect JGFL's modest scale of operations and weak
financial risk profile. The rating also factors in vulnerability
of profitability to volatile raw material and finished good
prices. These rating weaknesses are partially offset by the
extensive experience of the promoter in steel industry.

Outlook: Stable

CRISIL believes JGFL will continue to benefit over the medium term
from the promoters' extensive industry experience. The outlook may
be revised to 'Positive' if improvement in profitability, scale of
operations and capital structure leads to a stronger financial
risk profile. Conversely, the outlook may be revised to 'Negative'
if low operating income or accrual, stretch in working capital
cycle, or any large, debt-funded capital expenditure weakens the
financial risk profile, particularly liquidity.

Incorporated in 1991 and based in Patna, JGFL manufactures steel
ingots. The company's day-to-day operations are managed by Mr.
Girja Shankar Prasad.


JAIRAM MARUTI: CRISIL Lowers Rating on INR70MM Cash Loan to 'D'
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Jairam Maruti Mills (Jairam) to 'CRISIL D/CRISIL D' from 'CRISIL
B+/Stable/CRISIL A4'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         7.8      CRISIL D (Downgraded from
                                   'CRISIL A4')

   Cash Credit           70.0      CRISIL D (Downgraded from
                                   'CRISIL B+/Stable')

   Long Term Loan        76.9      CRISIL D (Downgraded from
                                   'CRISIL B+/Stable')

The downgrade reflects instances of delays by Jairam in servicing
the term debt due to its weak liquidity and subdued debt
protection metrics.

The rating also reflect JMM's below-average financial risk
profile, marked by a high gearing, and the firm's modest scale of
operations and exposure to risks related to volatility in raw
material prices. These rating weaknesses are partially offset by
the extensive experience of JMM's promoters in the textile
industry

JMM was set up in 2006 by Mr. A Subramanian and Mr. A Rajan. It
manufactures cotton yarn. The firm is based in Coimbatore (Tamil
Nadu).


JAYACHANDRAN INDUSTRIES: CRISIL Reaffirms B Rating on INR60M Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Jayachandran Industries
Private Limited (JIPL) continue to reflect JIPL's below-average
financial risk profile because of high gearing and weak debt
protection metrics, and small scale of operations in the intensely
competitive lead-acid battery industry. These weaknesses are
mitigated by the promoters' experience in manufacturing lead
alloys and trading in battery spare parts.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bill Discounting           40     CRISIL B/Stable (Reaffirmed)

   Cash Credit                64     CRISIL B/Stable (Reaffirmed)

   Foreign Bill Negotiation   30     CRISIL A4 (Reaffirmed)

   Proposed Working Capital
   Facility                   60     CRISIL B/Stable (Reaffirmed)

   Term Loan                  41.5   CRISIL B/Stable (Reaffirmed)

Outlook: Stable
CRISIL believes JIPL will benefit over the medium term from its
promoters' experience. The outlook may be revised to 'Positive' if
increase in scale of operations and profitability improves capital
structure and debt protection metrics. Conversely, the outlook may
be revised to 'Negative' if low cash accrual or substantial debt
to fund incremental working capital requirement or capital
expenditure weakens financial risk profile.


JIPL, established in 2009, manufactures lead-acid batteries for
auto motives and inverter systems. The company is based in
Coimbatore and promoted by Mr. Anbalagan and his family.

Net profit was INR0.16 million on operating income of INR378
million in 2014-15 (refers to financial year, April 1 to March
31), against net profit of INR0.05 million on operating income of
INR430.3 million in 2013-14.


JCL INFRA: Ind-Ra Suspends B+ Long-Term Issuer Rating
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated JCL Infra
Limited's (JCL) 'IND B+' Long-Term Issuer Rating to the suspended
category.  The Outlook was Stable.  The rating will now appear as
'IND B+(suspended)' on the agency's website.

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

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.

JCL's ratings are:

   -- Long-Term Issuer Rating: migrated to 'IND B+(suspended)'
      from 'IND B+'/Stable
   -- INR65 mil. fund-based working capital limit: migrated to
      Long-term 'IND B+(suspended)' from 'IND B+' and Short-term
      'IND A4(suspended)' from 'IND A4'
   -- INR240 mil. non-fund-based bank guarantee: migrated to
      Short-term 'IND A4(suspended)' from 'IND A4'


JESUS LOVES: CRISIL Reaffirms 'B' Rating on INR120MM LT Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilty of Jesus Loves (JL)
continues to reflect JL's modest scale of operations in the
Christian fellowship services segment and extensive dependence on
donations. These weakness are mitigated by its trustee's extensive
experience and the trust's above average financial risk profile
marked by comfortable capital structure and debt protection
metrics.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Long Term Loan         120      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes JL will continue to benefit from its presence in
the Christian fellowship services segment. The outlook may be
revised to 'Positive' if sustainable increase in revenue is
reported while maintaining surplus and financial risk profile.
Conversely, the outlook may be revised to 'Negative' if sizeable
debt-funded capital expenditure weakens capital structure or
financial risk profile deteriorates because of steep decline in
revenue or operating margin.

Set up in 1994, Virudhunagar (Tamil Nadu)-based JL provides
Christian fellowship services. The trust is headed by Bishop Allen
Paul.


JUNEJA AGRO: CRISIL Assigns 'B' Rating to INR150MM LT Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Juneja Agro Farms (JAF). The rating reflects the
firm's start-up nature of operations in the competitive poultry
industry and the high funding and implementation risk associated
with the planned project. These rating weaknesses are partially
offset by the extensive industry experience of the firm's
promoters.

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

Outlook: Stable
CRISIL believes JAF will continue to benefit over the medium term
from its promoters' industry experience. The outlook may be
revised to 'Positive' in case of improvement in the firm's credit
profile, driven most likely by a fast ramp-up in scale of
operations, or significant equity infusion. Conversely, the
outlook may be revised to 'Negative' if the financial risk profile
deteriorates, most likely because of delay in stabilization of
operations or lower-than-expected off-take.

JAF, a partnership firm, is setting up a project in Kanpur, Uttar
Pradesh, for production of and trading in commercial eggs. The
firm's partners include Ms. Laxmi Devi, Ms. Santosh Juneja, Ms.
Neelam Juneja, Ms. I P Juneja, Ms. Shilpi Juneja, and Juneja
Poultry Products Pvt Ltd.


K.C. EDIBLE: Ind-Ra Suspends B+ Long-Term Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated K.C. Edible Oils
Pvt Ltd's (KCOP) 'IND B+' Long-Term Issuer Rating to the suspended
category.  The Outlook was Stable.  The rating will now appear as
'IND B+(suspended)' on the agency's website.

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

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.

KCOP's ratings:

   -- Long-Term Issuer Rating: migrated to 'IND B+(suspended)'
      from 'IND B+'/Stable
   -- INR90 mil. fund-based limit: migrated to 'IND
      B+(suspended)' from 'IND B+' and 'IND A4(suspended)' from
      'IND A4'
   -- Proposed INR35 mil. fund-based limit migrated to
      'Provisional IND B+(suspended)' from 'Provisional IND B+'
      and 'Provisional IND A4 (suspended)' from 'Provisional IND
      A4'


K.C. ROLLER: Ind-Ra Suspends B+ Long-Term Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated K.C. Roller Flour
Mills (P) Ltd's (KCRO) 'IND B+' Long-Term Issuer Rating to the
suspended category.  The outlook was stable.  The rating will now
appear as 'IND B+(suspended)' on the agency's website.

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

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.

KCRO's ratings are:

   -- Long-Term Issuer rating migrated to 'IND B+(suspended)'
      from 'IND B+'/Stable
   -- INR90 mil. fund-based limit migrated to 'IND B+(suspended)'
      from  'IND B+' and 'IND A4(suspended)' from 'IND A4'
   -- Proposed INR9 mil. fund-based limit migrated to
      'Provisional IND B+(suspended)' from 'Provisional IND B+'
      and 'Provisional IND A4(suspended)' from 'Provisional
      IND A4'


KAILASH INFRATECH: ICRA Reaffirms 'B' Rating on INR5cr LT Loan
--------------------------------------------------------------
ICRA has reaffirmed its long term rating on the INR5.00 crore bank
facilities of Kailash Infratech Private Limited (KIPL) at [ICRA]B.
ICRA has also reaffirmed its short term rating of [ICRA]A4 on the
INR1.00 crore short term bank facilities of KIPL.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-Term Fund
   Based Facilities      5.00       [ICRA]B; Reaffirmed

   Short-Term Fund
   Based Facilities      1.00       [ICRA]A4; Reaffirmed

ICRA's rating reaffirmation continues to reflect challenging
business environment for KIPL on account of the weak demand for
construction equipments (CE), given the slowdown in the
construction sector though there has been some improvement in
sales volumes during FY2016. Being in the dealership business, the
funding requirements of KIPL are mainly for working capital which
arises on account of maintenance of stock, credit period extended
to customers and receivables from Tata Hitachi Construction
Machinery for equipment servicing, incentives, claims, etc. The
net worth level of the company is very low owing to large loss in
FY2014 and low capitalization. High reliance on debt and low
profits continues to result in a weak capital structure as
reflected in a gearing of 14.6x and has kept the debt coverage
metrics relatively weak. The rating also factors in the high
regional concentration risk with the company's entire sales being
derived from a single product segment in Madhya Pradesh (MP) as
the demand is driven by the level of economic and construction
activities in the region. Nevertheless, the rating continues to
factor in the experience of the promoters in managing dealership
business of Commercial Vehicles (CVs) and Passenger vehicles (PVs)
in MP, which is the primary area of operations for the company.

Going forward, the ability of the company to revive its sales
volumes and improve its liquidity position, as well as
profitability margins and maintaining a prudent capital structure
will remain the key rating sensitivities.

The company was incorporated as Commercial Equipments Private
Limited on June 27, 2011 and commenced commercial operations from
October, 2011. It changed its name to KIPL in April, 2012. The
company is 100% owned by Mr. Kailash Gupta and his family members
and is an authorized dealer of CE manufactured by THCM for Indore,
Gwalior and Jabalpur territories, accounting for around three-
fourth of THCM's market in MP. The company deals in various models
of THCM, including -- mini excavators, midi excavators, wheeled
products, cranes and other machines.

Recent results
In 2014-15, the company reported a PAT of INR0.14 crore on an
operating income (OI) of INR49.1 crore, as against a net loss of
INR1.30 crore on an OI of INR66.9 crore in the previous year.


LAKSHMI COT-GIN: ICRA Reaffirms B+ Rating on INR22cr Cash Loan
--------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ assigned to
the INR22.00 crore cash credit facility of Lakshmi Cot-Gin Private
Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit           22.00        [ICRA]B+ reaffirmed

The reaffirmation of rating takes into account LCPL's weak
financial profile characterized by low profitability levels,
highly leveraged capital structure and weak coverage indicators.
The rating remains constrained on account of highly competitive
and fragmented industry structure with low entry barriers; and the
vulnerability of the firm's profitability to movements in cotton
prices which are subject to seasonality and crop harvest. The
rating also continues to remain constrained by the regulatory
risks with regard to MSP fixed by GoI and restrictions on cotton
exports.

The rating, however, continues to favourably factor in the
experience of the company's promoters in the cotton ginning
industry and the advantage the company enjoys by virtue of its
location in the cotton producing belt of Saurashtra (Gujarat).

Lakshmi Cot-Gin Private Limited (LCPL), incorporated in 2006, is
engaged in the business of cotton ginning and trading of cotton
lint/bales and cotton seed. The company's plant is located in
Gondal, Rajkot. The company is closely held by the promoters, Mr.
Nimish Lotiya, Mr. Vishal Lotiya, and other family members.

Recent Results
For the year ended March 31, 2015, Lakshmi Cot-Gin Private Limited
reported an operating income of INR137.87 crore and profit after
tax of Rs 0.18 crore as against an operating income of INR129.55
crore and profit after tax of INR0.20 crore for the year ended
March 31, 2014.


LAURENT PACKAGING: Ind-Ra Suspends B Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Laurent Packaging
Pvt Ltd's (LPPL) 'IND B' Long-Term Issuer Rating to the suspended
category.  The Outlook was Stable.  The rating will now appear as
'IND B(suspended)' on the agency's website.

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

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.

LPPL's ratings are:

   -- Long-Term Issuer Rating: migrated to 'IND B(suspended)'
      from 'IND B'/Stable
   -- INR45 mil. fund-based working capital limit: migrated to
      'IND B(suspended)' from 'IND B'
   -- INR8.06 mil. term loans: migrated to 'IND B(suspended)'
      from 'IND B'


LAXMI MOULDS: CRISIL Reaffirms 'D' Rating on INR150.6MM LT Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Laxmi Moulds
Industries Private Limited (LMI) continues to reflect instances of
delay by LMI in servicing its term debt. The delays are caused by
the company's weak liquidity.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Buyer Credit Limit     30       CRISIL D (Reaffirmed)

   Proposed Long Term
    Bank Loan Facility   150.6     CRISIL D (Reaffirmed)

   Term Loan               9.4     CRISIL D (Reaffirmed)

LMI also has weak financial risk profile because of modest
networth and subdued capital structure, and small scale of
operations in the intensely competitive tyre mould industry.
However, it benefits from its promoters' extensive industry
experience.

LMI was set up as a proprietorship concern, Laxmi Moulds
Industries, in 1981 by Mr. Nobukumar Manna. The firm's operations
were transferred to LMI on April 1, 2011. LMI manufactures tyre
moulds for motorcycles, trucks, tractors, and buses. Its
manufacturing facility is in Bhayander, Maharashtra. Operations
are managed by Mr. Nobukumar Manna and his son Mr. Shankar Manna.


M/S LIVINGSTONES: ICRA Reaffirms 'B+' Rating on INR48cr Loan
------------------------------------------------------------
ICRA has re-affirmed the long-term rating of [ICRA]B+ to the
INR48.82 crore (enhanced from INR42.82 crore) working capital
facilities of M/s Livingstones.

                           Amount
   Facilities           (INR crore)      Ratings
   ----------           -----------      -------
   Long Term Fund Based/
   Non Fund Based          48.00         [ICRA]B+ re-affirmed

   Long Term- Non Fund
   Based                    0.82         [ICRA]B+ re-affirmed

The rating re-affirmation of M/s Livingstones takes into account
the promoter's experience and operating track record of over three
decades in the gems and jewellery business, leading to established
relationships with its clients and suppliers, and benefits
accruing from forward integration into jewellery through its group
concern. The rating is, however, constrained by the firm's modest
financial profile as indicated by high gearing, modest debt
coverage indicators, and weak profitability levels on account of
limited value addition coupled with stiff competition in CPD
business. The rating is further constrained by the high working
capital intensity in the business owing to high inventory and
receivable levels, and exposure of the firm's profitability to
sharp fluctuations in both foreign exchange rates and diamond
prices. ICRA also notes that M/S Livingstones is a partnership
firm and any significant withdrawals from the capital account will
impact its net worth and thereby the capital structure.

M/s Livingstones (LS) was established as a proprietary concern by
Mr. Pankaj N. Kothari in 1976 and was subsequently converted into
a partnership firm in 1982, with the admission of Mr. Sandip
Kothari and other family members. The firm was last reconstituted
in April, 2006, with the retirement of its key promoters, Mr.
Pankaj Kothari and his wife, Mrs. Shilpa Kothari. Mr. Sanket
Kothari, the son of Mr. Sandip Kothari, was then inducted into the
business as a partner. LS deals in diamonds of mainly round
brilliant cut in whites and extra whites, ranging from 2 cents to
20 cents. It specializes in low cartage diamonds.

Recent Results
During FY15, LS reported an operating income of INR111.64 crore
and a profit after tax of INR0.90 crore as compared to an
operating income of INR100.61 crore and profit after tax of
INR2.36 crore during FY14.


M.B.C. INDUSTRIES: CRISIL Assigns 'B' Rating to INR34.9MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of M.B.C. Industries (MBC).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           34.9      CRISIL B/Stable

The rating reflects the firm's below-average financial risk
profile because of a small net worth, high gearing, and average
debt protection metrics. The rating also factors in working
capital-intense operations and vulnerability of operating margin
to volatility in raw material prices. These rating weaknesses are
partially offset by the extensive experience of the firm's
partners in the lead industry.

Outlook: Stable

CRISIL believes MBC will continue to benefit over the medium term
from the extensive industry experience of its partners. The
outlook may be revised to 'Positive' in case of a substantial
increase in scale of operations and profitability, leading to
healthy cash accrual, or improvement in the firm's capital
structure supported by capital infusion, resulting in a better
financial risk profile. Conversely, the outlook may be revised to
'Negative' in case of a decline in profitability, resulting in low
cash accrual, or a stretched working capital cycle, or large debt-
funded capital expenditure, leading to pressure on liquidity.

MBC was set up in 2013 as partnership firm by Mr. Joginder Singh.
Mr. Lovely Kumar, and Mr. Vikram Chikara.. The firm manufactures
lead alloys, refined lead, lead sub-oxide grey, and calcium lead.
Its manufacturing facility at Kala Amb, Himachal Pradesh.


M. P. AGRAWAL: Ind-Ra Suspends B+ Long-Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated M. P. Agrawal &
Company Private Limited's (MPACPL) '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 for MPACPL.

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.

MPACPL's ratings:

   -- Long-Term Issuer Rating: migrated to 'IND B+(suspended)'
      from 'IND B+'/Stable
   -- INR24.70 mil. term loans: migrated to 'IND B+(suspended)'
      from 'IND B+'
   -- INR40.00 mil. fund-based limits: migrated to
      'IND B+(suspended)'/'IND A4(suspended)' from 'IND B+'/
      'IND A4'


M. P. ASSOCIATES: CRISIL Lowers Rating on INR620MM Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
M. P. Associates to 'CRISIL D' from 'CRISIL B+/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan              620      CRISIL D (Downgraded from
                                   'CRISIL B+/Stable')

The downgrade reflects MPA's delays in servicing term loans
because of weak liquidity.

MPA faces risks related to project implementation, and has
stretched liquidity. However, it benefits from its partners'
extensive experience in real estate development.

MPA, set up in 2005 as a partnership firm, develops real estate.
Its partners are Mr. Mangesh Parulekar, Mr. Vivekanand Patil, and
Mr. Dilip Karelia. The firm recently completed Balaji Angan
comprising 144 residential flats, and is constructing a commercial
mall, MP Mall, of 0.215 million square feet adjoining the
residential project.


MAHAMAYA MINES: Ind-Ra Assigns IND BB- Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Mahamaya Mines
Pvt Ltd (MMPL) a Long-Term Issuer Rating of 'IND BB-'.  The
Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect MMPL's moderate scale of trading operations
and weak credit profile.  In FY15, the company achieved revenue of
INR631 mil. (FY14: INR612 mil., interest coverage of 1.2x (1.2x)
and net financial leverage (Ind-Ra adjusted net debt/operating
EBITDA) of 5.6x (10.1x). Operating EBITDA margins were 3.4% in
FY15.

Liquidity is moderate with the average utilisation of working
capital limits being 90% in the12 months ended January 2016.

The ratings, however, benefits from its founder's rich experience
of over two decades in the iron and steel trading business and the
company's existing relationship as an authorized distributor with
top suppliers such as Steel Authority of India Limited ('IND
AAA'/Negative) and Jindal Steel and Power Limited.

RATING SENSITIVITIES

Positive: A positive rating action could result from a sustained
improvement in the scale of operations along with an increase in
profitability leading to an overall improvement of the credit
profile.

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

COMPANY PROFILE

Incorporated in 2000 by Mr. Anand Agrawal, MMPL supplies wide
range of ISI certified mild steel products such as beam and joist
(both I & H), channel, angle, rails, flat, round, plates (plain,
checkered and boiler quality), TMT bar, crossing sleeper bars for
railways, wire rod in coils and fabricated items that are used for
various construction works.

SIPL's ratings:

   -- Long-Term Issuer Rating: 'IND BB-'; Outlook Stable
   -- INR120.00 mil. fund-based working capital limits: assigned
      'IND BB-'/Stable
   -- INR5.00 mil. non-fund-based working capital limits:
      assigned 'IND A4+'


MAPLE HOTELS: Ind-Ra Suspends IND B+ Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Maple Hotels &
Resorts Private Limited's (MHRPL) 'IND B+' Long-Term Issuer Rating
with a Stable Outlook to the suspended category.  The rating will
now appear as 'IND B+(suspended)' on the agency's website.  The
agency has also migrated MHRPL's INR142.5 mil. term loan to
'IND B+(suspended)' from 'IND B+'.

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 MHRPL.

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.


MICKY METALS: Ind-Ra Assigns BB+ Long-Term Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Micky Metals
Limited (MML) a Long-Term Issuer Rating of 'IND BB+'.  The Outlook
is Stable.  The agency has also assigned MML's INR150 mil. fund-
based working capital limits 'IND BB+'/Stable and 'IND A4+'
ratings.

KEY RATING DRIVERS

The ratings consider MML's moderate scale of operations and credit
profile.  In FY15, its revenue was INR988 mil. (FY14: INR855
mil.), interest coverage (operating EBITDA/gross interest expense)
was 1.5x (1.7x) and net financial leverage (total adjusted net
debt/operating EBITDAR) was 4.4x (3.4x).  MML's operating EBITDA
margin deteriorated to 1.6% in FY15 (FY14: 2.0%).

The ratings factor in MML's comfortable liquidity, reflected by
its above 78% average working capital limit utilization during the
12 months ended January 2016, and derive strength from MML's
directors' decade-long experience in the iron and steel industry.

RATING SENSITIVITIES

Positive: Substantial growth in the top line with an improvement
in the EBITDA margins, leading to a sustained improvement in the
credit metrics, could be positive for the ratings.

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

COMPANY PROFILE

Incorporated in 1995, MML manufactures and supplies various sizes
and grades of metallic thermo-mechanical treatment bars, rounds,
angles, channels, joists and flats.  Its manufacturing facility is
located in Birbhum, West Bengal.  The company is managed by Mr.
Sumit Agarwal, Mr. Sarwan Agarwal and Mr. Nagendra Agarwal.


MIRACLE DEVELOPERS: CRISIL Cuts Rating on INR60MM Loan to 'D'
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Miracle Developers (MD) to 'CRISIL D' from 'CRISIL B+/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan               60      CRISIL D (Downgraded
                                   from 'CRISIL B+/Stable')

The downgrade reflects delays by the company in servicing of its
debt; the delays have been caused by weak liquidity.

MD is exposed to risks related to saleability of the remaining
units in its current project and timely flow of customer advances;
moreover, it is vulnerable to cyclicality in the real estate
industry in India. However, the firm benefits from the extensive
industry experience of its partners and the advantageous location
of its project.

MD, established in 2009 by Mr. Rahul Gawade and his brother Mr.
Amit Gawade, develops residential property at Wakad in Pune. The
firm is currently developing Miracle Mark, a project of about
100,000 square feet (in two phases).


MODULUS COSMETICS: CRISIL Ups Rating on INR100MM Loan to BB-
------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of
Modulus Cosmetics (MDC) to 'CRISIL BB-/Stable/CRISIL A4+' from
'CRISIL B+/Stable/CRISIL A4'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bill Discounting       30       CRISIL A4+ (Upgraded from
   under Letter of                 'CRISIL A4')
   Credit

   Cash Credit           100       CRISIL BB-/Stable (Upgraded
                                   from 'CRISIL B+/Stable')

   Long Term Bank         21.2     CRISIL BB-/Stable (Upgraded
   Facility                        from 'CRISIL B+/Stable')

   Proposed Long Term      8.8     CRISIL BB-/Stable (Upgraded
   Bank Loan Facility              from 'CRISIL B+/Stable')

The upgrade reflects CRISIL's belief that MDC's business and
financial risk profiles will continue to improve over the medium
term backed by increased business from existing customers and
addition of new customers, and promoter's extensive experience.
Revenue increased to INR298.9 million in 2014-15 (refers to
financial year, April 1 to March 31) against a year earlier.
Financial risk profile is healthy, with total outside liabilities
to tangible net worth (TOLTNW) ratio at 0.73 time as on March 31,
2015, and interest coverage ratio of 2.3 times for 2014-15.
Networth increased to INR180.9 million as on March 31, 2015, from
INR152.7 million a year earlier, and will remain healthy over the
medium term.

The ratings reflect MDC's healthy financial risk profile because
of healthy TOLTNW and interest coverage ratios, and reputed
clientele. These strengths are partially offset by limited
bargaining power due to high customer concentration in revenue,
and susceptibility to volatility in input price

Outlook: Stable
CRISIL believes MDC will continue to benefit from its established
clientele comprising large fast-moving consumer goods companies.
The outlook may be revised to 'Positive' in case of earlier-than-
expected ramp-up of operational income and efficient working
capital management, leading to more-than-expected cash accrual.
Conversely, the outlook may be revised to 'Negative' in case of
less-than-expected increase in capacity, pressure on profitability
negatively affecting cash accrual, or more-than-expected reliance
on debt to fund working capital requirement, weakening financial
risk profile.

MDC, a proprietorship firm of Mr. Rajan Dhir set up in 2010,
manufactures soap billets at its unit in Taksal, Himachal Pradesh.


NAVAGIRI APPAREL: Ind-Ra Suspends BB Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Navagiri
Apparel's (NA) 'IND BB' Long-Term Issuer Rating to the suspended
category.  The Outlook was Stable.  The rating will now appear as
'IND BB(suspended)' on the agency's website.

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

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.

NA's ratings:

    -- Long-Term Issuer Rating: migrated to 'IND BB(suspended)'
       from 'IND BB'/Stable
   -- INR100 mil. fund-based working capital limit: migrated to
      'IND A4+(suspended)' from 'IND A4+'
   -- INR10.7 mil. long-term loan: migrated to
      'IND BB(suspended)' from 'IND BB'


NEEV TECHNOCAST: ICRA Lowers Rating on INR5.25cr Loan to 'D'
------------------------------------------------------------
ICRA has downgraded the long term rating assigned to the INR5.25
crore of Project Letter of Credit, INR0.60 crore of cash credit
facility and INR3.93 crore of term loan facility (sublimit of
Project Letter of Credit) of Neev Technocast Private Limited from
[ICRA]B- to [ICRA]D.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Project Letter of
   Credit                5.25         Downgraded to [ICRA]D
                                      from [ICRA]B-

   Cash Credit           0.60         Downgraded to [ICRA]D
                                      from [ICRA]B-

   Term Loan             3.93         Downgraded to [ICRA]D
                                      from [ICRA]B-

The revision in rating factors in NTPL's stretched liquidity
position as reflected by overdrawals of the cash credit limits
from July 2015 to September 2015. The rating continues to remain
constrained by company's weak financial risk profile characterized
by small scale of operations, net losses in FY15 and 6MFY16,
meager cash accruals, weak coverage indicators and leveraged
capital structure. The rating also takes into account the highly
working capital intensive operations of the company on account of
company's limited bargaining power with raw material suppliers in
a highly competitive industry scenario. Further, the rating also
takes into consideration the potential impact on the company's
liquidity position with significant debt repayment obligations
scheduled in the near term in case of lower than expected
accruals.

The rating, however, continues to factor in the experience of the
promoters in the aluminium pressing and casting industry, though
the company is a relatively new entrant in the sand mould casting
industry, and the technical ability to manufacture complex
patterns with detailed specifications and a short lead time with
3D printing technology.

Incorporated in August 2012, Neev Technocast Pvt Ltd (NTPL) is
engaged in manufacturing of sand moulds and aluminium castings at
Rajkot, Gujarat. The company is promoted by Mr. Sagar Parsana and
Mrs. Nisha Parsana who have over 5 years of experience in
aluminium pressing and casting manufacturing. The company has
installed German machinery which employs 3D printing of sand
moulds and has an installed capacity of 720 patterns annually with
maximum build volume of 1800mm x 1000mm x 700mm (W x D x H).

Recent Results
For the year ended on March 31, 2015, the company reported an
operating income of INR0.62 crore and net loss of INR1.12 crore as
against an operating income of INR0.23 crore and net loss of
INR1.10 crore for the year ended March 31, 2014.


PADHAS HYDEL: CRISIL Assigns 'B+' Rating on INR240MM Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Padhas Hydel Projects Private Limited
(PHPPL). The ratings reflect PHPPL's exposure to risks related to
implementation of its project for setting up a hydropower plant.
This rating weakness is partially offset by its promoters'
extensive experience in setting up hydropower projects.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         16       CRISIL A4
   Term Loan             240       CRISIL B+/Stable

Outlook: Stable

CRISIL believes PHPPL will continue to benefit from its promoters'
extensive industry experience. The outlook may be revised to
'Positive' if the company completes its project on time and has
more-than-expected cash accrual as a result of high plant load
factor (PLF) or realisations. Conversely, the outlook may be
revised to 'Negative' in case of delay in commissioning of the
plant, or considerable delays or default in payment by power
purchasing entities.

PHPPL, promoted by Himachal Pradesh-based Kishore and Mishra
families, is setting up a small hydropower project of 5 megawatt
near Boh in Kangra. The plant is likely to start commercial
operations in February 2017.


PARAMESU BIOTECH: CRISIL Assigns B- Rating to INR364MM LT Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Paramesu Biotech Private Limited (PBPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Cash
   Credit Limit           75       CRISIL B-/Stable
   Open Cash Credit      170       CRISIL B-/Stable
   Bank Guarantee          5       CRISIL A4
   Long Term Loan        364       CRISIL B-/Stable

The ratings reflect PBPL's weak liquidity because of limited
cushion between expected accrual and debt repayment obligation.
The ratings also factor in large working capital requirement, and
susceptibility to volatility in availability and prices of raw
materials. These weaknesses are partially offset by promoters'
extensive experience in maize procurement, and healthy demand for
starch products.

Outlook: Stable

CRISIL believes PBPL will benefit from its promoters' extensive
industry experience. The outlook may be revised to 'Positive' if
the company generates more-than-expected cash flow, thereby
improving its capital structure and liquidity. Conversely, the
outlook may be revised to 'Negative' if working capital cycle
lengthens, or if capital structure deteriorates due to larger-than
expected debt-funded capital expenditure or in case of delay in
funding support from promoters, adversely impacting debt-servicing
ability.

PBPL, incorporated in September 2011, has a corn wet milling unit
with crushing capacity of 200 tonne per day at Devarapalli in West
Godavari, Andhra Pradesh. The operations are managed by Mr. Ananda
Swaroop Adavani.


PARICHITHA CONSTRUCTIONS: CRISIL Reaffirms B+ INR35MM Loan Rating
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Parichitha
Constructions (PC) continue to reflect the firm's modest scale of
operations in the intensely competitive civil construction
industry, geographic concentration in operations, and
susceptibility to risks inherent in the tender-based business,
leading to volatility in revenue.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         30       CRISIL A4 (Reaffirmed)
   Overdraft Facility     35       CRISIL B+/Stable (Reaffirmed)

These weaknesses are partially offset by proprietor's extensive
industry experience, and the firm's comfortable financial risk
profile because of low gearing and adequate debt protection
metrics, albeit constrained by modest networth.

Outlook: Stable
CRISIL believes PC will maintain its comfortable financial risk
profile and benefit from its proprietor's extensive industry
experience, over the medium term. The outlook may be revised to
'Positive' in case of sustained improvement in working capital
cycle or long-term fund infusion by proprietor, shoring up
liquidity. Conversely, the outlook may be revised to 'Negative' if
there is sharp decline in revenue and profitability, if working
capital cycle lengthens, or if the firm undertakes large debt-
funded capital expenditure, weakening its financial risk profile.

PC was established as a proprietorship firm by Mr. N Srinivas
Murthy in 1987. It is based in Bengaluru and undertakes civil
construction of roads, bridges, drains, and underpasses for
government bodies.


POLYPET FLEXIBLE: Ind-Ra Suspends B+ Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Polypet Flexible
Packaging Pvt Ltd's (PFPPL) '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 for PFPPL.

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.

PFPPL's ratings are:

   -- Long-Term Issuer Rating: migrated to 'IND B+(suspended)'
      from 'IND B+'
   -- INR97.5 mil. fund-based limits: migrated to
      'IND B+(suspended)' from 'IND B+'
   -- INR31.5 mil. non-fund-based limits: migrated to
      'IND A4(suspended)' from 'IND A4'


PREMIER METCAST: Ind-Ra Suspends BB Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Premier Metcast
Private Limited's (PMPL) '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 PMPL.

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.

PMPL's ratings:

   -- Long-Term Issuer Rating: migrated to 'IND BB(suspended)'
      from 'IND BB'/Stable
   -- INR110 mil. fund-based limits: migrated to
      'IND BB(suspended)' from 'IND BB' and 'IND A4+(suspended)'
      from 'IND A4+'
   -- Proposed INR65 mil. fund-based limits: migrated to
      'Provisional IND BB(suspended)' from  'Provisional IND BB'
      and 'Provisional IND A4+(suspended)' from 'Provisional IND
      A4+'
   -- INR15 mil. non-fund-based limits: migrated to
      'IND A4+(suspended)' from 'IND A4+'
   -- Proposed INR10 mil. non-fund-based limits: migrated to
      'Provisional IND A4+(suspended)' from 'Provisional IND A4+'


PRIME URBAN: Ind-Ra Raises Long-Term Issuer Rating to BB
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Prime Urban
Development India Limited's (PUDIL) Long-Term Issuer Rating to
'IND BB' from 'IND BB-'.  The Outlook is Stable.  The agency has
also upgraded PUDIL's INR300 mil. fund-based facilities to Long-
term 'IND BB'/Stable from 'IND BB-' and affirmed its Short-term
rating at 'IND A4+'.

KEY RATING DRIVERS

The upgrade reflects PUDIL's debt reduction on robust villa sales
during FY15, leading to an improvement in credit metrics.  Its
EBITDA margins improved to 27.5% in 9MFY16 (FY15:12.5%) as six
villas were sold in FY15, which contributed 95% to its total
EBITDA.  Net leverage was 4.2x for FY15 (FY14: 7.4x) and EBITDA
interest cover was 1.6x (1.1x).  The company is likely to end FY16
with net leverage of less than 2.5x, as the full sale
consideration on eight of the 12 villas sold was realized during
this period.  These funds were used to reduce its fund-based
working capital limit.

The ratings continue to factor in PUDIL's moderate scale of
operations and comfortable liquidity position.  Its 9MFY16 revenue
was INR410 mil. (FY15: INR508 mil.) and its liquidity position
remained comfortable, with fund-based facilities being utilized at
an average of 42.3% in the 12 months ending December 2015.

The ratings are also supported by the company's eight-decade-long
operational track record in manufacturing and trading cotton yarn.

RATING SENSITIVITIES

Positive: An increase in the scale of operations and a sustained
improvement in credit metrics could be positive for the ratings.

Negative: A substantial deterioration in EBITDA margin, leading to
sustained deterioration in credit metrics, could be negative for
the ratings.

COMPANY PROFILE

PUDIL was incorporated in 1936 and manufactured as well as traded
cotton yarn until 2008.  In 2008, its management closed the
manufacturing unit to develop residential villas on its 19.36 acre
parcel of land.

PUDIL has sold 25% of the development rights, covering 4.86 acres,
to Newline Buildtech, where the company plans to build 34 villas.
Eight villas have already been sold, with full payment received;
four have been booked and 30% payment for three of these has been
received.  The payments are likely to be fully realized by FYE16.


RAJANI GINNING: CRISIL Reaffirms 'B' Rating on INR160MM Cash Loan
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Rajani Ginning
and Pressing Factory (RGPF) continues to reflect RGPF's below-
average financial risk profile because of small net worth, high
gearing and weak debt protection metrics.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            160      CRISIL B/Stable (Reaffirmed)

The rating is also constrained by working capital-intensive
operations, susceptibility of profitability margins to volatility
in cotton prices, and exposure to regulatory changes and intense
competition in the cotton ginning industry. These weaknesses are
mitigated by the partners' extensive experience.

Outlook: Stable

CRISIL believes RGPF will benefit over the medium term from its
partners' extensive experience. The outlook may be revised to
'Positive' if there is sustained improvement in working capital
cycle, or if capital structure substantially enhances owing to
sizeable capital infusion by partners. Conversely, the outlook may
be revised to 'Negative' if profitability margins decline steeply,
or capital structure weakens due to large, debt-funded capital
expenditure or stretched working capital cycle.

Set up in 2006 as a partnership firm, RGPF gins and presses raw
cotton. Its ginning unit is in Adilabad, Telangana. Mr. Jamaluddin
Rajani, Mr. Kamaluddin Rajani, and Mr. Aziz Rajani are the firm's
partners.


RISHIKESH FILAMENTS: Ind-Ra Suspends BB- Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has suspended Rishikesh
Filaments Pvt Ltd's (RFPL) 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 RFPL.

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.

RFPL's ratings are:

   -- Long-Term Issuer Rating: migrated to 'IND BB-(suspended)'
      from 'IND BB-'/Stable
   -- INR82.50 mil. fund-based limits: migrated to
      'IND BB-(suspended)' from 'IND BB-'
   -- INR70.00 mil. long-term loans: migrated to
      'IND BB-(suspended)' from 'IND BB-'
   -- INR4.00 mil. non-fund-based working capital limits:
      migrated to 'IND A4+(suspended)' from 'IND A4+'


SBT SPINTEX: Ind-Ra Assigns BB Long-Term Issuer Rating
------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned SBT Spintex
Private Limited (SBT) a Long-Term Issuer Rating of 'IND BB'.  The
Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect SBT's limited operational track record, as it
commenced operations only in December 2014, as well as its small
operational scale with revenue of INR99m during FY15.  The agency
expects a similar number in FY16 as the company recorded revenue
of only INR240 mil. as at end-December 2015.  The ratings consider
SBT's moderate credit profile, reflected by its EBITDA interest
coverage of 2.1x and net financial leverage of 7.6x during FY15.

However, the ratings consider that two of its promoters have over
a decade's experience in the textile industry.  Its FY15 EBITDA
margin was strong, at 13.5%, and it received an interest subsidy
of INR2.25 mil. from the state government in February 2016.

RATING SENSITIVITIES

Positive: Improvement in its operational scale and overall credit
metrics would lead to a positive rating action.

Negative: Deterioration in profitability, leading to deterioration
in its credit metrics, could lead to a negative rating action.

COMPANY PROFILE

SBT was established in 2011, and manufactures polyester yarn at
its facility in Raipur, Chattisgarh.  It began operations in
December 2014 and its current monthly production capacity is
300mt.  Its directors are Rahul Jain, Vikram Jain and Vipul Jain.

RBT's ratings:

   -- Long-Term Issuer Rating: assigned 'IND BB'/Stable
   -- INR56.00 mil. fund-based working capital limit: assigned
      'IND BB'/Stable
   -- INR48.00 mil. long-term loans: assigned 'IND BB'/Stable


SEW BELLARY: Ind-Ra Suspends D Rating on INR1.21BB Bank Loans
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Sew Bellary
Highways Limited's (SBHL) INR1.21 bil. senior project bank loans'
'IND D' rating to the suspended category.  This rating will now
appear as 'IND D(suspended)' on the agency's website.

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

The rating 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 rating could be reinstated and will be
communicated through a rating action commentary.


SH-HARYANA: Ind-Ra Suspends BB+ Long-Term Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated SH-Haryana Wires
Limited's (SHW) 'IND BB+' Long-Term Issuer Rating to the suspended
category.  The Outlook was Stable.  The rating will now appear as
'IND BB+(suspended)' on the agency's website.

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

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.

SHW's ratings:

   -- Long-Term Issuer Rating: migrated to 'IND BB+(suspended)'
      from 'IND BB+'/Stable
   -- INR31.6 mil. term loan: migrated to 'IND BB+(suspended)'
      from 'IND BB+'
   -- INR110 mil. fund-based working capital limits: migrated to
      'IND BB+(suspended)' from 'IND BB+' and
      'IND A4+(suspended)' from 'IND A4+'
   -- INR171.2 mil. non-fund-based working capital limits:
      migrated to 'IND BB+(suspended)' from 'IND BB+' and
      'IND A4+(suspended)' from 'IND A4+'


SHREE METALLOYS: ICRA Suspends 'B+' Rating on INR8cr Loan
---------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR8.00 working
capital facilities of Shree Metalloys Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.

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

Shree Metalloys Limited (SML) was incorporated in the year 1994 as
Mercury Finance Stock Ltd. with the main object of dealing in
shares, securities and financing. Subsequently, the company went
for public issue and got listed on Bombay Stock Exchange in 1995.
Since then, the company's name and business line was changed twice
and was finally renamed as Shree Metalloys Limited in 2009. It is
currently engaged in trading business of non ferrous metals
primarily brass. It has also diversified its business and set up a
manufacturing unit for zipper wires with the installed capacity of
1200 MTPA. The production facility of the company is located in
Jamangar, Gujarat. SML is presently headed by Mr. Pratik R. Kabra
along with three other directors having a long experience in metal
industry.


SHREE RAJMOTI: ICRA Suspends 'D' Rating on INR100cr LT Loan
-----------------------------------------------------------
ICRA has suspended the [ICRA]D rating assigned to the INR100.00
crore long term fund based facilities of Shree Rajmoti Industries.
The suspension follows ICRA's inability to carry out a rating
surveillance due to non cooperation from the firm.

Set up in 1962 as a partnership firm, Shree Rajmoti Industries
manufactures edible cottonseed and groundnut oil. The firm sells
its products under the 'Rajmoti' brand and is managed by 3
partners, Mr. Samirkumar M Shah, Mr. Shyamkumar M Shah and Mr.
Bhavdeep Vala. SRI has its manufacuting facility in Rajkot
(Gujarat). The firm has a crushing capacity for processing raw
groundnut upto 30 tonnes per day. It also has 2 refining
capacities each of 40 tonnes per day capacity for refining of
groundnut and cotton oil. The firm also regularly undertakes
trading of edible oil; however major focus of the firm remains on
refining cotton seed oil and manufacturing/refining of groundnut
oil. The refining unit is also suitable for refining of different
varieties of crude edible oils such as mustard oil, soya bean oil,
groundnut, palm, corn, sunflower oil etc. The major focus of the
firm however remains on cotton seed and groundnut oil. The firm
has applied for change in the constitution from a partnership firm
to a private limited company.


SINGH NATURAL: Ind-Ra Withdraws B+ Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Singh Natural
Resources Pvt. Ltd.'s (SNRPL) 'IND B+(suspended)' Long-Term Issuer
Rating.  The agency has also withdrawn the 'IND B+(suspended)'
rating on the company's INR60 mil. fund-based limits.

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

Ind-Ra suspended SNRPL's ratings on July 8, 2015.


TAURUS FLEXIBLES: Ind-Ra Withdraws BB- Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Taurus Flexibles
Private Limited's (TFPL) 'IND BB-(suspended)' Long-Term Issuer
Rating.

The ratings have been withdrawn due to lack of adequate
information.  Ind-Ra will no longer provide ratings or analytical
coverage for TFPL.  Ind-Ra had suspended TFPL's ratings on
June 29, 2015.

TFPL's ratings are:

   -- Long-Term Issuer Rating: 'IND BB-(suspended)'; rating
      withdrawn
   -- INR103.0 mil. long-term loans: 'IND BB-(suspended)'; rating
      withdrawn
   -- INR580.0 mil. fund-based limits: 'IND BB-(suspended)/
      IND A4+(suspended)'; rating withdrawn


TIGER CAMP'S: Ind-Ra Suspends B+ Long-Term Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated The Tiger Camp's
'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 for The Tiger Camp.

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.

The Tiger Camp's ratings:

   -- Long-Term Issuer Rating: migrated to 'IND B+(suspended)'
      from 'IND B+'/Stable
   -- INR67.50 mil. term loans: migrated to 'IND B+(suspended)'
      from 'IND B+'
   -- INR2.50 mil. fund-based limits: migrated to
      'IND B+(suspended)'/'IND A4(suspended)' from 'IND B+'/
      'IND A4'


TIRUPATI FORGE: ICRA Suspends 'B/A4' Rating on INR5.70cr Loan
-------------------------------------------------------------
ICRA has suspended the [ICRA]B/[ICRA]A4 ratings assigned to the
INR5.70 crore bank facilities of Tirupati Forge Private Limited.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

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

Tirupati Forge Private Limited was incorporated in August 2012 for
setting up a green field project, at Rajkot (Gujarat) for
manufacturing forged components (machined and un machined) like
crank shafts, bearing races, connecting rods, crown wheels, gears,
flanges etc. made out of steel. The project work was commenced in
January 2013 and became commercialized in the month of September
2013. The company's manufacturing facility is spread over an area
of 3200 square meter and has an installed capacity to manufacture
7,500 Metric Tonnes Per Annum (MTPA) of forged articles.


TIRUPATI VEHICLES: CRISIL Ups Rating on INR100MM Loan to 'B'
------------------------------------------------------------
CRISIL has upgraded its rating on the bank facilities of Tirupati
Vehicles Private Limited (TVPL) to 'CRISIL B/Stable' from 'CRISIL
B-/Stable'.

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

   Electronic Dealer      100      CRISIL B/Stable (Upgraded
   Financing Scheme                from 'CRISIL B-/Stable')
   (e-DFS)

   Proposed Long Term       5      CRISIL B/Stable (Upgraded
   Bank Loan Facility              from 'CRISIL B-/Stable')

   Term Loan               15      CRISIL B/Stable (Upgraded
                                   from 'CRISIL B-/Stable')

The rating upgrade reflects CRISIL's belief that TVPL's business
and liquidity risk profiles will continue to improve over the
medium term. Revenue increased to INR1030 million in 2014-15
(refer to financial year, April 1 to March 31) from INR810 million
a year ago, driven by more sales in the passenger car segment.
Operating margin has also improved on account of the higher
proportion from the service segment. Revenue was INR750 million in
the nine months through December 2015; it is likely to be INR1070
million for 2015-16. The business risk profile is expected to
improve over the medium term.

Liquidity is moderate with bank limit utilisation of around 85
percent over the 12 months through December 2015. The cash accrual
is expected to be sufficient over the medium term against the debt
repayment obligation. Liquidity is further supported by unsecured
loans from the promoters of INR0.95 million and equity infusion of
INR15 million as on March 31, 2015. Liquidity is expected to
remain moderate over the medium term.

The rating reflects TVPL's weak financial risk profile, because of
a high Total outside Liability to Total Net worth (TOLTNW) ratio
and weak debt protection metrics, and its exposure to intense
competition in the automobile dealership market and supplier
concentration risk. These weaknesses are partially offset by the
extensive experience of the promoters in the automobile dealership
business, improving scale of operations, and comfortable
liquidity.

Outlook: Stable

CRISIL believes TVPL will continue to benefit over the medium term
from the promoters' extensive industry experience. The outlook may
be revised to 'Positive' if substantial ramp up of operations
significantly increases cash accrual, while improving
profitability and capital structure. Conversely, the outlook may
be revised to 'Negative' if the working capital cycle deteriorates
or if the cash accrual is lower than expected or or if TVPL
undertakes a large, debt-funded capital expenditure programme,
thereby adversely affecting the financial risk profile.

TVPL is engaged in the dealership of Mahindra & Mahindra Ltd. The
company has showrooms in Bijnour, Saharanpur, and Gajroula (all
three in Uttar Pradesh). It is promoted by Mr. Deepak Garg, Mr.
Sanjeev Lahoti, and Mr. Anuj Kumar Bishnoi. TVPL started
commercial operations from September 2013.


UNIQUE GEM: ICRA Reaffirms 'D' Rating on INR50cr LT Loan
--------------------------------------------------------
ICRA has reaffirmed the rating assigned to the INR50 crore fund
based facilities and INR10 crore unallocated amount of Unique Gem
& Jewellery (UGJ or the firm) at [ICRA]D.


                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund
   Based- EBD            50.00        [ICRA]D reaffirmed

   Sub-limit within
   Fund Based Limit
   EBR                 (50.00)        [ICRA]D reaffirmed

   Sub-limit within
   Fund Based Limit
   Forward Contract    (08.00)        [ICRA]D reaffirmed

   Unallocated Amount   10.00         [ICRA]D reaffirmed

The rating reaffirmation takes into account the delays/defaults in
servicing of debt obligations by the firm.

Unique Gem and Jewellery (UGJ) is a closely held partnership
company that commenced operations in 2009. Mr. P.H Walia and Mr.
Sanjay Walia as its partners hold 50% share each. UGJ is engaged
in manufacturing and exporting hand crafted diamond studded
jewellery and has its manufacturing facility at Surat SEZ. The
firm has an associate concern, Blackstone Gem & Jewellery (rated
[ICRA]D), operational since 2009 engaged in manufacturing diamond
studded gold jewellery.


V.R.N. ENTERPRISES: CRISIL Reaffirms 'B+' Rating on INR200MM Loan
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facility of V.R.N.
Enterprises Private Limited (VRN) continues to reflect the
company's below-average financial risk profile because of a high
total outside liabilities to tangible networth ratio and a modest
networth.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            200      CRISIL B+/Stable (Reaffirmed)

The rating also factors in a modest scale of operations and
susceptibility of the company's operating margin to volatility in
raw material prices. These rating weaknesses are partially offset
by the extensive experience of VRN's promoters in the silk
industry.

Outlook: Stable
CRISIL believes VRN will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' in case of sizeable cash accrual, driven
by increase in scale of operations or profitability, or
considerable long-term fund infusion, leading to a better
financial risk profile. Conversely, the outlook may be revised to
'Negative' if the financial risk profile weakens, most likely
because of a stretched working capital cycle, or a decline in
topline or profitability, adversely affecting cash generation.

Set up in 2010, VRN is based in Bengaluru; it trades in silk yarn
and fabric. The company is promoted by Mr. Hemanth Kumar and Mr.
Lalith Kumar.


WORLDWIDE TRADELINKS: Ind-Ra Raises Long-Term Issuer Rating to BB
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Worldwide
Tradelinks' (WWTL) Long-Term Issuer Rating to 'IND BB' from 'IND
BB-'.  The Outlook is Stable.

KEY RATING DRIVERS

The upgrade reflects WWTL's revenue growing 23.43% yoy to
INR1,101.27 mil. in FY15 due to the addition of new clients in
America and South America along with stable operating EBITDA
margins of 3.59% (FY14: 3.61%).

The ratings however are constrained by the deterioration in WWTL's
credit profile in FY15 due to an increase in the total debt of the
company to INR234 mil. from INR178 mil. in FY14.  Gross interest
coverage (operating EBITDA/gross interest expense) was 1.47x in
FY15 (FY14: 1.59x) and financial leverage (total adjusted debt/
operating EBITDAR) was 5.90x (5.53x).

The ratings are further constrained by the deterioration in WWTL's
working capital cycle in FY15 to 112 days (FY14: 69 days) along
with its presence in a highly fragmented and competitive industry
with low entry barriers.  Moreover, the liquidity of WWTL remains
stressed as reflected in its full utilization of the working
capital limits (99.81%) during the 12 months ended January 2016
due to increasing working capital requirements.

The ratings also factor in the forex risks faced by the company as
80% of its revenue is generated from exports.

The ratings reflect WWTL's promoters' four decades of experience
in manufacturing readymade garments and exporting them, and the
company's strong relationships with its supplier and customers.

The ratings are supported by the low customer concentration risk
with 54% of the total revenue in FY15 coming from the top 10
customers.

RATING SENSITIVITIES

Negative: Any decline in the revenue and EBITDA margins leading to
deterioration in the credit metrics could lead to a negative
rating action.

Positive: A significant improvement in the revenue along with an
improvement in the credit metrics could be positive for ratings.

COMPANY PROFILE

Established in November 2010, WWTL manufactures and exports
readymade garments and has an installed capacity of 12,500
pieces/day.

WWTL's ratings:

   -- Long-Term Issuer Rating: upgraded to 'IND BB' from
      'IND BB-'; Outlook Stable
   -- INR200 mil. fund-based limits (increased from INR150 mil.):
      upgraded to Long-term 'IND BB'/Stable from 'IND BB-' and
      affirmed at Short-term 'IND A4+'
   -- Proposed INR150 mil. fund-based limits: assigned Long-term
      'Provisional IND BB'/Stable and Short-term 'Provisional IND
      A4+'



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


SKYMARK AIRLINES: Set to Unveil Business Plan by April
------------------------------------------------------
Bloomberg News reports that Skymark Airlines Inc. is weighing the
possibility of starting overseas flights and is set to unveil a
business plan by April as part of its turnaround, Chairman Nobuo
Sayama said.

Bloomberg relates that the plan will cover as many as five years
starting April 1 and includes a consideration for an initial share
sale by 2020, Mr. Sayama said in a Feb. 25 interview in Tokyo. At
the end of this month, the company will exit a court-mandated
rehabilitation program led by private equity firm Integral Corp.,
which owns a 50.1 percent stake, Bloomberg says.  ANA Holdings
Inc. has 16.5 percent of the company and a fund established by the
Development Bank of Japan Inc. and Sumitomo Mitsui Financial Group
Inc. owns the rest, the report discloses.

According to Bloomberg, Mr. Sayama said ANA, which is supporting
Skymark in areas including code-sharing and aircraft maintenance,
said it will not provide the overhaul needed for two of the
carrier's Boeing 737s to be certified as airworthy unless the
smaller airline adopts its flight-booking system. Skymark will not
agree to use ANA's system because doing so will erode its
independence, he said.

If Skymark "is placed under the umbrella of a major airline, it
will lose its freedom of operation and won't be able to maintain
its independence," said Mr. Sayama, who is also a partner at
Integral, Bloomberg relays. "We raised our hands to invest in
Skymark because we thought Japan wouldn't have any airline that's
run independently" if it fails, he said.

Since Skymark filed for bankruptcy protection in January 2015 it
has ended the use of twin-aisle jets and cut flights to save
costs. Sayama's comments suggest Integral and ANA disagree over
Skymark's post-reform position. Skymark must defend its post as
the so-called "third force" in Japan's air-travel market, offering
better service than low-cost carriers while selling cheaper
tickets than dominant domestic players ANA and Japan Airlines Co.,
Mr. Sayama, as cited by Bloomberg, said.

Bloomberg relates that adopting ANA's flight-booking system will
not erode Skymark's independence, Shoichiro Horii, a spokesman at
Tokyo-based ANA, said.

Skymark began service in 1998 after the government deregulated the
domestic market to boost competition. Newer carriers such as AirDo
Co. and Star Flyer Inc. are backed by ANA and have been increasing
fares.

The carrier was making arrangements to have ANA overhaul two 737s
in January and February, Mr. Sayama said. ANA told Skymark it was
willing to adjust its own schedule for aircraft maintenance to
handle the work by the end of March if Skymark introduced its
flight system, he said.

ANA spokesman Horii said the carrier is in discussions with
Skymark to sign a contract on maintenance, Bloomberg adds.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 30, 2015, Bloomberg News said Skymark Airlines Inc., Japan's
third-largest carrier, filed for bankruptcy protection after
running short of cash, highlighting the failure of growth plans
that climaxed in the ill-fated purchase of six Airbus Group NV
A380 superjumbos.  Skymark said it filed at the Tokyo District
Court with JPY71 billion ($603 million) in liabilities.  President
Shinichi Nishikubo is standing down and Chief Financial Officer
Masakazu Arimori is taking on the role, Bloomberg related. Skymark
was delisted from the Tokyo Stock Exchange in March.

The TCR-AP, citing Bloomberg News, reported on Aug. 6, 201, that
Skymark Airlines's creditors approved a rehabilitation plan
backed by ANA Holdings Inc. and rejected one that relied on Delta
Air Lines Inc., finalizing a path back from bankruptcy for Japan's
third-largest airline.



=================
S I N G A P O R E
=================


SINGAPORE TECHNOLOGIES: Liquidates China Marine Subsidiary
----------------------------------------------------------
Deal Street Asia reports that Singapore Technologies Engineering
Ltd is liquidating ST Marine (Wuhan) Engineering Design
Consultancy Co. Ltd. (ST Marine (Wuhan)), a subsidiary of its
marine arm, Singapore Technologies Marine Ltd.

The report relates that the liquidation of ST Marine (Wuhan),
which is based in Wuhan, China, is a result of an ongoing business
review to streamline capabilities and optimise resources within ST
Marine. The liquidation has no bearing on ST Marine's capabilities
in its design and engineering expertise.

This exercise is not expected to have any material impact on the
consolidated net tangible assets per share and earnings per share
of ST Engineering for the current financial year, the report says.



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***