TCRAP_Public/160331.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Thursday, March 31, 2016, Vol. 19, No. 63


                            Headlines


A U S T R A L I A

ADORE TEA: First Creditors' Meeting Scheduled For April 7
AIRLINE ACADEMY: First Creditors' Meeting Scheduled For April 7
DICK SMITH: Set to Close All Stores by April 30
MEREDITH & MOORE: Placed Into Voluntary Administration
ROYAL QUEENSLAND: First Creditors' Meeting Set For April 7

ST BARBARA: S&P Raises CCR to 'B'; Outlook Stable
STEELE HOTELS: First Creditors' Meeting Set For April 8
WATERMARC RESTAURANT: First Creditors' Meeting Set For April 7


C H I N A

AOXIN TIANLI: Sept. 19 NASDAQ Listing Compliance Deadline Set
CHINA CERAMICS: Has Until Sept. 19 to Regain Listing Compliance
GUANGZHOU R&F: Moody's to Retain Ba3 CFR on Consent Solicitation
ORIENT PAPER: Gets Audit Opinion With Going Concern Qualification
YINGDE GASES: Moody's Confirms B1 CFR; Outlook Negative

YINGDE GASES: Fitch Cuts Long-Term Issuer Default Rating to 'B+'


I N D I A

ALPHA MARINE: ICRA Assigns B+ Rating to INR12cr Fund Based Loan
ANNPOORNA OVERSEAS: ICRA Reaffirms B+ Rating on INR13cr Loan
ARIHANT DREAM: ICRA Lowers Rating on INR14.90cr Loan to 'D'
ASB PROJECTS: ICRA Reaffirms B+ Rating on INR12.5cr Term Loan
BALDVA TEXTILES: ICRA Suspends 'B' Rating on INR8.9cr Loan

BALE BABU: ICRA Reaffirms 'B' Rating on INR6.64cr Loan
BHARAT CONSTRUCTIONS: CRISIL Assigns B Rating to INR65MM Loan
BHUPINDER ALLOYS: ICRA Lowers Rating on INR7cr Loan to D
BINDU FOOD: CRISIL Reaffirms 'D' Rating on INR50MM Cash Loan
CEL PACKAGING: CRISIL Assigns 'B' Rating to INR30MM Cash Loan

DARWIN PHARMA: ICRA Assigns 'B' Rating to INR10cr LT Loan
E-SHOPPE: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating
EARTHCON DEVELOPERS: ICRA Revises Rating on INR12cr Loan to B+
GOPAL KRISHNA: CRISIL Assigns B+ Rating to INR70MM Cash Loan
GOPALAKRISHNA TEXTILE: CRISIL Suspends D Rating on INR97.5MM Loan

GREENLAND PAPER: CRISIL Suspends B+ Rating on INR32.5MM Loan
GROW WELL: ICRA Lowers Rating on INR240cr Loan to 'D'
H B OIL: ICRA Suspends 'B' Rating on INR5.03cr Loan
HINDUSTAN FIBRE: ICRA Assigns B- Rating on INR8.60cr Loan
I.P. COMPLEX: CRISIL Reaffirms 'B' Rating on INR35MM Loan

IG SOLAR: Weak Financial Strength Cues ICRA 'SP4D' Grading
INDEPENDENT MINERAL: CRISIL Reaffirms B+ Rating on INR100MM Loan
INDIA SOLAR: Weak Financial Strength Cues ICRA SP4D Grading
INDORE TABLE: Ind-Ra Assigns 'IND B' Rating to INR72.2MM Loan
JIA AUTO: ICRA Lowers Rating on INR17cr Cash Loan to 'C'

KAMAKSHI COTTON: CRISIL Cuts Rating on INR82.5MM Loan to 'D'
KAMAL PRESSING: CRISIL Reaffirms B- Rating on INR50MM Cash Loan
KAVERI GINNING: ICRA Suspends B+ Rating on INR13.28cr Loan
KEAUM ORGANICS: CRISIL Lowers Rating on INR41.7MM Loan to 'D'
LAXMI GRITS: ICRA Suspends B Rating on INR5.65cr Loan

M.M. ISPAT: ICRA Assigns 'B' Rating to INR6cr Cash Loan
MADHUCON AGRA: ICRA Reaffirms D Rating on INR230cr Term Loan
MAINI CONSTRUCTION: Ind-Ra Assigns 'IND BB-' LT Issuer Rating
MANILA RESORTS: ICRA Suspends 'D' Rating on INR6cr Loan
MULTIDESIGNS INFRAWORKS: CRISIL Suspends D Rating on INR55MM Loan

NIRMALA RICE: CRISIL Assigns 'B' Rating to INR35MM Cash Loan
OMEGA NATURAL: Weak Financial Strength Cues ICRA SP 3D Grading
PARASMAL PAGARIYA: CRISIL Reaffirms B+ Rating on INR60MM Loan
POWER SPINNING: CRISIL Reaffirms B+ Rating on INR110MM Loan
PRAFFUL EXPORTS: Ind-Ra Assigns 'IND B' Long-Term Issuer Rating

RAFFLES GREEN: CRISIL Cuts Rating on INR49.5MM Term Loan to 'C'
RAHUL TEXO: ICRA Reaffirms B+ Rating on INR5.80cr LT Loan
RANGPUR TEA: CRISIL Assigns B- Rating to INR95.5MM Term Loan
ROYAL INFRASTRUCTURE: Ind-Ra Assigns 'IND BB-' LT Issuer Rating
SAHASRALINGESHWARA POWER: ICRA Reaffirms B Rating on INR64cr Loan

SAHYADRI HEALTHCARE: CRISIL Reaffirms B+ Rating on INR105MM Loan
SAMALESWARI EDUCATION: CRISIL Reaffirms B- Rating on INR98MM Loan
SANDHYA POULTRY: CRISIL Assigns 'B' Rating to INR104.5MM Loan
SHIVAM PIPE: ICRA Assigns B- Rating to INR5.5cr Cash Loan
SHREE ASHAPURA: CRISIL Suspends C Rating on INR50MM Cash Loan

SHREE COTEX: ICRA Reaffirms B Rating on INR7cr Cash Loan
SHREE RENUKA: ICRA Lowers Rating on INR2,949cr Loan to 'D'
SHRI BANKE: ICRA Assigns B- Rating to INR5.0cr Cash Loan
SNQS INTERNATIONAL: ICRA Reaffirms B+ Rating on INR5cr LT Loan
SOHAM MANNAPITLU: ICRA Reaffirms B+ (SO) Rating on INR54.4cr Loan

SOHAM PHALGUNI: ICRA Reaffirms 'B' Rating on INR35.23cr Loan
SOHAM RENEWABLE: ICRA Reaffirms 'B' Rating on INR38.7cr Loan
SRI RAMA: CRISIL Suspends B+ Rating on INR129MM LT Loan
SRI VYJAYANTHI: CRISIL Suspends 'D' Rating on INR25MM Term Loan
SYSTEM CONTROL: ICRA Assigns B+ Rating to INR3.75cr Cash Loan

T. ASOKAN: CRISIL Reaffirms B+ Rating on INR50MM Cash Loan
TANEJA VIDYUT: ICRA Lowers Rating on INR3.5cr Loan to B+
TIRUPATI IRON: CRISIL Lowers Rating on INR65MM Loan to B+
URJA TECH: CRISIL Reaffirms B Rating on INR160MM Cash Loan
VISHWAS COTTON: ICRA Assigns 'B' Rating to INR5.0cr Cash Loan

VISUELL CREATIONS: ICRA Suspends B- Rating on INR5cr Loan
WEST INDIA: Ind-Ra Assigns 'IND BB+' Long-Term Issuer Rating
YKM ENTERTAINMENT: Ind-Ra Affirms 'IND B' Long-Term Issuer Rating
Z. F. FILAMENTS: CRISIL Assigns B- Rating to INR41.3MM Term Loan


J A P A N

TAKATA CORP: Estimates Worst-case Recall Costs at $24 Billion


S O U T H  K O R E A

HYUNDAI MERCHANT: Gets Debt Extension From Creditors


V I E T N A M

VIET NAM OIL: Biofuel Factory Halts Operations Due to Losses


                            - - - - -


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


ADORE TEA: First Creditors' Meeting Scheduled For April 7
---------------------------------------------------------
Simon Thorn and Bradley Tonks of PKF were appointed as
administrators of Adore Tea Australia Pty Ltd on March 29, 2016.

A first meeting of the creditors of the Company will be held at
PKF, Level 7, 28 University Avenue, in Canberra City, on April 7,
2016, at 12:00 p.m.


AIRLINE ACADEMY: First Creditors' Meeting Scheduled For April 7
---------------------------------------------------------------
Nigel Robert Markey -- nmarkey@pilotpartners.com.au -- and Ann
Fordyce -- afordyce@pilotpartners.com.au -- of Pilot Partners
were appointed as administrators of Airline Academy of Australia
Pty Ltd on March 24, 2016.

A first meeting of the creditors of the Company will be held at
Classroom 1, Administration Building, Archerfield Aerodrome, in
Archerfield, Queensland, on April 7, 2016, at 11:00 a.m.


DICK SMITH: Set to Close All Stores by April 30
-----------------------------------------------
Broede Carmody at SmartCompany reports that all Dick Smith stores
will close their doors for the final time next month, as the
collapsed electronics chain enters the final stages of its
nation-wide fire sale.

According to SmartCompany, Dick Smith receivers Ferrier Hodgson
told staff on March 30 that 22 stores will shut down on April 16.

The stores include stores in suburban Sydney, as well as regional
areas such as Wollongong in New South Wales and Sale and Mildura
in Victoria.

Seven stores in New Zealand will close their doors on April 9,
the report adds.

SmartCompany relates that Ferrier Hodgson said all remaining Dick
Smith stores are expected to close by April 30, however, this is
an indicative date only.

All affected employees will be given a formal notice of
termination once the exact closure date for their store is
finalized, the report says.

In a statement, receiver James Stewart thanked Dick Smith
employees for their patience during the controlled closure
process, relates SmartCompany.

"This is a difficult and uncertain time for them and we have
really appreciated their commitment," Mr. Stewart, as cited by
SmartCompany, said.

                        About Dick Smith

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

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

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


MEREDITH & MOORE: Placed Into Voluntary Administration
------------------------------------------------------
Broede Carmody at SmartCompany reports that a women's clothing
business with 19 retail stores across Australia and New Zealand
has collapsed into voluntary administration but is continuing to
trade.

Meredith & Moore was founded in 1962 under the name Meredith and
specialises in women's knitwear, jackets and coats.  The
Melbourne-based brand operates 17 stores across Australia, with
stores in New Zealand.

The brand's operating company, Meredith Australia Pty Ltd,
appointed external managers on March 29. A related company
Meredith Clothing Group Pty Ltd is also under external
management, SmartCompany says.

Daniel Walley, Allan Walker and Nicholas Martin from PPB Advisory
are acting as joint voluntary administrators for both companies,
SmartCompany discloses.

A creditors' meeting is scheduled to be held on April 6 in
Melbourne.

Mr. Walley told SmartCompany that the Meredith & Moore stores are
continuing to trade.

"The initial strategy is to keep it open at the moment while we
seek a purchaser for the business," SmartCompany quotes Mr.
Walley as saying.  "We're interesting in talking to any parties
interested in picking up the brand or the stores."

SmartCompany relates that Mr. Walley said the retailer ran into
cashflow problems following a turnaround process.


ROYAL QUEENSLAND: First Creditors' Meeting Set For April 7
----------------------------------------------------------
Nigel Robert Markey and Ann Fordyce of Pilot Partners were
appointed as administrators of Royal Queensland Aero Club Limited
on March 24, 2016.

A first meeting of the creditors of the Company will be held at
Classroom 1, Administration Building, Archerfield Aerodrome, in
Archerfield, Queensland, on April 7, 2016, at 11:00 a.m.


ST BARBARA: S&P Raises CCR to 'B'; Outlook Stable
-------------------------------------------------
Standard & Poor's Ratings Services said that it has raised its
long-term corporate credit rating and senior secured debt rating
on St Barbara Ltd. (SBM) to 'B' from 'B-'.  The recovery rating
remains unchanged at '3', reflecting S&P's view of average
recovery prospects (50%-70%) in the event of a default.  The
outlook on the long-term rating is stable.

"The upgrade reflects the improvement in the company's credit
metrics, driven by increasing earnings from its Simberi mine and
record production from its Gwalia mine," said Standard & Poor's
credit analyst May Zhong.

Simberi has developed a track record of generating positive
operating cash flows since the second half of fiscal 2015.  This,
together with record production in Gwalia and a higher gold price
(in Australian-dollar terms), have enabled the company to
generate A$123 million of cash flows from its operating
activities in the first half of fiscal 2016.  More importantly,
SBM has repaid A$159 million of its debt in the nine months to
February 2016, ahead of its debt amortization schedule.

S&P views the company's deleveraging effort as supportive to the
rating.  S&P expects that increased earnings, along with the
reduction in debt, should materially improve SBM's financial risk
profile in the year ending June 30, 2016.

"We continue to view SBM's business risk profile as vulnerable,
reflecting its smaller scale of operations (378,000 ounces of
production in fiscal 2015) and relatively short mine life
compared with peers globally.  SBM is also exposed to volatile
gold and foreign exchange rate movements.  Further, SBM's Simberi
operations in Papua New Guinea could increase the group's
operating and country risks, notwithstanding the asset
diversification benefits and growth potential.  Nonetheless, we
note that SBM's biggest earnings contributor, its Gwalia
operations in Australia, has a relatively low cost profile.
Gwalia's all-in sustaining costs (AISC) were A$765 per ounce (oz)
for the half-year ended Dec. 31, 2015.  On the other hand,
Simberi's AISC was higher at A$1,285 per oz in the first half of
2016.  SBM's portfolio now consists of the two mines, Gwalia and
Simberi, following the sale of its underperforming Gold Ridge
operation in fiscal 2015," S&P said.

"The improving financial performance has underpinned our revised
assessment of SBM's financial risk profile to significant, from
highly leveraged.  We expect the company's adjusted debt-to-
EBITDA ratio to approach 1.5x in fiscal 2016, falling from 2.2x
in fiscal 2015.  The relatively stable gold prices, together with
SBM's deleveraging, will likely boost the credit metrics.  We
understand that SBM plans to repay the remaining Red Kite debt by
June 2016. However, we remain mindful that given SBM's asset
concentration risk, the company's credit metrics could
deteriorate materially if there were any operational issues at
either of its two mining operations," S&P noted.

SBM is exploring investment options on deep drilling Gwalia's
gold deposits and extracting Simberi's sulphides ore, with the
aim of extending Gwalia's (currently six years) and Simberi's
mine lives (currently three years for oxide ore).  Final
investment decision has not yet been made.  In S&P's view, if the
company incurs large capital expenditure for these growth
projects, it could weaken the currently strong free operating
cash flows.  However, without the investments, SBM's mine life is
relatively short compared to its peers globally, resulting in
S&P's negative assessment for SBM compared to its peers.

Ms. Zhong added: "The stable outlook reflects our expectation
that SBM's operations, namely its Gwalia and Simberi mines, will
maintain steady performance.  We forecast the company's debt to
EBITDA will remain less than 2x in the next two years based on
our price assumption of US$1,100 per oz for gold and the
Australian dollar averaging US$0.68.  We also expect the company
to maintain adequate liquidity."

S&P could lower the rating if SBM's credit metrics were to
deteriorate, for example, if its debt to EBITDA approaches 3.5x.
Given S&P's expectation of stable gold prices in the next two
years, this downside scenario would likely occur if SBM faces any
unforeseen major operational issues at its Simberi or Gwalia
mines or it incurs substantial capital expenditure for its
operations.

Given SBM's scale and scope and the relatively short lives of its
mines compared to global peers, S&P considers rating upside to be
unlikely.


STEELE HOTELS: First Creditors' Meeting Set For April 8
-------------------------------------------------------
Moira Kathleen Carter and Robert Humphreys of BRI Ferrier were
appointed as administrators of Steele Hotels & Apartments Pty
Ltd, trading as Itara & Jacana Apartments, on March 29, 2016.

A first meeting of the creditors of the Company will be held at
BRI Ferrier, Level 1, 19 Stanley Street, in Townsville,
Queensland, on April 8, 2016, at 10:30 a.m.


WATERMARC RESTAURANT: First Creditors' Meeting Set For April 7
--------------------------------------------------------------
Domenic Calabretta at Mackay Goodwin was appointed as
administrator of Watermarc Restaurant Pty Ltd on March 24, 2016.

A first meeting of the creditors of the Company will be held at
Ammber Court, 18-20 Ashenden Street, in Shepparton, Victoria, on
April 7, 2016, at 11:00 a.m.



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C H I N A
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AOXIN TIANLI: Sept. 19 NASDAQ Listing Compliance Deadline Set
-------------------------------------------------------------
Aoxin Tianli Group, Inc., a producer of breeder hogs, market hogs
and black hogs, as well as specialty processed black hog pork
products sold through retail and the internet, on March 23
disclosed that it received a letter from NASDAQ (the "NASDAQ
Notice"), granting the Company an additional 180-day period, or
until September 19, 2016, to regain compliance with NASDAQ's
minimum $1.00 bid price per share rule (the "Bid Price Rule") for
continued listing on the NASDAQ Capital Market.

The NASDAQ Notice, dated March 22, 2016, granted the Company an
additional 180-day period, or until September 19, 2016, to regain
compliance with NASDAQ's minimum $1.00 bid price per share rule
for continued listing on the NASDAQ Capital Market.  To regain
compliance, the closing bid price of the Company's common shares
must be at or above $1.00 per share for a minimum of 10
consecutive business days prior to September 19, 2016.

               About Aoxin Tianli Group, Inc.

Aoxin Tianli Group, Inc. (NASDAQ: ABAC), previously known as
Tianli Agritech, Inc., is in the business of breeding, raising
and selling breeder and market hogs in China.  The Company also
sells specialty processed black hog pork products through
supermarkets and other retail outlets, as well as the internet.
The Company also owns an 88% equity interest in Hubei Hang-ao
Servo-valve Manufacturing Technology Co., Ltd. ("Hang-ao"), which
the Company acquired in July 2014 and currently is seeking to
sell.


CHINA CERAMICS: Has Until Sept. 19 to Regain Listing Compliance
-------------------------------------------------------------
China Ceramics Co., Ltd., a Chinese manufacturer of ceramic tiles
used for exterior siding and for interior flooring and design in
residential and commercial buildings, on March 23 disclosed that
its transfer application to list the Company's securities on The
NASDAQ Capital Market has been approved, and that the Company's
securities are currently being traded on The NASDAQ Capital
Market, under the same trading symbol "CCCL".  The NASDAQ Capital
Market is a continuous trading market that operates in
substantially the same manner as The NASDAQ Global Market.  All
companies whose securities are listed on The NASDAQ Capital
Market must meet certain financial requirements and adhere to
NASDAQ's corporate governance standards.

In connection with the listing transfer to the NASDAQ Capital
Market, the Company was granted an additional 180 days, or until
September 19, 2016 (the "Compliance Date"), to regain compliance
with the minimum bid price rule by maintaining a minimum closing
bid price of at least $1.00 for ten consecutive business days.
In connection with the transfer application and securing of the
additional 180-day period to regain compliance, the Company's
undertook to cure the deficiency during such additional
compliance period by effecting a reverse stock split, if
necessary.

At its upcoming meeting of its stockholders, the Company intends
to recommend for consideration and vote of its shareholders,
among other things, a proposal to authorize a charter amendment
to effect a reverse stock split of the Company's issued and
outstanding common shares that may be implemented by the
Company's Board at its discretion at any time prior to the
Compliance Date to cure the minimum bid price deficiency, if
necessary.  If this proposal is approved by the Company's
shareholders, the Board could approve and implement a reverse
stock split that could allow the closing bid price of the
Company's common shares on NASDAQ to be at least $1.00
per share for at least 10 consecutive business days prior to the
Compliance Date, which would allow the Company to maintain the
listing of its common shares on the NASDAQ Capital Market.  If at
any time before the Compliance Date, the closing bid price of the
Company's common shares is at least $1.00 per share for the
requisite period, the Company will regain compliance and the
effecting of a reverse stock split may not be necessary. If the
Company cannot demonstrate compliance by the Compliance Date or
the Company does not comply with the terms of the extension
granted by NASDAQ, the Company's common shares may then be
subject to delisting.

                About China Ceramics Co., Ltd.

China Ceramics Co., Ltd. (NASDAQ: CCCL) --
http://www.cceramics.com/-- is a manufacturer of ceramic tiles
in China.  The Company's ceramic tiles are used for exterior
siding, interior flooring, and design in residential and
commercial buildings. China Ceramics' products, sold under the
"Hengda" or "HD", "Hengdeli" or "HDL", the "TOERTO" and
"WULIQIAO" brands, and the "Pottery Capital of Tang Dynasty"
brands, are available in over 2,000 style, color and size
combinations and are distributed through a network of exclusive
distributors as well as directly to large property developers.


GUANGZHOU R&F: Moody's to Retain Ba3 CFR on Consent Solicitation
----------------------------------------------------------------
Moody's Investor Service says Guangzhou R&F Properties Co.,
Ltd.'s consent solicitation and technical breach are credit
negative.

However, there is no immediate impact on Guangzhou R&F's Ba3
corporate family rating, R&F Properties (HK) Company Limited's B1
corporate family rating, the B1 backed senior unsecured ratings
assigned to the notes issued by Trillion Chance Limited and Caifu
Holdings Limited, or on their stable outlook.

On March 24, 2015, Guangzhou R&F announced that it is soliciting
consent from its 2016, 2019, and 2020 noteholders for certain
waivers, including for a technical breach to limitations on
restricted payments, as well as to amend certain terms of the
notes, such as the terms for debt incurrence, restricted
payments, permitted investments and certain defined terms.

"The technical breach, which resulted from the interim dividend
payment in October 2015, is credit negative as it would increase
the risk of acceleration in the repayment of the USD notes.  The
breach also suggests weak financial management and internal
compliance controls," says Kaven Tsang, a Moody's Vice President
and Senior Credit Officer.

However, Moody's does not expect the breach to materially affect
Guangzhou R&F's business fundamentals.  Its operating performance
has been improving, as evidenced by its moderately improved
financial metrics, with revenue/adjusted debt rising to 47% at
end-2015 from 40% at end-2014, and EBIT/interest to 2.3x in 2015
from 2.0x in 2014.

Guangzhou R&F also had cash of around RMB21.3 billion as of
December 2015.  Additionally, it raised RMB9.6 billion from the
domestic bond markets in 1Q 2016.

Moody's expects Guangzhou R&F to obtain the required consent from
the bondholders to pass the proposed waivers within the
solicitation period.

"The proposed amendments will allow Guangzhou R&F more
flexibility in paying dividends and in incurring debt.  However,
we do not expect the company to aggressively change its financial
and dividend policies to an extent that would materially affect
its credit profile," adds Tsang.

Any deviation from such expectation that results in a material
deterioration in the company's liquidity, or an absence of
further improvement in Guangzhou R&F's financial profile over the
next 6-12 months, would result in negative rating action.

The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in April 2015.

Established in 1994 and listed on the Hong Kong Exchange in 2005,
Guangzhou R&F Properties Co., Ltd. is a mid-sized developer in
China's residential and commercial properties sector.  As of
Dec. 31, 2015, the company had a total land bank of 39.76 million
sqm in 29 cities and areas -- 26 cities and areas in China, one
in Malaysia and two in Australia.  Mr. Li Sze Lim and Mr. Zhang
Li are its co-founders and own 33.36% and 32.02% in equity
interests, respectively.


ORIENT PAPER: Gets Audit Opinion With Going Concern Qualification
-------------------------------------------------------------
Orient Paper, Inc, a manufacturer and distributor of diversified
paper products in North China, on March 29 disclosed that its
independent registered public accounting firm included a going
concern qualification in its audit opinion relating to the
Company's audited consolidated financial statements for the
fiscal year ended December 31, 2015, which were included in the
Company's Annual Report on Form 10-K filed on March 23, 2016 with
the Securities and Exchange Commission.

This announcement is made pursuant to NYSE MKT LLC Company Guide
Section 610(b), which requires a public announcement of the
receipt of an audit opinion containing a going concern
qualification.

                     About Orient Paper, Inc.

Orient Paper (NYSE MKT: ONP) -- http://www.orientpaperinc.com/--
is a paper manufacturer in North China.  Using recycled paper as
its primary raw material (with the exception of its digital photo
paper and tissue paper products), Orient Paper produces and
distributes three categories of paper products: corrugating
medium paper, offset printing paper, and other paper products,
including digital photo paper and tissue paper products.

With its production based in Baoding and Xingtai, cities in Hebei
Province in North China, Orient Paper is located strategically
close to the Beijing and Tianjin region, home to a growing base
of industrial and manufacturing activities and one of the largest
markets for paper products in the country.

Orient Paper's production facilities are controlled and operated
by its wholly owned subsidiary Shengde Holdings Inc, which in
turn controls and operates Baoding Shengde Paper Co., Ltd., and
Hebei Baoding Orient Paper Milling Co., Ltd.

Founded in 1996, Orient Paper has been listed on the NYSE MKT
under the ticker symbol "ONP" since December 2009.


YINGDE GASES: Moody's Confirms B1 CFR; Outlook Negative
-------------------------------------------------------
Moody's Investors Service has confirmed Yingde Gases Group Co
Ltd's B1 corporate family rating, as well as the B2 senior
unsecured rating on the bonds issued by Yingde Gases Investment
Limited and guaranteed by Yingde Gases.

The ratings outlook is negative.

This action concludes the ratings review initiated on Jan. 25,
2016.

                        RATINGS RATIONALE

"The ratings confirmation reflects our expectation that Yingde
Gases can withstand the negative impact from the current very
weak steel industry conditions in China," says Gerwin Ho, a
Moody's Vice President and Senior Analyst.

"The company improved its cash flow management in 2015, a trend
we expect to continue this year and that supports its rating,"
adds Jiming Zou, a Moody's Vice President and Senior Analyst, as
well as the Local Market Analyst for Yingde Gases.

Yingde Gases has a high exposure to the steel industry, which
accounted for 70% of its revenues in 2015.  Moody's expects the
company will continue to be affected by the negative impact from
cash-strapped steel companies, as China (Aa3 negative) is
removing excess and inefficient steel capacity.  The company
increased its allowances for doubtful debt to RMB377 million in
2015 from RMB233 million in 2014.

The challenges the company faces can be illustrated by one of its
major on-site clients, Hebei Jingye Steel and Iron Company
Limited (unrated), taking over the operating rights of Yingde
Gases' gas supply facilities in December 2015 without its
consent.  Trade receivables from this single client amounted to
RMB86 million at end-2015.

Despite the difficult operating environment, Yingde Gases
reported some improvements in 2015: (1) its operating cash flow
rose to RMB1.37 billion in 2015, up 48.5% from 2014; (2) it
lowered its capital expenditures by 44.2% from 2014 to RMB 1,123
million in 2015; (3) it got back RMB400 million deposits from
China Coal (unrated); and (4) demonstrated its ability to tap the
domestic debt market by issuing RMB980 million 5-year bonds in
October 2015.

Moody's expects the company will continue these improvements,
supporting its B1 corporate family rating.

Yingde Gases' B1 corporate family rating reflects the company's:
(1) strong position in China's on-site gas supply market, where
it holds competitive advantages; and (2) good profitability and
recurring cash flows, supported by its long-term contracts with
on-site customers.  Such contracts account for the majority of
its revenues.

On the other hand, the corporate family rating is constrained by:
(1) the company's small revenues when compared with its
international peers and high exposure to the weak domestic steel
industry; (2) the challenges it faces in its receivables
collections which weigh on its operating cash flow and liquidity
position.

The company's liquidity position is weak.  As of end-December
2015, its cash and pledged deposits covered 55% of short-term
debt. Moody's expects the company to raise debt to fund the part
of the dividends and capital expenditures not covered by
operating cash flow.

Moody's expects the company to increase its borrowings in the
next 12-18 months, and for its debt/EBITDA to rise to 3.8x-4.0x
in 2016 from 3.7x in 2015.  Such levels still support its B1
rating.

The negative outlook reflects Moody's expectation that the
company's financial profile will remain under pressure from the
weak operating environment for its customers in the steel and
chemical industries.

A ratings upgrade is unlikely, given the negative outlook.
However, the outlook could return to stable if Yingde Gases (1)
demonstrates sustained growth its positive operating cash flow;
(2) improves its liquidity profile, with cash to short-term debt
of at least 1x; and (3) improves its accounts receivable
collection, as reflected by reducing bad debt allowances and
accounts receivable days on hand.

The ratings would be downgraded if: (1) Yingde Gases' liquidity
position or operating cash flow deteriorates further; (2)
challenges in its accounts receivable collection escalates; or
(3) its credit metrics weaken, such that adjusted debt/EBITDA
rises above 4.5x.

The principal methodology used in these ratings was Global
Chemical Industry Rating Methodology published in December 2013.

Yingde Gases Group Co Ltd is one of the largest players in the
independent onsite industrial gas market in China, with RMB7.9
billion in revenues in 2015.  As of end-2015, it had a total of
68 production facilities in operation and another 10 under
development.  Onsite gas production accounted for about 80%-90%
of Yingde Gases' revenues, with the remainder from merchant
sales.


YINGDE GASES: Fitch Cuts Long-Term Issuer Default Rating to 'B+'
----------------------------------------------------------------
Fitch Ratings has downgraded Yingde Gases Group Company Limited's
(Yingde) Long-Term Issuer Default Rating (IDR) to 'B+' from 'BB'.
The Outlook is Stable. The agency has also downgraded the senior
unsecured debt ratings of Yingde and Yingde Gases Investment
Limited to 'B+' from 'BB'; with Recovery Rating of 'RR4'. A full
list of rating actions is at the end of this commentary.

The downgrade reflects the increase in Yingde's customer risk and
weakening bargaining power, especially in the steel sector, where
financial positions have deteriorated due to persistent industry
weakness.

The higher risks are evident in Yingde's recent announcement that
it has lost control of its Pingshan Plant after the customer
occupied it; its inability to collect payments fully from Shaanxi
Longmen Iron and Steel Co., Ltd. since 2013; and steelmakers
accounting for around 70% of Yingde's customers. Yingde's
receivable days have lengthened and the proportion of delinquent
receivables has remained large, which have led to deterioration
in its leverage position.

"The Stable Outlook reflects our expectation that its FFO-
adjusted net leverage would remain at around 5.0x, which is
commensurate with its current ratings. The Stable Outlook assumes
there is no substantial increase in both its account receivable
days and trade receivable delinquency rate; and Yingde will not
lose control over its other assets."

KEY RATING DRIVERS

Sustained High Receivables Risk: Yingde's accounts receivable
days rose to 103 days in 2015 from around 99 days in 9M15.
However, its accounts payable days decreased to 37 days from
around 52 days. This drove an increase in cash collection days to
73 days in 2015 (9M15: 52 days), which is above the level that
would trigger Fitch to consider negative rating action. The
deterioration in collection is partly mitigated by its bills
receivable, which account for 31% of net accounts receivables and
can be readily converted into cash at a discount.

Meanwhile, the company's delinquent receivables increased by 10%
yoy in 2015 to account for 59% of total net trade receivables.
Yingde's bad debt provision jumped by 62% yoy to CNY377m. The
company has not yet collected the overdue receivable in full from
Shaanxi Longmen Steel even after filing lawsuits. In addition,
Yingde said on 22 March that one of its plants that operates
three on-site facilities was occupied by its client Hebei Jingye
Steel and Iron Company Limited. This happened after Yingde
planned to stop supplying gas to the client, which had not paid
Yingde a substantial amount for its gas.

Challenges for On-Site Business: Yingde's business model of
focusing on on-site plants is exposed to rising uncertainties and
challenges during the current sluggish operating environment.
Normally, the on-site business has much lower exposure to
economic cycles compared with the merchant segment because the
former contains take-or-pay terms and exclusive contracts with
very long periods. However, most of Yingde's on-site plants are
running around the minimum take-or-pay level due to low
utilisation by its clients. In 2015, revenue from the on-site
business edged up 2.7% yoy to CNY6,886m compared to 10.9% yoy
increase in 2014.

Heavy Reliance on Steel: It is unlikely Yingde's operations will
recover in the short term because around 70% of its customers are
in the steel sector, which continues to be plagued with
overcapacity, low utilisation rates and soft average selling
prices. Fitch expects the industry to undergo major restructuring
in the medium term, particularly the small and medium-sized
companies, as China moves to reduce steel capacity and address
the tight liquidity and high leverage of the industry.

"Near-Term Deleveraging Not Likely: Fitch expects Yingde's 2015
FFO-adjusted net leverage to rise above 4.6x from 4.4x in 2014,
breaching our negative trigger of 4.0x. In the near term, we
expect its leverage to remain high at around 5x, mainly due to
weakness in the steel and chemical sectors. Slower revenue growth
and rising cash interest costs have resulted in smaller FFO, even
though its operating EBITDA margin has been stable. The company
has had to increase debt to fund its capex and common dividend
payment."

Negative Free Cash Flow: "We expect Yingde's free cash flow to
remain negative due to the sluggish steel sector, even though it
has reduced capex. The company's capex spending will be for
diversifying its customer base to non-steel sectors, such as non-
ferrous metal, glass, coal chemical and petrochemical. However,
these sectors are also subject to overcapacity and weak demand in
China. Yingde has been generating negative free cash flow over
past few years due to its aggressive investments to add capacity,
and the current weak operating environment means payback will
take much longer than expected. Free cash flow is unlikely to
turn positive until the company collects on its substantial
accounts receivable."



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


ALPHA MARINE: ICRA Assigns B+ Rating to INR12cr Fund Based Loan
---------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to INR12.00
crore fund based facilities of Alpha Marine.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund based limits     12.00       [ICRA]B+ assigned


The assigned rating is constrained by project implementation risk
with the firm yet to incur INR11.00 crore of the total project
cost of INR19.99 crore; and significant funding risk with pending
cost to be funded by INR4.00 crore of partner's capital and
remaining INR7.00 crore from undrawn portion of term loan. The
rating is further constrained by inherent risks associated with
the sea food industry like susceptibility to disease, climate
change risk, vulnerability to regulations proposed by importing
nations and export benefits provided by the Indian government and
the susceptibility of earnings to raw material prices and
exchange rate volatility as well as risks of capital withdrawals
that are inherent in a partnership firm. The rating, however
positively factors in more than two decade of partner's
experience in sea food industry and established relationships
with farmers ensuring raw material availability to some extent.
The ratings also consider advance stage of construction with ~80%
of the civil work completed as on February 29, 2016 and expected
commercial operation date (COD) of the project is from May 2016.

Going forward, ability of the firm to execute the project without
time and cost overrun and generation of sufficient cash accruals
for term loan repayments by achieving sufficient capacity
utilisation would be key rating sensitivities from credit
perspective.

Founded in 2015, as a partnership firm, Alpha Marine (AM) is into
business of processing and export of cultured and sea caught
shrimp. The firm is promoted and managed by Mr. Dudala Sudhakar,
Mr. Anshuman Chand, Mr. K subba Rajendra Bhatt and D. Ankineedu
Sudhakar. Each of the promoters have more than 20 years of
experience in the shrimp processing and export business. The firm
is setting up a shrimp processing unit with a capacity of 12 tons
per day (TPD) at Nellore.


ANNPOORNA OVERSEAS: ICRA Reaffirms B+ Rating on INR13cr Loan
------------------------------------------------------------
ICRA has reaffirmed its long-term rating of [ICRA]B+ on the
INR13.00 crore fund-based bank facilities of Annpoorna Overseas.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit           13.00       [ICRA]B+; reaffirmed

ICRA's rating continues to factor in the moderate scale of
operations of the firm, which coupled with the low value additive
nature of business and high intensity of competition in the rice
milling industry, has resulted in low profitability and weak debt
coverage indicators. The rating also takes into account the
working capital intensive nature of rice milling business arising
out of the need to maintain substantial inventories, in line with
the industry trends. The funding of working capital requirements,
primarily through bank borrowings has led to relatively high
gearing for the firm. The rating is also constrained by agro-
climatic risks, which can affect the availability of paddy in
adverse conditions.

However, the rating is supported by the firm's long track record
of operations and the experience of the promoters in the rice
industry, proximity of the mill to a major rice growing area,
which results in easy availability of paddy and stable demand
outlook with rice being an important part of the staple Indian
diet.

Going forward, the ability of the firm to scale up its revenues
while maintaining adequate profitability, optimally manage its
working capital cycle and maintain a prudent capital structure,
will be the key rating sensitivities.

Mr. Neeraj Batra and his brother established Annpoorna Overseas
as a partnership firm in 2003. The partners and their family
members have been involved in the rice milling business since
1968. The firm's plant located in Karnal (Haryana) has a milling
capacity of ~15 metric tonnes per hour.

Recent Results
The firm reported a net profit of INR0.26 crore on an operating
income of INR23.53 crore in FY2015 as against a net profit of
INR0.26 crore on an operating income of INR41.67 crore in the
previous year.


ARIHANT DREAM: ICRA Lowers Rating on INR14.90cr Loan to 'D'
-----------------------------------------------------------
ICRA has revised its long term rating on the INR14.90 crore long
term bank facilities of Arihant Dream Infra Projects Ltd (AIDPL)
to [ICRA] D from [ICRA] BB- (Stable).

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loans            14.90        [ICRA] D; Revised

The rating revision is driven by delays in debt servicing of the
bank sanctioned term loan. Going forward the ability of the
company to resolve its operational problems and demonstrate a
track record of timely debt servicing will be the key rating
sensitivity.

ADIPL is the flagship company of the group and was incorporated
in May 2011. It is promoted by Mr. Rakesh Goel and Mrs. Reena
Goel and is a closely held company by the Goel family. Apart from
having real estate as his business, Mr. Rakesh Goel also has an
established name as the leading trader of the TMT steel coke and
pig iron in the entire Jaipur region. Mr. Goel has set up a
business house in the name of Arihant Group of Companies, which
has 20 years of track record in the real estate business and has
established itself in commercial development, hospitality, food
and property management in the Jaipur region.


ASB PROJECTS: ICRA Reaffirms B+ Rating on INR12.5cr Term Loan
-------------------------------------------------------------
ICRA has reaffirmed its long-term rating of [ICRA]B+ to the
INR15.00 crore bank facilities of ASB Projects Pvt Ltd.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based Bank
   Facilities Term
   loan                  12.50       [ICRA]B+; reaffirmed

   Unallocated Bank
   facilities             2.50       [ICRA]B+; reaffirmed


ICRA's ratings factor in the increased occupancy in the company's
mall (up from 52% in FY14 to 62% in FY15), and satisfactory
tenant profile which has resulted in better cash accruals in
FY2015.The rating also takes comfort from the tie up for hotel
operations with Marriott group which is expected to lend brand
recognition and operational support. ICRA takes note of the delay
in the commencement of operations in multiplex by a year, and
will be operational from 1QFY17 onwards, given the completion
certificate from the concerned authorities have been received.

The rating however remains constrained by upcoming debt funded
capex for hotel construction which is expected to exert pressure
on ASB's coverage indicators pending the ramp up of cashflows
from leasing and hotel business. The pending loan tie up and
equity funding exposes the company to funding risks for this
portion, though ICRA notes that promoters have been supported the
company in the form of unsecured loans in the past. The rating
further continues to remain constrained by market risks for the
unleased portion given the weak market scenario.

In ICRA's view, the ability of the company to improve its monthly
lease rental income through leasing out of the vacant space in
the property, commencement of operations by the multiplex as
envisaged, will be the key rating monitorables. Further, the
company's ability to fund and execute the hotel portion as
planned will be a key rating sensitivity.

Incorporated in 2005, ASB is a single asset company and is
currently managing the operations of a mall-Ashok Cosmos Mall in
Agra (Uttar Pradesh). This mall became operational in 2010 and
has a covered area of 3.36 lakh sq ft. Currently, of the total
area of 336,404 sq ft, 90,592 sq ft of area pertaining to
shopping and office complexes has been leased to 6 tenants. The
company is a part of the Ashok Group of Agra, which is present in
diversified sectors spanning across auto dealerships, petroleum
products dealership and hire-purchase, finance and leasing
business.

Recent results
ASB reported a net profit of INR0.42 crore on an operating income
of INR5.28 crore in FY 2015, as compared to a net profit of
INR1.04 crore on an OI of INR4.18 crore in the previous year.


BALDVA TEXTILES: ICRA Suspends 'B' Rating on INR8.9cr Loan
----------------------------------------------------------
ICRA has suspended the [ICRA]B rating assigned to the INR8.90
crore bank lines of Baldva Textiles Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Baldva Textile Pvt Ltd was incorporated in 1985 by Mr. Anil
Baldva. BTPL is in the manufacturing of woven clothes and
manufactures cotton, blends, lycra and polyester fabrics. The
company has total of 54 looms and has an installed capacity of
producing 42 lac meters of woven clothes per annum. The company
is located in Bhilwara, Rajasthan.


BALE BABU: ICRA Reaffirms 'B' Rating on INR6.64cr Loan
------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B on the
INR6.64 crore non-fund-based bank limits of Bale Babu Estates
Private Limited.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Non-Fund Based
   Limits-BG             6.64       [ICRA]B; reaffirmed

ICRA's rating continues to remain constrained on account of the
continued delay in its maiden project due to pending approvals.
In addition to execution risks, given the large scale of the
project, the company remains exposed to funding and marketing
risks, which are accentuated by the limited clarity on execution.
The rating however continues to take comfort from the promoter
group's experience in developing and leasing commercial real
estate in Delhi. ICRA notes that the promoters continue to fund
the External Development Charges against which the rated bank
guarantee has been extended.

The company's ability to commence execution of the project and
launch the same will remain the key rating sensitivity.

Incorporated in 2006, BBEPL is developing a commercial project at
Sector-109, Gurgaon, Haryana. While the company has obtained the
license for developing this project, some approvals are still
awaited. The project is yet to be launched.


BHARAT CONSTRUCTIONS: CRISIL Assigns B Rating to INR65MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings on
the bank facilities of Bharat Constructions - Jammu (BC). The
ratings reflect modest scale of operations and susceptibility of
topline and profitability to tender-based nature of operations.
These weaknesses are mitigated by an established track record in
the civil construction industry.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         25       CRISIL A4
   Cash Credit            65       CRISIL B/Stable

Outlook: Stable

CRISIL believes BC will continue to benefit over the medium term
backed by the promoters' extensive experience in the construction
industry. The outlook may be revised to 'Positive' if significant
improvement in scale of operations along with prudent management
of working capital requirement leads to improvement in accrual
and financial risk profile. Conversely, the outlook may be
revised to 'Negative', in case of any major costs or time over
run incurred in projects being executed or if a large, debt-
funded capital expenditure leads to weak financial risk profile.

Incorporated in early 1970's as a partnership firm, BC undertakes
construction of roads and buildings for Government authorities in
North India. The firm is promoted by Mr. Bharat B Sharma and
family.


BHUPINDER ALLOYS: ICRA Lowers Rating on INR7cr Loan to D
--------------------------------------------------------
ICRA has revised its ratings on the INR7.00 crore long term fund
based bank limits of Bhupinder Alloys Private Limited to [ICRA]D
from [ICRA]B+. ICRA has also revised its rating on the INR0.50
crore non fund based bank limits of BAPL to [ICRA]D from
[ICRA]A4.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund based limits      7.00       Revised to [ICRA]D
                                     from [ICRA]B+

   Non Fund based limits  0.50       Revised to [ICRA]D
                                     from [ICRA]A4

The rating revision is driven by delays in debt servicing by BAPL
on account of its stretched liquidity position. ICRA takes note
of the cyclical nature of the steel industry and its intensely
competitive nature, translating into low profitability and thin
coverage indicators. ICRA also takes cognizance of the extensive
experience of the promoters and their long standing relationships
with clients.

Going forward a sustained improvement in the liquidity position
and a track record of timely debt servicing will be the key
rating sensitivities.

Incorporated in 2004, Ludhiana (Punjab) based Bhupinder Alloys
Pvt. Ltd. (BAPL), was promoted by the late Mr Surinder Kumar
Arora. BAPL is primarily engaged in manufacturing Mild Steel (MS)
ingots.


BINDU FOOD: CRISIL Reaffirms 'D' Rating on INR50MM Cash Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Bindu Food
Processors Private Limited (BFPPL) continues to reflect its delay
in servicing its term debt obligations; the delays have been
caused by the company's weak liquidity.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            50        CRISIL D (Reaffirmed)
   Long Term Loan         32.5      CRISIL D (Reaffirmed)
   Working Capital Loan    9.7      CRISIL D (Reaffirmed)

BFPPL has a weak financial risk profile, marked by a small
networth, high gearing, and weak debt protection metrics.
However, the company benefits from its promoters' extensive
experience in the cold-storage business.

BFPPL was established in 1997 by Mr. Inder Raj Agrawal and his
cousins, Mr. Hanuman Sahay Agrawal and Mr. Anil Agrawal. The
company operates a 21,000 tonne cold storage unit (primarily for
storing potatoes) in Paschim Medinipur. It also provides funding
to farmers against the potatoes stored, which is in turn re-
financed by banks. BFPPL sometimes trades in potatoes to ensure
optimum capacity utilisation of its cold storage unit. The
company is managed by Mr. Inder Raj Agrawal and Mr. Rajendra
Kumar Agrawal.


CEL PACKAGING: CRISIL Assigns 'B' Rating to INR30MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Cel Packaging Private Limited (CPPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           30        CRISIL B/Stable
   Letter of Credit      67.5      CRISIL A4

The ratings reflect the company's low operating profitability and
working capital intensive operations. The ratings also factor
average financial risk profile of the company marked by average
debt protection metrics. This weakness is partially offset by the
extensive experience of promoters in the packaging industry and
their established relationships with customers.
Outlook: Stable

CRISIL believes CPPL will continue to benefit over the medium
term from the promoters' extensive industry experience and their
established customer relationships. The outlook may be revised to
'Positive' in case of higher than expected revenue while
maintaining the profitability leading to higher-than-expected
cash accrual. Conversely, the outlook may be revised to
'Negative' on account of a substantial increase in working
capital requirement or lower-than-expected cash accruals, or any
large debt-funded capital expenditure weakens the financial risk
profile, particularly liquidity.

Incorporated in 2007, CPPL is an Ahmedabad-based company that
manufactures corrugated boxes and wooden pellets. The Company is
promoted by Mr. Sunil Handa and Ms. Divya Deepti Handa. The total
installed capacity for producing corrugated boxes is 2000 tons
per month, whereas the installed capacities for wooden pellets
are 15000 units per month.


DARWIN PHARMA: ICRA Assigns 'B' Rating to INR10cr LT Loan
---------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B to the INR10.00
crore unallocated limits of Darwin Pharma Pvt. Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long term un-
   allocated Limits      10.00        [ICRA]B; Assigned

The assigned rating is constrained by the project implementation
risk for setting up the formulation unit given that ~69% of the
project cost is yet be incurred; significant funding risk with
financial closure yet to be achieved for INR12.90 crore of term
loan; and marketing risk in the absence of any customer
agreements and highly competitive formulation industry which
might put pressure on the margins. The debt servicing is highly
sensitive to the timely completion of the project and the ability
of the company to achieve the envisaged capacity utilizations in
the near term. The rating is also constrained by the regulatory
risk in obtaining required licenses in a timely manner for
commencing operations; and debt funded nature of the project with
debt to equity ratio of ~1.84:1. However, the assigned rating
positively factors in the experience of promoters in establishing
pharma manufacturing unit and medical shops in Coastal Andhra
region with wide established networks.

The ability of the company to complete the project with in
timeline and without any cost over-runs and stabilize, the
operations would be critical rating sensitivity.

Darwin Pharma Pvt. Limited (DPPL), was incorporated in the year
2009, is setting up an Oral therapeutic formulation unit at
Nuziveed, Krishna district of Andhra Pradesh with a total
capacity of 90,000 litres per day. The syrups proposed to be
manufactured by the company include Nystatin Oral Suspension, A-Z
Multi Vitamin Syrup, Aristozyme Syrup and also cough & cold
preparations. Mr. Devineni Ravi Kiran, Mr. China Venkata Ratnam
and Mr. Rajashekhar Reddy are the current Directors of the
company. The total cost of the proposed manufacturing facility is
INR19.89 crore which will be part funded by the term loan of
INR12.90 crore and remaining INR6.99 crore of promoters' equity.
As per management, the commercial production is expected to start
in last week of May'16.


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

KEY RATING DRIVERS

The ratings reflect E-Shoppe's lack of an operating track record
as the company has started operating from May 2015. The ratings
also consider the company's moderate scale of operations as
reflected in its estimated revenue of INR100.79 million in
9MFY16.

The ratings, however, are supported by E-Shoppe's founders'
decade-long experience in the trading line of business.

RATING SENSITIVITIES

Positive: A substantial improvement in the scale of operations
along with stabilisation of operations will be positive for the
ratings.

Negative: Failure to stabilise the operations will be negative
for the ratings.

COMPANY PROFILE

Incorporated in December 2014, E-Shoppe is engaged in the trading
of mobile phones and tablets. The entity was set up by Padam
Nagwani and Mukesh Mohanlal Ahuja with its office situated in
Kharghar, Maharashtra.

EShoppe's ratings:
-- Long-Term Issuer Rating: assigned 'IND B+'/Stable
-- INR1 million fund-based limits: assigned 'IND B+'/Stable
-- INR50 million non-fund based limits: assigned 'IND A4'


EARTHCON DEVELOPERS: ICRA Revises Rating on INR12cr Loan to B+
--------------------------------------------------------------
ICRA has upgraded its long term rating on the INR12 crore term
loans of Earthcon Developers Pvt Ltd to [ICRA]B+ from [ICRA]B.


                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loan            12.00        [ICRA]B+;revised

The rating upgrade takes into account the satisfactory progress
in the execution of EDPL's project (~66% of the construction cost
had been incurred as of February, 2016, compared to ~20% as of
December, 2014). With steady execution and bank loan funding
available, the project has witnessed improvement in committed
receivable to pending outflow ratio to 0.46x as of February, 2016
from 0.26x as of December, 2014. ICRA's rating continues to
factor in the experience of the promoters in the real estate
sector and the low approval risk for the company's project.

However, the rating remains constrained by the modest sales for
the project as only ~26% of area has been sold as of February,
2016, as compared to 17% as of December, 2014. While prices have
remained under pressure, the collection efficiency also remains
at 62% as of February, 2016, although better than 55% as of
December 2014, owing to a weak market scenario. The ratings are
further constrained by the steep repayments for the company in
FY18, which warrant a ramp up in sales and collection in order to
manage cash flows.

The ability of the company to execute the project within the
scheduled time and cost, successfully market the unsold inventory
and collect receivables in a timely manner will be the key rating
sensitivities.

EDPL is a special purpose vehicle floated by Earthcon
Construction Private Limited and ISP Construction Private
Limited, with respective stakes of 50.002% and 49.998%. It was
incorporated on May 3, 2013 and is developing a residential
project, 'Rajpur Greens', in Dehradun, Uttarakhand. The project
comprises saleable area of 96,720 square feet and consists of 52
two and three BHK flats spread over two towers, of six floors
each. The construction started in January, 2014 and as of
February, 2016, ~66% of the construction cost had been incurred
and ~26% area had been sold. The total project cost is estimated
at INR31.78 crore, with INR12 crore being funded through bank
loans and the balance through promoter's contribution and
customer advances.


GOPAL KRISHNA: CRISIL Assigns B+ Rating to INR70MM Cash Loan
------------------------------------------------------------
CRISIL has assigned its rating of 'CRISIL B+/Stable' to the
short-term bank facility of Gopal Krishna Oil-Tech Industries
Private Limited (GKPL).

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

The rating reflects GKPL's modest scale of operations in the
highly fragment edible oil industry. The rating also reflects the
below-average financial risk profile because of weak capital
structure and moderate debt protection metrics. These weaknesses
are partially offset by the promoter's extensive experience in
the edible oil industry.
Outlook: Stable

CRISIL believes that GKPL will maintain its business risk profile
backed by the promoter's extensive experience in the edible oil
industry. The outlook may be revised to 'Positive' if there is
higher-than-expected growth in revenue and profitability while
improving its working capital management. Conversely, the outlook
may be revised to 'Negative' if financial risk profile weakens
because of a significant increase in working capital
requirements, or a sharp decline in revenue and operating margin.

Incorporated in 2001, GKPL manufactures and trades in edible oil
and coconut oil. The company, based in Mumbai, sells edible oil
and coconut oil under its Ruchira and Cococlear brand,
respectively. The operations are managed by Mr. Dilip Pol.


GOPALAKRISHNA TEXTILE: CRISIL Suspends D Rating on INR97.5MM Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Gopalakrishna Textile Mills Private Limited (GTPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee        2.6       CRISIL D
   Cash Credit          97.5       CRISIL D
   Term Loan            49.9       CRISIL D

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

Incorporated in 1953, GTPL is engaged in manufacture of cotton
yarn. Its day-to-day operations are managed by Mr. Y G
Madhusudan.


GREENLAND PAPER: CRISIL Suspends B+ Rating on INR32.5MM Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Greenland Paper Mills Ltd. (GPML).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           32.5      CRISIL B+/Stable
   Long Term Loan        27.5      CRISIL B+/Stable

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

Incorporated in 1995 and based in Kollam (Kerala), GPML
manufactures Kraft paper.  The company also owns a windmill in
Tirupur (Tamil Nadu); it is promoted by Mr. A M Ashraf and his
brother Mr. A M Dasthageer.


GROW WELL: ICRA Lowers Rating on INR240cr Loan to 'D'
-----------------------------------------------------
ICRA has downgraded the short-term rating from [ICRA]A3 to
[ICRA]D outstanding on the INR240 crore non fund based bank
facilities of Grow Well Mercantile Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Non Fund Based        240.0        [ICRA]D (Downgraded from
   Limits                             [ICRA]A3)

The rating downgrade takes into account the recent delay in debt
servicing obligations by the company owing to the stretched
liquidity position on account of delays in receivables from its
debtors. The stretched liquidity position in turn resulted in
delayed payments to creditors as evidenced by high creditors (143
days as of Mar-15). The TOL/TNW (Total Outside Liabilities/ Total
Networth) remains high at 14.9 times as of Mar-15, up from 10.0
times as of Mar-14.

The rating continues to be impacted by GWMPL's low operating
profitability and cash accruals resulting from low value addition
in the business; intense competition in the steel trading
industry owing to a high degree of fragmentation; and the
volatility inherent in the steel trading business. The rating
also accounts the exposure of the business to regulatory risks,
along with the cyclicality in investment patterns of its key end-
user industries.
ICRA has taken into account the experience of the promoters in
the steel industry and the operational and financial support from
the Uttam Galva Group, which has an established track record in
steel manufacturing.

Incorporated on January 21, 1997, GWMPL is a closely-held private
limited company of the Uttam Galva Group, promoted by the Miglani
family. The company is engaged in trading steel products such as
hot rolled coils, cold rolled coils and sheets, as well as
galvanized products such as galvanized plain and galvanized
corrugated coils and sheets. GWMPL also has a steel processing
centre at Taloja for minor fabrication of steel products for
supply in the vicinity.

Uttam Galva Group has been engaged in manufacturing and trading
various steel products for close to five decades. The Group has
considerable expertise and linkages to both suppliers and
customers across various geographical locations

Recent Results
For the year ended March 31, 2014, the company reported a Profit
after Tax (PAT) of INR6.00 crore on an operating income (OI) of
INR659.24 crore. For the year ended March 31, 2015, the company
reported a PAT of INR2.46 crore on an OI of INR1168.53 crore.


H B OIL: ICRA Suspends 'B' Rating on INR5.03cr Loan
---------------------------------------------------
ICRA has suspended the [ICRA]B rating assigned to the INR5.03
crore limits of H B Oil Industries. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of
the requisite information from the company.

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

H B Oil Industries was established in June 2013 as a
proprietorship firm to engage in crushing of cotton seeds to
produce cottonseed oil and cottonseed oil cake and is promoted
and managed by Mr. Haresh N Jani. The manufacturing unit located
in Mehsana, is equipped with 10 expellers having total installed
capacity of crushing 60 MT of cottonseeds per day.


HINDUSTAN FIBRE: ICRA Assigns B- Rating on INR8.60cr Loan
---------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B- to the INR0.40
crore1 term loan, INR8.60 crore cash credit and INR5 crore bank
guarantee facility of Hindustan Fibre Glass Works.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund Based Term
   Loan                  0.40       [ICRA]B- assigned

   Fund Based Cash
   Credit                8.60       [ICRA]B- assigned

   Non-Fund Based
   Bank Guarantee        5.00       [ICRA]B-assigned

The assigned rating is constrained by HFGW's weak financial
profile as reflected byhigh gearing, weak coverage indicators and
subdued return on capital employed. The rating further takes into
consideration HFGW's highly working capital intensive nature of
operations due to high stock holdings that adversely impacted its
liquidity position in 2014-15, as also reflected by the frequent
overutilization of its cash credit facilities. ICRA notes the
risks associated with the legal status of HFGW as a partnership
firm, including the risk of withdrawal of capital by the
partners. The rating takes note of the experience of the partners
in the railway coach furnishing business. The increasing focus of
the Government to improve railway infrastructure is likely to
lead to higher demand for the firm's products in the near future.
Going forward, the ability of the firm to increase its scale of
operations while managing its working capital requirements
efficiently would be the key rating sensitivities.

HFGW was founded in 1984 as a partnership firm by Mr. Govindbhai
Patel and Mr. Shankar Patel at Kolkata. Later in 1998, the firm
started its new unit at Vadodara, Gujarat. HFGW is engaged in
interior furnishing work for railway coaches. The firm
manufactures all types of fibre-reinforced polymer (FRP) products
-- such as paneling, gear case, door paneling, modular toilet and
partition frames, seats and components, and driver's cabin, among
others -- which are fitted to railway coaches. The firm, being an
approved vendor, participates in tenders floated by various
railway departments.

Recent Results
HFGW has reported a net profit of INR1.09 crore on an operating
income of INR40.61 crore during 2014-15, as compared to a net
profit of INR1.01 crore on an operating income of INR41.39 crore
during 2013-14.


I.P. COMPLEX: CRISIL Reaffirms 'B' Rating on INR35MM Loan
---------------------------------------------------------
CRISIL's rating on the long-term bank facilities of I.P. Complex
Private Limited (IPCPL) continues to reflect the company's weak
financial profile because of a high total outside liabilities to
tangible net worth (TOLTNW) ratio and below-average debt
protection metrics, and a small scale of operations in the
intensely competitive automobile dealership market. These rating
weaknesses are partially offset by the extensive industry
experience of IPCPL's promoters.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            30       CRISIL B/Stable (Reaffirmed)

   Electronic Dealer
   Financing Scheme
   (e-DFS)                35       CRISIL B/Stable (Reaffirmed)

   Term Loan              15       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes IPCPL will continue to benefit over the medium
term from its promoters' extensive industry experience and their
financial support. The outlook may be revised to 'Positive' in
case of a significant and sustainable increase in scale of
operations along with healthy profitability, leading to larger-
than-expected cash accrual and a better capital structure.
Conversely, the outlook may be revised to 'Negative' in case of
less-than-expected cash accrual or any debt-funded capital
expenditure, resulting in further weakening of the company's
capital structure, or an increase in working capital requirement,
leading to stretched liquidity.

Update
Operating revenue was INR320 million in 2014-15 (refers to
financial year, April 1 to March 31) and INR285.10 million in the
eight months through November 2015. Revenue is expected to remain
at around INR400 million per annum over the medium term.
Operating margin was lower-than-expected at 2.12 percent in 2014-
15, but is likely to improve to 2.50-2.75 percent over the medium
term.

Financial risk profile remains weak because of a small net worth
of INR4.4 million as on March 31, 2015, a decline from INR6.4
million a year earlier. The decline was driven by a net loss of
INR2.0 million in 2014-15. Due to a small net worth and higher
dependence on external funding, the TOLTNW ratio was high at
24.16 times as on March 31, 2015, but expected to improve to
around 18.00 times over the medium term on account of healthy
accretion to reserves. The company's interest coverage ratio was
also weak at 0.7 time in 2014-15, but is expected to improve and
remain at 1.1-1.3 times over the medium term.

Liquidity is expected to remain average due to working capital-
intensive operations as indicated by high inventory of 94 days as
March 31, 2015. Inventory days were higher mainly due to a spill
over of some sales to the next financial year. However, in
general, the company maintains inventory of 50-60 days.  Bank
limit utilisation has remained low at around 50 per cent over the
12 months through November 2015 due to support from promoters in
the form of unsecured loans as well as credit period of 10-12
days from the company's principal, Honda Car India Ltd (HCIL);
this provides sufficient cover for working capital requirement.

Incorporated in 2009, IPCPL is an exclusive dealer for the
passenger cars of HCIL in the Varanasi region of Uttar Pradesh.
Commercial operations started in February 2014. Operations are
managed by Mr. Sachin Kumar Talwar. The company has a showroom in
Varanasi, which is run under the name of Hans Honda.


IG SOLAR: Weak Financial Strength Cues ICRA 'SP4D' Grading
----------------------------------------------------------
ICRA has assigned its SP4D grading to IG Solar Private Limited
(IGSPL). The grading indicates 'Weak performance capability' and
'Weak financial strength' of the channel partner to undertake
solar projects. The grading is valid for a period of two years
from March 11, 2016 after which it will be kept under
surveillance.

Grading Drivers
Strengths
* Directors long experience in running business.
* Demonstrated execution capability by installing around 118Kw
in Solar PV and installation of water heater of 1000 litre in
thermal space.
* Positive feedback from customers, suppliers and banker.
Risk Factors
* Small scale of operations
* Decline in sales witnessed in FY2015.
* Less number solar projects executed during the last 2 years
* Large number of unorganized players indicating high level of
competition may lead to pressure on margins.
* Negative networth ; however networth at group level is quite
comfortable at INR10.15 crore.

Fact Sheet
Year of Establishment
December 2009
Office Address
A-12 Vikaspuri, New Delhi
Managing Director
Mr Yogesh Sachdeva

IG Solar Private Limited was incorporated in 2009 to supply PV
products in off grid space including home lighting systems. The
company has already installed 118 kw of the solar PV power plants
for private customers. Apart from this the company has also
installed solar water heater having capacity of 1000 liter in
thermal power space. The company is promoted by Mr Yogesh
Sachdeva and his family members who have been engaged in the
business of Marble stones for the past 3 decades. The directors
of the company are well qualified and they have hired technically
sound persons in the top management who have long experience in
the solar industry. They have another group companies Ramson
Organics Limited and Savitri Overseas which are engaged in the
trading of Marble stones.

SI Related Business - Weak Performance Capability
Directors' Track Record The directors of the firm are from varied
fields with Mr Yogesh Sachdeva and his son along with other
Directors. Directors have strong experience in running the
business and are well supported by other top level management.

Technical competence and adequacy of manpower:

The firm is primarily engaged in the assembling of manufacturing
of solar off grid plants at the client site. Apart from that it
is also engaged in the manufacturing of Solar PV products such as
solar street lights lanterns etc. It has already executed 118 Kw
of the solar power projects. The company has also installed solar
water heater having capacity of 1000 liter in thermal power
space. The firm is having technical tie up with Germany based
company Sonnen Systeme Gmbh to provide technical assistance in
the solar power projects going forward. As on February 2016 the
firm has 10 people comprising 3 people in the directors group
and, 6 skilled workers. The company hires contractual labors as
and when required.

Quality of suppliers and tie ups

The firm sources key material such as Panels, batteries from the
vendors and then installs the plant at the client site. Some of
the key suppliers include Statcon Power Controls Limited, Waree,
Sukam etc. Most of these suppliers are holding standard quality
certifications required.

Customer and O&M Network: In the PV space it has been supplying
the solar products to commercial segments mainly. At present it
has supplied to its group company, marble traders and educational
institutes who are satisfied with the delivery and maintenance as
per the agreed terms. The firm offers free service for the first
year, 4 year warranty on all the products In addition to this the
firm also offers annual maintenance contract till the expiration
of the guarantee.

Revenues
Revenues of INR2 lakh as on FY15

Return on Capital Employed (RoCE)
0.43% in FY15

Total Outside Liabilities / Tangible Net worth
Less than 1 times if we take into account promoter net worth,
however since company net worth is negative it also turns out
negative.

Interest Coverage Ratio
32 times as on FY15

Net-Worth
Net worth of INR10.15 crore in FY15 including group companies

Current Ratio
More than 2 times in FY15

Relationship with bankers
Bankers are satisfied with firm's conduct

The overall financial profile of the firm is moderate.


INDEPENDENT MINERAL: CRISIL Reaffirms B+ Rating on INR100MM Loan
----------------------------------------------------------------
CRISIL's rating on the long term bank loan facilities of
Independent Mineral Resources Private Limited (IMRPL) reflects
IMRPL's below-average financial profile marked by modest debt
protection measures and net worth, exposure to customer
concentration risks in revenue profile and its small scale of
operations. These ratings weaknesses are partially offset by the
benefits IMRPL derives from its promoter's extensive experience
in the steel industry and its established relationships with its
suppliers and customers.

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

   Proposed Long Term        50     CRISIL B+/Stable (Reaffirmed)
   Bank Loan Facility

Outlook: Stable

CRISIL believes that IMRPL will continue to benefit from the
extensive industry experience of the promoters. The outlook may
be revised to 'Positive' in case IMRPL enhances its scale of
operations, mainly by diversifying its product mix and markets,
while it maintains its profitability, resulting in higher-than-
expected accruals. Conversely, the outlook may be revised to
'Negative' if IMRPL's financial risk profile weakens, most likely
because of any large debt-funded capex or decline in revenues and
profitability margins.

IMRPL is a Hyderabad based company engaged in trading of mill
scale. The day-to-day operations are managed by its promoter
director Mr. M Charan.

IMRPL reported, a profit after tax (PAT) of INR4.2 million on
operating income of INR322 million for 2014-15 (refers to
financial year, April 1 to March 31); the company reported a PAT
of INR4.7 million on operating income of INR322 million for 2013-
14.


INDIA SOLAR: Weak Financial Strength Cues ICRA SP4D Grading
-----------------------------------------------------------
ICRA has assigned SP4D grading to India Solar Limited (ISL). The
grading indicates Weak performance capability and Weak financial
strength of the channel partner to undertake off-grid solar
projects. The grading is valid for a period of two years from
March 17, 2016 after which it will be kept under surveillance.

Grading Drivers

Strengths
*    Technically sound promoters with long experience in running
business
*   Positive feedback from customer and supplier
Risk Factors
* Relatively small scale of operations
* Large number of unorganized players indicating high level of
competition leading to low profitability margins
* Geographical concentration risk due to limited presence in
Haryana and Punjab only
* Nascent stages of operations as reflected by low installations
in the solar PV space
* High working capital intensity

Fact Sheet
Year of Establishment
2012
Office Address
SCO 93, Inner Market, Sector 11, Panchkula
Directors
Mr. Chander Mukhi Sharma
Mr. Jasbir Singh
Mr. Anil Mehta

Started in year 2012 ISL is a private limited company and is into
manufacturing of solar water heaters/geysers, solar luminaries,
solar light and other solar equipments. It is also involved in
installation erection and commissioning of solar power plants.
The company has installed approximately 50 KW in the solar PV
space. The company has done its projects mainly in Haryana and
Punjab.

The ranges of services provided by the company are as follows:
* Design, engineering and construction of off grid integrated
solar installations
* Solar products like LED solar lighting systems, solar water
heating systems

SI Related Business - Weak Performance Capability

Promoter Track Record:

The management has sound experience in solar PV space. The firm
has been started by Mr. Chander Mukhi Sharma, Mr. Jasbir Singh
and Mr. Anil Mehta in 2012. The firm started its operations in
December 2012.

Technical competence and adequacy of manpower:

The company has installed approximately 25 KW solar power plants
and approximately 25 KW of solar products like street and home
lightning systems.

The technical competence is moderate as represented by positive
feedback from the customers and well qualified management
profile. The firm presently has 4 employees including directors.
The company also employs contractual labor for executing orders
as and when required.

Quality of suppliers and tie ups:

The company procures solar panels and solar lights from local
suppliers based near Chandigarh like Safedot Innovative
Auotmation Pvt. Ltd., Aggarwal Trader and its group company Andy
Solar Pvt. Ltd.

Customer and O&M Network:
In the PV space it has been supplying the solar products to
commercial segment. The clients are satisfied with the after sale
services of the company.


INDORE TABLE: Ind-Ra Assigns 'IND B' Rating to INR72.2MM Loan
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Indore Table
Tennis Trust's (ITTT) INR72.2 million term loans and INR0.54
million working capital facility an 'IND B' rating. The Outlook
is Stable.

KEY RATING DRIVERS

The rating is constrained by ITTT's high debt burden. In FY15,
its debt/current balance before interest and depreciation (CBBID)
was 41.66x.

The rating factors in ITTT's low debt service coverage ratio
(FY15: 0.09x) and interest service coverage ratio (2.53x). Since
interest during the construction phase is being capitalised, the
interest service coverage ratio has been overstated. However,
debt is serviced in a timely manner, using the donations that
come into the trust.

The rating also factors in the trust's weak-though-improving
liquidity; memberships at ITTT's facilities began in FY13 and it
currently has 342 members. Its available funds (cash and
unrestricted investments) of INR17.52 million as at FYE15
provided a comfortable financial cushion to its operating
expenditure (FY15: 179.85%) and moderate cushion to debt (FY15:
18.59%).

ITTT's operating margins have remained comfortable, albeit with
slight fluctuations throughout FY11-FY15. Its total income has
remained stable, with minor fluctuations over FY11-FY15,
declining at a CAGR of 2.77% during the period. Major revenue
contributors have been rental income from ITTT's facilities and
annual membership fees. Its total expenditure increased at a CAGR
of 7.27% over FY11-FY15, with major contributors being operating
expenditure and staff costs.

ITTT is soon slated to complete the construction of a 1,000-
seater auditorium, which will also be open for hiring, along with
its existing facilities. It has already incurred debt for the
construction.

RATING SENSITIVITIES

Positive: A sustained increase in membership numbers and
increasing use of ITTT's facilities, without negatively affecting
operating and administrative costs, will be positive for the
rating.

Negative: A deteriorating financial profile resulting from a
lower-than-expected rise in membership numbers and weakening
demand for its facilities, along with a disproportionate increase
in debt, could be negative for the rating.

COMPANY PROFILE

ITTT was formed in December 1994. It runs the Abhay Prashal
Sports Club, which provides table tennis and other indoor game
facilities; it also has a swimming pool, banquet halls and an
upcoming auditorium. It recently began accepting members and is
working on expanding its facilities.


JIA AUTO: ICRA Lowers Rating on INR17cr Cash Loan to 'C'
--------------------------------------------------------
ICRA has revised the long-term rating assigned to INR17.00 crore
cash credit facility and INR9.50 crore term loans of Jia Auto
Sales Private Limited from [ICRA]C+ to [ICRA]D and simultaneously
reassigned the long-term rating of [ICRA]C. ICRA has also revised
the short term rating assigned to the non fund based limits of
INR5.50 crore from [ICRA]A4 to [ICRA]D and simultaneously
reassigned the short term rating of [ICRA]A4.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based Cash       17.00       [ICRA]C (downgraded
   Credit                            from [ICRA]C+ to [ICRA]D
                                     and then reassigned to
                                     [ICRA]C

   Fund Based Term        9.50       [ICRA]C (downgraded
   Loans                             from [ICRA]C+ to [ICRA]D
                                     and then reassigned to
                                     [ICRA]C

   Non Fund Based Limit   5.50       [ICRA]A4 (downgraded from
                                     [ICRA]A4 to [ICRA]D and
                                     then reassigned to [ICRA]A4

The rating action follows the delay in repayment of its term loan
during the period May, 2014 to May, 2015. However, following the
full repayment of term loan in May, 2015, leading to
regularization of the company's debt obligations, ICRA has
revised the rating long term rating from [ICRA]D to [ICRA]C and
the short term rating from [ICRA]D to [ICRA]A4.

The ratings continue to take into account the net losses and cash
losses incurred by the company over the period FY2013 to FY2015,
leading to a significant erosion in the tangible net worth of the
company, which declined from INR14.98 crore in FY2013 to INR5.07
crore in FY2014 and further to INR2.45 crore during FY2015. The
losses have been primarily on account of decline in income from
the dealership business resulting from lower vehicle sales over
the years and the high interest costs resulting from the debt
undertaken to fund its operations. The high working capital
intensity of the company's operations as reflected by NWC/OI of
around 56% in FY2015 continue to exert pressure on the liquidity
position of the company, as also reflected by the high
utilisation of the bank limits of the company. The ratings
further take into account the company's exposure to the inherent
cyclicality of the Indian passenger car industry, intense
competition from other passenger car dealers given the highly
competitive environment in the passenger car segment with
aggressive launches and expansion of service networks.

The ratings, however, also take into consideration the long
standing experience of the promoters in the passenger vehicles
dealership business.

JASPL was taken over by the Kolkata based Modi family, during
FY08. The company is an authorized dealer for the sale of
passenger cars as well as for services and sale of spares in for
Skoda cars within the State of West Bengal. JASPL has one
showroom and a service centre in Kolkata, West Bengal.

Recent Results
JASPL recorded a net loss of INR4.49 crore on operating income of
INR28.40 crore during FY2015 as against a net loss of INR4.01
crore on operating income of INR31.81 crore during FY2014.


KAMAKSHI COTTON: CRISIL Cuts Rating on INR82.5MM Loan to 'D'
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Kamakshi Cotton Industries Ginning and Pressing Unit (KCI) to
'CRISIL D' from 'CRISIL B+/Stable'.
                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           82.5      CRISIL D (Downgraded from
                                   'CRISIL B+/Stable')

   Proposed Long Term    32.5      CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL B+/Stable')

   Term Loan             10.       CRISIL D (Downgraded from
                                   'CRISIL B+/Stable')

The downgrade reflects instances of delay by KCI in servicing its
debt. The delays have been caused by weakening in liquidity.

KCI's scale of operations in the highly fragmented cotton ginning
industry remains modest, and its financial risk profile continues
to be constrained by high gearing, small networth, and weak debt
protection metrics. However it benefits from its promoters'
extensive industry experience.

Established in 2008 as a partnership concern, KCI gins and
presses raw cotton, and sells cotton lint and cotton seeds. The
firm also undertakes extraction of cottonseed oil. It is promoted
by J. Bhaskar Rao and his family members and is based in
Karimnagar (Telangana).


KAMAL PRESSING: CRISIL Reaffirms B- Rating on INR50MM Cash Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Kamal Pressing
Factory (KPF) continues to reflect KPF's modest scale of
operations with low profitability, susceptibility to volatility
in cotton prices, and below-average financial risk profile
because of small networth, high gearing, and weak debt protection
metrics. These weaknesses are mitigated by the proprietor's
extensive experience in the cotton industry.

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

Outlook: Stable

CRISIL believes KPF's financial risk profile will remain weak
over the medium term owning to weak capital structure. The
outlook may be revised to 'Positive' if capital structure and
liquidity significantly improve through capital infusion.
Conversely, the outlook may be revised to 'Negative' if low cash
accrual, large working capital requirement, or substantial debt-
funded capital expenditure constrains liquidity.

Established in 1998 and based in Hingoli (Maharashtra), KPF
presses cotton and sells cotton bales and seeds. Its pressing
unit has installed capacity of 400 cotton bale per day. KPF is a
sole proprietorship firm owned and managed by Mr. Anil Lahoti.


KAVERI GINNING: ICRA Suspends B+ Rating on INR13.28cr Loan
----------------------------------------------------------
ICRA has suspended [ICRA] B+ assigned to INR13.28 crore fund
based limits and INR6.72 crore unallocated limits of Kaveri
Ginning Mills Private Limited. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of
the requisite information from the company.

Kaveri Ginning Mills Private Limited (KGMPL), located in
Karimnagar district of Andhra Pradesh was incorporated in the
year 2008 by Mr. K. Ramesh. The company is primarily engaged in
ginning and oil extraction. KGMPL has 60 ginning machines and 10
expellers. It is a TMC (Technology mission on Cotton) unit. Mr.
Ramesh has more than 25 years of experience in the field of
cotton ginning and trading.


KEAUM ORGANICS: CRISIL Lowers Rating on INR41.7MM Loan to 'D'
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities Keaum
Organics Private Limited (Keaum) to 'CRISIL D/CRISIL D' from
'CRISIL B-/Stable/CRISIL A4'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         3.3      CRISIL D (Downgraded from
                                   'CRISIL A4')

   Cash Credit           10.0      CRISIL D (Downgraded from
                                   'CRISIL B-/Stable')

   Term Loan             41.7      CRISIL D (Downgraded from
                                   'CRISIL B-/Stable')

The rating downgrade reflects consistent delays by Keaum in
servicing its debt owing to liquidity constraints.

The ratings also reflect Keaum's modest scale of operations and
exposure to risks arising from volatility in crude oil prices.
These rating weaknesses are partially offset by the experience of
the promoters in the industry.

Incorporated in July 2009, Keaum is promoted by Mr Ketan Joshi
and Mr Bipin Shah for setting up a solvent distillation unit in
India to cater to the pharmaceutical and chemical industries for
their requirements of rectifying/purifying/distilling solvents
and speciality chemicals. The company commenced manufacturing in
July 2011.


LAXMI GRITS: ICRA Suspends B Rating on INR5.65cr Loan
-----------------------------------------------------
ICRA has suspended the [ICRA]B rating for the INR5.65 Crore bank
facilities of Laxmi Grits Private Limited. The suspension follows
ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.


M.M. ISPAT: ICRA Assigns 'B' Rating to INR6cr Cash Loan
-------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B to the INR6.00
crore fund based cash credit facility and the INR4.0 crore
unallocated limits of M.M. Ispat Pvt. Ltd.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long term Cash
   Credit Facility       6.00       [ICRA]B assigned

   Long term
   Unallocated limits    4.00       [ICRA] B assigned

The assigned rating takes into account MMIPL's weak financial
profile characterized by nominal profits, low cash accruals,
depressed debt coverage indicators and high working capital
intensity of operations, as reflected by net working capital
relative to its operating income of 42% as on March 31, 2015.
ICRA notes that this adversely impacts its liquidity position, as
also reflected by the high utilization of bank limits sanctioned
to the company. The rating also considers the limited value
addition in MMIPL's business and a highly fragmented nature of
the industry characterized by intense competition, both of which
result in thin operating and net profitability.

The rating, however, draws comfort from the long experience of
the promoters with over three decades in the steel trading
business and its diversified product mix including hot rolled
sheets, cold rolled sheets, galvanized plain, galvanized
corrugated sheets, M.S. angles, M.S. channels, M.S. pipes, etc.
Going forward, MMIPL's ability to grow its business and improve
its profitability with effective management of working capital
would remain the key rating sensitivities.

M.M. Ispat Private Limited, incorporated in the year 2009, is
engaged in trading of iron and steel products, such as hot rolled
sheets, cold rolled sheets, galvanized plain, and galvanized
corrugated sheets, among other products, primarily in Raipur,
Chhattisgarh.

Recent Results
MMIPL reported a net profit of INR0.15 crore on an operating
income of INR25.62 crore during FY2015, in comparison to a net
profit of INR0.14 crore on an operating income of INR22.99 crore
during FY2014.


MADHUCON AGRA: ICRA Reaffirms D Rating on INR230cr Term Loan
------------------------------------------------------------
ICRA has re-affirmed the long-term rating assigned to INR230.00
crore1 fund based facilities of Madhucon Agra Jaipur Expressways
Limited at [ICRA]D.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term loans           230.00        [ICRA]D Re-affirmed

The rating reaffirmation takes into account continued delays in
repayment of debt obligations. The operations grant payable by
NHAI is withheld for more than seven quarters pending completion
of major maintenance works (Rs. 18.52 crore receivable as on
March 31, 2015). This coupled with ongoing major maintenance
works on the project stretch has resulted in stretched liquidity
resulting in delays in debt servicing. The project is also
exposed to the inherent risks in Build-Operate-Transfer (BOT)
toll road projects, including political acceptability of rate
hikes linked to WPI year after year over the concession period
and likelihood of toll leakages. Nevertheless, comfort can be
drawn from the fact that the SPV had been able to revise the toll
rates since COD successfully. The project stretch remains an
important route providing connectivity between NH-8 and NH-2,
which is part of the Golden Quadrilateral road network. Due to
its high dependence on commercial traffic (accounts for more than
70% of traffic in PCU terms), the toll revenues on this project
stretch is highly co-related with general economic conditions.
During 10M FY 16, traffic witnessed healthy growth of 11% in PCU
terms.

ICRA notes that the sponsors have entered into a definitive
agreement with M/s.Cube Highways and Infrastructure Pte Limited3
for sale of 100% equity in MAJEL. Approval from NHAI and few
lenders in the consortium is in place, the stake sale process is
expected to be completed in next few months.

Going forward, MAJEL's ability to service its debt obligations in
a timely manner will be the key rating sensitivity.

MAJEL is a special purpose vehicle (SPV) promoted by Madhucon
Projects Limited (MPL along with associates) and SREI
Infrastructure Finance Limited. MAJEL has been formed to
strengthen and widen the existing 57 km stretch between Bhartapur
and Mahwa (both in Rajasthan) on NH-11. The project has been
awarded by National Highway Authority of India (NHAI) on a Build-
Operate-Toll (BOT) basis, and has a concession period of 25 years
starting October 31, 2005. The scheduled commercial operation
date (COD) of the project was October 2008, but tolling commenced
in May 2009. The project highway along with the other sections of
NH-11 provides connectivity between NH-8 (connecting Mumbai-
Delhi) and NH-2 (connecting Kolkata-Delhi), which are a part of
Golden Quadrilateral.

Recent Results
The company has reported 9% growth in toll collections to
INR52.41 crore during FY 15. The operating income stood at
INR64.07 crore including the operations grant of INR11.67 crore.
The company reported a net loss of INR47.88 crore during FY 15
when compared to a net loss of INR11.34 crore in FY 14.


MAINI CONSTRUCTION: Ind-Ra Assigns 'IND BB-' LT Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Maini
Construction Equipments Private Limited (MCEPL) a Long-Term
Issuer Rating of 'IND BB-'. The Outlook is Stable. A full list of
rating actions is at the end of this commentary.

KEY RATING DRIVERS

The ratings reflect MCEPL's moderate scale of operations as
indicated by revenue of INR753.15 million in FY15 (FY14:
INR394.03 million) coupled with narrow EBITDA margins of 2.08%
(3.47%). The ratings also reflect the company's moderate credit
profile with net financial leverage (total adjusted net
debt/operating EBITDA) of 5.35x and gross interest coverage
(operating EBITDA/gross interest expense) of 2.19x in FY15. Its
liquidity position has been moderate, with 93.7% average
utilisation of its fund-based working capital limits during the
12 months ended February 2016.

The ratings are also constrained by MCEPL's presence in the
highly fragmented and intensely competitive steel industry,
susceptibility to cyclicality in steel industry and raw material
price volatility.

The ratings, however, are supported by the over 10 years of
experience of MCEPL's promoters in the steel industry and the
company's more than 18 years long operating history.

RATING SENSITIVITIES

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

Positive: A significant improvement in the revenue with improving
operating profitability will be positive for the ratings.

COMPANY PROFILE

Incorporated in 1997, MCEPL manufactures aluminium formwork,
cuplock scaffolding and wall formwork. The company also
manufactures solar structures.

MCEPL's ratings:

-- Long-Term Issuer Rating: assigned 'IND BB-'; Outlook Stable
-- INR90 million fund-based Limits: assigned 'IND BB-
    '/Stable/'IND A4+'
-- INR19 million non-fund-based limits: assigned 'IND A4+'


MANILA RESORTS: ICRA Suspends 'D' Rating on INR6cr Loan
-------------------------------------------------------
ICRA has suspended the [ICRA]D rating for the INR6.00 Crore bank
facilities of Manila Resorts Private Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in
the absence of the requisite information from the company.


MULTIDESIGNS INFRAWORKS: CRISIL Suspends D Rating on INR55MM Loan
-----------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of
Multidesigns Infraworks Pvt Ltd (MIPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            55       CRISIL D

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

MIPL, incorporated in 2011, is engaged in civil construction
activities such as construction of tunnels, laying of pipes, and
other activities related to irrigation. The company's promoters,
Mr. Anil Amencheria, Mr. Haleem, and Mr. Raju Palani, oversee its
day-to-day operations.


NIRMALA RICE: CRISIL Assigns 'B' Rating to INR35MM Cash Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Nirmala Rice Private Limited (NRPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan              15       CRISIL B/Stable
   Bank Guarantee         10       CRISIL A4
   Cash Credit            35       CRISIL B/Stable

The ratings reflect NRPL's below-average financial risk profile
because of weak capital structure and constrained debt protection
measures, modest scale of operations in the highly fragmented
rice industry, and large working capital requirement. The ratings
also factor in susceptibility of its operating margin to changes
in government regulations and volatility in raw material prices.
These weaknesses are partially offset by its promoter's extensive
experience in rice milling and his funding support.
Outlook: Stable

CRISIL believes NRPL will benefit over the medium term from its
promoter's extensive industry experience and established
relationships with customers. The outlook may be revised to
'Positive' if accrual increases significantly and sustainably or
if considerable fund infusion by promoter leads to improved
liquidity. Conversely, the outlook may be revised to 'Negative'
in case of stretch in working capital cycle, weakening liquidity,
or sizeable debt-funded capital expenditure, resulting in
deterioration in financial risk profile.

NRPL, incorporated in 2006 and promoted by Mr. Shivpujan Gupta,
mills and processes paddy into rice, rice bran, and broken rice.
Its rice mill is at Abhanpur in Raipur, and has installed milling
capacity of 8 tonne per hour.


OMEGA NATURAL: Weak Financial Strength Cues ICRA SP 3D Grading
-------------------------------------------------------------
ICRA has assigned a 'SP 3D' grading1 to Omega Natural Polarity
Private Limited, indicating the 'Moderate Performance Capability'
and 'Weak Financial Strength' of the channel partner to undertake
on-grid solar projects. The grading is valid for a period of two
years from March 18, 2016 after which it will be kept under
surveillance.

Grading Drivers
Strengths
* Proven experience of promoters in the solar business
* Healthy order book in place
Risk Factors
* Small scale of operations
* Cumulative Solar installations at present remains at modest
level
* Low net worth of the company
* Competitive pressure from other players in the industry

Fact Sheet
Year of Formation
August 2010
Office Address
#34 A, Gokul Nagari 2, "E" Wing
Ground floor, Next to Hathway, Thakur Village,
Kandivali (East), Mumbai - 400101
Partnership Pattern
Mr. P Krishna Prasad - 90%
Mrs. P Shruthy - 10%

Incorporated in August 2010, ONPPL is primarily engaged in
designing, implementation, commissioning and maintenance of PV
based solar power projects. Till date the company has executed
0.3 MW of solar PV projects and has an order book of 10.02 MW.


PARASMAL PAGARIYA: CRISIL Reaffirms B+ Rating on INR60MM Loan
-------------------------------------------------------------
CRISIL's rating on the bank facilities of Parasmal Pagariya and
Sons (PPS) continue to reflect PPS's modest business risk profile
marked by vulnerability of operating margin to volatility in
agricultural commodity prices and small scale of operations. The
ratings also factor in the firm's large working capital
requirements. These rating weaknesses are partially offset by the
extensive experience of PPS's proprietor in the business of
trading in food grains, edible oils, and spices.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             60      CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      40      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that PPS will 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
revenue with sustained operating margin, resulting in improvement
in its liquidity. Conversely, the outlook may be revised to
'Negative' in case of decline in PPS's turnover or operating
margin, or elongation of its working capital cycle, leading to
deterioration of its financial risk profile.

Update
PP & Sons's revenue grew by 60 per cent to INR598.5 million in
2014-15 (refers to financial year, April 1 to March 31) driven by
the firm receiving large one time orders. The revenue is expected
to reduce to 2013-14 levels over the medium term. The firm's
operating margin declined marginally to 9.7 per cent in 2014-15
from 11.1 per cent in the previous year.

The firm's operations remained working capital intensive as
reflected in its gross current asset (GCA) of around 168 days as
on March 31, 2015. The large working capital requirements emanate
from an elongated receivables cycle of 140 to 160 days, as the
firm supplies food grains under the Integrated Child Development
Scheme. As a result, the firm's reliance on external debt remains
high reflected in the high utilization of bank lines at 97 per
cent for the 12 months ended September 2015.

The firm's net worth increased to INR132 million as on March 31,
2015 from INR77 million a year ago on account of infusion of
funds into the firm to meet its increased working capital
requirements. This led to moderation in the capital structure
with total outside liabilities to tangible net worth (TOL/TNW)
ratio improving to 2.84 times as on March 31, 2015 from 4.09
times a year ago. However, the financial profile continues to be
constrained by PPS' exposure to group companies. The capital
withdrawals of the firm and exposure to group companies will
remain key rating sensitivity factors over the medium term.

PPS was set up by Mr. Ulhas Pagariya in 1994 as a proprietary
firm in Maharashtra. The firm undertakes wholesale trading of
food grains, spices, and edible oils. PPS is a part of the
Pagariya group, which has been in engaged in wholesale trading of
food grains, spices, and edible oils for 40 years.


POWER SPINNING: CRISIL Reaffirms B+ Rating on INR110MM Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Power Spinning Mills
(PSM) continue to reflect the firm's modest scale of operations
in the intensely competitive and highly fragmented textile
industry and the working capital-intensive operations. These
rating weaknesses are partially offset by the extensive
experience of promoters in the textile industry and the above-
average financial risk profile because of healthy gearing.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           110       CRISIL B+/Stable (Reaffirmed)
   Letter of Credit       20       CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes PSM will continue to benefit over the medium term
from the promoters' extensive industry experience. The outlook
may be revised to 'Positive' if a sustainable increase in revenue
and profitability results in large cash accrual and an improved
financial risk profile. Conversely, the outlook may be revised to
'Negative' in case of low revenue or profitability, or if the
working capital management weakens resulting in stretched
liquidity, or if any large, debt-funded capital expenditure
weakens the financial risk profile.

Update
PSM reported operating income and profitability of INR402 million
and 11 percent, respectively, for 2014-15 (refers to financial
year, April 1 to March 31), driven by steady offtake sales from
an established customer base. The operating performance for the
nine months through December 2015, was INR270 million. The firm
is likely to sustain its stable operating performance over the
medium term, given its established relationships with customers.
The operating profitability is expected remain at 10-11 percent
over the medium term, aided by healthy capacity utilisations. The
cash accrual is expected to be at INR20-23 million over this
period.

The financial risk profile is healthy because of gearing of 1.10
times as on March 31, 2015. The networth was moderate at INR112
million. The debt protection metrics are comfortable, as
reflected in net cash accrual to total debt and interest coverage
ratios at 0.12 time and 1.82 times, respectively, for 2014-15.
The capital structure is expected to improve on account of
expected equity infusion of around INR20 million in 2015-16 by
promoters. The financial risk profile is expected to remain above
average, supported by moderate accretion to reserves.

The liquidity is moderate, with expected annual cash accrual of
INR20-23 million for 2016-17 and 2017-18, respectively, against
debt obligation of INR7 million per annum, respectively. However,
the working capital requirement is large, with gross current
assets of 135 days as on March 31, 2015. Hence, the bank limits
are normally utilised at high levels of around 90 percent. The
liquidity is further supported by the absence of debt-funded
capex plans, and need-based fund support from promoters.

Established in 2003 as a partnership firm, PSM manufactures
cotton yarn. The firm is based in Tirupur and is managed by Mr.
Murugaswamy and Mr. Swaminathan.


PRAFFUL EXPORTS: Ind-Ra Assigns 'IND B' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Prafful Exports
(PE) a Long-Term Issuer Rating of 'IND B'. The Outlook is Stable.
A full list of rating actions is at the end of this commentary.

KEY RATING DRIVERS

The ratings reflect PE's small scale of operations, tight
liquidity position and weak credit metrics. Revenue was INR426
million in FY15 (FY14: INR402 million), net leverage was 6.3x
(7.3x) and EBITDA interest coverage was 1.4x (1.5x). EBITDA
margin fluctuated between 3.2% and 6.4% during FY12-FY15. The
company's fund based facilities were fully utilised over the 12
months ended February 2016.

The ratings factor in the partnership form of organisation.

The ratings are supported by over two decades of experience of
the company's promoter in the textile industry.

RATING SENSITIVITIES

Positive: A significant increase in the scale of operations and
profitability leading to a sustained improvement in the credit
metrics would be positive for the ratings.

Negative: A decline in the profitability resulting in a further
stretch in the liquidity profile could be negative for the
ratings.

COMPANY PROFILE

Started in 1993, PE exports fabrics and ready-to-stitch dress
materials to Europe, the US, and the Middle East.

PE's ratings are as follows:
-- Long-Term Issuer Rating: assigned 'IND B', Outlook Stable
-- INR60 million fund-based facilities: assigned 'IND
    B'/Stable/'IND A4'
-- INR35 million non-fund based facilities: assigned 'IND A4'


RAFFLES GREEN: CRISIL Cuts Rating on INR49.5MM Term Loan to 'C'
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Raffles Green Pet India Private Limited (RGP) to 'CRISIL C'
from 'CRISIL B-/Stable', and reaffirmed its rating on the short-
term facility at 'CRISIL A4'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         9.5      CRISIL A4 (Reaffirmed)
   Cash Credit           40.0      CRISIL C (Downgraded from
                                   'CRISIL B-/Stable')
   Proposed Long Term     1.0      CRISIL C (Downgraded from
   Bank Loan Facility              'CRISIL B-/Stable')
   Term Loan             49.5      CRISIL C (Downgraded from
                                   'CRISIL B-/Stable')

The downgrade reflects CRISIL's belief that RGP's business and
financial risk profiles will remain constrained over the medium
term on account of low offtake due to delay in operationalisation
of its PET-recycling manufacturing facility. With sales of around
INR20 million in the six months through February 2016. Liquidity
will remain stretched over the medium term due to tightly matched
cash accrual against debt obligations.

The rating reflects RGP's nascent stage and small scale of
operations in the highly competitive PET recycling industry,
large working capital requirement along with weak financial risk
profile marked by high gearing and below average debt protection
metrics. These rating weaknesses are partially offset by the
extensive industry experience of the company's promoters, and the
favourable location of its plant ensuring availability of raw
materials and labour.

Incorporated in 2013, RGP, based in Kadi, Gujarat, is engaged in
manufacturing pet flakes by recycling used PET bottles. The
company is promoted by Mr. Jerambhai Chhaganbhai Kalathiya and
his younger brother, Mr. Ankitbhai Mansukhbhai Ajani.


RAHUL TEXO: ICRA Reaffirms B+ Rating on INR5.80cr LT Loan
---------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B+ on the
INR5.8 crore long-term fund-based bank facilities of Rahul Texo
Print.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term; Fund
   Based Limits          5.80         [ICRA]B+; reaffirmed

ICRA's rating of Rahul Texo Print (RTP) continues to factors in
the intensely competitive nature of the fabric processing
industry, with low value addition and the fragmented nature of
industry, which keeps the operating margins low. Further, the
leveraged capital structure with a gearing of 4.31 times as on
March 31, 2015 along with declining operating margins has
suppressed the debt protection metrics. Further, the ratings also
factor in the risks inherent to its proprietorship constitution,
in terms of risk of capital withdrawal etc.

However, the rating favourably takes into account the established
track record and extensive experience of the promoters in the
textile industry and the favourable location of the facility in
Balotra, Rajasthan, which is a hub for processing poplin, rubia
etc, thereby facilitating easy access to raw material and labour.
The recently incurred capital expenditure on effluent treatment
plant will help in seamless production.

The ability of the firm to improve the profitability of its
operations and prudently manage its working capital cycle along
with increase in scale of operations will be the key rating
sensitivities. Any major debt-funded capital expenditure will
also be a key monitorable.

Mr Vinod Singhvi set up Rahul Texo Print, a proprietorship firm,
in 2009 and it is engaged in fabric processing at its unit in
Jasol near Balotra, Rajasthan. Mr. Singhvi has been in this line
of business for more than two decades. The firm has an installed
capacity for processing around 1.5 million meters of fabric per
month.

Recent Results
The firm reported a net profit of INR0.58 crore on an operating
income of INR55.09 crore in 2014-15 as against net profit of
INR0.25 crore on an operating income of INR29.43 crore in the
previous year.


RANGPUR TEA: CRISIL Assigns B- Rating to INR95.5MM Term Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Rangpur Tea Association Limited (RTAL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan             95.5      CRISIL B-/Stable
   Proposed Long Term
   Bank Loan Facility     0.5      CRISIL B-/Stable
   Bank Guarantee         4.0      CRISIL A4
   Cash Credit           50.0      CRISIL B-/Stable

The ratings reflect RTAL's modest scale of operations in the
highly fragmented tea industry and vulnerability of its operating
profitability to seasonality in production of tea. The ratings
also reflect a below average financial risk profile marked by
moderate capital structure and weak debt protection metrics.
These rating weaknesses are partially offset by the extensive
experience of RTAL's promoters in the tea industry.
Outlook: Stable

CRISIL believes that RTAL will continue to benefit over the
medium term from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' in case of substantial
and sustained improvement in the company's scale of operations
and accruals along with improved working capital management.
Conversely, the outlook may be revised to 'Negative' in case of
low operating income and accruals, stretch in working capital
cycle, or large debt-funded capital expenditure.

RTAL was incorporated in 1917 and was taken over by the present
management in 2005. RTAL is engaged in the tea plantation and
processing. Mr. Madan Lal Agarwal, Mr. Binod Kumar Agarwal, Mr.
Raj Kumar Agarwal, and Mr. Bhagirath Madan Lal Agarwal are the
company's directors.


ROYAL INFRASTRUCTURE: Ind-Ra Assigns 'IND BB-' LT Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Royal
Infrastructure (Royal) a Long-Term Issuer Rating of 'IND BB-'.
The Outlook is Stable. Ind-Ra has also assigned the company's
INR100.00 million long-term loans an 'IND BB-' rating with a
Stable Outlook.

KEY RATING DRIVERS

The ratings reflect the risks that would emanate from the large
inventory that Royal plans to hold in its ongoing project, Roses
& Crown-II. This project consists of 86 villas, out of which 47
have been booked. The management claims almost 80% completion on
the villas that have been sold.

The management plans to build and hold the remaining 39 villas to
benefit from price appreciation. This Ind-Ra believes exposes the
company to uncertainty as the quantum of price appreciation and
the duration for which the inventory is required to be held
cannot be known.

The ratings factor in the more than two decades of experience of
the proprietor in the real estate and construction segments.

RATING SENSITIVITIES

Positive: Sale of villas as planned, leading to strong visibility
of cash flows could lead to a positive rating action.

Negative: Any delay in the funding or time and cost overruns
stressing cash flows for debt service could lead to a negative
rating action.

COMPANY PROFILE

Incorporated in 2015, Royal is a special purpose vehicle set up
for the construction of 86 villas in Dholka. The proprietorship
firm is managed by Ms Kavita K. Mistry.


SAHASRALINGESHWARA POWER: ICRA Reaffirms B Rating on INR64cr Loan
-----------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B assigned to
INR64.00 crore term loan of Sahasralingeshwara Power Private
Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loan             64.00        [ICRA]B reaffirmed

The reaffirmation of rating remains constrained by the additional
time and cost overruns in the Nekkiladi project due to rock
strata issues which has resulted in increase in total project
cost to INR120.78 crore with revised expected COD of June 2017.
Further, the rating remains constrained by the exposure of the
company's cash flows to hydrology risks in the absence of deemed
generation clause in case of shortage of water resources. Also,
the rating remains tempered by the moderately leveraged project
funding with debt to equity mix of ~1.3:1 and corresponding
financial risk involved in case of commencement of debt repayment
prior to commencement of commercial operations. In addition, ICRA
also notes that the company's ability to tie up customers, given
that no Power Purchase Agreement (PPA) is in place as on date, is
critical for the project's viability. The rating, however,
continues to positively factor in the general supply-demand gap
in the power sector which is likely to ensure healthy offtake
notwithstanding the fact that PPA is not tied up at the moment;
and location of the plant in Karnataka state where there are
relatively more supportive regulations for open access and
banking for hydro power projects. The rating also positively
factors in the accessibility to the financial and managerial
strengths and technical knowhow of Soham Group which ensures
optimal usage of resources. Further, the project is also eligible
for INR3.50 crore of capital subsidy which is expected to improve
its viability to a certain extent.

Going forward, ability of the company to commence commercial
operations without any time and cost over runs remains the key
rating sensitivity. In the event of shortfall in accruals to
cater to debt obligations, the ability of the group to infuse
funds on a timely basis remains critical going forward.

Sahasralingeshwara Power Private Limited (SPPL) is part of the
Soham group which was incorporated in the year 1991 with diverse
interests in Renewable Energy Generation, Business Investments
and Infrastructure Development. With 53.5 MW of operational hydel
projects and one 12.5 MW of hydel project under construction, the
main focus of the group is renewable power generation in India.
SPPL is currently undertaking the construction of a mini hydel
project-Nekkiladi Mini Hydel Scheme (NMHS)-near Nekkiladi Village
in Karnataka. The project is a gated diversion weir being built
across Kumaradhara River with a capacity of 12.5 MW of power
generation per annum. The total project cost is INR120.78
crore(includes cost overrun of ~Rs. 30 crore), with the civil
works being undertaken by Mukthar Infrastructure Private Limited,
Electro Mechanical Works provided by BFouress Private Limited and
Hydro Mechanical works by Meclin Infrastructure Private Ltd. The
project is expected to be operational by June 2017(time overrun
of ~3 years). SPPL is a 100% subsidiary of Ambuthirtha Power
Private Limited (rated [ICRA]BBB(Stable)), another Soham group
entity which is also into generation of hydro power with its 22
MW Mahatma Gandhi Hydro electric (MGHE) Tail race scheme.


SAHYADRI HEALTHCARE: CRISIL Reaffirms B+ Rating on INR105MM Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Sahyadri
Healthcare and Diagnostics Private Limited (SHD) continues to
reflect its below-average financial risk profile because of weak
debt protection metrics, small networth, stretched liquidity, and
moderate gearing.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Long Term
   Bank Loan Facility    20.5      CRISIL B+/Stable (Reaffirmed)

   Term Loan            105.0      CRISIL B+/Stable (Reaffirmed)

This rating weakness is partially offset by the benefits SHD
derives from its association with Narayana Health Pvt Ltd (NHPL)
for management of its hospital venture; the rating also factors
in the support received from its promoters.
Outlook: Stable

CRISIL believes SHD will continue to benefit over the medium term
from its association with NHPL. The outlook may be revised to
'Positive' if significantly high accrual and additional infusion
by promoters result in improvement in the financial risk profile,
especially liquidity. Conversely, the outlook may be revised to
'Negative' if sizeable, debt-funded capital expenditure or
considerably lower than expected accrual weakens its ability to
service debt.

SHD was incorporated in 2009, and is promoted by Mr. Raghavendra
Yeddyurappa and Mr. Vijayendra Yeddyurappa. The company has set
up a multi-speciality hospital in Shimoga. SHD has tied up with
NHPL (promoted by Dr. Devi Prasad Shetty) for management of its
hospital, which commenced operations in November 2012.


SAMALESWARI EDUCATION: CRISIL Reaffirms B- Rating on INR98MM Loan
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Samaleswari
Education Trust (SET) continues to reflect the trust's average
financial risk profile because of average gearing and modest debt
protection metrics, small scale of operations, and susceptibility
to regulatory changes in the education sector.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Long Term
   Bank Loan Facility     98       CRISIL B-/Stable (Reaffirmed)

   Rupee Term Loan        80       CRISIL B-/Stable (Reaffirmed)

The rating also factors in weak liquidity owing to insufficient
cash accrual from operations to meet term debt obligations, and
moderately utilised working capital limit. These rating
weaknesses are partially offset by the extensive experience of
the trust's promoters in the education sector, and benefits
expected from the favourable demand prospects for the sector over
the medium term.
Outlook: Stable

CRISIL believes SET's liquidity will remain constrained over the
medium term due to inadequate cash accrual to meet debt
obligations. The outlook may be revised to 'Positive' if there is
a substantial increase in occupancy at the trust's institute,
thereby significantly improving its surplus and cash accrual.
Conversely, the outlook may be revised to 'Negative' if liquidity
deteriorates significantly because of inadequate funding support
from promoters, a decline in surplus resulting in low cash
accrual, or major debt-funded capital expenditure.

Set up in 2008, SET operates an engineering institute, Silicon
Institute of Technology, which provides an engineering degree
(Bachelor of Technology) in five streams: computer science,
civil, electrical, electronics and communication, and mechanical.
The institute is located in Sambalpur. It is affiliated to the
Biju Patnaik University of Technology and all its courses are
approved by the All India Council for Technical Education.
Currently, the trust is managed by Mr. Ramanand Mishra, managing
trustee, and Mr. Sanjeev Nayak, vice chairperson.


SANDHYA POULTRY: CRISIL Assigns 'B' Rating to INR104.5MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Sandhya Poultry Farms (SPF)

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           20        CRISIL B/Stable
   Rupee Term Loan      104.5      CRISIL B/Stable

The rating reflects SPF's modest financial risk profile because
of low networth, high gearing and weak debt protection metrics,
exposure to project risk and average scale of operations. These
weaknesses are mitigated by the partners' experience in the
poultry industry.
Outlook: Stable

CRISIL believes SPF will continue to benefit from the partners'
experience. The outlook may be revised to 'Positive' if
significant growth and sustenance in revenue and operating margin
result in better-than-expected cash accrual. Conversely, the
outlook may be revised to 'Negative' if significantly low cash
accrual, stretched working capital cycle, or large, debt-funded
capital expenditure weakens financial risk profile.

Registered in 1997, SPF is a family-run poultry farm in
Telangana. It is managed by the Narsi family and was started by
Mr. A Narsimulu. The firm had a poultry farm consisting of 1 lac
chickens; it has been recently expanded to 4 lac chickens.


SHIVAM PIPE: ICRA Assigns B- Rating to INR5.5cr Cash Loan
---------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B- to the INR3.50
crore1 term loan, the INR5.50 crore cash credit facility and the
INR2.00 crore non-fund based facility of Shivam Pipe Industries.

                          Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Term Loan                3.50        [ICRA]B- assigned
   Cash Credit              5.50        [ICRA]B- assigned
   Non-Fund Based Limit     2.00        [ICRA]B- assigned

The rating takes into account SPI's high working capital
intensity due to a high receivable period and high inventory
holding, leading to a stretched liquidity position as reflected
by a high utilization of working capital limits. ICRA notes the
expected large debt funded capital expenditure, which is likely
to keep cash flows under pressure in the near term. ICRA also
notes that the early stage of execution of the project undertaken
by SPI exposes it to project execution risks. The rating further
takes cognizance of SPI's improving, but low capacity
utilization, leading to a moderate scale of current operations as
well as an adverse impact on business returns. Another rating
concern is the inherent cyclicality in the steel industry, which
is likely to keep profitability and cash flows volatile in
future. In addition, ICRA takes note of the risks associated with
the partnership nature of the firm, which includes the risk of
capital withdrawal. The rating, however, derives comfort from the
moderate experience of the promoters in the mild steel (MS) pipe
manufacturing industry. ICRA also notes SPI's eligibility for
fiscal incentives under the North Eastern Industrial and
Investment Promotion Policy (NEIIPP) 2007 scheme, which is likely
to support profitability, going forward, and the promoter's
demonstrated support in extending interest free unsecured loans.

SPI is a partnership firm promoted by the Guwahati-based Mr.
Ratan Lal Bhati. It commenced operations from 2012. SPI has a
manufacturing capacity of 12,000 metric tons per annum (mtpa) of
mild steel pipes and steel tubular poles at its facility at
Kamalpur in Guwahati, Assam.

Recent Results
In FY2015, SPI reported a profit after tax (PAT) of INR1.14 crore
on an operating income (OI) of INR28.09 crore, as compared to a
PAT of INR0.05 crore on an OI of INR18.48 crore in FY2014.


SHREE ASHAPURA: CRISIL Suspends C Rating on INR50MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Shree
Ashapura Stevedores and Cargo Carriers Private Limited (SASCC).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             50      CRISIL C

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

Incorporated in 2010, SASCC is engaged in providing various kinds
of shipping solutions such as cargo handling, custom clearances,
stevedoring activities, and inland/external transportation of
cargo. The operations are carried out at the Kandla (Gujarat) and
Visakhapatnam (Andhra Pradesh) ports. The company has its
registered office located at Gandhidham (Gujarat).


SHREE COTEX: ICRA Reaffirms B Rating on INR7cr Cash Loan
--------------------------------------------------------
ICRA has reaffirmed the [ICRA]B rating assigned to the INR8.78
crore long term fund based facilities of Shree Cotex.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Cash Credit facility      7.00      [ICRA]B reaffirmed
   Term Loan                 1.78      [ICRA]B reaffirmed

The reaffirmation of rating factors in Shree Cotex's (SC) small
scale and limited track record of operations and weak financial
profile as is reflected in its low net profitability, stretched
capital structure and weak coverage indicators. The rating is
further constrained by the highly competitive and fragmented
industry structure owing to low entry barriers and vulnerability
to raw material prices, which are subject to seasonality, crop
harvest and regulatory risks with regard to MSP for raw cotton
fixed by GoI. ICRA also notes that SC is a partnership concern
and any substantial withdrawal from capital account in future
could adversely impact the credit profile of the firm.

The rating however, continues to favourably factor in the long
standing experience of the partners in the business and
favourable location of SC's manufacturing facility in Rajkot
giving it easy access to raw cotton.

Shree Cotex (SC) was set up as a partnership firm in the year
2013 with the operating commencing from July 2014. It is engaged
in the business of manufacturing cotton bales and cotton seeds
through the ginning and pressing of raw cotton (kapas). The
firm's manufacturing facility is located at Rajkot, Gujarat and
is equipped with 30 ginning and 1 pressing machine with the
processing capacity of ~13,759 Metric Tonnes (MT) of raw cotton
annually (Considering 182 working days in a year).

Recent Results
For the year ended on March 31, 2015, the firm reported an
operating income of INR23.76 cr. and profit after tax of INR0.17
cr. Further, the firm has achieved a turnover of INR18.34 crore
in current financial year till 31st December 2015 (provisional
numbers).


SHREE RENUKA: ICRA Lowers Rating on INR2,949cr Loan to 'D'
----------------------------------------------------------
ICRA has downgraded the long-term rating of [ICRA]BB with
Negative outlook and the short-term rating of [ICRA]A4 to [ICRA]D
outstanding on the bank facilities of Shree Renuka Sugars Limited
(SRSL) aggregating to INR6,513.47 crore (revised from INR6,299.92
crore).

                           Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Term Loans              1,744.47     [ICRA]D downgraded
   Fund Based Limits       2,949.00     [ICRA]D downgraded
   Non-Fund Based Limits   1,820.00     [ICRA]D downgraded

The downgrade of ratings takes into account the delays in debt
servicing by the company in recent past owing to stretched
liquidity position arising from inadequate accruals from core
operations and high debt repayment obligations. The depressed
sugar prices prevalent during Sugar Year (SY)3 2015 coupled with
the high sugarcane costs have widened the company's PBIT4 level
losses in the sugar business to INR210.8 crore for 9m-FY2016 as
against losses of INR84.4 crore for 9m-FY2015. With high interest
burden along with forex losses, the company's net losses too
increased sharply. A Joint Lenders' Forum (JLF) has been formed
to review the company's refinancing package wherein it has sought
additional term loans. While most of the banks have approved the
package, the timely disbursement of the same would remain
important from a credit perspective.

The ratings continue to remain impacted by the weak consolidated
financial profile of the company as poor weather conditions in
Brazil and increased liabilities on USD denominated loans due to
depreciation of the Brazilian currency have affected the
company's plans of turning around its Brazilian subsidiaries in
the sugar business. In September 2015, the Brazilian subsidiaries
had filed for bankruptcy protection and the management is
currently in discussions with the lenders for restructuring of
the loans on the books of the Brazilian subsidiaries. The ratings
also take into account the risks arising out of the inherent
cyclicality in sugar business, exposure to agro-climatic risks
and vulnerability to regulatory policies, apart from the exposure
to price fluctuations for the company's trading business. ICRA
has also taken note of the sizeable amount of corporate
guarantees extended by SRSL to its subsidiaries.

ICRA however positively notes the recovery in the sugar prices
seen over the past 4-5 months supported by the reduced estimates
on domestic sugar production for SY2016 along with the higher
export quantity of 40 lakh MT mandated by the Central Government.
At the current prevailing sugar prices and cane costs, the sugar
business is profitable for the company which would aid in
improving its liquidity position. Nonetheless, a prolonged period
of healthy sugar realisations would remain important for a
turnaround in the company's financial profile. ICRA also
positively notes the company's complete forward integration into
distillery and co-generation operations and advantage of being
located in Maharashtra and Karnataka states that are regions with
high recovery rates, long crushing season and relatively flexible
Fair & Remunerative Price (FRP) based cane price regime.

Shree Renuka Sugars Limited (SRSL) is one of the largest private
sector sugar manufacturers in the country, promoted by first
generation entrepreneurs, viz. Murkumbi family, with a combined
crushing capacity of about 42,000 TCD (across seven units) in
India and 59,520 TCD (across four units) in Brazil. The plants in
India are located in the states of Maharashtra and Karnataka. The
company has significant presence in South Brazil through
acquisitions of Renuka Vale do Ivai in March 2010 (100% owned)
and Renuka do Brasil (formerly Euipav Acucar e Alcohol) in July
2010 (50.34% stake, which was increased to 59.4%5 by March 2012).

SRSL has been one of the first mills to be fully forward
integrated into distillery (using molasses, a by-product of
sugar) and co-generation (based on bagasse) operations. SRSL
mainly manufactures fuel grade ethanol that can be blended with
petrol. Global distillery capacity of SRSL is 4,160 KL per day
(KLPD) with Indian distillery capacity at 930 KLPD (630 KLPD from
molasses to ethanol and 300 KLPD from rectified spirit to
ethanol) and Brazil distillery capacity at 3,230 KLPD. The
company has a total co-generation capacity of 584 MW with a total
exportable surplus of 356 MW. The company also carries out
refining activity, i.e. conversion of raw sugar to white sugar,
from its 2,500 TPD unit at Haldia (West Bengal) and 3,000 TPD
unit at Kandla (Gujarat).

Renuka Vale do Ivai was previously a distressed Brazilian sugar
and ethanol producer with a total crushing capacity of 3.1
million MT per annum and it has strategic stake in warehouses and
loading facilities at Paranagua port in Brazil. Renuka do Brasil
has sugar/ethanol mills with integrated co-generation facilities.
It has about 10.5 million MT annual crushing capacity along with
co-generation capacity of 295 MW.

For FY2015, SRSL reported net loss of INR295.1 crore on an
operating income of INR5,744.2 crore. For 9m-FY2016, SRSL has
reported net loss of INR505.5 crore on an operating income of
INR4,044.2 crore (unaudited). On a consolidated basis, for
FY2015, SRSL reported net loss of INR1,813.6 crore on an
operating income of INR10,087.6 crore.


SHRI BANKE: ICRA Assigns B- Rating to INR5.0cr Cash Loan
--------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B- to the INR5.00
crore1 cash credit facility, the INR0.35 crore non-fund based
facilities and the INR4.65 crore unallocated limit of Shri Banke
Bihari Polyfab Private Limited. The above unallocated limit of
INR4.65 crore has also been rated on a short term scale for which
an [ICRA]A4 rating has been assigned.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           5.00        [ICRA]B- assigned

   Non Fund Based
   facilities            0.35        [ICRA]B- assigned

   Unallocated limit     4.65        [ICRA]B-/[ICRA]A4 assigned


The ratings take into consideration the significant decline
witnessed in operating profitability during FY2014 and FY2015
owing to adverse market conditions and adverse financial profile
characterized by nominal profit and cash accrual from core
operations leading to weak debt coverage indicators. This is
reflected by an interest cover of around 0.06 time and net cash
accruals relative to total debt of 17% as on March 31, 2015. ICRA
notes that the expected debt funded capacity expansion is also
likely to deteriorate capital structure and interest cover. The
ratings also take cognizance of the high working capital
intensive nature of SBBP's operations, which adversely impacts
its liquidity position. Its high sectoral concentration risk is
another concern, since almost the entire revenue is generated by
the cement industry. The ratings also take into account the
highly fragmented nature of the industry, characterized by a
large number of players; the limited product differentiation,
which in turn leads to intense competition and keeps margins
under check; and the small scale of operations of the company at
present. The ratings, however, derive comfort from the moderate
experience of the promoters in the plastic packaging industry.
ICRA notes the established relationships enjoyed by SBBP with its
reputed clients that result in repeat orders and minimizes
counterparty risks to a large extent. The demonstrated ability of
the promoters to regularly infuse equity to support business
operations is another rating comfort. ICRA also notes that
trading of PP granules is likely to support profitability to an
extent during FY2016.

Shri Banke Bihari Polyfab Private Limited (SBBP), incorporated in
2008, began operations from April 2010 as a manufacturer of High
Density Polyethylene (HDPE) woven sacks and cement bags. At
present, the company has an installed production capacity of
3,100 MTPA for HDPE woven fabric at its manufacturing facility at
Burdwan, West Bengal. The company also trades in various
commodities based on market opportunities. In FY2015, SBBP also
started trading in Polypropylene (PP) granules.

Recent Results
In FY2015, SBBP reported a profit after tax (PAT) of INR0.10
crore on an operating income (OI) of INR27.61 crore, as compared
to a PAT of INR0.18 crore on an OI of INR26.10 crore in FY2014.


SNQS INTERNATIONAL: ICRA Reaffirms B+ Rating on INR5cr LT Loan
--------------------------------------------------------------
ICRA has reaffirmed the long term rating at [ICRA]B+ outstanding
on the INR3.00 crore (revised from nil) term loans, INR5.00 crore
(revised from INR10.00 crore) fund based facilities and INR6.00
crore fund based sub-limits facilities of SNQS International
Socks Private Limited. ICRA has also withdrawn the short-term
rating of [ICRA]A4 outstanding on the INR2.00 fund based
facilities of the Company.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long term: Term
   loan facilities       3.00       [ICRA]B+ reaffirmed

   Long Term: Fund
   Based Facilities      5.00       [ICRA]B+ reaffirmed

   Long term: Fund
   based (sublimit)
   facilities           (6.00)      [ICRA]B+ reaffirmed

   Short term: Non-      Nil        [ICRA]A4 withdrawn
   fund based       (revised from 2.00)
   facilities

The ratings continue to factor in the significant experience of
the promoters in the textile industry and the Company's strong
ties with established retail chains in Europe through S.N.Q.S
International (parent), a key sourcing agency which provides
revenue visibility in the medium term. The ratings favorably
consider the growth in revenues of the company in 2014-15 aided
by the healthy growth in volumes and scale up of trading
operations, and the improvement in profitability on the back of
various cost control measure undertaken by the management. The
rating also factors in the improvement in debt metrics following
the reduction in debt levels, though the same continue to be
stretched. The ratings are however, constrained by the small
scale of operations with earnings being vulnerable to
fluctuations in raw material prices and power costs. The ratings
are also constrained by the stretched liquidity position owing to
the working capital intensive nature of operations with high
inventory and receivable periods. Going forward, the ability of
the company to improve its scale of operations and subsequently
improve its earnings and liquidity position would be the key
rating sensitivities.

SNQS International Socks Private Limited was formed by the take-
over of a company called M/s Jeyalakshmi Associates, which was
started in 1993 and was part of Lakshmi Machine Works (LMW)
group. Post take-over in 2001, Mr. Elangovan, the Managing
Director decided to convert the company into a 100% export
oriented unit to manufacture and export socks. The company has
its production unit in Coimbatore with an installed capacity of ~
two million dozen pairs of knitted socks per annum The company
exports mainly to major brands/retailers in US and Europe and
also to some domestic branded manufacturers. The Company has
begun trading operations since 2013-14.

Recent Results
SNQS Socks reported a net profit of INR0.4 crore on an operating
income of INR27.8 crore in 2014-15, as against a net loss of
INR0.9 crore on an operating income of INR19.0 crore for 2013-14.


SOHAM MANNAPITLU: ICRA Reaffirms B+ (SO) Rating on INR54.4cr Loan
-----------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+(SO) assigned
to INR54.40 crore term loan of Soham Mannapitlu Power Private
Limited. The letters SO in parenthesis suffixed to a rating
symbol stands for Structured Obligation. An SO rating is specific
to the rated issue, its terms, and its structure. SO rating does
not represent ICRA's opinion on the general credit quality of the
issuers concerned.
                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loan             54.40        [ICRA]B+(SO) reaffirmed

ICRA has factored in the comfort drawn from the pledge of 30% of
SMPPL's shares held by the parent Ambuthirtha Power Private
Limited (APPL rated [ICRA]BBB(Stable)) in favour of the lender
and also from the Non-Disposal Undertaking-Power of Attorney
(NDU-POA) on balance 70% of SMPPL's shares held by APPL to the
lender. The pledge agreement and NDU POA covers the principal and
interest payment obligations on the rated debt.

Soham Mannapitlu Power Private Limited (SMPPL) is promoted by the
Soham Group which was incorporated in the year 1991 and currently
has interests in Renewable Energy Generation, Business
Investments and Infrastructure Development. With 53.5 MW of
operational hydel projects and one 12.5 MW hydel project under
construction, the main business activity of the group has been
renewable power generation in India. SMPPL is an Independent
Power Producer (IPP) which operates a 15 MW run of the river
hydel power plant on River Puchamugaru, in the Dakshina Kannada
District of Karnataka. Earlier, SMPPL was 100% held by Soham
Renewable Energy India Private Limited (SREIPL rated [ICRA]B)
which is the flagship company of the Soham group. However, in
October 2011, the entire stake of SMPPL was bought by Ambuthirtha
Power private Limited (APPL rated [ICRA]BBB(Stable)) for INR20.78
crore, pursuant to which SMPPL became a 100% subsidiary of
APPL.In FY 2015, the company generated a PLF of 21.7% as against
24.9% in FY 2014.

About Ambuthirtha Power Private Limited:

Ambuthirtha Power Private Limited(APPL) operates a 22 MW
containment run of the river hydel power plant located near Jog
Falls in the Shimoga district of Karnataka under the Mahatma
Gandhi Hydro electric (MGHE) Tail race scheme. Soham Renewable
Energy India Private Limited holds 100% stake in APPL. The
company has two 100% subsidiaries namely SMPPL and
Sahasralingeshwara Power Private Limited(SPPL) which is into
construction of a 12.5 MW hydel power plant in Karnataka.

As per audited financials for FY2015, APPL achieved Operating
Income (OI) of INR46.39 crore and Profit after Tax (PAT) of
INR16.73 crore as against OI of INR37.29 crore and PAT of
INR10.51 crore in FY2014.


SOHAM PHALGUNI: ICRA Reaffirms 'B' Rating on INR35.23cr Loan
------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B assigned to
INR35.23 crore term loan of Soham Phalguni Renewable Energy
Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loan             35.23        [ICRA]B reaffirmed

The reaffirmation of rating is constrained by the lower than
expected performance of the Mulibettu project post commencement
of operations in June 2015 owing to subdued monsoons during the
year. While ICRA notes that repayment of debt obligations
commenced in July 2015 for the company, the same was catered to
through funding support from the Soham group. Further, the rating
remains constrained by the relatively high capital cost of the
project, and the exposure of the company's cashflows to hydrology
risks due to absence of deemed generation clause in case of
shortage of water resources. The rating, however, continues to
positively factor in the presence of Power Purchase Agreement
(PPA) of the company with Mangalore Electricity Supply Company
Limited (MESCOM) which ensures healthy off take of power; and the
location of the plant in Karnataka state where there are
relatively more supportive regulations for open access and
banking for hydro power projects. In addition, the rating
continues to positively factor in access of SPREPL to the
financial and managerial strengths and technical knowhow of Soham
Group which ensures optimal usage of resources. Further, the
project is also eligible for INR3.10 crore of capital subsidy
which is expected to improve its viability to a certain extent.

The ability of the company to generate commensurate accruals for
repayments by generating healthy quantum of power remains the key
rating sensitivity from credit perspective. In the event of
shortfall in accruals to cater to debt obligations, the ability
of the group to infuse funds on a timely basis remains critical
going forward.

Soham Phalguni Renewable Energy Private Limited (SPREPL) is part
of the Soham group which was incorporated in the year 1961 with
diverse interests in Renewable Energy Generation, Business
Investments and Infrastructure Development. With 53.5 MW of
operational hydel projects and one 12.5 MW hydel project under
construction, the main business activity of the group has been
renewable power generation in India. SPREPL is currently
operating the Mulibettu Mini Hydel Scheme (MMHS)-located 1 km
east from the village of Mannapitlu, Karnataka. The project is a
gated diversion weir being built across the river Phalguni with a
capacity of 10.5 MW of power generation per annum and has
commenced commercial operations in June 2015.


SOHAM RENEWABLE: ICRA Reaffirms 'B' Rating on INR38.7cr Loan
------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B assigned to
INR38.70 crore1 term loan of Soham Renewable Energy India Private
Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loan             38.70        [ICRA]B reaffirmed

The reaffirmation of rating is constrained by the lower than
expected performance of the Mahadevapura Mini Hydel Scheme (MMHS)
in the on-going FY 2016 due to subdued monsoons and delay in
completion of left bank weir work in September 2015(as against
expected timeline of June 2015). While ICRA notes that repayment
of term obligations for the project has been supported by equity
infusion despite lower revenue in-flow in the project, the
ability of the group to infuse funds on a timely basis going
foward in case of a shortfall in accruals to cater to repayments
remains crucial, given that the project is yet to demonstrate
consistent performance in terms of power generation. Further, the
rating continues to remain constrained by the high capital
cost(Rs.11.28 crore/MW) of the project, and exposure of SREIPL's
cashflows to hydrology risks as the project is not covered under
any deemed generation clause in case of loss of generations due
to shortage of water. In addition, the rating remains tempered by
the open tenor nature of the PPA with Tanglin Developments
Limited (TDL), mitigated to a certain extent by the demand-supply
gap in Karnataka; and the sizeable capacity expansion plan of the
Soham group which is likely to entail fungibility of monetary
resources across various entities in the group. The rating,
however, positively factors in the receipt of INR25 crore equity
in SREIPL from strategic investors in FY 2015 which has eased
funding requirements for the group, and the eligibility of the
MMHS project for receipt of capital subsidy of INR2.2 crore which
is likely to improve its viability. The rating continues to
positively consider the financial and managerial strengths and
technical knowhow of Soham Group which ensures optimum usage of
resources with in-house operation and maintenance activities, and
the ability of the group to raise funds from various strategic
investors in order to meet its funding requirements.
Going forward, the company's ability to cater to debt repayment
obligations in a timely manner by achieving consistent
generations and thereby stable revenue in-flow remains the key
rating sensitivity.

Incorporated in November 1991, Soham Renewable Energy India
Private Limited (SREIPL) is the flagship company of Soham group
which has interests in Renewable Energy Generation, Business
Investments and Infrastructure Development. With 53.5 MW of
operational hydel projects and one 12.5 MW of hydel project under
construction, the main business activity of the group has been
renewable power generation in India. SREIPL operates a mini hydel
power project (MMHS) located 2 km from the village of
Mahadevapura, Mandya District, Karnataka. The project is a gated
diversion weir being built across the river Cauvery with a
capacity of 6 MW of power generation per annum. The project has
achieved partial COD in March 2014 and full scale operations in
September 2015 post completion of left bank weir work.


SRI RAMA: CRISIL Suspends B+ Rating on INR129MM LT Loan
-------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sri Rama Textile Spinning Mills Limited (SRTSML).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            40       CRISIL B+/Stable
   Letter of Credit       30       CRISIL A4
   Proposed Long Term
   Bank Loan Facility    129       CRISIL B+/Stable

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

SRTSML, established in 2005, manufactures cotton yarn. Its day-
to-day operations are managed by its director Mr. P Muthuswamy.


SRI VYJAYANTHI: CRISIL Suspends 'D' Rating on INR25MM Term Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sri Vyjayanthi Labs Private Limited (SVLPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         2.5      CRISIL D
   Cash Credit           20        CRISIL D
   Letter of Credit      10        CRISIL D
   Proposed Long Term
   Bank Loan Facility    10.5      CRISIL D
   Term Loan             25        CRISIL D

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

SVLPL is promoted by Mr. V Satyanarayana Raju and Mrs. M.
Sridevi. The company has its manufacturing facility at Parvada
(Andhra Pradesh). It manufactures mineral and drugs, which are
supplied to various pharmaceutical companies.


SYSTEM CONTROL: ICRA Assigns B+ Rating to INR3.75cr Cash Loan
-------------------------------------------------------------
ICRA has assigned long term rating of [ICRA]B+ to INR3.75 crore
cash credit facility, INR2.00 crore non-fund based facilities and
INR0.25 crore term loan of System Control & Automation Private
Limited. The non-fund based facilities have also been rated on
short-term scale for which ICRA has assigned the short term
rating of [ICRA]A4.
                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash credit           3.75        [ICRA]B+ assigned
   Non-fund based
   Facilities            2.00        [ICRA]B+/[ICRA]A4 assigned

  Term loan              0.25        [ICRA]B+ assigned

The ratings take into account the fragmented nature of the
industry and low entry barriers leading to intense competition
from various organised and unorganised players which has
adversely impacted the operating profitability of the company
during the last three financial years and high dependence on
creditor funding to manage stretched liquidity position which has
resulted in high total outside liabilities relative tangible net
worth ratio which stood at 4.78 time as on March 31, 2015. High
utilisation of working limit further highlights the stretched
liquidity position of the company. The ratings also consider
vulnerability of the company to client concentration risk with
high revenue dependence on a single entity, i.e CESC Ltd, and
small scale of operations at present. However, long standing
relationship with the client mitigates the client concentration
risk to an extent. The ratings, however, derive comfort from
significant growth in turnover of the company during the last two
financial years owing to increase in order execution, established
experience of the promoters with long track record of more than
two decades in the control and relay panel board industry and
long established relationship with reputed supplier base like
Alstom India Ltd and Siemens Ltd.

Incorporated in 1993, SCAPL is engaged in manufacturing of
electrical relay and control panel. The manufacturing facility is
located at Beleghata CIT more. SCAPL is authorised Original
Equipment Manufacturer (OEM) of Alstom India Ltd and Value Added
Reseller (VAR) partner of Siemens Ltd. The promoters have
experience of more than two decades the control and relay panel
board industry. SCAPL has reputed clientele comprising both
public and private sector players.

Recent Results
In 2014-15, SCAPL reported a profit after tax (PAT) of INR0.37
crore on an operating income of INR26.39 crore as compared to a
PAT of INR0.29 crore on an operating income of INR21.29 crore in
2013-14.


T. ASOKAN: CRISIL Reaffirms B+ Rating on INR50MM Cash Loan
----------------------------------------------------------
CRISIL's ratings on the bank facilities of T. ASOKAN (TA)
continue to reflect TA's modest scale of operations in the
intensely competitive civil construction segment, and below-
average financial risk profile marked by a small net worth. These
weaknesses are mitigated by the proprietor's extensive
experience.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         30       CRISIL A4 (Reaffirmed)

   Cash Credit            50       CRISIL B+/Stable (Reaffirmed)

   Proposed Working
   Capital Facility       40       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes TA will benefit over the medium term from its
proprietor's experience. The outlook may be revised to 'Positive'
if scale of operations increases significantly while maintaining
operating profitability, or working capital management improves,
resulting in better financial risk profile. Conversely, the
outlook may be revised to 'Negative' if decline in cash accrual
or inefficient working capital management weakens financial risk
profile, especially liquidity.

TA is a Kozhikode-based civil contractor. Its operations are
managed by its proprietor, Mr. T Asokan.

TA reported, on a provisional basis, a profit after tax ( PAT) of
around INR2 million on net sales of around INR63 million in 2014-
15(refers to FY April 1 to March 31) as against a PAT of INR 2
million on net sales of INR73 million for 2013-14.


TANEJA VIDYUT: ICRA Lowers Rating on INR3.5cr Loan to B+
--------------------------------------------------------
ICRA has revised its long term rating on the INR3.50 crore fund
based limits of Taneja Vidyut Control Pvt. Ltd. to [ICRA]B+ from
[ICRA]BB-(Stable). ICRA has reaffirmed its short term rating on
the company's INR3.50 crore non fund based limits at [ICRA]A4.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund Based Limits        3.50      [ICRA]B+; revised from
                                      [ICRA]BB- (Stable)

   Non Fund Based Limits    3.50      [ICRA]A4; reaffirmed

The revision in the long term ratings is driven by the sharp
increase in TVCPL's working capital intensity due to a build-up
of receivables and high inventory days. ICRA has also taken note
of the increase in receivables of more than 6 months, on account
of delayed payments from TVCPL's clients-Unitech Developers and
Projects Limited and JMD Limited. The inventory days are high on
account of work being carried out at multiple sites. The
increased working capital intensity has resulted in a stretched
liquidity position, with the utilization of the bank limits at
near full levels. The ratings also take into account the
company's modest scale of operations and its dependence on
customer clearances, resulting in volatility in revenues and
working capital requirements. The ratings are further constrained
by the low entry barriers and fragmented industry structure,
coupled with competition from organized and unorganized players.
The ratings, however, find support from the long standing
experience of the promoters in the electrical industry,
established relationships with its key customers and healthy
order book position which provides future revenue visibility.

Going forward, timely completion of the pending order book as
well as TVCPL's ability to augment its scale of operations, while
improving profitability and effective management of its working
capital requirements, with timely realization from its customers,
will be the key rating sensitivities.

Taneja Vidyut Control Private Limited (TVCPL) was incorporated in
1999 by Mr. Anil Taneja and Ms. Ritu Taneja. TVCPL is engaged in
executing Engineering, Procurement and Construction (EPC)
projects on turnkey basis, for installation of sub-station
transmission lines and distribution substations, HT/LT electrical
wiring for hotels, hospitals, residential and commercial real
estate etc. The company operates mainly in the National Capital
Region (NCR), Punjab and West Bengal.

Recent Results
TVCPL has reported a net profit (PAT) of INR0.48 crore on an
operating income of INR25.89 crore in FY 2014-15, as compared to
net profit of INR0.50 crore on an operating income of INR29.39
crore in the previous year.


TIRUPATI IRON: CRISIL Lowers Rating on INR65MM Loan to B+
---------------------------------------------------------
CRISIL has downgraded its rating on the long term bank facilities
of Tirupati Iron India Private Limited (TIIPL) to 'CRISIL
B+/Stable' from 'CRISIL BB-/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             65      CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

   Proposed Long Term      55      CRISIL B+/Stable (Downgraded
   Bank Loan Facility              from 'CRISIL BB-/Stable')

The rating downgrade reflects deterioration in TIIPL's liquidity
and financial profiles on the back of a continued stretch in its
working capital cycle. The company's working capital requirements
have increased on account of growth in its scale of operations
and continued elongation in its working capital cycle, which has
led to full utilization in its bank lines. The company's revenue
grew by 20 per cent in 2014-15 to INR425 million. The company had
gross current assets of 141 days as on March 31, 2015 with debtor
levels of 88 days. The growing scale of operations along with low
cash accruals' generation led to an increased reliance on bank
debt. As a result, company's total outside liabilities to
tangible net worth (TOL/TNW) ratio increased to 5.12 times as on
March 31, 2015 from 4.83 times a year ago. The working capital
management will remain a key rating sensitivity factor affecting
the liquidity and financial profiles over the medium term.

CRISIL's rating on the bank facilities of TIIPL continues to
reflect TIIPL's long-standing presence and its promoters'
extensive experience in trading of iron and steel products. These
rating strengths are partially offset by TIIPL's below-average
financial risk profile marked by small net worth, weak capital
structure and average debt protection metrics, driven by working-
capital-intensive operations and low profitability. The ratings
also factor in the company's modest scale of operation in the
highly fragmented and intensely competitive industry.
Outlook: Stable

CRISIL believes that TIIPL will continue to benefit over the
medium term from the extensive industry experience of its
promoters. The outlook may be revised to 'Positive' if TIIPL
demonstrates a material improvement in its liquidity and
financial profiles most likely on the back of improvement in its
working capital cycle or infusion of funds into the company.
Conversely, the outlook may be revised to 'Negative' if company's
financial risk profile particularly liquidity deteriorates
further, most likely caused by pressure on profitability, and
stretch in its working capital cycle.

Incorporated in 2002 by Mr. Ashok Kumar Gupta, TIIPL trades in
iron and steel products. The company's product profile comprises
hot-rolled coils, thermo-mechanically treated (TMT) bars, MS
angles, MS channels and other structural steel products. The
company is based out of Bhopal (Madhya Pradesh) and has two
warehouses of its own at Bhopal and one at Raipur (Chhattisgarh).


URJA TECH: CRISIL Reaffirms B Rating on INR160MM Cash Loan
----------------------------------------------------------
CRISIL's ratings on the bank facilities of Urja Tech (UT; part of
Urja Group) continues to reflect Urja Group's modest scale of
operations, tender-based nature of business, and working-capital-
intensive operations. These rating weaknesses are partially
offset by the benefits that the extensive experience of Urja
Group's promoters in the civil construction business.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee        60        CRISIL A4 (Reaffirmed)
   Cash Credit          160        CRISIL B/Stable (Reaffirmed)

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of UT and Urja Infrastructure (UI). This
is because both these entities, together referred to as Urja
Group, share the same management team, are in a similar line of
business, and have significant operational and financial linkages
with each other. CRISIL has also treated the unsecured loans
extended to the group by its promoters as neither debt nor
equity, as these loans are expected to remain in the business
over the medium term till the currency of bank borrowings.
Outlook: Stable

CRISIL believes that Urja Group will continue to benefit over the
medium term from its promoters' extensive industry experience and
its strong revenue visibility. The outlook may be revised to
'Positive' in case the group significantly improves its working
capital management, leading to healthy improvement in its
liquidity, while it maintains its debt protection metrics.
Conversely, the outlook may be revised to 'Negative' in case Urja
Group's liquidity deteriorates because of further lengthening of
its working capital cycle or if the group undertakes a debt-
funded capital expenditure programme.

UI set up in 2006, and UT set up in 2009 as partnership firms by
the Mumbai (Maharashtra)-based Jadhav family and the Nagpur
(Maharashtra)-based Pagariya family. It undertakes civil
construction works, mainly related to irrigation projects in
Maharashtra. Both the firms are registered contractors with VIDC,
Government of Maharashtra. The group's day-to-day operations are
managed by Mr. Pramod Pagariya.


VISHWAS COTTON: ICRA Assigns 'B' Rating to INR5.0cr Cash Loan
-------------------------------------------------------------
ICRA has assigned the [ICRA]B rating to the INR5.00 crore cash
credit facility and INR1.00 crore term loan facility of Vishwas
Cotton Industries.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit           5.00       [ICRA]B assigned
   Term loan             1.00       [ICRA]B assigned

The assigned rating factors in Vishwas Cotton Industries'
moderate scale of operations and weak financial profile as
reflected by low profitability, high gearing levels and weak
coverage indicators. The rating is further constrained by the
highly competitive and fragmented industry structure owing to low
entry barriers, and vulnerability of firm's profitability to
movements in raw material prices on account of seasonality and
crop harvest. The rating also takes into account the firm's
exposure to regulatory risks. ICRA also notes that VCI is a
partnership firm and any significant withdrawals from the capital
account would affect its net worth and thereby its capital
structure.

The rating, however, positively factors in the location advantage
enjoyed by the firm by virtue of its location in the cotton-
producing belt of Gujarat giving it easy access to raw cotton.

Established in 2013 as a partnership firm, Vishwas Cotton
Industries (VCI) is engaged in the ginning and pressing of raw
cotton. The firm's manufacturing unit located at Tankara, Rajkot,
is equipped with 24 ginning machines and 1 pressing machine with
total installed capacity to produce 100 bales per day
(considering 12 hours of operations per day).

Recent Results
For the financial year FY15, the firm reported an operating
income of INR34.98 cr. and profit after tax of INR0.02 cr.
against an operating income of INR27.71 cr. and profit after tax
of INR0.07 cr. for the financial year FY14. Further during the
current fiscal, the firm has achieved an operating income of
INR21.34 cr and profit before depreciation and tax of INR0.39 cr.
till 31st December 2015 (as per unaudited provisional
financials).


VISUELL CREATIONS: ICRA Suspends B- Rating on INR5cr Loan
---------------------------------------------------------
ICRA has suspended [ICRA]B- rating assigned to the INR5.00 Crore
fund based limits of Visuell Creations. ICRA has also suspended
[ICRA]A4 (pronounced as ICRA A four) to the INR5.00 crore non
fund based limits of the company. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of
the requisite information from the company.


WEST INDIA: Ind-Ra Assigns 'IND BB+' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned The West India
Power Equipments Private Limited (WIPE) a Long-Term Issuer Rating
of 'IND BB+'. The Outlook is Stable. A full list of rating
actions is at the end of this commentary.

KEY RATING DRIVERS

The ratings factor in WIPE's tight liquidity, as evidenced by its
average working capital utilisation of about 96% during the 12
months ended February 2016. The ratings also factor in WIPE's
high customer concentration risk (84% of its FY15 revenue came
from its top 5 customers) and its presence in the highly
competitive automobile industry. WIPE's scale of operations was
moderate at INR1,580 million in FY15 (FY14: INR1,367 million).

However, the ratings are supported by WIPE's comfortable credit
metrics, as depicted by its gross interest coverage of 3.33x in
FY15 (FY14: 2.99x) and net leverage of 1.92x (2.29x). The ratings
further draw comfort from WIPE's long operational record and its
promoters' experience of almost three decades in the auto parts
business.

RATING SENSITIVITIES

Negative: Sustained deterioration in revenue and credit metrics
would be negative for the ratings.

Positive: Diversification in the customer base/product profile,
leading to a sustained increase in revenue and credit profile,
would be positive for the ratings.


COMPANY PROFILE

WIPE began operations in 1986 and manufactures wiper systems and
other ancillaries primarily for passenger cars. Its plants are
located in Sultanpur, Pune, Rewari and Kancheepuram.

WIPE's ratings:
-- Long-Term Issuer Rating: 'IND BB+'; Outlook Stable
-- INR215 million fund-based working capital limits: assigned
    'IND BB+'/Stable/'IND A4+'
-- INR67.79 million long-term loans: assigned 'IND BB+'/Stable
-- INR6 million non-fund-based limits: assigned 'IND A4+'


YKM ENTERTAINMENT: Ind-Ra Affirms 'IND B' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has revised YKM Entertainment
& Hotels Private Limited's (YEHPL) Outlook to Stable from
Negative and affirmed the Long-Term Issuer Rating at 'IND B'. A
full list of rating actions is at the end of this commentary.

KEY RATING DRIVERS

The Outlook revision reflects the achievement of financial
closure for the revised project cost. Project cost was revised
primarily on a change in the project scope to make a five-star
hotel while the original plan was for a four-star hotel. The
project cost increased to INR2,280 million from the earlier
revised level of INR1,910 million. Initial cost was INR1,302.5
million. With this, the launch date has also been revised again
to April 2016 from the earlier revised estimated launch in April
2015 (initial April 2014).

The affirmation reflects the revision in term loan repayment
schedule by extending the moratorium according to the revised
launch date. Ind-Ra believes that timely completion of the
project and sufficient operational cash flows are critical for
the company to meet interest servicing requirements which started
from February 2016.

The ratings also reflect the hotel's location advantage, as
Tirupati is a leading pilgrimage centre and also an upcoming
commercial hub after the bifurcation of the Andhra Pradesh. The
ratings are supported by the hotel's association with a leading
brand as InterContinental Hotels Group will be operating the
hotel under their brand 'Holiday Inn'.

RATING SENSITIVITIES

Negative: Any further delays in the project leading to cost and
time overruns and/or delays in servicing debt obligation would be
negative for the ratings.

Positive: Timely completion of the hotel project with no further
cost overruns along with stabilisation of operations could result
in a positive rating action.

COMPANY PROFILE

Incorporated in 2009, YEHPL is implementing a five-star hotel
with an integrated development in Tirupati containing 215 rooms
of different categories, international convention centre, health
spa and open marriage garden.

The proposed cost of the project is INR2,280 million. As of 22
February 2016, YEHPL has incurred capex of INR2,262 million.

As at end-January 2016, around 96% of the overall project was
completed and final finishing work was in progress.

YEHPL's ratings are as follows:
-- Long-Term Issuer Rating: affirmed at 'IND B'; Outlook revised
    to Stable from Negative
-- INR1360.0 million  term loans(increased from INR1110.0m):
    affirmed at 'IND B'/Stable
-- INR27.0 million non-fund-based working capital limit:
    assigned 'IND A4'


Z. F. FILAMENTS: CRISIL Assigns B- Rating to INR41.3MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-
term bank facilities of Z. F. Filaments (ZFF).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit          15.5       CRISIL B-/Stable
   Term Loan            41.3       CRISIL B-/Stable

The rating reflects the firm's modest scale of operations, and
below-average financial risk profile because of modest networth,
high gearing, and subdued debt protection metrics. These
weaknesses are partially offset by its promoter's extensive
experience in the textile industry.
Outlook: Stable

CRISIL believes ZFF will continue to benefit from its promoter's
extensive industry experience. The outlook may be revised to
'Positive' in case of higher-than-expected revenue or
profitability leading to substantial cash accrual. Conversely,
the outlook may be revised to 'Negative' in case of lower-than-
expected cash accrual or significant incremental working capital
requirement, leading to deterioration in liquidity.

ZFF, set up in 2002 by Mr. Ashfaq Ansari, manufactures grey
fabric. It is based in Dhule, Maharashtra, and has capacity of
450,000 metre per month.



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


TAKATA CORP: Estimates Worst-case Recall Costs at $24 Billion
-------------------------------------------------------------
Bloomberg News reports that Takata Corp., the supplier behind the
auto industry's biggest recall ever, estimated that a
comprehensive callback of its air bag inflators would total about
JPY2.7 trillion ($24 billion), according to a person familiar
with the matter.

The worst-case recall scenario would involve 287.5 million air
bag inflators, said the person, who asked not to be identified
because the company's deliberations are private, Bloomberg
relates. Takata and the automakers still have to determine how
the costs are shared, the person said. A representative for
Tokyo-based Takata declined to comment.

Takata shares plunged by 20 percent to close at JPY414 on March
30, hitting the lower daily limit in Tokyo trading, Bloomberg
discloses. The shares have declined 49 percent this year,
compared with the 12 percent decline for the benchmark Topix
index.

Bloomberg says the projection by Takata exceeds a February
estimate by a Jefferies Group LLC analyst by about $7 billion.
According to Bloomberg, the National Highway Traffic Safety
Administration has said Takata air bag inflators caused nine
fatalities by rupturing and spraying plastic and metal shards at
motorists.  Bloomberg relates that the regulator is investigating
all Takata inflators that use a chemical propellant banned from
future models and is giving the company until as long as the end
of 2019 to determine the root cause of the flaw or prove the
inflators are safe.

Moisture seeping into Takata's inflators was determined to be the
reason Takata air bags have ruptured by Orbital ATK, a researcher
hired by a coalition of automakers that announced its findings
last month, according to Bloomberg.  Challenges with determining
root cause of the rupture issue has held automakers and the
supplier back from deciding how the companies will divvy costs,
says Bloomberg.

Expenses stemming from Takata air bag recalls have totaled about
JPY607.8 billion, Takaki Nakanishi, an analyst with Jefferies,
wrote in his Feb. 24 report, Bloomberg says. He estimated future
expenses assuming an average cost of about JPY9,000 per unit.

"It is not difficult to imagine how hard it will be for Takata to
rebuild its financial standing if the expenses are apportioned,"
Nakanishi, as cited by Bloomberg, wrote. "The Japanese automotive
industry cannot avoid seriously adopting an exit strategy from
the Takata issue."

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

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



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


HYUNDAI MERCHANT: Gets Debt Extension From Creditors
----------------------------------------------------
Kyunghee Park at Bloomberg News reports that Hyundai Merchant
Marine Co., South Korea's second-biggest container-shipping
line, won more time from lenders to raise funds to repay KRW1.2
trillion ($1 billion) of debt as the cash-strapped company
negotiates to get out of a financial crisis.

Bloomberg relates that Korea Development Bank and other creditors
including Woori Bank agreed to extend the maturity of Hyundai
Merchant's debt by three months starting March 29, the state-
owned lender said in an e-mailed statement March 29.  The
shipping line needs to convince bondholders and shipowners to
join the restructuring plan, the lender said, Bloomberg relays.

According to Bloomberg, Hyundai Merchant, which posted losses in
five of the past seven years, has been selling assets to reduce
debt that had ballooned to almost 800% of its equity.

Bloomberg says shipping lines worldwide have also been cutting
workers and considering consolidation to stem losses as years of
slowing global trade and overcapacity bring down transportation
rates.

KDB said the creditors will end any support to Hyundai Merchant
if the company fails to convince other stakeholders to join in
the revival efforts, Bloomberg relays.

The banks' decision will help the company's efforts to cut
charter rates and talks with bondholders, Hyundai Merchant said
in an e-mailed statement cited by Bloomberg.

Hyundai Merchant Marine Co., Ltd., is a Korea-based company
specializing in the provision of shipping services.  The Company
provides its services under two main segments: container and
bulk.



=============
V I E T N A M
=============


VIET NAM OIL: Biofuel Factory Halts Operations Due to Losses
------------------------------------------------------------
BizHub reports that Bio-Ethanol Dung Quat, a bio-fuel factory
owned by the Viet Nam Oil and Gas Group (PetroVietnam), has
halted operations due to continuing losses.

BizHub relates that the VND1.9 trillion (US$84.4 million) factory
began operations in February 2012, after the PetroVietnam Central
Bio-Fuels JSC (BSR-BF) began construction of the facility in
central Quang Ngai Province's Dung Quat Economic Zone in
September 2009.

According to BizHub, the factory was expected to produce 100
million litres of ethanol per year, to be mixed with A92 gasoline
to generate bio-fuel E5.

In early 2013, PetroVietnam assigned its Binh Son Refining and
Petrochemical Company Limited (BSR) to run the factory, in a bid
to increase its overall business management, BizHub recalls.

BizHub says director of the plant Pham Van Vuong told Nguoi lao
dong (The Labourers) online recently that the facility ceased
operations nearly one year ago, after maintaining modest
activities for a considerable time.

BizHub relates that Vuong explained that fewer than ten out of 63
provinces and cities nationwide uses E5 gasoline, consuming a
combined quantity of 2,000 cubic metres of ethanol per month, on
average. This volume represented only about one quarter of the
factory's monthly production capacity.

In addition, the cost of ethanol rolled out at the factory was
higher than ethanol prices in the market, which averaged less
than VND2,000 per litre, according to BizHub.

"We have sought ways to export ethanol, yet failed to compete, as
well," BizHub quotes Vuong as saying.

Bao Quang Ngai, the newspaper of the provincial party committee,
reported last September that the factory suffered losses
amounting to billions of dong, since it was unable to compete,
BizHub discloses.

According to BizHub, Vuong said the pause in operations was a
temporary measure for the factory to cope with its difficulties,
as it was awaiting better market conditions.

He added that 128 of the more than 200 engineers and workers at
the factory have temporarily been let go and no longer receive
salaries, as of this month, while some were shifted to other jobs
at the Dung Quat Oil Refinery, another plant operated by
PetroVietnam in the province, BizHub relays.

Additionally, many employees had searched for seasonal work to
earn their livings, a worker told Nguoi lao dong.

BizHub further relates the Quang Ngai Department of Taxation
reportedly said BSR-BF had asked for permission to postpone its
responsibility to pay value-added taxes in 2016.

An official with BSR-BF told VnExpress online, based upon
remaining anonymous, that the company would address issues
related to Bio-Ethanol Dung Quat at an upcoming shareholders'
meeting, according to BizHub.

BizHub meanwhile reports that Quang Ngai People's Committee
requested prompt reports from both BSR-BF and BSR about the
situation at the factory and their suggestions about taxes, loans
and restructuring schemes.


                             *********

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.

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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,
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Information contained herein is obtained from sources believed
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