TCRAP_Public/160407.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, April 7, 2016, Vol. 19, No. 68


                            Headlines


A U S T R A L I A

ARRIUM LTD: Bankers Push for Voluntary Administration
CONTINENTAL COAL: ASIC Applies to Wind Up Firm
DICK SMITH: Receivers Reveal Closure Dates for 12 More Stores
DUCTALL SYSTEMS: First Creditors' Meeting Set for April 14
FINAL TOUCH: First Creditors' Meeting Set for April 14

GETAWAY ESCAPES: Suit Over Telco Industry Breaches Filed
K.P. WELDING: First Creditors' Meeting Set for April 13
LED4LIFE PTY: First Creditors' Meeting Slated for April 14
PC 940: First Creditors' Meeting Scheduled for April 13


C H I N A

CENTRAL CHINA REAL: S&P Lowers CCR to 'B+'; Outlook Stable
CHINA ORIENTAL: Fitch Affirms 'BB-' LT Issuer Default Rating
CHINA SHIANYUN: Needs More Time to File Annual Report With SEC
GENERAL STEEL: Needs More Time to File 2015 Form 10-K
GOLDEN EAGLE: S&P Puts 'BB-' CCR on CreditWatch Negative

YY INC: S&P Lowers CCR to 'BB'; Outlook Stable


I N D I A

AAKRITI SUPER: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating
AASTHA COLD: CARE Assigns 'D' Rating to INR7.90cr LT Loan
ADITYA PRINTS: Ind-Ra Assigns 'IND D' Long-Term Issuer Rating
AI COTTON: CRISIL Assigns B+ Rating to INR140MM Cash Loan
AL-SAMEER EXPORTS: Ind-Ra Suspends 'IND BB' LT Issuer Rating

ANC INDUSTRIES: CRISIL Raises Rating on INR60MM Cash Loan to B+
ASHRAY WELFARE: CRISIL Assigns 'B' Rating to INR10MM Loan
ASIA-PACIFIC INSTITUTE: CRISIL Cuts Rating on INR180MM Loan to D
ASSOCIATED PIGMENTS: CRISIL Reaffirms B- Rating on INR570MM Loan
BHAVESH GINNING: CRISIL Assigns 'B' Rating to INR80MM Cash Loan

BMW ENTERPRISES: Ind-Ra Affirms 'IND BB' Long-Term Issuer Rating
C.I. AUTOMOTORS: CARE Revises Rating on INR7.63cr LT Loan to B+
C.I. FINLEASE: CARE Revises Rating on INR8cr LT Loan to BB-
CROWN CERAMIC: CRISIL Assigns B+ Rating to INR90.2MM Term Loan
DYNATECH INDUSTRIES: CARE Assigns B+ Rating to INR6.75cr LT Loan

EAGLE INFORMATION: CRISIL Assigns 'B' Rating to INR75MM Loan
FORTUNE SPIRIT: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
FRIENDS AUTO: CRISIL Suspends 'D' Rating on INR107.5MM Cash Loan
FUTURE FLEX: CRISIL Suspends 'B' Rating on INR40MM Term Loan
GOLDEN JUBILEE: CARE Reaffirms 'B' Rating on INR495cr LT Loan

GULSHAN RAI: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
GURUKRIPA CONVEYORS: CARE Assigns 'B' Rating to INR8.03cr LT Loan
HIND PLASTIC: CRISIL Assigns 'B' Rating to INR27MM Cash Loan
INDRATARA AGRO: CRISIL Assigns B+ Rating to INR92MM Term Loan
ISHITA BUILDCON: CARE Revises Rating on INR10cr LT Loan to B+

JAIKA VEHICLE: CRISIL Reaffirms B- Rating on INR190MM Cash Loan
JAIN TIMBER: CRISIL Assigns B+ Rating to INR32.5MM Cash Loan
JOSHI AUTOWHEELS: CARE Assigns B+ Rating to INR8.0cr LT Loan
KG IRON: CRISIL Reaffirms B- Rating on INR55MM Cash Loan
LATIN PAPER: CRISIL Assigns 'B' Rating to INR74.4MM Term Loan

MAA SARADESWARI: CRISIL Reaffirms 'B' Rating on INR62MM Loan
MANI EXPORT: Ind-Ra Affirms Long-Term Issuer Rating at 'IND BB'
MAYA AROMATICS: CRISIL Assigns 'B' Rating to INR40MM Loan
MERIT ORGANICS: CRISIL Assigns B+ Rating to INR52.5MM Term Loan
MOTI RAM: CARE Reaffirms 'B' Rating on INR6.67cr LT Loan

MYCO INFRA: CARE Reaffirms B+ Rating on INR30cr LT Loan
N. V. ENTERPRISES: CRISIL Suspends B+ Rating on INR60MM Loan
NIMBUS PIPES: CARE Upgrades Rating on INR28.28cr Loan to B-
NORTH EAST: CRISIL Assigns B+ Rating to INR91.5MMM Bank Loan
PANCHANAN COLD: CARE Assigns B+ Rating to INR5.15cr LT Loan

PARIN GEMS: Ind-Ra Affirms Long-Term Issuer Rating at 'IND BB-'
PATDIAM JEWELLERY: Ind-Ra Assigns IND BB- Long-Term Issuer Rating
PATNI ENTERPRISES: CARE Reaffirms B+ Rating on INR4.0cr LT Loan
PRIME RETAIL: Ind-Ra Affirms 'IND BB+' Long-Term Issuer Rating
PUSHTI ENTERPRISE: CARE Reaffirms B+ Rating on INR7cr LT Loan

ROLTA INDIA: Fitch Cuts Long-Term Issuer Default Ratings to 'B'
RUG RESOURCES: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating
S. R. PRECISION: CARE Assigns B+/A4 Rating to INR4.68cr LT Loan
S.T.S. & CO: CRISIL Reaffirms 'B' Rating on INR52MM Credit Loan
SADHU RAM: CRISIL Assigns 'B-' Rating to INR75MM Cash Loan

SAMVIJAY POWER: CRISIL Suspends 'B' Rating on INR200MM LT Loan
SHANTI INFRAENGINEERING: CRISIL Cuts Rating on INR30MM Loan to B+
SHEEL CHAND: Ind-Ra Suspends IND BB+' Long-Term Issuer Rating
SHIV FLOUR: CRISIL Reaffirms 'B' Rating on INR80MM Term Loan
SOND KNIT: Ind-Ra Upgrades Long-Term Issuer Rating to 'IND B'

SPRING MERCHANDISERS: CRISIL Cuts Rating on INR65MM Loan to 'D'
SRI RANGANATHA: CARE Assigns 'B' Rating to INR7.5cr LT Loan
SRI VARALAKSHMI: CRISIL Assigns B+ Rating to INR52.5MM Loan
SUBRATA KUNDU: CARE Assigns B+ Rating to INR3.5cr LT Loan
TSSS INFOTECH: CRISIL Assigns B+ Rating to INR90MM LT Loan

UDAY KUMAR: CRISIL Reaffirms B+ Rating on INR35MM Cash Loan
VANISHA AUTO: CRISIL Assigns B+ Rating to INR70MM e-DFS
VARIEGATE PROJECTS: CARE Reaffirms 'D' Rating on INR205cr Loan
VTJ SEA: CRISIL Reaffirms B+ Rating on INR42.5MM LT Loan
ZEE KNITS: Ind-Ra Upgrades Long-Term Issuer Rating to 'IND BB'


N E W  Z E A L A N D

KIWIBANK LTD: S&P Affirms 'BB+' Rating on Nondeferrable Sub. Debt
STONEWOOD HOMES: Founder Tries to Wind Up Blenheim Franchise


                            - - - - -


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


ARRIUM LTD: Bankers Push for Voluntary Administration
-----------------------------------------------------
The Money Fool reports that Arrium Ltd could be about to fold
into voluntary administration.

A report by the Australian Financial Review (AFR) states that the
company's banking syndicate have agreed to lend the steel and
iron ore producer an additional AUD400 million, but only if the
company delivers itself into the hands of an administrator,
according to The Money Fool.

Australia's big four Australia and New Zealand Banking Group
(ASX: ANZ), Commonwealth Bank of Australia (ASX: CBA), National
Australia Bank Ltd (ASX: NAB) and Westpac Banking Corp (ASX: WBC)
are owed about AUD1 billion in total, in equal amounts, but the
debt is unsecured, the report relays.

The new lending would more than likely be secured against the
company's assets, pushing the banks ahead of other unsecured
creditors, including employees, the government and trade
creditors, the report notes.

It seems the banking syndicate has lost patience with the
company, after Arrium's board negotiated a US$927 million rescue
package proposed by Blackstone-owned GSO Capital, the report
discloses.  But the bankers weren't having any of that,
particularly as they would have been forced to take a haircut on
the debt they are owed, the report says.

GSO Capital was also going to make a significant amount of money,
loaning Arrium US$665 million at an annual interest rate of LIBOR
plus 11%, and an additional USD$140 million at USD LIBOR plus 7%,
the report relays.  The one-month LIBOR rate is currently 0.43%,
and both loans were secured against Arrium's assets.

GSO Capital would have also received warrants equivalent to 15%
of the company's issued share capital after a US$262 million
rights issue, fully underwritten by GSO and/or a professional
underwriter, the report notes.

In other words, Arrium shareholders would have been forced to
kick in more capital, or see their shareholdings diluted, but
still end up with a majority of the company owned by GSO Capital,
the report says.

                          Foolish Takeaway

The Federal government could play a part too, with Arrium
employing 8,000 workers across 15 countries, including between
800 and 900 permanent staff and an additional 200 contractors at
the Whyalla steelworks, the report notes.  But propping up
unprofitable operations has been proven to just extend the agony
in the past, the report relays.  Better to shut it down and help
the employees get work elsewhere, the report relays.

The AFR also reported that despite Arrium's various plans to
avoid administration, the company's major bankers are confident
the company will be in administration, the report discloses.
That wouldn't surprise me in the least, and we've repeatedly
warned that Arrium was not investment grade since 2011, the
report says.

When renowned dividend investing pros like Andrew Page issue buy
alerts, it pays to listen, the report notes.  Because investors
who followed Andrew's recommendation of Australian
Pharmaceuticals in early 2015 could've doubled their money in
just over a year, turning AUD15,000 into over AUD30,000 by the
time he recommended they sell and lock in their profits, the
report relays.  Chances are you won't want to miss uncovering the
names of Andrew's newest share recommendation and short list of 3
dividend Best Buys Now Shares, the report adds.


CONTINENTAL COAL: ASIC Applies to Wind Up Firm
----------------------------------------------
Australian Securities and Investment Commission has applied to
the Federal Court of Australia to wind up publicly-listed
company, Continental Coal Ltd on just and equitable grounds.

In its application, ASIC alleges that the company is not being
properly managed and that the company has been involved in
multiple contraventions of the corporations legislation,
including:

   * a failure to comply with its continuous disclosure
     obligations;

   * a failure to lodge its audited accounts and convene its
     annual general meeting;

   * a failure to appoint a second Australian resident director;

   * a failure to hold application monies received under a Rights
     Issue on trust; and

   * insolvency.

ASIC made the application to protect the interests of
shareholders, investors and creditors.

ASIC has applied for Mr Robert Michael Kirman, of McGrathNicol,
Perth, to be appointed as provisional liquidator and, pending
hearing of the winding up application, as official liquidator of
the company, to provide a report to the court and to ASIC on the
affairs of the company.

The matter has been listed for hearing in the Federal Court of
Australia in Perth on 8 April 2016.

ASIC's investigation into the affairs of Continental Coal is
continuing.

A Western Australia-based director of Continental Coal Limited,
Mr Peter Neil Landau, has consented to interim asset preservation
orders over his personal assets, and the assets of Okap Ventures
Pty Ltd and Doull Holdings Pty Ltd (of which companies Mr Landau
is sole director), following an application by ASIC to the
Federal Court in Perth. Mr Landau consented to the orders on the
basis that the Defendants' rights are reserved and that they do
not accept the orders should have been made.

ASIC's winding up application follows action to restrict
Continental Coal Limited (Continental Coal) from issuing a
reduced content prospectus until Feb. 26, 2017.


DICK SMITH: Receivers Reveal Closure Dates for 12 More Stores
-------------------------------------------------------------
Broede Carmody at SmartCompany reports that employees at 12 more
Dick Smith stores have been put out of their misery after
receivers Ferrier Hodgson unveiled another round of store
closures.

According to SmartCompany, stores in Doncaster and Wangaratta in
Victoria and Armadale in Western Australia, along with outlets in
eight other locations, will close on April 20.

The Dick Smith store in South Hedland in WA, meanwhile, will shut
its doors for the final time on April 19, SmartCompany relates.

It is now the fifth week of the controlled closure process at the
collapsed electronic retail chain, the report says. At the end of
March, receivers Ferrier Hodgson revealed 22 stores will close on
April 16, with nine stores in New Zealand to close on April 9.

All stores are expected to close in the next three weeks or so,
SmartCompany notes.

According to SmartCompany, Dick Smith staff have previously
expressed their frustration at having to wait to find out when
their particular stores will close as they have to work right up
to the closure date if they wish to receive any outstanding
entitlements but this makes it difficult to apply for other jobs
in the meantime.

                        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.


DUCTALL SYSTEMS: First Creditors' Meeting Set for April 14
----------------------------------------------------------
Frank Lo Pilato and Mitchell Herrett of RSM Australia Partners
were appointed as administrators of Ductall Systems Pty. Limited,
trading as Ductall Systems, on April 4, 2016.

A first meeting of the creditors of the Company will be held at
RSM Australia Partners, Equinox Building 4, Level 2, 70 Kent
Street, in Deakin, on April 14, 2016, at 3:00 p.m.


FINAL TOUCH: First Creditors' Meeting Set for April 14
------------------------------------------------------
Paul Vartelas of B.K. Taylor & Co. was appointed as administrator
of Final Touch Car Care Centre Pty Ltd on April 5, 2016.

A first meeting of the creditors of the Company will be held at
B.K. Taylor & Co. Meeting Room, Level 8, 608 St. Kilda Road, in
Melbourne, Victoria, on April 14, 2016, at 2:00 p.m.


GETAWAY ESCAPES: Suit Over Telco Industry Breaches Filed
--------------------------------------------------------
Broede Carmody at SmartCompany reports that a Queensland travel
company that has collapsed into liquidation is being dragged to
court by the Australian Communications and Media Authority.

According to SmartCompany, Getaway Escapes is being taken to the
Federal Court for allegedly breaching its obligations under the
Do Not Call Register Act and Telemarketing and Research Industry
Standard.

This is the first time ACMA has initiated proceedings in the
Federal Court for alleged contraventions of the telemarketing
industry's guidelines, says SmartCompany.

SmartCompany relates that the government body alleges Getaway
Escapes made telemarketing calls to numbers listed on the Do Not
Call Register and made calls without caller ID, which is in
breach of industry standards.

ACMA is also alleging Getaway Escape's director, Joanne Day,
failed to ensure her company's telephone listings were properly
checked against the Do Not Call Register.

Getaway Escapes appointed liquidator Domenic Calabretta, from
Mackay Goodwin, back in February 2015, SmartCompany discloses.

In March 2015, Queensland's Office of Fair Trading issued a
public warning about Getaway Escapes and its subsidiary company,
AusFlights, and urged customers to contact travel providers
directly to confirm their bookings, the report recalls.

Vince Humphries, executive manager of unsolicited communications
at ACMA, told SmartCompany while it's obviously okay for
businesses to make unsolicited calls to existing customers, they
still need to make sure they aren't annoying them.

"You have to respect it when they tell you I don't want to
receive more telemarketing calls," SmartCompany quotes Mr.
Humphries as saying.  "You also have to respect it when they say
I want to terminate the call, even if they don't say it in that
way.

"Often, the reputation of the business depends on getting this
right. It's one thing to comply with the law, but at the same
time it's about not annoying new or existing customers."

SmartCompany relates that the Federal Court can fine businesses
up to $360,000 for each day they are found to have breached the
Do Not Call Register Act, while individuals can be fined up to
$72,000 per day.

Lyn Nicholson, general counsel at law firm Holding Redlich, told
SmartCompany businesses are required to screen the numbers on
their call lists against the Do Not Call Register.

Once a number is tested using this process, it can be used for up
to 30 days.

"Failure to comply with the Do Not Call Act can result in fines,
and the ACMA regularly issues fines for breach," Ms. Nicholson
told SmartCompany.  "In this instance, there was a further breach
of the industry standard by using a caller ID blocked line."


K.P. WELDING: First Creditors' Meeting Set for April 13
-------------------------------------------------------
Gavin Moss of Chifley Advisory was appointed as administrator of
K.P. Welding Construction Pty. Ltd. on April 2, 2016.

A first meeting of the creditors of the Company will be held at
the Boardroom of Chifley Advisory, Suite 3.04, Level 3, 39 Martin
Place, in Sydney, on April 13, 2016, at 3:00 p.m.


LED4LIFE PTY: First Creditors' Meeting Slated for April 14
----------------------------------------------------------
Robert Moodie and Will Griffiths of Rodgers Reidy were appointed
as administrators of Led4Life Pty Ltd on April 4, 2016.

A first meeting of the creditors of the Company will be held at
offices of Rodgers Reidy, Level 2, 230 Clarence Street, in
Sydney, on April 14, 2016, at 11:00 a.m.


PC 940: First Creditors' Meeting Scheduled for April 13
-------------------------------------------------------
Christopher John Palmer of O'Brien Palmer was appointed as
administrator of PC 940 Pty Ltd on April 1, 2016.

A first meeting of the creditors of the Company will be held at
the offices of O'Brien Palmer, Level 14, 9 Hunter Street, in
Sydney, on April 13, 2016, at 11:00 a.m.



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


CENTRAL CHINA REAL: S&P Lowers CCR to 'B+'; Outlook Stable
----------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit rating on China-based property
developer Central China Real Estate Ltd. to 'B+' from 'BB-'.  The
outlook is stable.  S&P also lowered the long-term issue ratings
on the company's outstanding senior unsecured notes to 'B+' from
'BB-'.  At the same time, S&P affirmed its 'cnBB' long-term
Greater China regional scale ratings on CCRE and the notes.

"We lowered the rating on CCRE because we expect the company's
margins to recover only mildly over the next one to two years
after a substantial decline in 2015," said Standard & Poor's
credit analyst Dennis Lee.

S&P expects CCRE's business operations to remain limited to the
Henan province.  The high geographic concentration and exposure
to lower-tier cities is likely to lower the stability and
visibility of the company's earnings.  S&P expects CCRE's good
ability to destock to temper the weakness.

S&P anticipates that oversupply in lower-tier cities will
constrain a meaningful recovery in margins for CCRE.  The
company's gross margin fell to 22.2% in 2015 from 33.6% in 2014.
In S&P's view, the pricing pressure in China's lower-tier cities
is likely to persist despite policy support.  In S&P's base-case
projection, CCRE's EBITDA margin will slightly improve to 22%-24%
in 2016, from 19% in 2015.  Increased contribution from projects
in Zhengzhou, where end-user demand is strong, should help
improve margins.

However, S&P expects CCRE's increased exposure to Zhengzhou and
expansion into asset-light businesses to only provide a mild
support to its margins.  S&P estimates that contributions from
asset-light businesses will remain low over the next year.

S&P believes CCRE's debt leverage will slightly improve but
remain elevated in 2016.  S&P forecasts that the company's debt-
to-EBITDA ratio will be 5.5x-6.0x in 2016, compared with more
than 6x in 2015.  The improvement will be underpinned by S&P's
expectation of a mild margin recovery and CCRE's controlled land
acquisitions.

S&P expects sales from joint ventures (JVs) to continue to be
significant and account for about 30% of CCRE's total contracted
sales in 2016.  To factor in the impact of JVs in S&P's analysis,
it added back CCRE's debt guarantees to JVs in S&P's adjusted
debt and the dividends from JVs in S&P's EBITDA.  S&P also
referenced the debt-to-EBITDA ratio on a proportional
consolidation basis. The ratio for the full-year of 2015
calculated by this method is not materially different.  Most of
CCRE's JV partners are developers, and some are trust companies.
Generally, S&P believes that credit risks of these projects are
manageable, given that most of the projects are in Zhengzhou.

"The stable outlook reflects our view that CCRE's financial
leverage will slightly improve in 2016 due to a mild recovery in
margins and the company's restrained new land acquisitions," said
Mr. Lee.  "We anticipate that CCRE will continue its focus on
Henan province and maintain a good inventory-clearing momentum."

S&P could lower the rating if CCRE's debt-to-EBITDA ratio does
not improve toward 5.0x in 2016.  This could happen if the
decline in margins persists or the company's debt-funded
expansion is more aggressive than S&P expects.

In a less likely scenario, S&P would raise the rating if CCRE
adopts a more conservative financial policy and improves its
leverage, such that its debt-to-EBITDA ratio is sustainably below
4x.


CHINA ORIENTAL: Fitch Affirms 'BB-' LT Issuer Default Rating
------------------------------------------------------------
Fitch Ratings has affirmed China Oriental Group Company Limited's
(COG) Long-Term Foreign-Currency Issuer Default Rating (IDR) and
senior unsecured rating at 'BB-'. The Outlook is Stable. Fitch
has also affirmed COG's USD300 million 7% notes due 2017 at
'BB-'.

The affirmation reflects the steel producer's strong financial
flexibility and ability to generate free cash flow and reduce
leverage through effective working capital management, even when
profit margins are thin due to excess domestic production
capacity and intense pressure on selling prices.

KEY RATING DRIVERS

Strong Financial Flexibility: COG successfully reduced its net
debt position to CNY1.1 billion in 2015 from CNY7.3 billion in
2014 through effective working capital management. This was
largely done through conversion of the company's large pool of
notes receivable to cash and extending repayment of notes
payable. The company used the bulk of the proceeds for the
repurchase and principle repayment of its outstanding US dollar
notes due in 2015 and 2017. Fitch expects COG's FFO-adjusted net
leverage to remain below 2.0x in 2015 and 2016, after the company
liquidated the bulk of its working capital.

Core Products Support Margins: COG's margins for its H-section
steel products were resilient despite pressure on selling prices
arising from industry-wide production overcapacity. This was due
to its market leadership for this product segment. COG's H-
section steel products remained profitable in 2015 and were one
of the major contributors to gross profit and EBITDA for the
company. H-section products and strip steel products generated
gross profit per ton of CNY64 and CNY50 respectively in 2015,
which offset losses from the billets and cold-rolled sheets
business.

Weak Industry Fundamentals Persist: Fitch expects the domestic
steel industry to remain fundamentally weak in the near term.
However, further sharp declines in steel prices are less likely
following a slight demand recovery and rebound in average selling
prices due to a likely increase in construction activities in
2016, which will benefit COG's long products. In addition, total
Chinese steel production capacity is expected to peak in 2016
with capacity elimination outpacing additions from 2016 onwards.

Repurchase of USD Notes Completed: COG completed the buyback of
some of its USD300 million 7% notes due 2017 in February 2016,
leaving USD79m of bonds still outstanding. The repurchase was
largely financed by unrestricted cash on hand, conversion of
notes receivable and use of available credit facilities. In
addition to the repurchase, COG also successfully removed all
restrictive covenants that limit COG's ability to incur
additional debt. Fitch believes that this could be credit
negative for COG should the company seek to issue more debt in
domestic markets where interest rates have been more attractive
and invest in its steel operations. Fitch will monitor COG's
financial profile closely and take appropriate rating action
should leverage increase.

Continued Support from ArcelorMittal: The company's ratings are
also supported by ArcelorMittal S.A. (BB+/Negative). Fitch
expects ArcelorMittal to remain committed to the Chinese steel
market, with China Oriental as one of its key integrated steel
manufacturing investments in China.

KEY ASSUMPTIONS

"Fitch's key assumptions within our rating case for the issuer
include:
-- Single digit revenue growth in 2016-2018
-- Capex of CNY400 million in 2015, CNY700 million in 2016 and
    CNY700 million in 2017.
-- EBITDA margin to remain around 5%-7% between 2016 and 2018."

RATING SENSITIVITIES

Negative: Future developments that may, individually or
collectively, lead to negative rating action include:
-- FFO-adjusted net leverage sustained above 3.0x
-- Sustained negative free cash flow

Positive: Future developments that may, individually or
collectively, lead to positive rating action include:
-- FFO-adjusted net leverage below 1.5x on a sustained basis
-- Gross profit per ton of steel products exceeding CNY80 on a
    sustained basis


CHINA SHIANYUN: Needs More Time to File Annual Report With SEC
--------------------------------------------------------------
China Shianyun Group Corp., Ltd, filed with the U.S. Securities
and Exchange Commission a Notification of Late Filing on Form
12b-25 with respect to its annual report on Form 10-K for the
year ended Dec. 31, 2015.  The Company said it is in the process
of preparing its consolidated financial statements as at Dec. 31,
2015, and for the fiscal year then ended.

According to the Company, the process of compiling and
disseminating the information required to be included in its Form
10-K Annual Report for the 2015 fiscal year, as well as the
completion of the required audit of the Registrant's financial
information, could not be completed by March 30, 2016, without
incurring undue hardship and expense.

The Company undertakes the responsibility to file such annual
report no later than fifteen calendar days after its original due
date.

                        About China Shianyun

China Shianyun Group Corp., Ltd, formerly known as China Green
Creative, Inc., develops and distributes consumer goods,
including herbal teas, health liquors, meal replacement products,
and cured meat using ecological breeding methods in China.  The
Company is based in Shenzhen Guandong Province, China.

China Shianyun reported a net loss of $1.33 million on $210,000
of revenues for the year ended Dec. 31, 2014, compared to a net
loss of $382,000 on $2 million of revenues for the year ended
Dec. 31, 2013.

As of Sept. 30, 2015, the Company had $7.76 million in total
assets, $7.40 million in total liabilities and $362,000 in total
stockholders' equity.

AWC (CPA) Limited, in Hong Kong, China, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2014, noting that the Company has a
significant accumulated deficits and negative working capital.
These factors raise substantial doubt about the Company's ability
to continue as a going concern.


GENERAL STEEL: Needs More Time to File 2015 Form 10-K
-------------------------------------------------------
General Steel Holdings, Inc., disclosed in a regulatory filing
with the Securities and Exchange Commission it was unable to file
its annual report on Form 10-K for the year ended Dec. 31, 2015,
within the prescribed time period without unreasonable effort or
expense because additional time is required to complete the
preparation of its financial statements in time for filing.  The
Company said the Annual Report on Form 10-K will be filed as soon
as practicable.

                  About General Steel Holdings

General Steel Holdings, Inc., headquartered in Beijing, China,
produces a variety of steel products including rebar, high-speed
wire and spiral-weld pipe.  General Steel --
http://www.gshi-steel.com/-- has operations in China's Shaanxi
and Guangdong provinces, Inner Mongolia Autonomous Region and
Tianjin municipality with seven million metric tons of crude
steel production capacity under management.

General Steel reported a net loss of $78.3 million on $1.9
billion of sales for the year ended Dec. 31, 2014, compared with
a net loss of $42.6 million on $2 billion of sales for the year
ended Dec. 31, 2013.

As of Sept. 30, 2015, General Steel had $1.12 billion in total
assets, $2.82 billion in total liabilities and a $1.69 billion
total deficiency.

Friedman LLP, in New York, issued a "going concern" qualification
on the consolidated financial statements for the year ended
Dec. 31, 2014, citing that the Company has an accumulated
deficit, has incurred a gross loss from operations, and has a
working capital deficiency at Dec. 31, 2014.  These conditions
raise substantial doubt about the Company's ability to continue
as a going concern.


GOLDEN EAGLE: S&P Puts 'BB-' CCR on CreditWatch Negative
--------------------------------------------------------
Standard & Poor's Ratings Services said that it had placed its
'BB-' long-term corporate credit rating on Golden Eagle Retail
Group Ltd. and the 'B+' long-term issue rating on the company's
senior unsecured notes on CreditWatch with negative implications.
S&P also placed its 'cnBB+' long-term Greater China regional
scale rating on the China-based department store operator and the
'cnBB' long-term Greater China regional scale rating on the notes
on CreditWatch with negative implications.

"We placed the ratings on CreditWatch because Golden Eagle's
negotiation for a consent waiver for its covenant breach is
taking longer than we expected," said Standard & Poor's credit
analyst Shalynn Teo.  "We believe that failure to obtain the
waiver may accelerate repayment of the company's syndicated loan
and materially weaken its liquidity."

Golden Eagle would require approval from lenders who account for
at least two-thirds of the total lending amount for a consent
waiver.  The company's syndicated loan facility is about Chinese
renminbi (RMB) 4.9 billion while its cash balance is RMB4.1
billion as of end-December 2015.  However, Golden Eagle has a
track record of good banking relationships, having refinanced its
previous syndicated loan in April 2015.  Moreover, the lenders
have not requested for immediate payment despite the covenant
breach as of end-2015, which S&P believes indicates their
willingness to negotiate.

"We aim to resolve the CreditWatch in 90 days when we have
greater clarity from Golden Eagle on the waiver for the covenant
breach," said Ms. Teo.  "We will assess the potential impact on
the company's liquidity position."

S&P could lower the rating on Golden Eagle if the company's
liquidity deteriorates materially, which could happen if the
company fails to secure a waiver and has no alternative funding
arrangements to repay the syndicated loan.

S&P could affirm the rating if Golden Eagle manages to secure its
waiver and obtain sufficient covenant headroom to maintain a
liquidity position commensurate with an adequate assessment.


YY INC: S&P Lowers CCR to 'BB'; Outlook Stable
----------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit rating on China-based online
entertainment company YY Inc. to 'BB' from 'BB+'.  The outlook is
stable.  S&P also lowered its long-term Greater China regional
scale rating on YY Inc. to 'cnBBB-' from 'cnBBB+'.

"We lowered the rating on YY Inc. because we expect the company's
profitability to further weaken over the next 24 months following
a significant margin dip in 2015," said Standard & Poor's credit
analyst Tony Tang.  "We believe the company's aggressive business
expansion in the online real-time entertainment industry will
squeeze the company's EBITDA margin.  We don't anticipate any
material improvement in business conditions and the company's
profitability over the next 24 months."

The competition landscape and user preference in the online
entertainment industry have been changing rapidly over the past
six months.  The growing size of the market and high user
engagement are attracting new and well-funded competitors.  S&P
sees YY Inc. has been passive in mobile application development
and lagging behind by 8-9 months in terms of expanding its
business footprint from core music to other social interactive
business.  S&P also views that small players have taken the
first-mover advantage in the new business sub-segments.  As a
result, YY Inc.'s business profitability has worsened, especially
its newly developing business including online game broadcasting,
online education, and mobile application.

S&P believes YY Inc. will aggressively expand to gain market
share at the expense of smaller players.  Such expansion will
enable the company to maintain high growth and improve user
engagement and experience with its newly developing platforms.
S&P expects YY Inc. to prioritize top-line growth and market
share gain instead of business profitability.  In addition, its
earnings visibility for the coming 12 to 24 months will be lower.

S&P remains cautious on the revenue growth and profitability of
YY Inc.'s newly developing platforms.  S&P believes the sub-
segment will continue to be highly fragmented with no clear
market leader. And there is limited track record of monetization
of user traffic, which will take time to build up.  S&P projects
that the company's online game broadcasting, online education,
and mobile application 'ME' will continue to operate at a loss.
S&P estimates the company will further increase its marketing and
advertising costs to 8% of total revenue in 2016 from 3% in 2014.
Also, S&P projects the EBITDA margin to drop further, to about
20%-25% in 2016 from 25% in 2015.

S&P forecasts YY Inc.'s debt leverage will increase slightly in
the next 24 months.  However, S&P expects its ratio of debt to
EBITDA to remain slightly below 1.5x.  S&P projects that the
operating cash flow generated from YY Inc.'s core business to be
sufficient to cover the higher-than-expected marketing
expenditure, costs of acquiring user traffic from third-party
platforms, and higher revenue-sharing costs with online
performers for its developing businesses.

"The stable outlook on YY Inc. reflects our expectation that the
company will maintain its positive operating cash flows and niche
market leadership in the online real-time entertainment industry
in China over the next 12 months," said Mr. Tang.  In S&P's base-
case scenario, it expects market competition to intensify, YY
Inc.'s EBITDA margin to decline due to further investment in its
newly developing online game broadcasting platform, online
education business, and mobile app platform.  However, S&P also
expects the company could generate sufficient operating cash flow
to fund the business expansion without compromising materially
its debt leverage position.

S&P could lower the rating if YY Inc.'s debt-to-EBITDA exceeds
2.0x, or the company's market share shrinks materially for a
sustained period.  This could happen if YY Inc.: (1) fails to
manage the sign-up fee or revenue-sharing costs with the hosts or
performers on its platform; (2) incurs substantially higher
expenditure on newly developed businesses; (3) fails to turn
around its loss-making businesses, such that the overall
profitability is dragged down; or (4) adopts a more aggressive
acquisition strategy or share buyback program than S&P expects.

S&P could also lower the rating if the regulatory risk relating
to the company's online platform and related business increases.

S&P could also downgrade YY Inc. if the company accepts and
completes the proposed privatization.  S&P believes the
cancellation of YY's listing status will weaken the company's
management and governance.

The potential for an upgrade is limited for the next 12 months.
S&P could raise the rating if YY Inc. can improve its market
position by increasing user "stickiness" and expanding its
business scale and revenue base; and strengthens its geographic
and business diversity.  At the same time, S&P would expect the
company to maintain its revenue growth across different sub-
segments and improve its EBITDA margin to be substantially higher
than 30% for an upgrade to occur.

S&P could also raise the rating if the regulatory risk associated
with YY Inc.'s variable interest entity (VIE) structure reduces,
either through an official endorsement by the Chinese government
and legal system, a waiver of restrictions on foreign investments
in the Internet industry in China, or if the company is
privatized with no VIE structure.



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


AAKRITI SUPER: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Aakriti Super
Snacks Private Limited (ASSPL) a Long-Term Issuer Rating of 'IND
B+'. The Outlook is Stable. A full list of rating action is at
the end of this commentary.

KEY RATING DRIVERS

The ratings assigned to ASSPL reflect the nascent stage of its
project (a bakery unit) along with the fact that it is a
greenfield project.

The ratings benefit from the locational advantage of the bakery
plant by being close to Raipur and the company's promoters'
experience of around two and a half decades in the bakery
industry.

RATING SENSITIVITIES

Positive: Timely completion of the project in line with the
projected cost outlay will be positive for the ratings.

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

COMPANY PROFILE

ASSPL was incorporated in 2012 for setting up of a bakery unit.
The operations are likely to start from April 2017.

Mr Ashish Agarwal, Abhishek Agarwal, Satya Prakash Agarwal,
Vishwanath Agarwal and Manish Agarwal are the directors of the
company.

The total project cost is estimated to be around INR260 million
which will be funded through INR140 million equity contributions
and INR120 million long-term loans. The company has already tied
up for the term loans, and the repayment for the same is likely
to start from FY18.

ASSPL's ratings:

-- Long-Term Issuer Rating: assigned 'IND B+'/Stable
-- INR15.00 million fund-based working capital limit: assigned
    'IND B+'/ Stable
-- INR120.00 million long-term loans: assigned 'IND B+'/Stable


AASTHA COLD: CARE Assigns 'D' Rating to INR7.90cr LT Loan
---------------------------------------------------------
CARE assigns 'CARE D' rating to the bank facilities of Aastha
Cold Storage.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      7.90      CARE D Assigned

Rating Rationale
The rating assigned to the bank facilities of Aastha Cold Storage
(ACS) is constrained primarily on account of delay in debt
servicing. The ability of ACS to service its debt obligations in
a timely manner would be the key rating sensitivity.

Deesa-based (Gujarat) Aastha Cold Storage (ACS) is a partnership
firm engaged in the business of providing cold storage services.
Established in the year 2013, ACS is operating from its plant
located at Modasa-Gujarat. ACS has an installed capacity of 5000
metric tonnes of storage capacity as on March 31, 2015.

During FY15 (refers to the period April 1 to March 31), ACS
reported a net loss of INR0.29 crore (FY14: PAT of INR0.02 crore)
on a Total Operating Income (TOI) of INR6.50 crore (FY14: INR3.88
crore). ACS registered turnover of INR2.50 crore till March 11,
2016.


ADITYA PRINTS: Ind-Ra Assigns 'IND D' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Aditya Prints
Private Limited (APPL) a Long-Term Issuer Rating of 'IND D'. A
full list of rating actions is at the end of this commentary.

KEY RATING DRIVERS

The ratings reflect APPL's continuous delays in debt repayments
over the 12 months ended February 2016, due to stretched
liquidity. This can be attributed to the company's elongated net
working capital cycle of 454 days in FY15 (FY14: 378 days, FY13:
188 days).

RATING SENSITIVITIES

Positive: Timely debt servicing for at least three consecutive
months could lead to a positive rating action.

COMPANY PROFILE

APPL, established in March 2007, is engaged in providing value
addition services such as embroidery, stitching, designing,
painting and dyeing etc on job work basis.

APPL's ratings are as follows:
-- Long-Term Issuer Rating: assigned 'IND D'
-- INR162.5 million fund-based working capital limits: assigned
    Long-term 'IND D'
-- INR273.4 million term loan limits: assigned Long-term 'IND D'
-- INR6.4 million non-fund-based working capital limits:
    assigned Short-term 'IND D'


AI COTTON: CRISIL Assigns B+ Rating to INR140MM Cash Loan
---------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank
facility of AI Cotton Industries (AICI) and has assigned its
'CRISIL B+/Stable' ratings to the bank facilities. CRISIL had
suspended the ratings on April 30, 2013, as the firm had not
provided the necessary information required for a rating view.
AICI has now shared the requisite information, enabling CRISIL to
assign ratings to the company's bank facilities.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            140      CRISIL B+/Stable (Assigned;
                                   Suspension Revoked)

The rating reflects ACI's weak financial risk profile because of
small networth and high gearing, limited financial flexibility,
and susceptibility to changes in government policy regarding the
cotton industry. These weaknesses are partially offset by
promoters' experience in the cotton ginning industry.
Outlook: Stable

CRISIL believes ACI will continue to benefit over the medium term
from its promoters' industry experience. However, its financial
risk profile will remain constrained because of high gearing and
average debt protection measures. The outlook may be revised to
'Positive' in case of high profitability and capital infusion,
leading to a better financial risk profile. Conversely, the
outlook may be revised to 'Negative' if financial risk profile
deteriorates because of large working capital requirement or
capital withdrawal.

AIC, set up by Mr. Rasik Thakkar in 2007, gins and presses cotton
in Kutch. Its plant has capacity to manufacture 46,000 bales of
cotton per annum, and is operating at 60 percent of capacity. The
firm integrated operations forward in 2009-10 (refers to
financial year, April 1 to March 31) by setting up a cotton oil
refinery with capacity of 2835 tonnes per annum, which is
operating at 50 percent of capacity.

ACI's profit after tax (PAT) was INR0.6 million on net sales of
INR578 million for 2014-15, against PAT of INR0.6 million on net
sales of INR278 million for 2013-14.


AL-SAMEER EXPORTS: Ind-Ra Suspends 'IND BB' LT Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Al-Sameer
Exports Private Limited's (ASEPL) 'IND BB' Long-Term Issuer
Rating to the suspended category. The Outlook was Stable. The
rating will now appear as 'IND BB(suspended)' on the agency's
website. A full list of rating actions is at the end of this
commentary.

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

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

ASEPL's ratings:

-- Long-Term Issuer Rating: migrated to 'IND BB(suspended)' from
    'IND BB'/Stable
-- INR80 million fund-based working capital limits: migrated to
    'IND BB(suspended)' from 'IND BB' and 'IND  A4+(suspended)'
    from 'IND A4+'
-- INR100 million term loans: migrated to 'IND BB(suspended)'
    from 'IND BB'


ANC INDUSTRIES: CRISIL Raises Rating on INR60MM Cash Loan to B+
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of ANC Industries Private Limited (AIPL; formerly, ANC
Enterprises) to 'CRISIL B+/Stable' from 'CRISIL B/Stable'.

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

   Proposed Long Term     9.8     CRISIL B+/Stable (Upgraded from
   Bank Loan Facility              'CRISIL B/Stable')

   Working Capital       15.0     CRISIL B+/Stable (Upgraded from
   Term Loan                      'CRISIL B/Stable')

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of AIPL and Sango Auto Forge Pvt Ltd
(SAFPL). This is because these entities, together referred to as
the ANC group, are in similar lines of business, have significant
operational and financial linkages with each other and have
common promoters.

The rating upgrade reflects CRISIL's belief that the group's
credit profile will improve over the medium term on account of
increase in scale of operations and equity infusion by the
promoters. Operating Income is expected to increase by about 25
percent to INR317 million in 2015-16 from INR253.4 million in the
previous year while its operating margin is expected to remain
steady in the range of 15-16 percent. Also the promoters have
infused equity of INR41 million over the past 9 months ending
December 2015 and are further expected to infuse INR16 million in
the near term. This is expected to result in an improvement in
the networth and capital structure and the group's networth and
gearing are estimated to improve to INR132.9 million and 1.39
times as on March 31 2016 as against INR75.5 million and 2.43
times respectively as on March 31 2015. Further, the group's
annual net cash accrual is estimated to increase to INR190-220
million over the medium term from INR14 million in 2014-15.
However the group's liquidity is expected to remain stretched
over the medium term because of working capital intensive
operations resulting in fully utilized bank lines.

The ratings reflect the group's small scale of operations, large
working capital requirements, high customer concentration in
revenue profile, and susceptibility to cyclicality in the
commercial vehicle industry. The ratings also factor in the
group's below-average financial risk profile because of moderate
net worth and sub-par debt protection metrics. These rating
weaknesses are partially offset by the extensive industry
experience of its promoters.
Outlook: Stable

CRISIL believes that the ANC group will continue to benefit over
the medium term from its promoters' extensive industry
experience. The outlook may be revised to 'Positive' if the
group's liquidity improves significantly, most likely driven by
sizeable equity infusion or improvement in its working capital
management. Conversely, outlook may be revised to 'Negative' if
the group's revenue and profitability decline, or it undertakes a
large debt-funded capital expenditure programme, thereby
weakening its financial risk profile, particularly its liquidity.

AIPL undertakes the machining of components used in the
automobile industry. The firm operates two machining units at
Bhosari in Pune (Maharashtra) with an installed capacity of 600
tonnes per month (tpm). SAFPL, incorporated in 2007, has a
forging capacity of 350 tpm and caters to AIPL's forging
requirements.


ASHRAY WELFARE: CRISIL Assigns 'B' Rating to INR10MM Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Ashray Welfare Foundation (AWF).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Fund-
   Based Bank Limits       10      CRISIL B/Stable

The rating reflects the society's average financial risk profile
because of a weak cash flow and a large receivable cycle. This
weakness is partially offset by the society's track record of
implementation of various social welfare development schemes.
Outlook: Stable

CRISIL believes AWF's credit profile will remain constrained on
account of its small scale of operations and low cash accrual.
The outlook may be revised to 'Positive' if there is a
significant increase in its scale of operations and cash accrual
leading to improvement in the financial risk profile. Conversely,
the outlook may be revised to 'Negative' if AWF reports a decline
in its income or cash accrual or in case of any large, debt-
funded capital expenditure, leading to pressure on its financial
risk profile.

AWF, set up as a not-for-profit society in 2003, is managed by
its director Mr. Anil Kumar, deputy director Mr. Praveen Singh,
and Treasurer Ms. Sayongta Singh. The society is engaged in
various schemes operated by state and central governments in
Barabanki, Kanpur (Uttar Pradesh), and surrounding areas. The
schemes include providing free meals under the Mid-Day meal
scheme, a mobile crache programme, leadership scheme from the
Ministry of Minority Affairs, handicraft yojana from the Ministry
of Textiles, and other government-mandated schemes.


ASIA-PACIFIC INSTITUTE: CRISIL Cuts Rating on INR180MM Loan to D
----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility
of Asia-Pacific Institute of Management (APIM; a unit of All
India Asian Educational Foundation [AIAEF]) to 'CRISIL D' from
'CRISIL BB/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan              180      CRISIL D (Downgraded from
                                   'CRISIL BB/Stable')

The rating downgrade reflects delays in servicing principal
repayment on term debt (quarterly principal repayment due in
December 2015 was serviced in March 2016). APIM has also delayed
paying interest by over 60 days. Delays are due to cash flow
mismatch.

The rating reflects the society's established track record in
providing management education and healthy demand prospects for
the education sector in India. These strengths are partially
offset by limited diversity in APIM's educational courses, and
exposure to intense competition and to changes in the regulatory
environment in the education sector.

AIAEF was set up in 1996 by Mr. A K Shrivastav and his family
members. The society operates APIM, which provides postgraduate
courses in business administration.


ASSOCIATED PIGMENTS: CRISIL Reaffirms B- Rating on INR570MM Loan
----------------------------------------------------------------
CRISIL's rating on the long term bank facility of Associated
Pigments Ltd (APL) continues to reflect APL's working capital-
intensive nature of operations and its weak financial risk
profile marked by modest networth and low debt protection
metrics.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bill Discounting       300      CRISIL B-/Stable (Reaffirmed)
   Cash Credit            570      CRISIL B-/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
experience of its promoter in the metals and mining industry and
his established relationships with reputed clientele.

Earlier, CRISIL had assigned its 'CRISIL B-/Stable' rating to the
long-term bank facility of APL on 09/03/2016.
Outlook: Stable

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

APL, promoted by the late Mr. DN Sahaya, was incorporated in 1948
for carrying on business of lead oxides, white lead, antimonial
lead, lead salts, zinc dust, and zinc oxide. Currently, the
operations are managed by Mr. Sanjiv Nandan Sahaya, the managing
director and grandson of the late Mr. DN Sahaya. APL has an
installed capacity of 48,000 tonnes per annum (tpa) of refined
lead and 18,780 tpa of lead oxide and other lead materials.


BHAVESH GINNING: CRISIL Assigns 'B' Rating to INR80MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Bhavesh Ginning Industries (BGI). The rating
reflects BGI's modest scale of operations in the intensely
competitive cotton industry, moderate working capital
requirement, and weak financial risk profile, with moderate
gearing and weak debt protection metrics. These weaknesses are
mitigated by the promoters' extensive experience in the cotton
industry, benefits from proximity of the ginning unit to
Gujarat's cotton-growing, and absence of long-term debt.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            80       CRISIL B/Stable

Outlook: Stable

CRISIL believes BGI will benefit over the medium term from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if substantial revenue is reported while
improving profitability and capital structure. Conversely, the
outlook may be revised to 'Negative' if considerable decline in
revenue and profitability, or deterioration in working capital
management impacting liquidity, or large debt-funded capital
expenditure weakens financial risk profile.

BGI was established as a partnership firm in 2005. Its operations
are managed by Mr. Anandgiri Swami and family. BGI has installed
capacity of 200 bales per day and carries out cotton ginning and
pressing operations at its facility located in Patan, Gujarat.

Net profit was INR0.45 million on sales of INR481.3 million in
2014-15 (refers to financial year, April 1 to March 31).


BMW ENTERPRISES: Ind-Ra Affirms 'IND BB' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed BMW Enterprises'
(BMWE) Long-Term Issuer Rating at 'IND BB'. The Outlook is
Stable.

KEY RATING DRIVERS

The affirmation reflects BMWE's moderate credit profile, with
EBITDA interest coverage of 1.5x in FY15 (FY14: 1.7x) and net
leverage of 6.1x (5x). While the entity's revenue grew 3.3% yoy
to INR2.5 billion in FY15 (FY14: 9.1%), it declined to INR1.6bn
in 9MFY16 due to a fall in realisations of thermo-mechanical
treatment bars.

The ratings continue to benefit from the support extended by the
BMW Group in the form of unsecured loans (FYE15: INR24.9m) and a
letter of comfort provided by the group's flagship entity BMW
Ventures Ltd, which is under the same management and operates in
the same line of business as BMWE. It had earlier extended a
corporate guarantee towards BMWE's debt facilities, but this had
to be removed in FY16 in accordance with the provisions of the
Companies Act 2013.

The ratings also benefit from BMWE's position as the sole project
distributor for Tata Steel Limited ('IND AA'/Negative) for TMT
bars in Bihar and the two-decade-long experience of its
management in the steel industry.

However, the ratings remain constrained by the trading nature of
the entity's business, resulting in low EBITDA margins (FY15:
2.8%; FY14: 2.3%) as well as the proprietorship nature of the
organisation.

RATING SENSITIVITIES

Positive: A sustained improvement in its liquidity and EBITDA
interest coverage could lead to a positive rating action.

Negative: Sustained deterioration in the EBITDA interest coverage
could lead to a negative rating action.

COMPANY PROFILE

Started in 2005, BMWE is a project distributor for Tata Tiscon's
TMT bars in Bihar. BMWE has a corporate office in Kolkata and
registered office in Patna. It has a 35,000 sq ft stock yard and
60MT capacity weigh bridge in Patna. Its proprietor is Jai
Basukinath Traders Private Limited, which has been a consignment
agent for Tata Steel Limited since two decades.

BMWE's ratings:
-- Long-Term Issuer Rating: affirmed at 'IND BB'; Outlook Stable
-- INR420 million fund-based limits (increased from INR240
    million): affirmed at 'IND BB'; Outlook Stable
-- INR20 million non-fund-based limits: assigned 'IND A4+'


C.I. AUTOMOTORS: CARE Revises Rating on INR7.63cr LT Loan to B+
---------------------------------------------------------------
CARE revises/reaffirms the ratings assigned to the bank
facilities of C.I. Automotors Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     7.63       CARE B+ Revised from
                                            CARE B
   Short-term Bank Facilities    0.11       CARE A4 Reaffirmed

Rating Rationale

The revision in the long term rating assigned to the bank
facilities of C.I. Automotors Private Limited (CIAPL) was
primarily on account of improvement in its solvency position and
networth base as on March 31, 2015.

The ratings, however, continue to remain constrained on account
of low profit margins; leveraged capital structure, weak debt
coverage indicators, pricing constraint and competition from
dealers of other Original Euipment Manufacturers (OEMs) resulting
in lower margins and working capital intensive nature of
operations.

The ratings however, continue to draw strength from the long
experience of its promoters in automobile dealership through
associate entities, integrated nature of operations and
association with established automobile manufacturer (Mahindra &
Mahindra Limited).

CIAPL's ability to increase its scale of operations and improve
profitability along with its capital structure while managing its
working capital requirements efficiently remains the key rating
sensitivity.

Incorporated in the year 1997, C. I. Automotors Private Limited
(CIAPL) became an authorised dealer for Nissan Motor Company
Limited (NMCL) in the year 2010, prior to which the company was
an
authorised dealer for TVS Motors Company Limited (TVS). During
FY12 (refers to the period April 1 to March 31), the company
again changed its business and became an authorised dealer for
Mahindra and Mahindra Limited (M&M).CIAPL is promoted by Mr
Rakesh Malik, Chairman, of C. I. group of companies and has
experience in the trading business for more than a decade. CIAPL
primarily deals in M&M's vehicles, spare parts and accessories
while it also offers servicing of M&M vehicles. The company has
two showrooms/ service centres in Bhopal catering to the
passenger and the commercial vehicle segment which are owned by
directors and given on rent to CIAPL.

CIAPL belongs to C.I group headquartered in Bhopal, Madhya
Pradesh. The group has two other companies within its basket viz;
C.I. Finlease Limited (CIFL) [CARE BB-, revised in March 2016]
having a dealership of Hyundai Motors India Limited and C.I.
Builders Private Limited engaged in the real estate development.

During FY15, CIAPL reported the Profit after Tax (PAT) of INR0.06
crore (INR0.12 crore in FY14) on a Total Operating Income (TOI)
of INR134.74 crore (INR154.40 crore in FY14). As per the
provisional
results for 11MFY16, CIAPL has reported a turnover of INR118.72
crore.


C.I. FINLEASE: CARE Revises Rating on INR8cr LT Loan to BB-
-----------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
C.I. Finlease Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       8        CARE BB- Revised from
                                            CARE B+

Rating Rationale
The rating assigned to the bank facilities of C.I. Finlease
Limited (CIFL) has been revised primarily on account of
significant increase in its scale of operations during FY15
(refers to the period April 1 to March 31) and 11MFY16
(provisional).

The rating, however, continues to remain constrained on account
of its low profit margins with leveraged capital structure and
weak debt coverage indicators, working capital intensive nature
of operations and low bargaining power with limited pricing
flexibility.

The rating, however, continues to draw strength from the long
experience of its promoters in automobile dealership and
integrated nature of operations and association with reputed
automobile manufacturer.

CIFL's ability to increase its scale of operations and improve
its profitability and capital structure remains the key rating
sensitivity.

Incorporated in the year 1996, CIFL was initially established as
a private limited company and was engaged in the automobile
financing for TVS motors. In May 2003, CIFL got converted into
public limited company and changed its line of operation as an
authorised dealer of Hyundai Motors India limited (HMIL).

CIFL is promoted by Mr Rakesh Malik, Chairman, of C.I. group of
companies and has experience in the trading business a little
over two decades, while he has a total industry experience of
over three decades. CIFL is an authorised dealer of HMIL cars,
its spare parts and accessories and it also offers servicing of
HMIL vehicles. The company has two showrooms and one service
centre in Bhopal, Madhya Pradesh. CIFL has also appointed four
sub-dealers within Bhopal that operate on a commission basis for
enhancing its scale of operations.

CIFL is the flagship company of C.I group headquartered in
Bhopal, Madhya Pradesh. The group has two other companies under
its umbrella, viz, C.I. Automotors Private Limited (CIAPL; rated
'CARE B+/CARE A4') having a dealership of Mahindra & Mahindra
Limited and C.I. Builders Private Limited engaged in the real
estate development.

During FY15, CIAPL reported the Profit after Tax (PAT) of INR0.24
crore (FY14: INR0.15 crore) on a total operating income (TOI) of
INR132.49 crore (FY14: INR86.14 crore). As per provisional
results for 11MFY16, CIFL has achieved a turnover of INR133.18
crore.


CROWN CERAMIC: CRISIL Assigns B+ Rating to INR90.2MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Crown Ceramic (CC).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan              90.2     CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      6.3     CRISIL B+/Stable
   Bank Guarantee          8.5     CRISIL A4
   Cash Credit            20.0     CRISIL B+/Stable

The ratings reflect CC's exposure to risks related to project
phase, and its expected modest scale of operations and large
working capital requirement in the highly competitive ceramics
industry. These weaknesses are partially offset by its promoters'
extensive industry experience and its favourable location in
Morbi, Gujarat, the hub of the ceramics industry in India and its
running clay business which gives it chance of having forward
integration in medium term.
Outlook: Stable

CRISIL believes CC will benefit over the medium term from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if CC stabilises operations on time and
generates substantial cash accrual. Conversely, the outlook may
be revised to 'Negative' in case of low accrual because of slow
order flow or subdued profitability, or weakening of financial
risk profile because of substantial working capital requirement
or debt-funded capital expenditure.

CC, established in Morbi in 2013 and promoted by Mr. Rameshbhai
Bhalodia and his family members, produces clay. Its promoters are
integrating operations forward by setting up a porcelain floor
tiles unit with capacity of 54,000 tonne per annum, which will
commence operations by August 2016.


DYNATECH INDUSTRIES: CARE Assigns B+ Rating to INR6.75cr LT Loan
----------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' rating to the bank
facilities of Dynatech Industries Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      6.75      CARE B+ Assigned
   Short-term Bank Facilities     2.00      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Dynatech
Industries Private Limited (DIPL) is constrained by the
fluctuating total operating income along with declining PAT
margin over the year, deteriorating overall gearing and weak debt
coverage indicators, stretched receivable days resulting in to
elongated operating cycle and high dependence on working capital
borrowing and susceptibility of profit margins to the fluctuation
in raw material prices (iron and steel) and foreign exchange
rates. However, the ratings are underpinned by the established
track record and experienced promoters, moderate order book
position and reputed and established customer and supplier base.

The ability of the company to increase scale of operations,
improve overall gearing and debt coverage indicators, timely
realize payments from clients and manage working capital
requirement efficiently are the key rating sensitivities.

Dynatech Industries Private Limited (DIPL) was initially
established in the year 2001 as partnership firm in the name of
M/s Dynatech Industries. The constitution of the entity changed
into private limited company in 2008 and later the name of the
company changed to current nomenclature i.e. Dynatech Industries
Private Limited . Hyderabad based DIPL is an ISO 9001-2008
certified company and promoted by Mr. K. Harish Reddy and family
members. The company is engaged in manufacturing of Drilling
Rods, Hydraulic Mining equipment, Heavy-duty diamond multipurpose
drills, Bore well equipments and accessories of mining. The
company has two manufacturing facilities located at Cherlapally,
Hyderabad.

During FY15, 70% of the revenue was generated through domestic
sales and rest 30% from export sales. During FY15, DIPL reported
a total operating income of INR27.36 crore (INR44.03 crore in
FY14) with PBILDT of INR3.55 crore (INR3.69 crore in FY14) and
PAT of INR0.15 crore (INR0.26 crore in FY14) DIPL has reported
total operating income of INR24 crore during 11MFY16.


EAGLE INFORMATION: CRISIL Assigns 'B' Rating to INR75MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Eagle Information Systems Private Limited
(Eagle).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Long Term
   Bank Loan Facility    21.2      CRISIL B/Stable

   Cash Credit           75        CRISIL B/Stable

   Long Term Loan         3.8      CRISIL B/Stable

The rating reflects Eagle's below-average financial risk profile
because of a modest net worth and weak interest coverage ratio.
The rating also factors in a modest scale of operations in the
fragmented and competitive information technology (IT) hardware
trading industry. These rating weaknesses are partially offset by
the extensive industry experience of the company's promoters and
its diversified geographical reach.
Outlook: Stable

CRISIL believes Eagle will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of a significant
increase in scale of operations while its capital structure is
maintained, or more-than-expected cash accrual leading to
improvement in the financial risk profile. Conversely, the
outlook may be revised to 'Negative' in case of a considerable
decline in profitability, or deterioration in the capital
structure or working capital management.

Eagle, incorporated in 1993 and based in New Delhi, is promoted
by Mr. Subir Sangal.  The company trades in IT hardware (70
percent of revenue) and consumer goods (30 percent) all over
India. It has 10 branch offices in major cities such as Kolkata,
Chennai, Mumbai, and Guwahati. The head office and warehouse,
with an area of around 1000 square feet, are in New Delhi.


FORTUNE SPIRIT: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Fortune Spirit
Limited (FSL) a Long-Term Issuer Rating of 'IND BB'. The Outlook
is Stable. The agency has also assigned FSL's INR150.00 million
fund-based working capital limit an 'IND BB' rating with a Stable
Outlook.

KEY RATING DRIVERS

The ratings reflect FSL's moderate credit metrics as reflected in
its EBITDA interest coverage of 2.1x in FY15 (FY14: 2.8x) and net
financial leverage of 5x (3.8x). The ratings also reflect the
company's moderate liquidity profile as reflected in its average
of the maximum fund-based utilisation of 93.69% for the 12 month
ended February 2016. The net cash cycle of the company is also
long, at 253 days during FY15, due to a long inventory holding
period and high receivable days.

The ratings are supported by FSL's comfortable and improved
EBITDA margin (FY15: 10.5%; FY14: 8.1%). The ratings are also
supported by the company's promoters' experience of more than two
decades in manufacturing liquor.

RATING SENSITIVITIES

Positive: An improvement in the overall credit metrics would lead
to a positive rating action.

Negative: Deterioration in the overall credit metrics would lead
to a negative rating action.

COMPANY PROFILE

FSL was incorporated in 2007 for the processing of Indian made
foreign liquor. The company is promoted by Rajesh Kumar Sahu,
Deepak Sahu and Ayush Sahu. FSL processes 150,000 cases of Indian
made foreign liquor for Jagjit Industries Limited and Mohan
Meakin Ltd. It also processes Old Monk and sells it to Orissa
State Breweries Corporation. The company's registered office is
located in Bhubaneswar and its manufacturing facilities are
located in Ganjam district in Orissa.


FRIENDS AUTO: CRISIL Suspends 'D' Rating on INR107.5MM Cash Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Friends Auto India Limited (FAL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         2.5      CRISIL D
   Cash Credit          107.5      CRISIL D
   Letter of Credit      80.0      CRISIL D

The suspension of ratings is on account of non-cooperation by FAL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, FAL is yet to
provide adequate information to enable CRISIL to assess FAL'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'.

FAL manufactures leaf springs for the commercial vehicle market
in India. The company caters to original equipment manufacturers
(OEMs) and the replacement market, with the former accounting for
70 to 80 per cent of its sales. FAL supplies leaf springs to
large OEMs such as TML and Eicher Motors Ltd.


FUTURE FLEX: CRISIL Suspends 'B' Rating on INR40MM Term Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Future
Flex Pvt Ltd (FFPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            20       CRISIL B/Stable
   Term Loan              40       CRISIL B/Stable

The suspension of rating is on account of non-cooperation by FFPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, FFPL is yet to
provide adequate information to enable CRISIL to assess FFPL'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 2011 and based in Delhi, FPPL primarily
manufactures bags, such as jute bags, bardana bags, and woven
polypropylene bags, catering primarily to rice processing
companies in the Haryana region. Its manufacturing facility is in
Kaithal (Haryana).


GOLDEN JUBILEE: CARE Reaffirms 'B' Rating on INR495cr LT Loan
-------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Golden Jubilee Hotels Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      495       CARE B Reaffirmed
   Long-term/Short-term Bank       50       CARE B/CARE A4
   Facilities                               Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Golden Jubilee
Hotels Limited (GJHL) continue to take into account the
relatively large-sized project with financing of entire cost
overrun yet to be tied up, high post project implementation risk,
significant time-lag required for stabilization of operation and
intense competition from the existing and upcoming hotels in
Hyderabad with the presence of huge room inventory. The ratings
are, however, underpinned by the experienced promoters with EIH
Ltd. for management & marketing of the Hotel Trident, tie-up of
funds for majority of cost overrun and commencement of operation
of the hotel Trident at Hyderabad and increase in Average Room
Rates (ARRs) and Revenue per Available Room (RevPAR) during FY15
(FY refers to the period July 01 to June 30). Ability of the
company to stabilize the operation of Trident with improvement in
profit from operations, tie-up cost overrun and successfully
complete the balance portion of the project are the key rating
sensitivities.

Golden Jubilee Hotels Limited (GJHL) was incorporated as Golden
Jubilee Estates Limited in December, 1996 and remained dormant
till 2004. The name of the company was changed to the current
nomenclature in December, 2006. GJHL is a special purpose vehicle
formed for the development of two five Star hotel properties
under the name of Trident and Oberoi at Hyderabad under a Public
Private Partnership basis with The Youth Advancement, Tourism and
Culture, Andhra Pradesh. The project Trident (branded as Five
Star Deluxe) has commenced soft operations from Sept. 1, 2013.
However, there has been a change in plan with regard to
construction of The Oberoi and the same is being replaced with a
five star business hotel cum service apartment.


GULSHAN RAI: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Gulshan Rai
Jain-II (GRJ) 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

GRJ's ratings reflect its small scale of operations and moderate
credit profile, as reflected in its revenue of INR367.45 million,
interest coverage (operating EBITDA/gross interest expenses) of
4.3x and net financial leverage (total adjusted net
debt/operating EBITDAR) of 1.9x during FY15. The ratings also
reflect GRJ's partnership nature of business.

The ratings factor in the company's moderate liquidity profile
with 95.80% utilisation of the working capital facility for the
12 months ended February 2016.

However, the ratings are supported by over a decade of experience
of GRJ's partners in the construction business. The ratings are
also supported by the company's healthy work execution during
April 2015-February 2016 resulting in revenue INR920.73m.

RATING SENSITIVITIES

Positive: A substantial improvement in the overall scale of
operations and overall credit metrics will be positive for the
ratings.

Negative:Further deterioration in its operating profitability and
other credit metrics will be negative for ratings.

COMPANY PROFILE

Incorporated in 2008 GRJ is engaged in civil, mechanical and
electrical construction work in Madhya Pradesh. It mainly
executes construction works for Public Works Department, Indore
Development Authority, Sagar Municipal Corporation and Bhopal
Municipal Corporation. The firm was awarded the status of A Class
contractor by Public Works Department Bhopal.

GRJ's ratings:
-- Long-Term Issuer Rating: assigned 'IND BB'/Stable
-- INR150.0 million fund-based working capital limit: assigned
    'IND BB'/Stable
-- INR240.0 million non-fund-based working capital limit:
    assigned 'IND A4+'


GURUKRIPA CONVEYORS: CARE Assigns 'B' Rating to INR8.03cr LT Loan
-----------------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank
facilities of Gurukripa Conveyors.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      8.03      CARE B Assigned
   Short-term Bank Facilities     0.10      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Gurukripa
Conveyors (GC) are primarily constrained on account of its modest
scale of operations coupled with small order book position in the
highly fragmented and competitive conveyor belt industry, its
constitution as a partnership concern and volatility associated
with raw material prices. The ratings are further constrained on
account of its financial risk profile marked by moderate
profitability, weak solvency position, stressed liquidity
position and project implementation risk associated with its
ongoing debt-funded project.  The ratings, however, continue to
derive strength from experienced management and reputed and
diversified client base.

The ability of GC to increase its scale of operations with timely
completion of project within cost parameters, improvement in
profitability and capital structure with efficient management of
working capital are the key rating sensitivity.

Jaipur (Rajasthan) based GC was formed in January, 2011 as a
partnership concern by Mr. Anil Garg, Mr. Ashok Garg and Mr.
Abhishek Garg. GCmanufactures various grades of conveyor belts
used for industrial applications of material handling in various
industries like mining, coal, cement, steel and fertilizer among
others. The plant of the firm is located in RIICO Industrial
Area, Shahpura Rajasthan, having total manufacturing capacity of
12,000 Meters Per Month (MPM) as on March 31, 2015. The firm
caters to the domestic market through 16-17 dealers and markets
its product all over India under the brand name "FIRESTONE'.

During FY15 (refers to the period April 1 to March 31), GC has
reported a total operating income of INR8.34 crore (FY14:
INR5.17 crore) with a PAT of INR0.01 crore (net loss in FY14:
INR0.12 crore).


HIND PLASTIC: CRISIL Assigns 'B' Rating to INR27MM Cash Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Hind Plastic Industries (HPI).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Cash
   Credit Limit           27       CRISIL B/Stable
   Cash Credit            23       CRISIL B/Stable
   Letter of Credit       50       CRISIL A4

The ratings reflect the firm's modest scale of operations in a
highly competitive business, and susceptibility of its
profitability to volatility in polymer prices and foreign
exchange rates. The ratings also factor in a below-average
financial risk profile because of weak debt protection metrics.
These weaknesses are partially offset by the extensive experience
of HPI's partners in the polymer industry and their established
relationship with suppliers.
Outlook: Stable

CRISIL believes HPI will continue to benefit over the medium term
from its partners' extensive industry experience. The outlook may
be revised to 'Positive' in case of significant and sustained
improvement in revenue and margins, while the firm's capital
structure improves. Conversely, the outlook may be revised to
'Negative' in case of a significant decline in revenue or
margins, a stretched working capital cycle, or large, debt-funded
capital expenditure, resulting in deterioration in the financial
risk profile.

HPI, established in 1979 as partnership firm, trades in plastic
granules and polyvinyl chloride (PVC) resins in Punjab. Mr. Amit
Goyal and his wife Ms. Kavita Goyal are the partners in the firm.

Book profit was INR0.38 million on sales of INR212.8 million in
2014-15 (refers to financial year, April 1 to March 31), as
against a book profit of INR0.16 million on sales of INR179.8
million in 2013-14.


INDRATARA AGRO: CRISIL Assigns B+ Rating to INR92MM Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Indratara Agro Industries Private Limited
(IAIPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           54.1      CRISIL B+/Stable
   Term Loan             92        CRISIL B+/Stable

The rating reflects the company's exposure to risks related to
early stage of operations. The rating also factors in limited
bargaining power and vulnerability to volatility in raw material
prices expected post stabilisation of operations. These rating
weaknesses are partially offset by the extensive experience of
promoters in the castor oil industry.
Outlook: Stable

CRISIL believes IAIPL will continue to benefit from the
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if higher-than-expected revenue or
profitability leads 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.

IAIPL, promoted by members of the Burad family, was established
in 2014 to manufacture castor oil. Mr. Mahendra Kantilal Burad,
Mr. Rahul Ashokchand Burad, and Mr. Manish Ashokchand Burad will
manage its operations. The company will have castor oil
manufacturing capacity of 20,000 tonnes per annum; it will also
have a solvent extraction unit. The operations are expected to
commence in April 2016.


ISHITA BUILDCON: CARE Revises Rating on INR10cr LT Loan to B+
-------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Ishita Buildcon Private Limited.

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

Rating Rationale

The revision in the long-term rating assigned to the bank
facilities of Ishita Buildcon Private Limited (IBPL) factors in
the increase in its scale of operations and improvement in
capital structure during FY15 (refers to the period April 1 to
March 31).

The rating, however, continues to remain constrained on account
of IBPL's moderate scale of operations in a highly competitive
agro industry with low profit margins, moderate debt coverage
indicators and moderate liquidity position.

The rating continues to derive strength from the wide experience
of the promoters and proximity to paddy-growing areas.

The ability of IBPL to increase its scale of operations and
improvement in the profitability and capital structure while
managing working capital efficiently is the key rating
sensitivity.

IBPL was incorporated on September 08, 2010, at Bhopal, Madhya
Pradesh and is promoted by Mr Ashok Anand along with his sons Mr
Gagan Anand andMr Raman Anand. IBPL is engaged in the trading of
cereals primarily rice (both basmati and non-basmati). IBPL is
located in Bhopal, Madhya Pradesh, and procures cereals from the
farmer and local market and sells the same to rice milling units
directly as well as through agents. The promoters have also
promoted Anand Warehousing and Anand & Anand Associates. The
former operates a warehouse on lease rental basis and has 2 lakh
sq.ft of own warehousing space which is also used by IBPL while
latter is engaged in investing in real estate assets. There are
no such group transactions done among the group companies.

As per the audited results of FY15, IBPL reported profit after
tax (PAT) of INR0.18 crore on a total operating income (TOI) of
INR44.63 crore as against net profit of INR0.12 crore on a TOI of
INR26.16 crore during FY14. As per the provisional results of
10MFY16, IBPL registered TOI of INR17 crore.


JAIKA VEHICLE: CRISIL Reaffirms B- Rating on INR190MM Cash Loan
---------------------------------------------------------------
CRISIL's rating on the bank facilities of Jaika Vehicle Trade
Private Limited (JVTPL) continues to reflect its subdued modest
scale of operations; it's below average financial risk profile
marked by high external indebtedness, and modest interest
coverage.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            190      CRISIL B-/Stable (Reaffirmed)

   Proposed Cash
   Credit Limit            61      CRISIL B-/Stable (Reaffirmed)

   Term Loan               29      CRISIL B-/Stable (Reaffirmed)

These rating weaknesses are partially offset by the promoters'
extensive experience in the automobile dealership business and
funding support in the form of unsecured loans.
Outlook: Stable

CRISIL believes JVTPL will, over the medium term, continue to
benefit from the extensive experience of its promoters in the
automobile dealership segment and association with the Audi
brand. The outlook may be revised to 'Positive' if significant
improvement in revenue and profitability, or healthier capital
structure and debt protection indicators strengthens key credit
metrics. Conversely, the outlook may be revised to 'Negative' if
decline in revenue and profitability, or stretch in working
capital cycle weakens financial risk profile.

Incorporated in 1994, JVTPL is part of the Jaika group, promoted
by the Kale family in Nagpur. The company is an authorised dealer
for passenger vehicles of Audi India division of Volkswagen Group
Sales India Pvt Ltd (Audi) in Chhattisgarh state, and Vidharbha
region in Maharashtra. JVTPL started dealership for Audi in March
2012.


JAIN TIMBER: CRISIL Assigns B+ Rating to INR32.5MM Cash Loan
------------------------------------------------------------
CRISIL has assigned 'CRISIL B+/Stable/CRISIL A4' ratings to the
bank facilities Jain Timber Co Private Limited (JT).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Long Term
   Bank Loan Facility    7.5       CRISIL B+/Stable

   Cash Credit          32.5       CRISIL B+/Stable

   Letter of Credit     60.0       CRISIL A4

The ratings reflect modest scale of, and working capital
intensive operations and below average financial risk profile
marked by high total outside liabilities to total net worth.
These rating weaknesses are mitigated by promoters' extensive
experience in the timber industry and stable operating margins.
Outlook: Stable

CRISIL believes JT will continue to benefit over the medium term
from its promoters' extensive experience in the timber business.
The outlook may be revised to 'Positive' if improvement in scale
of operations results in sizeable cash accrual, in turn leading
to improvement in networth and hence capital structure.
Conversely, the outlook may be revised to 'Negative' in case of a
substantial increase in working capital requirements, or if a
significant, debt-funded capital expenditure programme, leads to
weak financial risk profile.

JT, incorporated in 1991, by Mr. Pradeep Kumar Jain, Ms. Poonam
Jain and Mr. Arpit Jain, processes timber logs especially pine
wood, soft wood and also undertakes trading of plywood.

JT's profit after tax (PAT) was INR0.6 million on operating
income of INR202.2 million in 2014-15 (refers to financial year,
April 1 to March 31) as against PAT of INR0.7 million on
operating income of INR186.3 million in 2013-14.


JOSHI AUTOWHEELS: CARE Assigns B+ Rating to INR8.0cr LT Loan
------------------------------------------------------------
CARE assigns CARE B+ ratings to bank facilities of Joshi
Autowheels Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     8.00       CARE B+ Assigned

Rating Rationale
The ratings assigned to the bank facilities of Joshi Auto Wheels
Private Limited (JAWPL) are constrained by its short track
record of operations, weak financial risk profile projected in
the near future with debt funded capex and recent start of
operations. The ratings are further constrained by its pricing
restrictions and margin pressure arising out of competition
from various auto dealers in the market. The ratings, however,
derive strength from the experience of the promoters and
being the authorised dealer of Nissan, a growing player in India;
with positive long-term outlook for the auto industry.
Going forward, the ability of the company to profitably stabilise
its operations along with achieving projected sales and
profitability margins remain the key rating sensitivities.

Joshi Auto Wheels Private Limited (JAWPL) was incorporated in
June 2015. The company operates a 3S facility (Sales, Spares,
Service) showroom for Nissan Motor India Private Limited (NMIPL).
The company started its operations in the last week of October-
2015. The operations of the company are managed by the directors,
Mr Manish Joshi and Mrs Bhawna Joshi. Mr Manish Joshi has an
experience of 22 years which he gained by joining the family
business of manufacturing PCC poles, Cement Fabrics(India), in
1993 as a partner and then in 2010 he joined his brother's
business of Honda Car dealership, Joshi Auto Links Pvt. Ltd. and
is managing its day to day operations. His wife, Mrs Bhawna
Joshi, on the other hand has an experience of 10 years through
her association with Cement Fabrics(India). JAWPL operates as an
authorized dealership of the entire range of passenger vehicles
(PV) like hatchback-Micra Active, sedan-Sunny, SUV-Terrnaoetc for
NMIPL. The company provides NMIPL products with finance,
exchange, insurance and accessories. The total project cost to
set up the operations is INR3.40 crore, out of which INR2.93
crore has been incurred till date, i.e. March 01, 2016.

As on March 07, 2016, the company has incurred total cost of
INR2.93 crore on the project funded through a term loan of
INR1.4 crore and the remaining through promoters contribution (in
the form of unsecured loans). As per the company, though as per
the initial estimates, the company had planned to incur total
cost of INR2.29 crore on the project, but on account of further
renovations, etc., they have now estimated the total project cost
to go upto INR3.4 crore. The cost overrun is projected to be met
through the additional funds infused by the promoters in the form
of unsecured loans.  JAWPL has two group concerns namely Joshi
Auto Links Pvt. Ltd. (JALPT) and Cement Fabrics (India) (CF).
JALPT operates as an authorized dealership of Honda cars since
2010 and CF is engaged in manufacturing of pcc cements pole since
1993.


KG IRON: CRISIL Reaffirms B- Rating on INR55MM Cash Loan
--------------------------------------------------------
CRISIL's rating on the long-term bank facilities of KG Iron and
Steel Castings Private Limited (KGIS) reflects KGIS' small scale
of operations in fragmented and highly competitive mild steel
(MS) ingots industry, its weak financial profile marked by high
gearing and weak debt protection metrics and susceptibility of
its margins to volatility in steel prices. These rating
weaknesses are partially offset by the promoter's extensive
experience and funding support.

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

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

   Term Loan               45      CRISIL B-/Stable (Reaffirmed)

CRISIL had downgraded its rating on the long-term bank facilities
of KGIS to 'CRISIL B-/Stable' from 'CRISIL B+/Stable' on
January 18, 2016.

The rating downgrade reflects continued pressure on the KGIS'
liquidity profile on account of the company incurring cash losses
in 2014-15. This is mainly due to a sharp reduction in the raw
material prices leading to inventory losses for the company.
Although the promoters infused unsecured loans of about INR40
million in the company in 2014-15 to support liquidity, the bank
lines remained fully utilised through the 12 months ending
September 2015. KGIS incurred cash losses of INR27 million in
2014-15. The decline in raw material prices resulted in inventory
losses as it carries an inventory of more than 100 days. The
continued softening of raw material prices is expected to slow
down recovery in operating profitability. The movement in raw
material prices and effect on KGIS' operating margin will remain
a key rating sensitivity factor over the medium term affecting
the liquidity profile.
Outlook: Stable

CRISIL believes that KGIS will continue to benefit from its new
promoter's extensive experience in steel industry. The outlook
may be revised to 'Positive' in case of a material improvement in
cash accruals thereby improving its liquidity. Conversely, the
outlook may be revised to 'Negative' if the company's
profitability continues to remain weak further weakening its
liquidity.

KGIS was incorporated in September 2009 as Suchita (India) Alloys
& Steels Private Limited and started operations in January 2011.
During December 2012, Mr. Kamlesh Gupta and Mr. Rahul Gupta
acquired majority stake in the company. Consequently, name was
changed to KG Iron & Steel Castings Private Limited in March
2013. KGIS is engaged in manufacturing of mild steel (MS) ingots
and has its manufacturing unit situated in Raisen, Madhya
Pradesh.


LATIN PAPER: CRISIL Assigns 'B' Rating to INR74.4MM Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Latin Paper Industries LLP (LPI).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------      -------
   Term Loan             74.4       CRISIL B/Stable
   Bank Guarantee         5.6       CRISIL A4
   Cash Credit           40.0       CRISIL B/Stable

The ratings reflect LPI's initial phase of operations in the
highly fragmented and competitive paper industry, and
susceptibility to volatility in waste paper prices. These
weaknesses are partially offset by its upcoming plant's
advantageous location because of proximity to packaging industry,
and its promoters' experience in the packaging industry.
Outlook: Stable

CRISIL believes LPI will benefit over the medium term from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' in case of timely stabilisation of
operations at the upcoming plant, and higher-than-expected
revenue and profitability, leading to substantial cash accrual.
Conversely, the outlook may be revised to 'Negative' if there are
delays in commencement of operations, or cash accrual is lower
than expected during the initial phase, resulting in pressure on
liquidity.

LPI, set up in 2015 and promoted by Mr. Mansukhbhai Soriya and
his family members, is setting up a plant to manufacture kraft
paper in Morbi (Gujarat) with capacity of 100 tonnes per day.
Commercial production is expected to start in April 2016.


MAA SARADESWARI: CRISIL Reaffirms 'B' Rating on INR62MM Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Maa
Saradeswari Heemghar Private Limited (MSHPL) continues to reflect
MSHPL's exposure to risks related to the highly regulated and
intensely competitive nature of the cold storage industry in West
Bengal.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             62      CRISIL B/Stable (Reaffirmed)

   Overdraft Facility       7      CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      37      CRISIL B/Stable (Reaffirmed)

   Term Loan               44      CRISIL B/Stable (Reaffirmed)


The rating also factors in below-average financial risk profile,
marked by small net worth and high total outside liabilities to
tangible networth ratio. These weaknesses are mitigated by the
extensive experience of promoters in the cold storage business.
Outlook: Stable

CRISIL believes MSHPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of efficient
management of farmer financing and significant ramp-up in the
company's scale of operations and profitability. Conversely, the
outlook may be revised to 'Negative' if liquidity is constrained
by delays in repayment by farmers, considerably low cash accrual,
or significant debt-funded capital expenditure.

Incorporated in 2008, MSHPL provides cold storage services to
potato farmers and traders, and trades in potatoes. The company
is owned by West Bengal-based Dandapat family.


MANI EXPORT: Ind-Ra Affirms Long-Term Issuer Rating at 'IND BB'
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Mani Export
Private Limited's (MEPL) Long-Term Issuer Rating at 'IND BB'. The
Outlook is Stable.

KEY RATING DRIVERS

The affirmation reflects MEPL's high working capital intensive
business resulting in an elongated net cash cycle (FY15: 161
days; FY14: 149 days) and moderate credit metrics. The company's
average maximum working capital use was 98.8% over the 12 months
ended January 2016. In FY15, net financial leverage was 9.9x
(FY14: 5.3x), interest cover was 2.3x (3.2x) and EBITDA margins
were 4.6% (4.8%). MEPL's net leverage deteriorated because
following the corporatisation of the partnership firm, a portion
of the partner's capital (INR406.7 million) was classified as
unsecured loans in FY15. The company has converted INR245m of
unsecured loans to equity in FY16.

MEPL's top line growth was muted in FY15 with revenue of INR1816m
(FY14: 1805 million). The company earned revenue of INR1,240
million during 11MFY16. Ind-Ra expects a revenue decline in FY16,
due to the weak demand of polish diamonds in the US, Europe and
the economic instability in China.

The ratings, however, continue to derive strength from over four
decades of experience of MEPL's promoters in diamond trading and
processing. Also, the debt of the company comprises only working
capital facilities hence there are no repayment obligations.

RATING SENSITIVITIES

Positive: Substantial revenue growth while the profitability
being maintained, leading to an improvement in the credit metrics
would be positive for the ratings.

Negative: A decline in the profitability and/or elongation in the
net working capital cycle leading to deterioration in the credit
metrics would be negative for the ratings.

COMPANY PROFILE

Incorporated in 1987, MEPL has a head office in Mumbai and
factories in Gujarat. The firm cuts, processes and polishes rough
diamonds and exports them to various countries such as Hong Kong,
the US, the UAE and Belgium. The company also has two windmills
of 0.6MW capacity each in Kutch, Gujarat that provide power to
all its factories.

MEPL's ratings:

-- Long-Term Issuer Rating: affirmed at 'IND BB'/Stable
-- INR498 million Fund-based limits: affirmed at Long-term 'IND
    BB'/Stable
-- INR2 million non-fund-based limits: affirmed at Short-term
    'IND A4+'


MAYA AROMATICS: CRISIL Assigns 'B' Rating to INR40MM Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Maya Aromatics (MA).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan              33.7     CRISIL B/Stable
   Cash Credit            40       CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility      2.3     CRISIL B/Stable

The rating reflects MA's below-average financial risk profile
because of high gearing and weak debt protection metrics, modest
scale of operations, and large working capital requirement in the
honey processing industry. These weaknesses are partially offset
by its proprietor's extensive experience in the packaged food
industry, and healthy demand for honey.
Outlook: Stable

CRISIL believes MA will continue to benefit over the medium term
from its proprietor's experience in the packaged food business.
The outlook may be revised to 'Positive' in case of more-than-
expected growth in operating income and healthy operating
profitability, or diversification in clientele. Conversely, the
outlook may be revised to 'Negative' in case of less-than-
expected cash accrual or sizeable debt funded capital
expenditure, leading to deterioration in financial risk profile.

MA, a proprietorship firm of Ms. Divya Arora set up in 2013;
processes honey products at its facility in Una, Himachal
Pradesh.


MERIT ORGANICS: CRISIL Assigns B+ Rating to INR52.5MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Merit Organics Limited (MOL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Rupee Term Loan       52.5      CRISIL B+/Stable

   Packing Credit in
   Foreign Currency      40.0      CRISIL A4

   Cash Credit            8.0      CRISIL B+/Stable

   Letter of Credit       9.5      CRISIL A4

The rating reflects MOL's modest scale of operations, volatile
operating profitability, and large working capital requirements.
These rating weaknesses are partially offset by the promoters'
extensive experience in the pharmaceutical formulations industry
and their fund support, leading to limited reliance on external
debt.

For arriving at the ratings, CRISIL has treated unsecured loans
of INR12.9 million extended to MOL by its promoters and their
friends and relatives as neither debt nor equity, as these loans
will be retained in the business.
Outlook: Stable

CRISIL believes MOL will benefit from its promoter`s extensive
industry experience and its newly commissioned facility. The
outlook may be revised to 'Positive' if significant and sustained
improvement in scale of operations and profitability leads to
higher-than-expected accruals. Conversely, the outlook may be
revised to 'Negative' if low profitability and cash accruals,
stretch in working capital cycle, or any additional debt funded
capex, considerably weakens financial risk profile.

Incorporated in 1992 and promoted by Mr. Purshottam Kejirwal, MOL
is based in Mumbai and manufactures pharmaceutical formulations.
The company has recently modernised its facilities and received
WHO-GMP status. The company undertakes contract manufacturing,
exports and domestic distribution of various formulations:
tablets, capsules, ointments, and injectables.


MOTI RAM: CARE Reaffirms 'B' Rating on INR6.67cr LT Loan
--------------------------------------------------------
CARE reaffirms rating to the bank facilities of Moti Ram Sunil
Kumar.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     6.67       CARE B Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Moti Ram Sunil
Kumar (MRS) continues to remain constrained on account of small
scale of operations, low profitability margins and leveraged
capital
structure. The rating is further constrained by significant
elongation in operating cycle, proprietorship nature of its
constitution and its presence in a highly competitive and
fragmented agro-processing business.

The rating continues to draw comfort from the experience of the
proprietor in the agro processing industry, long track record of
operations of the entity and proximity of its processing unit to
the paddy growing areas.

The ability of MRS to scale up its operations while improving its
profitability margins and capital structure, along with effective
management of the working capital requirements would be the key
rating sensitivity.

MRS was established as a proprietorship firm in 2006 byMr Sunil
Kumar. He looks after the overall operations of the firm. The
firm is engaged in the processing of paddy at its manufacturing
unit
located at Karnal, Haryana, with total installed capacity of
30,000 metric ton per annum (MTPA) as on March 31, 2015. MRS
procures paddy from local grain markets through dealers and
agents mainly from the state of Haryana. The firm sells its
products, ie, basmati and non-basmati rice in the states of
Delhi, Haryana and Punjab through a network of commission agents
and traders.

MRM reported a PBILDT of INR0.19 crore and PAT of INR0.05 crore
on a total operating income of INR1.53 crore in FY15 (refers to
the period of April 1 to March 31) as against PBILDT of INR2.85
crore
and PAT of INR0.06 crore on a total operating income of INR2.85
crore in FY14. In 11MFY16, MRS achieved a total operating income
of INR24.00 crore (as per unaudited results).


MYCO INFRA: CARE Reaffirms B+ Rating on INR30cr LT Loan
-------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Myco Infra Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      30        CARE B+ Reaffirmed

Rating Rationale
The rating assigned to the bank facilities of Myco Infra Private
Limited (MIPL) continues to remain constrained on account
of project implementation and salability risk related to its
ongoing real estate projects with low booking status and advance
received and risk related to the real estate sector. The rating,
however, continues to derive benefit from the wide experience of
the promoters and established track record of the group in
executing real estate projects.

Successful completion of MIPL's on-going real estate project
within envisaged time and cost parameters and timely receipts of
funds at envisaged prices is the key rating sensitivity.

Ahmedabad-based, Myco Infra Private Limited (MIPL) was
incorporated as a private limited company in January, 2010 by
Mr Abdulkadir Haji Husainbhai Memon, Mr Adbul Razak Hushain
Nagani, Mr Abdul Gaffar Nagani and Mr Afzal Nagani.

Currently, MIPL is executing two residential projects named
'Ahmed Residency' and 'Akibah Heights' at Ahmedabad, Gujarat with
total saleable area of 3.49 lakh sq. ft. (lsf). MIPL has received
approvals for land and other relevant clearances for the
projects.


N. V. ENTERPRISES: CRISIL Suspends B+ Rating on INR60MM Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of N. V.
Enterprises Private Limited (NVEPL).

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

   Proposed Long Term
   Bank Loan Facility     20       CRISIL B+/Stable


The suspension of ratings is on account of non-cooperation by
NVEPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, NVEPL is yet to
provide adequate information to enable CRISIL to assess NVEPL'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'

NVEPL was incorporated in 1990 in Jalandhar (Punjab). The company
trades in hot-rolled (HR) and cold-rolled (CR) steel products
such as HR and CR closed annealed products, and HR coils and
plates.


NIMBUS PIPES: CARE Upgrades Rating on INR28.28cr Loan to B-
-----------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Nimbus Pipes Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     28.28      CARE B- Revised from
                                            CARE D

   Short term Bank Facilities     6.50      CARE A4 Revised from
                                            CARE D

   Long term/Short term Bank      1.50      CARE B-/CARE A4
   Facilities                               Revised from CARE D

Rating Rationale

The revision in the ratings of Nimbus Pipes Limited (NPL) takes
into account the improvement in the debt servicing track record
of the company.

The ratings continue to remain constrained on account of
financial risk profile marked by modest scale of operation,
leveraged capital structure and stress liquidity position. The
ratings, further, continue to remain constrained on account of
its presence in the highly fragmented and competitive industry
and vulnerability of margins to fluctuation in the raw material
prices.

The ratings, however, continue to favourably consider the
experience of the promoters in the pipe manufacturing industry.

The ability of NPL to increase its scale of operations while
sustaining profitability as well as improvement in solvency and
liquidity position would remain the key rating sensitivities.

NPL, incorporated in the year 2001 as a partnership firm 'Nimbus
Industries', has been promoted by Mr Pravin Kumar Lath along with
his family members. Nimbus Industries was reconstituted as a
public limited company in January 2010.

NPL is engaged in the manufacturing of various types of Poly
Ethylene (PE) pipes and fittings used in irrigation projects,
construction projects, manufacturing of sprinklers and drip
irrigation systems and execution of customised turnkey projects
for installation of pipes and fittings. As on March 31, 2015, NPL
has total installed capacity of 49,940 metric tonnes per annum
(MTPA). NPL sells its pipes under the brand name of 'Nimbus'
through its dealers having presence across India.

During FY15 (refers to the period April 01 to March 31), NPL
reported a total operating income of INR66.12 crore (FY14:
INR65.64 crore) with a PAT of INR0.80 crore (FY14: net loss of
INR2.60 crore). As per the provisional results for 9MFY16,
GFPL has reported TOI of INR51.71 crore.


NORTH EAST: CRISIL Assigns B+ Rating to INR91.5MMM Bank Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of North East Engineering and Construction
(NEC).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Overdraft Facility      1       CRISIL B+/Stable
   Bank Guarantee         91.5     CRISIL A4
   Cash Credit            32.5     CRISIL B+/Stable

The ratings reflect the firm's small scale of operations, large
working capital requirements and exposure to risk related to
tender-based business. These rating weaknesses are partially
offset by the proprietor's extensive experience and a moderate
order book, providing revenue visibility over the medium term.
Outlook: Stable

CRISIL believes NEC will continue to benefit over the medium term
from its proprietor's extensive industry experience. The outlook
may be revised to 'Positive' if there is a substantial and
sustained increase in operating income and accruals along with
increasing geographic diversification and efficient working
capital management leading to an improved business and financial
risk profile. Conversely, the outlook may be revised to
'Negative' if the firm reports low revenue and profitability, or
witnesses a stretch in its working capital cycle, or undertakes
any sizeable debt-funded capital expenditure, or if there is
significant capital withdrawal, thereby weakening its financial
risk profile, particularly liquidity.

NEC was established in 1992 as a proprietorship firm of Mr. Amar
Baruah. The firm is engaged in fabrication and installation of
oil pipelines and other civil construction works, primarily for
public sector undertaking oil companies. The day-to-day
operations of the firm are looked after by its proprietor, Mr.
Amar Baruah.


PANCHANAN COLD: CARE Assigns B+ Rating to INR5.15cr LT Loan
-----------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Panchanan
Cold Storage Private Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      5.15      CARE B+


Rating Rationale

The ratings assigned to the bank facilities of Panchanan Cold
Storage Private Ltd (PCPL) are constrained by the relatively
small scale of operations with moderately low net profit margins,
regulated nature of business, seasonality of business with
susceptibility to vagaries of nature, risk of delinquency in
loans extended to farmers, competition from other local players
and working capital intensive nature of business resulting in
leveraged capital structure. The aforesaid constraints are
partially offset by the experience of the promoters with long
track record of operations and proximity to the potato growing
area.

Ability to increase its scale of operations with improvement in
profit margins coupled with improvement in capital structure and
ability to manage working capital effectively are the key rating
sensitivities.

Panchanan Cold Storage Private Ltd. (PCPL) was incorporated on
January 16, 1989 by Jaiswal family of Hooghly, West Bengal to
provide cold storage services with the facility being located at
village: Olipur, Hooghly, West Bengal. However, the earlier
promoters were unable to run the management efficiently and the
current promoters Mr Ayan Samanta, Mr Sayan Samanta and Mr
Sibaram Samanta of Hooghly, West Bengal took over from the
earlier management in November, 2014. PCPL is currently engaged
in the business of providing cold storage facility at the same
location primarily for potatoes and is operating with a storage
capacity of 1,79,000 quintals. Besides providing cold storage
facility the unit also works as a mediator between the farmers
and marketers of potato, to facilitate sale of potatoes stored
and it also provides interest free advances to farmers for
farming purposes of potato against potato stored. Furthermore,
PCPL commenced trading of potatoes from FY14 onwards. During
FY15, PCPL undertook a capacity expansion project thereby
enhancing the capacity from 1,03,000 quintals to 1,79,000
quintals sinceMarch, 2015. Mr Sibaram Samanta (MD) looks after
the day to day operations of the unit.

As per the audited results of FY15 (refers to the period April 01
to March 31), PCPL reported a PBILDT INR0.91 crore (Rs.0.43 crore
in FY14) and net loss of INR0.02 crore (PAT of INR 0.01 crore in
FY14), on a total operating income of INR3.15 crore (Rs.2.21
crore in FY14).


PARIN GEMS: Ind-Ra Affirms Long-Term Issuer Rating at 'IND BB-'
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Parin Gems'
(Parin) Long-Term Issuer Rating at 'IND BB-'. The Outlook is
Stable. The agency has also affirmed Parin's INR248.5 million
fund-based limits (reduced from INR260.5 million) at 'IND BB-
'/Stable and 'IND A4+'.

KEY RATING DRIVERS

The affirmation reflects Parin Gems's continued moderate credit
profile in FY15 with EBITDA gross interest coverage (operating
EBITDA/gross interest expense) of 1.8x (FY14: 1.8x), net
financial leverage (total adjusted net debt/operating EBITDA) of
6.5x (7.1x) and EBITDA margins of 2.8% (2.5%).

Parin Gems's top line growth was muted in FY15 with revenue of
INR1,473 million (FY14: INR1,464 million). The company earned
revenue of INR1200 million during 11MFY16. Ind-Ra expects a
revenue decline in FY16, due to the weak demand of polish
diamonds from the US, Europe and the economic instability in
China.

Liquidity position is also moderate as reflected in its average
of the maximum fund-based limits utilisation of 91.7% of during
the 12 months ended February 2016. The ratings also factor in the
partnership form of the organisation.

The ratings are supported by Parin Gems's founders two decades of
experience in diamond processing.

RATING SENSITIVITIES

Negative: A negative rating action could result from
deterioration in the operating margins leading to the weakening
of the credit metrics.

Positive: A positive rating action could result from significant
growth in the revenue, while the credit profile is maintained at
the current levels.

COMPANY PROFILE

Incorporated in 2010, Parin Gems is a partnership firm engaged in
the cutting and polishing of diamonds. It is promoted by the
Surat-based Moradia family. The firm has a capacity to process
3,000 carats every month.


PATDIAM JEWELLERY: Ind-Ra Assigns IND BB- Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Patdiam
Jewellery Private Limited (PJPL) a Long-Term Issuer Rating of
'IND BB-'. The Outlook is Stable. The agency has also assigned
PJPL's INR215.1m fund-based limits a Long-term rating of 'IND BB-
'/Stable and affirmed its Short-term rating at 'IND A4+'.

KEY RATING DRIVERS

The affirmation reflects PJPL's continued working-capital-
intensity and resultant tight liquidity. PJPL's net cash
conversion cycle remained stretched at 307 days in FY15 (FY14:
448 days) and liquidity position remained tight, with 94% average
peak utilisation of its fund-based facilities during the 12
months ended November 2015.

PJPL's revenue increased 45.8% yoy to INR536 million in FY15, on
the execution of a one-off order for stylised diamond studded
jewellery sets; this also aided the 110bp yoy improvement in
EBITDA margins to 11.1%. EBITDA interest cover improved to 2.8x
in FY15 (FY14: 1.7x) and net leverage (total Ind-Ra adjusted net
debt/operating EBITDA) was 5.5x (9.0x). The absence of any major
near-term capex is likely to support credit metrics in FY16. The
company booked revenue of INR212 million in 1HFY16.

The ratings also benefit from the company's founders' experience
of over three decades in the jewellery business and from the
assured supply of raw materials (polished diamonds) from its
group company, M/s Patdiam.

For arriving at the ratings Ind-Ra has added the INR120 million
corporate guarantee that PJPL has extended to its group company,
M/s Patdiam Jewels' to the total debt.

RATING SENSITIVITIES

Positive: A large improvement in PJPL's scale of operations while
maintaining the profitability and liquidity could lead to a
positive rating action.

Negative: A significant decline in operating profitability or a
large increase in working capital requirements, and consequent
liquidity pressures, could lead to a negative rating action.

COMPANY PROFILE

PJPL was incorporated in 2004 and is part of the Patdiam Group.
The group comprises two other companies: M/s Patdiam Jewels
(similar line of business) and M/s Patdiam (processing of
diamonds). M/s. Patdiam designs, manufactures and exports high-
end speciality diamond studded jewellery.


PATNI ENTERPRISES: CARE Reaffirms B+ Rating on INR4.0cr LT Loan
---------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Patni Enterprises Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      4.00      CARE B+ Reaffirmed
   Short term Bank Facilities     5.00      CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Patni Enterprises
Private Limited (PEPL) continue to remain constrained on
account of its financial risk profile marked by modest scale of
operations with fluctuating profitability, moderate solvency
position and weak liquidity position. The ratings, further,
continue to remain constrained on account of susceptibility of
its margins to the fluctuation in the raw material prices and its
presence in the highly fragmented and competitive transformer
industry.

The ratings, however, favourably take into account the vast
experience of the promoters, established track record of
operations and established customer base. Improvement in the
overall scale of operations along with improvement in
profitability and liquidity position would remain the key rating
sensitivities.

Jaipur-based (Rajasthan) PEPL was incorporated in 1997 by Patni
family with a purpose to take over the existing business of
erstwhile proprietorship concern i.e. Indian Transformers and
Electricals (ITE). PEPL is engaged in the manufacturing of
transformers of different capacities ranging from 10 Kilovolt
Amperes (KVA) to 10 Megavolt Amperes (MVA). The manufacturing
facility of PEPL is situated in Jaipur with an installed capacity
of 4500 Transformers Per Annum (TPA). PEPL offers its
transformers to State Electricity Board (SEBs) and also exports
it to South Africa, Sri Lanka, Zimbabwe, however there were no
export sales during FY15 (refers to the period April 1 to March
31).

During FY15, PEPL reported a total operating income of INR21.79
crore (FY14: INR26.31 crore) with a PAT of INR0.36 crore
(FY14: INR0.35 crore).As per the provisional result for 11MFY16,
PEPL has reported TOI of INR17.59 crore.


PRIME RETAIL: Ind-Ra Affirms 'IND BB+' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Prime Retail
(India) Ltd (Prime) Long-Term Issuer Rating at 'IND BB+'. The
Outlook is Stable. A full list of ratings is at the end of this
commentary.

KEY RATING DRIVERS

The affirmation reflects Prime's continued moderate scale of
operations, as seen in its revenue of INR942 million in FY15
(FY14: INR867m). The ratings continue to reflects its moderate
credit profile, as seen in its EBITDAR interest coverage of 1.3x
in FY15 (FY14: 1.3x) and net financial leverage of 5.7x (5.9x).
Its working capital also continued to remain high at 195 days
during FY15 (FY14:193 days), due to high inventory holding
requirements.

However, the ratings continue to be supported by Prime's strong
EBITDAR margin of 12.5% during FY15 (FY14: 13%). The ratings are
also supported by the company's established position and
diversified market presence in Kolkata, Jaipur, Raipur and Mumbai
as well as its founders' experience of two decades in the retail
business.

RATING SENSITIVITIES

Positive: Improvements in its scale of operations and overall
credit profile will be positive for the ratings.

Negative: A deterioration in EBITDAR interest coverage will be
negative for the ratings.

COMPANY PROFILE

Incorporated in 1989, Prime is engaged in the retail of luxury
watches, mobiles, pens and other lifestyle items. The company has
showrooms in Kolkata, Jaipur, Raipur and Mumbai. Its Managing
Director is Mr. Rajiv Chopra and other directors are Sonia
Chopra, Mohit Chopra, Megha Lorha and Sandeep Sharma.

Prime's ratings:
-- Long-Term Issuer Rating: affirmed at 'IND BB+'/Stable
-- INR310 million fund-based working capital limits: affirmed at
    'IND BB+'/Stable
-- INR7.50 million non-fund-based working capital limits:
    affirmed at 'IND A4+'
-- INR80.00 million proposed fund-Based working capital limits:
    assigned 'Provisional IND BB+'/Stable
-- INR12.50 million proposed non-fund-based working capital
    limits: assigned 'Provisional IND A4+'


PUSHTI ENTERPRISE: CARE Reaffirms B+ Rating on INR7cr LT Loan
-------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Pushti Enterprise.

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

Rating Rationale

The long-term rating assigned to the bank facilities of Pushti
Enterprise (PSE) continues to remain constrained on account
of project implementation risk associated with on-going project
and saleability risk due to low booking status and receipt
of low advances against the booking received. The rating also
continues to remain constrained on account of partnership
nature of constitution as well as risk inherent to the cyclical
nature of the real estate industry.

The ratings, however, continue to derive strength from wide
experience of the partners in the real estate industry.
PSE's ability to complete the project within envisaged time and
receipt of bookings along with timely realisation of sales
proceeds are the key rating sensitivities.

Valsad-based (Gujarat) PSE was established as a partnership firm
in September 11, 2010. PSE's partners through their associate
concerns in past have executed various projects of residential
and commercial projects. PSE is engaged in the real estate
development and is currently executing its residential cum
commercial project named 'Vallabh Heights' at Valsad, Gujarat.

Current phase of the project is of two wings, viz, Wing B and
Wing C which comprises a two 10-storey building. In total, 26
shops on ground floor, 26 office units on 1st floor and 109
residential flats from 2nd to 10th floors. Wing B comprises 13
shops on ground floor, 13 offices on 1st floor and 1 flat on 1st
floor and 5 flats each on 2nd floor to 9th floor (total 41 flats
in Wing B). Wing C comprises 13 shops on ground floor, 13 offices
on 1st floor and 4 flats on 1st floor and 8 flats each on
2nd floor to 9th floor (total 68 flats in Wing C). Total saleable
area of Wing B and Wing C will be 122,987 square feet wherein
shops will comprise 9,418 square feet, for offices 9,550 square
feet and for residential flats of 104,019 square feet.


ROLTA INDIA: Fitch Cuts Long-Term Issuer Default Ratings to 'B'
---------------------------------------------------------------
Fitch Ratings has downgraded Rolta India Limited's (Rolta) Long-
Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) to
'B' from 'BB-'. The Outlook is Negative.

Simultaneously, Fitch has downgraded the ratings on the Rolta
LLC's USD127m 10.75% senior unsecured notes due 2018 and Rolta
Americas LLC's USD367m 8.875% senior unsecured notes due 2019,
and Rolta's senior unsecured rating to 'B' from 'BB-' and
assigned Recovery Ratings of 'RR4'. The notes are guaranteed by
Rolta.

"The 'RR4' Recovery Rating reflects our calculations of average
recovery in a stressed situation - based on our assessment of the
distressed going-concern enterprise value of Rolta's business.
This recovery calculation reflects INR26 billion of secured loans
that rank ahead of the unsecured notes."

"The downgrade reflects our expectations that Rolta's leverage
and liquidity will weaken due to lower-than-expected cash
generation and high receivable days. We expect its CFO-adjusted
leverage to deteriorate to over 7.0x for the financial year
ending March 2016 (FY16) - higher than the 5.0x level at which we
would consider negative rating action. We forecast its leverage
to remain around 5.0x-6.0x during FY17-18, as receivable days
could increase to 170-180 days (FY16 estimated: 163 days) given
most of its revenue growth is driven by orders from the Indian
central and state governments."

"The Outlook is Negative due to uncertainty over the company's
ability to improve its cash generation to boost liquidity. We
believe that the company will struggle to raise debt in the
capital markets to meet its 2018 and 2019 US dollar bond
maturities - both of these bonds are trading around, or below, 50
cents to the dollar - and the willingness of local banks to
provide additional funding to meet these obligations is
uncertain."

"Unrestricted cash could decline to around INR3 billion (FY15:
INR5.4 billion), which will be insufficient to cover its short-
term debt of INR3.7 billion at end-March 2016. We have no
visibility if Indian banks will roll over Rolta's maturing debt
in the future. However, to date, banks have shown willingness to
continue to lend to the company on a secured basis."

KEY RATING DRIVERS

"Worsening Receivable Days: Receivable days could remain high due
to payment delays by India's central and state governments, which
we estimate will together account for around 40% of FY16 revenue.
We think that receivables will increase to INR17.5 billion at
end-March 2016 (FY15: INR12.7 billion) or about half of its FY16
revenue. Of this amount, about 90% are less than 180 days old.
Nevertheless, Fitch believes Rolta has a high chance of
collecting these receivables because most receivables are from
either government agencies or U.S.-based multi-national
corporates."

"Flat Revenue; Lower Profitability: We forecast Rolta's FY17
revenue will rise by a low-single-digit percentage based on its
order book of INR30 billion, or 0.7x of its FY16 revenue. FY17-18
operating EBITDAR margin could decline to around 30% (estimated
FY16: 32%) as it executes less-profitable government projects and
expenses a greater proportion of its development expenditure."

Rolta's financial profile could receive boost in 2018-2019 if it
implements the Indian defence ministry's battlefield management
system (BMS) order in partnership with state-owned Bharat
Electronics Limited (BEL). It submitted its design documents to
Indian government in February 2016 and will likely submit and get
its prototype tested within 12-18 months. The government pre-
selected the Rolta-BEL team and another consortium to develop
prototypes, and the USD8 billion order will be distributed
between the two consortia.

"Likely FCF Deficit: We forecast Rolta will report a small FCF
deficit during FY17-18 as its cash flow from operations of INR5
billion-6 billion could fall short of its capex of INR4.5
billion-5 billion and dividends of around INR450m-500m. We think
that FY16-17 capex/revenue is likely to remain around 12%-13%
(estimated FY16: 13%) as it will need to invest in developing
prototypes for the Indian BMS systems and other regular IT
orders. However, management guides that capex will be lower at
around INR2.5 billion-3 billion. Rolta pays about 20% of its net
income in dividends."

Weak Liquidity: The company's ability to meet its 2018 and 2019
bond maturities is a key credit concern. The ratings are likely
to be downgraded further unless the company develops a credible,
timely plan to meet these obligations. Rolta's liquidity for the
next 12 months is dependent on its ability to refinance its
maturing debt as unrestricted cash is depleting and FCF is likely
to be negative.

The company has limited capacity to raise additional debt given
it is very close to breaching its incurrence covenant of
EBITDA/interest of 3.0x in its bond documents. Its ability to
refinance through capital markets could be limited given the
negative impact of a short-seller report in 2015.

KEY ASSUMPTIONS

"Fitch's key assumptions within our rating case include:
-- Revenue to rise by low-single-digit percentage in FY17 on a
    stable order book.
-- Operating EBITDAR margin to trend down to 30%.
-- Negative FCF as FY17 CFO of INR5 billion-6 billion may be
    insufficient to fund capex of INR4.5 billion-5 billion and
    dividends around INR450m-500m.
-- Capex/revenue to remain around 12%-13%."

RATING SENSITIVITIES

Negative: Future developments that may, individually or
collectively, lead to a downgrade include:
-- Further deterioration in liquidity, such as evidence that
    banks are reluctant to roll over maturing loans or the
    failure to develop a credible, timely plan to meet the 2018
    bond obligation.
-- Further deterioration in receivable days leading to CFO-
    adjusted leverage remaining over 6.0x (estimated FY16: over
    7.0x).

Positive: Future developments that may, individually or
collectively, lead to revision of Outlook to Stable from Negative
include:

-- Faster-than-expected collection of receivables resulting in
    CFO-adjusted leverage improving to below 5.0x.
-- Any positive rating action would require an improvement in
    liquidity, including a credible, timely plan to meet the 2018
    bond maturity.


RUG RESOURCES: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Rug Resources
(RR) a Long-Term Issuer Rating of 'IND B+'. The Outlook is
Stable. The agency has also assigned its INR100 million fund-
based working capital limits a Long-term 'IND B+' rating with a
Stable Outlook and a Short-term 'IND A4' rating.

KEY RATING DRIVERS

The rating reflects RR's lack of operational record in the carpet
manufacturing business, as the firm was established in 2013. Its
FY15 revenue stood at INR78 million (FY14: INR6.51 million). The
ratings further reflect its weak credit metrics with interest
coverage (operating EBITDA/gross interest expense) of 1.71x in
FY15 (FY14: negative 4.44x), net leverage (total adjusted net
debt/operating EBITDAR) of 6.88x (negative 3.10x) and high
working capital cycle of 435 days (1,262 days), inherent in the
nature of business.


However, the ratings are supported by RR's moderate operating
margins at 11.22% in FY15 (FY14: negative 27.96%), primarily on
the back of other operating income in the form of duty drawbacks,
along with its comfortable liquidity, as evident from the 20%
average utilisation of its working capital facilities during the
12 months ended March 2016.

RATING SENSITIVITIES

Positive: Substantial revenue growth and operating margins being
sustained or improved, leading to an improvement in credit
metrics, will be positive for the ratings.

Negative: Further deterioration in operating margins, leading to
deterioration in credit metrics and/or deterioration in its
liquidity profile, will be negative for the ratings.

COMPANY PROFILE

Established in 2013, RR is a partnership firm that manufactures
and exports hand knotted woollen carpets and druggets. It is
located in Bhadohi, Uttar Pradesh and its partners are Mr. Pankaj
Kumar Baranwal and Mr. Priyam Baranwal.


S. R. PRECISION: CARE Assigns B+/A4 Rating to INR4.68cr LT Loan
---------------------------------------------------------------
CARE assigns 'CARE B+/CARE A4' ratings to the bank facilities of
S. R. Precision Components Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     4.68       CARE B+ Assigned
   Short-term Bank Facilities    2.25       CARE A4 Assigned

Rating Rationale
The ratings assigned to the bank facilities of S. R. Precision
Components Private Limited (SRPCL) are constrained by its
small scale of operations, moderately leveraged cap structure and
weak debt coverage indicators. The ratings are further
constrained by the working capital intensive nature of
operations, susceptibility of margins to volatility in raw
material prices and highly competitive & fragmented nature of the
industry. These weaknesses are, however, partially offset by the
experience of the promoters, diversified customer base, and
improving profitability margins.

Going forward, the ability of the company to profitably scale-up
its operations while improving the overall solvency position and
managing the working capital requirements efficiently, will
remain the key rating sensitivities.

SRPCL was incorporated in July 2011 with the company starting its
operations in March 2012. SRPCL is currently being managed by Mr
Sukhdev Chand Gupta and Mr Tilak Raj. SRPCL is engaged in the
trading of iron scrap and manufacturing & jobwork work for
automobile crank shafts which are used in commercial four
wheelers, Tractors and Combines. The company achieved majority of
its income (~73% of the total operating income in FY15 [refers to
the period April 1 to March 31]) from the trading of iron scrap.
The iron scrap traded is mainly procured from suppliers located
in Mandi Gobindgarh (Punjab). Apart from that, the company has
its manufacturing facility located at Derabassi, Punjab with an
installed capacity of manufacturing 30,000 pieces per annum, as
on January 31, 2016.

Besides SRPCL, the directors of the company are also engaged in
another group concerns namely Sutlej Constructions Pvt. Ltd.
(established in 1982 and engaged in services of civil
contractors) and Sutlej Projects Pvt. Ltd. (established in 2000
and engaged in services of civil contractors).

In FY15, the company reported a total operating income of
INR14.64 crore with PAT of INR0.19 crore as against total
operating income of INR14.57 crore with PAT of INR0.15 crore in
FY14. In 10MFY16 (Prov.), the company has achieved a total
operating income of INR15 crore.


S.T.S. & CO: CRISIL Reaffirms 'B' Rating on INR52MM Credit Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of S.T.S. & Co.
(STS) continues to reflect the firm's modest scale of operations,
exposure to risks related to volatility in foreign exchange
(forex) rates, and below-average financial risk profile because
of a small networth and weak debt protection metrics. These
rating weaknesses are partially offset by the extensive
experience of the firm's promoters in the trading business.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Buyer Credit Limit     52       CRISIL B/Stable (Reaffirmed)
   Cash Credit             2.5     CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes STS will continue to benefit over the medium term
from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of a substantial
increase in cash accrual, most likely due to better revenue and
profitability. Conversely, the outlook may be revised to
'Negative' in case of a decline in revenue or adverse forex rate
movements impacting cash accrual, or deterioration in working
capital management, or large debt-funded capital expenditure,
impacting liquidity.

Update
Revenue declined by around 50 percent year-on-year to INR59.1
million in 2014-15 (refers to financial year, April 1 to
March 31). The dip was largely on account of slowdown in demand
for pure silk in the Indian market. The demand is falling
primarily on account of cheap and easily available artificial
silk. However, the firm has diversified its product profile and
has started trading in other goods such as spices and pulses.
Operating margin remains modest at around 2 percent on account of
the trading nature of operations. CRISIL expects revenue to grow
at a healthy rate of around 15 percent year-on-year over the
medium term due to the addition of new products; however, margins
will remain vulnerable to raw material prices and product mix.

Operations remain moderately working capital intensive as
reflected in gross current assets of 68 days as on March 31,
2015, primarily driven by inventory and receivable days.
Liquidity remains moderate because of moderate bank limit
utilisation, absence of term debt, and modest cash accrual.

Established in 1976 as a partnership firm and based in Bengaluru,
STS trades in poppy seeds, cloves, pulses, and raw and tussan
silk yarn, among others. The firm's operations are managed by Mr.
S. Mohanlal.


SADHU RAM: CRISIL Assigns 'B-' Rating to INR75MM Cash Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-
term bank facility of Sadhu Ram Sushil Kumar (SRSK).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             75      CRISIL B-/Stable

The rating reflects SRSK's weak financial risk profile and small
scale of operations in highly competitive and fragmented agro-
commodity trading industry. These weaknesses are partially offset
by its promoters' extensive industry experience.
Outlook: Stable

Sadhu Ram Sushil Kumar (SRSK) will benefit over the medium term
from its proprietor's extensive experience. The outlook may be
revised to 'Positive' if revenue and margins achieve significant
and sustained improvement leading to greater than expected net
cash accruals or the capital structure of the firm improves led
my capital infusion from the proprietor. Conversely, the outlook
may be revised to 'Negative' if significant decline in its
revenue or margins, or increase in working capital requirements,
or any large, debt-funded capital expenditure weakens financial
risk profile.

Formed as a proprietorship firm in 2010 by Mr. Sushil Kumar
Aggarwal, Sadhu Ram Sushil Kumar (SRSK) primarily engaged in
trading of agro commodities on National Commodity Derivatives
Exchange Limited (NCDEX). SRSK has various offices located all
across India. Proprietor Mr. Aggarwal handles all the work
through its Head Office in Sri Ganganagar (Rajasthan).


SAMVIJAY POWER: CRISIL Suspends 'B' Rating on INR200MM LT Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Samvijay
Power and Allied Industries Limited (SPAIL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Long Term     200      CRISIL B/Stable
   Bank Loan Facility

The suspension of ratings is on account of non-cooperation by
SPAIL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SPAIL is yet to
provide adequate information to enable CRISIL to assess SPAIL'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'.

SPAIL was incorporated in 2011 to set up a hydel power plant in
Sikkim. The company was promoted by a group companies owned by
Mr. Shyam Sundar Patodia and is a part of the Patodia group. From
2011-12 (refers to financial year, April 1 to March 31), the
company commenced trading in steel products, cement, switch gear,
and wirings. SPAIL received the letter of intent in July 2012 for
setting up a hydel power plant of 40-megawatt capacity in Sikkim.


SHANTI INFRAENGINEERING: CRISIL Cuts Rating on INR30MM Loan to B+
----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Shanti Infraengineering Private Limited (SIPL) to 'CRISIL
B+/Stable/CRISIL A4' from 'CRISIL BB-/Stable/CRISIL A4+'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         120      CRISIL A4 (Downgraded from
                                   'CRISIL A4+')

   Cash Credit             30      CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

The downgrade reflects deterioration in business risk profile
with significant decline in profitability margin. The dip in
operating profit margin, coupled with increase in debt to fund
working capital requirement, has also resulted in weak debt
protection metrics. Ability of the company to register a
substantial increase in profit margin or a sustained improvement
in working capital cycle remains a key rating sensitivity factor.

The operating profit margin is expected to decline to 12.0
percent in 2015-16 (refers to financial year, April 1 to March
31) from 30.1 percent in 2013-14 on account of increase in raw
material cost which the company could not pass on to customers.
Furthermore, gross current assets remain significantly high at an
estimated 250 days as on March 31, 2016 resulting in higher
reliance on debt and subsequent weakening in capital structure.

The ratings reflect modest scale of operations, limited revenue
visibility in intensely competitive civil construction industry,
and large working capital requirement. The ratings also factors
in below-average financial risk profile because of small networth
and weak debt protection metrics. These rating weaknesses are
mitigated by promoters' extensive experience in the civil
construction business.
Outlook: Stable

CRISIL believes SIPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if there is substantial and
sustained increase in revenue and profitability margin or there
is a sustained improvement in working capital management.
Conversely, the outlook may be revised to 'Negative' in case of
losses, or significant deterioration in capital structure caused
by a large, debt-funded capital expenditure or a stretch in
working capital cycle.

SIPL, incorporated in 2005, by Mr. Vishal Wadhwan and family, is
engaged in civil construction activities; primarily roads, in
Mumbai.


SHEEL CHAND: Ind-Ra Suspends IND BB+' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Sheel Chand
Agroils Private Limited's (SCAPL) 'IND BB+' Long-Term Issuer
Rating to the suspended category. The Outlook was Stable. The
rating will now appear as 'IND BB+ (suspended)' on the agency's
website. A full list of rating actions is at the end of this
commentary.

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

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

SCAPL's ratings:
-- Long-Term Issuer Rating: migrated to 'IND BB+(suspended)'
    from 'IND BB+'/Stable
-- INR400 million fund-based working capital limits: migrated to
    'IND BB+(suspended)' from 'IND BB+'
-- INR1,575 million non-fund-based working capital limits:
    migrated to 'IND A4+(suspended)' from 'IND A4+'


SHIV FLOUR: CRISIL Reaffirms 'B' Rating on INR80MM Term Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Shiv Flour Mill
(SFM) continues to reflect SFM's small scale of operations and
exposure to intense competition in the fragmented flour mill
industry and modest financial risk profile marked by low networth
and high gearing.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            29.6     CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     15.4     CRISIL B/Stable (Reaffirmed)

   Term Loan              80       CRISIL B/Stable (Reaffirmed)

These weaknesses are mitigated by the established experience of
the partners in the agricultural commodity business through their
group companies.

Outlook: Stable

CRISIL believes SFM will benefit from its partners' extensive
experience in the agricultural commodity business through their
group companies over the medium term. The outlook may be revised
to 'Positive' if scale of operations significantly increases,
while improving profitability and working capital management.
Conversely, the outlook may be revised to 'Negative' if financial
risk profile, particularly liquidity, weakens, most likely
because of substantial increase in working capital requirement,
decline in cash accrual, or large, debt-funded capital
expenditure.

Incorporated in 2011, SFM processes wheat flour and has capacity
of 120 tonne per day. Its manufacturing facility is in
Murshidabad, West Bengal. SFM is equally owned by Mr. Goutam
Bhakat and Ms. Nafisa Begam along with their families.


SOND KNIT: Ind-Ra Upgrades Long-Term Issuer Rating to 'IND B'
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Sond Knit
Garments' (SKG) Long-Term Issuer Rating to 'IND B' from 'IND B-'.
The Outlook is Stable. A full list of rating actions is at the
end of this commentary.

KEY RATING DRIVERS

The upgrade reflects the overall improvement in SKG's credit
profile, with interest coverage of 1.7x in FY15 (FY14: 1.6x), net
financial leverage of 5x (7.2x) and operating EBITDA margin of 5%
(4%). Additionally, its overutilisation fell to a maximum of 15
days during the 12 months ended February 2016  as against 49 days
during December 2014.

However, the ratings are constrained on account of the
partnership nature of its business ,its small scale of
operations, as reflected in its revenue of INR241m during FY15
(FY14: INR176m). The ratings also factor in its weak liquidity
position, as reflected from the 117% average utilisation of its
working capital limits during FY15 and instances of
overutilisation, which fluctuated between 2-15 days.

RATING SENSITIVITIES

Positive: An improvement in its scale of operations, along with
overall credit metrics and liquidity, will be positive for the
ratings.

Negative: Any deterioration in its liquidity will be negative for
the ratings.

COMPANY PROFILE

SKG is a partnership firm formed in 2006; it manufactures of
hosiery and readymade garments and exports these to USA, the
Middle East, Canada and Eurpoe. SKG has an annual production
capacity of 300,000 pieces. It is managed by Mr. Kailashbathi and
Ms. Vibhita N Kailashbathi and its registered office is located
in Tirupur, Tamil Nadu.


SPRING MERCHANDISERS: CRISIL Cuts Rating on INR65MM Loan to 'D'
---------------------------------------------------------------
CRISIL has downgraded its ratings to 'CRISIL D/CRISIL D' from
'CRISIL B-/Stable /CRISIL A4' on the bank facilities of Spring
Merchandisers Private Limited (SMPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            45       CRISIL D (Downgraded from
                                   'CRISIL B-/Stable')

   Inland/Import          65       CRISIL D (Downgraded from
   Letter of Credit                'CRISIL A4')

The downgrade reflects instances of continual overdrawing in its
cash credit account on account of weak liquidity.

The company also has a weak financial risk profile and working
capital-intensive operations because of stretched receivables.
It, however, benefits from the extensive experience of the
promoters in the non-ferrous scrap trading and processing
industry.

SMPL, incorporated in 1995, manufactures brass, zinc, copper, and
aluminium ingots and trades in non-ferrous scrap. The operations
are managed by Mr. Ajay Garg and his sons, Mr. Gaurav Garg and
Mr. Anirudh Garg. The company is based in Mumbai and has a
manufacturing unit in Daman.


SRI RANGANATHA: CARE Assigns 'B' Rating to INR7.5cr LT Loan
-----------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Sri
Ranganatha Gold and Silver.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      7.5       CARE B Assigned

Rating Rationale

The ratings assigned to Sri Ranganatha Gold & Silver (RGS) is
constrained by its small scale of operations, proprietorship
nature of the entity, revenue concentration from a single
showroon, working capital intensive nature of operations and
susceptibility of profit margins to volatile gold prices.
The rating, however, takes comfort from promoter's extensive
experience in the jewellery business and the firm's profitable
track record. Going forward, the ability of RGS to improve profit
margins amidst the volatile gold prices in a competitive industry
scenario and increase its scale of operations while maintaining
comfortable capital strcuture will be the key rating
sensitivities.

Sri Ranganatha Gold and Silver (RGS) is a partnership firm
incorporated on April 5, 2012 by Mr K Rangachari, Mr K
Venkateshachari, Mr K Rathnachari and Mr K Ramakrishnachari who
share equal profits. The major operation of the firm is in the
business of wholesale trading and retailing of gold and silver
ornaments. It also has facility of designing and making gold and
silver ornaments as per the customer request. The showroom is
situated at Challakere, Karnataka. Mr K Rangachari is the
managing partner and has an experience of around 25 years in the
Gold and silver industry. He also has a proprietary concern by
name "Sri Ranganathaswamy Jewellary" which is also involved in a
similar line of business.

The firm has a total of 10 skilled employees, 8 unskilled
employees and 8 contract labourers working for both RGS and
"Sri Ranganathaswamy Jewellary". The other associate concerns of
the firm are; "Ranganatha gold Palace" which commenced operations
from May 2015 and "Sri Ranganatha Theater Pvt Ltd" operating a
theater and the turnover was around INR40 lakh in FY15 (refers to
the period April 1 to March 31).

During FY15, RGS registered a total operating income of INR4.84
crore (PY: INR1.12 crore) with a PAT of INR0.02 crore (PY:
INR0.005 crore).


SRI VARALAKSHMI: CRISIL Assigns B+ Rating to INR52.5MM Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Sri Varalakshmi Motors Private Limited
(SVMPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           52.5      CRISIL B+/Stable

The rating reflects SVMPL's below-average financial risk profile,
marked by low networth, high ratio of total outside liabilities
to tangible net worth and modest debt protection metrics. The
ratings also factor in the company's susceptibility to intense
competition in automobile dealership business, and its low
bargaining power with its principal, Hero Motocorp Limited (HML;
rated CRISIL AAA/FAAA/Stable/CRISIL A1+). These rating weaknesses
are partially offset by the promoters' extensive industry
experience and its established regional presence.
Outlook: Stable

CRISIL believes that SVMPL will continue to benefit from its
promoters extensive industry experience and from the established
relationship with principal. The outlook may be revised to
'Positive' in case the company's revenue and operating
profitability increase significantly, while efficiently managing
working capital, leading to improvement in financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case SVMPL's accruals are low or if it undertakes any debt-funded
capex plan, leading to deterioration in its financial risk
profile.

Incorporated in 2005, SVMPL is an authorized dealer for two-
wheelers of HML in Vizianagaram district of Andhra Pradesh. The
company is promoted by Mr. N Sairam Venkata Reddy and his family.


SUBRATA KUNDU: CARE Assigns B+ Rating to INR3.5cr LT Loan
---------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Subrata Kundu Construction Company Pvt Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     3.5        CARE B+ Assigned
   Short term Bank Facilities    3.5        CARE A4 Assigned

Rating Rationale
The ratings assigned to the bank facilities of Subrata Kundu
Construction Company Private Ltd (SKCPL) are constrained by its
small scale of operations with moderate profit margins, low order
book position, client concentration risk albeit reputed
client, volatility in input prices, working capital intensive
nature of operations and presence in a highly competitive
industry with sluggish economic scenario. The ratings, however,
derive strength from the experience of the promoters, long track
record of operation and comfortable capital structure with
moderate debt protection metrics.

Ability to increase order book, execute the same within
stipulated time period, maintain its profit margin and effective
management of working capital will be the key ratings
sensitivities.

Uttar Dinajpur (West Bengal) based Subrata Kundu Construction
Company Private Ltd (SKCPL) was initially set up as a
proprietorship entity 'M/s Subrata Kundu' in the year 1992 by Mr
Subrata Kundu. However, SKCPL was converted into a private
limited company on March 14, 2011 and its name changed to the
current one. Since its inception, the company is into civil
construction business in the segment like roads and bridges.
SKCPL participates in tenders and executes orders for the
government entity like Uttar Dinajpur Public Works Division,
Malda Highway Division, Uttar Dinajpur Highway Division, Uttar
Dinajpur Zilla Parishad etc. The company has an order book
position of INR1 crore (0.18x of total sales for FY15) as on
February 15, 2016 which is to be completed by May 2016.

Mr Subrata Kundu (Director) has around 23 years of experience in
civil construction business, looks after the overall management
of the company. He is supported by two other directors. As per
audited results for FY15 (refers to the period April 1 to March
31), SKCPL reported PAT of INR0.28 crore (Rs.1.33 crore in FY14)
on total operating income of INR5.59 crore (Rs.29.67 crore in
FY14). Furthermore, the company has achieved revenue of INR5.40
crore during 10MFY16.


TSSS INFOTECH: CRISIL Assigns B+ Rating to INR90MM LT Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to long-term
bank facility of T S S S Infotech and Infra Private Limited.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Long Term Loan          90      CRISIL B+/Stable

The rating reflects TSSSPL's exposure to risks related to project
implementation and stabilisation of the on-going wind mill
project, and small scale of operations. The rating also reflects
the inherent risk to variability in long-term wind speed. These
rating weaknesses are partially offset by promoters' extensive
industry experience and above-average financial risk profile
albeit constrained by low networth base.
Outlook: Stable

CRISIL believes that the company will benefit from extensive
industry experience of the promoters. The outlook may be revised
to 'positive' if the company reports improvement in business risk
profile driven by increase in revenues coupled with stabilisation
of the on-going wind mill project. The outlook may be revised to
'negative' if there is delay in project commissioning or the
revenues are lower than expected resulting in deterioration in
financial risk profile.

Incorporated in the year 2006, TSSSPL provides information
technology (IT) services. Promoted by Mr. Shyam Kumar Thota and
his family and based out of Hyderabad, the company is also
setting up a wind mill.

TSSSPL had reported a profit after tax (PAT) of INR12.9 million
on net sales of INR59.6 million for 2014-15 (refers to financial
year, April 1 to March 31), against PAT of INR18 million on net
sales of INR54.7 million for 2013-14.


UDAY KUMAR: CRISIL Reaffirms B+ Rating on INR35MM Cash Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Uday Kumar Pramar
(UKP) continue to reflect UKP's small networth, and exposure to
risks related to intense competition and tender-based nature of
business in the civil construction industry.

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

   Cash Credit            35       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      5       CRISIL B+/Stable (Reaffirmed)

These weaknesses are mitigated by established track record in the
business, and above-average financial risk profile because of
moderate gearing and satisfactory debt protection metrics.
Outlook: Stable

CRISIL believes UKP will maintain its moderate business risk
profile and above-average financial risk profile over the medium
term, owing to established track record. The outlook may be
revised to 'Positive' if greater-than-expected revenue growth is
achieved along with sustained profitability, while maintaining
capital structure. Conversely, the outlook may be revised to
'Negative' if larger-than-expected debt-funded capital
expenditure, decline in debt protection metrics or capital
structure, or large working capital requirement weakens
liquidity.

Set up as a proprietorship firm in 1976 by Mr.Uday Kumar Pramar,
UKP undertakes infrastructure-related construction activities and
earthwork mainly for the government sector. The firm is
registered as a Class 1 contractor for the Public Works
Department (PWD), Maharashtra and primarily undertakes irrigation
and roadways projects for PWD and Maharashtra State Road
Development Corporation Ltd.


VANISHA AUTO: CRISIL Assigns B+ Rating to INR70MM e-DFS
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facility of Vanisha Auto Private Limited (VAPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Electronic Dealer      70       CRISIL B+/Stable
   Financing Scheme
   (e-DFS)

The rating reflects VAPL's exposure to intense competition in the
two wheeler dealership market, weak financial risk profile
because of a high total outside liabilities to tangible net worth
ratio and low bargaining power with its principal Honda
Motorcycles and Scooters India Ltd (HMSIL). These rating
weaknesses are partially offset by VAPL's established relation
with HMSIL and efficient working capital management.
Outlook: Stable

CRISIL believes VAPL will continue to benefit over the medium
term from the established relations with HMSIL. The outlook may
be revised to 'Positive' if the volumes and operating margin
improve substantially or if a sizeable equity infusion
strengthens the capital structure, while it manages the working
capital requirement prudently. Conversely, the outlook may be
revised to 'Negative' if the market share reduces, significantly
impacting the revenue and profitability, or if any large, debt-
funded capital expenditure or a stretch in the working capital
cycle weakens the liquidity.

VAPL, incorporated in 2011 by Belgaum (Karnataka)-based Mr. Shaik
Meera and Mr. Ram Krishna Rao Parisa, runs an HMSIL two wheeler
dealership in Belgaum. VAPL has two 3S (sales-service-spare
parts) showrooms and three service centres. Mr. Meera and Mr.
Parisa are directors and manage the operations.

For 2014-15 (refers to financial year, April 1 to March 31), VAPL
reported a net profit of INR1.63 million on net sales of
INR375.81 million, against a net profit of INR4.09 million on net
sales of INR353.23 million for 2013-14.


VARIEGATE PROJECTS: CARE Reaffirms 'D' Rating on INR205cr Loan
--------------------------------------------------------------
CARE reaffirms the rating assigned the bank facilities of
Variegate Projects Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       75       CARE D Reaffirmed
   Short-term Bank Facilities     205       CARE D Reaffirmed

Rating Rationale
The ratings assigned to the bank facilities of Variegate Projects
Private Limited (VPPL) continue to remain constrained by the
stretched liquidity position resulting in delays in debt
servicing.

VPPL was incorporated in 2002 as a partnership firm by Mr G L
Siva Reddy. The firm commenced operation and executed contracts
of power transmission and distribution segment by the year 2004.
Later, the firm was converted into private limited company in
2007. The company is a small size construction contractor with
main focus on electrical works involving construction/erection of
substations and transmission lines. In 2009, the company also
diversified into other segments of construction like roads,
railways and irrigation.

During FY14 (refers to the period April 01 to March 31), VPPL has
achieved PBILDT of INR28.57 crore (Rs.29.17 crore in FY13) with
net loss of INR0.05 crore (PAT of INR4.11 crore in FY13) on a
total operating income of INR243.37 crore (Rs.230.63 crore in
FY13).


VTJ SEA: CRISIL Reaffirms B+ Rating on INR42.5MM LT Loan
--------------------------------------------------------
CRISIL's ratings on the bank facilities of VTJ Sea Foods (VTJ)
continues to reflect its small scale- and working capital
intensive nature- of operations in the competitive seafood
processing and export industry, susceptibility of operating
margins to volatility in raw material prices, foreign exchange
rates, and to inherent risks in the seafood industry.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bill Discounting
   under Letter of
   Credit                 40       CRISIL A4 (Reaffirmed)

   Packing Credit         42.5     CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     42.5     CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the benefits that
VTJ derives from its promoters' extensive industry experience.
Outlook: Stable

CRISIL believes that VTJ will continue to benefit from its
promoters' extensive industry experience, and its established
presence in the seafood industry. The outlook may be revised to
'Positive' if the firm significantly increases its scale of
operations or if its operating margins and profitability
significantly improves. Conversely, the outlook may be revised to
'Negative' if the firm witnesses a fall in its revenues and
operating margins, or if the firm undertakes a larger than
expected debt-funded capex programme thereby deteriorating its
financial risk profile.

Established in 2001 as a proprietorship firm, VTJ is engaged in
processing and exporting of seafood products. Based out of Kochi
(Kerala), the firm is promoted by Mr. Raju J Vayalat.

For 2014-15 (refers to the financial year April 1 to March 31),
VTJ reported a profit after tax (PAT) of INR2.4 million on a net
sales of INR159 million against a PAT of INR1.5 million on a net
sales of INR108 million for 2013-14.


ZEE KNITS: Ind-Ra Upgrades Long-Term Issuer Rating to 'IND BB'
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Zee Knits &
Weavers Private Limited's (ZKWPL) Long-Term Issuer Rating to 'IND
BB' from 'IND BB-'. The Outlook is Stable. A full list of rating
actions is at the end of this commentary.

KEY RATING DRIVERS

The upgrade reflects the improvement in ZKWPL's scale of
operations as well as credit metrics in FY15 because of increase
in export sales. In FY15, the company's top line was INR903.06
million (FY14: INR674.70 million), interest coverage ratio was
1.39x (1.28x) and leverage ratio was 5.35x (6.07x).

However, ZKWPL's liquidity remains stressed as evident from
almost-full utilisation of its working capital limits in the 12
months ended March 2016 due to increasing working capital
requirements.

The ratings continue to be supported by the promoter's experience
of over 15 years in manufacturing readymade garments. The ratings
are also supported by ZKWPL's few long-term borrowings due to no
majorcapex requirements over the short-to-medium term.

RATING SENSITIVITIES

Negative: A significant decline in the revenue leading to weaker
credit metrics will be negative for the ratings.

Positive: A significant improvement in the revenue and credit
profile will be positive for the ratings.

COMPANY PROFILE

ZKWPL was incorporated in 2010 and manufactures readymade
garments at its 12,000 pieces per day facility in Ludhiana
(Punjab). The company exports its garments to Middle East and
South America. The company has its registered office in Delhi.

ZKWPL's ratings:
-- Long-Term Issuer Rating: upgraded to 'IND BB' from 'IND BB-';
    Outlook Stable
-- INR150 million fund-based working capital limits: upgraded to
    Long-term 'IND BB'/Stable from 'IND BB-' and affirmed at
    Short-term 'IND A4+'
-- INR4 million long-term loan (reduced from INR17 million):
    upgraded to Long-term 'IND BB'/Stable from 'IND BB-'



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


KIWIBANK LTD: S&P Affirms 'BB+' Rating on Nondeferrable Sub. Debt
-----------------------------------------------------------------
Standard & Poor's Ratings Services said it has placed its 'A+'
long-term issuer credit rating on Kiwibank Ltd. on CreditWatch
with negative implications.  At the same time, S&P affirmed its
'A-1' short-term issuer credit ratings on Kiwibank.  S&P also
affirmed its 'BB+' rating on Kiwibank's nondeferrable
subordinated debt, the 'BB+' and 'BB-' ratings on Kiwi Capital
Funding Ltd.'s (KCFL) nondeferrable subordinated debt and
perpetual capital notes, and the existing outstanding 'A+' long-
term and 'A-1' short-term senior unsecured issue ratings on
Kiwibank, which will continue to benefit from the NZ Post
guarantee after its anticipated termination.

The placement of the long-term issuer credit rating on Kiwibank
on CreditWatch with negative implications follows New Zealand
Post Ltd.'s (NZ Post; A+/Stable/A-1) announcement today of its
intended removal of its unconditional guarantee of the
obligations of the senior creditors of Kiwibank.  S&P currently
equalizes the ratings on Kiwibank with those on its ultimate
parent, NZ Post.  This is because under the terms of the current
guarantee, NZ Post unconditionally guarantees senior obligations
incurred by Kiwibank.  Furthermore, S&P understands that any such
termination does not affect any existing payment obligations
under the NZ Post guarantee at the termination date.

The removal of the guarantee would form part of a transaction
that will broaden Kiwibank's support base within the wider public
sector through an indicative offer by the New Zealand
Superannuation Fund and the Accident Compensation Fund to acquire
25% and 20%, respectively, of the shareholding of Kiwi Group
Holdings Ltd. (KGHL).

S&P understands that the proposed changes are subject to final
board and regulatory approval, and S&P expects that--if approved-
-these would be implemented by the second half of calendar 2016.
Should NZ Post proceed with removal of the guarantee, and the
proposed changes in KGHL shareholding, S&P expects to lower the
long-term issuer credit rating on Kiwibank to 'A', reflecting:

   -- The bank's stand-alone credit profile (SACP) of 'bbb',
      which S&P expects to remain unchanged; and

   -- S&P's view that the likelihood of extraordinary government
      support from the New Zealand government to Kiwibank if
      needed is high because S&P assess that Kiwibank plays an
      important role to the New Zealand government and that the
      bank has a very strong link to the government.

S&P believes that the role that Kiwibank plays is important to
the New Zealand government as a default or a stress event
relating to Kiwibank could have an important impact on the
country's banking system, and consequently the economy.  This is
supported by the fact that Kiwibank is a 100% New Zealand owned
bank and the largest non-Australian owned bank providing largely
retail banking services to New Zealanders.  In S&P's view, this
increases the bank's political sensitivity as it was established
as a real alternative to the Australian major banks that to date
have dominated the New Zealand banking landscape.

S&P views Kiwibank's link to the New Zealand government as very
strong as S&P is of the view that the New Zealand Government is
an important controlling shareholder and will provide strong
credit support to Kiwibank in specific circumstances.  S&P notes
that the proposed new shareholders of KGHL belong to the New
Zealand government stable of entities, and, as such, S&P
considers that Kiwibank remains ultimately owned by the New
Zealand government. S&P also believes that the removal of the
guarantee would not be a precursor to the privatization of the
bank in the next five years.

S&P presuppose that the NZ$300 million uncalled capital facility
from the New Zealand government will also remain in place but is
likely to be revised to inter alia substitute NZ Post with KGHL
as the entity through which support will be provided.

The removal of the NZ Post guarantee would not affect Kiwibank's
'bbb' SACP, which continues to reflect Kiwibank's nationwide
presence as a meaningful competitor in the New Zealand banking
landscape, and its strong capital position relative to peers.
S&P expects that the proposed changes in KGHL's shareholding
would not result in any significant changes to the bank's
business plan, business strategy, or financial policies including
target business and geographic mix, pricing policy, earnings and
asset growth targets, capital policy, underwriting policy, and
funding and liquidity.

Also as a result of the unchanged SACP, S&P's ratings on
Kiwibank's and KCFL's nondeferrable subordinated debt and
perpetual capital notes is likely to remain unchanged (in the
future to be notched off the 'bbb' unsupported GCP of KGHL;
currently notched off the unsupported GCP of New Zealand Post
group as S&P was of the view that NZ Post was highly supportive
of the bank's debt issues).

S&P expects to resolve the CreditWatch placement by the second
half of calendar 2016, when S&P expects NZ Post and Kiwibank to
finalize their decision on the proposed changes, and implement
them if they decide to proceed.  S&P expects to lower the long-
term issuer credit rating on Kiwibank to 'A' with a stable
outlook if and when the unconditional guarantee from NZ Post is
terminated.  On the other hand, if NZ Post and Kiwibank decide to
not proceed with any of the proposed changes -- and there were no
other significant proposed changes in relation to Kiwibank's
ownership or parent guarantee -- S&P expects to affirm the
current ratings on Kiwibank with a stable outlook.


STONEWOOD HOMES: Founder Tries to Wind Up Blenheim Franchise
------------------------------------------------------------
Oliver Lewis at The Marlborough Express reports that the
Stonewood Homes franchise that was created to salvage the builds
and reputation of the brand in Marlborough is going to be placed
into liquidation, its director said.

Stonewood Blenheim Region was registered in October last year by
director Brent Mettrick, who founded the building company with
wife Sue in 1987.

It was set up to complete the homes that were left unfinished by
Stonewood Homes Marlborough, an independently-owned franchise
that went into liquidation last October with debts of more than
NZ$1 million, according to the Express.

According to the report, Mr. Mettrick said the master franchise
Stonewood Homes NZ Ltd was concerned about brand damage from the
collapse, so a new company was set up to complete the builds.

The Express relates that the intention was to incubate the
business for a new owner, so the company also took on new
business and was trading well, he said.  However, when Inno
Capital bought the assets of the master franchise following its
receivership on February 22, it cancelled the franchise
arrangement with the company, so Mr. Mettrick decided to place it
in liquidation.

"It has limited to no prospects without the support of Stonewood
Homes NZ Ltd as franchisor," the report quotes Mr. Mettrick as
saying.

The Express says the decision by Inno Capital to cancel the
franchise arrangement, along with the West Coast and New Plymouth
franchises, effectively cut Mr. Mettrick, the director of all
three entities, out of Stonewood.

Two weeks ago, new director Clint Webber said the three
franchises were not financially sound and the company no longer
wanted a relationship with Mr. Mettrick, the report relays.

"It is a little unfair to blame me for the failings of these
franchises," the report quotes Mr. Mettrick as saying.
"Stonewood Homes New Zealand Ltd and I were stepping in to
retrieve a business failure . . . and protect the Stonewood
brand," he said.  "We did not do it out of choice and there was
no money in it for us."

According to the Express, Mr. Mettrick said he had tried to put
the Blenheim franchise into liquidation, however he was unable to
do so because the shareholding company, Holmfirth Group Limited
-- of which he is also the sole director -- was in receivership.

This meant he could not place Stonewood Blenheim Region into
liquidation through a shareholders resolution, but said he was
trying to find another way of doing so, the Express relates.

The liquidation would affect around six customers, who would
experience delays but whose homes should be completed through the
Master Build guarantee, Mr. Mettrick, as cited by the Express,
said.

"As I understand it, all of the Marlborough builds were covered
by Master Build guarantees so they should be covered."



                             *********

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

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

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


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

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

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

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

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



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