TCRAP_Public/160418.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

            Monday, April 18, 2016, Vol. 19, No. 75


                            Headlines


A U S T R A L I A

AJ STOCKMAN: First Creditors' Meeting Set For April 26
BILKURRA INVESTMENTS: Court Appoints PPB as liquidators
F SQUARE: First Creditors' Meeting Scheduled For April 26
JOHANNA JOHNSON: First Creditors' Meeting Set For April 26
WOODPEND PTY: First Creditors' Meeting Set For April 27


C H I N A

BINHAI INVESTMENT: Moody's Cuts Corporate Family Rating to Ba1
MODERN LAND: Fitch Affirms 'B' IDR; Outlook Positive
WINSWAY ENTERPRISES: Fitch Lowers Issuer Default Rating to 'D'

* Debt Restructuring Common for Chinese SOEs, Fitch Says


H O N G  K O N G

NOBLE GROUP: CEO Says Markets Tough as Debt Deal Sought


I N D I A

ANGEL PROMOTERS: CRISIL Assigns 'C' Rating to INR200MM Loan
ANMOL ENTERPRISES: CRISIL Cuts Rating on INR150MM Loan to D
ASHIRVAD FOOD: Ind-Ra Assigns IND BB- Long-Term Issuer Rating
ATMIYA ENGINEERING: CRISIL Cuts Rating on INR51.7MM Loan to D
BABBOO RICE: CRISIL Assigns 'B' Rating to INR70MM Cash Loan

BALAR BUILDCON: CRISIL Suspends 'C' Rating on INR50MM Loan
BALKRUSHNA GINNING: ICRA Reaffirms B+ Rating on INR5cr Loan
BHOOMI COLD: ICRA Assigns 'B' Rating to INR4.0cr Term Loan
C.P. EXPORTS: CRISIL Reaffirms B+ Rating on INR180MM Cash Loan
CHAMPION AGRO: CRISIL Suspends 'D' Rating on INR1.50BB Loan

CITY CORPORATION: Ind-Ra Assigns IND BBB- Long-Term Issuer Rating
CLASSIC COTTON: ICRA Reaffirms B+ Rating on INR22cr Cash Loan
DTC SECURITIES: Ind-Ra Assigns BB Long-Term Issuer Rating
FABULOUS BUILDERS: CRISIL Assigns B+ Rating to INR60MM Loan
FEDORA SEA: ICRA Reaffirms B+ Rating on INR10cr LT Loan

GAJANAND GINNING: CRISIL Reaffirms B+ Rating on INR70MM Loan
GSP INTERNATIONAL: ICRA Reaffirms B Rating on INR20cr Loan
HIRA COTTON: ICRA Reaffirms B+ Rating on INR7.0cr LT Loan
JAI SAI: CRISIL Ups Rating on INR59MM Overdraft Loan to B+
JUBILANT CONSUMER: Ind-Ra Assigns IND BBB- LT Issuer Rating

KANCHAN GANGA: ICRA Assigns 'B' Rating to INR11.25cr Loan
M/S PHARMAFABRIKON: ICRA Suspends B+ Rating on INR4.1cr Loan
PASHUPATI TRADERS: ICRA Assigns B+ Rating to INR9.74cr Loan
PRASAD SEEDS: CRISIL Suspends B+ Rating on INR55MM Bank Loan
RAMA KRISHNA: CRISIL Reaffirms B+ Rating on INR100MM Cash Loan

RAVINDRA RICE: ICRA Reaffirms B+ Rating on INR16.50cr Loan
SALASAR PLYWOOD: ICRA Reaffirms B+ Rating on INR0.5cr Loan
SANGO AUTO: CRISIL Reaffirms B+ Rating on INR30MM Cash Loan
SARDA BIO: CRISIL Assigns B- Rating to INR50MM Cash Loan
SARTHAV INFRASTRUCTURE: CRISIL Cuts Rating on INR200MM Loan to D

SAVITRIDEVI COTTON: CRISIL Suspends D Rating on INR47.5MM Loan
SHIVA TRANSPORT: CRISIL Assigns 'B' Rating to INR70MM Cash Loan
SHIVPRIYA CABLES: ICRA Suspends B Rating on INR21cr Loan
SHREE CHHATRAPATI: ICRA Reaffirms B Rating on INR6.84cr LT Loan
SIDDARTH INTERCRAFTS: ICRA Assigns B+ Rating to INR2.50cr Loan

SIDDARTH ORGANISATION: ICRA Assigns B+ Rating to INR4.20cr Loan
SILICON DRUGS: Ind-Ra Suspends BB Long-Term Issuer Rating
SNOWBIRD MARKETING: CRISIL Suspends B Rating on INR60MM Cash Loan
SPA HEIGHTS: ICRA Reaffirms B- Rating on INR12cr Loan
STAR RISING: CRISIL Suspends B+ Rating on INR55MM LT Loan

SUN PSYLLIUM: ICRA Reaffirms B+ Rating on INR5.0cr Cash Loan
SUNIL KUMAR: Ind-Ra Assigns IND BBB- Long-Term Issuer Rating
SURYA ELECTRICALS: Ind-Ra Assigns IND BB- Long-Term Issuer Rating
THEME HOTELS: CRISIL Reaffirms 'D' Rating on INR75MM Term Loan
UDAY STRUCTURALS: CRISIL Suspends D Rating on INR69.7MM Loan

UMIYA INDUSTRIES: ICRA Assigns 'B' Rating to INR3.0cr LT Loan
UNI STYLE: CRISIL Suspends B- Rating on INR67.5MM Cash Loan
VALLABH MARKET: ICRA Upgrades Rating on INR15cr LT Loan to B-
VARMORA FOODS: CRISIL Reaffirms B+ Rating on INR67.5MM Term Loan
VISHVAS GINNING: CRISIL Reaffirms B+ Rating on INR120MM Loan

VSSN JAMBALADINNI: CRISIL Reaffirms B- Rating on INR210MM Loan
VSSN KALLUR: CRISIL Reaffirms B- Rating on INR110MM Cash Loan
VSSN RAJALABANDA: CRISIL Reaffirms B- Rating on INR60MM Loan
WHITEGOLD CERAMICS: ICRA Reaffirms B- Rating on INR3cr Loan


J A P A N

TOSHIBA CORP: Nearly 3,500 Workers Apply For Early Retirement


M A L A Y S I A

SAPURAKENCANA PETROLEUM: To Restructure Amid Weak Oil Price


                            - - - - -


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


AJ STOCKMAN: First Creditors' Meeting Set For April 26
------------------------------------------------------
Sule Arnautovic and Andrew John Spring of Jirsch Sutherland were
appointed as administrators of AJ Stockman Pty. Ltd. on April 13,
2016.

A first meeting of the creditors of the Company will be held at
Jirsch Sutherland, Level 27, 259 George Street, in Sydney, on
April 26, 2016, at 11:00 a.m.


BILKURRA INVESTMENTS: Court Appoints PPB as liquidators
-------------------------------------------------------
Following an application by ASIC in the Federal Court in
Melbourne, the Court has appointed liquidators to two companies,
Bilkurra Investments Pty Ltd (Bilkurra) and Foscari Holdings Pty
Ltd (Foscari), who have each operated a land banking scheme in
Victoria.

The two land banking schemes are known as Hermitage Bendigo
(formerly Acacia Banks) located at Midland Highway, Bagshot,
Victoria 3551 and Foscari, located at 99 Palmers Road, Truganina,
Victoria 3029.

Promoters of the land banking schemes used Bilkurra and Foscari
to raise approximately $24 million from investors. These schemes
were operated in similar ways to other land banking schemes
associated with Jamie McIntyre and the 21st Century Group, which
ASIC has also successfully applied to have placed into
liquidation.

Nicholas Martin and Craig Crosbie of PPB have been appointed as
joint liquidators to Bilkurra and Foscari. Their role will be to
take over the day to day operations of the companies and to
realise any assets for the benefit of creditors. ASIC's
investigation into the circumstances of the fundraising from
investors will continue.

ASIC's application was based on concerns that both companies were
insolvent. The Court agreed and also found that it was just and
equitable that the companies be wound up so that liquidators
could be appointed.

The Court further found that:

  * Bilkurra and Foscari were knowing participants in schemes
    that have facilitated misappropriation of investors' funds,

  * Michael Grochowski, who was banned by ASIC from providing
    financial services, had the day to day control of the
    companies, including by controlling the companies' bank
    accounts which contained investor funds, and

  * the winding up orders were necessary to protect investors
    and so that there was some prospect of recovery of the monies
    lost after a full investigation by a liquidator.

ASIC Commissioner Greg Tanzer said, 'This is another important
outcome for ASIC's wider and ongoing investigation into land
banking. We will continue to crack down on these investment
schemes to deter further misconduct.'

If investors have queries about the liquidations of Bilkurra and
Foscari they can contact the Liquidators via email at
midland@ppbadvisory.com.  The liquidators will also publish
updates on their website at www.ppbadvisory.com.au/

In February 2016, the proceedings were adjourned to enable a
proposed purchase of the land banking schemes to be considered,
but the Court found that this proposal promised much, but
delivered little and has now fallen over.

Land banking is a real estate investment scheme involving the
acquisition of large blocks of land by a promoter or developer of
the scheme, often in undeveloped rural areas, who then offer
portions of the land to investors.

Land banking companies typically promote the investment with
representations of high potential returns if the land is
redeveloped, or if plans for rezoning and development are
finalised.

Investors either purchase a lot in the land, or acquire an option
to purchase a lot of land in an unregistered plan of subdivision.
The option agreement is triggered at a time that the necessary
development is approved by the local council.

In August 2015, following an investigation, ASIC commenced
proceedings against companies associated with Jamie McIntyre and
the 21st Century Group in relation their promotion and sale of
interests to investors in five land banking schemes. On 7 October
2015 the Federal Court made orders appointing provisional
liquidators to the companies which operated the schemes.

On Dec. 7, 2015, the Federal Court of Australia made wind-up
orders for failed land banking company Midland Hwy, following
ASIC action. ASIC sought the orders as it considered it in the
public interest for a proper investigation into the affairs of
Midland Hwy to be conducted by independent liquidators.

Investors should be vigilant when investing in such schemes and
seek independent legal and financial advice. Investors should
also assess their risk tolerance to this type of scheme and fully
understand tax implications of investing through a self-managed
superannuation fund. ASIC notes that many of the promotors of
land banking schemes offer access to lawyers and financial
advice, but is concerned that they are not independent enough to
provide the best advice.

These types of investments may constitute a managed investment
scheme and/or a financial product.  Developers and promoters
should therefore hold an Australian financial service (AFS)
licence and register these schemes with ASIC.


F SQUARE: First Creditors' Meeting Scheduled For April 26
---------------------------------------------------------
Simon Patrick Nelson of Romanis Cant was appointed as
administrator of F Square Group Pty Ltd on April 15, 2016.

A first meeting of the creditors of the Company will be held at
Romanis Cant, Level 2, 106 Hardware Street, in Melbourne, on
April 26, 2016, at 11:00 a.m.


JOHANNA JOHNSON: First Creditors' Meeting Set For April 26
----------------------------------------------------------
Adam Shepard of Farnsworth Shepard was appointed as administrator
of Johanna Johnson Pty Ltd on April 13, 2016.

A first meeting of the creditors of the Company will be held at
Farnsworth Shepard, Level 5, 2 Barrack Street, in Sydney, on
April 26, 2016, at 11:00 a.m.


WOODPEND PTY: First Creditors' Meeting Set For April 27
-------------------------------------------------------
David William Kidman and Timothy David Mableson at Ferrier
Hodgson were appointed as administrators of Woodpend Pty Ltd on
April 14, 2016.

A first meeting of the creditors of the Company will be held at
Level 6 81 Flinders Street, in Adelaide, on April 27, 2016, at
11:00 a.m.



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C H I N A
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BINHAI INVESTMENT: Moody's Cuts Corporate Family Rating to Ba1
--------------------------------------------------------------
Moody's Investors Service has downgraded Binhai Investment
Company Limited's (BICL) corporate family and senior unsecured
debt ratings to Ba1 from (P)Baa3.

The outlook on the ratings is negative.

The rating action concludes Moody's review for downgrade
initiated on 4 February 2016.

RATINGS RATIONALE

"The downgrade reflects the fact that BICL's ratings no longer
incorporate one-notch of uplift, based on likely support from its
parent and largest gas customer, Tianjin TEDA Investment
Holdings," says Ada Li, a Moody's Vice President and Senior
Analyst.

Moody's explains that TEDA Investment Holding Co., Ltd.'s (TEDA,
unrated) credit profile has weakened significantly because of the
deteriorating environment in the sectors in which it operates;
namely, steel pipe manufacturing, property and regional
development and financial services.

"The negative outlook on BICL's ratings reflects its challenging
business environment, which in turn could lead to delays in
executing its growth strategies," adds Li. "In addition, a
further weakening of TEDA's credit profile could constrain BICL's
standalone ratings."

BICL's growth and diversification strategy is subject to its
signing and ramping up of new customers, which is likely to slow,
due to China's slowing economy. Moreover, Moody's believes TEDA's
weakened operating profile can directly affect BICL's standalone
credit, given BICL's high dependence on gas sales to TEDA group
affiliates, which accounted for 31% of BICL's total gas sales in
2015.

The absence of material financial covenants to preserve BICL's
financial position is another constraining factor on its ratings,
because BICL can increase its dividend payout to support TEDA.

BICL is also exposed to RMB depreciation, given its unhedged $US-
denominated debt. Moody's estimates that $US debt will represent
around 90% of BICL's total debt at end-2016.

Nevertheless, BICL has demonstrated an ability to diversify its
commercial and industrial (C&I) customer base, maintain its C&I
gas sales margins, as well as moderately deleverage and reduce
dependence on one-off connection fees.

BICL's 2015 reported debt remained at the HKD1.8 billion level
seen in 2014, while its adjusted debt to capitalization fell to
61.4% from 66.2%. Adjusted funds from operations to debt
increased to 12.4% in 2015 from 8.9% in 2014. The improved
results were in line with Moody's expectations and are consistent
with the parameters of the company's Ba1 ratings band.

An upward ratings trend is unlikely, given the negative outlook
on BICL's ratings.

However, BICL's ratings could be downgraded, if there are
unfavorable regulatory changes that significantly impact the
company's ability to pass through costs; slow execution of its
growth plan and its credit metrics weaken significantly due to
aggressive debt-funded expansions or higher-than-expected
dividend payouts.

Financial indicators that Moody's would consider for a downgrade
include adjusted funds from operation/debt below 10% and
debt/capitalization in excess of 70% over a prolonged period.

A further weakening of TEDA's credit profile could constrain
BICL's standalone ratings.

Binhai Investment Company Limited (BICL) is principally engaged
in the city gas distribution and gas pipe connection businesses,
mainly in Tianjin Municipality. BICL operates 39 subsidiaries,
and services one million households and around 2,674 commercial
and industrial customers. In 2015, its gas sales volumes reached
562 million cubic meters.

BICL is listed on the Hong Kong Stock Exchange and is 63.19%
owned by Tianjin TEDA Investment Holding Co., Ltd., which is in
turn a wholly owned conglomerate of the State-owned Assets
Supervision and Administration Commission of Tianjin
Municipality.


MODERN LAND: Fitch Affirms 'B' IDR; Outlook Positive
----------------------------------------------------
Fitch Ratings has affirmed Modern Land (China) Co., Limited's
(Modern Land) Long-Term Foreign- and Local-Currency Issuer
Default Ratings at 'B'.  The Outlook on the IDR is Positive.
Fitch has also affirmed Modern Land's senior unsecured rating and
the ratings on all outstanding bonds at 'B', with Recovery Rating
at 'RR4'.  Fitch may consider upgrading the IDR in six months if
Modern Land meets the thresholds for positive rating action.

Modern Land's attributable contracted sales increased slower than
we expected.  It rose 12% in 2015 compared with 52% in 2014.
This was partly due to the limited good-quality land bank in the
company's targeted regions, which is a key constraint on Modern
Land's rating.  However Modern Land has been trying to acquire
more good-quality sites in Tier 1 and 2 cities through joint
ventures (JVs) and M&A to address the problem.  Fitch believes
that Modern Land will continue to expand if the land bank
strategy is successfully implemented.

Modern Land has sufficient financial resources to sustain a
larger business scale.  Leverage as measured by net debt/adjusted
inventory remained low at 22% in 2015.  Fitch will continue
monitoring the company's operations to determine if Modern Land's
IDR should be upgraded.

                        KEY RATING DRIVERS

Land Bank is Bottleneck: Fitch considers Modern Land's modest
land bank to be the key obstacle to future expansion.  Its gross
available-for-sale land bank is 3.5 million sqm, representing
less than CNY30bn of gross saleable resources.  This is barely
enough to sustain three years of contracted sales if we assume
annual gross contracted sales of CNY10bn.  Although Modern Land
has extended its geographic coverage to more Tier 1 and 2 cities
in recent years, Xiantao and Dongdaihe, two Tier 4 cities in
China, still account for most of the attributable unsold land
bank.

Fitch expects Modern Land to keep investing in land to sustain
two to three years of property development.  The company is eying
opportunities in metropolitan areas in Beijing, Shenzhen and
Shanghai.  Modern Land is likely to acquire sites through JVs and
M&A because of the limited land supply in these areas.  Any sharp
increase in land costs may significantly change the leverage
outlook and may cause Fitch to take negative rating action.

Small Scale: Modern Land's contracted sales rose 53% to CNY11.3
bil. in 2015, beating the CNY11bn target.  However attributable
contracted sales increased only 12% to CNY7.5 bn because more
sales were generated from JVs.  Attributable sales accounted for
66% of the company's total sales in 2015, down from 90% in 2014.
Modern Land targets to achieve CNY15 bil. sales in 2016, and its
attributable sales may meet the CNY10 bil. threshold where Fitch
will consider taking positive rating action.

Low Leverage, Margin Drop: Modern Land's financial profile is
still robust and comparable with 'B+'-rated peers.  Leverage rose
to 22% in 2015 from 8% in 2014.  Fitch expects leverage to remain
below 30% until the company's attributable contracted sales
reaches CNY10 bil.  EBITDA margin dropped 9pp to 23% in 2015 and
is likely to narrow further while the existing low-cost land bank
is gradually depleted.  Gross profit margin in 2015 shrank to 30%
from 40% in 2014, but Fitch expects it to be maintained at 25%-
30% in the next three years.

Sufficient Liquidity: Modern Land's liquidity remains healthy
with total cash of CNY3.6bn, compared with short-term debt of
CNY1.7 bil.  Modern Land completed a HKD300 mil. (CNY250 mil.)
share placement in 2015 and plans to issue more domestic bonds in
2016 to shore up liquidity.

                          KEY ASSUMPTIONS

Fitch's key assumptions within its rating case for the issuer
include:

   -- Attributable contracted sales of CNY10 bil. in 2016, CNY12
      bil. in 2017, CNY 15 bil. in 2018 and CNY18 bil. in 2019

   -- New land investment to maintain land bank at two years'
      worth of gross contracted sales

   -- Average selling price to increase around 10% each year to
     reflect the higher cost of recently acquired land

   -- Construction cost per square meter of around CNY3000-4,000
      in 2016-2019

                       RATING SENSITIVITIES

Positive: Future developments that may individually or
collectively, lead to a rating upgrade to 'B+' include:

   -- Achieve attributable contracted sales target of CNY10 bil.
      in 2016 while on a sustainable growth path

   -- EBITDA margin sustained above 25%

   -- Net debt/adjusted inventory sustained below 30%

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

   -- Failure to achieve the above factors within six months

                    FULL LIST OF RATING ACTIONS

  Long-Term Foreign-Currency and Local-Currency IDR affirmed at
   'B'; Outlook Positive
  Senior unsecured rating affirmed at 'B', Recovery Rating at
   'RR4'
  CNY1.1 bil. 11% senior notes due 2017 affirmed at 'B', Recovery
   Rating at 'RR4'
  USD150 mil. 13.875% senior notes due 2018 affirmed at 'B',
   Recovery Rating at 'RR4'
  USD125 mil. 12.75% senior notes due 2019 affirmed at 'B',
   Recovery Rating at 'RR4'


WINSWAY ENTERPRISES: Fitch Lowers Issuer Default Rating to 'D'
--------------------------------------------------------------
Fitch Ratings has downgraded China-based Winsway Enterprises
Holdings Limited's Issuer Default Rating to 'D' from 'RD'.  No
Outlook has been assigned.

The downgrade follows Winsway's announcement on April 11, 2016,
that it has filed for U.S bankruptcy protection under Chapter 15
of Title 11 of the U.S bankruptcy code.  The bankruptcy filing
will facilitate a debt restructuring arrangement with holders of
Winsway's USD350m outstanding senior notes.  The company missed
several related interest payments and the principle repayment,
which was due on 8 April 2016.

Meanwhile, Winsway's senior unsecured rating has been affirmed at
'C', with a Recovery Rating of 'RR6'.

Fitch will re-evaluate Winsway's rating upon the completion of
the proposed debt restructuring schemes.

                       KEY RATING DRIVERS

Debt Restructuring: Winsway has arranged a meeting with its
existing bondholders to restructure its outstanding senior notes
totaling USD350 mil. on May 3, 2016.  Under the proposed debt
restructuring plan, the outstanding senior notes and interest
payments will be redeemed with the following: cash of USD50 mil.
less consent fees and other fees payable, 18.75% of the total
issued shares of Winsway on a fully diluted basis upon completion
of the debt restructuring, and a contingent value rights clause
that will see the bondholders receive an additional USD10 mil.
should Winsway's cash profit before tax exceed USD100 mil. in any
single year in the next five years.

The outcome of the debt restructuring will be heavily dependent
on Winsway executing a planned rights issue to raise USD50 mil.
for the cash portion of the debt restructuring plan.

Weak Cash Generation Continues: Winsway recorded CNY3.4 bil. in
revenue in 1H15, up 4.6% a year earlier.  Gross margin improved
to 3.4% in 1H15 from almost zero in 1H14.  The company continued
to post EBITDA losses in 1H15 while net debt increased to CNY3.9
bil. from CNY3.1 bil. in 1H14.  Fitch expects the likelihood of a
recovery in Winsway's operations to be low given the over-
capacity in the domestic coal industry and low coal prices.

                           KEY ASSUMPTIONS

Fitch's key assumptions within its rating case for the issuer
include:

   -- Winsway's cash flow generation does not improve
   -- Winsway's sources of liquidity do not improve

                       RATING SENSITIVITIES

Positive: Future developments that may, individually or
collectively, lead to positive rating actions include:

   -- Fitch will re-examine the company's credit profile if it
      successfully restructures its debt


* Debt Restructuring Common for Chinese SOEs, Fitch Says
--------------------------------------------------------
Recent defaults in Chinese state-owned enterprises (SOEs)
operating in competitive, non-strategic sectors, such as steel
and coal trading, will likely be resolved through debt
restructuring rather than state-supported full-debt repayment,
says Fitch Ratings.

The change is part of the government's supply side reforms, which
include a focus on cutting production capacity, particularly in
sectors characterized by severe overcapacity and high leverage.
The government has signaled it is less willing to support
companies in non-strategic sectors with low entry barriers and
operations that can be easily replaced by other larger SOEs,
should these companies fall into financial distress.

On April 11, 2016, China Railway Materials Company Limited
(CRMC), a commodities trader that supplies railway materials,
such as iron, coal and cement, applied to suspend trading of nine
outstanding domestic notes totaling CNY16.8 bil. (with the
closest maturity due on May 17, 2016).  The company cited
difficulties in meeting repayment obligations and intends to
arrange potential debt restructuring plans with creditors.

CRMC is a subsidiary of China Railway Materials Commercial Corp,
which is in turn 100% owned by the State-owned Assets Supervision
and Administration Commission.  CRMC's sales and EBITDA declined
significantly in recent years on back of weak steel and coal
prices.  In 2014 the company reported total sales of CNY79 bil.,
down 62% from CNY207 bil. in 2011, and negative FFO for the third
consecutive year.  Its net debt grew to CNY25.3 bil. at end-2014,
from CNY13.6 bil. at end-2011.

Fitch expect more companies like CRMC and Sinosteel Corporation,
which was the first and so far only central SOE to default on its
domestic bonds in October 2015, to face increasing challenges in
meeting debt obligation this year.  This is a result of an
inability to generate consistent operating cash flow amid a weak
operating environment and a lack of support from financial
institutions and investors to provide refinancing, given
government's decreasing support for the sector.



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H O N G  K O N G
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NOBLE GROUP: CEO Says Markets Tough as Debt Deal Sought
-------------------------------------------------------
Bloomberg News reports that Noble Group Ltd chief executive
officer Yusuf Alireza said that the commodities markets remain
difficult as he presses on with efforts to refinance the trader's
debt.

"The markets are difficult. To sit here with confidence and say
the worst is behind us is just not realistic," Mr Alireza said in
a Bloomberg Television interview in Singapore.  "Our jobs are
just to come in every day and do our jobs, focus on the business
and deliver results and, in the end, the market will judge us and
our investors will judge us."

According to Bloomberg, Asia largest commodity trader is seeking
to chart a recovery in 2016 after a savage year in which it
posted the first annual loss in almost two decades, had its
credit-rating cut to junk and saw its shares sink along with a
rout in raw material prices.

Bloomberg relates that while the costs of the group's revolving-
credit facility were seen as going up, its weighted average cost
of debt was expected to remain about the same, Mr Alireza said on
April 14, speaking ahead of the company's annual general meeting
in the city-state.

"What's important to us is not one transaction, the revolver,
what's important is the weighted-average cost of our debt,"
Bloomberg quotes Mr Alireza, who was appointed as CEO in 2012, as
saying. "That's what's important in terms of the costs of our
financing."

                          Shares Rebound

Bloomberg notes that Noble Group shares -- which collapsed 65% in
2015 and were subsequently removed from the blue-chip Straits
Times Index -- have climbed 10% this year to close at 44
Singapore cents on April 15.

Its March 2018 notes have surged in six of the past seven weeks
to 78.6 US cents on the US dollar, up from an all-time low of
40.7 US cents on Jan 22, according to Bloomberg-compiled prices.

Last year, Mr Alireza strove to turn around the company's
fortunes, selling assets to raise cash including the remaining 49
per cent stake in Noble Agri Ltd, boosting transparency and
taking writedowns, Bloomberg recalls.

According to Bloomberg, Founder and chairman Richard Elman wrote
in the annual report released last month that the company needs
to be smaller and more nimble, while saying that it wasn't
possible to tell when the commodity markets would turn.

Bloomberg says the Hong Kong-based company is said to be facing
higher financing costs to arrange an unsecured loan of at least
US$1 billion, and is seeking US$2.5 billion in another loan
that'll be backed by inventories.

During the results briefing in February, Mr Alireza had said the
company aimed to re-finance before a May deadline, the report
states.

"Historically, when we had fixed assets like sugar mills and
crushing plants, you needed long-term debt," Mr Alireza told
Bloomberg TV, adding that in the future, Noble Group was likely
to have a greater share of secured financing.  "Now, as most of
our assets are inventory we will fund it with revolvers and bond
base. The cost of bond base, which is secured financing, is much
lower."

                        About Noble Group

Noble Group Limited (SGX:N21) -- http://www.thisisnoble.com/--
is a Hong Kong-based company engaged in supply of agricultural,
industrial and energy products. The Company supplies agricultural
and energy products, metals, minerals and ores .Agriculture
products include grains, oilseeds and sugar to palm oil, coffee,
and cocoa. Energy business includes coal, gas and liquid energy
products. In metals, minerals and ores (MMO), it supplies iron
ore, aluminum, special ores and alloys. The Company operates
nearly in 140 locations. It supplies growth demand markets in
Asia and Middle East. Alcoa World Alumina and Chemicals is the
subsidiary of this company.

As reported in the Troubled Company Reporter-Asia Pacific on
March 1, 2016, Standard & Poor's Ratings Services said that it
had lowered its long-term corporate credit rating on Noble Group
Ltd. to 'BB-' from 'BB+'.  The outlook is negative.  At the same
time, S&P lowered the long-term issue rating on Noble's
outstanding senior unsecured notes to 'B+' from 'BB'.  In
addition, S&P lowered its long-term Greater China regional scale
rating on the company to 'cnBB' from 'cnBBB' and on the notes to
'cnBB-' from 'cnBB+'.  S&P removed the corporate credit and issue
ratings on Noble from CreditWatch, where they were placed with
negative implications on Nov. 23, 2015.  Noble is a Hong Kong-
based commodity trader.

The TCR-AP on Feb. 25, 2016, reported that Moody's Investors
Service has downgraded Noble Group Limited's corporate family
rating and senior unsecured bond ratings to Ba3 from Ba1 and the
provisional rating on its senior unsecured medium-term note (MTN)
program to (P)Ba3 from (P)Ba1. The ratings are under review for
further downgrade.



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


ANGEL PROMOTERS: CRISIL Assigns 'C' Rating to INR200MM Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL C' rating to the long-term bank
facilities of Angel Promoters Private Limited (APPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan                200       CRISIL C

The rating reflects the company's weak liquidity due to
insufficient cash accrual vis-a-vis debt obligation, and funding,
implementation, and demand risks associated with its banquet
halls and hotel project. These weaknesses are partially offset by
the experience of APPL's promoters in the real estate development
business.

Established in 2006 in Sahibabad, Uttar Pradesh (UP), by Mr. DB
Jain and his son, Mr. Abhishek Jain, APPL is engaged in real
estate development and has currently undertaken a hotel-cum-
banquet halls project in Sahibabad, which is expected to commence
operations in 2016-17. The company completed a group housing
project, Angel Mercury, in Indirapuram, UP, in 2012.


ANMOL ENTERPRISES: CRISIL Cuts Rating on INR150MM Loan to D
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank loan
facility of Anmol Enterprises (Anmol) to 'CRISIL D' from 'CRISIL
B/Stable'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan                 150      CRISIL D (Downgraded from
                                      'CRISIL B/Stable')

The rating downgrade reflects instances of delay by the firm in
servicing its term loan; the delays were on account of weak
liquidity led by poor offtake of projects.

The firm is exposed to risks related to inherent cyclicality in
the real estate sector in India. However, it benefits from the
extensive experience of its promoters in this sector

Anmol is a project-specific firm promoted by Ahmedabad-based Mr.
Arvind Patel and his family members. The firm is developing a
residential project in Gota, Ahmedabad. It commenced construction
in January 2012.


ASHIRVAD FOOD: Ind-Ra Assigns IND BB- Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Ashirvad Food
Products Private Limited (AFPPL) a Long-Term Issuer Rating of
'IND BB-'.  The Outlook is Stable.

                        KEY RATING DRIVERS

AFPPL's ratings reflect its moderate scale of operations and
credit profile.  During FY15, revenue was INR868 mil. (FY14:
INR762 mil.), operating EBITDA margins were 3.7% (2.7%), net
adjusted debt/EBITDAR was 8.5x (12.0x) and EBITDAR interest
coverage was 1.5x (1.2x).

AFPPL's liquidity position has been moderate, with 95.6% average
use of its working capital limits during the 12 months ended
January 2016.

However, the ratings derive strength from one of its promoter's
track record of over two decades in the flour manufacturing
business.

                       RATING SENSITIVITIES

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

Negative: A deterioration in its credit profile will be negative
for the ratings.

                          COMPANY PROFILE

AFFPL was incorporated in 2003 and manufactures wheat-based
products such as wheat flour, white flour and semolina at its
manufacturing facility in Purulia, West Bengal.  It has an annual
installed capacity of 1,00,800 tonnes.  The company is managed by
Lalit Kumar Poddar and Sarvesh Poddar.

AFFPL's ratings:

   -- Long-Term Issuer Rating: assigned 'IND BB-'/Stable
   -- INR206.4 mil. fund-based working capital limits: assigned
      'IND BB-'/Stable
   -- INR0.6 mil. term loan: assigned 'IND BB-'/Stable
   -- INR58.8 mil. non-fund-based working capital limits:
      assigned 'IND A4+'


ATMIYA ENGINEERING: CRISIL Cuts Rating on INR51.7MM Loan to D
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Atmiya Engineering and Plastics (AEP) to 'CRISIL D' from
'CRISIL C'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           4         CRISIL D (Downgraded from
                                   'CRISIL C')

   Long Term Loan       34.3       CRISIL D (Downgraded from
                                   'CRISIL C')

   Working Capital      51.7       CRISIL D (Downgraded from
   Term Loan                       'CRISIL C')

The rating downgrade reflects instances of delay by AEP in
servicing its term debt; the delays were caused by weak liquidity
driven by a fire at the firm's plant.

The firm's liquidity is constrained by the time required for
stabilisation of operations after a major fire at its
manufacturing premises. Furthermore, it has insufficient cash
accrual for meeting repayment obligations, and its revenue is
derived from a single customer. However, it benefits from the
extensive experience of its promoters in manufacturing plastic
parts for air-coolers.

AEP, established in 1999, is based in Vadodara. It is promoted by
Mr. Nimesh Patel. The firm manufactures plastic parts for air-
coolers.


BABBOO RICE: CRISIL Assigns 'B' Rating to INR70MM Cash Loan
-----------------------------------------------------------
CRISIL has revoked the suspension of its rating on the long-term
bank facilities of Babboo Rice and General Mills and assigned its
'CRISIL B/Stable' rating to the facilities. CRISIL had suspended
the rating on March 17, 2016, as BRGM had not provided necessary
information required for a rating review. BRGM has now shared the
requisite information, enabling CRISIL to assign a rating to its
bank facilities.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit               70       CRISIL B/Stable (Assigned;
                                      Suspension Revoked)

   Export Packing Credit     25       CRISIL B/Stable (Assigned;
   & Export Bills                     Suspension Revoked)
   Negotiation/Foreign
   Bill discounting

   Warehouse Financing       25       CRISIL B/Stable (Assigned;
                                      Suspension Revoked)

The rating reflects BRGM's below-average financial risk profile
because of highly leveraged capital structure and subdued debt
protection metrics. The rating also factors in the firm's modest
scale of operations in the intensely competitive basmati rice
market, and susceptibility of its operating margin to changes in
government regulations and to volatility in raw material prices.
These weaknesses are partially offset by its partners' extensive
industry experience and their financial support, and healthy
growth prospects for the basmati rice industry.
Outlook: Stable

CRISIL believes BRGM will continue to benefit over the medium
term from its partners' extensive experience. The outlook may be
revised to 'Positive' in case of significant improvement in
financial risk profile on account of better-than-expected accrual
or capital infusion by partners. Conversely, the outlook may be
revised to 'Negative' if BRGM undertakes aggressive debt-funded
expansion, or reports substantial decline in revenue and
profitability, or if its working capital cycle lengthens,
weakening financial risk profile.

BRGM is a partnership firm established by Mr. Vijay Kumar Sethi
and his brother Mr. Surinder Sethi in 1978 and based in Amritsar.
It processes basmati rice.


BALAR BUILDCON: CRISIL Suspends 'C' Rating on INR50MM Loan
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Balar Buildcon Private Limited (BBPL).

                              Amount
   Facilities               (INR Mln)     Ratings
   ----------               ---------     -------
   Bank Guarantee                50       CRISIL A4
   Working Capital Facility      50       CRISIL C

The suspension of ratings is on account of non-cooperation by
BBPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, BBPL is yet to
provide adequate information to enable CRISIL to assess BBPL'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 1998 and based in Ahmedabad (Gujarat), BBPL is
promoted by the Balar family. The company is engaged in the
construction of buildings and in civil construction projects. The
promoters have experience of over two decades in the construction
industry.


BALKRUSHNA GINNING: ICRA Reaffirms B+ Rating on INR5cr Loan
-----------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating to the INR1.00 crore term
loan facility and INR5.00 crore1 fund-based cash credit of
Balkrushna Ginning & Pressing Industries.


                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund based Cash
   Credit Limit           5.00        [ICRA]B+; Reaffirmed

   Fund Based Term
   Loan                   1.00        [ICRA]B+; Reaffirmed

The rating continue to be constrained by Balkrushna Ginning &
Pressing Industries' weak financial position as is evident in the
thin profitability, stretched capital structure and weak debt
protection indicators. The rating is further constrained by
highly competitive and fragmented industry structure due to low
entry barriers leading to thin profit margins. The rating is
further constrained by the vulnerability to adverse fluctuations
in raw material prices which are subject to seasonal availability
of raw cotton and government regulations on the minimum support
price (MSP) for the procurement of raw cotton and export quota
for cotton bales. ICRA also notes that Balkrushna Ginning &
Pressing Industries is a partnership firm and any significant
withdrawals from the capital account will affect its net worth
and thereby the gearing levels.

The rating, however, continue to factor in the long standing
experience of the promoters in the cotton industry as well as
established track record of the firm and strategic location,
giving it easy access to high quality raw cotton.

Balkrushna Ginning and Pressing Industries was incorporated as
partnership firm in 2006 and is engaged in ginning & pressing of
raw cotton to produce cotton seeds and pressed cotton bales. The
ginning unit of the firm is located at Una, Gujrat and is
equipped with 18 ginning machines and 1 fully automatic pressing
machine with total installed capacity of 200 bales per day. The
firm mainly deals in Shankar-6 type of cotton.

Recent Results
For the year ended 31st March, 2015, the firm reported an
operating income of INR22.44 crore with profit after tax (PAT) of
INR0.26 crore.


BHOOMI COLD: ICRA Assigns 'B' Rating to INR4.0cr Term Loan
----------------------------------------------------------
ICRA has assigned an [ICRA]B rating to the INR2.54 crore cash
credit facilities and the INR4.00 crore term loan of Bhoomi Cold
Storage.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Cash
   Credit Pledge          2.29        [ICRA]B assigned

   Fund Based Cash
   Credit Clean           0.25        [ICRA]B assigned

   Fund Based Term
   loan                   4.00        [ICRA]B assigned

The rating assigned is constrained by the fact that the scale of
operations of Bhoomi Cold Storage (BCS) is envisaged small,
creating an operational stability risk. Further the rating
assigned takes into account the leveraged capital structure due
to predominantly debt-funded capex, thereby exposing the firm to
possible stress on debt servicing capability in case of slower
than expected ramp up of cash flows. ICRA also takes into
consideration high working capital intensity of operations and
the exposure of its profitability to any significant fall in
potato prices. Further, ICRA takes into consideration that BCS is
a partnership firm and any significant withdrawals from the
capital account could adversely impact its net worth and thereby
the capital structure.

The rating, however, favourably considers the experience of
partners in cultivation of storing potatoes; and the favourable
location of the unit in Deesa (Gujarat), an area with a high
potato output.

Bhoomi Cold Storage (BCS) was established in April 2015 as a
partnership firm. BCS is engaged in providing cold storage
facilities to potato farmers and traders on a rental basis. The
firm started commercial operations in February 2016. The cold
storage facility is located in Deesa, Gujarat, with a storage
capacity of 156,000 bags of 50 kilogram (kg.) each. The firm is
owned by seven partners of which three partners, namely Mr.
Nathabhai Lodha, Mr. Narsinhbhai Lodha and Mr. Pravinbhai Lodha
manage the operations of the firm.


C.P. EXPORTS: CRISIL Reaffirms B+ Rating on INR180MM Cash Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facility of C.P. Exports
(CPE) continues to reflect its below-average financial risk
profile because of high gearing and small networth, and exposure
to intense competition in the coffee beans trading business.
These rating weaknesses are partially offset by the extensive
experience of promoters in the agricultural products trading
business.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Cash Credit/
   Overdraft facility      180      CRISIL B+/Stable (Reaffirmed)

CRISIL has treated unsecured loans of INR60 million extended to
CPE by its promoters as on March 31, 2015, as neither debt nor
equity. The management has indicated that these loans will remain
in the business over the medium term.
Outlook: Stable

CRISIL believes CPE will continue to benefit over the medium term
from the promoters' extensive industry experience. The outlook
may be revised to 'Positive' if sustained improvement in scale of
operations and profitability strengthens the financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
any stretch in the working capital cycle or low cash accrual
leads to deterioration in the financial risk profile.

CPE, set up in 1994, processes and trades in coffee beans. The
firm is promoted by Mr. C Eswaran and Mr. C Shunmugapriya, and
their families.


CHAMPION AGRO: CRISIL Suspends 'D' Rating on INR1.50BB Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Champion Agro Limited (CAL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             1500       CRISIL D
   Proposed Long Term
   Bank Loan Facility        60       CRISIL D

The suspension of rating is on account of non-cooperation by CAL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, CAL is yet to
provide adequate information to enable CRISIL to assess CAL'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'
CAL was established in 1991 as a partnership firm (Magnetic
Electric Company) by Mr. Dhirajlal Hirpara. It was started to
manufacture pumps and motors for agricultural use. These products
were sold under the brand Champion. The firm was reconstituted as
a public limited company (Magnetic Industries Ltd) in 1994 and
its name was changed to the current one in 2009-10 (refers to
financial year April1 to March 31). CAL has, since 2007,
diversified into agro input trading; contract and lease farming,
and cattle feed manufacturing and trading.


CITY CORPORATION: Ind-Ra Assigns IND BBB- Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned City Corporation
Limited (CCL) a Long-Term Issuer Rating of 'IND BBB-'.  The
Outlook is Stable.

CCL is developing a real estate township (Amanora Park Town) in
Hadapsar, Pune.  It has 12 ongoing projects with total saleable
area of 8.5m sq ft and an additional 5.1m sq ft coming up after
FY17.

                         KEY RATING DRIVERS

Strong Cash Flow Visibility: According to management, as at 31st
December 2015, CCL had already sold 76% of the 8.5m sq ft and has
collected 63% of cash from the sold area; construction was also
63% complete.  This provides a cash flow visibility of
INR13,325m, which is sufficient to fund the likely remaining
construction cost of INR11,022m.

Additionally, the company has also been incurring infrastructure
costs related to the township.  According to management the total
expected infrastructure cost for the township is around
INR1,500 mil., of which INR1,250 mil. has already been incurred
and expensed out, while the remaining INR250 mil. will be
incurred over the next four-five years.  Management said that
apart from these, it does not expect any other infrastructure
costs.

Moderate Liquidity: CCL's liquidity remained moderate with around
85% utilization of its fund-based limits for the 12 months ended
December 2015.  CCL continues to have positive cash flow from
operations and free cash flow.

As at FYE15, CCL had total outstanding balance sheet debt of
INR4,157 mil., of which INR3,216 mil. is in the form of inter
corporate deposits/unsecured loans from directors.  According to
management, the unsecured loans will not be recalled until all
the banking facilities are paid from all the group companies.
Ind-Ra notes that CCL's unsecured loans from directors are
subordinated to its banking facilities and that the company will
always need to maintain a mutually agreed debt-to-equity ratio
before repaying any unsecured loans.

Letter of Comfort to YFTPL: Yashomal Farming & Tourism Pvt Ltd
(YFTPL; CCL's group company with common promoter/directors) has
been developing a resort and spa project in Roha, Maharashtra.
Ind-Ra notes that it plans to raise INR500 mil. debt for the
project and CCL has provided a letter of comfort for the debt.
Thus, the agency has adjusted CCL's debt for this amount.

Weakening of Credit Metrics: CCL's credit metrics weakened in
FY15, with EBITDA interest coverage falling significantly to 2.4x
(FY14: 4.0x), while net leverage remained at 4x (FY14: 4x).  The
fall in EBITDA interest coverage was mainly due to a significant
rise in FY15 interest expenses to INR321.9 mil. (FY14: 182.1m).

Risk of Cyclicality: Ind-Ra notes that CCL is always exposed to
cyclicality risk in the real estate sector.  It mainly operates
in the Pune region, which currently has 15 months of inventory
overhang.  The real estate sector is highly cyclical and during a
downturn, saleability and realisations have come under severe
pressure, resulting in highly volatile cash flows.  Continued
weak economic sentiment impacted demand for real estate, and
supply was not curbed at the pace at which demand declined,
leading to higher inventory.

                        RATING SENSITIVITIES

Negative: Sales volume or realisations from the ongoing project
coming in lower than Ind-Ra's expectations and/or significant
time or cost overruns over FY17-FY18, leading to debt re-
financing pressures, could result in a negative rating action.

Positive: Execution and sales of ongoing projects taking place
faster than Ind-Ra's expectation, along with debt below Ind-Ra's
assumption, could result in a positive rating action.

                          COMPANY PROFILE

CCL was incorporated in 2003 to undertake real estate
development, construction, and property management activities.
It is promoted by Mr. Aniruddha Deshpande and develops
residential complexes in and around Pune.  During FY15, CCL
reported consolidated revenue of INR4,687 mil. (FY14: 4,659 mil.)
and an EBITDA margin of 16.4% (15.5%).

CCL's ratings:

   -- Long-Term Issuer Rating: assigned 'IND BBB-';
      Outlook Stable
   -- INR110 mil. term loan: assigned 'IND BBB-'/Stable
   -- INR710 mil. fund-based limits: assigned 'IND BBB-'/Stable
   -- INR400 mil. proposed term loan: assigned 'Provisional IND
      BBB-'/Stable


CLASSIC COTTON: ICRA Reaffirms B+ Rating on INR22cr Cash Loan
-------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ to the
INR22.00 crore cash credit facility of Classic Cotton Private
Limited. ICRA has also reaffirmed the short term rating of
[ICRA]A4 to the INR1.00 crore SLC facility of CCPL.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit           22.00        [ICRA]B+ reaffirmed
   SLC                    1.00        [ICRA]A4 reaffirmed

The ratings continue to factor in Classic Cotton Private
Limited's (CCPL) financial profile characterized by modest scale
of operations and low profitability as well as stretched capital
structure. The rating further considers the stretched liquidity
position as evident from high utilization of working capital
limits. The ratings also continue to be constrained by the highly
competitive and fragmented industry structure with the limited
value additive nature of operations, which leads to pressure on
profitability. The rating further incorporates the vulnerability
to adverse movements in agricultural produce prices and
regulatory policy changes in terms of export and MSP.

The ratings, however, positively consider the long experience of
the promoters in the cotton industry and the advantage the
company enjoys by virtue of its location in a cotton-producing
region giving it easy access to raw cotton. The ratings also
consider the forward integration in crushing facilities providing
diversification and additional revenue.

Classic Cotton Private Limited (CCPL) was incorporated as a
private limited company in 2008. The company is engaged in cotton
ginning and pressing of raw cotton and crushing of cottonseeds.
The manufacturing unit is located in Jetpur, Rajkot District of
Gujarat. The plant is equipped with 36 ginning machines and one
pressing machine with an installed capacity to produce 400 bales
per day. CCPL has also installed nine expellers, having crushing
capacity of 10 MT of cottonseeds per day.

Recent Results
In FY15, the company reported an operating income of INR123.21
crore and a net profit of INR0.16 crore. In FY16, till end of
December 2015, the company has reported an operating profit of
INR2.18 crore on the operating income of INR74.34 crore.


DTC SECURITIES: Ind-Ra Assigns BB Long-Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned DTC Securities
Limited (DTCSL) a Long-Term Issuer Rating of 'IND BB'.  The
Outlook is Stable.  The agency has also assigned DTCSL's proposed
INR305 mil. long-term loans a 'Provisional IND BB' rating with a
Stable Outlook.

                        KEY RATING DRIVERS

The ratings reflect DTCSL's single property rental based revenue
stream, along with its moderate debt servicing capabilities on
account of the marginal difference between its annual rental
income and annual debt repayment commitment.  The ratings also
reflect the company's small scale of operations and moderate
credit profile.  During FY15, revenue was INR51.3 mil. (FY14:
INR51.3 mil.), interest coverage was 1.5x (1.4x), net financial
leverage was 7.0x (6.1x) and EBITDA margins were 61.4% (52.1%).

Ind-Ra has consolidated the cash flows of DTCSL and East
Commercial Private Limited (ECPL) to arrive at the ratings.  ECPL
is the owner of the property and DTCSL is acting as a service
provider to the lessee for which DTCSL has obtained a no
objection certificate from ECPL.  The entire rent collected is
deposited in an escrow bank account and residual cash is
available to the companies only after the debt service
obligations have been met.

The ratings are supported by the presence of a strong lessor
(Pantaloon Retail India Limited) which has taken the property on
lease for 15 years, starting from 2007.  The ratings are also
supported by over 10 years of experience of DTCSL's promoters in
the real estate and development business.

                       RATING SENSITIVITIES

Positive: A substantial improvement in the credit profile of the
company will be positive for the ratings.

Negative: Termination of the lease agreement leading to
substantial deterioration in the credit metrics could result in a
rating downgrade.

                          COMPANY PROFILE

DTC was incorporated in 1995 by DTC Group. Mr Dinesh Jalan, Satya
Narayan Jalan, and Mrs Poonam Jalan are the directors of the
company.  The company has its registered office in Kolkata.  DTC
Group has leased out a 63000 sq. ft. commercial mall to Pantaloon
Retail India.  ECPL is part of DTC Group and was incorporated in
1990 by DTC group.


FABULOUS BUILDERS: CRISIL Assigns B+ Rating to INR60MM Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank loan facility of Fabulous Builders (FB).

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

The rating reflects FB's exposure to risks and cyclicality
inherent in the real estate industry. The rating also factors in
geographical and project concentration in its revenue profile.
These weaknesses are partially offset by its promoters' extensive
experience in the real estate business.
Outlook: Stable

CRISIL believes FB will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook
may be revised to 'Positive' if the firm generates substantial
cash flow because of speedy execution of project and improved
receipt of customer advances. Conversely, the outlook may be
revised to 'Negative' if cash flow is significantly low because
of subdued response to project, or low customer advances, or
delay in completion of ongoing project, leading to weakening of
financial risk profile, particularly liquidity.

FB was set up in 2012 by Siliguri-based Mr. Sandeep Goyal, Mr.
Anuj Poddar, Mr. Pradip Khemka, and Mr. Arun Goyal. It develops
real estate in Siliguri and has an ongoing commercial-cum-
residential project, Mayfair Paradise.


FEDORA SEA: ICRA Reaffirms B+ Rating on INR10cr LT Loan
-------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to the INR10.00
crore1 fund based limits of Fedora Sea Foods Pvt. Ltd. at
[ICRA]B+.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund
   Based Limits          10.00        [ICRA]B+; reaffirmed

The rating reaffirmation takes into account small scale of
FSFPL's operations and highly fragmented industry with intense
competition from domestic and international players in the market
putting pressure on the margins.

The rating also considers the inherent risks in the industry
including susceptibility to diseases, changes in government
policies, climate change risk as witnessed during 6m, FY2016 on
account of higher diseased owing to lower rains the cultivation
was affected. The rating also factors in moderate financial
profile of FSFPL with gearing of 1.57 times as on March 31, 2016.
The rating, further takes into account the high customer
concentration with top 3 customers accounting for more than 90%
of shrimp sales and high working capital utilization of limits
during the last 9 months due to start of new manufacturing prawn
feed business where the raw material requirement remained high;
however enhancement of working capital limits in March is
expected to support liquidity. The rating, however, favourably
takes into account the significant experience of promoters in the
seafood industry and proximity of the company to major
aquaculture region of Andhra Pradesh giving easy access to raw
material. ICRA also notes that the company is into backward
integration of shrimp process to seed and feed providing revenue
visibility and healthy margins in the medium term.

Going forward, increase in scale of operations with stability in
margins and improvement in financial structure will be the key
rating sensitivities.

Fedora Sea Foods Pvt. Ltd. was incorporated in the year 2011 by
Mr. K. Narahari Reddy who has decade long experience in the Aqua
Farms and Hatchery business. The company is engaged in the
production of Vannamei seeds, shrimps and also started prawn feed
manufacturing from May 2015 having capacity of 24000 MTPA used in
cultivation of shrimps. The company is located in Nellore, which
is the aquaculture belt of A.P.

Recent Results
As per audited financials for FY15, the firm reported an
operating income of INR16.28 crore with profit after tax of
INR1.82 crore as against INR11.01 crore of operating income with
profit after tax of INR0.63 crore in FY14.


GAJANAND GINNING: CRISIL Reaffirms B+ Rating on INR70MM Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Gajanand
Ginning and Pressing Private Limited (GGPPL) continues to reflect
its below-average financial risk profile because of high gearing
and weak debt protection metrics, and the susceptibility to
unfavourable changes in government policies and to volatility in
cotton prices.
                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            70       CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
experience of promoters in the cotton business, and efficient
working capital management.
Outlook: Stable

CRISIL believes GGPPL will continue to benefit over the medium
term from the promoters' extensive industry experience. The
outlook may be revised to 'Positive' if significant increase in
revenue or profitability leads to improvement in debt protection
metrics. Conversely, the outlook may be revised to 'Negative' if
substantial debt to meet incremental working capital requirement
or capital expenditure weakens the capital structure.

Update
For 2014-15 (refers to financial year, April 1 to March 31),
topline was at INR677 million, a year-on-year decline of 19
percent, on account of a drop in demand. Sales'Rs.160 million for
the six months through September 2015'is estimated at INR528
million for 2015-16. With recovery in demand, modest growth of 5
percent is expected over the medium term. The operating margin'at
1.8 percent in 2014-15 in line with historical levels'is likely
to remain at current levels over the medium term, though it will
remain susceptible to volatility in raw material prices. The
working capital management is likely to remain efficient as
reflected in gross current assets (52 days as of March 2015)
expected to be at 55-65 days over the medium term. The financial
risk profile has been below average, with a modest networth of
INR35 million and high gearing of 2.17 times as of March 2015.
The debt protection metrics also remained weak as reflected in
net cash accrual to total debt and interest coverage ratios of
0.03 time and 1.4 times, respectively, for 2014-15. In the
absence of any sizeable improvement in scale of operations or
profitability, the financial risk profile will likely remain
below-average over the medium term. The liquidity has remained
weak, with potentially low cash accrual of INR3.0-3.5 million
over the medium term against debt obligation of INR1.8 million
over this period. The bank limit utilisation has been high,
averaging 89 percent for the 12 months through October 2015. The
liquidity will likely remain constrained over the medium term by
low cash accrual.

GGPPL reported a profit after tax (PAT) of INR0.6 million on
sales of INR677 million for 2014-15, against a PAT of INR3.1
million on sales of INR835.1 million for 2013-14.

GGPPL, incorporated in 2006, is promoted by Mr. Kishore
Dhameliya, Mr. Premji Kukadiya, Mr. Tulsi Kukadiya, Mr. Naresh
Kukadiya, Mr. Laxman Kukadiya, and Mr. Nagji Kheni. The company
gins and presses raw cotton, and sells cotton seeds. It also has
an in-house oil mill for extracting oil from cotton seeds.


GSP INTERNATIONAL: ICRA Reaffirms B Rating on INR20cr Loan
----------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B to the
INR20.00 crore fund based bank facility of GSP International.
ICRA has also reaffirmed the short-term rating of [ICRA]A4 to the
INR25.00 crore non-fund based bank facility of the firm.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund
   Based Limit Cash
   Credit               20.00        [ICRA]B Reaffirmed

   Short Term Non
   Fund Based Limit
   Letter of Credit     25.00        [ICRA]A4 Reaffirmed

The rating reaffirmation is constrained by the weak financial
profile of the firm characterized by leveraged capital structure
and weak coverage indicators. The ratings also consider the
vulnerability of the firm's profitability to government
regulations, foreign exchange fluctuations, and fluctuations in
steel scrap prices as well as competitive pressure in the
industry. Further, GSP is a proprietorship firm and withdrawal
from the capital account in 2014-15 has affected its capital
structure. ICRA also notes that GSP has lent significant amount
of funds to associated firms on which limited information is
available to ICRA, which has impacted its financial flexibility.
The ratings however continue to favorably factor in the
established track record of the promoter in the ferrous and non-
ferrous metal scrap industry as well as the location advantage
accruing due to proximity to its customers.

GSP International, incorporated in the year 1997 as a
proprietorship concern by Mr. Arun Jain is engaged in the trading
of steel pipes, ferrous and non-ferrous scrap items. The firm has
its warehouse at Navi Mumbai and its registered office at Mumbai.

Recent Results
For the eleven months ended February 29, 2016, the firm recorded
a pre-tax profit of INR2.89 crore on an operating income of
INR100.64 crore (Provisional numbers). For the financial year
ending March 31, 2015, the firm recorded a net profit of INR1.82
crore on an operating income of INR62.83 crore.


HIRA COTTON: ICRA Reaffirms B+ Rating on INR7.0cr LT Loan
---------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B+ on the
INR9.00 Crore fund based bank facilities of Hira Cotton Fibers.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund
   Based Cash Credit      7.00        [ICRA]B+ (reaffirmed)

   Long Term Fund
   Based Term Loans       2.00        [ICRA]B+ (reaffirmed)


ICRA's rating continues to be constrained by modest scale of
operations along with modest profitability, which coupled with
increased working capital requirements during the peak season
which drives high dependence on bank debt in back drop of weak
capitalization of the partnership concern. The rating is also
constrained by high competition in a highly fragmented cotton
ginning business, coupled with low value added and commoditized
nature of product. Furthermore, it is noted that the ginning
business is marked by volatility in cash flows on account of
seasonal nature of business, and the profitability is vulnerable
to adverse movement in raw cotton prices, which are subject to
seasonality, agro climatic risks and government regulations. The
rating is however supported by satisfactory experience of the
partners in cotton ginning & trading business, and favorable
location in proximity to cotton producing belt of Maharashtra and
Madhya Pradesh.

Going forward, ability of the firm to achieve satisfactory growth
in revenues and profits, and prudently manage working capital
intensity of operations will determine the extent of funding
requirements; the funding mix used thereof will remain key rating
sensitivity.

HCF, a partnership firm promoted by Khandelwal family of Sendhwa,
is engaged in cotton ginning and pressing. HCF's ginning unit
based at Chopda in District Jalgaon (Maharashtra) is equipped
with 30 ginning machines and a bale pressing machine, whereby it
manufactures lint from kapas (raw cotton) and undertakes pressing
operation to produce cotton bales. Cotton seed, which is by-
product of ginning operation, is sold to oil extraction units.


JAI SAI: CRISIL Ups Rating on INR59MM Overdraft Loan to B+
----------------------------------------------------------
CRISIL has upgraded its rating on the long term bank facilities
of Jai Sai Construction (JSC) to 'CRISIL B+/Stable' from 'CRISIL
B/Stable'.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bank Guarantee           35       CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Overdraft Facility       59       CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Proposed Long Term        6       CRISIL B+/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B/Stable')

The ratings upgrade reflects the expected improvement in JSC's
liquidity owing to moderate revenue growth along with stable
profitability, which resulted in improvement in net cash accrual.
Net cash accrual is expected to improve to INR20-22 million in
2015-16 (refers to financial year, April 1 to March 31) as
against about INR9 million in 2013-14 and will remain sufficient
to repay term debt obligation. The ratings also factor the
improvement in financial risk profile driven by capital infusion
of about INR30 million in 2014-15, reflected in moderation in
capital structure of 1-1.3 times as on March 31, 2016 from over 3
times as on March 31, 2014.

The ratings reflect the partners' experience in the civil
construction business and their funding support, and moderate
order book. These strengths are mitigated by modest scale of
operations, average financial risk profile and working capital-
intensive operations.
Outlook: Stable

CRISIL believes that JSC will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm significantly
improves its scale of operations and profitability leading to
higher cash accruals, while efficiently managing its working
capital requirements. Conversely, the outlook may be revised to
'Negative' if JSC's cash accruals are low, or its working capital
requirements increase considerably, or it undertakes a large
debt-funded capital expenditure (capex) programme, adversely
impacting its liquidity.

Established in 2007 as a partnership concern, JSC is a class-1
civil contractor and executes contracts floated by various
Maharashtra government departments for construction of dams,
canals, and other projects related to irrigation and construction
of roads. The entire business of the firm is tender based and it
primarily executes tenders floated by the Maharashtra Irrigation
Department, Pune Municipal Corporation, Maharashtra Industrial
Development Corporation, and Military Engineering Services. The
firm derives its entire revenue from Maharashtra. It is
headquartered in Osmanabad, Maharashtra. Its day to day operation
is looked by its Partner Mr Rajkumar Ajmera.


JUBILANT CONSUMER: Ind-Ra Assigns IND BBB- LT Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Jubilant
Consumer Private Limited a Long-Term Issuer Rating of 'IND BBB-'.
The Outlook is Stable.

                         KEY RATING DRIVERS

Strong Parentage and Readily Monetisable Assets: JCPL receives
financial support from the Jubilant Bhartia Group (JBG) and has
readily monetisable assets in the form of a 48.7% stake in
Jubilant FoodWorks Limited (JFW).  While there is no explicit
undertaking, Ind-Ra expects the group to continue providing
financial support to JCPL based on the former's credit strength.
JFW's shares have been monetised in the past for addressing
liquidity mismatches in group entities; Ind-Ra believes the same
route will be utilised to service future debt obligations, if
required.

Holding Structure Streamlined: During FY16, Jubilant Enpro
Private Limited (JEPL; 'IND BBB-'/Stable) restructured its
business interests through schemes of arrangements.  Post
restructuring, JEPL's business interest in the retail and food
businesses has been shifted to JCPL and that in the energy
business has been shifted to Jubilant Energy Private Limited.
The promoter shareholding in JFW has also been shifted to JCPL.
Ind-Ra believes the new structure would streamline and
rationalise the business operations of the group as different
business interests have been parked under separate holding
companies.

Low Scale of Operations, but New Ventures to Diversify Revenue:
JCPL's scale of operations is small based on its 9MFY16
provisional numbers.  The company generates bulk of revenue (60%)
from the sale of cut vegetables to JFW.  JCPL has however
inherited the businesses of erstwhile Jubilant Fresh Pvt Ltd and
added a few other segments - kiosk and canned food - during FY16
which would improve the scale and diversify the revenue.

New Ventures Drag Overall EBITDA, Likely to Turn Positive by
FYE17: JCPL's incurred EBITDA losses due to the fixed costs
incurred on the new segments - kiosk and canned food, added
during FY16 and low EBITDA margin generated from the existing
segments. Ind-Ra believes margins from the new ventures along
with an increase in the overall scale of operations would result
in the overall EBITDA turning positive by FYE17 and FY18
beginning.

Significant Repayments: JCPL's total debt at FYE16 is likely to
be about INR4.7 bil.  A majority of the borrowings has been
availed for lending to group entities as non-current investments
or loans and advances.  The repayment schedule has a significant
a repayment of INR3,336 mil. due in FY18.  Considering the low
scale of operations, the internal cash flow may not generate
adequate funds to service the repayment obligation.  Ind-Ra
believes the requirement could, however, be met through
monetizing the shares of JFW, realization of advances from group
entities, and or support from JBG.

                        RATING SENSITIVITIES

Negative: A weakening of linkages with JBG could result in a
negative rating action.

Positive: Significant improvements in JCPL's standalone revenue
and profitability leading to an improvement in the credit profile
would be positive for the ratings.

                         COMPANY PROFILE

JCPL's operations include the supply of cut and packaged
vegetables besides few other related activities.  JCPL has a
fully owned subsidiary namely Jubilant Motorworks Limited, an
associate company - JFW (48.7%) and a JV - B&M Hotbreads Pvt Ltd
(48.37%).

JCPL's ratings:

   -- Long-Term Issuer Rating: assigned 'IND BBB-'; Outlook
      Stable
   -- INR208.8 mil. term loans: assigned 'IND BBB-'/Stable
   -- INR50 mil. fund-based working capital facility: assigned
      'IND BBB-'/Stable/'IND A3'


KANCHAN GANGA: ICRA Assigns 'B' Rating to INR11.25cr Loan
---------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B to Rs.11.25
crore fund based facilities and INR0.75 crore unallocated limits
of Kanchan Ganga Seed Company Private Limited.


                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund based limits     11.25      [ICRA]B assigned
   Unallocated limits     0.75      [ICRA]B assigned

The assigned rating is constrained by weak financial profile of
the company as reflected by stretched capital structure on
account of net losses incurred in the past eroding net worth,
weak coverage indicators and high working capital requirements on
account of longer collection period and high inventory holding.
The rating is further constrained by small scale of operations in
the highly competitive and fragmented market with both production
and sales exposed to agro-climatic conditions.

The assigned rating however draws comfort from the promoters past
experience of more than 3 decades in the seed industry resulting
in strong relationships with a wide farmer base and distributors.
The ratings also takes into account KGSCPL's diversified
portfolio with over 30 commercial seed crop with more than 75
varieties sold in the market.

Going forward, the ability of the company to improve its capital
structure, coverage indicators and manage its working capital
requirements effectively will be key rating sensitivities from
credit perspective.

Kanchan Ganga Seed Company Private Limited (KGSCPL) was
incorporated in the year 1984 by Mr.Jivan Thakur ,Mr.G.Venkaiah
and Dr.Vimal J Thakur and is engaged in the production and
marketing of hybrid seeds and has a portfolio of over 30 hybrid
seeds across maize, jowar, bajra, tomato and others. The R&D
facility for the company was started in the year 1986. The
company has a processing plant in Nizambad district of Telangana
with a total capacity of 8 tons per hour and Seed Drying plant in
Karnataka with 100 tons per day.

Recent Results
KGSCPL has reported an operating income of Rs.30.27 crore and net
profit of Rs.0.72 crore in FY2015 as against an operating income
of INR29.26 crore and net profit of Rs.0.57 crore in FY2014.


M/S PHARMAFABRIKON: ICRA Suspends B+ Rating on INR4.1cr Loan
------------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR4.1
crore term loan facilities, the INR4.0 crore long term fund based
facilities and the INR2.0 crore proposed facilities; and the
[ICRA]A4 rating assigned to the INR1.0 crore short term fund
based facilities and the INR0.5 crore non-fund based facilities
of M/s Pharmafabrikon. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the company.

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


PASHUPATI TRADERS: ICRA Assigns B+ Rating to INR9.74cr Loan
-----------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ to the INR9.74
crore1 cash credit facility, INR0.85 crore term loan facilities
and INR0.41 crore unallocated facility of Pashupati Traders. The
unallocated limit of INR0.41 crore has also been rated on the
short term scale to which ICRA has assigned a [ICRA]A4 rating.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Cash
   Credit                9.74         [ICRA]B+ assigned

   Fund Based Term
   Loan                  0.85         [ICRA]B+ assigned

   Unallocated           0.41         [[ICRA]B+/[ICRA]A4 assigned

Rating Rationale
The assigned ratings reflect PT's weak financial risk profile
characterized by high gearing level, depressed coverage
indicators and a high working capital intensity of operation due
to higher inventory holding requirements, adversely impacting the
liquidity position of the concern, as also reflected by high
utilization of working capital limits. The ratings are also
constrained by thin margins on auto dealership business on
account of low bargaining power and margins being controlled by
OEMs. The ratings also consider the declining domestic market
share of Chevrolet in India owing to lack of new launches in the
recent past, adversely impacting the operating profile of the
concern. The ratings further consider the vulnerability of the
sales to the cyclicality of passenger vehicle and commercial
vehicle industry and the intense competition from other OEM
dealerships in the region thereby limiting growth to an extent.
The ratings are, however, supported by the long track record and
experience of the promoters in automobile dealership business
spanning for over two decades. Also, the diversified portfolio of
the vehicles, i.e. passenger vehicles and light commercial
vehicles, provides cushion against business downturns in any
single segment. The concern's revenue stream remain diversified
for both passenger vehicles and light commercial vehicles across
sales, services and spares thereby lending stability to revenues
to an extent. ICRA notes that despite de-growth in new car sales
volume during 2014-15, the concern's revenues remained supported
by increase in revenues from ancillary sources such as service
income, sale of spares, incentives from Chevrolet and Ashok
Leyland and commission from financiers and insurance companies.

Incorporated in 1993 as partnership firm and later reconstituted
as sole proprietorship concern in 2011, Pashupati Traders is
engaged in automobile dealership of Chevrolet Sales India Pvt Ltd
(CSIPL) for sale & service of passenger vehicles and Ashok
Leyland Limited (ALL) for sale & service of light commercial
vehicles. PT operates through single unit for both the
dealership, though showroom for both is located at different
floors in Dibrugarh, Assam. The concern has also entered into
dealership of Mahindra & Mahindra Limited for sales of Mahindra
Powerol DG Sets from Jan 2015 onwards.

Recent Results
The concern posted a net profit of INR0.20 crore on an operating
income of INR26.15 crore during FY15; as against a net profit of
INR0.28 crore on an operating income of INR32.54 crore in FY14.


PRASAD SEEDS: CRISIL Suspends B+ Rating on INR55MM Bank Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Prasad Seeds Corporation (PSC).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           55        CRISIL A4
   Cash Credit              45        CRISIL B+/Stable

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

PSC was set up in 1998 as a proprietorship firm by Shahjahanpur
(Uttar Pradesh) based Mr. Saurabh Agarwal. It is engaged in
processing and selling of certified seeds such as wheat, paddy,
pulses, and oil seeds from raw seeds. Mr. Agarwal is the
proprietor of the firm and also manages the day-to-day operations
of the business.


RAMA KRISHNA: CRISIL Reaffirms B+ Rating on INR100MM Cash Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Rama Krishna
Rice Mill (RKRM) continues to reflect the company's average
financial risk profile because of high gearing, and its modest
scale of operations in the highly fragmented and competitive rice
milling industry. These rating weaknesses are partially offset by
the extensive industry experience of the company's promoters, and
its healthy growth prospects.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           100       CRISIL B+/Stable (Reaffirmed)
   Term Loan              10       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes RKRM 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 continued
increase in scale of operations while operating margin is
maintained and working capital is efficiently managed, leading to
a better financial risk profile. Conversely, the outlook may be
revised to 'Negative' in case of low profitability or large debt
contracted to fund capital expenditure or to meet working capital
requirement.

Update
Operating income increased by 2 per cent to INR464.1 million in
2014-15 (refers to financial year, April 1 to March 31) from
INR455.4 million in 2013-14, lower than CRISIL expectation. The
growth was low due to decline in the price of rice, though sales
volume increased 60 per cent year-on-year owing to higher demand
from South East Asian countries. In 2014-15, operating margin was
3.2 percent, marginally better than the previous year's 3.0
percent due to low price of rice. Operating income was about
INR470 million in 2015-16 with a better operating margin of
around 3.7 percent. CRISIL believes the firm's business risk
profile will remain moderate over the medium term.

Working capital requirement remained high as reflected in gross
current assets of 163 days as on March 31, 2015; debtors and
inventory remained at 58 days and 98 days, respectively. Against
this, limited trade credit of 27 days was received from
suppliers, leading to high reliance on bank borrowing. CRISIL
believes operations will remain working capital intensive over
the medium term.

The financial risk profile is weak because of high total outside
liabilities to adjusted networth (TOLTANW) ratio of 5.8 times as
on March 31, 2015, driven by large working capital requirement
and a small networth. However, this is partially supported by
promoter funding in the form of unsecured loans, the balance of
which was around INR65.5 million as on March 31, 2015. The
TOLTANW ratio is expected to remain at a similar level over the
medium term due to working capital-intensive operations. Debt
protection metrics remain weak with interest coverage ratio of
1.7 times and net cash accrual to adjusted debt ratio of 0.06
time during 2015-16.

Liquidity is constrained by high bank limit utilisation at an
average of 86 percent for the 12 months through December 2015 and
significant term debt repayment obligations. CRISIL believes the
financial risk profile will gradually improve over the medium
term led by increasing scale and funding support of partners.

RKRM was set up as a partnership firm in 2004 by Mr. Munish
Kumar, Mr. Suresh Kumar, and Mr. Ashok Kumar; Mr. Murari Lal
become a partner in 2012-13. The firm mills and sorts basmati
rice. Its unit in Panipat has a milling and sorting facility.


RAVINDRA RICE: ICRA Reaffirms B+ Rating on INR16.50cr Loan
----------------------------------------------------------
ICRA has re-affirmed [ICRA]B+ rating for INR16.50 crore (enhanced
from INR14.50 crore) bank lines of Ravindra Rice & General Mills.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund Based Limits     16.50      [ICRA]B+ (re-affirmed)

The rating reaffirmation factors in RRM's presence in a highly
competitive nature of the industry, its moderate scale of
operations, weak profitability metrics, high gearing level and
consequently weak debt protection indicators. The rating is also
constrained by its stretched liquidity position as reflected by
consistently high working capital limits utilization arising out
of high inventory holding period and risks inherent in a
partnership firm like limited ability to raise equity capital,
risk of dissolution due to death/retirement/insolvency of
partners etc. However, the ratings favorably factor in RRM's
experienced promoters with long track record in rice milling
industry.

Ravindra Rice & General Mills is a partnership firm promoted by
Mr. Ravindra and his family members. The firm is primarily
engaged in milling of basmati rice. The firm is also engaged in
converting semi processed rice into parboiled Basmati rice. RRM's
milling unit is based out of Jalalabad, Distt. Ferozpur, Punjab
which is in close proximity to the local grain market.

Recent Results
During the financial year 2014-15, the firm reported a profit
after tax (PAT) of INR0.40 crore on an operating income of
INR40.46 crore as against PAT of INR0.20 crore on an operating
income of INR30.45 crore in 2013-14.


SALASAR PLYWOOD: ICRA Reaffirms B+ Rating on INR0.5cr Loan
----------------------------------------------------------
ICRA has reaffirmed an [ICRA]B+ rating to the INR0.50 crore cash
credit facility of Salasar Plywood Private Limited. ICRA has also
reaffirmed an [ICRA]A4 rating to the INR8.00 crore short term non
fund based facilities of Salasar Plywood Private Limited.

                          Amount
   Facilities           (INR crore)      Ratings
   ----------           -----------      -------
   Fund Based Cash
   Credit facility           0.50        [ICRA]B+; Reaffirmed

   Short term-Non
   Fund based facilities     8.00        [ICRA]A4; Reaffirmed

The ratings continue to remain constrained by Salasar Plywood
Private Limited's (SPPL) modest scale of operations, financial
profile characterized by weak profitability and return indicators
due to limited value additive nature of the operations, highly
stretched TOL/TNW reflecting high dependence on creditors. The
ratings also factor in the high competitive intensity due to the
presence of a few large players and several small, unorganized
players. ICRA also takes note of the vulnerability to the
fluctuation in imported timber prices and currency related
fluctuations in the absence of a formal hedging policy. The
ratings also factor in the vulnerability towards sourcing of
timber logs due to political instability, adverse foreign trade
policy and domestic deforestation policy in supplier nations.
Evidently a ban on export of round logs from Myanmar has resulted
in supply constraints amongst Indian importers.

The ratings, however, favorably factor in the long track record
of promoters in timber business, location advantage arising due
to the presence of the manufacturing facility in close proximity
to Kandla port and marketing support from other group entities.

Salasar Plywood Private Limited (SPPL) was incorporated in 2011
and is promoted by Mr. Rakesh Agarwal and Mr. Mukesh Agarwal, who
have vast experience in the timber business. The company is
currently engaged in the trading of imported timber, while it
proposes to commence sawing of imported timber in the near to
medium term. The company's manufacturing facility is located at
Gandhidham, in Kutch District (Gujarat). SPPL forms part of the
Purbanchal Group.

Group Profile
The Purbanchal Group (PG) is promoted by Mr. Rakesh Agarwal, Mr.
Mukesh Agarwal and Mr. Omprakash Agarwal and is engaged across
the value chain of timber processing i.e. trading to further
manufacturing of plywood, baggase board, laminates. The
facilities are located in Gandhidham, Gujarat and it has
extensive experience in the industry. The group companies
operating under PG are Amul Boards Pvt Ltd., Purbanchal Laminates
Pvt Ltd., Landmark Veneers Pvt Ltd., Purbanchal Veneers,
Purbanchal Lumbers Pvt Ltd. and Salasar Plywood Pvt Ltd., which
are all headed by the same management and have common control.

Recent Results
For the year ended 31st March, 2015, SPPL reported an operating
income of INR12.65 crore and profit after tax of INR0.04 crore.
Further during current fiscal (i.e. FY2016) ten months operations
the company reported an operating income of INR9.62 crore and
profit before providing for depreciation and taxes of INR0.11
crore.


SANGO AUTO: CRISIL Reaffirms B+ Rating on INR30MM Cash Loan
-----------------------------------------------------------
CRISIL rating on the bank facilities of Sango Auto Forge Private
Limited (SAFPL; part of ANC Group) continues to reflect 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.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            30        CRISIL B+/Stable (Reaffirmed)
   Term Loan              25.6      CRISIL B+/Stable (Reaffirmed)

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.

CRISIL had on March 30, 2016 upgraded its rating on the long-term
bank facilities of SAFPL to 'CRISIL B+/Stable' from 'CRISIL
B/Stable' and reaffirmed its rating on short-term bank facilities
at 'CRISIL A4'.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of SAFPL and ANC Industries Pvt Ltd
(AIPL; formerly, ANC Enterprises). 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.
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.


SARDA BIO: CRISIL Assigns B- Rating to INR50MM Cash Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-
term bank facilities of Sarda Bio Polymers Private Limited
(SBPL).

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

The rating reflects the company's below average financial risk
profile because of high gearing, and its small scale of
operations in the highly fragmented agro-commodity industry. The
rating also factors in vulnerability of its operating
profitability to volatility in raw material prices. These rating
weaknesses are partially offset by its promoters' extensive
industry experience and funding support to meet debt obligations.
Outlook: Stable

CRISIL believes SBPL will continue to benefit over the medium
term from its promoters' extensive industry experience through
other group entities. The outlook may be revised to 'Positive' in
case of an increase in revenue and profitability, and prudent
working capital management, leading to considerably stronger net
cash accrual, or improvement in the company's capital structure
because of capital infusion. Conversely, the outlook may be
revised to 'Negative' in case of significant decline in revenue
or profitability, increase in working capital requirement, or
large debt-funded capital expenditure, resulting in weakening the
financial risk profile.

SBPL, incorporated in 2012, is promoted by Mr. Girdhari Lal
Sarda, Mr. Pankaj Sarda, and Mr. Suresh Sarda. The company
processes and exports guar gum and guar gum powder. Its
processing unit at Pali, Rajasthan, has an installed capacity of
16 tonnes per day.


SARTHAV INFRASTRUCTURE: CRISIL Cuts Rating on INR200MM Loan to D
----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility
of Sarthav Infrastructure Private Limited (SIPL) to 'CRISIL D'
from 'CRISIL BB-/Stable'.

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

The rating downgrade reflects instances of delay by SIPL in
servicing its debt because of weak liquidity driven by poor off-
take of the real estate projects.

SIPL is also exposed to risks related to geographic concentration
in operations, its leveraged capital structure, and fragmentation
and cyclicality in the real estate sector. However, it benefits
from its promoters' industry experience, and advanced stage of
completion of its projects.

SIPL, promoted by the Sutaria and Shah families and incorporated
in 2007, develops real estate in Ahmedabad. It has three ongoing
projects.


SAVITRIDEVI COTTON: CRISIL Suspends D Rating on INR47.5MM Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Savitridevi Cotton and Oil Limited (SCOL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             47.5       CRISIL D
   Term Loan               22.5       CRISIL D

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

SCOL, based in Sangli (Maharashtra), was promoted by Mr. Bharat
Maruti Patil and his colleagues in 2009-10 (refers to financial
year, April 1 to March 31). It is engaged in ginning and pressing
of cotton and extraction of crude oil from cotton seeds.


SHIVA TRANSPORT: CRISIL Assigns 'B' Rating to INR70MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Shiva Transport Company (STC).

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

The rating reflects the firm's small scale of operations in the
fragmented logistics industry, customer concentration in its
revenue profile, and weak financial risk profile because of a
small networth and below-average debt protection metrics. These
ratings weaknesses are partially offset by the proprietor's
extensive experience in the logistics industry and established
relationship with customers.
Outlook: Stable

CRISIL believes STC will continue to benefit over the medium term
from the extensive industry experience of its proprietor and
established relationship with fleet owners and key customers. The
outlook may be revised to 'Positive' in case of substantial
capital infusion, considerably higher-than-expected accrual, or
better working capital management, leading to improvement in the
financial risk profile, particularly capital structure and
liquidity. Conversely, the outlook may be revised to 'Negative'
in case of lower-than-expected accrual, deterioration in working
capital management, or large, debt funded capital expenditure,
leading to deterioration in liquidity.

STC, established as a proprietorship firm by Jamshedpur-based Mr
Rajendra Prasad, is a third-party logistics and road
transportation service provider. The proprietor has almost two
decades of experience in the transport business.


SHIVPRIYA CABLES: ICRA Suspends B Rating on INR21cr Loan
--------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to
the INR21.00 crore fund based limits and INR3.50 crore term loans
of Shivpriya Cables Private Limited. ICRA has also suspended the
short term rating of [ICRA]A4 assigned to the INR15.50 crore non
fund based facilities of Shivpriya Cables Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


SHREE CHHATRAPATI: ICRA Reaffirms B Rating on INR6.84cr LT Loan
---------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B for INR6.84
crore term loan and INR3.00 crore cash credit facilities of Shree
Chhatrapati Shahu Milk and Agro Producer Company Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term Term
   Loan                  6.84        [ICRA]B Reaffirmed

   Long Term Cash
   Credit                3.00        [ICRA]B Reaffirmed

The rating reaffirmation takes into consideration established
presence of Shahu Group in Kolhapur district of Maharashtra along
with presence in value added dairy products such as ghee, curd,
butter, shreekhand, basundi etc. The share of value added
products currently remains small; though it has been growing
gradually with increasing management focus on high margin
products. ICRA also takes into account profitable operations of
the company in 10M FY2016 supported by stabilization of
operations coupled with improvement in margins given marginal
increase in share of value added products.

The rating, however, remains constrained by stretched financial
profile characterized by leveraged capital structure and weak
coverage indicators, nevertheless regular equity infusion from
promoters over the years has provided support in meeting the debt
repayment obligations and short term liquidity mismatch. The
company faces intense competition from established players such
as Gokul and Warna dairies and small milk processors in the
region which affects the milk procurement levels. Further, milk
being an animal product; the availability remains contingent on
the agro climatic conditions as well as health status of the
dairy animals. The dairy sector is also vulnerable to regulatory
changes like procurement pricing and export restrictions
ultimately influencing the revenues of the company. ICRA also
notes relatively small scale of operations of the company.

Incorporated in September 2009, Shree Chhatrapati Shahu Milk &
Agro Producer Company Limited (Shahu Milk/the company) is a co-
operative unit engaged in milk procurement, milk processing and
selling of milk and milk products. The installed milk processing
capacity of the plant is 1,00,000 litres per day. Shahu Milk
started actual operations from April 21, 2010. The company
procures milk from cooperative societies located largely in Kagal
and Karveer talukas in Kolhapur district. The company has also
set up two chilling centres in Kolhapur district which helps the
company to improve shelf life of the collected milk.


SIDDARTH INTERCRAFTS: ICRA Assigns B+ Rating to INR2.50cr Loan
--------------------------------------------------------------
ICRA has assigned its long-term rating of [ICRA]B+ to the INR2.50
crore long-term fund based facilities of Siddarth Intercrafts
Private Limited (SIPL). ICRA has also assigned its long term
rating of [ICRA]B+ and its short-term rating of [ICRA]A4 to the
company's INR7.50 crore unallocated Line of Credit.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit            2.50        [ICRA]B+; assigned
   Unallocated            7.50        [ICRA]B+/[ICRA]A4; assigned

ICRA's rating is constrained by the highly competitive nature of
the garment manufacturing industry owing to its fragmented
nature, which coupled with SIPL's small scale of operations has
resulted in modest cash accruals. The rating is further
constrained by the company's high working capital intensity,
which is on account of high inventory holding requirements,
resulting in high utilization of bank limits in the past few
months. The ratings also factor in the company's modest financial
profile characterised by low net worth and high gearing. However,
the ratings favourably take into account the established track
record and extensive experience of the promoters in the garment
manufacturing business and the company's diversified customer
base which helps reduce product off-take risk.

Going forward, the ability of the company to improve its scale of
operations in a profitable manner while optimally managing its
working capital cycle, will be the key rating sensitivities.

The Siddarth Group comprises of three entities- namely, Siddarth
Organisation, Siddarth Organisation Limited and Siddarth
Intercrafts Private Limited, and is engaged in the manufacturing
of ladies garments, kids garments, scarfs and fashion
accessories.

Recent Results
SIPL reported a net profit of INR0.01 crore on an operating
income of INR5.55 crore in FY15, as against a net profit of
INR0.06 crore on an operating income of INR4.54 crore in FY14.
The company, on a provisional basis, reported an operating income
of INR5.53 crore for the nine months ending December 31, 2015.


SIDDARTH ORGANISATION: ICRA Assigns B+ Rating to INR4.20cr Loan
---------------------------------------------------------------
ICRA has assigned its long-term rating of [ICRA] B+ to the INR4.2
crore long-term fund based facilities of Siddarth Organisation
Limited. ICRA has also assigned its long term rating of [ICRA] B+
and its short-term rating of [ICRA] A4 to the company's INR5.8
crore unallocated Line of Credit.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit            4.20       [ICRA]B+; assigned
   Unallocated            5.80       [ICRA]B+/[ICRA] A4; assigned

ICRA's rating is constrained by the highly competitive nature of
the garment manufacturing industry owing to its fragmented
nature, which coupled with SIPL's small scale of operations has
resulted in modest cash accruals. The rating is further
constrained by the company's high working capital intensity,
which is on account of high inventory holding requirements,
resulting in high utilization of bank limits in the past few
months. The ratings also factor in the company's modest financial
profile characterised by low net worth and high gearing. However,
the ratings favorably take into account the established track
record and extensive experience of the promoters in the garment
manufacturing business and the company's diversified customer
base which helps reduce product off-take risk.
Going forward, the ability of the company to improve its scale of
operations in a profitable manner while optimally managing its
working capital cycle, will be the key rating sensitivities.
The Siddarth Group comprises of three entities- namely, Siddarth
Organisation, Siddarth Organisation Limited and Siddarth
Intercrafts Private Limited and is engaged in the manufacturing
of ladies garments, kids garments, scarfs and fashion
accessories.

Recent Results
SOL reported a net profit of INR0.02 crore on an operating income
of INR5.79 crore in FY15, as against a net profit of INR0.10
crore on an operating income of INR6.09 crore in FY14. The
company, on a provisional basis, reported an operating income of
INR4.59 crore for nine months ending December 31st, 2015.


SILICON DRUGS: Ind-Ra Suspends BB Long-Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Silicon Drugs &
Intermediates Pvt Ltd's 'IND BB' Long-Term Issuer Rating with a
Stable Outlook to the suspended category.  This rating will now
appear as 'IND BB(suspended)' on the agency's website.

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

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

Silicon Drugs' ratings are:

   -- Long-Term Issuer Rating migrated to 'IND BB(suspended)'
      from 'IND BB'
   -- INR15.0 mil. long term loan: migrated to
      'IND BB(suspended)' from 'IND BB'
   -- INR15.0 mil. fund-based working capital limits: migrated to
      'IND BB(suspended)' and 'IND A4+(suspended)' from 'IND BB'
      and 'IND A4+'
   -- INR20.0 mil. non-fund-based working capital limits:
      migrated to 'IND A4+(suspended)' from 'IND A4+'


SNOWBIRD MARKETING: CRISIL Suspends B Rating on INR60MM Cash Loan
-----------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of
Snowbird Marketing Private Limited (Snowbird).

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

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

Snowbird was set up in 2008 by the Jain family of Delhi. The
company trades in cotton, printed, lining, sofa (handloom), grey,
and other fabrics. The Jain family has over 26 years of
experience in the fabric-trading business through group entities.


SPA HEIGHTS: ICRA Reaffirms B- Rating on INR12cr Loan
-----------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B- to the
INR12.00 crore fund based bank facility of SPA Heights Private
Limited. ICRA has also reaffirmed the short-term rating of
[ICRA]A4 to the INR12.00 crore non-fund based bank facility of
SPA. The long-term fund based facility is a sub-limit of the
short-term non-fund based facility. ICRA has also reaffirmed the
ratings of [ICRA]B- and/or [ICRA]A4 for the INR3.00 crore
unallocated limit of the company.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long Term Fund
   Based Limit
   Cash Credit           12.00      [ICRA]B- Reaffirmed

   Short Term Non
   Fund Based Limit
   Letter of Credit      12.00      [ICRA]A4 Reaffirmed

   Unallocated Limit      3.00      [ICRA]B- and/or [ICRA]A4
                                     Reaffirmed

The ratings continue to be constrained by SPA's weak financial
profile characterized by decreasing operating income because of
the winding up of ship-breaking activities, thin profitability
and leveraged capital structure along with weak coverage
indicators. Further, a significant amount of funds have been lent
to associate firms on which limited information is available to
ICRA. The ratings also incorporate the small scale of operations
with limited track record of the company and vulnerability of
profitability to government regulations, fluctuating foreign
exchange rates and steel prices.

The ratings however favorably consider the long standing
experience of SPA's promoters in the ship breaking and scrap
trading industry and location advantage accruing due to its
proximity to its customers.

SPA Heights Private Limited, incorporated in the year 2008, is in
the business of trading of steel scrap and steel pipes. The
company has its registered office in Mumbai and its warehouse in
Navi Mumbai.

Recent Results
For the eleven months ended February 29, 2016, the company
recorded a profit before tax of INR0.18 crore on an operating
income of INR40.06 crore (Provisional numbers). For the financial
year ending March 31, 2015, the company has earned a net profit
of INR0.13 crore on an operating income of INR13.16 crore.


STAR RISING: CRISIL Suspends B+ Rating on INR55MM LT Loan
---------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Star Rising Energy Private Limited (SREPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           15        CRISIL A4
   Cash Credit              20        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility       55        CRISIL B+/Stable
   Term Loan                35        CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by
SREPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SREPL is yet to
provide adequate information to enable CRISIL to assess SREPL'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 July 2012, Star Rising Energy Private Limited
(SREPL) is primarily engaged in trading and manufacturing of
power transmission equipments namely Isolators, Air Break
Switches, D.O.Fuses, Lightning Arrestors, Control Panel Boxes,
Autoreclosers. This equipment are manufactured at facility
located at VKI Industrial Area, Jaipur. The day to day operations
are managed by Mr. Vinod Bargoti.


SUN PSYLLIUM: ICRA Reaffirms B+ Rating on INR5.0cr Cash Loan
------------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to the INR5.00
crore1 cash credit facility and the INR2.00 crore stand by limit
facility of Sun Psyllium Industries at [ICRA]B+. ICRA has also
reaffirmed the short term rating at [ICRA]A4  to the INR10.00
crore fund based packing credit facility of SPI.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit           5.00         [ICRA]B+ reaffirmed
   Stand by Limit        2.00         [ICRA]B+ reaffirmed
   Export Packing
   Credit               10.00         [ICRA]A4 reaffirmed


The ratings continue to be constrained by vulnerability of the
firm's profitability to fluctuations in the raw material prices
on account of agro-climatic risks associated with psyllium seed
production. The ratings also reflect the vulnerability of its
profitability to foreign currency fluctuations and
partial/complete withdrawal of various export incentives extended
by the Government of India which could erode the firm's
profitability. ICRA also notes that SPI is a partnership firm and
any significant withdrawals from the capital account could
adversely impact its net worth and thereby the capital structure.

The ratings, however, favorably factor in the established track
record of the firm in the manufacturing and export of psyllium
husk which is further intensified through support obtained from
the group concern engaged in the same line of business. Ratings
also positively take into account increased revenue during FY15
and location advantage arising from the firm's proximity to ports
and raw material sources.

Established in 1989, Sun Psyllium Industries (SPI) is primarily
engaged in the processing of psyllium husk (Isabgol husks) powder
from agriculture product called psyllium seeds (Isabgol seeds).
The firm is currently managed by Mr. Praveen Patel, Mr. Bharat
Patel and Mr. Vishnu Patel. The processing plant is located at
Unjha, Gujarat and has a capacity to process 8400 metric tonnes
of seeds per annum.

Recent Results
The firm has reported operating income of INR56.58 crore and
profit after tax of INR1.30 crore during the fiscal year 2014-15.


SUNIL KUMAR: Ind-Ra Assigns IND BBB- Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Sunil Kumar
Agrawal (SKA) a Long-Term Issuer Rating of 'IND BBB-'.  The
Outlook is Stable.

                         KEY RATING DRIVERS

SKA's ratings reflect its strong credit metrics, a moderate scale
of operations and its year-on-year increasing margins.  In FY15,
interest coverage was 10.6x (FY14: 8.8x), net financial leverage
of 2.8x (2.4x), revenue was INR1,111 mil. (INR1,319 mil.) and
EBITDA margin of 8.5% (7.8%).  Moreover, the liquidity profile of
the company is strong with its average working capital
utilization being around 38% during the 12 months ended March
2016.

The ratings are supported by SKA's over 10 years of operating
track record in the construction segment, and its moderate order
book of INR1,704 mil. at end-March 2016 providing revenue
visibility over two years.  The ratings are also supported by
SKA's strong clientele which includes the public works division
and water resources department of Chhattisgarh and by the
presence of price variation clauses in the major contracts
handled by SKA.

The ratings, however, are constrained by the proprietorship
nature of SKA's business and the high geographical concentration
risk it faces as all its contracts are executed in Chhattisgarh.

                       RATING SENSITIVITIES

Positive: Diversity in the order book along with an improvement
in the scale of operations while maintaining the credit profile
will be positive for the ratings.

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

                           COMPANY PROFILE

Promoted by Mr. Sunil Kumar Agrawal, SKA is a proprietorship firm
engaged in civil construction.  The firm is registered as an A-5
class government contractor in the state of Chhattisgarh.

SKA's ratings:

   -- Long-Term Issuer Rating: assigned 'IND BBB-'/Stable
   -- INR65 mil. fund-based limit: assigned 'IND BBB-'/Stable
   -- INR85 mil. non-fund-based limit: assigned 'IND A3'


SURYA ELECTRICALS: Ind-Ra Assigns IND BB- Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Surya
Electricals & Engineers Private Limited (SEEPL) a Long-Term
Issuer Rating of 'IND BB-'.  The Outlook is Stable.

                         KEY RATING DRIVERS

The ratings reflect SEEPL's moderate scale of operations and
credit profile.  In FY15, revenue was INR440 mil. in (FY14:
INR445 mil.), operating EBITDA interest coverage was 1.5x (0.4x),
net financial leverage was 4.2x (18.1x) and operating EBITDA
margins were 3.6% (1.1%).

The ratings also reflect SEEPL's moderate liquidity with its
average 93% utilization of the working capital limits during the
12 months ended March 2016.

The ratings, however, are supported by more than three decades of
experience of the company's directors in the manufacturing of
steel structure and fabrication business along with the company's
strong customer and supplier base.

                      RATING SENSITIVITIES

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

Negative: A negative rating action could result from a decline in
the profitability leading to deterioration in the credit metrics.

COMPANY PROFILE

SEEPL was formed as a proprietorship firm in 1976 and was
initially manufacturing Hamilton poles.  In 1992, the company
diversified into manufacturing telecom towers for Reliance Comm
Ltd, Phoenix Hitech, Quippo Telecom etc.  In 2008, the company
was registered as Surya Electricals & Engineers Private Limited
and further diversified into the fabrication of heavy structures
such as columns, girders, truss, floor beam, insert plates etc.
SEEPL also exports telecom towers and high-tension line
structures to Nepal, Mauritius and Kenya.  It has a capacity to
produce 12,000MT per annum.

Ratings of SEEPL:

   -- Long-Term Issuer Rating: assigned 'IND BB-'/Stable
   -- INR69 mil. fund-based limits: assigned 'IND BB-'/Stable
   -- INR31 mil. non-fund-based limits: assigned 'IND A4+'


THEME HOTELS: CRISIL Reaffirms 'D' Rating on INR75MM Term Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Theme Hotels
Private Limited (THPL) continues to reflect instances of delay by
THPL in servicing the interest on its term debt owing to weak
liquidity resulting from large term debt obligation (on the loan
availed for construction of hotel property) while scale of
operations and, consequently, cash accrual remained low.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan                 75       CRISIL D (Reaffirmed)

The rating also factors in exposure to risks associated with the
initial phase of operations and weak debt protection metrics.
These weaknesses are mitigated by the continued funding support
from the promoters and location advantages of its hotel property.

Incorporated in 2004, THPL owns and operates The Theme in Jaipur.
The Theme, started operations only in the second half of 2012-13
(refers to financial year, April 1 to March 31). THPL is promoted
by Mr. Prashant Kumar Khandelwal (through Pawanputra Hotels and
Resorts Pvt Ltd) and Mr. Satish Chandra Kumawat.


UDAY STRUCTURALS: CRISIL Suspends D Rating on INR69.7MM Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Uday Structurals and Engineers Pvt Ltd (USEPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee          20         CRISIL D
   Cash Credit             40         CRISIL D
   Proposed Long Term
   Bank Loan Facility      69.7       CRISIL D
   Term Loan               20.3       CRISIL D

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

USEPL, based in Mumbai (Maharashtra) was set up in 2010 by Mr.
Uday Patil and his wife. The company manufactures scaffoldings
and also undertakes real estate construction on contractual basis


UMIYA INDUSTRIES: ICRA Assigns 'B' Rating to INR3.0cr LT Loan
-------------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B to the INR3.00
crore fund based facility of Umiya Industries. ICRA has also
assigned the short term rating of [ICRA]A4 to the Rs.3.00 crore
non-fund based facility of the firm.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long term Scale:
   State Bank of
   India - Overdraft
   Facility               3.00        [ICRA]B ; assigned

   Short term Scale:
   State Bank of
   India - Overdraft
   Facility               3.00        [ICRA]A4 ; assigned

The ratings takes into account UI's small scale of operations and
financial risk characterized by thin profitability arising from
trading nature of business and stretched capital structure mainly
due to lower networth. The rating assigned takes into account
UI's small scale of operations, moderately stretched capital
structure, and high customer concentration risk. The rating is
further constrained by the high business risks associated with
the polymer trading business including high competitive intensity
and fragmentation and exposure to commodity price risks. The
ratings also consider UI's exposure to regulatory risks arising
from adverse changes in import and anti-dumping duties on
polymers. However, the rating also considers the long standing
experience of the promoter in the plastic resins and polymers
business.

Umiya Industries (UI) was established by Mr. Kantibhai Khanpara
as partnership firm in 2004 and started manufacturing
Polypropylene (PP) woven sacks. From FY2016, the concern started
trading in plastic resins and polymers. The concern procures
resins from overseas market of Taiwan and South Korea.

Recent Results:
As per its audited results for FY2015 Umiya Industries reported
profit after tax (PAT) of INR0.02 crore on operating income of
INR5.56 crore and profit before depreciation and tax (PBDT) of
INR0.43 crore on operating income of INR17.94 crore during FY2016
as per provisional results.


UNI STYLE: CRISIL Suspends B- Rating on INR67.5MM Cash Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Uni Style Images Private Limited (USI).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              67.5      CRISIL B-/Stable
   Proposed Long Term
   Bank Loan Facility       25.0      CRISIL B-/Stable

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

USI was set up in 1994 by Mr. Ashwinder Singh and his family
members in Delhi. It manufactures and retails ready-made garments
in the domestic market under the USI brand.


VALLABH MARKET: ICRA Upgrades Rating on INR15cr LT Loan to B-
-------------------------------------------------------------
ICRA has upgraded the long-term rating on the INR15.00 crore
fund-based bank facilities of Vallabh Market to [ICRA]B- from
[ICRA]C+.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-term fund-
   based facilities      15.00        [ICRA]B- ;(upgraded)

ICRA's rating upgrade factors satisfactory record of regular
repayments of debt obligations for a longer period of time.
Further, the rating takes into account the movement of the
project as the firm has started registration of units in two
blocks which is likely to improve the bookings and collections in
the near term. The location of the project in heart of Gadarwara
town coupled with upcoming industrial projects expected to aid
marketability of the project going forward. ICRA's rating are
however constrained by lower than expected sales and collections
which have translated into a stretched liquidity situation for
the firm making it reliant on timely funding support from the
partners to ensure smooth project execution. Further, the firm
continues to face market risk which is exacerbated by the low
incremental bookings obtained during the past one year.
Going forward, the construction progress will be dependent on
timely funding from the partners along with improvement in the
real estate sector for the firm to commence production of the
remaining two blocks. In ICRA's view, the firm's ability to
maximize collection, ensure ramp-up in incremental bookings,
improve collection efficiency and control project costs will be
key rating sensitivities. Further, the firm's ability to ensure
timely fund infusion by the partners against cash flow mismatches
will be critical for its credit profile.

VM was incorporated in November 2011 to undertake construction
and development of a real estate project in Gadarwara tehsil of
Narsinghpur district of Madhya Pradesh. The developed complex
will have a total built-up area of 0.21 million square feet
comprising of retail, office space and apartments. The total cost
for the project is estimated to be INR28.30 crore (including land
cost) and is being funded by a debt of INR15.00 crore. Currently
only three out of five blocks are being constructed with a debt
of Rs.10.00 crore and the other two will be constructed once the
scenario of real estate market improves.

The firm was formed by seven partners. Four of the seven partners
belong to the Rathi family engaged in dealership of building
materials. The remaining partners - Mr. Kirtiraj Lunawat, Mr.
Naveneet Singh Malhotra and Mr. Navneet Palod have diverse
individual lines of businesses, besides this project.


VARMORA FOODS: CRISIL Reaffirms B+ Rating on INR67.5MM Term Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Varmora Foods Private
Limited (VFPL) continue to reflect VFPL's initial stage of
operations along with presence in highly fragmented market and
average financial risk profile because of leveraged capital
structure. These weaknesses are mitigated by strong financial and
managerial support expected from promoters.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           31.5      CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     1.0      CRISIL B+/Stable (Reaffirmed)

   Term Loan             67.5      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes VFPL will benefit over medium term from its
management's extensive experience of handling various businesses
and funding support. The outlook may be revised to 'Positive' if
substantial growth in revenue and profitability leads to healthy
accrual. Conversely, the outlook may be revised to 'Negative' if
financial risk profile weakens owing to major debt-funded capital
expenditure and/or stretched working capital cycle.

VFPL, incorporated in August 2013, has recently set up a
processing unit to manufacture spray dried fruit powder, spray
dried vegetable powder and caramel colour with installed capacity
of 785 tonne per annum. Its operations commenced from April 2014.


VISHVAS GINNING: CRISIL Reaffirms B+ Rating on INR120MM Loan
------------------------------------------------------------
CRISIL's rating on the bank loan facilities of Vishvas Ginning
and Industries (VGI) continues to reflect its below-average
financial risk profile, because of high gearing and weak debt
protection metrics, and susceptibility to intense competition in
the cotton-ginning industry. These weaknesses are partially
offset by the extensive experience of the partners in the cotton-
ginning and trading industry.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           120       CRISIL B+/Stable (Reaffirmed)

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

   Term Loan              20       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes VGI will continue to benefit over the medium term
from the partners' extensive experience in the industry. The
outlook may be revised to 'Positive' if the scale of operations
and profitability increase significantly leading to higher-than-
expected cash accrual leading to improvement in the financial
risk profile. Conversely, the outlook may be revised to
'Negative' if liquidity weakens marked by a decline in
profitability, stretch in the working capital cycle, or any
large, debt-funded capital expenditure.

Set up as a partnership firm by the Ganibhai and Abhrambhai
families in 2003, VGI undertakes ginning and pressing of cotton
and sells cotton bales, cotton seed, and cotton seed oil and its
by-products. Its plant is in Bhavnagar (Gujarat).

Profit after tax (PAT) was INR4 million on net sales of INR878
million in 2014-15 (refers to financial year, April 1 to March
31) as compared with PAT of INR0.5 million on net sales of
INR862.6 million in 2013-14.


VSSN JAMBALADINNI: CRISIL Reaffirms B- Rating on INR210MM Loan
--------------------------------------------------------------
CRISIL's rating on the bank facility of VSSN Jambaladinni
(Jambaladinni Society) continues to reflect the society's weak
asset quality, and small scale of, and geographical concentration
in operations. These rating weaknesses are partially offset by
the support the society receives from sponsor, State Bank of
Hyderabad, on debt funding.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           210       CRISIL B-/Stable (Reaffirmed)

Outlook: Stable
CRISIL believes Jambaladinni Society will continue to benefit
over the medium term from the support it receives from State Bank
of Hyderabad. The outlook may be revised to 'Positive' in case of
significant improvement in the society's delinquency levels,
capitalisation, and scale of operations. Conversely, the outlook
may be revised to 'Negative' if asset quality deteriorates
significantly, further weakening its earnings and capitalisation.

Jambaladinni Society is a primary agricultural society
incorporated in 1976, sponsored by State Bank of Hyderabad since
its inception. Jambaladinni Society is registered with the
Registrar of Cooperative Societies, Karnataka. It operates in six
villages in Raichur district of Karnataka. The society extends
crop loans to its members. As on March 31, 2015, it had a loan
portfolio of INR204 million.

For 2014-15 (refers to financial year, April 1 to March 31),
Jambaladinni Society earned a net surplus of INR2.5 million
compared with a net surplus of INR5.4 million in the previous
year.


VSSN KALLUR: CRISIL Reaffirms B- Rating on INR110MM Cash Loan
-------------------------------------------------------------
CRISIL's rating to the long-term bank facility of VSSN Kallur
(Kallur Society) continues to reflect the society's weak asset
quality and small scale of operations with geographical
concentration. These rating weaknesses are partially offset by
support from State Bank of Hyderabad for debt funding.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            110       CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes Kallur  Society will continue to benefit over the
medium term from the support it receives from State Bank of
Hyderabad. The outlook may be revised to 'Positive' in case of
significant improvement in the society's delinquency levels,
capitalisation, and scale of operations. Conversely, the outlook
may be revised to 'Negative' if asset quality deteriorates
significantly, further weakening its earnings and capitalisation.

Kallur Society is a primary agricultural society established in
1976, sponsored by State Bank of Hyderabad since its inception.
The society is registered with the Registrar of Cooperative
Societies, Karnataka. It operates in five villages in the Raichur
district of Karnataka. The society extends crop loans to its
members. As on March 31, 2015, it had a loan portfolio of INR155
million.
For 2014-15 (refers to financial year, April 1 to March 31), net
surplus was INR0.2 million against net surplus of INR1.4 million
in the previous year.


VSSN RAJALABANDA: CRISIL Reaffirms B- Rating on INR60MM Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facility of VSSN
Rajalabanda (Rajalabanda Society) continues to reflect the
society's weak asset quality, and small scale of operations with
geographical concentration. These rating weaknesses are partially
offset by support from State Bank of Hyderabad for debt funding.

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

Outlook: Stable
CRISIL believes Rajalabanda Society's asset quality and
capitalisation will remain weak over the medium term. The outlook
may be revised to 'Positive' in case of significant improvement
in delinquency levels, capitalisation, and scale of operations.
Conversely, the outlook may be revised to 'Negative' if asset
quality deteriorates significantly, thereby impacting earnings
and capitalisation.

Rajalabanda Society is a primary agricultural society established
on October 27, 1976, sponsored by State Bank of Hyderabad since
its inception. It is registered with the Registrar of Cooperative
Societies, Karnataka. The society operates in five villages in
the Raichur district of Karnataka. It extends crop loans to its
members. As on March 31, 2015, It had a loan portfolio of INR52
million.

In 2014-15 (refers to financial year, April 1 to March 31), the
society had incurred a net loss of INR1 million, against a net
surplus of INR1.9 million in the previous year.


WHITEGOLD CERAMICS: ICRA Reaffirms B- Rating on INR3cr Loan
-----------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B- to the
INR1.89 crore1 term loan and INR3.00 crore cash credit facility
of Whitegold Ceramics Private Limited. ICRA has also reaffirmed
the short term rating of [ICRA]A4 to the INR1.85 crore non fund
based bank guarantee facility of WCPL.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund Based Term
    Loan                  1.89      [ICRA]B-; reaffirmed

   Fund Based- Cash
   Credit                 3.00      [ICRA]B-; reaffirmed

   Non Fund Based-
   Bank Guarantee         1.85      [ICRA]A4; reaffirmed


The ratings remain constrained by Whitegold Ceramics Private
Limited's (WCPL) modest scale of operations with the intense
competition from the presence of established organized tiles
manufacturers and unorganized players. The ratings also continue
to be constrained by stretched capital structure due to high
gearing level. The ratings are further constrained on account of
stretched liquidity due to high inventory accumulations and
slowdown in debtor realization as evident from high utilization
of working capital limits. ICRA also takes into consideration of
the company's increasing dependence on creditors resulting in
high total outside liability. While assigning the ratings, ICRA
also takes note of the dependence of operations and cash flows on
the performance of the real estate industry (which is the main
consuming sector for the company's products), the vulnerability
to volatility in raw material prices and availability of gas.
The ratings, however, favorably take note of the experience of
the key promoters in the ceramic industry and the location
advantage enjoyed by WCPL, giving it easy access to raw material.

Whitegold Ceramics Private Limited is a digitally printed ceramic
wall tiles manufacturer with its plant situated at Morbit,
Gujarat. The company was incorporated in September 2010 with
commencement of commercial operation in May 2011. Company was
promoted by Mr. Jay Bhatt and Mr. Niral Patel. Later in January
2013, WCPL was taken over by Mr. Kishor Detorja and Mr. Alpesh
Patel and their family members. The plant has an installed
capacity to produce 30660 MT per annum of ceramic wall tiles in
two different sizes 12"X24" and 12"X18".

Recent Results
During FY15, WCPL reported an operating income of INR14.65 crore
(as against INR15.15 crore during FY14) and net loss of INR0.23
crore (as against net profit of INR0.10 crore during FY14).



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


TOSHIBA CORP: Nearly 3,500 Workers Apply For Early Retirement
-------------------------------------------------------------
The Japan Times reports that scandal-hit Toshiba Corp. said it
has received applications from 3,449 workers, or 3% of its
domestic workforce, for an early retirement program between
January and March.

As part of its restructuring efforts following an accounting
scandal, the ailing electronics and machinery maker sought
voluntary early retirement for the first time in 14 years,
according to the report.

The Japan Times says Toshiba plans to book JPY42 billion in
related costs for the business year that ended on March 31.

Of the total applications, 2,058 came from the semiconductor
division, 1,086 from the home electronics division, 246 from the
company headquarters and 59 from the health care division, the
firm said on April 15, the report relays.

The Japan Times relates that eligible for the program were
domestic employees aged 40 or older who had worked for any of the
divisions for at least 10 years. The company did not set any
numerical target for applications.

According to the report, Toshiba plans to slash a total of 34,000
jobs around the globe over the next two years, mainly through the
retirement program and the sale of a medical instrument
subsidiary, overseas television factories and imaging
semiconductor and white goods operations.

Toshiba is also considering booking for the year just ended an
impairment loss on its U.S. nuclear power subsidiary Westinghouse
Electric Co., sources said the same day, the report relates.

It may book a charge of around JPY200 billion ($1.8 billion) in
its results for the past year to March 31, they said. The
struggling electronics maker is expected to make a decision on
the matter next week, the sources, as cited by The Japan Times,
said.

The sources said the issue pertains to JPY350 billion in goodwill
that Toshiba booked when acquiring Westinghouse in 2006. That
figure could now be slashed to less than half if Toshiba books
the impairment loss, the report relates.

Westinghouse booked impairment losses in fiscal 2012 and 2013
totaling approximately $1.32 billion over other aspects of its
nuclear power plant construction and maintenance business in the
wake of the 2011 Fukushima nuclear plant disaster, the report
notes.

Toshiba has been criticized, however, for not disclosing its
accounting treatment for Westinghouse, the report discloses.

                             About Toshiba

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

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

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

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

On March 28, 2016, Moody's Japan K.K. has downgraded Toshiba
Corporation's corporate family rating and senior unsecured debt
rating to B3 from B2, and its subordinated debt rating to Caa3
from Caa2.  The rating outlook is negative. At the same time,
Moody's has affirmed Toshiba's commercial paper rating of Not
Prime.  This rating action concludes the review for downgrade
initiated on Dec. 22, 2015.

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

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



===============
M A L A Y S I A
===============


SAPURAKENCANA PETROLEUM: To Restructure Amid Weak Oil Price
-----------------------------------------------------------
Nikkei Asia Review reports that Malaysia's largest oil and gas
company by market capitalization will undertake a restructuring
exercise effective June 1, that may involve "redundancies."

According to the Nikkei, the region's oil and gas industry,
including rig builders is suffering from a serious supply glut as
oil producers cut spending on exploration and production in the
face of weak oil prices. The so-called "rightsizing" of the
industry's operations is likely to continue, the report notes.

Nikkei relates that SapuraKencana Petroleum's revelation comes
less than a month after the oilfield services company announced a
net loss of MYR791 million ($202.4 million) for the fiscal year
through January.  The report says the loss, its first since going
public in May 2012, was largely attributed to having to set aside
higher provisions for the asset impairment setbacks it is
suffering due to the commodities swoon that began in the second
half of 2014.

In light of the downward trend in oil prices, the group will
rebase its budget to reflect the reality, which will entail
consolidation of business units, Nikkei relates citing people
familiar with the company.

Nikkei notes that Shahril Shamsuddin, the group's president and
CEO, is said to have addressed a town hall meeting on April 15,
spending about two hours explaining the rationale to employees,
who packed the 3,000-seat Kuala Lumpur Convention Centre's
plenary hall.

"Inevitably because there are consolidations, there will be
redundancies," the report quotes Shamsuddin as saying. "I wish I
could say otherwise but once oil price goes from $130 to $30,
your costs have to go down correspondently."

The company has spent the past four months drafting a four-pillar
restructuring exercise that will streamline its supply-chain and
consider job-cutting as the last resort, he added, Nikkei relays.

"Difficult decisions need to be made, and I ask for your
patience," Shahril said, notes the report. "This new structure
will allow us to be more integrated, efficient and to focus on
our resources."

SapuraKencana's spokesperson was unreachable for clarification,
the report notes.

With oil prices at the $30 per barrel level, SapuraKencana last
month said it would seek to remain competitive by aggressively
managing costs. The company will also look for growth
opportunities in Southeast Asia, India, the Middle East and
Mexico, adds Nikkei.

Malaysia-based SapuraKencana Petroleum Berhad is an oilfield
services company. The company provides engineering, procurement,
construction, installation and commissioning services through its
fabrication, hook-up and commissioning, and Offshore Construction
and Subsea Services divisions.



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***