TCRAP_Public/160420.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Wednesday, April 20, 2016, Vol. 19, No. 77


                            Headlines


A U S T R A L I A

ANIMAL SUPPLIES: First Creditors' Meeting Set For April 26
DICK SMITH: All Remaining Stores to Close by May 3
E3 STYLE: First Creditors' Meeting Scheduled For April 28
FLEXI ABS 2016-1: Moody's Assigns Ba1 Rating to Class E Notes
KREATIVEDNA PTY: First Creditors' Meeting Set For April 28

UMPH HOLDING: First Creditors' Meeting Set For April 28
WILLBUILDIT: Building Company Goes Into External Administration


C H I N A

CHINA AOYUAN: Moody's Assigns B3 Rating on Proposed Sr. US$ Bonds
CHINA SHIANYUN: AWC (CPA) Limited Expresses Going Concern Doubt
KU6 MEDIA: Reports $2.05 Million Net Loss for 2015


I N D I A

A.R. INFRATECH: CRISIL Suspends D Rating on INR90MM Cash Loan
ABHIMANU ADVENTURE: CRISIL Assigns B- Rating to INR80MM Loan
ABHISHEK AUTOMOTIVES: ICRA Assigns 'B' Rating to INR4.0cr Loan
ADVEN BIOTECH: ICRA Reaffirms 'B' Rating on INR7.50cr LT Loan
ALP MILK: CRISIL Suspends B Rating on INR110MM Term Loan

ANANDSWARN RESIDENCY: CRISIL Assigns B Rating to INR117.5MM Loan
ANIKA APPARELS: CRISIL Assigns B+ Rating to INR12.5MM Cash Loan
APHRODITE 4WHEELS: CRISIL Reaffirms B+ Rating on INR80MM Loan
BAGHAULI SUGAR: CRISIL Suspends D Rating on INR1.62BB Term Loan
BAHULEYAN CHARITABLE: ICRA Reaffirms B+ Rating on INR8cr Loan

BAZAAR KONNECTIONS: ICRA Assigns B+ Rating to INR10cr LT Loan
BELLONA PAPER: CRISIL Assigns B+ Rating to INR73.5MM Term Loan
BLISS ANAND: CRISIL Cuts Rating on INR85MM Bill Disc. to D
BTC INDUSTRIES: ICRA Suspends C Rating on INR21.15cr Loan
CHAMUNDI DISTILLERIES: ICRA Suspends D Rating on INR12cr Loan

DANUSH INTERIORS: CRISIL Suspends B+ Rating on INR120MM Loan
DAVANAM JEWELLERS: ICRA Lowers Rating on INR73cr Loan to D
DHS HOTELS: ICRA Assigns B+ Rating to INR29.70cr Loan
GAJANAND RICE: ICRA Reaffirms B+ Rating on INR8.0cr Loan
GIAN SAGAR: ICRA Revises Rating on INR59.2cr Loan to 'C'

GOLD STAR: ICRA Suspends 'B+' Rating on INR6cr Loan
KGS ENGINEERING: ICRA Cuts Rating on INR11cr LT Loan to B-
KRISHU MOTOR: CRISIL Assigns B- Rating to INR40MM Term Loan
KSHITIJA INFRASTRUCTURE: ICRA Rates INR25cr Term Loan at 'B'
LAVISH EXIM: Ind-Ra Assigns 'IND D' LT Rating to INR51.5MM Loan

LAXMI CONSTRUCTION: CRISIL Suspends B- Rating on INR50MM Loan
MAA MANGLA: CRISIL Assigns D Rating to INR95MM Cash Loan
MANISHA PACKAGING: ICRA Suspends B Rating on INR12cr Loan
MDA MINERAL: ICRA Assigns C+ Rating to INR6.0cr Term Loan
MITTAL LUMBER: CRISIL Assigns B- Rating to INR22.5MM Cash Loan

N. D. GUPTA: CRISIL Suspends 'B' Rating on INR25MM Cash Loan
NERAVY SAIVA: CRISIL Suspends 'B' Rating on INR50MM LT Loan
NIRMAL TRADERS: ICRA Assigns B+ Rating to INR4.85cr Term Loan
ORIENTAL TIMBER: CRISIL Suspends D Rating on INR300MM Loan
ORIENTAL WOODS: CRISIL Suspends D Rating on INR100MM Loan

PARVATI COTTON: CRISIL Assigns B Rating to INR90MM Cash Loan
PRAGYA RICE: ICRA Assigns B+ Rating to INR8.0cr Loan
QUALITY INDUSTRIES: Ind-Ra Assigns 'IND BB+' LT Issuer Rating
R S ROCKSAND: CRISIL Assigns 'B' Rating to INR70MM LT Loan
RAGHU RAMA: ICRA Suspends C+ Rating on INR8.0cr Bank Loan

RAJA FOOD: CRISIL Assigns B Rating to INR66MM Cash Loan
RATAN GHEE: ICRA Suspends B+ Rating on INR7.0cr Loan
ROLEX LANOLIN: ICRA Reassigns B+ Rating to INR8.35cr LT Loan
SAHAJ SOLAR: ICRA Assigns B+ Rating to INR1.45cr Term Loan
SELEO CERAMIC: ICRA Reaffirms B Rating on INR3.99cr Term Loan

SHANTI DEVI: ICRA Suspends B+ Rating on INR95cr Loan
SHARIEF MARINE: ICRA Suspends B Rating on INR9.0cr Loan
SHRI KALYAN: CRISIL Cuts Rating on INR526.6MM LT Loan to B-
SIDDHI VINAYAK: CRISIL Suspends D Rating on INR135MM Loan
SMITH STRUCTURES: ICRA Assigns B+ Rating to INR9.0cr Cash Loan

SPR SPIRITS: ICRA Suspends D Rating on INR41.55cr Loan
SUN ENTERPRISE: ICRA Reaffirms B+ Rating on INR5.0cr Loan
SUN N WIND: CRISIL Assigns B Rating to INR551.1MM Project Loan
SUNNY STAR: Ind-Ra Assigns 'IND BB+' Long-Term Issuer Rating
SUNRISE ENGITECH: Weak Financial Strength Cues ICRA SP 3D Grading

STRANDS TEXTILE: Ind-Ra Ups Long-Term Issuer Rating to 'IND BB'
TOPS SECURITY: ICRA Assigns C+ Rating to INR41.50cr LT Loan
UMA GLASS: CRISIL Assigns 'D' Rating to INR55MM Cash Loan
UNIVERSAL CHEMICALS: CRISIL Suspends D Rating on INR555.9MM Loan
VIJAYA KRISHNA: ICRA Assigns 'B' Rating to INR7.5cr Term Loan

W.S. ELECTRIC: Ind-Ra Withdraws 'IND B+' Long-Term Issuer Rating
WEST COAST: ICRA Assigns B+ Rating to INR1.29cr LT Loan
WONDER FIBROMATS: ICRA Suspends B+ Rating on INR12.75cr Loan
WORLD RESORTS: ICRA Suspends 'D' Rating on INR25.24cr Loan
ZAZSONS EXPORTS: ICRA Suspends B+/A4 Rating on INR37.2cr Loan


M A L A Y S I A

1MALAYSIA: In Default After Missed Payment, Says Abu Dhabi Fund


N E W  Z E A L A N D

MAINZEAL PROPERTY: Liquidators Reject Claims Totalling $16.7MM


P H I L I P P I N E S

LOYOLA PLANS: To Sell Assets to Cover Trust Fund Deficiency


                            - - - - -


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


ANIMAL SUPPLIES: First Creditors' Meeting Set For April 26
----------------------------------------------------------
Vaughan Neil Strawbridge and David John Frank Lombe of Deloitte
Touche Tohmatsu were appointed as administrators of Animal
Supplies (Wholesale) Pty Ltd, AS Consolidated Pty Ltd, Australian
Supply and Distribution Solutions Pty Ltd, and Pet Brands Connect
Pty Ltd on April 14, 2016.

A first meeting of the creditors of the Company will be held at
Deloitte Touche Tohmatsu, Level 19, Eclipse Tower, 60 Station
Street, in Parramatta, New South Wales, on April 26, 2016, at
3:30 p.m.


DICK SMITH: All Remaining Stores to Close by May 3
--------------------------------------------------
Broede Carmody at SmartCompany reports that all remaining Dick
Smith stores will close their doors by May 3, the electronic
chain's receivers announced on April 19.

This means all stores have now been notified of their closure
dates, giving employees certainty about their last day on the
job, the report says.

According to SmartCompany, James Stewart, partner at Ferrier
Hodgson, said in a statement he would like to thank all staff for
their patience.

"We would like to thank the Dick Smith employees for their
support during the receivership," the report quotes Mr. Stewart
as saying.  "This has been a difficult and uncertain time for
them and we have really appreciated their assistance and
commitment."

All outstanding Australian employee entitlements are considered
priority unsecured claims, and are expected to be paid out in
full by mid-June, SmartCompany notes.

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

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

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


E3 STYLE: First Creditors' Meeting Scheduled For April 28
---------------------------------------------------------
Domenic Calabretta of Mackay Goodwin was appointed as
administrator of E3 Style Pty Ltd on April 15, 2016.

A first meeting of the creditors of the Company will be held at
Mackay Goodwin, Level 10, 239 George Street, in Brisbane,
Queensland, on April 28, 2016, at 10:00 a.m.


FLEXI ABS 2016-1: Moody's Assigns Ba1 Rating to Class E Notes
-------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to
notes to be issued by Perpetual Corporate Trust Limited in its
capacity as the trustee of the Flexi ABS Trust 2016-1.

Issuer: Flexi ABS Trust 2016-1
  AUD 91.00 million A1 Notes, Assigned (P)P-1 (sf)
  AUD 60.50 million A2 Notes, Assigned (P)Aaa (sf)
  AUD 50.00 million A2-G Notes, Assigned (P)Aaa (sf)
  AUD 12.48 million B Notes, Assigned (P)Aa2 (sf)
  AUD 14.82 million C Notes, Assigned (P)A2 (sf)
  AUD 10.40 million D Notes, Assigned (P)Baa2 (sf)
  AUD 7.80 million E Notes, Assigned (P)Ba1 (sf)

The AUD 13.00 million Seller Notes are not rated by Moody's.

The ratings address the expected loss posed to investors by the
legal final maturity.  The structure allows for the timely
payment of interest and the ultimate payment of the principal by
the legal final maturity.

The transaction is a cash securitisation of a portfolio of
Australian unsecured, retail, 'no interest ever' payment plans,
originated by Certegy Ezi-Pay Pty Ltd, a subsidiary of FlexiGroup
Ltd.

This is FlexiGroup's sixth term-securitisation of Certegy assets
and the sixth one rated by Moody's.  The transaction features a
short term (P)P-1 (sf) rated tranche, with a legal final maturity
of 12 months from issuance.  The tranche represents 35% of the
total issuance.  Key factors supporting the (P)P-1 (sf) rating
include:

   -- Principal cashflows -- which will be allocated to the
short-term tranche in priority to other tranches until it is
fully repaid -- will be sufficient to amortize the tranche within
the 12-month period.  The amortization is tested with no
prepayment and assuming a P-1-commensurate level of defaults and
delinquencies occurring during the amortization period.

   -- The corporate administration and insolvency regime in
Australia and the hot back-up servicing arrangements with Dun &
Bradstreet (Australia) Pty Limited mitigate the risk of a
prolonged servicer disruption.  These two factors are relevant in
the context of assigning the (P)P-1 (sf) rating because
FlexiGroup and Certegy are unrated.

Another notable feature of the transaction is the high proportion
of receivables relating to solar energy.  While historical
performance data for solar energy receivables is limited to only
a few years, Moody's expects the performance of these receivables
to broadly track the performance of receivables relating to other
home-owner industries.

Home-owner industry obligors typically display lower default
rates than non-home-owner industry obligors in the Certegy
portfolio.

                          RATINGS RATIONALE

Flexi ABS Trust 2016-1 is the securitisation of retail,
unsecured, 'no interest ever' receivables extended to obligors
located in Australia.  Notable features of the transaction
include the unique nature of the collateral, the strong back-up
servicing arrangements, and short-weighted average lives of
notes.

The receivables are unsecured payment plans, originated by
Certegy through various retailers at the point of sale.  Rather
than relying on interest payable by the underlying obligors, the
product is instead reliant on a retailer fee component to meet
financing costs and for profit margin generation.

During the life of the receivables, the customer will make
monthly or fortnightly payments to Certegy, with the difference
between the balance payable by the obligor and the balance funded
by Certegy (equal to the merchant fee) representing implicit
interest.  The loans are made on a full recourse, unsecured
basis.

                      MAIN MODEL ASSUMPTIONS

Moody's base case assumptions are a mean default rate of 2.70%,
coefficient of variation (CoV) of 60.0% and a recovery rate of
0.0%.  Moody's assumed mean default rate is stressed compared to
the historical levels of 2.24%.  The stress addresses lack of
economic stress during the historical data period (2004-2015).

The minimum 22.5% subordination commensurate with an Aaa rating
of the senior notes is, on the other hand, materially higher that
of a typical auto-loan ABS transaction.  This is attributed to
the unsecured nature of the receivables leading to zero recovery
values.

Certegy and FlexiGroup are unrated.  Consequently, the
transaction structure includes back-up servicing arrangements
provided by Dun & Bradstreet (Australia) Pty Limited.  Dun &
Bradstreet carries out servicing in parallel with Certegy,
providing near 'hot' levels of support and mitigating risks of a
prolonged servicing disruption.

The notes will be repaid on a sequential basis until the later
of: (1) repayment of the Class A1 short-term tranche, and (2)
increase in the subordination to Class A notes to 25% from 22.5%.

The notes will also be repaid on a sequential basis if there are
any unreimbursed charge-offs or the pool amortises to below 10%
of the original balance.  At all other times, the structure will
follow a pro-rata repayment profile (assuming pro-rata conditions
are still satisfied).  This principal pay down structure is
similar to other structures in the Australian ABS market.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's
Approach to Rating Consumer Loan-Backed ABS" published in
September 2015.

Factors That Would Lead to an Upgrade or Downgrade of the Rating:

Up
Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the rating.  Moody's current expectations of
loss could be better than its original expectations because of
fewer defaults by underlying obligors.  The Australian job market
is a primary driver of performance.

Down
Levels of credit protection that are insufficient to protect
investors against current expectations of loss could lead to a
downgrade of the ratings.  Moody's current expectations of loss
could be worse than its original expectations because of more
defaults by underlying obligors.  The Australian job market is a
primary driver of performance.  Other reasons for worse
performance than Moody's expects include poor servicing, error on
the part of transaction parties, a deterioration in credit
quality of transaction counterparties, lack of transactional
governance and fraud.

Moody's Parameter Sensitivities:

If the default rate rises to 5.4% (double Moody's assumption of
2.7%) then the model-indicated rating for the Class A2 Notes
drops five notches to A2.  Similarly, the model-indicated rating
for the Class B Notes, Class C Notes and Class D Notes drop six,
five and five notches to Baa2, Ba1 and B1 respectively under this
scenario.


KREATIVEDNA PTY: First Creditors' Meeting Set For April 28
----------------------------------------------------------
Domenic Calabretta of Mackay Goodwin was appointed as
administrator of KreativeDNA Pty Ltd on April 15, 2016.

A first meeting of the creditors of the Company will be held at
Mackay Goodwin, Level 10, 239 George Street, in Brisbane,
Queensland, on April 28, 2016, at 10:30 a.m.


UMPH HOLDING: First Creditors' Meeting Set For April 28
-------------------------------------------------------
Domenic Calabretta of Mackay Goodwin was appointed as
administrator of Umph Holding Pty Ltd on April 15, 2016.

A first meeting of the creditors of the Company will be held at
Mackay Goodwin, Level 10, 239 George Street, in Brisbane,
Queensland, on April 28, 2016, at 11:00 a.m.


WILLBUILDIT: Building Company Goes Into External Administration
---------------------------------------------------------------
Kathleen Skene at Gold Coast Bulletin reports that life has not
improved for former Australian cricketer Brad Williams since his
wife left him for the police officer who attended his family home
for a domestic violence matter.  His building company Willbuildit
has gone into external administration with liquidators appointed
to manage debts of more than AUD50,000, the report says.

Among the creditors is brickie Daniel Davey, who had given
Williams more than six months to pay before agreeing to a payment
plan, the Bulletin relates.

"He kept delaying the payment -- after six months I said "pay up
or we'll take it to court," the report quotes Mr. Davey as
saying.  "Then we got a letter from a lawyer saying he'd gone
into voluntary liquidation."

A creditor who did not want to be named said he'd seen Williams,
41, driving a AUD60,000 Hilux SR5 ute this week, the report
states.

The Bulletin says Mr. Williams, who now lives in a modest rented
townhouse at Benowa, did not want to detail how his company got
into financial strife.

He said he hoped to eventually repay what the company owed.

"That would be ideal," Mr. Williams, as cited by the Bulletin,
said. "I've just got to see how I go financially moving forward.
"Hopefully I can get myself into a position to pay them back one
day."

Mr. Williams did not want to comment further on his "personal
business, it's not for public knowledge," adds the Bulletin.



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CHINA AOYUAN: Moody's Assigns B3 Rating on Proposed Sr. US$ Bonds
-----------------------------------------------------------------
Moody's Investors Service has assigned a B3 rating to the
proposed senior unsecured US dollar bonds to be issued by China
Aoyuan Property Group Limited.

At the same time, Moody's has affirmed China Aoyuan's B2
corporate family rating, and the B3 senior unsecured rating
assigned to its USD300 million bonds due 2019.

The ratings outlook is stable.

China Aoyuan plans to use the proceeds from the proposed notes
mainly to refinance existing indebtedness and for general working
capital purpose.

                       RATINGS RATIONALE

"China Aoyuan's B2 corporate family rating reflects its track
record in property development in the economically strong
Guangdong Province and adequate liquidity, tempered by its small
scale and the execution risks associated with its fast pace of
expansion," says Kaven Tsang, a Moody's Vice President and Senior
Credit Officer.

"The B3 senior unsecured bond rating is one notch below China
Aoyuan's B2 corporate family rating, reflecting structural and
legal subordination," adds Tsang, who is also the Lead Analyst
for China Aoyuan.

The ratio of secured and subsidiary debt to total assets was
around 23% as of end-2015.  Moody's expects this ratio will stay
above 15% in the coming 12 to 18 months, as the company will
continue to draw on onshore and/or secured bank loans to fund its
construction and expansion.

China Aoyuan recorded a robust sales performance in 2015, with
contracted sales growing 24% year-on-year to RMB15.2 billion.  In
1Q 2016 its contracted sales increased further by 42.1% year-on-
year to RMB3.8 billion.

Its robust sales performance resulted in 37% year-on-year growth
in revenue in 2015 to RMB9.6 billion.  This growth resulted in
largely stable key credit metrics despite a moderate decline in
profit margins and a 41% year-on-year rise in adjusted debt.

The company's key credit metrics -- EBIT/interest at 2.3x and
revenue/debt at 59% in 2015 -- remain appropriate for its B2
corporate family rating.

Moody's expects China Aoyuan's EBIT/interest will stay at around
2.3x and revenue/debt at around 60%-65% in the next 12-18 months.
This view is because its robust revenue growth -- underpinned by
strong contracted sales -- and the lower funding cost of the
proposed notes should mitigate its contracting margins and
increasing debt to fund land purchases.

The company's liquidity profile is solid, with cash to short-term
debt of 352% at end-2015, up from 131% at end-2014.

The proposed bonds will further improve China Aoyuan's liquidity
and debt maturity profile, as the company will use part of the
proceeds to refinance its short-term debt.

The stable outlook reflects Moody's expectation that China Aoyuan
will continue to deliver its sales plan, and maintain adequate
liquidity for its operating and refinancing needs.

Upward rating pressure could emerge in the medium term if the
company demonstrates: (1) a track record of strong contracted
sales and revenue recognition; (2) a consistently prudent pace of
land acquisitions and improved cash flow planning; (3) better
control of its borrowings, such that EBIT/interest exceeds 2.5x;
and (4) good liquidity, such that its cash can consistently cover
its short-term debt.

On the other hand, downward rating pressure could emerge in case
of weakness in its liquidity position, arising from: (1) weak
contracted sales; (2) aggressive land acquisitions and large
outstanding land premium payments; or (3) short-term refinancing
needs not being sufficiently covered by cash on hand.

Specific credit metrics that we would consider for downgrading
China Aoyuan's ratings include its gross margin falling below
23%-25%, its EBIT/interest falling below 1.5x, or its cash to
short-term debt ratio dropping under 100%.

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

Listed on the Hong Kong Stock Exchange in October 2007, China
Aoyuan Property Group Limited was founded in 1998 by Mr. Guo Zi
Wen.  At end-2015, the company had 57 projects in nine provinces
in China, including Guangdong Province and Chongqing city, and in
Sydney, Australia with a total land bank of 13.33 million square
meters of gross floor area.


CHINA SHIANYUN: AWC (CPA) Limited Expresses Going Concern Doubt
--------------------------------------------------------------
China Shianyun Group Corp., Ltd., filed with the Securities and
Exchange Commission its annual report on Form 10-K disclosing net
income of $1.76 million on $1.14 million of revenues for the year
ended Dec. 31, 2015, compared to a net loss of $1.33 million on
$209,992 of revenues for the year ended Dec. 31, 2014.

As of Dec. 31, 2015, China Shianyun had $4.19 million in total
assets, $4.65 million in total liabilities and a total
stockholders' deficit of $461,672.

AWC (CPA) Limited, in Hong Kong, China, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2015, citing that the Company has a
significant accumulated deficits and negative working capital.
These factors raise substantial doubt about the Company's ability
to continue as a going concern.

A full-text copy of the Form 10-K is available for free at:

                        http://is.gd/bucMut

                        About China Shianyun

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


KU6 MEDIA: Reports $2.05 Million Net Loss for 2015
--------------------------------------------------
Ku6 Media Co., Ltd. filed with the Securities and Exchange
Commission its annual report on Form 20-F disclosing a net loss
of $2.05 million on $10.90 million of total net revenues for the
year ended Dec. 31, 2015, compared to a net loss of $10.72
million on $8.58 million of total net revenues for the year ended
Dec. 31, 2014.

As of Dec. 31, 2015, KU6 Media had $9.01 million in total assets,
$14.49 million in total liabilities and a total shareholders'
deficit of $5.48 million.

PricewaterhouseCoopers Zhong Tian LLP, in Shanghai, the People's
Republic of China, issued a "going concern" qualification on the
consolidated financial statements for the year ended Dec. 31,
2015, citing that facts and circumstances including recurring
losses, negative working capital, net cash outflows, and
uncertainties associated with significant changes made, or
planned to be made, in respect of the Company's business model
raise substantial doubt about the Company's ability to continue
as a going concern.

A full-text copy of the Form 20-F is available for free at:

                    http://is.gd/OjtoDW

                      About Ku6 Media

Ku6 Media Co., Ltd. -- http://ir.ku6.com/-- is an Internet video
company in China focused on User-Generated Content.  Through its
premier online brand and online video Web site --
http://www.ku6.com/-- Ku6 Media provides online video uploading
and sharing service, video reports, information and entertainment
in China.



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A.R. INFRATECH: CRISIL Suspends D Rating on INR90MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of A.R.
Infratech (ARI).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           10        CRISIL D
   Cash Credit              90        CRISIL D
   Long Term Loan           45        CRISIL D
   Proposed Long Term
   Bank Loan Facility       15        CRISIL D

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

ARI, set up in 2009, is engaged in the civil construction
business. Its operations are managed by Mr. Mohammad Abdulla and
Mr. C Rengaraj.


ABHIMANU ADVENTURE: CRISIL Assigns B- Rating to INR80MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable 'rating to the long-
term bank facilities of Abhimanu Adventure Resorts Private
Limited (AARPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              20        CRISIL B-/Stable
   Term Loan                80        CRISIL B-/Stable

The rating reflects AARPL's small scale of operations and
geographical concentration in the revenue profile in the
intensely competitive hospitality industry. The rating also
factors in the below-average financial risk profile and tightly
matched cash accruals vis-a-vis scheduled debt repayments. These
rating weaknesses are partially offset by the extensive
experience of promoters in the hospitality industry and the
advantageous location of its hotel.
Outlook: Stable

CRISIL believes AARPL will continue to benefit over the medium
term from the promoters' extensive industry experience. The
outlook may be revised to 'Positive' if significant improvement
in revenue and stable profitability leading to sizable cash
accrual result in better liquidity. Conversely, the outlook may
be revised to 'Negative' if low cash accrual, most likely due to
lower occupancy or room rates, or any large, debt-funded capital
expenditure leads to deterioration in the financial risk profile,
particularly liquidity.

Incorporated in 2010, AARPL owns and operates a hotel, Ram Shehar
Fort, in Nalagarh. It commenced operations in June 2014 and the
operations are managed by Mr. Parveen Bansal and Mr. Sanjeev
Bansal.

It has converted a historical fort into a hotel (under heritage
hotel category), and is equipped with 30 rooms, a banquet hall,
two lawns and a restaurant.


ABHISHEK AUTOMOTIVES: ICRA Assigns 'B' Rating to INR4.0cr Loan
--------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B to the INR8.45
crore1 fund based working capital limits and INR1.55 crore
unallocated limits of Abhishek Automotives Pvt. Ltd.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           4.00        [ICRA]B; assigned
   Ad-hoc e-DFS          0.95        [ICRA]B; assigned
   Asset Backed Loan
   (ADL)                 3.50        [ICRA]B; assigned
   Unallocated limits    1.55        [ICRA]B; assigned

The assigned rating reflect AAPL's weak financial risk profile as
reflected by highly adverse capital structure and weak debt
protection metrics on account of high reliance on external
borrowings for inventory funding. ICRA also notes the stretched
liquidity position of the company as reflected by relatively high
working capital intensity which is also evident from high
utilisation of bank limits. ICRA also takes into account AAPL's
modest scale of operations and thin profitability on account of
high competition amongst car dealers of other brands such as
Maruti Suzuki, Tata Motors, etc. in the Jabalpur region.
The rating, however, draws comfort from the long standing
experience of the promoters in auto dealership business with an
established track record and strong market presence in the
Jabalpur division of Madhya Pradesh. The rating also take into
account the diversified revenue streams including ancillary and
spare parts sales as well as service income which account for
~15% of the total income and provide diversification and
additional revenue stream.

ICRA expects AAPL's revenues to improve by ~16% in FY2015-16
compared to that during FY2014-15 considering an increase in the
demand for HMIL cars. However the operating and net profit
margins would continue to remain in the range of 4.30% and 0.25%
respectively in FY 2015-16 owing to strong competitive from other
established players in the market and high interest expenses as a
consequence of the high working capital borrowings. AAPL's
capital structure is likely to remain highly leveraged over the
medium term.

Incorporated in 2006 and promoted by Mr. Mahendra Patni and Mr.
Abhishek Patni, Abhishek Automotives Pvt. Ltd. (AAPL/company) is
an authorized dealer of cars manufactured by Hyundai Motors India
Limited (HMIL). The company has 4 showrooms/outlets in
Chhindwara, Seoni, Balaghat and Betul areas of Madhya Pradesh.
The largest showroom is located in Chhindwara and is spread
across an area of 40000 square feet which acts as a 3S i.e. sales
service and spares outlet.

AAPL has two group companies; Shubh Cars Pvt. Ltd. which is an
authorised dealer of Honda Cars India Limited and Abhishek
Agencies which is a TVS Scooty dealership.

Recent Results
Abhishek Automotives Pvt. Ltd. has reported a net profit after
tax of INR0.08 crore on an operating income of INR32.38 crore for
the year ending March 31, 2015.


ADVEN BIOTECH: ICRA Reaffirms 'B' Rating on INR7.50cr LT Loan
-------------------------------------------------------------
ICRA has reaffirmed its long-term rating of [ICRA]B on the
INR7.50 crore, fund based bank facilities of Adven Biotech
Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund-
   based bank
   facilities            7.50         [ICRA]B, reaffirmed

Rating Rationale
ICRA's rating reaffirmation takes into account the likely
increase in leverage on account of additional loans availed for
acquiring real estate which is not likely generate monthly rental
income as the cover from the existing rental income as well as
some improvement in the homeopathic medicine business shall keep
the debt coverage indicators in line with its rating category.
The rating continues to take into account ABPL's modest scale of
operations and strong competition in the industry leading to low
bargaining power with its distributors. This necessitates
significant dealer discounts in order to incentivize them to
stock ABPL's products resulting in weak operating margins. The
rating is also constrained on account of the stretched liquidity
position of the company given its investment in real estate
properties and scheduled repayment obligations compared to cash
accruals. The working capital requirements as the company remain
high towards the fiscal end as significant portion of sales are
booked at yearend as reflected in working capital intensity of
27% as on March 31, 2015. Hence working capital debt along with
term loans availed for purchasing real estate coupled with modest
profitability and cash accruals results in stretched coverage
indicators. ICRA however takes note of the rental income which is
sufficient to cover debt obligations and healthy return generated
on its commercial real estate investments which is the major
contributor to the company's cash accruals. ICRA also favorably
takes note of the promoters' experience of more than a decade in
manufacturing and marketing homeopathic medicines.

Going forward, the ability of the company to scale its
operations, establish its brand presence which may improve its
bargaining power with the dealers and thus help in improving
profitability levels will be the key rating sensitivities. Any
decline in rental income and additional debt will be key
monitorable.

ABPL is engaged in manufacturing, sales and marketing of
homeopathy medicines under its own brands. The company was
established in March 2001 and has its manufacturing facility in
Manesar (Gurgaon), Haryana. The company also owns commercial
properties in Gurgaon on which it earns rental income.

Recent Results
The company reported a net profit of INR0.98 crore on an
operating income of INR17.58 crore in FY 2014-15, as against a
net profit of INR0.99 crore on an operating income of INR13.88
crore in the previous year.


ALP MILK: CRISIL Suspends B Rating on INR110MM Term Loan
--------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of ALP
Milk Foods Private Limited (ALP).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             54.3       CRISIL B/Stable
   Term Loan              110.0       CRISIL B/Stable

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

ALP Milk Foods Private Limited (ALP) was incorporated as a
private limited company in December, 2012 and is managed by its
key promoter Mr. Rajeev Kumar. The company is engaged in
manufacturing milk & milk products like ghee and skimmed milk
powder under its brand 'Maa Anjani'. ALP's manufacturing facility
is located at Firozabad, Uttar Pradesh.


ANANDSWARN RESIDENCY: CRISIL Assigns B Rating to INR117.5MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Anandswarn Residency Private Limited (ARPL).
                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term
   Bank Loan Facility      7.5        CRISIL B/Stable
   Term Loan             117.5        CRISIL B/Stable

The rating reflects ARPL's susceptibility to risks related to
timely completion of its real estate residential project in
Kanpur, slow customer advances, and cyclicality in the Indian
real estate industry. These weaknesses are partially offset by
its promoters' extensive experience and established track record
in the residential real estate industry in Kanpur, and healthy
booking during the initial stage of its project because of
advantageous location.
Outlook: Stable

CRISIL believes ARPL will continue to benefit from its promoters'
extensive industry experience. The outlook may be revised to
'Positive' if sizeable customer advances and timely
implementation of project lead to healthy cash inflow.
Conversely, the outlook may be revised to 'Negative' if time and
cost overrun in project, or delays in receipt of customer
advances lead to low cash inflow and pressure on liquidity.

ARPL, incorporated in 2010, is a 50:50 joint venture company
between Kanpur-based Dolphin Developers Ltd and the Singh group.
ARPL is developing a residential complex in Kanpur with 52 flats
(48 with three bedrooms, 3 with two bedrooms, and 1 with one
bedroom) and total built-up area of 101,903.85 square feet.


ANIKA APPARELS: CRISIL Assigns B+ Rating to INR12.5MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIl A4' ratings to
the bank facilities of Anika Apparels Private Limited (AAPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term
   Bank Loan Facility      12.3       CRISIL B+/Stable

   Long Term Loan           7.7       CRISIL B+/Stable

   Cash Credit             12.5       CRISIL B+/Stable

   Export Packing
   Credit & Export
   Bills Negotiation/
   Foreign Bill
   discounting             47.5       CRISIL A4

The ratings reflect the company's modest scale of operations, and
exposure to intense competition and to fluctuations in foreign
exchange rates. The ratings also factor in large working capital
requirement and an average financial risk profile because of a
modest net worth, high gearing, and average debt protection
metrics.  These rating weaknesses are partially offset by the
extensive experience of the company's promoters in the readymade
garments industry and their funding support.
Outlook: Stable

CRISIL believes AAPL will continue to benefit over the medium
term from its promoters' extensive industry experience and
funding support. The outlook may be revised to 'Positive' in case
of significant and sustainable increase in scale of operations
and profitability, or improvement in the company's working
capital cycle, resulting better liquidity.  Conversely, the
outlook may be revised to 'Negative' in case of deterioration in
the financial risk profile, especially liquidity, most likely
because of significant increase in working capital requirement,
decline in profitability, or large, unanticipated debt-funded
capital expenditure.

AAPL was originally established as a proprietorship concern by
Mrs. Rachana Singi in 2000. In 2005, the firm was reconstituted
as a private limited company. AAPL manufactures women's readymade
garments, such as tops, tunics, dresses, and shirts, which are
mainly exported to the UK, the US, France, Denmark, and other
countries.


APHRODITE 4WHEELS: CRISIL Reaffirms B+ Rating on INR80MM Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Aphrodite
4Wheels Private Limited (A4PL) continues to reflect the company's
weak financial risk profile because of high total outside
liabilities to tangible networth ratio, and its modest scale of
operations. These weaknesses are partially offset by its
promoter's extensive experience in the automotive dealership
business.

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

   Electronic Dealer
   Financing Scheme
   (e-DFS)                80        CRISIL B+/Stable (Reaffirmed)

   Proposed Fund-
   Based Bank Limits      69.1      CRISIL B+/Stable (Reaffirmed)

   Term Loan              30.9      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes A4PL will continue to benefit over the medium
term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' if increase in revenue and
profitability leads to improvement in financial risk profile.
Conversely, the outlook may be revised to 'Negative' if financial
risk profile deteriorates because of stretch in working capital
cycle or debt-funded capital expenditure.

A4PL was set up in 2013-14 (refers to financial year, April 1 to
March 31) by Mr. Vaibhav Ahuja. It is a dealer for Renault India
Pvt Ltd in Jamshedpur. It commenced operations in September 2013.


BAGHAULI SUGAR: CRISIL Suspends D Rating on INR1.62BB Term Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Baghauli Sugar and Distillery Limited (BSDL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              460       CRISIL D
   Funded Interest
   Term Loan                174.3     CRISIL D
   Term Loan               1624.1     CRISIL D
   Working Capital
   Term Loan                250.0     CRISIL D

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

BSDL was incorporated in 2006. It has a sugar plant with cane
crushing capacity of 3500 tonnes per day and a bagasse-based 12-
megawatt cogeneration power plant in Hardoi (Uttar Pradesh). The
sugar mill and the power plant were commissioned in January 2009.
As a part of the integrated sugar unit, BSDL is setting up a 100-
kilolitre per day distillery and a blending unit. The company has
obtained licence from the Government of Uttar Pradesh for
manufacturing country liquor for government channels in the
state. Hence, BSDL is setting up a bottling unit with the
distillery. In 2011-12 (refers to financial year, April 1 to
March 31), the company was acquired by the Sahara group.


BAHULEYAN CHARITABLE: ICRA Reaffirms B+ Rating on INR8cr Loan
-------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ rating
outstanding on INR8.00 crore term loans, INR0.75 crore fund based
facilities of Bahuleyan Charitable Foundation. ICRA has also
reaffirmed the short term rating of [ICRA]A4 on INR0.10 crore non
fund based facilities of the company.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Term loan facilities      8.00      [ICRA]B+/reaffirmed

   Long term fund based
   Facility                  0.75      [ICRA]B+/reaffirmed

   Short term non fund
   based facility            0.10      [ICRA]A4/reaffirmed

The reaffirmation of ratings considers the improvement in the
revenue and profitability of the company on the back of increase
in no. of beds, higher occupancy and upward revision of rates in
the Hospital. ICRA also considers the experience of promoters in
the health care industry of over two decade, healthy demand
growth for healthcare services in the region and the technical
capabilities of the company backed by quality equipment and
experienced consultants.

However the ratings are constrained by the Company's small scale
of operation with limited diversification, being concentrated
mainly in the tertiary field of neuroscience (though the company
has started diversifying in to orthopedics over the last two
years) and significant geographical concentration risk .ICRA also
takes note of the competition in the education sector, which may
impact the growth and occupancy in BCF's nursing and
physiotherapy colleges and the ability of the company to retain
experienced consultants and faculties remains critical.

Bahuleyan Charitable Foundation was incorporated in 1993 by Dr.
Kumar Bahuleyan in Vaikom, Kerala as non-profit organization. The
company currently runs Indo-American hospital (Brain and Spine
centre) with 205 bed facility and five operation theatres. The
company also manages BCF College of Nursing and BCF College of
Physiotherapy with an annual intake capacity of 50 students each.

Recent Results
During the year 2014-15, the company has reported a net profit of
INR6.1 crore on an operating income of INR22.0 crore as against a
net profit of INR1.4 crore on an operating income of INR20.3
crore during the corresponding previous year.


BAZAAR KONNECTIONS: ICRA Assigns B+ Rating to INR10cr LT Loan
-------------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B+ to the INR10.0
crore bank facilities of Bazaar Konnections (Bazaar).

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

The assigned ratings derive comfort from the long standing
experience of the promoters in the business, the healthy client
profile including players like H&M, Next Retail and Tesco. The
ratings also positively factor in the improvement in the firm's
margins in FY2015 pursuant to increased focus towards in-house
processing and the satisfactory order book of INR9.6 cr. in
February 2016. The ratings are however constrained by the firm's
high working capital intensive nature of operations with
elongated receivables cycle and higher inventory owing to in-
house manufacturing (NWC/OI1 standing at 44.9% in FY15). Further
the firm's capital structure remains highly leveraged and
coverage indicators remain modest (gearing of 4.1 times as on
March 31, 2015, NCA/TD2 of 9.9% and Debt/OPBDIT3 of 5.1 times in
FY2015).ICRA also notes that the sales of the firm are also
geographically concentrated (more than 50% to Sweden), though it
partially hedges its forex risks and that it also remains exposed
to risks related to partnership constitution like withdrawal of
capital etc.

The ability of Bazaar to increase its scale of operations,
maintain its profitability and improve its capital structure will
be the key rating sensitivities.

Bazaar was established in 1994 as a partnership firm under Mr.
Manpreet Singh and his wife Mrs. Neetu Kaur. The firm
manufactures leather and duck fabric ladies bags and exports the
same to Sweden, UK, USA and other European countries. The company
used to outsource its designing and partial manufacturing
process; however from FY2015 it has an in-house designing unit
processed as per the customer requirements. The firm has its
manufacturing facility in Udyog Vihar, Gurgaon with additional
facility setup in Bahadurgarh, Haryana.

Recent Results
Bazaar reported a net profit of INR0.9 crore on an operating
income of INR28.6 crore in FY15 as compared to a profit after tax
of INR0.5 crore on an operating income of INR29.0 crore in FY14.
As per provisional results, the firm has achieved an operating
income of INR20.8 cr. in 9MFY16.


BELLONA PAPER: CRISIL Assigns B+ Rating to INR73.5MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' rating to
the long-term bank facilities of Bellona Paper Mill Private
Limited (BPMPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan               73.5       CRISIL B+/Stable
   Bank Guarantee          10         CRISIL A4
   Cash Credit             40         CRISIL B+/Stable

The rating reflects exposure to project related risks and initial
stage of operations in a highly fragmented and competitive paper
industry, expected average financial risk profile and
susceptibility to fluctuations in waste paper prices. These
rating weaknesses are mitigated by its promoters' extensive
entrepreneurial experience and their committed fund support.
Outlook: Stable

CRISIL believes BPMPL will benefit over the medium term from its
promoters' extensive entrepreneurial experience. The outlook may
be revised to 'Positive' if BPMPL stabilises its operations on
time, and ramps up the sales, leading to substantial cash accrual
in initial phase. Conversely, the outlook may be revised to
'Negative' if low accruals because of delayed ramp up, or sizable
working capital requirements or additional debt-funded capital
expenditure weakens the financial risk profile and liquidity.

Incorporated in October 2015, BPMPL is promoted by Mr. Pankaj
Patel and others. BPMPL has recently set-up a plant for
manufacturing of kraft paper at Morbi, Gujarat; with processing
capacity of 100 metric ton per day (TPD).


BLISS ANAND: CRISIL Cuts Rating on INR85MM Bill Disc. to D
----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Bliss
Anand Pvt Ltd (BAPL) to 'CRISIL D/CRISIL D' from 'CRISIL
B+/Stable/CRISIL A4'. The downgrade reflects significant delays
in servicing debt in the recent past due to weak liquidity on
account of stretched debtors in tender-based government order
book.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee            80       CRISIL D (Downgraded from
                                      'CRISIL A4')

   Bill Discounting          85       CRISIL D (Downgraded from
                                      'CRISIL B+/Stable')

   Cash Credit               65       CRISIL D (Downgraded from
                                      'CRISIL B+/Stable')

   Rupee Term Loan           20       CRISIL D (Downgraded from
                                      'CRISIL B+/Stable')

BAPL also has a small scale of and working capital-intensive
operations driven by high inventory and debtors, along with weak
financial risk profile. These rating weaknesses are mitigated by
BLPL's long-standing presence in the industry

Incorporated in 1975 by Late Mr. Prem Anand, BLPL manufactures
level gauges'equipment used for flow and level measurement and
control'and safety relief valves for application in the oil and
gas sector. Based in Manesar (Haryana), the company has
manufacturing facilities in Manesar and Bawal (Haryana) and is
currently managed by Mr. Vikas Anand, Mr. Gaurav Anand, and Mr.
Kunal Anand.


BTC INDUSTRIES: ICRA Suspends C Rating on INR21.15cr Loan
---------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]C assigned to
the INR18.50 crore fund based limits and INR21.15 crore term
loans of BTC Industries Limited. ICRA has also suspended the
short term rating of [ICRA]A4 assigned to the INR5.00 crore non
fund based facilities of BTC Industries Limited. ICRA has also
suspended the long term/short term rating of [ICRA]C/A4 assigned
to the INR0.35 crore unallocated limits of BTC Industries
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


CHAMUNDI DISTILLERIES: ICRA Suspends D Rating on INR12cr Loan
-------------------------------------------------------------
ICRA has suspended the rating of [ICRA]D assigned to the INR12.0
crore fund based facilities of Chamundi Distilleries Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


DANUSH INTERIORS: CRISIL Suspends B+ Rating on INR120MM Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Danush Interiors & Contractors (DIC).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              120       CRISIL B+/Stable
   Letter of Credit          10       CRISIL A4

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

DIC, established in 1999, undertakes civil construction and
interior decoration contracts. The day-to-day operations of the
firm are managed by the proprietor, Mr. Damodar Reddy.


DAVANAM JEWELLERS: ICRA Lowers Rating on INR73cr Loan to D
----------------------------------------------------------
ICRA has revised the long term rating on the INR73.00 crore fund
based facilities of Davanam Jewellers Private Limited to [ICRA]D
from [ICRA]BB+ (Stable). ICRA has also revised the short term
rating on the INR5.46 crore of DJPL to [ICRA]D from [ICRA]A4+.
ICRA has also revised the rating on the INR1.80 crore unallocated
facilities of the company to [ICRA]D/[ICRA]D from
[ICRA]BB+(Stable)/[ICRA]A4+.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Fund Based Facilities    73.00      [ICRA]D/revised from
                                       [ICRA]BB+(Stable)

   Non-fund based            5.46      [ICRA]D/revised from
   Facilities                          [ICRA]A4+

   Unallocated Limits        1.80      [ICRA]D/[ICRA]D
                                       revised from

[ICRA]BB+(Stable)/[ICRA]A4+

The rating revision factors in the consistent and long over-
drawls in the company's working capital facility owing to weak
liquidity position and support extended to group companies. As
against expectations of large cash inflows from a group concern
(Davanam Constructions Private Limited) which would be used to
reduce debt, stalled construction in the joint development
project at DCPL impacted group cash flows. Competition also hit
the company's anticipated store expansion plans during FY2016.
Despite which, the company recorded a healthy revenue growth of
10% in FY2016E. Operating and net margins however continued to be
thin during FY2015 and FY2016, though there was some improvement
in accruals (in 9M FY2016) due to supportive gold prices. The
company's credit profile is characterised by large working
capital debt, stretched capital structure with gearing at 1.9
times; and moderate coverage indicators with Interest coverage at
1.4 times and DSCR at 1.3 times as on 31st March 2015.

Davanam Jewellers Private Limited (DJPL) is in the business of
retailing of gold and silver jewellery in Bangalore. The Company
also deals in diamonds and other precious stones. The company
presently has three showrooms in Bangalore. The company is run by
the Davanam Family, which has a presence in jewellery business
since 1905.
Other than DJPL, the promoters have interests in other companies
viz. Davanam Constructions Private Limited, which is in the
business of real estate development and is the land holding
company for the group, Kausthubha Project Private Limited, which
is also in the business of real estate development and Amethyst
Hospitality Private Limited, which is operating a 132 room, all
suites, four star property called "Davanam Sarovar Portico Suite"
in Bangalore.

Recent Results
The company recorded a net profit of INR5.3 crores on an
operating income of INR276.1 crores in 9m FY2016. The company
registered a net profit of INR3.0 crores on an operating income
of INR290.4 crores in FY2015 as against a net profit of INR3.4
crores on an operating income of INR269.4 crores in FY2014.


DHS HOTELS: ICRA Assigns B+ Rating to INR29.70cr Loan
-----------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B+ to INR29.70
crore (revised from INR11.20 crore) fund based limits and has
[ICRA]B+ rating outstanding on INR0.30 crore non fund based
limits of DHS Hotels Private Limited.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Fund based limits        29.70      [ICRA]B+ assigned
   Non Fund based limits     0.30      [ICRA]B+ outstanding

The assigned rating is constrained by weak financial profile of
the company as reflected by net losses, stretched coverage
indicators and leveraged capital structure owing to debt funded
hotel construction; and insufficiency of cash accruals for term
loan repayments in FY2017 with shortfall likely to be funded by
promoter funds. The rating is further constrained by the exposure
of hotel performance to the cyclicality inherent in the
hospitality business; high geographic concentration risks with
operations limited to Tirupati of Andhra Pradesh; and likely
pressure on ARR (EXPAND) and the occupancy levels of hotel due to
increasing room supply in Tirupati in the near term.

The assigned rating however draws comfort from the hotel
management contract with ITC group for the fortune select brand
which provides benefit from the global marketing and advertising
network of ITC; and increase in revenues on the back of healthy
increase in occupancy levels owing to increase in corporate tie
ups and favorable demand dynamics in Tirupati.

Going forward, the ability of the company to improve its
occupancy levels, control costs and thereby improve margins, and
generate sufficient cash accruals for term loan repayments will
be key rating sensitivities from credit perspective.

DHS Hotels Private Limited (DHSHPL) is promoted by Mr. T.Krishna
Prasad and has constructed a 5 star hotel 'Fortune Select Grand
Ridge' in Tirupati, Andhra Pradesh on a leased land at
Shilparamam with total project cost of INR51.54 crore which was
funded through term loan of INR27.00 crore and remaining INR24.54
crore from promoters contribution. The hotel is situated in
Tirupati that annually draws millions of tourists and devotees
from all over the world. The Hotel construction has started in
the year 2010 and started commercial operations in the month of
January 2013.The hotel has a tie up with ITC for fortune select
brand and is valid for a period of 10 years.
Recent Results
DHSHPL has reported an operating income of INR17.95 crore and net
losses of INR2.57 crore in FY2015 as against an operating income
of INR9.80 crore and net losses of INR8.44 crore in FY2014.


GAJANAND RICE: ICRA Reaffirms B+ Rating on INR8.0cr Loan
--------------------------------------------------------
ICRA has reaffirmed [ICRA]B+ rating to INR8.00 crore1 long term
fund based cash credit facility of Gajanand Rice Mill.

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

The rating continues to be constrained by modest scale of
operations coupled with low value additive nature of operations
and intense competition on account of the fragmented industry
structure, which may affect profit margins. Further, the rating
also takes into account the vulnerability to adverse movement in
agricultural produce prices and other agro-climatic risks.
The rating, however takes into account improved financial profile
as evident from steady increase in profitability. Moreover,
timely repayment of term loan and moderate utilization of working
capital limits along with improving net worth position have kept
gearing profile and other debt coverage metrics at comfortable
level with positive cash flows. The rating also considers the
experience of key managerial personnel in the rice milling
industry and easy availability of raw material by virtue of its
favorable location in rice growing belt of Gujarat. The rating,
further takes into account; positive demand prospects of rice
with India being the world's second largest producer as well as
consumer of rice.

Established in 1982, Gajanand Rice Mill (GRM) is engaged in
processing, milling and polishing of non-basmati rice as well as
trading of product mix consisting of rice bran and rice. The firm
operates from its unit located at Sanand (Gujarat); with an
installed capacity of 215 metric tonnes per month for rice, 25
metric tonnes per month for broken rice and 58 metric tonnes per
month for rice bran.

Recent Results
For the year ended 31st March, 2015; Gajanand Rice Mill reported
an operating income of INR48.65 crore and profit after tax of
INR0.73 crore as per audited financial statement.


GIAN SAGAR: ICRA Revises Rating on INR59.2cr Loan to 'C'
--------------------------------------------------------
ICRA has revised the long-term rating for the INR135.0 Crore bank
facilities of Gian Sagar Educational & Charitable Trust from
[ICRA]B to [ICRA]C.  The rating revision takes into account the
ongoing disruption in operations at the institute following
strike by employees and tight liquidity conditions for the
entity.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Term Loans              50.8       Revised from [ICRA]B
                                      To [ICRA]C

   Bank Guarantee           7.0       Revised from [ICRA]B
                                      to [ICRA]C

   Overdraft               18.0       Revised from [ICRA]B
                                      to [ICRA]C

   Long-term Unallocated   59.2       Revised from [ICRA]B
                                      to [ICRA]C

GSECT witnessed decline in revenues and profitability in FY2015
on account of lower enrolments in the General Nursing & Midwifery
(90% occupancy in FY2014 to 54% in FY2015) and MSc-Nursing (100%
occupancy in FY2014 to 47% in FY2015) courses as well as sharp
reduction in donations following discontinuation of the special
management quota. Nevertheless, the rating continues to take into
account the reputation of the medical colleges as indicated by
the high occupancy rate of 87.2% in FY2015. The ability of the
trust to resume its operations and maintain steady revenues and
cash flows from the hospital as well as the colleges would be the
key rating sensitivities going forward.

Recent Results
In FY2015 (Audited), GSECT reported Revenue Receipts of INR69.3
Crore, Operating Surplus of INR9.1 Crore and Net Deficit of
INR9.5 Crore. In 8m, FY2016 (Provisional), GSECT reported Revenue
Receipts of INR57.1 Crore, Operating Surplus of INR19.9 Crore and
Net Surplus of INR7.1 Crore.

Gian Sagar Educational and Charitable Trust (GSECT), established
in the year 2003, operates the Gian Sagar Group of Institutions
in Patiala district of Punjab which includes Gian Sagar Medical
College, Gian Sagar Dental College, Gian Sagar College of
Physiotherapy and Gian Sagar School and College of Nursing.
Through these colleges, GSECT runs various medical courses
including MBBS, MD/MS, BDS and Bachelors and Masters in Nursing
and Physiotherapy. The trust also operates Gian Sagar Hospital
which offers a complete range of latest diagnostic, medical and
surgical facilities.


GOLD STAR: ICRA Suspends 'B+' Rating on INR6cr Loan
---------------------------------------------------
ICRA has suspended long term rating of [ICRA]B+ to the INR6.00
crore FBWC facilities of Gold Star Industries. The suspension
follows ICRA's inability to carry out a rating surveillance in
the absence of the requisite information from the company.

Incorporated in 1985 as a partnership firm, GI is promoted by
Jain Brothers (i.e. Mr. Jeewan Prabhat Jain & his family). The
firm started its operations with the manufacture of bicycle
components and gradually diversified to tractor parts, mopad
parts, forgings, paper, hand tools etc. largely goods are
exported to Latin America, South America, Brazil, Singapore etc.
the firm also supplies goods to the domestic market and other
export houses. It has a well-established infrastructure to
provide various products inside its well-integrated workshops
covering an area of 17500 sq. meters at focal point, Ludhiana.


KGS ENGINEERING: ICRA Cuts Rating on INR11cr LT Loan to B-
----------------------------------------------------------
ICRA has revised the long term rating outstanding on the INR11.00
crore fund based facilities of KGS Engineering Limited from
[ICRA]B+ to [ICRA]B-. ICRA has also reaffirmed the short term
rating of [ICRA]A4 to the INR7.00 crore non fund based bank
limits of KGSEL.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund
   Based                 11.00        [ICRA]B- downgraded

   Short Term Non-
   Fund Based             7.00        [ICRA]A4 reaffirmed

The revision of the long term rating takes into consideration the
weak demand outlook for the construction industry over the past
few years which has resulted in muted demand for the products of
KGSEL, resulting in a sharp decline in the company's revenues.
KGSEL has also faced delayed off-take of its products as well as
delays in receipt of payments from its customers, who are
primarily EPC contractors owing to their weaker bargaining
position with their customers as well as due to the financial and
operational difficulties faced by their end customers, which has
resulted in an increase in working capital intensity and
constrained liquidity for KGSEL. The ratings also takes into
account the modest scale of operations of the company; the
vulnerability of order inflows and project execution to capex
cycles in the end-user industries, the competition intensive
nature of the industry owing to high fragmentation with a large
number of small scale players & low product differentiation as
well as the vulnerability of profit margins to fluctuations in
raw material prices.

Nonetheless, ICRA draws comfort from the experience of the
company and its management in the business spanning over three
decades, the long term demand prospects for the industry, given
the anticipated investments in power and other infrastructure
sectors and the reputed customer profile of KGSEL which includes
major EPC contractors and power equipment suppliers.

The weak order book position of KGSEL as on February 2016
provides limited revenue visibility going forward and the
prospects of the company securing sizeable orders in the current
year appears bleak unless there is a significant improvement in
the end user industries. Hence, the ability of the company to
maintain its cash flows and keep its working capital requirements
under tight leash will be critical to ensure prompt debt
servicing.

KGS Engineering Limited (KGSEL) is a manufacturer of electrical
bus ducts, which are used to carry high voltage current between
electrical equipments. The company manufactures Low Tension (LT)
and High Tension (HT) bus ducts up to 33 kV voltage and 5000 A
current rating. KGSEL has plans to add variants like isolated
phase bus ducts (IPB) and sandwich bus ducts to its product
portfolio. KGSEL's customers include leading engineering,
procurement and construction contractors and power equipment
manufacturers such as L&T, McNally Bharat, Siemens, Alstom, ABB,
etc. KGSEL has its own manufacturing facility in Erulipattu, near
Chennai, with production facilities that conform to the relevant
manufacturing standards. The company was founded in 1979 as
Stardrive Busducts Private Limited. The company underwent a
change in ownership in 2005, when the Chennai based KGS group
purchased a controlling stake in the company. With the entire
shareholding being taken over by the KGS group in 2010, the name
of the company was changed to KGS Engineering Limited in 2010.

Recent results
KGSEL recorded a net loss of INR5.5 crore on an operating income
of INR16.7 crore during the financial year 2014-15 as per the
audited financial statements; as against a net profit of INR1.0
crore on an operating income of INR25.9 crore during FY 2013-14
as per the audited financial statements.


KRISHU MOTOR: CRISIL Assigns B- Rating to INR40MM Term Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-
term bank facilities of Krishu Motor Craft Private Limited.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan                40        CRISIL B-/Stable
   Cash Credit              20        CRISIL B-/Stable
   Proposed Long Term
   Bank Loan Facility       15        CRISIL B-/Stable

The rating reflects the company's below-average financial risk
profile because of a modest networth, high gearing, and weak debt
protection metrics. The rating also factors in modest scale of
operations in the intensely competitive auto dealership business
and exposure to risks related to successful commercialisation of
its ongoing capital expenditure. These rating weaknesses are
partially offset by the extensive experience of its promoters in
the automobile industry and their funding support.
Outlook: Stable

CRISIL believes KMCPL will benefit over the medium term from the
promoters' extensive industry experience. The outlook may be
revised to 'Positive' in case of improved scale of operations and
profitability, supported by timely and successful
operationalisation of auto-dealership. Conversely, the outlook
may be revised to 'Negative' if delay in project completion puts
pressure on the financial risk profile, particularly liquidity.
Incorporated in 1995, KMCPL is an authorised service centre for
passenger vehicles of Tata Motors Ltd and Hyundai Motor India Ltd
(HMIL). The HMIL dealership, which was awarded in December 2015,
is likely to start operations from June 2016. The company is
promoted by Khatwani and Dadwani families and is currently
managed by Mr. Shyam Khatwani and Mr. Ritesh Dadwani. KMCPL has
its registered office at Indore.


KSHITIJA INFRASTRUCTURE: ICRA Rates INR25cr Term Loan at 'B'
------------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B to the INR25.00
crore (enhanced from INR15 crore) enhanced fund based limit of
Kshitija Infrastructure Private Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loan             25.00       [ICRA]B Assigned

The assigned rating, favourably factors in the long standing
experience of promoters in development of residential real estate
projects, favourable location of the project-"Laxmi Building" in
Byculla West with key regulatory approvals in place. The rating
is, however, constrained by the significant execution risks for
the company with the redevelopment project "Laxmi Building" under
construction and 43% of budgeted cost remaining to be incurred as
on August 2015; exposure to market risk with only ~36% of the
total saleable area of "Laxmi Building" booked as on August 31,
2015. Additionally, a significant part of the remaining project
funding is to be met from customer advances which are contingent
on timing of bookings and collections from customers. The rating
is further constrained by the exposure to the cyclicality
inherent in the real estate sector and competition from other
ongoing projects from established developers in the surrounding
areas.

Incorporated in December 2000, Kshitija Infrastructure Private
Limited is a closely held private limited company, based out of
Mumbai, Maharashtra. The company is managed by Mr. Kamlesh G.
Mehta who has an experience of more than a decade in the real
estate industry. The group has developed xx sq. ft. of real
estate space in Mumbai.


LAVISH EXIM: Ind-Ra Assigns 'IND D' LT Rating to INR51.5MM Loan
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Lavish Exim
Private Limited's (LEPL) INR51.5 million term loans a Long-term
'IND D' rating.

KEY RATING DRIVERS

The rating reflects LEPL's delay in debt servicing during the 12
months ended February 2016 as well as its weak liquidity
position.

RATING SENSITIVITIES

Positive: Timely debt servicing for at least one quarter could
result in a positive rating action.

COMPANY PROFILE

LEPL was incorporated on 23 December 2005 and was initially
engaged in the import and export of various goods. However, the
company recently changed its business interests and is currently
in the process of getting registered under Section 8 of the
Companies Act 2013. Since FY14, it has been running an
international school, the Greater Noida World School, in Noida
(Uttar Pradesh); it has 750 students and runs classes from
kindergarten to fifth grade.


LAXMI CONSTRUCTION: CRISIL Suspends B- Rating on INR50MM Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Laxmi Construction Company (Laxmi).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit               50       CRISIL B-/Stable
   Proposed Long Term
   Bank Loan Facility        10       CRISIL B-/Stable
   Term Loan                 20       CRISIL B-/Stable

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

Laxmi, a proprietorship concern at Pen (Raigad, Maharashtra), was
set up in 1997 by Mr. R C Bandare. The firm is engaged in
construction activity for the irrigation department and
undertakes works for construction of dams mainly in and around
Raigad district. It is registered as a Class 1-A contractor with
Maharashtra government.


MAA MANGLA: CRISIL Assigns D Rating to INR95MM Cash Loan
--------------------------------------------------------
RISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Maa Mangla Ispat Private Limited (MMIPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Working Capital
   Term Loan                55.5      CRISIL D
   Proposed Long Term
   Bank Loan Facility       14.5      CRISIL D
   Cash Credit              95        CRISIL D
   Letter of Credit          5        CRISIL D

The ratings reflect instances of delay by MMIPL in meeting its
debt obligation, driven by weak liquidity.

The company also has a small scale of operations and large
working capital requirements in the highly fragmented sponge iron
industry. Moreover, its financial risk profile is weak driven by
weak debt protection metrics. It, however, benefits from the
extensive industry experience of the promoters.

Incorporated in 2004, MMIPL manufactures sponge iron. The company
is promoted by Mr. Manoj Kumar Agarwal and Mr. Ravi Kumar
Agarwal. The facility is in Raigarh (Chhattisgarh).


MANISHA PACKAGING: ICRA Suspends B Rating on INR12cr Loan
---------------------------------------------------------
ICRA has suspended its long-term rating of [ICRA]B and short term
rating of [ICRA]A4 assigned to the INR12 crore bank facilities of
Manisha Packaging. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the company.


MDA MINERAL: ICRA Assigns C+ Rating to INR6.0cr Term Loan
---------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]C+ to the INR6.00
crore term loan, INR8.50 crore fund based limits of MDA Mineral
Dhatu (AP) Private Limited. ICRA also assigned the short term
rating of [ICRA]A4 to the INR2.50 crore non fund based limits of
the company (sub limit of long term fund based).

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loan              6.00        [ICRA]C+ assigned

   Long Term Fund
   Based Limits - CC      5.00        [ICRA]C+ assigned

   Long Term Fund
   Based Limits
   Forward Contract       2.50        [ICRA]C+ assigned

   Short Term Non fund
   Based Limits - LC      2.50        [ICRA]A4 assigned

The assigned ratings are constrained by the weak financial
profile of the company as reflected in operating losses, weak
capital structure with gearing at 5.36 times as on March 31, 2014
and stretched coverage indicators. The ratings also factor in the
vulnerability of the company's profitability and cash flows to
highly cyclical nature of the ferro-alloy industry due to
linkages to the steel industry prospects, high working customer
concentration with top three customers accounting for ~78% of the
revenues during FY2015(9m) and moderate capacity utilisation
owing to nascent stage of operations. The ratings, however,
favourably factor in the diversified portfolio and ability to
change product mix in accordance with the market requirement
along with the likely increase of ferro alloy consumption with
increase in industrial production on the back of industrial
needs.

MDA Mineral Dhatu (AP) Pvt. Ltd. (MDA) is a 6MVA ferro alloy unit
was incorporated in the year 2011, after its de-merger from MDA
Projects India Pvt. Ltd, by Mr.Vidhan Mittal, Mr.Vijay Kumar
Mittal and Mr.Chagan Lal Mittal as directors. The parent company-
MDA Projects India Pvt. Ltd. has been dissolved after the
incorporation of MDA Mineral Dhatu (AP) Pvt. Ltd. The factory of
the company is located at owned premises at Bobbilli,
Vijayanagaram,Andhra Pradesh, spread over 4.50 acres and built up
area of ~ 4 acres.

Recent Results
According to unaudited financials, the company reported a net
loss of INR3.20 crore on an operating income of INR32.68 crore
for the fiscal year 2014-15 (9 months). Earlier according to
audited financials, the company has reported a net loss of
INR2.40 crore on an operating income of INR11.61 crore during
2013-14.


MITTAL LUMBER: CRISIL Assigns B- Rating to INR22.5MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Mittal Lumber Private Limited (MLPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             22.5       CRISIL B-/Stable
   Letter of Credit        44         CRISIL A4

The ratings reflect the company's small scale of operations and
large working capital requirement in the highly competitive
timber industry, and its below-average financial risk profile
because of high total outside liabilities to tangible networth
ratio. These weaknesses are partially offset by its promoters'
extensive industry experience.

Outlook: Stable

CRISIL believes MLPL's operations will remain working capital
intensive and liquidity will stay under pressure over the medium
term. The outlook may be revised to 'Positive' if sustainable
increase in revenue and profitability, and efficient working
capital management strengthen the company's key credit metrics.
Conversely, the outlook may be revised to 'Negative' if low
profitability, substantial increase in working capital
requirement, or large debt-funded capital expenditure weakens its
financial risk profile

MLPL, incorporated in 1991, processes timber, especially pine
wood and softwood, and trades in plywood. The company is promoted
by Mr. Pradeep Kumar Jain and Ms. Poonam Jain.

MLPL's profit after tax (PAT) was INR0.29 million on operating
income of INR150.9 million in 2014-15 (refers to financial year,
April 1 to March 31), against PAT of INR0.41 million on operating
income of INR126.7 million in 2013-14.


N. D. GUPTA: CRISIL Suspends 'B' Rating on INR25MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of M/s
N. D. Gupta & Sons (NDGS).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           40        CRISIL A4
   Cash Credit              25        CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility        5        CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by
Code with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, Code is yet to
provide adequate information to enable CRISIL to assess Code'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 1980 and based in Bareilly (Uttar Pradesh), NDGS
is a partnership firm that undertakes civil construction of roads
and buildings in Uttar Pradesh and Uttarakhand. NDGS is owned and
managed by Mr. Ajay Kumar Agarwal and family.


NERAVY SAIVA: CRISIL Suspends 'B' Rating on INR50MM LT Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Neravy
Saiva Sithananda Pullvar SO. Soupramanien Pillai Education and
Social Trust (Neravy).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term
   Bank Loan Facility       50        CRISIL B/Stable
   Proposed Working
   Capital Facility         30        CRISIL B/Stable


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

Neravy was established in April 2009 to set up a polytechnic
college under the name of Vasantha Murugu Polytechnic College in
Nagapattinam district (Tamil Nadu). The operations of the trust
are handled by its founder and the managing trustee Mr. S
Elamurugu and his wife Mrs. Gunavathy.


NIRMAL TRADERS: ICRA Assigns B+ Rating to INR4.85cr Term Loan
-------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ to the INR4.85
crore1 term loan facility and INR3.50 crore cash credit facility
of Nirmal Traders. ICRA has also assigned a long term rating of
[ICRA]B+ and a short term rating of [ICRA]A4 to the INR1.65 crore
unallocated amount of NT.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based Limits
   Term Loan facility     4.85       [ICRA]B+ assigned

   Fund Based Limits
   Cash Credit facility   3.50       [ICRA]B+ assigned

   Unallocated Limits     1.65       [ICRA]B+/[ICRA]A4 assigned

The assigned ratings are constrained by Nirmal Trader's (NT)
modest scale of operation which limits economies of scale, the
highly competitive nature of the industry in which the firm
operates, due to low entry barriers and exposure to agro climatic
risks, which can affect the availability of agro products in
adverse weather conditions. The rating also takes into account
the firm's weak profitability metrics due low value additive
nature of business. Further NT business constitution as
partnership firm makes it vulnerable to withdrawal of capital by
partners.

The ratings, however, favourably factors in the long standing
experience of the promoters in the pulse processing and trading
business where the firm is operating over one decade and
favourable demand prospects of the pulses from the end consumer
as they form an essential constituent of Indian diet.

Established in 2004, Nirmal Traders (NT) is a partnership concern
engaged in trading of agricultural produces which mainly include
soyabean, wheat, pigeon peas (toor dal), and Chickpeas (chana
dal). The firm is actively managed by two partners' viz. Mr.
Rahul Rampuriya and Mr. Vishal Sancheti, who has long standing
experience in pulse and grain trading business. The firm also
acts as a liasoning agent for Adani Wilmar Ltd., Ruchi Soya
Industries Ltd. and ITC ABD Ltd.

The firm has its registered office in Kalamna Grain market in
Nagpur. Presently, the firm is in the process of setting up a
fully automatic Dal mill and colour sorter plant in Mouza Kapsi,
Kamptee, in Nagpur. The plant will primarily process toor dal and
will have an installed capacity of 28800 MTPA.

Recent Results:
NT has reported a profit after tax of INR0.11 crore on an
operating income of INR32.24 crore for the year ending 31st March
2015 and a profit after tax of Rs0.18 crore on an operating
income of INR24.83 crore as on 30th November 2015.


ORIENTAL TIMBER: CRISIL Suspends D Rating on INR300MM Loan
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of E
Oriental Timbers (EOT; a part of the Oriental Timber group [OT
group]).

                               Amount
   Facilities                (INR Mln)     Ratings
   ----------                ---------     -------
   Cash Credit                    50       CRISIL D
   Foreign Letter of Credit      300       CRISIL D
   Proposed Cash Credit Limit     10       CRISIL D

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

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of EOT and Oriental Woods (ORW). This is
because the entities together referred to as the OT group,
operate in the same line of business and have significant
operational and financial linkages.

Set up in 2006 as a proprietorship firm, EOT trades in and
processes timber. ORW, set up in 2001 as a partnership firm, also
trades in timber. The OT group is managed by Mr. VP Rasheed and
his family.


ORIENTAL WOODS: CRISIL Suspends D Rating on INR100MM Loan
---------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Oriental Woods (ORW; a part of the Oriental Timber group.

                             Amount
   Facilities              (INR Mln)     Ratings
   ----------              ---------     -------
   Cash Credit                   30      CRISIL D
   Foreign Letter of Credit     100      CRISIL D
   Proposed Letter of Credit     70      CRISIL D

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

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of ORW and E Oriental Timbers (EOT). This
is because the entities together referred to as the OT group,
operate in the same line of business and have significant
operational and financial linkages.

Set up in 2006 as a proprietorship firm, EOT trades in and
processes timber. ORW, set up in 2001 as a partnership firm, also
trades in timber. The OT group is managed by Mr. VP Rasheed and
his family.


PARVATI COTTON: CRISIL Assigns B Rating to INR90MM Cash Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Parvati Cotton Industries - Beed (PCI).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              90        CRISIL B/Stable

The rating reflects the firm's modest scale of, and working
capital-intensive, operations in the highly fragmented cotton
ginning industry, and below-average financial risk profile
because of small networth and aggressive capital structure. These
weaknesses are partially offset by partners' extensive industry
experience.
Outlook: Stable

CRISIL believes PCI will continue to benefit over the medium term
from partners' extensive experience. The outlook may be revised
to 'Positive' if significant improvement in revenue and
profitability leads to sizable cash accrual. Conversely, the
outlook may be revised to 'Negative' if financial risk profile,
particularly liquidity, deteriorates due to low cash accrual,
stretched working capital cycle, or major capital expenditure.

Set up in 2008 as a partnership firm by Mr. Mahadev Deshmane, Mr.
Sanjay Pawal, Ms. Parvati Kshirsagar, and Ms. Nayana Kshirsagar,
PCI gins and presses cotton and its unit in Beed, Maharashtra.


PRAGYA RICE: ICRA Assigns B+ Rating to INR8.0cr Loan
----------------------------------------------------
ICRA has assigned its long-term rating of [ICRA]B+ to the INR8.00
crore fund based facilities of Pragya Rice Mill.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limits      8.00        [ICRA]B+; Assigned

ICRA's rating factors in PRM's modest scale of operations, which
coupled with the low value additive nature of business and high
competition in the industry, has resulted in low profitability
and moderate debt coverage indicators. The rating also takes into
account the working capital intensive nature of the rice milling
business due to the need to maintain substantial inventories.
Further, the initial capital expenditure and working capital
requirements have been primarily funded through bank borrowings,
leading to a highly leveraged capital structure. The rating is
also constrained by agro climatic risks, which can affect the
availability of paddy in adverse conditions. ICRA also takes note
of the partnership constitution of the firm which exposes it to
risks related to dissolution, withdrawal of capital etc.

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

Going forward, the ability of the firm to increase its scale of
operations and sustain its profitability, while improving its
capital structure and optimizing the working capital intensity,
will be the key rating sensitivities.

Incorporated in 2013, Pragya Rice Mill is a partnership firm
engaged in milling, processing and sorting of non-basmati rice.
The firm's plant at Raebareli (Uttar Pradesh) has a milling
capacity of 4 tonnes per hour. The firm commenced commercial
operations in September 2013 and primarily sells non basmati
(Sama Mansoori) rice through export as well as domestic sales.
The direct exports are made to Nepal and the balance is sold
through exporters to countries like Dubai, Saudi Arabia etc.

Recent Results
The firm reported a net profit of INR0.34 crore on an operating
income of INR32.08 crore in FY2015, as against a net profit of
INR0.16 crore on an operating income of INR6.34 crore in the
previous year.


QUALITY INDUSTRIES: Ind-Ra Assigns 'IND BB+' LT Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Quality
Industries (QI) a Long-Term Issuer Rating of 'IND BB+'. The
Outlook is Stable. A full list of rating actions is at the end of
this commentary.

KEY RATING DRIVERS

The ratings factor in QI's tight liquidity, as evidenced by its
average working capital utilisation of around 98.16% during the
12 months ended March 2016. The ratings also factor in QI's high
customer concentration risk during FY16 and its presence in the
highly competitive consumer electronics industry.  The agency
also considers QI's partnership-based organisational structure.

However, the ratings are supported by QI's strong scale of
operations, with revenue of INR2,295m in FY15 (FY14: INR1,708m).
The ratings are also supported by QI's comfortable credit
metrics, as seen in its gross interest coverage of 3.69x in FY15
(FY14: 3.81x) and net leverage of 2.82x ( 2.05x). The ratings
further draw comfort from one of its promoters' experience of
over two decades in the consumer electronics industry.

RATING SENSITIVITIES

Negative: Further deterioration in operating profitability
leading to a decline in credit metrics would be negative for the
ratings.

Positive: An improvement in overall revenue and operating
profitability, leading to a sustained improvement in its credit
profile, would be positive for the ratings.

COMPANY PROFILE

QI commenced operations in 2008 and is a partnership-based unit
that manufactures consumer electronics such as fans, clothing
irons, heat convectors, immersion rods, toasters, etc. at its
plant in Solan, Himachal Pradesh.

QI's ratings:
-- Long-Term Issuer Rating: 'IND BB+'/Stable
-- INR81.5 million fund-based working capital limits: assigned
    Long-term 'IND BB+'/Stable and Short-term 'IND A4+'
-- INR150 million non-fund-based limits: assigned 'IND A4+'
-- INR3.33 million long-term loans (outstanding): assigned 'IND
    BB+'/Stable


R S ROCKSAND: CRISIL Assigns 'B' Rating to INR70MM LT Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of R S Rocksand (RSR).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Cash
   Credit Limit            10         CRISIL B/Stable
   Cash Credit             10         CRISIL B/Stable
   Long Term Loan          70         CRISIL B/Stable

The rating reflects RSRs exposure to risks related to
implementation of its on-going project and exposure to risks
related to stabilisation during initial stages of operations.
These rating weaknesses are partially offset by the benefits that
the firm derives from its promoters' extensive industry
experience.
Outlook: Stable

CRISIL believes that RSR will benefit from the promoter's
extensive industry experience over the medium term. The outlook
may be revised to 'Positive' in case of timely execution of the
project within the projected cost or in case of higher than
expected revenues and profitability; resulting in higher than
expected accruals and thus better financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of
any time or cost overrun which would adversely impact the
financial risk profile of the firm and thus its debt-servicing
ability.

Set up in 2015, RSR is setting up an m-sand and aggregates
manufacturing unit. Based out of Vijayawada and promoted by Mr.
R.Rajesh and his family, the company is setting up the unit in
Kolar district of Karnataka.


RAGHU RAMA: ICRA Suspends C+ Rating on INR8.0cr Bank Loan
---------------------------------------------------------
ICRA has suspended [ICRA]C+ rating assigned to the INR8.0 crore
bank facilities of Raghu Rama Renewable Energy Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

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


RAJA FOOD: CRISIL Assigns B Rating to INR66MM Cash Loan
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Raja Food Products (RFP).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan                 9        CRISIL B/Stable
   Cash Credit              66        CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility       25        CRISIL B/Stable

The rating reflects the company's small scale of operations in
the fragmented rice milling industry, working capital-intensive
operations, and weak financial risk profile because of a high
total outside liability to tangible networth ratio. These
weaknesses are mitigated by the partners' extensive industry
experience and their funding support.
Outlook: Stable

CRISIL believes RFP will continue to benefit from the partners'
extensive industry experience over the medium term. The outlook
may be revised to 'Positive' in case of a significant increase in
the scale of operations and profitability along with improvement
in the working capital cycle. Conversely, the outlook may be
revised to 'Negative' in case of a weak capital structure on
account of a large, debt-funded capital expenditure programme or
low cash accrual.

RFP was set up as a partnership firm in 2005 by the Vohra family
based in Guruhar Sahai, (Ferozepur; Punjab). The firm, promoted
by Mr. Sanjiv Vohra and his father Mr. Surinder Vohra, is engaged
in milling, processing, and selling of parboiled basmati rice in
the domestic market.

In 2014-15 (refers to financial year, April 1 to March 31), net
profit was INR0.93 million on net sales of INR238.7 million as
against net profit and net sales of INR1.03 million and INR120.4
million, respectively, in 2013-14.


RATAN GHEE: ICRA Suspends B+ Rating on INR7.0cr Loan
----------------------------------------------------
ICRA has suspended long term rating of long term rating of
[ICRA]B+ to the INR7.0 crore fund based bank facilities of Ratan
Ghee Depot Private Limited (RGDPL). The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of
the requisite information from the company.

Ratan Ghee Depot Private Limited (RGDPL) was setup as a
proprietorship concern by Mr.Surendra Kumar Jain in 1970. In
2011, the company was converted from a sole proprietorship into a
private limited company. RGDPL is primarily engaged in buying and
selling of ghee under its own brand name - Ratan.


ROLEX LANOLIN: ICRA Reassigns B+ Rating to INR8.35cr LT Loan
------------------------------------------------------------
ICRA has revised the long term rating to the INR5.25 crore cash
credit and the INR8.35 crore term loan facilities of Rolex
Lanolin Products Limited (RLPL) from [ICRA]BB- to [ICRA]D and
simultaneously reassigned the rating to [ICRA]B+. ICRA has also
revised the short term rating to the INR0.25 crore short term non
fund based and INR1.00 crore (sublimit of cash credit) short term
fund based facilities of RLPL from [ICRA]A4 to [ICRA]D and
simultaneously reassigned the rating to [ICRA]A4.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long Term Fund
   Based-Term Loans      8.35       Revised to [ICRA]D
                                    from [ICRA]BB-(stable)
                                    and simultaneously
                                    reassigned to [ICRA]B+

   Long Term Fund        5.25       Revised to [ICRA]D
   Based-Cash Credit                from [ICRA]BB-(stable)
                                    and simultaneously
                                    reassigned to [ICRA]B+

   Short Term Non        0.25       Revised to [ICRA]D
   Fund Based Letter                from [ICRA]A4 and
   of Guarantee                     simultaneously reassigned
                                    to [ICRA]A4

   Short Term Fund      (1.00)      Revised to [ICRA]D
   Based-Packing                    from [ICRA]A4 and
   Credit                           simultaneously reassigned
                                    to [ICRA]A4

   Short Term Fund      (1.00)      Revised to [ICRA]D
   Based-FDBP/FUDB                  from [ICRA]A4 and
                                    simultaneously reassigned
                                    to [ICRA]A4

Rating Rationale

The rating revision factors in the irregularities in debt
servicing observed during FY15 on account of delayed commencement
of production from Vapi plant, which were regularised from
February 2015 post receipt of approval for extension of
moratorium period by bank. The ratings also factor in the
company's failure to scale up revenues in the current year on
account of slump in demand for lanolin products and fall in
average sales realisations on the back of sharp correction in raw
material (crude wool grease) prices. The ratings continue to
remain constrained on account of the company's moderate financial
profile as reflected by high gearing level, moderate
profitability levels and coverage indicators; strong competition
from other suppliers of lanolin products particularly in
technical grade segment; and exposure to adverse fluctuations in
crude wool prices and foreign exchange rates. Further,
considering the sizeable term loan repayments for the company,
scaling up of operations at the earliest while maintaining
healthy profitability remains crucial for timely debt servicing.

Nonetheless, the ratings continue to favorably factor in the long
standing experience of the promoters spanning over four and a
half decades and established track of the company in
manufacturing of lanolin products. The ratings also positively
take into account the diversified and established client base of
the company comprising of leading domestic and multinational
companies from FMCG, pharmaceutical and industrial sectors; and
multiple applications of lanolin products which limits exposure
to any particular sector. ICRA also takes note of the benefits
arising out of the new Vapi plant in terms of creation of strong
asset base as well as possible cost savings as a result of
shifting to Vapi.

Rolex lanolin Products Ltd. (referred as RLPL or The Company) was
established in 1967 as a partnership firm under the leadership of
Mr. Hasmukh Zaveri. RLPL manufactures and supplies lanolin and
its allied products of various grades and specifications. The
promoter initially started with trading of lanolin and later on
ventured into manufacturing activity by setting up a plant in
Mumbai for undertaking indigenous commercial production of
lanolin. In 1990, the firm became a private limited company under
the name of Rolex Lanolin Products Pvt. Ltd. On December 16,
1994, the company was reconstituted as a limited company and the
name was changed to
Rolex lanolin Products Ltd. RLPL currently operates from its
manufacturing unit located in Vapi which has an installed
manufacturing capacity of 1200 MTPA.

Recent Results
For the financial year ended March 31, 2015, the company reported
an operating income of INR24.71 crore and profit after tax of
INR0.78 crore as against an operating income of INR24.20 crore
and profit after tax of INR1.37 crore for the financial year
2013-14.


SAHAJ SOLAR: ICRA Assigns B+ Rating to INR1.45cr Term Loan
----------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B+ to the INR3.41
crore1 long-term fund based facilities of Sahaj Solar Private
Limited. ICRA has also assigned a short term rating of [ICRA]A4
to the INR2.30 crore short term non-fund based bank guarantee of
SSPL. Further, ICRA has assigned the long term/short term ratings
of [CRA]B+/A4 to the INR1.29 crore unallocated limits of SSPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           0.50        [ICRA]B+ assigned

   Corp SME liquid
   Plus Scheme (CSLPS)   1.40        [ICRA]B+ assigned

   Term Loan             1.45        [ICRA]B+ assigned

   Vehicle Loan          0.06        [ICRA]B+ assigned

   Bank Guarantee        2.30        [ICRA]A4 assigned

   Unallocated Limits    1.29        [ICRA]B+/A4 assigned

The assigned ratings are constrained by the company's weak
financial risk profile of the company characterized by low
profitability, stretched capital structure and weak return
indicators as well as limited experience of the new promoters in
the solar space. The ratings are further constrained by the
vulnerability of the company's profitability to the fluctuations
in the raw material prices as well as competition from the large
number of organised and unorganized players that pressurizes the
margins. ICRA also takes note that current scale of operations
remains modest, resulting in limited bargaining power with buyers
and suppliers; although the entity has reported healthy growth in
9MFY2016.

The ratings however favourably take into consideration the
technical tie up arrangement with Austrian based "KPV Solar" for
design and consultation regarding assembly and supply of solar
modules to solar farm developers as well as product
diversification in solar water pumps segment supporting the
growth in scale of operations

Sahaj Solar Private Limited (SSPL) was incorporated in the year
2007 by the Surat based promoters-Mr Sandip and Mr Rajani
Radadiya, with initial operations involving R&D activity for
developing solar PV modules, following which the company
commenced commercial operations in the year 2011. The
aforementioned promoters sold their entire stake equity holding
in the company to the Ahmedabad based promoter-Mr Pramit
Brahmbhatt. The new promoters took over the company in November
2014 along with the brand, licenses, product approvals (including
MNRE approvals for solar panels, ISO 9001:2008 certifications,
TUV Saar, IEC 61215, IEC 61730-1 and IEC 61730-2) and started
commercial production from January 2015 onwards.

Following change in ownership, the company shifted its
manufacturing facility from Surat to Changodar near Ahmedabad and
currently has semi-automated is capable of manufacturing solar
modules totaling to ~25MW per annum. SSPL manufactures solar
modules ranging between 5W to 300W. The company has also
diversified in solar water pumps in the current fiscal year FY
2016. The current product profile of the company consists of
solar PV panels, solar home lighting systems, solar street
lights, rooftop Industrial systems, solar water pump, solar power
pack and trading of solar cells.

Recent Results
For the financial year ended March 2015, the company reported an
operating income of INR3.77 crore and profit after tax of INR0.03
crore as against an operating income of INR5.57 crore and net
loss of INR0.03 crore during FY 2014. Further in 9M FY2016, the
company has reported operating income of INR8.49 crore and profit
after tax of INR0.93 crore (as per unaudited provisional
financials).


SELEO CERAMIC: ICRA Reaffirms B Rating on INR3.99cr Term Loan
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B to the
INR3.25 crore cash credit facility, INR3.99 crore (reduced from
INR5.00 crore) term loan facility and INR1.54 crore unallocated
limits of Seleo Ceramic Private Limited. ICRA has also reaffirmed
the short-term rating of [ICRA]A4 to the INR1.00 crore bank
guarantee facility of SCPL.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit           3.25       [ICRA]B reaffirmed
   Term Loan             3.99       [ICRA]B reaffirmed
   Bank Guarantee        1.00       [ICRA]A4 reaffirmed
   Unallocated limits    1.54       [ICRA]B reaffirmed

The reaffirmation of the ratings continues to factor in SCPL's
relatively small scale as well as limited track record of
operations and weak financial risk profile characterized by weak
return indicators, leveraged capital structure and weak debt
protection metrics. The ratings are further constrained by the
vulnerability of the company's profitability to the cyclicality
inherent in the real estate industry, which is the main consuming
sector; and to the adverse fluctuations in prices of raw
materials and natural gas, which is the major fuel. The ratings
also take into account the highly competitive domestic ceramic
industry with presence of large established organized tile
manufacturers as well as unorganized players in Morbi (Gujarat)
resulting in limited pricing flexibility.

The ratings, however, favourably factor in the long standing
experience of the promoters in the ceramic tile industry through
their former association with other ceramic companies which are
also engaged in manufacturing and trading of tiles and locational
advantage due to presence of the company's plant near Morbi,
India's ceramic hub, giving it easy access to raw material.

Incorporated in March 2013, Seleo Ceramic Private Limited (SCPL)
is engaged in manufacturing of ceramic wall tiles at its
manufacturing facility located at Morbi, Gujarat. The company
commenced its commercial operations from January 2014 and
currently manufactures digitally printed ceramic wall tiles of
four different sizes with total installed capacity of ~16,80,000
boxes per annum (~18,480 Metric Tonnes Per Annum). The company is
promoted by Mr. Nanji Kavar, Mr. Atul Kavar and Mr. Tarun Kavar
who have past experience in ceramic industry by way of their
former association with other tile trading and manufacturing
companies.

Recent Results
During FY2015, SCPL reported an operating income of INR12.61
crore and profit after tax of INR0.04 crore as against the
operating income of INR3.42 crore and net losses of INR0.39 crore
during three months of operations in FY2014.


SHANTI DEVI: ICRA Suspends B+ Rating on INR95cr Loan
----------------------------------------------------
ICRA has suspended the [ICRA] B+ rating for the INR95.00 crore
fund based facilities and INR2 crore non fund based facilities of
Shanti Devi Charitable Trust. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of
the requisite information from the company.


SHARIEF MARINE: ICRA Suspends B Rating on INR9.0cr Loan
-------------------------------------------------------
ICRA has suspended the rating of [ICRA]B assigned to the INR9.00
crore fund based facilities of Sharief Marine Products Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


SHRI KALYAN: CRISIL Cuts Rating on INR526.6MM LT Loan to B-
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Shri Kalyan Buildmart Private Limited (SKBPL) to 'CRISIL B-
/Stable' from 'CRISIL B/Stable'.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Proposed Long Term      526.6     CRISIL B-/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL B/Stable')

   Term Loan               373.4     CRISIL B-/Stable (Downgraded
                                     from 'CRISIL B/Stable')

The downgrade reflects expected deterioration in the company's
business and financial risk profiles on account of delays in
project completion. Its project was previously expected to be
completed by September 2015. However, due to a legal issue with
the state government authority related to proximity of the
project to the Jaipur airport, and the consequent ongoing
litigation pending in the Rajasthan high court, project
completion is expected to be delayed to June 2016. The company
got its sanctioned term loan of INR900.0 million restructured to
INR373.4 million; the rest of the loan will not be drawn down.
Loan repayments are scheduled to begin from June 2016. The delays
in completion reduce the time available for leasing out project
space and begin receiving rental inflows.

Moreover, the total project cost is expected to increase to
around INR1.60 billion from INR1.48 billion estimated earlier, on
account of the time overrun. This is expected to be funded
through additional unsecured loans and equity infusion by the
promoters. The potential delay in leasing out the space together
with the expected escalation of project cost is likely to result
in weaker liquidity over the medium term.

The rating reflects exposure to project implementation and demand
risks and to risks related to cyclicality in the Indian real
estate industry. These rating weaknesses are partially offset by
the extensive industry experience of the company's promoters and
the advantageous location of its project.
Outlook: Stable

CRISIL believes SKBPL will continue to benefit over the medium
term from its promoters' industry experience. The outlook may be
revised to 'Positive' in case of completion of the project within
the stipulated timeline (based on revised completion period) and
execution of bookings along with higher-than-expected
realisations, leading to better-than-anticipated profitability.
Conversely, the outlook may be revised to 'Negative' in case of a
further time or cost overrun in successful completion of the
project, resulting in further weakening of the company's
financial risk profile. Delays or shortfall in realisation of
cash flows from operations of the project or in funding support
from promoters may also result in a 'Negative' outlook.

SKBPL, established in 2006, is currently developing a commercial
real estate project, KGK Commercial Complex, in Jaipur. The
company was set up by Mr. Navrattan Kothari, who is currently
managing operations of the KGK group of companies.


SIDDHI VINAYAK: CRISIL Suspends D Rating on INR135MM Loan
---------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Siddhi Vinayak Industries Private Limited (SVIPL; part of the
GMPL group).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           2.5       CRISIL D
   Cash Credit             10.0       CRISIL D
   Letter of Credit       135.0       CRISIL D

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

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of SVIPL, Ganesh Multiplex Pvt Ltd
(GMPL), and Jai Shree Balaji Fats & Oils Pvt Ltd (JSFPL). This is
because the three companies, together referred to as the GMPL
group, have common promoters and management, significant
operational linkages with common suppliers and customers, and
fungible cash flows.

The GMPL group trades in edible oil, primarily refined, bleached,
and deodorised (RBD) palmolein oil. The group also trades in
pulses. Its daily operations are managed by Mr. Naval Kishore
Banka and his son, Mr. Rajeev Banka.


SMITH STRUCTURES: ICRA Assigns B+ Rating to INR9.0cr Cash Loan
--------------------------------------------------------------
ICRA has assigned [ICRA]B+ rating to INR9.00 crore long term fund
based cash credit facility of Smith Structures (India) Private
Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit           9.00         [ICRA]B+; assigned

The assigned rating is constrained by weak financial profile of
SSIPL as depicted by low profitability margins and leveraged
capital structure coupled with feeble debt coverage metrics.
Moreover, high working capital requirement due to inventory
holding coupled high receivable cycle has also pressurized
liquidity position of the company. The rating also takes into
account intense competition on account of presence of organized
as well as unorganized players along with easy entry levels in
this line of business. The rating is further constrained by
vulnerability of SSIPL's profitability to fluctuations in raw
material price fluctuation risk as company mostly executes fixed
price contract.

The rating, however, positively considers the experience of the
promoters in the manufacturing of PEB structures and its assembly
operations. Moreover, increase in number of orders in past two
years reflects stabilization in operations of the company. The
rating further considers company's near term revenue visibility
as evident from present order book position and its execution
period.

Smith Structures (India) Private Limited (SSIPL) has been
promoted by Panchal group namely Mr. Arvind Panchal, Mr. Monik
Panchal and Mr. Chintan Panchal with an extensive experience in
steel fabrication segment. Incorporated in the year 2011, the
company is engaged in manufacturing, erection & installation of
PEB structures such as office, factory buildings, plants of
factory, warehouses, prefabricated buildings and prefabricated
structures. The production operations were commenced from
February 2013 onwards.

Recent Results
For the year ended 31st March, 2015; Smith Structures (India)
Private Limited reported an operating income of INR26.81 crore
and profit after tax of INR0.26 crore.


SPR SPIRITS: ICRA Suspends D Rating on INR41.55cr Loan
------------------------------------------------------
ICRA has suspended the rating of [ICRA]D assigned to the INR41.55
crore fund based and non fund based facilities of SPR Spirits
Private Limited. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.


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

                          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 the stretched capital
structure of the firm on account of high reliance on external
debt resulting in high gearing, low profitability and hence
modest coverage indicators. Further, The rating also takes into
account vulnerability of the firm's profitability to fluctuations
in the raw material prices on account of agro-climatic risks
associated with psyllium seed production, 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 Sun Enterprise 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 take into account significant rise in revenue during FY15
and location advantage arising from the firm's proximity to ports
and raw material sources.

Established in 1995, Sun Enterprise 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 INR49.27 crore and
profit after tax of INR0.83 crore in fiscal year 2014-15.


SUN N WIND: CRISIL Assigns B Rating to INR551.1MM Project Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Sun N Wind Infra Energy Private Limited.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Project Loan            551.1      CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility        3.9      CRISIL B/Stable

The rating reflects SWIEPL's exposure to risks related to
implementation and stabilisation of its solar power plant
project, and its expected below-average financial risk profile
because of the large debt-funded project. These weaknesses are
partially offset by its promoters' extensive entrepreneurial
experience and their funding support, and healthy revenue
visibility backed by 12-year power purchase agreement (PPA) with
Uttar Pradesh Power Corporation Ltd (UPPCL).
Outlook: Stable

CRISIL believes SWIEPL will benefit from its promoters' extensive
entrepreneurial experience and its long-term PPA. The outlook may
be revised to 'Positive' if timely project completion and ramp-up
of operations lead to more-than-expected cash accrual during the
initial years. Conversely, the outlook may be revised to
'Negative' in case of delays in project completion, slower-than-
expected ramp-up of operations, or large receivables, leading to
deterioration in financial risk profile, particularly liquidity.

SWIEPL, incorporated in February 2015 and based in Bareilly, is
constructing a 10-megawatt solar power plant at Lalitpur in Uttar
Pradesh, and will sell electricity to UPPCL.


SUNNY STAR: Ind-Ra Assigns 'IND BB+' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Sunny Star
Hotels Private Limited (SSHPL) a Long-Term Issuer Rating of 'IND
BB+'. The Outlook is Stable. The agency has also assigned its
INR99.7 million term loan an 'IND BB+' rating with a Stable
outlook.

KEY RATING DRIVERS

SSHPL's ratings reflect its small scale of operations and
moderate credit profile. During FY15, revenue was INR129.8
million (FY14: INR13.5 million), operating EBITDA margins were
40.1%  (35.8%), net adjusted debt/EBITDAR was 3.5x (38.0x) and
EBITDAR interest coverage was 2.7x (1.4x).

However, the ratings derive strength from two of its promoters'
track record of approximately one decade in the hospitality
business.

RATING SENSITIVITIES

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

Negative: A sustained deterioration in its EBITDA interest
coverage will be negative for the ratings.

COMPANY PROFILE

Incorporated in 2012, SSHPL operates a five-star hotel named The
Panache in Patna, Bihar. The hotel commenced operations in
January 2014; it has 73 rooms, 2 banquets, 3 bars and restaurants
as well as a nightclub. It is managed by four directors: Dileep
Kumar, Priyesh Kumar, Ankita Narayan and Usha Devi.


SUNRISE ENGITECH: Weak Financial Strength Cues ICRA SP 3D Grading
-----------------------------------------------------------------
ICRA has assigned 'SP 3D' grading to Sunrise Engitech Private
Limited (SEPL), indicating 'Moderate Performance Capability' and
'Weak Financial Strength' of the channel partner & 'Solar
Photovoltaic - System Integrator' to undertake On Grid Solar
Rooftop Power Projects" and Off Grid and decentralized solar
applications. The grading is valid for a period of two years from
March 17, 2016 after which it will be kept under surveillance.

Grading Drivers

Strengths
* Experienced promoters with established technical competence in
   solar thermal space.
* Moderate order book provides adequate revenue visibility.
* Satisfactory feedback from customers and suppliers

Risk Factors
* Small Scale of operations with operating income of INR1.20
   crore in FY 15.
* Moderate size of the thermal projects executed, ability to
   execute large size PV projects yet to be seen given the
limited
   experience in the PV segment.
* Financial risk profile characterized by thin accruals and low
   networth base.
* High competitive pressures from large number of
   organized/unorganized players.

SI Related Business Performance Capability - Moderate

* Promoter Track Record: The company is engaged in the business
of manufacturing, assembly and installation of Solar Water
Heaters (SWH) based on Evacuated Tube Collector Technology (ETC)
along with trading in gas water heaters and heat pumps since
2002. SEPL has installed solar water heating systems of capacity
of ~9.0 lakh LPD over the years. The company has some experince
in the solar PV segment through group company, EAPL.

* Technical competence and adequacy of manpower: The company has
its manufacturing facility in Pune for the solar thermal systems
and has the capability to produce evacuated tube collector based
solar water heating systems. SEPL intends to utilize this
facility for solar PV related fabrication work. The company has
qualified technical team who look after the various aspects of
installation and post installation services. They are supported
by experienced management team who look after customer and
supplier relations.

* Quality of suppliers and tie ups: The company has the
capability to manufacture and install the solar thermal and PV
systems and relies on outside suppliers for the required raw
materials. These suppliers have expressed satisfaction on their
association with the company.

* Customer and O&M Network: The clientele for the company is
composed of residential as well as institutional projects
including commercial setups and Government organizations. Quality
deliverables, timely execution and prompt after sales service
have led to satisfactory feedback from customers. The O&M
services to the customers are provided through own sales force.


STRANDS TEXTILE: Ind-Ra Ups Long-Term Issuer Rating to 'IND BB'
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Strands Textile
Mills Pvt. Ltd.'s (Strands) Long-Term Issuer Rating and INR47.5
million fund-based limit (reduced from INR80 million) to 'IND BB'
from 'IND BB-'. The Outlook is Stable.

KEY RATING DRIVERS

The upgrade reflects the improvement in Strands' credit profile
in FY15 due to improved profitability resulting from lower forex
losses. In FY15, EBITDA margins were 7.8% (FY14: 5.8%), interest
coverage was 4.74x (2.58x) and net leverage of 3.96x (5.44x).
Liquidity position is also comfortable as reflected in the
company's average maximum fund-based limits utilisation of 74%
during the 12 months ended March 2016.

However, the company's scale of operations remains small.
Moreover, Ind-Ra expects the company's revenue to have declined
in FY16. The revenue fell to INR148 million for 11MFY16 from
INR301.6 million in FY15 (FY14: INR360.6 million) due to the
declining demand for the company's cotton home textile products.
The company switched from cotton home textiles to polyester home
textiles in 3QFY16 and is likely to register healthy revenue
growth in FY17 on the back of the INR71 million outstanding
orders as of March 2016, to be completed by June 2016.

The ratings are supported by Strands'decade-long track record in
manufacturing home textile products and strong clientele which
includes international retailers and supermarkets, primarily in
the US.

RATING SENSITIVITIES

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

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

COMPANY PROFILE

Incorporated in 2006, Strands manufactures home textile products
for exports, primarily to the US. Its unit is located at Kandla
SEZ in Gujarat. The company manages the marketing and
distribution of its products through a sales and marketing office
in New York.


TOPS SECURITY: ICRA Assigns C+ Rating to INR41.50cr LT Loan
-----------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]C+ to the
INR41.50 crore cash credit limits and the INR3.50 crore term
loans of Tops Security Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long term cash
   Credit                41.50        [ICRA]C+; assigned

   Long term term
   Loans                  3.50        [ICRA]C+; assigned

The assigned rating factors in the stretched liquidity position
of the company owing to its increased receivable period as well
as sustained weakness in profitability. The revenues and margins
have come under pressure on account of client attrition witnessed
by the company over the last three years. Weak liquidity position
is also reflected in the continued pending service tax dues and
employee related payables of the company. Besides the
aforementioned dues, the company also has quarterly repayment
obligations towards its working capital loans, which is further
expected to strain the liquidity position of the company over the
near to medium term. ICRA also takes note of audit observations
with regards to certain internal control weaknesses in the
company.

The rating however, derives comfort from TSL's established brand
name, its dominant position in the domestic private security
industry and strong management team. The rating also factors in
the established global presence of TOPSGRUP, its wide range of
comprehensive manned security services as well as its reputed and
diversified client base.

Tops Security Limited (TSL) is the flagship company of the
TOPSGRUP and is primarily engaged in the provision of manned
guarding and private security services in India. The company was
incorporated in 1970 by Major (Retd.) R.C. Nanda as a
proprietorship concern and was converted into a public limited
company in 1995. TSL is an ISO 9001:2008 certified company and is
currently headed by Major (Retd.) R.C. Nanda's son, Dr. Diwan
Rahul Nanda. The group (headquartered in London, UK) serves its
~8,500 diversified clientele through 120 offices located
globally, with TSL serving more than 27,000 pin code locations in
India. Promoter group (the Nanda family) owns majority stake
(65.87% as on March 31, 2015) in the company and the private
equity investors, including Indivision India Partners, ICICI
Ventures and RARE Enterprises, hold the balance stake.

Recent Results
At a standalone level, TSL reported a net profit of INR18.06
crore on operating income of INR271.70 crore in FY2015 as against
a net loss of INR10.80 crore on operating income of INR272.81
crore in FY2014. As per the provisional estimates for nine months
ended December 31, 2015, TSL reported a net loss of INR8.56 crore
on operating income of INR166.54 crore.


UMA GLASS: CRISIL Assigns 'D' Rating to INR55MM Cash Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' rating to the bank
facilities of Uma Glass Works (UGW).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan               31.5       CRISIL D
   Proposed Term Loan      17         CRISIL D
   Cash Credit             55         CRISIL D
   Inland/Import Letter
   of Credit               16.5       CRISIL D

The rating reflects instances of delay by UGW in meeting its debt
obligation, driven by weak liquidity.

UGW also has small scale of operations and large working capital
requirement in the highly fragmented glass industry. Moreover,
its financial risk profile is weak because of high gearing.
However, it benefits from its promoters' extensive industry
experience.
About the Firm

UGW was established in 2011 and was taken over by the current
partners Mr. Gaurav Singhal, Mr. Suresh Chandra Agarwal, and Ms.
Gunjan Singhal in 2009. It manufactures glass products such as
kitchen ware, table ware, and glass ware. It has installed
capacity of 50 tonne per day at its facility in Firozabad Uttar
Pradesh, of which, 70 percent is utilised.

For 2014-15 (refers to financial year, April 1 to March 31), its
book profit was INR1.3 million on net revenue of INR184.8
million, against book profit of INR1.2 million on net revenue of
INR264.2 million in the previous year.


UNIVERSAL CHEMICALS: CRISIL Suspends D Rating on INR555.9MM Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Universal Chemicals and Industries Private Limited (UCIPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              109       CRISIL D
   Export Packing Credit     66       CRISIL D
   Funded Interest Term
   Loan                     136.3     CRISIL D
   Import Letter of
   Credit Limit              90.0     CRISIL D
   Proposed Long Term
   Bank Loan Facility         9.0     CRISIL D
   Term Loan                555.9     CRISIL D
   Working Capital
   Term Loan                 53.8     CRISIL D

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

UCIPL, incorporated in 1961, is promoted by Dr. Kamaleshkumar
Maheshwari and his son Mr. Kartikeya Maheshwari. The company
manufactures potassium permanganate and potassium hydroxide. It
has a manufacturing facility in Ambernath (Maharashtra) and in
Dahej (Gujarat).


VIJAYA KRISHNA: ICRA Assigns 'B' Rating to INR7.5cr Term Loan
-------------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B to the INR7.50
crore1 term loan and INR3.00 crore cash credit limits of Vijaya
Krishna Agro Food Processing Private Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loan             7.50        [ICRA]B; assigned
   Cash Credit           3.00        [ICRA]B; assigned

The assigned rating is constrained by the nascent stage of
operations of the company with commercial operations starting
from February, 2016; highly competitive nature of the fruit pulp
processing industry with large number of organised and
unorganised players; and susceptibility of revenues and profits
to agro climatic risks which impact the availability of raw
materials (mango & guava) in adverse climatic conditions. The
rating also considers exposure of profitability to exchange rate
fluctuations on its export earnings with no defined hedging
mechanism. The rating however favourably factors in the extensive
experience of the promoter in establishing and running fruit
processing plants in the states of Andhra Pradesh & Odisha;
proximity to raw materials which reduces the inward freight cost
and the healthy demand of the finished products (mango pulp &
guava pulp) in domestic and export markets.

Going forward, the ability of the company to scale up its
operations while maintaining its profitability margins & working
capital requirements in a timely manner will be the key rating
drivers going forward.

Vijaya Krishna Agro Food Processing Private Limited (VKAFPPL) was
incorporated in 2014 and is promoted by Mr. G. Vijay Kumar & his
family members. The company is operating a 7 MTPH (metric ton per
hour) fruit processing plant in Vijayawada, Andhra Pradesh for
processing of mango and guava to manufacture fruit pulp and their
aseptic packaging products. The total cost of the project is
INR10.88 crore which was funded by term loan of INR7.50 crore,
promoter's equity of INR2.38 crore and unsecured loan of INR1.00
crore. The commercial operations was expected to start from
October, 2015 but was delayed to February, 2016.


W.S. ELECTRIC: Ind-Ra Withdraws 'IND B+' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn W.S. Electric
Limited's (WSE) 'IND B+(suspended)' Long-Term Issuer Rating. A
full list of rating actions is provided at the end of this
commentary.

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

Ind-Ra suspended WSE's ratings on 6 February 2015.

WSE's ratings:
-- Long-Term Issuer Rating: 'IND B+(suspended)'; rating
withdrawn
-- INR250 million term loan: 'IND B+(suspended)'; rating
    withdrawn


WEST COAST: ICRA Assigns B+ Rating to INR1.29cr LT Loan
-------------------------------------------------------
The long-term rating of [ICRA]B+ has been assigned to the INR1.29
crore1 term loan facility of West Coast Foods. The short term
rating of [ICRA]A4 has also been assigned for the INR5.00 crore
short term fund based facilities of WCF.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long term fund
   based Term Loans      1.29       [ICRA]B+ assigned

   Short term fund
   based- EPC cum
   FBP/FBD               4.00       [ICRA]A4 assigned

   Short term fund
   based- FBP/FBD        1.00       [ICRA]A4 assigned

The assigned ratings are constrained by WCF's weak financial risk
profile characterised by low profitability, aggressive capital
structure and moderate coverage indicators; and intense
competition in the seafood industry entailing low net
profitability. The profitability is further exposed to
fluctuations in foreign exchange rates and raw material
availability owing to a change in climatic conditions and disease
outbreaks. Further, WCF is a proprietorship concern and any
significant withdrawals from the capital account could adversely
affect its net worth and thereby its capital structure.

The rating, however, favourably factors in the longstanding
experience of the promoter in the seafood industry. The ratings
also consider the favourable location of the plant in Porbandar,
Gujarat in proximity to the fishing belt on the coast of Gujarat,
giving it easy access to raw materials.

West Coast Foods was established in the year 2012 as a
proprietorship concern by Mr. Mo. Ashfaq Dandia and is engaged in
processing and export of seafood products such as ribbon fish,
cuttlefish, squid, croaker fish, and leather jacket fish. Mr. Mo.
Ashfaq has more than four decades of experience in the seafood
industry through the former association with various concerns
involved in seafood business. The processing unit is located at
Porbandar, Gujarat with an installed capacity to process 79
Metric Tonnes Per Day (MTPD) and storage capacity of 1,600 tonnes
of seafood products.

Recent Results
During FY2015, the firm reported an operating income of INR53.07
crore and profit after tax of INR0.18 crore as against an
operating income of INR40.36 crore and profit after tax of
INR0.15 crore during FY2014. Further during FY2016, till March
11, 2016 the firm reported an operating income of INR41.37 crore
and profit before tax of INR0.16 crore (as per provisional
financials).


WONDER FIBROMATS: ICRA Suspends B+ Rating on INR12.75cr Loan
------------------------------------------------------------
ICRA has suspended the [ICRA] B+ rating assigned to the INR12.75
crore long term bank facilities of Wonder Fibromats Pvt. Ltd. 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.


WORLD RESORTS: ICRA Suspends 'D' Rating on INR25.24cr Loan
----------------------------------------------------------
ICRA has suspended the rating of [ICRA]D assigned to the INR25.24
crore fund based facilities of World Resorts Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


ZAZSONS EXPORTS: ICRA Suspends B+/A4 Rating on INR37.2cr Loan
-------------------------------------------------------------
ICRA has suspended [ICRA] B+/A4 ratings assigned to the INR37.20
crore, bank lines of Zazsons Exports Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in
the absence of the requisite information from the company



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


1MALAYSIA: In Default After Missed Payment, Says Abu Dhabi Fund
---------------------------------------------------------------
Bradley Hope, Nicolas Parasie and Tom Wright at The Wall Street
Journal report that a key Middle Eastern business partner of
1Malaysia Development Bhd. said the Malaysian state development
fund has failed to make a $1.1 billion payment as part of a debt-
restructuring agreement and that as a result a debt deal between
the two entities has been terminated.

The Journal says the announcement, made in a London Stock
Exchange filing by the International Petroleum Investment
Company, an Abu Dhabi sovereign-wealth fund, marks a
deterioration in relations between the two funds and signals
fresh complications for 1MDB as it tries to work its way out from
under billions of dollars of debt.

It is also the latest chapter in a long-running scandal involving
1MDB, which is under investigation in seven countries, including
Malaysia, the Journal notes.  According to the report, the Swiss
Attorney General said he was investigating possible
misappropriations of about $4 billion. The 1MDB fund denies
wrongdoing.

The Journal relates that IPIC guaranteed $3.5 billion of 1MDB's
bonds four years ago. As the Malaysian fund grew short on cash,
IPIC also agreed to grant an emergency billion-dollar loan and
pledged to continue making interest payments on the same bonds it
had guaranteed. In return for IPIC taking over the debt, 1MDB
agreed to transfer undisclosed assets to the Abu Dhabi fund.

IPIC said in its filing on April 18 that it had honored all of
its obligations, and that 1MDB had failed to pay $1.1 billion it
promised to transfer in return for IPIC taking over the 1MDB
debt, the report notes.

"As a result, 1MDB and MOF [Malaysia's Ministry of Finance] are
in default," IPIC, as cited by the Journal, said. IPIC said it
gave 1MDB the chance "to remedy their defaults without success"
and that it was considering all its options, including referring
the case to the "appropriate resolution forum," the Journal
relays.

According to the Journal, the 1MDB fund responded by saying that
IPIC wasn't meeting its own obligations. As part of its deal to
guarantee 1MDB debt, IPIC was expected to make a $50 million
interest payment on April 18 but has said it won't make the
payment, the report states.

IPIC had earlier told the Malaysian fund it would no longer make
the interest payments, according to a memo sent by 1MDB last week
to Malaysia's Finance Ministry, a copy of which was reviewed by
The Wall Street Journal. Malaysia could make the $50 million
payment but, the memo argued, doing so would harm its negotiating
position with IPIC, the Journal adds.

On April 18, 1MDB didn't say explicitly in a statement whether it
would make the $50 million interest payment, says the Journal.

"1MDB wishes to make clear that it and its group entities will
meet all of their other obligations under any other financing
arrangements and have ample liquidity to do so," it said.

According to the Journal, IPIC officials said in a statement to
the London Stock Exchange earlier that the company that 1MDB said
it made payments to related to its bond guarantee wasn't an
entity within either corporate group. That offshore shell company
was controlled by the same two people who formerly ran IPIC and
one of its investment companies, according to documents reviewed
by The Wall Street Journal and people familiar with the matter.

The Journal says markets responded negatively to the news. Viktor
Szabo, a senior investment manager at Aberdeen Asset Management,
who doesn't hold any 1MDB bonds, said prices for 1MDB's 2023
dollar bonds fell to 84.7 cents on the dollar April 18, down
8.1 cents compared with Friday's [April 15] close. The bond's
yield rose from 5.67% to 7.26%, he said.

"They had quite a nose dive today," the Journal quotes Mr. Szabo
as saying. "You don't like the 'D' word being mentioned when
you're a bondholder," Mr. Szabo said, referring to IPIC's default
announcement earlier on April 18.

The annual cost of insuring against a default on $10 million of
Malaysian government debt for five years using credit-default
swaps rose $11,000 to $161,000, according to Thomson Reuters. The
U.S. dollar rose 0.64% against the Malaysian ringgit to 3.9250.

Officials at 1MDB have told the Malaysian Ministry of Finance
that a default on the $3.5 billion in debt could push investors
to sell off their currency and bonds, potentially tarnishing the
country's image in global financial markets, according to the
memo viewed by the Journal.

Cross-default clauses in other 1MDB agreements could also be
triggered if the deal between IPIC and 1MDB collapses, putting
the fund in default on several billion dollars more of debt,
according to the memo viewed by the Journal.

                             About 1MDB

Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) operates as a
government agency. The Company offers financial assistance,
analysis, and advice through investors, corporations, and
consultants to startups and growth companies. 1MDB focuses on
investments with strategic value and high multiplier effects on
the economy, particularly in energy, real estate, tourism, and
agribusiness.

As reported in the Troubled Company Reporter-Asia Pacific on
July 23, 2015, Reuters said Singapore Police Force has frozen two
bank accounts to help with an investigation in to Malaysia's
troubled state-owned investment fund 1Malaysia Development Bhd
(1MDB), which is being probed by authorities in Malaysia for
financial mismanagement and graft.  Reuters said the freezing of
the Singapore bank accounts follows a similar move in Malaysia
where a task force investigating 1MDB said earlier in July that
it had frozen half a dozen bank accounts following a media report
that nearly $700 million had been transferred to an account of
Malaysia's Prime Minister Najib Razak.

The Wall Street Journal reported on July 3, 2015, that
investigators looking into 1MDB had traced close to US$700
million of deposits moving through Falcon Bank in Singapore into
personal bank accounts in Malaysia belonging to Najib, Reuters
related.

The TCR-AP, citing Bloomberg News, reported on Nov. 26, 2015,
that 1MDB agreed to sell its power assets to China General
Nuclear Power Corp. for MYR9.83 billion ($2.3 billion) as the
state investment company moved one step closer to winding down
operations after its mounting debt raised investor concern.

Bloomberg related that the company faced cash-flow problems after
a planned initial public offering of Edra faced delays amid
unfavorable market conditions, President Arul Kanda said Oct. 31,
2015.  The listing plan was later canceled as the company opted
for a sale of the assets, Bloomberg noted.



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


MAINZEAL PROPERTY: Liquidators Reject Claims Totalling $16.7MM
--------------------------------------------------------------
Paul McBeth at BusinessDesk reports that the liquidators of the
Mainzeal group of companies that started collapsing on Waitangi
Day in 2013 have rejected NZ$16.7 million of claims, or about
11% of what's sought by out-of-pocket creditors.

BusinessDesk relates that BDO's Andrew Bethell, who was appointed
liquidator of the Mainzeal group, said his team has reviewed
1,223 of the more than 1,400 claims from creditors owed
NZ$153 million, rejecting about a tenth of them, according to the
latest report on the administration.  According to the report,
Mr. Bethell is looking to realise any remaining receivables, and
is pursuing legal action against Mainzeal's former directors,
which will determine what, if anything, is paid out to creditors.

BusinessDesk says the liquidator filed papers in the High Court
against Mainzeal's former directors, including ex-Prime Minister
Jenny Shipley, principal Richard Yan, one-time Brierley
Investments head Paul Collins, Mainzeal chief Peter Gomm, and
Clive Tilby, claiming they breached their duties in relation to a
series of restructuring two years before Mainzeal's collapse,
reckless trading, and claims against other parties.

"The liquidators have secured third-party funding enabling them
to conduct the litigation," BusinessDesk quotes Mr. Bethell as
saying in his report. "The matter is before the court and may
take a significant amount of time to reach its conclusion."

All of Mainzeal's preferential creditors, including staff and
Inland Revenue, have been paid, and the liquidators expect to
complete their review of unsecured claims by their next report in
six months, BusinessDesk relays.

BusinessDesk notes that the Mainzeal liquidators have had to
contend with court action from the construction group's
principal, Richard Yan, who opposed the inclusion of Richina
Global Real Estate (RGRE) and Isola Vineyards to the
administration.

Last year, the Court of Appeal upheld Yan's bid to set aside the
liquidation of RGRE and exclude Isola Vineyards, saying it was
premature to do so before disputed debts were determined,
BusinessDesk recalls. Prior to the hearing, the liquidators had
complained about the veracity of information they had received
relating to RGRE.

According to BusinessDesk, the liquidators had previously said
they were investigating RGRE's transactions with related parties
in New Zealand and internationally, including the restructures of
related party debts that occurred around July and December 2012,
saying the commercial rationale wasn't evident.

The December 2012 restructure saw the NZ$15.2 million debt owed
to Mainzeal Property & Construction transferred to MGL Trading in
exchange for shares, BusinessDesk notes.

Related companies Mainzeal Property & Construction and Mainzeal
Living were tipped into receivership on Feb. 6, 2013, and 200 Vic
joined them on Feb. 13. Liquidators were appointed to the
Mainzeal group later that month on Feb. 28.

The receivership of Mainzeal Property & Construction left a
surplus of NZ$1.1 million for the liquidators of the wider group,
who represent unsecured creditors, according to BusinessDesk. The
receivers were appointed by BNZ, which was owed NZ$11.3 million,
the bulk of which was over the Mainzeal headquarters building on
Auckland's Victoria St., adds BusinessDesk.

                      About Mainzeal Property

Mainzeal Property and Construction Ltd is a New Zealand-based
property and construction company.  The company forms part of the
Mainzeal Group, which is owned by Richina Inc, a privately held
New Zealand-based company with a strong China focus.

On Feb. 6, 2013, Colin McCloy and David Bridgman, partners from
PricewaterhouseCoopers, were appointed receivers to Mainzeal
Property and Construction Limited and associated entities as a
result of a request made by its director to BNZ.

Mainzeal's director, Richard Yan advised that following a series
of events that had adversely affected the Company's financial
position coupled with a general decline in major commercial
construction activity, and in the absence of further shareholder
support, the Company could no longer continue trading.

On Feb. 28, 2013, BDO's Andrew Bethell and Brian Mayo-Smith were
appointed liquidators to those three companies in receivership
and nine others in the group that were not in receivership.

The companies now under the control of the liquidators are
Mainzeal Group, Mainzeal Property and Construction, Mainzeal
Living, 200 Vic, Building Futures Group Holding, Building Futures
Group, Mainzeal Residential, Mainzeal Construction, Mainzeal,
Mainzeal Construction SI, MPC NZ and RGRE.

Mainzeal is estimated to owe NZ$11.3 million to the BNZ,
NZ$70 million to unsecured creditors and NZ$5.2 million to
employees, NZN discloses. Subcontractors are among the unsecured
creditors, said NZN.



=====================
P H I L I P P I N E S
=====================


LOYOLA PLANS: To Sell Assets to Cover Trust Fund Deficiency
-----------------------------------------------------------
Gabrielle H. Binaday at Manila Standard Today reports that Loyola
Plans Consolidated Inc. on April 18 offered to liquidate
PHP1.8 billion worth of real estate properties to cover the trust
fund's deficiency and settle the claims of plan holders.

According to the report, Loyola Plans chairman and president
Jesusa Concepcion said in a letter to Insurance Commissioner
Emmanuel Dooc the company planned to liquidate non-cash assets
amounting to PHP1.873 billion to fund the PHP238-million trust
fund shortfall.

"Loyola would like to propose for a non-cash contribution against
its net worth amounting to PHP1.87 billion based on the 2014
audited financial statements," Manila Standard quotes
Ms. Concepcion as saying.

The report relates that Mr Dooc said the fund was more than
enough to cover the trust deficiency and pay the 95 plan holders
who filed complaints with the IC.

Loyola Plan's deficiency in its trust fund included PHP120
million for pension, PHP66 million for life plans and PHP50
million for educational plans, Manila Standard discloses.  The
trust fund deficiency prevented the insurers from servicing the
claims of plan holders this year.

"This morning, she came with a proposal offering to contribute
more than enough real estate assets to the trust fund so that the
deficiency will be fully covered. As you know it has a deficiency
of P238 million. And Mrs. Jesusa Concepcion proposed a non-cash
contribution against its net worth and corporate asset amounting
to P1.8 billion, which is more than enough to cover the
deficiency," the report quotes Mr. Dooc as saying.

"Since these are illiquid assets, some of them will have to be
converted into cash by selling them. so to ensure that these
assets will come to us this afternoon, they will turn over the
original transfer of certificate of title or TCT," Mr. Dooc said.

The IC last week issued a show cause order to Loyola Plans after
a number of plan holders complained on social media that the
company failed to service their educational claims this year,
Manila Standard recalls.

According to Manila Standard, Mr. Dooc said the TCT of Loyola
Plans would be turned over to IC for safekeeping and would be
released to the Loyola Plans when the sale was completed.

Another possible arrangement is that the IC would turn them over
to the various trustee banks for safe keeping and proper
handling, he said.  Trustee banks include BDO Unibank Inc., Bank
of the Philippine Islands and China Bank, Manila Standard notes.

Manila Standard reports that the insurance body said the 95
complainants could get their claims starting Monday by bringing
in the certificate of full payment and two valid identification
cards.

"Furthermore, starting tomorrow, the office of the IC will start
to pay off the 95 complaints lodged with us.  We invited
representatives from the Loyola Plans to bring the checks so that
they can also witness the settlement of the aforesaid
complaints," Mr. Dooc said, Manila Standard relays.

He said aside from the 95 complaints which the IC had already
validated, there were 32 additional complaints against Loyola
Plans.

"Starting this afternoon, I'm sending a crisis management team to
the office of Loyola Plans in Makati because they also committed
that they will also start paying off the claims that are
submitted in their home office. And my team will be there to
observe, witness, assist in the handling of these claims. We'll
be there everyday until the end of this week., or until the
situation has normalized," Mr. Dooc, as cited by Manila Standard,
said.

Loyola Plans has major investments in real estate, such as
memorial parks.  It had total assets of PHP3.75 billion as of
end-2015.


                             *********

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,
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Information contained herein is obtained from sources believed
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