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

                      A S I A   P A C I F I C

            Monday, June 13, 2016, Vol. 19, No. 115


                            Headlines


A U S T R A L I A

ARRIUM LTD: South Australia Offers Funding For New Owner
DARWIN FESTIVAL: 2016 Festival to go Ahead 'as Planned'
GENCERLER PTY: First Creditors' Meeting Set For June 22
GLOBAL FUTURE: First Creditors' Meeting Set For June 20
UNIFIED BUSINESS: First Creditors' Meeting Set For June 21


I N D I A

AMRIT TRADING: CRISIL Lowers Rating on INR25MM Cash Loan to 'B'
ANISHA IMPEX: CRISIL Assigns 'B' Rating to INR50MM Cash Loan
ARABIAN JEWELLERS: CRISIL Assigns 'B' Rating to INR100MM Loan
ARYA VARTA: CRISIL Assigns 'B' Rating to INR89MM Term Loan
ASHA ENTERPRISES: CRISIL Assigns B- Rating to INR80MM Term Loan

B M INFRASTRUCTURE: Ind-Ra Withdraws BB- Long-Term Issuer Rating
BHARAT URBAN: CARE Assigns 'B+' Rating to INR3cr LT Loan
CASABLANCA MULTIVENTURE: Ind-Ra Assigns B- LT Issuer Rating
COSMOS MERCANTILE: CRISIL Assigns 'B' Rating to INR50MM Loan
DAGA AUTO: Ind-Ra Affirms 'IND BB-' Long-Term Issuer Rating

DEVENDRAN PLASTIC: CRISIL Reaffirms 'B' Rating on INR82.1MM Loan
DEVKINANDAN PAPER: ICRA Suspends B+/A4 Rating on INR7.58cr Loan
DHRUV COTEX: CARE Assigns 'B' Rating to INR13cr Long Term Loan
DM COTTON: ICRA Assigns 'B' Rating to INR8.25cr Cash Loan
DSP RICE: ICRA Lowers Rating on INR5.0cr Cash Loan to 'D'

EVERBLUE SEA: CRISIL Assigns 'B' Rating to INR40MM Packing Loan
GLOBAL COPPER: ICRA Suspends B/A4 Rating on INR24.65cr Loan
GLOBAL STEEL: CRISIL Reaffirms 'D' Rating on INR100MM Loan
GOPISH PHARMA: CARE Assigns 'B' Rating to INR9.0cr LT Loan
HARIHAR INFRASTRUCTURE: Ind-Ra Withdraws BB LT Issuer Rating

HERITAGE DISTILLERIES: CRISIL Assigns 'B' Rating to INR140MM Loan
INCOM WIRES: CRISIL Assigns 'B' Rating to INR60MM Cash Loan
JAYSHREE BUILDERS: ICRA Lowers Rating on INR30cr Loan to 'D'
LAVIS SIGNATURE: ICRA Reaffirms 'B+' Rating on INR10cr Loan
LIKHITA ENERGY: CARE Assigns 'B' Rating to INR10.70cr LT Loan

LORD VENKATESWARA: CARE Assigns B+ Rating to INR5.54cr LT Loan
MADHUBAN AGRISTORAGE: CRISIL Assigns B Rating to INR200MM Loan
MAHARAJA TEXO: CARE Assigns B+ Rating to INR7cr Long Term Loan
MANGUDIYAR MODERN: CRISIL Ups Rating on INR68MM Cash Loan to B+
MATESHWARI PAPER: CRISIL Assigns B+ Rating to INR50MM Term Loan

MATRI MANDIR: CRISIL Assigns B+ Rating to INR58MM Cash Loan
MOHIT DIAMONDS: CRISIL Ups Rating on INR393.7MM Loan From 'D'
MONGA IRON: CRISIL Reaffirms B- Rating on INR60MM Cash Loan
MUKAND SYSTEM: Ind-Ra Assigns 'IND BB+' Long-Term Issuer Rating
NACHIKETA COTTON: ICRA Upgrades Rating on INR6.5cr Loan to 'B'

NAGOORAR ENTERPRISES: CRISIL Cuts Rating on INR50MM Loan to B+
OM GRAM: Ind-Ra Suspends B+ Rating on INR15MM Term Loans
PENTAGON ALUMINIUM: CARE Assigns 'B' Rating to INR18cr LT Loan
PERMESHWER CREATIONS: Ind-Ra Withdraws B+ Long-Term Issuer Rating
PRANEE INFRASTRUCTURES: ICRA Rates INR10cr Loan at B/A4

PRASANNA EDUCATION: CRISIL Assigns 'D' Rating to INR100MM Loan
RAVI TEJA: CARE Assigns 'B' Rating to INR4.82cr Long Term Loan
REAL STRIPS: CARE Lowers Rating on INR76.30cr LT Loan to 'C'
SARASWATI MEDICAL: Ind-Ra Assigns BB+ Rating to INR18.2MM Loan
SHAZ PACKAGING: ICRA Suspends B/A4 Rating on INR9.65cr Loan

SHIVAM COTTON: ICRA Revises Rating on INR12cr Cash Loan to B
SHREE NATH: CRISIL Reaffirms 'B' Rating to INR37.5MM LT Loan
SHREE SAIKRISHNA: CRISIL Reaffirms B+ Rating on INR40MM Loan
SHRI JINESHWAR: CARE Assigns B+ Rating to INR5.0cr LT Loan
SHRI RAMSWAROOP: Ind-Ra Lowers Rating on INR190MM Loans to D

SHUNTY BUNTY: ICRA Assigns 'B' Rating on INR14.75cr Loan
SIDDHARTH OILS: CARE Assigns B+ Rating to INR6cr Long Term Loan
SOCIETY FOR HIGHER: Ind-Ra Suspends BB Rating on INR79.91MM Loans
SOLITAIRE DRUGS: CRISIL Assigns 'B+' Rating to INR60MM Loan
SOMA ISOLUX: CRISIL Suspends 'D' Rating on INR11.21BB Term Loan

SRI SHUNMUGAM: CRISIL Assigns 'B' Rating to INR90MM Cash Loan
SRS HEALTHCARE: ICRA Reassigns 'B/A4' Rating to INR115cr Loan
SURYA SHAKTI: CRISIL Assigns 'B+' Rating to INR135MM LT Loan
SVR SEA: CRISIL Assigns 'B' Rating to INR70MM Packing Loan
T.C. SPINNERS: CARE Assigns 'B+' Rating to INR93.51cr LT Loan

VEMPARALA VENKAT: CRISIL Assigns 'B' Rating to INR40MM Loan
VIDHATRI MOTORS: CRISIL Assigns 'B+' Rating to INR75MM Loan
VIJAYA AERO: CRISIL Assigns 'B' Rating to INR245MM LT Loan
VIRAJ POLYPLAST: CRISIL Suspends 'D' Rating on INR76.3MM Loan
VIVID DIAGNOSTICS: CRISIL Assigns 'B' Rating to INR67.5MM Loan

WIN MAX: ICRA Reaffirms 'B' Rating on INR6.0cr Cash Loan
YOGI COTEX: CARE Assigns 'B' Rating to INR13cr LT Loan


N E W  Z E A L A N D

MTF VALIANT 2014: Fitch Affirms 'Bsf' Rating on Class F Notes


S O U T H  K O R E A

SOUTH KOREA: Unexpectedly Cuts Rate to Support Debt Restructuring


S R I  L A N K A

PEOPLE'S LEASING: S&P Affirms 'B+' ICR; Outlook Negative


                            - - - - -


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


ARRIUM LTD: South Australia Offers Funding For New Owner
--------------------------------------------------------
Sonali Paul at Reuters reports that the South Australian
government said on June 9 it would provide AUD50 million ($37
million) in funding to help keep Arrium Ltd's loss-making Whyalla
steelworks open under a new owner.

Reuters relates that State Labor premier Jay Weatherill has also
pressed Australia's two major parties to commit to contribute
AUD100 million from the federal government to help keep Whyalla
open.

"The Arrium operations at Whyalla are critical to both South
Australia and the nation as a whole -- it is essential that we
retain our sovereign steel-making capability," the report quotes
Mr. Weatherill as saying in a statement.

According to the report, the call on national politicians to
support Whyalla came amid heavy campaigning in South Australia
for the July 2 federal election, as the Liberal National
coalition faces a potential loss of seats in the state.

Arrium, an iron ore miner and steel producer, went into voluntary
administration in April, hit by weak iron ore and steel prices,
Reuters discloses. Administrators have put its best business,
U.S.-based Moly-Cop, up for sale.

Two U.S. private equity funds, Cerberus Capital Management and
Argand Partners, are eyeing Arrium's businesses, provided a co-
investment package from the government for Whyalla makes it
enticing enough to be part of a future buyout, the Australian
Financial Review reported last month, Reuters recalls.

                            About Arrium

Arrium Limited (ASX:ARI) -- http://www.arrium.com/-- is an
Australia-based mining and materials company. The Company is
engaged in mining and supply of iron ore and steelmaking raw
materials; manufacture and supply of mining consumable products;
manufacture and distribution of steel products, and recycling of
ferrous and non-ferrous scrap metal. Its segments include Mining,
Mining Consumables, Steel and Recycling. Its Mining segment
exports hematite iron ore and supplies both pelletized magnetite
iron ore and hematite lump iron ore. Its Mining Consumables
segment consists of Moly-Cop grinding media business, Waratah
steel mill and Altasteel steel mill. Its Mining Consumables
segment supplies various mining consumables, such as grinding
media, wire ropes and rail wheels. Its Steel segment manufactures
billet and distributes steel and metal products, including
structural steel selections, steel plate, angels, channels,
reinforcing steel and carbon products. Its Recycling segment
supplies steelmaking raw materials.

Pursuant to orders made by the Federal Court of Australia on
April 12, 2016, Mark Mentha, Bryan Webster, Martin Madden and
Cassandra Mathews of KordaMentha have been appointed Joint and
Several Voluntary Administrators of the Company and its 93
Australian subsidiaries replacing Said Jahani, Paul Billingham,
Michael McCann and Matthew Byrnes of Grant Thornton, who were
appointed on earlier in April.


DARWIN FESTIVAL: 2016 Festival to go Ahead 'as Planned'
-------------------------------------------------------
ABC News reports that the 2016 Darwin Festival will go ahead "as
it is planned at the moment", the newly-appointed administrator
has said.

ABC News relates that as of June 8, Hendri Mentz --
hmentz@deloitte.com.au -- of auditors Deloitte, took over as
statutory manager of the financially troubled Darwin Festival
Association Incorporated after the board, which was headed by
former Labor chief minister Clare Martin, was sacked by the
Territory's director-general of licensing.

Speaking on 1057 ABC Darwin on June 8, Mr Mentz said he had met
with the NT Chief Minister Adam Giles and Arts Minister Gary
Higgins and could confirm the 2016 program, due to start on
August 4, would run, according to ABC News.

"The government has committed to financially supporting the
deliver of the full planned festival for this financial year,"
the report quotes Mr. Mentz as saying.  "It does not only entail
bringing forward the current funding that is committed, it will
mean additional funding that they have committed to."

He said the government had indicated they were "very happy to
support the festival as planned at the moment," ABC News relays.

According to the report, Mr Mentz said staffing positions such as
the general manager and artistic director would remain unchanged
for now, but said it was "too early to say" what changes could
occur under his watch.

"We've got highly committed people, highly committed to deliver
the best possible festival for the people in Darwin . . . that
will be the aim, we'll get the festival delivered with the
current staff in place," Mr. Mentz, as cited by ABC News, said.

On June 10, Ms Martin warned the festival would need AUD450,000
in future government funding payments brought forward to pay for
artists' contracts or the 2016 event would have to be cancelled,
relays ABC News.

The report notes that the move to place the festival into
administration came despite the recommendation of the audit that
was commissioned by the NT Government.

ABC News says the audit report covered options for the festival's
future, including bringing in an administrator and either
cancelling the event or having someone else run it.

The audit said the impact of choosing the administration option
would see "very high costs" incurred, notes ABC News.


GENCERLER PTY: First Creditors' Meeting Set For June 22
-------------------------------------------------------
Suelen McCallum and Antony de Vries of de Vries Tayeh were
appointed as administrators of Gencerler Pty Ltd on June 10,
2016.

A first meeting of the creditors of the Company will be held at
Level 32, Central Plaza One, 345 Queen Street, in Brisbane,
Queensland, on June 22, 2016, at 12:00 p.m.


GLOBAL FUTURE: First Creditors' Meeting Set For June 20
-------------------------------------------------------
David Leigh, Michael Owen and Nicholas Martin of PPB Advisory
were appointed as administrators of Global Future Solutions Ltd,
GFS Corporation Aus Pty Ltd, and GFS Australasia Pty Ltd on June
8, 2016.

A first meeting of the creditors of the Company will be held at
PPB Advisory, Level 27, 345 Queen Street, in Brisbane,
Queensland, on June 20, 2016, at 10:30 a.m.


UNIFIED BUSINESS: First Creditors' Meeting Set For June 21
----------------------------------------------------------
Steve Naidenov and David Iannuzzi of Veritas Advisory were
appointed as administrators of Unified Business Communications
Group Pty Ltd on June 9, 2016.

A first meeting of the creditors of the Company will be held at
Level 12, 88 Pitt Street, in Sydney, on June 21, 2016, at
11:00 a.m.



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


AMRIT TRADING: CRISIL Lowers Rating on INR25MM Cash Loan to 'B'
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility
of Amrit Trading Company (ATC) to 'CRISIL B/Stable' from 'CRISIL
B+/Stable'. The rating on the company's short-term facility has
been reaffirmed at 'CRISIL A4'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              25        CRISIL B/Stable (Downgraded
                                      from 'CRISIL B+/Stable')

   Foreign Letter of
   Credit                  100        CRISIL A4 (Reaffirmed)

The downgrade reflects decrease in cash accruals to INR 2.0
million in 2015-16 from INR2.7 million in 2014-15 because of
decline in the operating income by around 24 percent in 2015-16
(refers to financial year, April 1 to March 31) due to sluggish
demand in the real estate industry. The sluggish demand in real
estate market has also resulted into the stretch in debtor
realization leading to the deterioration in estimated gross
current assets to 345 days as on March 31, 2016, from 248 days a
year earlier. Stretched receivables coupled with the lower cash
accruals has resulted into subdued financial flexibility of the
company reflected by continued high TOLTNW at around 2.4 times as
on March 31, 2016 against the previous expectations of below 2
times.

The ratings reflect weak financial risk profile, marked by small
networth and weak debt protection metrics. The ratings also
factor in supplier concentration risks and volatility in foreign
exchange rates. These rating weaknesses are partially offset by
the extensive experience of the promoter in the timber trading
and saw mill business.
Outlook: Stable

CRISIL believes ATC will continue to benefit over the medium term
from the extensive experience of the promoters in the timber
industry. The outlook may be revised to 'Positive' if significant
improvement in cash accruals due to better than expected revenue
and improvement in working capital management leading to better
financial flexiblity. Conversely, the outlook may be revised to
'Negative' if working capital management further deteriorates,
large debt-funded capital expenditure, significant decline in
revenue and profitability, or substantial foreign exchange
losses.

ATC, based in Jind (Haryana), is a partnership firm of Mr. Mukesh
Kumar since 1992. It processes and trades in timber. The firm,
set up in 1957, was earlier owned by Mr. Geetaramji (father of
Mr. Mukesh Kumar).


ANISHA IMPEX: CRISIL Assigns 'B' Rating to INR50MM Cash Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Anisha Impex Limited. (AIL).

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

The ratings reflect AIL's modest scale of operations in the
highly fragmented textile trading industry along with low
operating profitability. The ratings also factor in large working
capital cycle and low return on capital employed. These rating
weaknesses are mitigated by the extensive industry experience of
its promoters and average financial risk profile marked by low
gearing.

Outlook: Stable

CRISIL believes AIL will benefit from the extensive industry
experience of its promoters. The outlook may be revised to
'Positive' in case of significant increase in revenue along with
improvement in operating profitability while improving working
capital cycle. Conversely the outlook may be revised to
'Negative' if revenue and profitability decline or in case of a
large, debt-funded capital expenditure, or if liquidity weakens
significantly on account of increase in working capital
requirement.

AIL, incorporated in 1999 by Mr. Sunil Malik and his family, in
Ghaziabad (Uttar Pradesh), is a public limited company trading in
various types of fabrics. The company is listed with Bombay Stock
Exchange.

AIL's profit after tax (PAT) was INR0.9 million on net sales of
INR420.6 million for 2014-15 (refers to financial year, April 1
to March 31) as against net loss of INR0.2 million on net sales
of INR397.4 million for 2013-14. On provisional basis, for half
year ended September 30, 2015, PAT was INR0.5 million on net
sales of INR225.9 million, as against PAT of INR0.6 million on
net sales of INR198.0 million, for half year ended September 30,
2014.


ARABIAN JEWELLERS: CRISIL Assigns 'B' Rating to INR100MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Arabian Jewellers-Karunagappally (AJK).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              100       CRISIL B/Stable

The ratings reflect below-average financial risk profile marked
by a high gearing and small networth and exposure to risks
related to modest scale of operations in the intensely
competitive gold jewellery industry. These rating weaknesses are
mitigated by the extensive experience of promoters in the gold
jewellery retailing market.
Outlook: Stable

CRISIL believes AJK will continue to benefit over the medium term
from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of better-than-
expected operating revenue and margin, and net cash accrual,
while improving debt protection metrics. Conversely, the outlook
may be revised to 'Negative' if weak operating cycle, lower-than-
expected growth in revenue and margins, or large, debt-funded
capital expenditure, leads to weak debt protection metrics.

AJK was set up in 2005, in Kerala, as a proprietorship concern by
Mrs. Najeema for trading, manufacturing and retailing gold and
diamond jewellery.


ARYA VARTA: CRISIL Assigns 'B' Rating to INR89MM Term Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Arya Varta Cool Chain (AVCC).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan                89        CRISIL B/Stable

The rating reflects risks relating to project execution and
offtake, and modest scale of operations in the fragmented cold
storage industry. These rating weaknesses are partially offset by
locational advantage due to presence of facility in Mubarakpur,
Punjab, and by government support in the form of subsidy.
Outlook: Stable

CRISIL believes AVCC will benefit over the medium term from
locational advantages in terms of sourcing of apples and other
fruits. The outlook may be revised to 'Positive' if timely
commissioning of project and higher-than-expected capacity
utilisation strengthens debt protection metrics. Conversely, the
outlook may be revised to 'Negative' if significant time and cost
overruns on the project weaken capacity to adhere to the
repayment programme stipulated by the lenders, or delay in
receipt of subsidy from the Central Government, leading to
liquidity issues.

AVCC is a partnership firm started in January 2015 by Mr. Jogi
Ram, Mr. Prem Chand Bidhan, Mr. Sidharth Jhinjha, Mr. Radha
Krishan, and Mr. Jaswinder Singh. AVCC is setting a controlled
atmosphere cold storage unit at Village Mubarakpur, District
Mohali, Punjab with capacity of 5103 tonnes (21 chambers of 243
tonnes each). The unit is expected to begin commercial operations
from July 2016.


ASHA ENTERPRISES: CRISIL Assigns B- Rating to INR80MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-
term bank facility of Asha Enterprises (AE).

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

The rating reflects exposure to risks associated with timely
completion and stabilisation of the firm's ongoing hotel project,
and susceptibility to geographical concentration and to
cyclicality in the hospitality industry. These rating weaknesses
are partially offset by the considerable industry experience of
the partners of the firm.
Outlook: Stable

CRISIL believes AE will continue to benefit over the medium term
from the considerable industry experience of its partners. The
outlook may be revised to 'Positive' in case of timely
implementation of the hotel project without any significant cost
overrun, and higher-than-expected occupancy thereafter, leading
to improvement in liquidity. Conversely, the outlook may be
revised to 'Negative' in case of any significant time or cost
overrun in commissioning the hotel, subdued cash accrual as a
result of low occupancy or room tariffs, or substantial debt-
funded capital expenditure, leading to deterioration in the
firm's financial risk profile.

AE, established in 2015 by Mr. Bineet Somani, is setting-up a
hotel at Sevoke Road, Bhaktinagar in Siliguri, West Bengal.
Commercial operations are expected to commence by April 2017. Mr.
Kedar Somani (father of Mr. Bineet Somani), Mrs. Asha Somani
(mother) and Mr. Amit Somani (brother) are the other partners of
the firm.


B M INFRASTRUCTURE: Ind-Ra Withdraws BB- Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn B M
Infrastructure Industries Pvt Ltd's (BMIIPL) 'IND BB-(suspended)'
Long-Term Issuer Rating.

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

Ind-Ra suspended BMIIPL's ratings on Aug. 13, 2015.

BMIIPL's ratings:

   -- Long-Term Issuer Rating: 'IND BB-(suspended)'; rating
      withdrawn
   -- INR147.2 mil. fund-based working capital limits:
      'IND BB-(suspended)'; rating withdrawn
   -- INR140 mil. non-fund-based limit: 'IND A4+(suspended)';
      rating withdrawn


BHARAT URBAN: CARE Assigns 'B+' Rating to INR3cr LT Loan
--------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' rating to the bank
facilities of Bharat Urban Infra Developers Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       3        CARE B+ Assigned
   Short term Bank Facilities     15        CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Bharat Urban Infra
Developers Private Limited (BUIDPL) are constrained on account of
moderate scale of operations, delays in project execution and
working capital intensive nature of business along with
fragmented nature of the EPC business.

The above weaknesses are partially offset by the extensive
experience of around 35 years of promoters, high profitability
margins and comfortable capital structure as on March 31, 2015.
The rating further takes into account the comfortable outstanding
order book position of INR188.79 crore [approximately 23 times of
the revenues for FY15 (refers to the period April 1, 2015 to
March 31, 2016)] as on February 29, 2016, rendering medium term
revenue visibility.

The ability of the firm to improve its scale of operations by
timely execution of outstanding orders, managing working capital
effectively and securing new orders while achieving the envisaged
level of profitability margins is a key rating sensitivity.

BUIDPL is a Solapur-based (Maharashtra) company which undertakes
Engineering Procurement Construction (EPC) contracts in the state
of Maharashtra. The company was established in July 2014 and has
taken over operations of Bharat Constructions (BC, proprietorship
firm) which was established in 1980 by Mr Nandkishor Shah. Mr
Nandkishor Shah had a track record of over three and a half
decades as an EPC contractor in Maharashtra before setting up BC.

BUIDPL is a government contractor and undertakes contracts for
various Government bodies. BUIDPL is promoted by Mr Nandkishor
Shah (Managing Director) along with his son Mr Chandan Shah and
wife Ms Priti Shah in the strength of manager.

Bharat Constructions generated a total revenue of INR8.16 crore
in FY15 with a PBILDT at INR1.63 crore (PBILDT margin of 20%) and
PAT at INR0.51 crore (PAT margin of 6.22%).  The sales registered
by BUIDPL from November 01, 2015 to December 31, 2015 to the tune
of INR10.75 crore (approximately 50% of the projected sales) as
indicated by the management. The company has a comfortable
order book position of INR188.79 crore (23x FY15 revenues) as on
February 29, 2016.


CASABLANCA MULTIVENTURE: Ind-Ra Assigns B- LT Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Casablanca
Multiventure Private Limited (CMPL) a Long-Term Issuer Rating of
'IND B-'.  The Outlook is Stable.

                        KEY RATING DRIVERS

The ratings reflect CMPL's limited track record of operations and
weak credit metrics.  The company's provisional FY16 financials
indicate revenue of INR201 mil. (FY15: INR79 mil.) as FY16 is the
first full year of operations.  Its net leverage was around 5.7x
in FY16 (FY15: zero debt), interest coverage was around 3.1x, and
EBITDA margin was 3.2% (0.6%).

The ratings further reflect the company's tight liquidity with
the average utilization of the fund-based working capital limits
being around 99.2% during the six months ended April 2016.  The
company has started using its fund-based facility from October
2015.

The management expects a growth in the company's top line on
account of CMPL's diversification into fashion accessories
business.  Currently, the company is into agricultural
commodities and LED lights trading business.

The ratings, however, are supported by its promoter's over a
decade of operating experience in the LED lights and pulses
trading business.

                        RATING SENSITIVITIES

Positive: Stabilization of operations leading to a substantial
growth in the company's top line and profitability resulting in a
sustainable improvement in the credit metrics could lead to a
positive rating action.

Negative: Inability to scale up operations according to the
management expectations leading to stress on the company's
liquidity profile could be negative for the rating action.

COMPANY PROFILE

Incorporated in 2015, CMPL is a Mumbai-based company engaged in
the trading of agricultural commodities and LED lights.  70% of
the company's revenue comes from exports.

CMPL's ratings:

   -- Long-Term Issuer Rating: assigned 'IND B-'/Stable
   -- INR150 mil. fund-based facilities: assigned
      'IND B-'/Stable/'IND A4'
   -- INR7.5 mil. non-fund-based facilities: assigned 'IND A4'


COSMOS MERCANTILE: CRISIL Assigns 'B' Rating to INR50MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long term
bank facility of Cosmos Mercantile Private Limited (CMPL). The
rating reflects its small scale of operations and large working
capital requirements. These rating weaknesses are partially
offset by its promoter's extensive industry experience and
moderate operating margins.

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

Outlook: Stable

CRISIL believes that CMPL will maintain a stable business risk
profile over the medium term backed by its promoters' extensive
industry experience. The outlook may be revised to 'Positive' if
the company reports a substantial increase in its operating
income and accruals along with improved working capital
management or if the promoters infuse substantial capital in the
company leading to a significant improvement in its financial
risk profile. Conversely, the outlook maybe revised to 'Negative'
if the firm reports low operating income and profitability
leading to lower accruals, or its financial risk profile
deteriorates because of large debt-funded capital expenditure
programme, or if its working capital cycle increases, leading to
stretch in its liquidity.

CMPL, incorporated in 1995, is engaged in trading of metals and
plastic products. CMPL is also engaged in crushing of stone into
stone chips. The company is promoted by Jamshedpur based Kejriwal
family. Mr. Ravi Kumar Kejriwal and Mrs. Mamta Kejriwal are the
directors of the company. The operations are however primarily
managed by Mr. Kejriwal.


DAGA AUTO: Ind-Ra Affirms 'IND BB-' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Daga Auto
Distributors' (DAD) Long-Term Issuer Rating at 'IND BB-'.  The
Outlook is Stable.  The agency has also affirmed the firm's
INR50 mil. fund-based limits at 'IND BB-' with a Stable Outlook.

                         KEY RATING DRIVERS

The affirmation reflects DAD's small scale of operations and
moderate credit profile.  Key FY16 numbers shared by management
indicate revenue of INR533 mil. (FY15: INR488 mil.), net leverage
of 2.2x (FY15: 2.2x), EBITDA interest coverage of 2.2x (2.1x) and
EBITDA margins of 4.8% (4.7%).

The ratings continue to remain constrained by the firm's high
inventory off-take requirements, due to the working capital
intensive nature of business and its tight liquidity position, as
reflected by the around 98% average of the maximum utilization of
its fund-based working capital limits in the 12 months ended
April 2016.

However, the ratings are supported by DAD being the sole
distributor of spare parts for Tata Motors Limited and Eicher
Motors Limited in West Bengal.  The ratings also consider the
firm's partners' experience of more than two decades in the
distribution of automobile spare parts.

                         RATING SENSITIVITIES

Positive: An improvement in the scale of operations along with
improvement in the overall credit metrics could result in a
positive rating action.

Negative: A decline in the scale of operations and deterioration
in the credit metrics could result in a negative rating action.

                         COMPANY PROFILE

Incorporated in 1990, DAD is an authorised distributor of spare
parts for Tata Motors Limited's passenger cars.  It also
distributes spare parts for Eicher Motors Limited's trucks and
buses.  The firm is owned and promoted by the Daga family, based
in Kolkata.


DEVENDRAN PLASTIC: CRISIL Reaffirms 'B' Rating on INR82.1MM Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Devendran Plastic
Private Limited (DPPL) continue to reflect the company's subdued
financial risk profile because of modest networth, weak debt
protection metrics, and high gearing.

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

   Letter of Credit        65        CRISIL A4 (Reaffirmed)

   Letter of Credit
   Bill Discounting        35        CRISIL A4 (Reaffirmed)

   Term Loan               82.1      CRISIL B/Stable (Reaffirmed)

The ratings also factor in susceptibility of the company's
profitability to volatility in raw material prices and to intense
competition in the packaging industry. These weaknesses are
partially offset by significant funding support from promoters
and their extensive entrepreneurial experience.

Outlook: Stable

CRISIL believes DPPL will continue to benefit over the medium
term from the significant funding support and extensive
entrepreneurial experience of its promoters. The outlook may be
revised to 'Positive' if the company reports higher sales and
better operating profitability. Conversely, the outlook may be
revised to 'Negative' in case of low increase in turnover or sub-
optimum capacity utilisation, weakening financial risk profile.

DPPL was originally incorporated in 2011 as Dev Aakash Plast
India Pvt Ltd and got its present name in 2013. It manufactures
printed polyethylene film rolls at its facility in Sivakasi,
Tamil Nadu.


DEVKINANDAN PAPER: ICRA Suspends B+/A4 Rating on INR7.58cr Loan
---------------------------------------------------------------
ICRA has suspended the [ICRA]B+/A4 rating assigned to the INR7.58
crore limits of Devkinandan Paper Mill 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.

Incorporated in 2002, Devkinandan Paper Mill Pvt. Ltd. (DPMPL) is
engaged in manufacturing of Kraft paper for flexible packaging
applications. The manufacturing unit is located at Morbi, Gujarat
and has a current production capacity of 12,000 MTPA. Currently
the company manufactures kraft paper in the range of 80-180 GSM
(grams per square meter) having a Burst Factor of 12-16 BF. The
company's director Mr. Rasik Patel has an experience of about
eight years in the business of manufacturing kraft paper by
virtue of his past partnership in Divyang Paper Mills Private
Limited.


DHRUV COTEX: CARE Assigns 'B' Rating to INR13cr Long Term Loan
--------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Dhruv
Cotex Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       13       CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Dhruv Cotex Private
Limited (DCPL) are constrained due to nascent stage coupled with
modest scale of operations, low profit margins, leveraged capital
structure and weak debt coverage indicators and working capital
intensive nature of operations. The rating is further constrained
by operations in the highly competitive and fragmented nature of
the textile industry and susceptibility of operating margins to
the raw material price fluctuation.

These factors far offset the benefits derived from the experience
and resourceful promoters, location advantage and operational
support from group entities with presence across the textile
value chain.

Ability of YCPL to increase the scale of operations and improve
profitability and capital structure along with efficient
management of the working capital amidst the intense competition
are the key rating sensitivities.

Incorporated in 2011 by Mr Utpal Bhayani and Mrs Alka Desai,
Dhruv Cotex Private Limited (DCPL) is engaged into manufacturing
of woven grey fabrics used for shirting and dress material
primarily for the domestic market. It started commercial
operations in July 31, 2014 and at present the company has 16
looms with a capacity to manufacture 170,000 meters of grey
fabric per month. Its facility is located at Dahiwad, Shirpur,
Dhule. DCPL's plant is established under the "Group Work Shed
Scheme" (Scheme of Integrated Textile Park (SITP) of Ministry of
Textile, the Government of India) and consists of 13 SSI units
under it.

DCPL is a part of the Deesan group which has been in the business
of textile manufacturing since 1996 and has various companies
operating under it (including DCPL). It has a presence in all
segments of cotton textiles starting from cultivation of cotton
to manufacturing of garments. DCPL receives operational support
from the other group companies in terms of procurement of
materials and building customers.

During FY15, DCPL has posted total operating income of INR36.74
crore with PAT of INR0.02 crore. Moreover, the company has posted
revenue of INR33.25 crore for the period April, 2015 to
September, 2015.


DM COTTON: ICRA Assigns 'B' Rating to INR8.25cr Cash Loan
---------------------------------------------------------
The long term rating of [ICRA]B has been assigned to INR0.65
crore term loan facility and INR8.25 crore cash credit facility
of DM Cotton Industries. The ratings of [ICRA]B and [ICRA]A4 have
also been assigned to the INR1.10 crore unallocated limits of
DCI.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loan              0.65        [ICRA]B Assigned
   Cash Credit            8.25        [ICRA]B Assigned
   Unallocated            1.10        [ICRA]B/[ICRA]A4 Assigned

The assigned ratings are constrained by the weak financial
profile of DM Cotton Industries characterized by modest scale of
operations, low profitability, stretched capital structure and
weak coverage indicators. The ratings also take into account the
firm's limited value addition in the cotton ginning and
cottonseed crushing business, commoditized nature of products and
the vulnerability of the firm's profitability to adverse
movements in cotton prices which are subject to seasonality and
crop harvest. The firm's operations are also exposed to
regulations governing the industry such as restrictions on cotton
exports and minimum support price (MSP). ICRA also notes that the
cotton ginning industry is highly fragmented with the presence of
large number of manufacturers, which coupled with low entry
barriers for new entrants has led to high competitive intensity
of the sector. Further the ratings consider potential adverse
impact on net worth and gearing levels in case of any substantial
withdrawal from capital accounts given the constitution as a
partnership firm.

The ratings, however, take comfort from the long-standing
experience of the promoters in the cotton industry and the
favourable location of the firm's plant with respect to raw
material procurement.

Going forward, the revenue of DM Cotton Industries is expected to
witness moderate growth on account of stable demand outlook for
cotton; although the profitability of the firm will remain
exposed to any adverse fluctuations in raw material prices which
are subject to seasonality and crop harvest. Further, the capital
structure is likely to improve with timely repayment of term
loan. In ICRA's view, the ability of the firm to efficiently
manage the impact of raw material price changes on its
profitability and improve its capital structure by managing
working capital requirements will remain the key rating
sensitivities.

Established in 1998, DM Cotton Industries (DCI) is engaged in the
business of cotton ginning and pressing to produce cotton bales
and cottonseeds and in trading of raw cotton. The firm's
manufacturing facility located in Surendranagar, Gujarat is
equipped with 24 ginning machines and 1 pressing machine with an
installed capacity of producing ~300 bales per day or 51 MTPD.
The promoters of the firm have long standing experience in cotton
ginning industry.

Recent Results
During FY2015, DCI reported an operating income of INR58.06 crore
and profit after tax of INR0.01 crore as against an operating
income of INR46.62 crore and profit after tax of INR0.01 crore in
FY2014. Further, during FY2016 DCI reported an operating income
of INR28.42 crore and profit before tax of INR0.23 crore (as per
unaudited provisional financial).


DSP RICE: ICRA Lowers Rating on INR5.0cr Cash Loan to 'D'
---------------------------------------------------------
ICRA has revised the long term rating assigned earlier to the
INR8.00 crore fund based limits of DSP Rice Industries to [ICRA]D
from [ICRA]B.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           5.00        Revised to [ICRA]D
                                     from [ICRA]B

   Term Loan             3.00        Revised to [ICRA]D
                                     from [ICRA]B

The revision in rating takes into account the delay in repayment
of term loan installments and over utilization of the cash credit
limits for more than 30 days owing to non-operation of rice mill
during FY 2016 due to conflict among the management of the firm;
and small scale of operations coupled with highly competitive
rice milling industry restricting the operating margins. The
rating is further constrained by the agro-climatic risk which
could affect the availability of paddy in adverse weather
conditions and thereby revenues and profitability levels as
witnessed in the past years. However, the rating favorably takes
into account DSPRI's experienced management with long track
record of operations in the rice industry; and favourable demand
prospects of the industry as the mill caters to Kerala and Andhra
Pradesh markets where rice is a staple food.

DSP Rice Industries (DSPRI) was founded in the year 2009 and has
started operation in the year 2010. DSPRI is engaged in the
milling of paddy and produces par boiled rice. The rice mill is
located at Warangal district of Telangana. The installed
production capacity of the plant is 8 tons per hour. The firm's
operations are overseen by Mr. Venugopal Swamy, who has more than
15 years of experience in rice milling industry. Smt. B. Vinoda
is the proprietor of the firm, who supports Mr. Venugopal Swamy
in day to day operations.


EVERBLUE SEA: CRISIL Assigns 'B' Rating to INR40MM Packing Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings on
the bank facilities of Everblue Sea Foods Private Limited.

                             Amount
   Facilities               (INR Mln)     Ratings
   ----------               ---------     -------
   Foreign Bill Discounting     40        CRISIL B/Stable
   Packing Credit               40        CRISIL A4

The ratings reflect susceptibility to risks inherent in the
seafood industry, volatility in shrimp prices and foreign
exchange rates, exposure to government regulations, modest scale
of operation, working capital-intensive operation and below-
average financial risk profile because of weak capital structure.
These rating weaknesses are mitigated by the extensive experience
of promoters in the seafood industry and longstanding customer
relationships.
Outlook: Stable

CRISIL believes ESFPL will maintain its healthy business risk
profile over the medium term aided by the extensive industry
experience of promoters and long-standing customer relationships.
The outlook may be revised to 'Positive' in case of sustained
increase in revenue, while improving working capital cycle and
profitability. Conversely, the outlook may be revised to
'Negative' if significant decline in scale of operations and
profitability, or larger-than-expected, debt-funded capital
expenditure programme, leads to weak financial risk profile.

Incorporated in 2006, as a private limited company, ESFPL based
at Visakhapatnam (Andhra Pradesh) processes and exports seafoods.
ESFPL is promoted by Mr. Joshy Rapheal, and Mr. Ehjaz Elias.


GLOBAL COPPER: ICRA Suspends B/A4 Rating on INR24.65cr Loan
-----------------------------------------------------------
ICRA has suspended the [ICRA]B/A4 ratings assigned to the
INR24.65 crore limits of Global Copper Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in
the absence of the requisite information from the company.

Incorporated in the year 2010, Global Copper Limited (GCL) is
engaged in manufacturing of level wound copper coils, pancake
copper coils and copper tubes of various sizes. The manufacturing
facility of the company is located at Savli - GIDC, Vadodara in
Gujarat, with a production capacity of 3600 MT per annum. The
manufacturing process of GCL is ISO 9001:2008 certified. In June
2014, GCL was taken over by the new management. The stake of
earlier promoters, Mr. Vijendra Gupta (~40%) and Mr. Dinesh
Kothari (30%), was taken over by Mr. Hitesh Vaghela & family
(30%), Chechani family (30%) and Jethaliya family (20%). The new
management has a longstanding experience in the business of
trading and processing of metal based products.


GLOBAL STEEL: CRISIL Reaffirms 'D' Rating on INR100MM Loan
----------------------------------------------------------
CRISIL's ratings on the bank facilities of Global Steel Company
(GSC) continue to reflect instances of delay by GSC in servicing
debt because of its weak liquidity driven by stretched working
capital cycle.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           10        CRISIL D (Reaffirmed)

   Letter of Credit         20        CRISIL D (Reaffirmed)

   Long Term Loan           30        CRISIL D (Reaffirmed)

   Overdraft Facility      100        CRISIL D (Reaffirmed)

GSC has weak financial risk profile because of small networth,
high gearing, and weak debt protection metrics. It has modest
scale of operations and large working capital requirement.
However, the firm benefits from the extensive experience of
promoter in the pre-engineered structures segment.

GSC, set up as a proprietorship firm in 2009, in Hyderabad, by
Mr. Rishi Agarwal, manufactures pre-engineered structures for the
infrastructure industry.


GOPISH PHARMA: CARE Assigns 'B' Rating to INR9.0cr LT Loan
----------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank
facilities of Gopish Pharma Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     9.00       CARE B Assigned
   Short term Bank Facilities    2.50       CARE A4 Assigned
   Long/Short term Bank          0.50       CARE B/CARE A4
   Facilities                               Assigned

Rating Rationale

The ratings assigned to the bank facilities of Gopish Pharma
Limited (GPL) are primarily constrained by small and declining
scale of operations, and weak financial risk profile as
characterized by low profitability margins, leveraged capital
structure and weak debt service coverage indicators. The ratings
are further constrained due to its working capital intensive
nature of operations along with GPL's presence in the highly
competitive industry with stringent regulations.

The ratings, however, draw comfort from the experienced promoters
and stable outlook on the Indian pharmaceutical industry.

Going forward, the ability of GPL to increase its scale of
operations while improving profitability margins and capital
structure along with effective working capital management shall
be the key rating sensitivities.

GPL is a closely held public limited company incorporated in
1995. The company was originally incorporated as a private
limited company and its constitution was changed in 1996. The
present directors of the company include Mr Ravi Prakash Goyal,
Mr Ratish Goyal and Ms Santosh Goyal. GPL is engaged in
manufacturing of generic drugs at its manufacturing facility
located in Solan, Himachal Pradesh. The main raw material of the
company includes chemicals and packing material which are
procured from various domestic manufacturers and traders. The
group companies of GPL include Gopish Foils and Gopish Pharma
which are engaged into the business of specialised packaging
products and manufacturing of injections respectively.

For FY15 (refers to the period April 01 to March 31), GPL
achieved a total operating income (TOI) of INR28.90 crore with
PBILDT INR2.08 crore and PAT of INR0.11 crore, as against TOI of
INR33.99 crore with PBILDT of INR2.34 crore and PAT of INR0.16
crore in FY14. During FY16 (based on unaudited results), the
company has achieved a total operating income of around INR27
crore.


HARIHAR INFRASTRUCTURE: Ind-Ra Withdraws BB LT Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Harihar
Infrastructure Development Corporation Limited's (HIDC) 'IND
BB(suspended)' Long-Term Issuer Rating.

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

Ind-Ra suspended HIDC's ratings on July 3, 2015.


HERITAGE DISTILLERIES: CRISIL Assigns 'B' Rating to INR140MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Heritage Distilleries Private Limited (HDPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Term Loan      140        CRISIL B/Stable

The rating reflects the company's exposure to risks related to
implementation of proposed expansion, its small scale of
operations, below-average financial risk profile because of small
net worth and weak liquidity. These weaknesses are partially
offset by extensive experience of its promoters in the distillery
industry, longstanding customer relationship, and stable revenue
visibility.

Outlook: Stable

CRISIL believes HDPL will continue to benefit from its promoters'
extensive industry experience. The outlook may be revised to
'Positive' in case of timely completion of proposed expansion,
and higher-than-expected revenue and profitability leading to
substantial cash accrual. The outlook may be revised to
'Negative' if there are delays in project completion, or if cash
accrual is lower than expected, resulting in pressure on
liquidity.

HDPL was incorporated in 1999 by Mr. Kartick Swain and his
family. It owns a manufacturing facility with area of 1.3 acres
and capacity of 0.12 million cases per month, which it has leased
to United Spirits Ltd (USL) for manufacturing Indian-made foreign
liquor. The lease is for 5 years and is renewable for 5 years.
HDPL plans capital expenditure for expanding its facility, which
will also be leased to USL.


INCOM WIRES: CRISIL Assigns 'B' Rating to INR60MM Cash Loan
-----------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Incom Wires and Cables Limited (IWCL) and has
assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
facilities. CRISIL had suspended the ratings on April 12, 2016,
as IWCL had not provided the necessary information for a rating
view. The company has now shared the requisite information,
enabling CRISIL to assign ratings to its bank facilities.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              60        CRISIL B/Stable (Assigned;
                                      Suspension Revoked)

   Letter of Credit         60        CRISIL A4 (Assigned;
                                      Suspension Revoked)

   Proposed Long Term       21.5      CRISIL B/Stable (Assigned;
   Bank Loan Facility                 Suspension Revoked)

   Term Loan                38.5      CRISIL B/Stable (Assigned;
                                      Suspension Revoked)

The ratings reflect IWCL's below-average financial risk profile
because of high gearing, its large working capital requirement,
and low operating profitability. These weaknesses are partially
offset by extensive experience of the company's promoters in the
cable industry, and healthy near-term revenue visibility due to
strong order book.
Outlook: Stable

CRISIL believes IWCL will continue to benefit over the medium
term from its strong relationship with Indian Railways and its
promoters' experience in the cable manufacturing business. The
outlook may be revised to 'Positive' in case of higher-than-
expected cash accrual, driven by substantial sales or
profitability, resulting in a better financial risk profile. The
outlook may be revised to 'Negative' if the company undertakes
significant debt-funded capital expenditure, leading to weakening
of financial risk profile, particularly capital structure, or if
business volume declines because of low success in bidding for
tenders.

IWCL, incorporated in 1995, manufactures electric wires, power
cables, control cables, railway signaling cables, railway quad
cables, and telephone cables. Its manufacturing unit is at
Mayapuri Industrial Estate in Delhi. The company is approved by
the Research Design and Standards Organisation as a Part 1
supplier of signaling and telecommunication cables to Indian
Railways.


JAYSHREE BUILDERS: ICRA Lowers Rating on INR30cr Loan to 'D'
------------------------------------------------------------
ICRA has downgraded the long term rating to [ICRA]D from [ICRA]B+
for the INR30.0 crore term loan facility of Jayshree Builders.
ICRA has downgraded the short term rating to [ICRA]D from
[ICRA]A4 for the INR3.8 crore non-fund based facilities of the
firm. ICRA has also downgraded the long term and short term
rating to [ICRA]D from [ICRA]B+/[ICRA]A4 for the INR41.2 crore
unallocated facility of the firm.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund based limits     30.0         [ICRA]D downgraded
   Term Loan                          from [ICRA]B+

   Non-fund based         3.8         [ICRA]D downgraded
   limits - Stand By                  from [ICRA]A4
   Letter of Credit
   (SBLC)

   Unallocated facility  41.2         [ICRA]D/[ICRA]D downgraded
                                      from [ICRA]B+/[ICRA]A4

The ratings downgraded reflect the delays in meeting the debt
servicing obligations by the firm.

Mumbai based Jayshree Builders was established in the year 1980
by Mr. Ramesh Mehta along with other family members as partners
for undertaking real estate development. The firm is a part of
the Mehta Group which is engaged in the business of real estate
development in Thane and Kalyan since 1978. M/s Jayshree Builders
is a part of the Mehta Group which consists of various firms like
Amrut Builders, Shree Ram Builders, Deep Construction Company and
Lubex Petro Chem Private Limited and has executed more than 40
projects in past 30 years.

Recent Results:
M/s Jayshree builders follows project completion method of
accounting and has reported a net profit of INR0.7 crore on an
operating income of INR9.1 crore for the year ending 31st March
2015 and profit before tax of INR3.0 crore on an operating income
of INR27.8 crore for the year ending 31st March 2016 (provisional
statement).


LAVIS SIGNATURE: ICRA Reaffirms 'B+' Rating on INR10cr Loan
-----------------------------------------------------------
ICRA has reaffirmed the long term rating at [ICRA]B+ to the
INR10.00 crore cash credit facility and INR5.12 crore term loan
facility of Lavis Signature Panel Private Limited. ICRA has also
reaffirmed the short term rating of [ICRA]A4 to the INR6.00 crore
non fund based bank facilities of LSPPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           10.00       [ICRA]B+; reaffirmed
   Term Loan              5.12       [ICRA]B+; reaffirmed
   Bank Guarantee         1.00       [ICRA]A4; reaffirmed
   Letter of Credit      (5.00)      [ICRA]A4; reaffirmed
   Forward Contract       5.00       [ICRA]A4; reaffirmed

The rating continues to be constrained by LSPPL's weak financial
profile, as reflected by the adverse capital structure, along
with moderate debt coverage indicators, and a highly working
capital intensive nature of the business. The rating also takes
into account a slowdown in the real estate sector, which has led
to delays in receivables and high inventory holding, which has
led to the stretched liquidity position of the company. ICRA also
takes into account the high supplier concentration for supply of
bagasse, which is seasonal in nature and susceptibility to its
availability and prices, given its increasing demand for power
generation. Further, the ratings take note of LSPPL's modest
scale of operations amidst a highly fragmented industry,
characterised by the availability of substitute products and
intense competition from organised as well as unorganised
players.

The rating, however, draws comfort from the long experience of
the promoters in the wood processing and laminate industry,
favourable cost dynamics for particle boards, as compared to
plywood and proximity to raw material sources, reflecting ease in
availability of raw materials.

Established in 2009, Lavis Signature Panel Private Limited
(LSPPL) manufactures particle boards and pre-laminated particle
boards. LSPPL's manufacturing site is located at Kathlal in Kheda
District, Gujarat. The company is promoted by Mr. Dhansukhbhai
Patel, Mr. Hasmukhbhai Patel and Mr. Amrutbhai Patel, who have
considerable experience in various businesses related to timber
and laminates. The commercial production of particle board
commenced from mid-February 2012 and of pre laminated particle
board from April 2012. The installed capacity of the plant is
3500 particle boards per day and 2500 pre laminated particle
boards, assuming the standard size of 2.44" X 1.22" sq. mt.

Recent Results
For the year ended 31st March 2016, the firm reported an
operating income of INR37.68 crore and profit before tax of
INR0.70 crore as per the provisional financials.


LIKHITA ENERGY: CARE Assigns 'B' Rating to INR10.70cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Likhita
Energy Systems Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      10.70     CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Likhita Energy
Systems Private Limited (LESPL) is constrained by small scale of
operations, relatively low profit level and cash accruals, highly
leveraged capital structure albeit improved debt coverage
indicators during FY16 (Provisional) [refers to the period April
1 to March 31] and debt-funded capital expenditure. The rating,
however, derives comfort from the experienced promoter,
increasing operating income over the years and satisfactory
operating cycle. The ability of the company to expand the scale
of operation with subsequent improvement in profitability and
coverage ratios are the key rating sensitivity.

LESPL was incorporated in June 21, 2010, and is engaged in
fabrication/manufacturing of tubular wind turbine towers, huge
storage tanks and heavy fabrication of structures for thermal
power stations, harbor projects, and refinery projects on order
basis. LESPL is managed by Mr T. Y. Reddy, Mr ASGS Sandilya andMr
T. P. Reddy.

LESPL is a part of the Likhita Group (ISO 9001:2008 Certified);
an engineering company established in 1996 and having focus on
multiple business segments which includes manufacturing of bulk
drugs processing equipments and wind turbine towers for wind
power projects, construction of residential buildings and IT-
enabled services. The quality and safety of Likhita Group is
certified by 'TUV India' and 'TATA Projects Limited'.

During FY16 (Provisional), LESPL reported a PAT of INR3.82 crore
(Net loss of INR0.74 crore in FY15) on a total operating income
of INR17.15 crore (Rs.8.70 crore in FY15).


LORD VENKATESWARA: CARE Assigns B+ Rating to INR5.54cr LT Loan
--------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Lord Venkateswara Educational Trust.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      5.54      CARE B+ Assigned
   Short term Bank Facilities     1.00      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Lord Venkateswara
Educational Trust (LVET) are constrained by the decline in the
income and net surplus during the period FY13 (refers to the
period April 1 and March 31) to FY15, delay in fee receipt
resulting in high receivables position coupled with inherent cash
flow mismatches associated with the educational institutes,
limited outreach on account of concentration of operations and
the risks involved in the highly regulated educational sector.

The ratings derive strength from the long operational track
record of LVET, experience of the trustees in the field of
running educational institutions and diversified revenue stream
to some extent on account of various courses offered.

Going forward, the ability of LVET to improve the overall
enrolment levels, efficient cash flow management and expand
the scale of operations are the key rating sensitivities.

LVET was established in 1991 by Mr. M.G. Sekar. LVET operates
three colleges namely 'PEE GEE College of Arts & Science
(PGCAS)', 'Sapthagiri College of Engineering (SCE)' and 'PEE GEE
Polytechnic (PGP)' located in Periyanahalli, Dharmapuri district
in Tamil Nadu. SCE is the flagship institute of the trust with an
annual intake of 558 seats for AY2015-16. For the Academic Year
(AY) 2015-16, LVET had a total strength of 4,615 students. SCE is
affiliated to Anna University, Chennai and offers under-graduate
(UG) and post-graduate (PG) in the engineering domain.

During FY15, LVET reported a net surplus of INR1.8 crore on a
total operating income of INR9 crore.


MADHUBAN AGRISTORAGE: CRISIL Assigns B Rating to INR200MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Madhuban Agristorage Private Limited (MAPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan                200       CRISIL B/Stable

The rating reflects the firm's exposure to risks related to
implementation of, and demand for, its ongoing cold storage and
frozen food processing project. The rating also reflects MAPL's
expected modest scale of operations and below-average financial
risk profile due to debt-funded capital expenditure and start-up
stage of operations. These weaknesses are partially offset by the
extensive entrepreneurial experience of its promoters and their
funding support.
Outlook: Stable

CRISIL believes MAPL will benefit from the extensive
entrepreneurial experience of the promoters and their funding
support over the medium term. The outlook may be revised to
'Positive', if operations stabilise and there is sustained
improvement in revenue and cash accrual. The outlook may be
revised to 'Negative' if time and cost overrun in the
implementation of its new project or delayed ramp up in sales
weakens the financial risk profile, particularly liquidity.

MAPL was set up in 2012 as a private limited company in Baliyasan
(Gujarat) for starting a cold chain facility for vegetables and
fruits. It is promoted by Mr. Dharmesh Rathod, Mr. Dashrat
Chaudhary, Mr. Hitesh Chawla, Mr. Shantaben Chaudhary and
Mr.Ritaba Jadeja.


MAHARAJA TEXO: CARE Assigns B+ Rating to INR7cr Long Term Loan
--------------------------------------------------------------
CARE assigns 'CARE B+' ratings to the bank facilities of Maharaja
Texo Fab Pvt Ltd.

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

Rating Rationale

The rating assigned to Maharaja Texo Fab Pvt Ltd (MTF) is
primarily constrained by small scale of operations, weak
financial profile marked by low profitability margins, leveraged
capital structure and weak coverage indicators. The rating is
further constrained by the stiff competition in the industry due
to low entry barriers. The rating, however, draws comfort
fromexperience of the promoters, moderate operating cycle and
location advantage.

Going forward, the ability of the company to increase its scale
of operations while improving its profitability margins and
capital structure shall be the key rating sensitivities.

Panipat-basedMTF was established in 2009 and is currently being
managed by Mr Krishan Lal. MTF is engaged in the manufacturing of
cotton yarn. The company has manufacturing unit located in
Panipat, Haryana. The company has installed capacity of
manufacturing 5,000 tonnes per annum as on April 2016. The
company sells its finished products to garment manufacturers and
wholesalers of yarn. The main raw material for the company is
cotton waste which the company procures from manufactures and
traders located in Haryana region.

In FY15 (refers to the period April 1 to March 31), MTF has
achieved a total operating income (TOI) of INR26.94 crore with
PBILDT and PAT of INR0.84 crore and INR0.11 crore as against
total operating income (TOI) of INR29.93 crore with PBILDT and
PAT of INR0.76 crore and INR0.10 crore in FY14. Furthermore, the
company achieved total operating income of INR26 crore during
FY16 (as per unaudited results).


MANGUDIYAR MODERN: CRISIL Ups Rating on INR68MM Cash Loan to B+
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Mangudiyar Modern Rice Mill (MMRM) to 'CRISIL B+/Stable' from
'CRISIL B/Stable'

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              68        CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B/Stable')

   Term Loan                12        CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B/Stable')

The upgrade reflects CRISIL's belief that MRM will sustain its
improved business risk profile over the Medium term driven by
added capacities in the last two years. The firm's turnover is
expected to increase to INR390 million in 2015-16 as against
revenues of INR108 million in 2013-14. Further, the firm's
revenues are expected to cross INR400 million in 2016-17.
Additionally, the firm's liquidity has been aided by capital
infusion of INR20 million between 2013-14 and 2014-15 by the
partners. The liquidity is further aided by the comfortable cash
accruals against repayment obligations. CRISIL'S rating on MRM
bank facilities continue to reflect the average financial risk
profile of the firm ma rket by moderate gearing, net worth and
small scale of operations. These rating weaknesses are partially
offset by promoter's industrial experience of more than 35 years.
Outlook: Stable

CRISIL believes that MMRM will continue to benefit over the
medium term from promoter's extensive industry experience. The
outlook may be revised to 'Positive' if the firm improves its
scale of operations and capital structure, leading to an
improvement in its financial risk profile. Conversely, the
outlook may be revised to 'Negative' if MMRM undertakes
aggressive debt-funded expansions, or if its revenues and
profitability decline substantially, or if the partners withdraw
capital from the firm, leading to weakening in its financial risk
profile.

Set up in 2007, as a proprietorship firm, MMRM is engaged in
milling and processing of paddy into rice, rice bran, broken rice
and husk. Located in Pudukkottai, Tamil Nadu, the daily
operations of the firm is managed by the proprietor, Mr. Senthil
Kumar.


MATESHWARI PAPER: CRISIL Assigns B+ Rating to INR50MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Mateshwari Paper Mill Pvt Ltd (MPMPL). The
rating reflects MPMPL's exposure to risks relating to project
implementation and stabilisation and volatility in raw material
prices.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Term Loan      50         CRISIL B+/Stable
   Proposed Cash
   Credit Limit            16.5       CRISIL B+/Stable
   Proposed Letter of
   Credit                   6.0      CRISIL A4

The ratings also reflect its modest scale of operations and
constrained financial risk profile because of modest net worth.
These rating weaknesses are partially offset by the extensive
industry experience of the company's promoters.
Outlook: Stable

CRISIL expects MPMPL to benefit from its promoters extensive
experience healthy relations with targeted customer base and
healthy prospects of the rice processing industry over the medium
term. The outlook may be revised to 'Positive' in case of timely
implementation of ongoing project within envisaged cost and
generation of higher than expected revenues and accruals.
Conversely, the outlook may be revised to 'Negative' in case of
significant time and cost overrun in project completion, lower
than expected capacity utilisation or significant stretch in
working capital management resulting in deterioration in overall
financial risk profile particularly liquidity.

Mateshwari Paper Mill Private Limited (MPMPL) incorporated in
December, 2012 is engaged in manufacturing of kraft paper and the
company now proposes to set up a 100 TPD waste paper based duplex
paper board manufacturing facility. The duplex board unit is
expected to commence commercial operations from December 2016
onwards.


MATRI MANDIR: CRISIL Assigns B+ Rating to INR58MM Cash Loan
-----------------------------------------------------------
CRISIL has assigned the 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank loan facilities of Matri Mandir Himghar Private Limited
(MMHPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan                9.2       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility       4.1       CRISIL B+/Stable
   Bank Guarantee           8.7       CRISIL A4
   Cash Credit             58.0       CRISIL B+/Stable

The rating reflects the average financial risk profile and
exposure to risks arising from the highly regulated and
fragmented nature of the cold storage industry in West Bengal.
These weaknesses are mitigated by the extensive industry
experience of the promoters.
Outlook: Stable

CRISIL believes the company will continue to benefit over the
medium term from the extensive industry experience of promoters.
The outlook may be revised to 'Positive' if an increase in the
net cash accrual or scale of operations strengthens the overall
financial risk profile, particularly liquidity. The outlook may
be revised to 'Negative' if delays in payments from farmers,
considerably low cash accrual, or significant debt-funded capital
expenditure (capex) strains liquidity.

The company was incorporated in 2002 by the Paul family. The unit
is located at Nagarpara, Hoogly district (West Bengal). It offers
cold storage facilities for potatoes and has capacity of 2,41,810
quintals. The promoter-directors, Mr. Lakhan Chandra Paul and Mr.
Rajkumar Paul, oversee the daily operations.


MOHIT DIAMONDS: CRISIL Ups Rating on INR393.7MM Loan From 'D'
-------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of
Mohit Diamonds Pvt Ltd (MDPL) to 'CRISIL BB-/Stable/CRISIL A4+'
from 'CRISIL D/CRISIL D'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Adhoc Limit             142.5      CRISIL A4+ (Upgraded from
                                      'CRISIL D')

   Adhoc Limit              33.5      CRISIL BB-/Stable (Upgraded
                                      from 'CRISIL D')

   Packing Credit          393.7      CRISIL A4+ (Upgraded from
                                      'CRISIL D')

   Packing Credit           80.4      CRISIL BB-/Stable (Upgraded
                                      from 'CRISIL D')

   Post Shipment Credit    448.8      CRISIL A4+ (Upgraded from
                                      'CRISIL D')

   Post Shipment Credit     87.1      CRISIL BB-/Stable (Upgraded
                                      from 'CRISIL D')

   Proposed Short Term      14.0      CRISIL A4+ (Upgraded from
   Bank Loan Facility                 'CRISIL D')


The upgrade reflects regularisation of MDPL's bank limit over the
three months through April 2016, backed by improvement in
liquidity. A post shipment bill overdue for more than 30 days in
December 2015 was regularised on January 7, 2016. CRISIL believes
the company will sustain its improved liquidity over the medium
term supported by absence of term loan.

The ratings reflect extensive experience of the company's
promoter in the diamond industry, established relationships with
customers, and above-average financial risk profile because of
healthy networth, low total outside liabilities to tangible
networth ratio, and moderate debt protection metrics. These
strengths are partially offset by large working capital
requirement, modest scale of operations in an intensely
competitive industry, and susceptibility of profitability to
volatility in diamond prices and foreign exchange rates.
Outlook: Stable

CRISIL believes MDPL will continue to benefit from its
established presence in the diamond industry backed by extensive
industry experience of its promoter and established relationships
with customers. The outlook may be revised to 'Positive' in case
of substantial and sustained increase in scale of operations and
profitability, or improvement in working capital cycle. The
outlook may be revised to 'Negative' if profitability declines or
capital structure weakens due to stretch in working capital
cycle.

MDPL, set up in 1991 by Mr. Anoop Mehta, is the flagship company
of the Mohit group. The promoter family has been in the diamond
business since 1916.

MDPL cuts and polishes diamonds, which it sells under the Mohit
Stars brand. It also has a jewellery division, which manufactures
and exports diamond-studded jewellery. The company derives 86
percent of its revenue from diamonds, and 14 percent from
jewellery.


MONGA IRON: CRISIL Reaffirms B- Rating on INR60MM Cash Loan
-----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Monga Iron &
Steel Pvt. Ltd (MISPL) continues to reflect the company's weak
financial risk profile because of high total outside liabilities
to tangible networth ratio and weak debt protection metrics.

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

   Proposed Long Term
   Bank Loan Facility      60       CRISIL B-/Stable (Reaffirmed)


The rating also factors in low operating profitability because of
trading business, and susceptibility to volatility in steel
prices. These weaknesses are partially offset by extensive
experience of its promoter in the steel trading business, and its
established relationships with customers and suppliers.
Outlook: Stable

CRISIL believes MISPL will continue to benefit over the medium
term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' in case of significant
growth in revenue and profitability, and efficient working
capital management, leading to a better financial risk profile,
particularly liquidity. Conversely the outlook may be revised to
'Negative' if financial risk profile, particularly its liquidity,
deteriorates, because of large working capital requirement or
pressure on cash accrual.

MISPL was set up in 1985 as a proprietorship firm, and was
reconstituted as a private limited company with the present name
in 2008. The company trades in stainless steel products. Its
registered office is in New Delhi.


MUKAND SYSTEM: Ind-Ra Assigns 'IND BB+' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Mukand System &
Networking Pvt Ltd (MSNPL) a Long-Term Issuer Rating of 'IND
BB+'. The Outlook is Stable.

                         KEY RATING DRIVERS

MSNPL's ratings reflects its small scale of operations, as
reflected in its revenue of INR170 mil. during FY16 (FY15:
INR148 mil.).  The ratings also factor in MSNPL's moderate credit
metrics, with provisional (P) FY16 financials indicating interest
coverage of 2.2x (FY15: 8x) and net leverage of 5.8x (2x).  Its
operating margins deteriorated to 12.4% during FY16P from 43.5%
in FY15 mainly due to high execution expenses for optical fibre
cables (OFCs).  The ratings also factor MSNPL's tight liquidity,
as reflected in the 98.15% maximum utilization of its fund-based
limits for the 12 months ended April 2016.

However, the ratings benefit from the company's well-established
customer relations, with strong clients such as Reliance Jio
Infocom, Dishnet Wireless Limited, Power Grid Corporation of
India Limited, etc.  The rating also benefit from MSNPL's
founders' decade-long experience in the laying and maintenance of
OFCs.

                       RATING SENSITIVITIES

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

Negative: Cancellation of rental agreements with customers,
leading to a substantial deterioration in its overall credit
metrics, will be negative for the ratings.

                          COMPANY PROFILE

MSNPL was incorporated in 2005 and is a passive telecommunication
infrastructure provider in Northeast India.  It is primarily
engaged in leasing, laying and maintaining of OFCs for various
industries such as telecom and Internet services.  The company
currently has a 2900km OFC network, which covers intra-city and
national long distance lines.  Its promoter-directors are Mr.
Rishi Gupta and Mrs. Anita Gupta.

MSNPL's ratings:

   -- Long-Term Issuer Rating: assigned 'IND BB+'/ Stable
   -- INR32.50 mil. fund-based working capital limits: assigned
      'IND BB+'/ Stable
   -- INR40 mil. non-fund-based working capital limits: assigned
      'IND A4+'


NACHIKETA COTTON: ICRA Upgrades Rating on INR6.5cr Loan to 'B'
-------------------------------------------------------------
ICRA has revised the long term rating assigned to INR6.50 crore
cash credit facility of Nachiketa Cotton Private Limited from
[ICRA]B to [ICRA]C+.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based-Cash        6.50        Revised from [ICRA]B
   Credit                             to [ICRA]C+

The revision in rating factors in the consistent losses at net
level in last four years owing subdued operations in ginning and
pressing of raw cotton. Further, NCPL has incurred an inventory
loss in trading of arenda in FY2016 due to correction in the
market prices. Given the cumulative losses, erosion of net worth
and stressed liquidity position NCPL had shut down its business
operation in January 2016. ICRA further notes that NCPL has an
outstanding cash credit balance of INR5.59 crore as on May 2016;
the repayment of the same would depend upon the timely receivable
from the debtors and sale of other immovable assets. Hence, the
company ability to promptly repay its working capital borrowings
is the key rating sensitivity.

The company was incorporated on 9th July 1998 as a private
limited company under the name Patel Shah Cotton Private Limited
and was subsequently renamed as Nachiketa Cotton Private Limited
in 2003. The company is engaged in the ginning and pressing of
raw cotton and crushing of cottonseed. The company is managed by
a director Mr. Bipin Thakkar and other managerial personnel. The
manufacturing unit is located in Halvad, Gujarat. The company is
equipped with 27 ginning machines, one pressing machine (semi
automatic) and four expellers with an installed capacity to
produce 225 cotton bales, 3MT cottonseed oil and 24MT cottonseed
oil cake per day (24 hours operation). The company is also
engaged in trading of cotton products including raw cotton,
arenda and gavar. From FY 2016, the company has discontinued its
ginning, pressing and crushing operations.

Recent Results
During FY15 (unaudited provisional financials), the company
reported an operating income of INR26.83 crore and a net loss of
INR0.23 crore against an operating income of INR23.58 crore and
net loss of INR0.16 crore in FY14.


NAGOORAR ENTERPRISES: CRISIL Cuts Rating on INR50MM Loan to B+
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Nagoorar Enterprises (NE; part of Nagoorar group) to 'CRISIL
B+/Stable' from 'CRISIL BB-/Stable'.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Cash Credit              50       CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

   Term Loan                34.4     CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

The rating downgrade reflects CRISIL's belief that the group's
weaker than expected operating performance would result in
stretched liquidity over the medium term. The group is expected
to generate cash accruals of INR3.5-Rs.4.7 million per annum,
which would be inadequate to service annual repayment obligations
of INR3-7.2 million, over the medium term. CRISIL believes that
the group would continue to meet the repayment obligations with
timely support from the promoter.

The rating reflects low profitability, susceptibility of
operating margin to volatility in metal scrap prices, and a
modest scale of operation in the intensely competitive scrap
business. These rating weaknesses are partially offset by the
extensive industry experience of the promoter, and a moderate
financial risk profile.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of NE, NKR Enterprise (NKR), Green
Travels and Transport (GTT), and Shahul Hamid - labour contract
(SH). This is because all these firms, together refer to as the
Nagoorar group, have a common promoter and significant
operational and financial linkages.
Outlook: Stable

CRISIL believes the Nagoorar group will continue to benefit over
the medium term from the extensive industry experience of its
promoter. The outlook may be revised to 'Positive' in case of a
significant increase in scale of operation and profitability,
leading to higher-than-expected cash accrual, while the financial
risk profile is sustained. Conversely, the outlook may be revised
to 'Negative' if liquidity weakens because of a decline in
profitability or stretched working capital cycle.

NE was established in 1985 as a proprietorship firm by Mr. N
Shahul Hameed. The firm trades in scrap material such as mild
steel (MS) scrap, fly ash, and firewood; sprint green; and
plastic scrap.


OM GRAM: Ind-Ra Suspends B+ Rating on INR15MM Term Loans
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated the Long-term
'IND B+' ratings on Om Gram Udyog Samiti's (OGUS) INR15 mil. term
loans and INR7 mil. working capital limits to the suspended
category.  The Outlook was Stable.  The ratings will now appear
as 'IND B+(suspended)' on the agency's website.

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

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


PENTAGON ALUMINIUM: CARE Assigns 'B' Rating to INR18cr LT Loan
--------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Pentagon
Aluminium Company Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     18.00      CARE B Assigned

Rating Rationale

The rating assigned to the bank facility of Pentagon Aluminium
Company Private Limited (PAPL) is primarily constrained on
account of residual project execution and stabilization risk
associated with the debt-funded green-field project and raw
material price fluctuation risk. The rating is further
constrained by competitive nature of the industry and presence of
large players in the organized segment.

The rating, however, draws comfort from the experienced
management and financial closure achieved for the project. Going
forward, the ability of the company to successfully implement the
residual project within estimated time and cost and achievability
of envisaged revenue and profitability shall be the key rating
sensitivity.

Delhi-based, Pentagon Aluminum Company Private Limited (PAPL) was
incorporated in February 2014 and is promoted by Mr Amit Sharma
and Ms Shakuntala Kaushik. PAPL is setting up a manufacturing
(Hot rolling mill) unit at Una, Himachal Pradesh with the
objective to manufacture aluminum products such as aluminum
sheets, plates and coils of various shapes and sizes with
proposed installed capacity of 3500 MTPA (Metric tonnes per
annum). The key raw material for the company would be aluminum
ingots which will be procured from the reputed manufacturing
companies such as Bharat Aluminum Company Limited (BALCO) and
National Aluminum Company Limited (NALCO). The company also plans
to import raw material from Malaysia. The project is proposed to
commence operations from September 2016.


PERMESHWER CREATIONS: Ind-Ra Withdraws B+ Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Permeshwer
Creations Pvt. Ltd.'s (PCPL) 'IND B+(suspended)' Long-Term Issuer
Rating.

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

Ind-Ra suspended PCPL's ratings on Aug. 14, 2015.

PCPL's ratings:

   -- Long-Term Issuer Rating: 'IND B+(suspended)'; rating
      withdrawn

   -- INR280 mil. fund-based working capital limits:
      'IND A4(suspended)'; rating withdrawn

   -- INR20 mil. non-fund-based limit: 'IND A4(suspended)';
      rating withdrawn


PRANEE INFRASTRUCTURES: ICRA Rates INR10cr Loan at B/A4
-------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B and a short term
rating of [ICRA]A4 to INR10.00 crore proposed bank facilities of
Pranee Infrastructures Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-term scale/
   Short-term scale/
   Fund based/Non-
   fund based             10.00       ICRA]B/[ICRA]A4; assigned

The assigned ratings are constrained by the small scale of
operations of the company which restricts financial flexibility
and scale benefits to an extent; and the adverse capital
structure as reflected by a gearing level of 3.96x as on 31st
March, 2016 on account of debt funded capital expenditure. The
rating also takes into account the highly fragmented and
competitive nature of industry and lack of geographical
diversification in the orders executed by the company; however,
going forward, the company has plans to execute orders in other
cities.

The ratings, however, take into consideration the director's long
standing experience and established relationship of the company
with customers in the construction sector, and consistent orders
received by the company from reputed players. ICRA notes the
strong visibility to revenues over near to medium term as
reflected by healthy order book position in February 2016 of
INR60 crores which is around 3 times the operating income in
2015-16. The ratings also take into account the consistent
revenue growth of company since in its incorporation in 2013 and
its comfortable working capital position supported by low debtors
and inventory days.

Going forward, the healthy current order book position is
expected to support the growth in operating income. The net
profitability is however expected to moderate given the high
interest expenses to be incurred with the increase in debt
levels. The ability of the company to timely execute the projects
in hand, secure new orders and effectively manage its working
capital requirements would be the key rating sensitivities.

Incorporated in 2013, Pranee Infrastructure Private Limited
(PIPL) is a private limited company based out of Bangalore. The
company primarily operates as a civil construction company and
takes up work related to construction of residential complex and
commercial buildings, with its scope of work including civil,
sanitary, electricals, etc. as per the contract. Mr.
Venkateswarlu, the promoter of the company has around 3 decades
of experience in the construction industry. The commercial
operations of the company started in the month of September 2013.


Recent Results
For 2015-16, the company reported an operating income of INR21.67
crore (as per provisional results) and a net profit of INR1.40
crore as against an operating income and a net profit of INR16.03
and INR0.69 crore respectively in 2014-15.


PRASANNA EDUCATION: CRISIL Assigns 'D' Rating to INR100MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the bank facility of
Prasanna Education Trust (PET).The rating reflects instances of
delays by PET in servicing its term debt obligations which have
been caused by weak liquidity.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Long Term Loan            100      CRISIL D

PET has modest scale of operations, average financial risk
profile, marked by a small net worth and high gearing, and
exposure to risks related to the regulatory framework governing
educational institutions. These rating weaknesses are partially
offset by the extensive experience of PET's trustees in the
education sector and expected benefit from the newly incorporated
Ayurvedic College and hospital.

The Prasanna Education Trust (PET) is involved in the field of
education since 2003 and has been running 10 institutions
imparting education from primary to higher education. The trust
is managed by Mr. K. Gangadhara Gowda, former Minister,
Government of Karnataka and his family. The trust also runs an
Ayurvedic College and Hospital by the name Prasanna Ayurvedic
College and Hospital.


RAVI TEJA: CARE Assigns 'B' Rating to INR4.82cr Long Term Loan
--------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Ravi Teja
Textiles.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      4.82      CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Ravi Teja Textiles
(RTT) is constrained by relatively small scale of operations
coupled with thin profit margins due to trading nature of
business, highly leverage capital structure and weak debt
coverage indicators, working capital intensive nature of
operations, fragmented nature of the industry resulting in high
competition and constitution of the entity as a proprietorship
concern. However, the rating is underpinned by the established
track record and experience of the proprietor for more than two
decades in retail textile industry and growth in total operating
income during FY13-FY15.

The ability of the firm to improve profitability margins, capital
structure and efficiently manage its working capital are the key
rating sensitivities.

Ravi Teja Textiles (RTT) was established as a proprietorship
concern by Mr D. Sarveswara Rao in the year 1990. The firm is
engaged in the trading of sarees and ladies dress materials. The
firm has two showrooms, one located in Ongole while the other
located in Piduguralla, Andhra Pradesh. While the showroom in
Ongole has been operating since 1990, the new showroom in
Piduguralla was started during the end of FY14.

During FY15 (refers to the period April 1 to March 31), RTT
reported a PAT of INR0.13 crore on a total operating income of
INR12.60 crore as against PAT of INR0.12 crore on a total
operating income of INR8.46 crore in FY14. Furthermore, as per
provisional financials for FY16, the firm has reported sales of
around INR15 crore during the period


REAL STRIPS: CARE Lowers Rating on INR76.30cr LT Loan to 'C'
------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Real Strips Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     76.30      CARE C Revised from
                                            CARE BB+

   Short-term Bank Facilities    46.50      CARE A4 Reaffirmed

Rating Rationale

Revision in the long-term rating assigned to the bank facilities
of Real Strips Limited (RSL) takes into account the acute
liquidity stress faced by the company resulting in frequent
instances of letter of credit (LC) devolvement and deterioration
in its financial risk profile marked by significant decline in
its total operating income and significant increase in net losses
(excluding extraordinary expenses) reported during FY16 (refers
to the period April 1 to March 31; as per the published results).

The ratings further continue to be constrained by the high
working capital intensity of RSL's operations, susceptibility of
its profitability to volatile raw material prices, its low
bargaining power vis-Ö-vis its suppliers and its presence in an
intensely competitive steel processing industry.

The ratings, however, continue to derive strength from the
experience of promoters in stainless steel (SS) industry, its
established operations in manufacturing cold-rolled SS coils &
strips and support extended by its resourceful promoters by way
of fund infusion to support its operations.

The ability of RSL to efficiently managing its working capital
requirements along with improvement in its profitability and
capital structure in a highly competitive and challenging
scenario for steel processing industry would be the key rating
sensitivities.

Promoted by Mr. A. K. Kataria, Mr. Arvindkumar Sanghvi, Mr.
Ugamraj M. Hundia and Mr. Prakashraj S. Jain, RSL is engaged in
manufacturing of SS cold rolled (CR) coils & strips having
manufacturing facilities near Ahmedabad. Products manufactured by
RSL find application in automobile, food & dairy, sugar, watch,
pipes & tubes, utensils, furniture industry etc.

Mr. Jain and Mr. Hundia, Joint Managing Directors, look after
day-to-day operations of the company. As on March 31, 2015, RSL
operated with an installed capacity of 30,000 MTPA (Metric Tons
Per Annum) of CR stainless steel coils & strips and 6,000 MTPA of
bright annealed (BA) finish rolling mill capacity.

Based on FY16 published results, RSL registered a total operating
income (TOI) of INR193.31 crore (Rs.342.40 crore in FY15) with a
net loss of INR43.66 crore (net loss of INR4.92 crore in FY15).


SARASWATI MEDICAL: Ind-Ra Assigns BB+ Rating to INR18.2MM Loan
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Saraswati
Medical & Dental College's (SMDC) INR18.2 mil. term loan facility
an 'IND BB+' rating and its proposed INR106.8 mil. term loan
facility a 'Provisional IND BB+' rating with a Stable Outlook.

                        KEY RATING DRIVERS

Moderate Operational Performance: The society maintained moderate
operating margins over FY11-FY15 on the back of steady growth in
both operating income (CAGR: 12.9%) and operating expenses (CAGR:
12.5%).  Operating margin rose to 14.9% in FY15 from 13.5% in
FY11. Operating balance grew at a CAGR of 15.7% over FY11-FY15.

On the income side, tuition fee income with an average
contribution of 81.4% to the total revenue receipts over FY11-
FY15 grew at a CAGR of 9.4%.  The growth of hospital receipts was
muted over FY12-FY15 (CAGR: 2.3%).  On the expenditure side,
staff cost with an average contribution of 57.3% to the total
expenses over FY11-FY15 grew at a CAGR of 7.8%.  Ind-Ra expects
operating margins to remain moderate in the near term as well on
the back of steady growth of both operating income and expenses.

Debt Burden: Debt burden has reduced considerably as debt/current
balance before interest and depreciation (CBBID) reduced to 0.97x
in FY15 from 2.14x in FY11 on the back of a decline debt and a
rise in CBBID.  However, the debt/CBBID is likely to inch up in
the near term on the back of the capex being planned by the
society.

The debt service coverage ratio was consistently over 1x during
FY11-FY15.  It marginally improved to 1.57x in FY15 from 1.16x in
FY11 due to the moderate level of debt servicing commitments.
Interest service coverage ratio also improved to 6.05x in FY15
from 2.76x in FY11.

Limited Size of Operations: The total income grew 6.5% yoy to
INR195.6 mil. in FY15 (FY14: 7.4%).  The situation of single-
digit growth rates amid a low income base is likely to persist
over the near to medium term as the society has no plans to
introduce any new academic courses in its institutes.

Stable Demand Flexibility: The total student headcount grew at a
moderate CAGR of 8.5% over FY11-FY16 with the capacity
utilisation growing to 94% in FY16 from 89% in FY11.  The
enrolment rate remained 100% over FY11-FY16 with the acceptance
rate improving to 47% in FY16 from 72% in FY11.

Capex Plan: The society plans to incur INR303.8 mil. capex during
FY16-FY20 which shall be funded through a combination of equity,
debt, and internal accruals in the proportion of 58%, 30%, and
12%, respectively.  The required capex is meant for the expansion
and replacement of existing infrastructure (medical instruments
for hospital, research laboratory, hostel and library) of the
institutes.

                      RATING SENSITIVITIES

Positive: A positive rating action could result from a sustained
increase in the size of operations of the hospital and, the
academic institutions on the back of higher enrolments.

Negative: Any unexpected fall in student demand in conjunction
with a disproportionate increase in the debt resulting in
deterioration in debt and liquidity metrics could trigger a
negative rating action.

                         COMPANY PROFILE

SMDC, incorporated under the Societies Registration Act, 1860,
was founded by Late Col. (Dr.) T. S. Mathur in May 1995.  The
society set up Saraswati Dental College in 1998-1999, Saraswati
Hospital and Research Centre in 2009-2010 and Birendra Shankar
Mathur School of Nursing in 2013-2014.  The three entities are
clustered over an area of 6.4 acres in Lucknow.

The dental college offers courses in Bachelor of Dental Surgery
and Master of Dental Surgery, whereas the school of nursing
offers a course in general nursing and midwifery.


SHAZ PACKAGING: ICRA Suspends B/A4 Rating on INR9.65cr Loan
-----------------------------------------------------------
ICRA has suspended the [ICRA]B/[ICRA]A4 ratings assigned to the
INR9.65 crore limits of Shaz Packaging LLP. The suspension
follows ICRAs inability to carry out a rating surveillance in the
absence of the requisite information from the company.

Shaz Packaging LLP (SP), established as a limited liability
partnership firm in September 2012, commenced commercial
operations from May 2014. The key promoter Mr. Sameer Shah has an
experience of about two decades in the packaging industry through
his association with Shaz Enterprise, engaged in trading of kraft
paper and corrugated boxes. The firm is engaged in manufacture of
injection in-mold labeled (IML) containers in three sizes: 500
grams, 125 ml (along with its lid) and 200 grams. These
containers find application in packaging of butter, ice cream,
cheese spread, curd and other food products.


SHIVAM COTTON: ICRA Revises Rating on INR12cr Cash Loan to B
------------------------------------------------------------
ICRA has revised the long term rating assigned to the INR2.29
crore1 term loan and the INR12.00 crore cash credit facility of
Shivam Cotton Industries from [ICRA]B+ to [ICRA]B.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loan             2.29         Revised to [ICRA]B
                                      from [ICRA]B+

   Cash Credit          12.00         Revised to [ICRA]B
                                      from [ICRA]B+

The ratings revision takes into account the modest scale of
operations coupled with revenue degrowth, moderation in operating
margins in last fiscal and the reduced financial flexibility
caused by large debt-funded capex during FY 2016. The ratings
continue to be constrained by the weak financial profile of the
firm as characterised by modest profitability, stretched capital
structure and weak coverage indicators. The ratings also factor
in the vulnerability of profitability to adverse movements in raw
cotton prices which are subject to seasonality and crop harvest;
the regulatory risk with regard to MSP; and firm's low bargaining
power given the limited value addition and highly competitive &
fragmented industry structure due to low entry barriers. Further
the rating considers potential adverse impact on net worth and
gearing levels in case of any substantial withdrawal from capital
accounts given the constitution as a partnership firm.
The ratings, however, continue to positively consider the long
standing experience of the promoters in the ginning industry and
favorable location of the firm's manufacturing facility in
Gujarat giving easy access to raw material.

Going forward, the operating income and profitability margins of
the firm are expected to improve supported with commensurate
benefit of increased plant capacity. However, the firm's ability
to scale up the operations would be largely contingent to
improvement in domestic demand, given the seasonality in the
business, volatility in prices of cotton and high competitive
intensity. Further, the firm's ability to generate funds to
ensure timely servicing of debt repayment obligations and manage
its working capital efficiently would remain critical.

Established in 1998, Shivam Cotton Industries (SCI) is engaged in
the business of cotton ginning, pressing and cottonseed crushing
to produce cotton bales, cottonseed oil and cottonseed oil cake.
The firm's manufacturing facility located in Karjan, Gujarat is
equipped with 36 ginning machines, 1 press machine and 10
expellers for crushing of cottonseeds. The promoters of the firm
have long standing experience in ginning industry and are also
involved in the operations of a few other cotton ginning firms;
either as directors or promoters.

Recent Results
During FY2015, SCI reported an operating income of INR70.01 crore
and profit after tax of INR0.76 crore as against an operating
income of INR84.76 crore and profit after tax of INR0.62 crore in
FY2014. Further, during FY2016 SCI reported an operating income
of INR51.93 crore and profit before tax of INR0.38 crore (as per
unaudited provisional financial).


SHREE NATH: CRISIL Reaffirms 'B' Rating to INR37.5MM LT Loan
------------------------------------------------------------
CRISIL's ratings on bank facilities of Shree Nath Ji Dye Stuffs
(SNJD) continue to reflect the small scale of operations in the
highly fragmented dyes and pigments industry and the weak
financial risk profile, marked by an aggressive capital structure
and below-average debt protection measures. These weaknesses are
partially offset by the extensive industry experience of the
proprietor, which has led to healthy relations with customers.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Overdraft Facility       7.5      CRISIL A4 (Reaffirmed)

   Proposed Buyer
    Credit Limit           30.0      CRISIL A4 (Reaffirmed)

   Proposed Cash
   Credit Limit            25.0      CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      37.5     CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SNJD would benefit from the extensive
industry experience of the proprietor over the medium term. The
outlook may be revised to 'Positive' if significant growth in
scale of operations and profitability leads to sizeable cash
accrual. The outlook may be revised to 'Negative' if a decline in
revenue or operating profit margin leads to low cash accrual or
if a large debt-funded capital expenditure weakens the financial
risk profile.

Update
Revenue of INR51.0 million in 2015-16 (refers to financial year,
April 1 to March 31) lagged expectations marginally as the firm
postponed its capex of manufacturing plant for master batches to
2016-17; it was supposed to commence operations in 2015-16.
Higher contribution from the manufacturing segment is likely to
result in turnover of over INR66 million in 2016-17. Operating
profit margin has improved slightly to reach around 5.6 percent,
in line with CRISIL's expectation, but would be constrained by
the fragmented nature of the industry. The sizeable working
capital requirement is reflected in gross current assets of 162
days as of March 2016. Only 19-20 percent of the bank limit was
utilised on an average over the 12 months through March 2016. The
management also plans to seek a cash credit limit for meeting the
working capital requirement arising from the new manufacturing
facility, likely to be operational by December 2016.

The weak financial risk profile is marked by  moderate total
outside liabilities to tangible networth ratio of 1.5 times and
average debt protection metrics, marked by interest coverage and
net cash accrual to total debt ratios at 1.9 times and 0.2 time,
respectively, as of 2015-16. The networth too was small at INR6.3
million as on March 31, 2016. Cash accrual of INR1.3 million and
INR1.8 million in 2015-16 and 2016-17, respectively sufficed to
meet the minimal term-debt obligations. The proprietor has also
extended unsecured loans of INR6-7 million as on March 2016 to
support liquidity. However, the capital expenditure planned in
2016-17 could weaken the financial risk profile.

SNJD was set up as a partnership firm in 1991 by the Behl family
based in New Delhi. The firm was converted into a proprietorship
firm in 2006. It is engaged in trading of dyes, pigments and
chemicals.


SHREE SAIKRISHNA: CRISIL Reaffirms B+ Rating on INR40MM Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Shree
Saikrishna Cotton Industries (SSCI) continues to reflect modest
scale of operations in the intensely competitive cotton ginning
industry, and risks relating to unfavourable changes in
regulations.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            40       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     15.2     CRISIL B+/Stable (Reaffirmed)

   Term Loan              24.8     CRISIL B+/Stable (Reaffirmed)


The rating also factors in weak financial risk profile, marked by
high gearing and average debt protection metrics. These rating
weaknesses are partially offset by benefits from extensive
experience of the promoters, and established relationships with
customers and suppliers.
Outlook: Stable

CRISIL believes SSCI will continue to benefit over the medium
term from the extensive experience of the promoters. The outlook
may be revised to 'Positive' if ramp-up in scale of operations,
improvement in profitability, or sizeable equity infusion or cash
accrual substantially strengthens key credit metrics. Conversely,
the outlook may be revised to 'Negative' if financial risk
profile weakens, most likely because of increase in working
capital borrowings, withdrawal of capital from business, large
debt-funded capital expenditure, or disruption in operations
because of regulatory changes.

Set up in 2013, SSCI is promoted by the Patel family from Vijapur
(Gujarat). The firm is in the cotton ginning and pressing
business.


SHRI JINESHWAR: CARE Assigns B+ Rating to INR5.0cr LT Loan
----------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Shri
Jineshwar Buildcom LLP.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      5.00      CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Shri Jineshwar
Buildcom LLP (SJB) is primarily constrained on account of risk
associated with the implementation of its ongoing debt-funded
real estate residential project and saleability risk associated
with unbooked units in view of subdued outlook for the cyclical
real estate sector. The rating is, further, constrained on
account of low booking status with low booking advances and its
constitution as a Limited Liability Partnership (LLP).

The rating, however, derives strength from the experience of the
partners in the real estate sector.

The ability of firm to successfully complete its on-going
projects without any time and cost overrun along with the timely
booking of un-booked flats are the key rating sensitivities.

SJB was incorporated by Mr Gautamchand Jain, Mr Suresh Sanklecha,
Mr Vinod Jain, Mr Omprakash Chhajer, Mr Kishore Singh Chouhan, Mr
Jaswant Singh andMr Narendr Dakalia as a LLP in June 1, 2012.

SJB is presently working on a residential project on land
measuring 34704 square feet (Sq ft) situated at Khasra no. 115/4,
Village Pal, Pal Gangana Road, Jodhpur which consists of
construction of 108 flats (9 floors and 12 flats on each floor).
The company has envisaged total project cost of INR18 crore to be
funded through term loan of INR5 crore, partner's
capital of INR2.50 crore, unsecured loans of INR3.50 crore and
the remaining through booking advances from customers.
As on January 31, 2016, the firm has incurred total cost of
INR11.24 crore, funded through the term loan of INR3.18 crore,
partner's capital of INR2.54 crore, unsecured loan of INR3.32
crore and the remaining through booking advances from
customers. The project is envisaged to be completed by March
2017.


SHRI RAMSWAROOP: Ind-Ra Lowers Rating on INR190MM Loans to D
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded the ratings on
Shri Ramswaroop Memorial Institute of Management and Computer
Application's (SRMIMCA) INR190 mil. term loans and INR50 mil.
fund-based working capital facility to Long-term 'IND D' from
'IND BB'/Stable.

                        KEY RATING DRIVERS

The downgrade reflects delays in debt servicing, by 30 to 60 days
from the due date, since December 2015 due to its stranded
liquidity profile.

                       RATING SENSITIVITIES

Positive: The rating could be upgraded if the loan obligations
are serviced in a timely manner for at least one quarter.

                          COMPANY PROFILE

SRMIMCA was registered in 1998 under the Societies Registration
Act XXI of 1860.  The society is currently chaired by Mr. Lakshmi
Narain Agarwal.  It manages the Shri Ramswaroop Memorial Group of
Professional Colleges, which offers a range of undergraduate and
postgraduate programmes in engineering, computer applications,
and management as well as Shri Ramswaroop Memorial Public School,
a kindergarten to 12th grade school.


SHUNTY BUNTY: ICRA Assigns 'B' Rating on INR14.75cr Loan
--------------------------------------------------------
\
ICRA has assigned its long term rating of [ICRA]B to the INR14.75
(enhanced from INR10.00 crore) bank facilities of Shunty Bunty
Automobiles Private Limited (SBAPL)and its short term rating of
[ICRA]A4 to the INR0.20 crorenon-fund based bank facilities of
SBAPL.  ICRA has also assigned its rating of [ICRA]B/[ICRA]A4 to
the INR5.05 crore unallocated limits of SBAPL.


                            Amount
   Facilities             (INR crore)    Ratings
   ----------             -----------    -------
   Fund-Based Facilities      14.75      [ICRA]B; assigned
   Non-Fund Based Facilities   0.20      [ICRA]A4;assigned
   Unallocated Limits          5.05      [ICRA]B/A4;assigned

ICRA's assigned ratings takes into account the continuous decline
in the operating income of the company from INR293.53 crore in
FY2012 to INR100.12 crore in FY2015, driven by sluggish demand
observed in the commercial vehicle industry, and the stretched
liquidity position of SBAPL reflected in almost fully utilised
bank facilities due to considerably high inventory holding
period. While assigning the rating, ICRA also factors in the
modest profitability of the dealership business, highly leveraged
capital structure and modest coverage indicators, the increasing
competitive intensity with the rise in number of TML dealers
leading to pressure on growth. However, the rating derives
comfort from the long experience of the promoter group in the
automobile dealership business with the group company acting as
dealer of two wheelers for TVS Motors and Cars for Maruti Suzuki
India Limited (MSIL, the market leadership position of Tata
Motors Limited (TML) in the Commercial vehicle segment in India
and favourable demand outlook for commercial vehicles in the near
term given the healthy level of investment from the government as
well as the corporate sector towards improving the infrastructure
in the country.

The company's ability to ramp up its operations and maintain an
optimal working capital cycle will be the key rating
sensitivities.

Incorporated in 2004, S.B. Automobiles Private Limited (part of
the S.B. group) is an authorized dealer of medium and heavy
commercial vehicles of Tata Motors Limited in Kanpur. The company
is promoted by Oberoi family. The company owns a 3S (Showroom
Spares Services) showroom in Chakarpur, Kanpur (U.P.).
Additionally, the company is also opening two service centres in
the Kanpur district, land for which has been purchased, work is
in progress and the centres are expected to be operational in
FY2017.

S.B. Cars Private Limited [ICRA]BB-(Stable) was incorporated in
March 2008 and has been operating as an authorised dealer for
vehicles of Maruti Suzuki India Limited (MSIL).The company owns
one 3S (Showroom Spares Serives) showroom in Kanpur and one sales
showroom each at Unnao (Uttar Pradesh), Orai (Uttar Pradesh) and
Kalyanpur (Uttar Pradesh). Also, the company commenced a hotel
-- SB Castle in FY2014, which has 38 rooms and banquet hall.

Recent Results
In FY2015 SBAPL reported a net profit of INR0.07 crore on an
operating income (OI) of INR100.12 crore, against a net loss of
INR0.10 crore on an OI of INR119.86 crore in the previous year.


SIDDHARTH OILS: CARE Assigns B+ Rating to INR6cr Long Term Loan
---------------------------------------------------------------
CARE assigns CARE B+ rating to bank facilities of Siddharth Oils.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       6        CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Siddharth Oils (SO)
is constrained by its weak financial risk profile characterised
by small scale of operations with low net worth base, decline in
profitability margins, weak solvency position and working capital
intensive nature of operations. The rating is further constrained
by the firm's presence in highly fragmented and competitive
industry and the constitution of the entity being a
proprietorship concern. The rating, however, derives strength
from the experience of the promoter along with established track
record of the entity, and stable business outlook for the edible
oil industry in India.

Going forward, the ability of the firm to profitably scale-up its
operations along with improvement in the solvency position and
efficient management of the working capital requirements shall
remain the key rating sensitivities.

SO, a proprietorship firm, was established in 2003. It is being
managed by Mr Munish Gulati. The firm is engaged in the trading
of edible oil and non-edible oil. The major customers of the firm
for the edible oil include Hindustan Unilever Limited, VVF India
Limited, Wipro Limited and Noble Natural Resources Limited
whereas the non-edible oil is sold to various wholesalers in
industries such as cosmetics, soaps, plastic additives and
rubber. SO has one group concern under the name of Lyallpur Soap
Factory, which was established in 1957 and is also engaged in the
trading of edible oil and nonedible oil.

In FY15 (refers to the period April 01 to March 31), SO has
achieved a total operating income of INR43.78 crore with PAT
of INR0.22 crore, as against the total operating income of
INR32.32 crore with PAT of INR0.17 crore in FY14. During FY16
(Provisional), the firm has achieved a total operating income of
INR41 crore.


SOCIETY FOR HIGHER: Ind-Ra Suspends BB Rating on INR79.91MM Loans
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated the Long-term
'IND BB' rating on Society for Higher Education and Practical
Application's (SHEPA) INR79.91 mil. term loans to the suspended
category.  The Outlook was Stable.  The rating will now appear as
'IND BB(suspended)' on the agency's website.

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

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


SOLITAIRE DRUGS: CRISIL Assigns 'B+' Rating to INR60MM Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Solitaire Drugs and Pharma Private
Limited (SDPPL). The rating reflects below-average financial risk
profile and working capital-intensive operations, and nascent
stage of operations with limited track record. These rating
weaknesses are mitigated by funding support from promoters.

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

Outlook: Stable

CRISIL believes SDPPL will benefit from the financial support of
the promoters and the capital subsidy over the medium term. The
outlook may be revised to 'Positive' if substantial growth in
revenue and profitability, along with efficient working capital
management, results in higher-than-expected net cash accrual,
thereby improving the financial risk profile. Conversely, the
outlook may be revised to 'Negative' if financial risk profile,
particularly liquidity weakens due to significant decline in
revenue and margins, or stretched working capital cycle, or any
debt-funded capital expenditure plan.

Incorporated in 2011, SDPPL, promoted by Mr. Avnish Jain, Mr.
Sulabh Jain and Ms. Mukta Jain, manufactures frozen food products
at its manufacturing facility in Kashipur, Uttarakhand.


SOMA ISOLUX: CRISIL Suspends 'D' Rating on INR11.21BB Term Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Soma Isolux Kishangarh Beawar Tollway Private Limited (SIKB).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term
   Bank Loan Facility      959.2      CRISIL D
   Term Loan             11210.4      CRISIL D


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

SIKB is a special-purpose vehicle jointly promoted by Isolux
Corsan India Engineering and Construction Pvt Ltd (part of the
Isolux Corsan group) and Soma Enterprise Ltd. The firm has
entered into a concession agreement with NHAI for the execution
of its road project on a design, build, finance, operate, and
transfer basis.

The project involves designing, building, financing, operating,
and transferring six lanes of the Kishangarh-Ajmer-Beawar section
of National Highway 8, from 364.125 kilometers (km) to 458.245 km
(total length of 93.56 km), in Rajasthan. The concession period
is of 18 years, including the construction period of 30 months.
The project execution has been delayed by around 24 months and
the COD revised to May 2015. SIKB completed 95.30 per cent of the
physical work by September 30, 2014, and applied for COD as per
the concession agreement; the COD is pending with NHAI for
approval. The balance work delay is mainly on account of pending
approval from railway authorities for construction of one
carriage-way of a railway overbridge. The tolling is expected to
commence from 30 days after obtaining the COD.


SRI SHUNMUGAM: CRISIL Assigns 'B' Rating to INR90MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Sri Shunmugam Jewellers & Co (SSJ).

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

The rating reflects SSJ's geographic concentration in revenue
profile and modest scale of operations in the intensely
competitive jewellery industry. These weaknesses are mitigated by
the benefits derived from the promoters' extensive industry
experience.

Outlook: Stable

CRISIL believes SSJ will have a stable business risk profile over
the medium term backed by its established market position. The
outlook may be revised to 'Positive' if better-than-expected
growth in revenue and profitability and efficient working capital
management improve the financial risk profile. Conversely, the
outlook may be revised to 'Negative' if any aggressive debt
funded expansion is undertaken or revenue and profitability
weaken.

Incorporated in 2015 as a partnership firm, SSJ retails in
jewellery with one showroom in Tirunelveli (Tamilnadu). It is
managed by Mr. V. Durairaj and family


SRS HEALTHCARE: ICRA Reassigns 'B/A4' Rating to INR115cr Loan
-------------------------------------------------------------
ICRA has reassigned a long-term rating of [ICRA]B and a short-
term rating of [ICRA]A4 to the INR115 crore proposed bank
facilities of SRS Healthcare and Research Centre Limited. Long-
term rating of [ICRA]BBB-(SO) with a stable outlook and short-
term rating of [ICRA]A3(SO) (pronounced ICRA A three, Structured
Obligation), assigned earlier to the INR115 crore proposed bank
facilities, stand withdrawn.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Proposed bank         115.00      [ICRA]B/[ICRA]A4 reassigned
   facilities                        [ICRA]BBB-(SO)(Stable)/
                                     [ICRA]A3 (SO) ratings
                                     withdrawn

The ratings assigned earlier were primarily based on a letter of
comfort provided by SRS group's flagship company -- SRS Limited,
as per which it undertook to unconditionally and timely pay the
amount due under the rated facilities in case of failure by SRS
Healthcare to repay its obligations. ICRA has recently (in May
2016) downgraded the rating outstanding for bank facilities of
SRS Limited to [ICRA]D (pronounced ICRA D), from [ICRA]BBB
(pronounced ICRA triple B) with a negative outlook and [ICRA]A3
(pronounced ICRA A three). Further, rating for fixed-deposit
programme of SRS Limited was also downgraded to MD (pronounced M
D) from MA- (pronounced M A minus) earlier. The downgrade in
ratings of SRS Limited to default category took into account
delays in servicing of its bank facilities since March 2016,
given the sustained weakness in its liquidity profile.

The reassigned rating for the bank facilities of SRS Healthcare
takes into consideration the nascent stage of the hospital
project being implemented by the company, which exposes it to
execution as well as funding risks. Although as per the
management, a large part of committed equity has been infused and
proposed debt has already been tied up; however ICRA does not
have access to specific details of the funding. Accordingly, our
ability to comment on the terms of sanction and their potential
impact on company's credit profile is limited.

Nevertheless, the hospital's ability to complete the project
within budgeted time and costs and thereafter report healthy
occupancy to achieve targeted revenue metrics post-launch,
continues to be a critical determinant of its credit profile. In
this regard, ICRA has taken a note of a dispute between the
company and some employees of the hospital which has affected the
pace of renovation work at the site. This in turn is expected to
result in some delays in project completion and cost overrun
vis-a-vis the initially targeted timelines and project cost,
thereby necessitating incremental funding support requirement
beyond the budgeted equity contribution.

Further, as hospital projects typically have long gestation
periods and given that SRS Healthcare needs to establish a
favourable perception among its target clientele, its ability to
ramp up the operations will be critical to avoid losses in the
initial years. Accordingly, SRS group's ability to establish good
reputation in the healthcare segment in its target market
(Faridabad) amid stiff competition from several established
hospitals in Delhi/NCR remains a challenge. Nevertheless, the
hospital's favourable location, in proximity to established
residential as well as commercial/ industrial establishments,
which provides it an access to a potential target market are
positives.

In ICRA's view, the company's ability to complete the project
within scheduled cost and time estimates, and report healthy
occupancy and revenue metrics post launch of operations, will be
the key rating sensitivity.


SURYA SHAKTI: CRISIL Assigns 'B+' Rating to INR135MM LT Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Surya Shakti Greenlands (P) Ltd. (SSGPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Long Term Loan           135       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility        15       CRISIL B+/Stable

The rating reflects SSGPL's exposure to risks related to
completion and saleability of its ongoing projects in Bengaluru
and its susceptibility to risks inherent in the real estate
industry. These rating weaknesses are partially offset by the
benefits derived from the extensive experience of SSGPL's
promoters in real estate development segment and the strategic
location of its projects.
Outlook: Stable

CRISIL believes that SSGPL will continue to benefit over the
medium term from the extensive industry experience of its
promoters. The outlook may be revised to 'Positive' if the
company reports higher-than-anticipated cash flows, supported by
earlier-than-expected completion of, or significantly higher
realisations for, its upcoming projects. Conversely, the outlook
may be revised to 'Negative' if SSGPL faces delays in project
completion or in receipt of payments from customers, if it is
unable to sell its upcoming projects, or if it undertakes larger-
than-expected debt-funded projects.

Established in 2005, SSGPL, is engaged in residential real estate
construction business in Bengaluru (Karnataka) and Visakhapatnam
(Andhra Pradesh). The company is promoted by Mr.Laxmipathi Raju
Cherukuri, Mr.Anil Kumar Cherukuri and Mrs.Prabhavati Cherukuri.
The day to day operations are managed by Mr. Anil Kumar
Cherukuri.

SSGPL is estimated to report a profit after tax (PAT) of INR7
million on net sales of INR166 million for 2015-16 (refers to
financial year, April 1 to March 31); it had reported a PAT of
INR6 million on net sales of INR110 million for 2014-15.


SVR SEA: CRISIL Assigns 'B' Rating to INR70MM Packing Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of SVR Sea Foods Exports Private Limited
(SEPL)

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Standby Export
   Packing Credit            10       CRISIL A4

   Proposed Long Term
   Bank Loan Facility        14.4     CRISIL B/Stable

   Foreign Exchange
   Forward                    3.6     CRISIL A4

   Bank Guarantee             2.0     CRISIL A4

   Export Packing Credit     70.0     CRISIL B/Stable

The ratings reflect SEPL's modest scale of operations, moderate
working capital requirements, and its below-average financial
risk profile marked by moderate gearing, modest debt protection
metrics, and small net worth. The ratings also factor in the
company's susceptibility to volatility in raw material prices and
foreign exchange rates, and to inherent risks in the seafood
industry. These rating weaknesses are partially offset by the
benefits derived from the extensive industry experience of its
promoters and its established customer relationships.
Outlook: Stable

CRISIL believes that SEPL will continue to benefit from its
promoters' extensive industry experience and its established
customer relationships. The outlook may be revised to 'Positive'
if the company significantly scales up operations or if its
profitability improves substantially. Conversely, the outlook may
be revised to 'Negative' in case of decline in revenue and
operating margin, or large debt-funded capital expenditure,
leading to deterioration in financial risk profile.

Established in 2012, SEPL is engaged in processing and trading of
seafood products. SEPL is promoted by Mr. C. Ramesh


T.C. SPINNERS: CARE Assigns 'B+' Rating to INR93.51cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of T.C. Spinners Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     93.51      CARE B+ Assigned
   Short term Bank Facilities    10.00      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of T.C Spinners
Private Limited (TCS) are constrained by its weak financial risk
profile marked by declining profitability margins, weak solvency
position and working capital intensive nature of operations. The
ratings are further constrained by susceptibility of
profitability margins to raw material price volatility & foreign
exchange fluctuations and competitive & fragmented nature of the
industry. The ratings, however, derive strength from the
experience & resourcefulness of the promoters, increasing scale
of operations and diversified customer base.

Going forward, profitable scale-up of operations, improvement in
the solvency position, efficient management of the working
capital requirements and continued financial support from the
promoters will remain the key rating sensitivities.

T. C Spinners Private Limited (TCS) was set up in September-2006
with the acquisition of cotton spinning facility of Euro Cotspin
Limited from Punjab National Bank under the SARFAESI Act. The
company is currently being managed by Mr Dhruv Satia, Mr Anil
Satia, Mr Narinder Kumar Chugh and Mr Avinash Jain. It
manufactures cotton yarn, polyester yarn and spun sewing thread
at its manufacturing facility located at Lalru, Punjab with a
total installed capacity of 94 lakh Kg of yarn per year, as on
March 31, 2015. The company manufactures yarn of different counts
ranging from 10's to 30's depending upon the customer
requirement. The yarn supplied by the company is used as a raw
material for manufacturing denim, terry towel, suiting cloth,
shirting and home furnishing.

TCS reported a PAT of INR0.21 crore on a total income of
INR178.84 crore in FY15 (refers to the period April 1 to
March 31) as against a PAT of INR0.53 crore on a total income of
INR174.43 crore in FY14. During FY16 (Provisional), the company
has achieved total operating income of around INR145 crore till
March 10, 2016.


VEMPARALA VENKAT: CRISIL Assigns 'B' Rating to INR40MM Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Vemparala Venkat Rao Cotton Industries (VVR).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term
   Bank Loan Facility       15        CRISIL B/Stable
   Cash Credit              40        CRISIL B/Stable
   Long Term Loan           25        CRISIL B/Stable

The rating reflects the firm's below-average financial risk
profile because of small networth, high gearing, and subdued debt
protection metrics. The rating also factors in large working
capital requirement, susceptibility of profitability to
volatility in cotton prices, and vulnerability to regulatory
changes and intense competition in the cotton ginning industry.
These weaknesses are partially offset by partners' extensive
experience in the cotton industry.
Outlook: Stable

CRISIL believes VVR will benefit over the medium term from the
extensive industry experience of its partners. The outlook may be
revised to 'Positive' if there is sustained improvement in
working capital management, or in capital structure due to
sizeable capital infusion. The outlook may be revised to
'Negative' if profitability declines steeply, or capital
structure weakens due to large debt-funded capital expenditure or
stretch in working capital cycle.

VVR was established in 2012 as a partnership firm by Mr. V Ram
Babu and his family members. The firm gins and presses raw
cotton. Its facility is in Guntur, Andhra Pradesh.


VIDHATRI MOTORS: CRISIL Assigns 'B+' Rating to INR75MM Loan
-----------------------------------------------------------
CRISIL has assigned its rating 'CRISIL B+/Stable' on the bank
facilities of Vidhatri Motors Private Limited (VMPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan               17.5       CRISIL B+/Stable
   Cash Credit              7.5       CRISIL B+/Stable
   Inventory Funding
   Facility                75.0       CRISIL B+/Stable

The ratings reflects VMPL's below average financial risk profile,
marked by  modest net worth, high gearing, and weak debt
protection metrics, and exposure to intense competition in the
automobile industry. These rating weaknesses are partially offset
by its promoter's extensive experience in automobile dealership
business.
Outlook: Stable

CRISIL believes that VMPL will benefit from the experience of its
promoters in the industry. The outlook may be revised to
'Positive' if company increases its scale of operations and
profitability leading to improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
the financial risk profile weakens further because of stretch in
company's working capital cycle and/or on account of any debt
funded capital expenditure (capex) in the near future.

Incorporated in 2012, Vidhatri Motors Private Limited (VMPL) is a
dealer of passenger vehicle manufacturer Renault India Ltd. in
Mysore. The company has 1 showroom and workshop in Hinkal,
Mysore. The Company is promoted by Mr. Sharath Chandra Raj Urs
and his family who also runs Urs Kar Service Centre Private
Limited (rated CRISIL BB-/Stable).


VIJAYA AERO: CRISIL Assigns 'B' Rating to INR245MM LT Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Vijaya Aero Blocks Private Limited (VABPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              50        CRISIL B/Stable
   Long Term Loan          245        CRISIL B/Stable

The rating reflects early stage of and working capital-intensive
operations, weak financial risk profile because of weak capital
structure and debt protection metrics. These rating weaknesses
are mitigated by the extensive entrepreneurial experience of
promoters in the autoclaved aerated concrete (AAC) bricks and
blocks manufacturing industry and healthy demand prospect of the
product.
Outlook: Stable

CRISIL believes VABPL will derive benefits from the growth
prospects of its product. The outlook may be revised to
'Positive' if more-than-expected revenue and operating profits
after stabilisation of operations at manufacturing facility,
improves financial risk profile. Conversely, the outlook may be
revised to 'Negative' if low cash accrual because of low capacity
utilisation, or large, debt-funded capital expenditure programme,
weakens financial risk profile.

Incorporated in 2012, VABPL manufactures AAC bricks and blocks at
the manufacturing unit in Mahabub Nagar District, Telangana. The
company started commercial operations in January 2016, and
operations are managed by Mr. Prasanna Kumar and Mr. Ram Prasad.


VIRAJ POLYPLAST: CRISIL Suspends 'D' Rating on INR76.3MM Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Viraj Polyplast Technologies Private Limited (VPTPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit               30        CRISIL D

   Proposed Long Term
   Bank Loan Facility        76.3      CRISIL D

   Term Loan                 43.7      CRISIL D

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

Set up in Goregaon (Mumbai) in 2004, VPTPL manufactures precast
PVC moulds to produce concrete tiles and pavers. The company also
manufactures gaskets rings used in PVC pipe fittings, and plastic
mats, primarily used in cars and other light motor vehicles. Mr.
Darpan Shah, the promoter, manages the company's daily
operations.


VIVID DIAGNOSTICS: CRISIL Assigns 'B' Rating to INR67.5MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating on the long-term
bank facilities of Vivid Diagnostics Private Limited (Vivid). The
rating reflects below-average financial risk profile because of
small networth and high gearing, due to early stage of operation.
However, the company benefits from the extensive experience of
its management in the healthcare industry.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Buyer Credit Limit      67.5       CRISIL B/Stable
   Term Loan               35         CRISIL B/Stable

Outlook: Stable

CRISIL believes Vivid will benefit over the medium term from the
industry experience of its promoters. The outlook may be revised
to 'Positive' in case of more-than-expected growth in revenue and
profitability by stabilisation of operations, leading to higher
cash accrual. The outlook may be revised to 'Negative' if
financial risk profile, especially liquidity, weakens on account
of low sales and cash accrual, or debt-funded capital
expenditure.

Vivid, incorporated in 2016, in Kerala, is promoted by Dr.
Shajeem Shahudeen. It provides medical services such as MRI scan,
X-ray, and pathology. Operations started from March 2016.


WIN MAX: ICRA Reaffirms 'B' Rating on INR6.0cr Cash Loan
--------------------------------------------------------
ICRA has reaffirmed the [ICRA]B rating assigned to the INR6.00
crore cash credit facility and INR5.00 crore term loan facility
of Win Max Ceramic Private Limited. ICRA has also reaffirmed the
[ICRA]A4 rating assigned to the INR1.50 crore short-term non-fund
based facility of WCPL.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit           6.00       [ICRA]B reaffirmed
   Term Loan             5.00       [ICRA]B reaffirmed
   Bank Guarantee        1.50       [ICRA]A4 reaffirmed

Rating Rationale

The ratings reaffirmation continues to factor in WCPL's small
scale of operation with the de-growth in operating income during
FY2016 resulting from a decline in sales volumes, following
adverse market conditions and stiff competition in the ceramic
industry as well as the weak financial profile, characterised by
net losses during FY2015, adverse capital structure and weak debt
protection metrics. The ratings are further constrained by the
highly fragmented nature of the tiles industry, which results in
intense competitive pressures, the cyclical nature of the real
estate industry, which is the main consuming sector and exposure
of the firm's profitability to volatility in raw material and gas
prices. The ratings also take into account the highly competitive
domestic ceramics industry with the presence of large established
organised tile manufacturers as well as unorganised players in
Morbi (Gujarat), resulting in limited pricing flexibility.
The ratings, however, favourably factor in the experience of the
promoter in the ceramics industry, the firm's competitive
advantage in raw material procurement, on account of its
favourable location in Morbi, a tile-manufacturing hub. The
ratings also factor in the benefit from the presence of group
companies in other tile segments, which supports the marketing
and sales of the company's products.

ICRA expects WCPL's revenues to witness growth in FY2017
following favourable government policies, which are expected to
support growth in the tile industry. The profitability is,
however, expected to improve in the coming years on account of a
decline in gas prices, which is the major consumable.

The firm's ability to increase the scale of operations, along
with an improvement in profit margins and efficient working
capital management will be some of the key rating sensitivities.
Incorporated in June 2013, Win Max Ceramic Private Limited (WCPL)
was engaged in manufacturing of digital ceramic wall tiles with
its production facility located near Morbi, Gujarat. From June
2015, the company has changed its product profile and started
manufacturing vitrified parking tiles in single size of 12" X
12". The plant currently has installed capacity of manufacturing
~8,000 boxes of vitrified parking tiles per day. The company is
promoted by Panara and Baraiya families who have long experience
in ceramic industry by way of their association with other
related companies.

Recent Results
For the year ended on March 31, 2015, the company reported an
operating income of INR23.97 crore and net loss of INR0.25 crore
as against an operating income of INR14.07 crore and profit after
tax of INR0.06 crore for the year ended on March 31, 2014. For
financial year ended on March 31, 2016, the company has reported
an operating income of INR13.59 crore and profit before tax of
INR0.27 crore (as per unaudited provisional financials).


YOGI COTEX: CARE Assigns 'B' Rating to INR13cr LT Loan
------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Yogi Cotex
Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       13       CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Yogi Cotex Private
Limited (YCPL) is constrained by modest scale, low profit
margins, leveraged capital structure and weak debt coverage
indicators and working capital intensive nature of operations.
The rating is further constrained by operations in the highly
competitive and fragmented nature of the textile industry and
susceptibility of operating margins to the raw material price
fluctuation.

These factors far offset the benefits derived from the experience
and resourceful promoters, operational support from group
entities with presence across textile value chain and location
advantage.

The ability of YCPL to increase the scale of operations and
improve profitability and capital structure along with efficient
management of the working capital amidst the intense competition
are the key rating sensitivities.

Incorporated in 2012 by Mr Chintan Patel and Mr Jagat Kilawala,
YCPL is engaged into the manufacturing of woven grey fabrics used
for shirting and dress material primarily for domestic market at
its facility located at Dahiwad, Shirpur, Dhulea. The commercial
operations were started from September 2013, and at present, it
has 16 looms with capacity to manufacture 170,000 meters of grey
fabric per month.

YCPL's plant is established under the "Group Work Shed Scheme"
(Scheme of Integrated Textile Park (SITP) of Ministry of Textile,
the Government of India) and consists of 13 SSI units under it.
YCPL is a part of the Deesan group which has been in the business
of textile manufacturing since 1996 and has various companies
operating under it (including YCPL). It has presence in all
segments of cotton textiles starting from cultivation of cotton
to manufacturing of garments. YCPL receives operational support
from the other group companies in terms of procurement of
materials and building customers.

During FY15 (refers to the period April 01 to March 31), YCPL has
posted a total operating income of INR62.43 crore (as against
INR23.62 crore in FY14) and have incurred net loss of INR-0.03
crore (as against net loss of INR-0.59 crore in FY14). Moreover,
the company has achieved turnover of INR32.62 crore for the
period April 1, 2015 to September 15, 2015.



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


MTF VALIANT 2014: Fitch Affirms 'Bsf' Rating on Class F Notes
-------------------------------------------------------------
Fitch Ratings has affirmed the ratings of MTF Valiant Trust 2014
notes.  The transaction is a securitization backed by New Zealand
auto loan receivables originated by Motor Trade Finance Ltd
(MTF). The rating actions are:

  NZD176.4 mil. Class A notes: 'AAAsf'; Outlook Stable
  NZD6.7 mil. Class B notes: 'AAsf'; Outlook Stable
  NZD5.8 mil. Class C notes: 'Asf'; Outlook Stable
  NZD2.7 mil. Class D notes: 'BBBsf'; Outlook Stable
  NZD2.5 mil. Class E notes: 'BBsf'; Outlook Stable
  NZD1.2 mil. Class F notes: 'Bsf'; Outlook Stable

The notes were issued by Trustees Executors Limited in its
capacity as trustee of MTF Valiant Trust 2014.  MTF Valiant Trust
2014 is a legally distinct trust established pursuant to a master
trust and security trust deed.

                         KEY RATING DRIVERS

The affirmation reflects Fitch's view that the available credit
enhancement is sufficient to support the notes' current rating
and the agency's expectations of New Zealand's economic
conditions. Credit quality and performance of the underlying
receivables also remain within Fitch's expectations.  Total net
losses have been well below Fitch's base-cases to date and excess
spread has been more than sufficient to cover any losses
incurred.

At 30 April 2016, 30+ days arrears stood at 0.74%, below Fitch's
4Q15 Dinkum ABS Index for Australia of 1.10%.  Gross and net
losses related to 90+ days arrears amounted to NZD1.9 mil. and
NZD402,709, respectively - below Fitch's modeled expectations.
The average recovery rate since closing has also been better than
modeled expectations.  Strong excess spread, averaging 9.6% since
closing, has covered all realized losses.

MTF Valiant Trust 2014 has a two-year revolving period, ending
July 2016.  Concentration tests are in place and calculated
monthly to stop replenishment in the transaction in case of
performance deterioration.

                        RATING SENSITIVITIES

Increases in the frequency of defaults could produce loss levels
higher than Fitch's base-case, which could result in negative
rating actions on the notes.

Fitch evaluated the sensitivity of MTF Valiant Trust 2014's
ratings to increased defaults and decreased recovery rates over
the life of the transaction.  Its analysis found that
collectively, the ratings of the class A notes were susceptible
to downgrades under all stress levels tested (defaults increased
by 10%, 25% and 50%), while the class B and C notes remain
susceptible under medium (25%) to severe (50%) default stress.
The class D notes were impacted only after a severe increase in
defaults, while the class E and F notes remained steady under all
default stresses.

Only the class A and C notes were susceptible to downgrades if
recovery rates fall by at least 50%, while all other classes
remained stable under all recovery rate stresses.

The rating sensitivity analysis remains unchanged since closing,
as the portfolio characteristics have not changed significantly
and the transaction still features a revolving pool.

                       DUE DILIGENCE USAGE

No third party due diligence was provided or reviewed in relation
to this rating action.

                          DATA ADEQUACY

Fitch conducted a review of 10 sample loan files focusing on the
underwriting procedures conducted by MTF compared to its credit
policy at the time of underwriting.  Fitch has checked the
consistency and plausibility of the information and no material
discrepancies were noted that would impact Fitch's rating
analysis.



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


SOUTH KOREA: Unexpectedly Cuts Rate to Support Debt Restructuring
-----------------------------------------------------------------
Bloomberg News reports that South Korea's central bank
unexpectedly cut the benchmark interest rate to a new record low
on June 9, citing growing risks to the economy including slowing
global trade and the government's push to restructure indebted
companies.

The decision to cut the seven-day repurchase rate to 1.25
percent, which was unanimous, was projected by only one of 18
economists surveyed by Bloomberg. While Goldman Sachs Group Inc.
was the sole forecaster predicting a cut at this meeting,
Citigroup Inc., HSBC Holdings Plc, and Nomura Holdings Inc. were
among those seeing a reduction in the next couple of months,
Bloomberg says.

According to Bloomberg, the move is a contrast from other central
banks that stood pat recently as bets on U.S. interest-rate
increases were pared back, relieving pressure on emerging-market
and commodity currencies. Bloomberg relates that easier monetary
policy could help shore up growth in Asia's No. 4 economy as
authorities embark on a wide-ranging plan to cut excess capacity
and reduce corporate leverage in the wake of persistent declines
in Korean exports.

Downside risks were already obvious and the proactive stance of
the BOK's monetary policy committee with four new members was
behind the cut at this meeting, Kwon Goohoon, a Hong Kong-based
economist for Goldman Sachs, said after the decision, Bloomberg
relays.  Mr. Kwon said further risks to domestic demand from
corporate restructuring, tighter mortgage lending standards and
prolonged trade stagnation are factors that would lead to further
easing this year, Bloomberg relays.

Bloomberg notes that the meeting was the second rate decision
after four new members joined the seven-member board in April.
Policy will remain accommodative, Governor Lee Ju Yeol said at a
briefing after the decision, while noting that Korea seems to be
getting closer to the lower limit on interest rates, Bloomberg
says.

"If there is such thing as a lower rate limit, we are getting
closer to that as we make cuts," Bloomberg quotes Mr. Lee as
saying. "Having said that it doesn't mean this was the last and
there won't be room for more."

South Korea's three-year bond yields closed at an unprecedented
1.35 percent on June 9, Bloomberg discloses. The won fluctuated
between gains and losses, closing 0.1 percent stronger at
1,155.90 per dollar, Bloomberg relays.



================
S R I  L A N K A
================


PEOPLE'S LEASING: S&P Affirms 'B+' ICR; Outlook Negative
--------------------------------------------------------
S&P Global Ratings affirmed its 'B+' long-term issuer credit
rating on People's Leasing & Finance PLC.  The outlook is
negative.  S&P also affirmed its 'B' short-term issuer credit
rating on the Sri Lanka-based finance company.

"We affirmed the ratings because we continue to assess PLC as a
core entity of the People's Bank group," said S&P Global Ratings
credit analyst Amit Pandey.  "We therefore equalize the ratings
to the credit profile of the group."

In S&P's view, the People's Bank group has a strong and long-term
commitment to support PLC.  People's Bank owns 75% of PLC and
conducts its leasing business through the company.  The leasing
business is an important component of the group and contributes
about 8% of the group's loans as of Dec. 31, 2015.  PLC's
operating performance is better than the parent's.  The company
contributed about 30% to the group's profits in 2015.  The
parent's capital in the company is about 32% of the consolidated
group capital.

PLC's stand-alone credit profile (SACP) of 'b+' continues to
reflect the challenging operating environment in Sri Lanka
(B+/Negative/B), despite the country's favorable medium-term
growth prospects.  PLC's dependence on wholesale funding and its
concentration in commercial vehicle financing also constrain the
SACP.  The company's adequate capital and earnings temper these
weaknesses.

"The negative outlook on PLC reflects the outlook on the
sovereign credit rating on Sri Lanka, which constrains the rating
on the company," said Mr. Pandey.  S&P do not rate financial
institutions in Sri Lanka above the sovereign because of the
direct and indirect influence that the sovereign in distress
would have on their operations, including their ability to
service foreign-currency obligations.  S&P expects PLC to remain
a core entity of the People's Bank group because commercial
vehicle leasing will remain a large and profitable business for
the group.

S&P may lower the rating on PLC in the next 12 months if it
lowers the sovereign credit rating on Sri Lanka or the People's
Bank group's capitalization reduces substantially.

S&P could revise the outlook on PLC to stable if S&P revises the
sovereign rating outlook to stable and the People's Bank group's
credit profile does not weaken.


                             *********

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

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

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


                            *********


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

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

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

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

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



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