TCRAP_Public/161202.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Friday, December 2, 2016, Vol. 19, No. 239

                            Headlines


A U S T R A L I A

M.R. TRADING: First Creditors' Meeting Set for Dec. 8
MISSION NEW ENERGY: Requests Trading Halt of Securities
NORTH SHORE: First Creditors' Meeting Set for Dec. 9
ONE STATION: First Creditors' Meeting Set for Dec. 7
PALADIN ENERGY: Faces Default on US$212MM Debt Due April 2017

QUICKFLIX LIMITED: re-emerges with Finding Dory rights
WEALTH WITHIN: First Creditors' Meeting Set for Dec. 8


C H I N A

CHINA CITY: Pays Missed Bond Coupon After Default
CHINA COMMERCIAL: May Issue 1.5 Million Shares Under Equity Plan
DONGBEI SPECIAL: Creditor Meeting Held; Faces $10BB Debt Claim


H O N G  K O N G

INVENTIVE GLOBAL: Fitch Assigns 'bb' Viability Rating


I N D I A

ADVAIT STEEL: CRISIL Cuts Rating on INR42.1MM Term Loan to 'D'
AGRAWAL GRAPHITE: ICRA Suspends B- Rating on INR6cr Term Loan
ALISHAN GINNING: CRISIL Reaffirms B+ Rating on INR80MM Cash Loan
ALLIX CERAMIC: ICRA Reaffirms 'B' Rating on INR6.11cr Loan
ARAWALI PHOSPHATE: ICRA Hikes Rating on INR7.5cr Loan to BB-

ARCHEAN CHEMICAL: ICRA Reaffirms 'D' Rating on INR599cr Loan
ASHAPURA INFRASTRUCTURE: CRISIL Reaffirms B+ Cash Credit Rating
AYSHA CASHEW: ICRA Suspends B+ Rating on INR0.50cr LT Loan
BABY ENGINEERING: Ind-Ra Withdraws 'IND D' LT Issuer Rating
CADILLAC GRANITO: ICRA Assigns 'B' Rating to INR15cr Loan

CALCHEM INDUSTRIES: Ind-Ra Withdraws 'IND B+' LT Issuer Rating
CYBERABAD CITIZENS: ICRA Withdraws 'B' Rating on INR72.64cr Loan
DHRUV COTTONS: CRISIL Lowers Rating on INR60MM Cash Loan to 'D'
FIREFLY BATTERIES: CRISIL Assigns B- Rating to INR123MM Term Loan
GOLDEN GATES: CRISIL Suspends 'B' Rating on INR39MM LT Loan

HARI BHOG: ICRA Reaffirms 'B' Rating on INR24cr Fund Based Loan
IND-ANDHRA AGRO: CRISIL Reaffirms B- Rating on INR30MM Cash Loan
GOVINDAM KNIT: CRISIL Ups Rating on INR40MM Term Loan to B+
JALARAM CERAMICS: ICRA Revises Rating on INR12.5cr Loan to B
JANA PAPERS: CRISIL Suspends B+ Rating on INR48MM Cash Loan

KAIRBETTA ESTATES: CRISIL Reaffirms B+ Rating on INR45MM Loan
KALINGA ALLOYS: CRISIL Reaffirms B+ Rating on INR57.5MM Loan
KANMANI POULTRY: CRISIL Hikes Rating on INR53.5MM Loan to 'B'
KINSEY KNITT: ICRA Suspends B/A4 Rating on INR12.5cr Bank Loan
KNISS LABORATORIES: CRISIL Assigns B+ Rating to INR30MM Loan

KUSHAL CHAND: Ind-Ra Withdraws 'IND B+' Long Term Issuer Rating
KWALITY STEELS: CRISIL Suspends 'B' Rating on INR30MM Cash Loan
LAXVEER CERAMIC: ICRA Assigns 'B' Rating to INR17cr Term Loan
MAA GANGA: CRISIL Hikes Rating on INR75MM Term Loan to 'B'
MAGADH PRECISION: ICRA Lowers Rating on INR50cr Loan to 'D'

MARINO FOOD: CRISIL Hikes Rating on INR260MM Term Loan to B-
MIL INDUSTRIES: Ind-Ra Affirms 'IND BB+' LT Issuer Rating
MODUS LOGISTICS: ICRA Suspends B+ Rating on INR28.50cr LT Loan
N.I. INFRA: CRISIL Reaffirms B+ Rating on INR21.9MM Cash Loan
NETWORK CLOTHING: Ind-Ra Withdraws 'IND BB-' LT Issuer Rating

PRIME GEMS: Ind-Ra Withdraws 'IND BB-' LT Issuer Rating
RAILONE PROJECTS: Ind-Ra Withdraws 'IND BB-' LT Issuer Rating
RAYON REALTY: CRISIL Hikes Rating on INR80MM Term Loan to B+
SHIVHARE ROAD: CRISIL Assigns B+ Rating to INR10MM Cash Loan
SHREENATHJI INFRASTRUCTURE: CRISIL Suspends D Cash Credit Rating

SHRI RAM: ICRA Reaffirms B+ Rating on INR65cr Cash Credit
SIDDHI VINAYAK: CRISIL Suspends 'D' Rating on INR16.38BB Loan
SIR SHADI: ICRA Suspends C- Rating on INR161.58cr Bank Loan
SMS VIDHYUT: ICRA Lowers Rating on INR7.76cr Loan to B+
SPR CONSTRUCTIONS: Ind-Ra Withdraws 'IND BB-' LT Issuer Rating

SRI MOULI: Ind-Ra Affirms 'IND B+' LT Issuer Rating
SRI SAI: ICRA Assigns 'B' Rating to INR18cr Unallocated Loan
SRI SHREESHA: CRISIL Suspends B+ Rating on INR50MM Overdraft Loan
SRI SRINIVASA: CRISIL Suspends 'B' Rating on INR59MM Cash Loan
SRI VENKATA: ICRA Suspends B+ Rating on INR8.50cr Cash Loan

SRI VENKATESWARA: ICRA Suspends B Rating on INR6.25cr Cash Loan
ST. MARY'S EDUCATIONAL: CRISIL Suspends D Rating on INR120MM Loan
SUNBEAM DEALERS: CRISIL Assigns B+ Rating to INR100MM Cash Loan
TALWAR AUTO: CRISIL Suspends 'B' Rating on INR75MM Loan
THIRUPUR SURIYA: CRISIL Suspends 'D' Rating on INR515MM Loan

TOLAR OCEAN: CRISIL Reaffirms B+ Rating on INR20MM Cash Loan
ULTRA ALUMINIUM: CRISIL Suspends 'B' Rating on INR38MM Cash Loan
VIJAYALAKSHMI SPINTEX: ICRA Suspends B+ Rating on INR25.42cr Loan
WEVIN PRIVATE: Ind-Ra Withdraws 'IND BB' LT Issuer Rating


P H I L I P P I N E S

COMMUNITY RURAL: PDIC to Pay Depositors Starting December 7


                            - - - - -


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


M.R. TRADING: First Creditors' Meeting Set for Dec. 8
-----------------------------------------------------
A first meeting of the creditors in the proceedings of M.R.
Trading Enterprise Pty Ltd, trading as Body Pro Supplements,
will be held at the offices at Mackay Goodwin, Suite 2, Level 8,
10 Bridge Street, in Sydney, on Dec. 8, 2016, at 3:00 p.m.

Grahame Ward and Domenic Calabretta of Mackay Goodwin were
appointed as administrators of M.R. Trading on Nov. 28, 2016.


MISSION NEW ENERGY: Requests Trading Halt of Securities
-------------------------------------------------------
The securities of Mission New Energy will be placed in trading
halt session state at the request of the Company, pending the
release of an announcement by the Company.  Unless ASX decides
otherwise, the securities will remain in Trading Halt Session
State until the earlier of the commencement of normal trading on
Nov. 28, 2016, or when the announcement is released to the market.

Mission New Energy requests a trading halt of its securities with
immediate effect.

In accordance with listing rule 17.1, Mission advises:

  * The trading halt is requested pending a market announcement
    regarding a material acquisition of a new business by the
    Group;

  * The event Mission expects will end the trading halt is an
    announcement by Mission to the ASX in relation to the matter
    referred to above, which is expected to be no later than the
    opening of trading on Nov. 28, 2016;

  * Mission is not aware of any reason why the trading halt
    should not be granted; and

  * Mission is not aware of any other information necessary to
    inform the market about the trading halt.

A full-text copy of the regulatory filing is available at:

                      https://is.gd/nGCU80

                    About Mission New Energy

Mission NewEnergy Limited is an Australia-based renewable energy
company.  The Company operates a biodiesel plant in Malaysia.  The
Company's segments include Biodiesel Refining and Corporate.  The
Company owns an interest in a biodiesel refinery in Malaysia,
which has a nameplate capacity of approximately 250,000 tons per
year. The Company's subsidiaries include Mission Biofuels Sdn Bhd
and M2 Capital Sdn Bhd.

Mission NewEnergy reported a net loss of $2.33 million on $41,960
of total revenue for the fiscal year ended June 30, 2016, compared
with net income $28.36 million on $7.27 million of total revenue
for the fiscal year ended June 30, 2015.

BDO Audit (WA) Pty. Ltd. issued a "going concern" qualification on
the consolidated financial statements for the fiscal year ended
June 30, 2016, stating that the consolidated entity has suffered
recurring losses from operations that raises substantial doubt
about its ability to continue as a going concern.

At June 30, 2016, the Company had total assets of $6.17 million,
total liabilities of $1.40 million, all current, and $4.76 million
in total stockholders' equity.


NORTH SHORE: First Creditors' Meeting Set for Dec. 9
----------------------------------------------------
A first meeting of the creditors in the proceedings of North Shore
Property Developments Pty Ltd will be held at Veritas Advisory,
Level 12, 88 Pitt Street, in Sydney, on Dec. 9, 2016, at 10:30
a.m.

David Iannuzzi & Steve Naidenov of Veritas Advisory were appointed
as administrators of North Shore on Nov. 30, 2016.


ONE STATION: First Creditors' Meeting Set for Dec. 7
----------------------------------------------------
A first meeting of the creditors in the proceedings of One Station
Pier Pty Ltd will be held at the Institute of Chartered
Accountants, Level 18, Bourke Place, 600 Bourke Street, in
Melbourne, Victoria, on Dec. 7, 2016, at 12:00 p.m.

Andrew Hugh Jenner Wily of Armstrong Wily was appointed as
administrator of One Station on Nov. 25, 2016.


PALADIN ENERGY: Faces Default on US$212MM Debt Due April 2017
-------------------------------------------------------------
Mike King at The Motley Fool reports that Paladin Energy Ltd faces
the prospect of being unable to repay US$212 million due in April
2017 and being forced into liquidation.

According to the report, the troubled company has seen its share
price slump more than 65% this year alone. The Motley Fool relates
that the planned sale of 24% of its Langer Heinrich Mine (LHM) to
CNNC Overseas Uranium Holdings (COUH) for US$175 million appears
unlikely to complete before the end of 2016. Now Paladin has been
forced to consider other 'contingencies' to repay the 2017
convertible bonds, the report says.

Not only that but Paladin also needs to raise working capital as
it struggles to generate positive cash flow with uranium prices
trading under US$20 per pound -- the lowest prices in more than 12
years, relates The Motley Fool.  As Paladin admits, that's a level
that no producer in the world can sustainably break even, and most
producers are experiencing negative cash flows, The Motley Fool
states.

That's a long way away from Paladin's all-in cash expenditure of
extracting uranium of US$38.75 per pound (lb), the report states.
Even the company's C1 cash costs of US$25.88/lb are well above the
spot price of uranium. Paladin is forecasting all-in costs of
around US$30/lb for the 2017 financial year, but it's clear that
even at that level, the company is going backwards, adds The
Motley Fool.

                        About Paladin Energy

Headquartered in Subiaco, Australia, Paladin Energy Ltd --
http://www.paladinresources.com.au-- formerly Paladin
Resources, Ltd., operates in the resource industry, with a
principal business of evaluation and development of uranium
projects in Africa and Australia.


QUICKFLIX LIMITED: re-emerges with Finding Dory rights
--------------------------------------------------------
Nicola Riches at AdNews reports that Quickflix Limited has set
about a relaunch for its ailing business, pinning its hopes on
wining the rights to digitally distribute the US blockbuster
Finding Dory.

AdNews relates that the service boasts that it is now able to
bring the "newest" Hollywood movies to its streaming and DVD
business, via the new Quickflix 'Red Carpet' program.

The Perth-based streaming service, founded 12 years ago by CEO
Stephen Langsford, appointed Ferrier Hodgson as administrators in
April, and by October, the acquisition process by US firm Karma
Media Holdings had started. Karma is expected to pay AUD1.3
million for the service and until that point will operate it under
a Deed of Company Arrangement, AdNews relates.

Quickflix has also unveiled an 'Access' tier, a "pay-as-you-go"
offering which does not require a monthly subscription fee, the
report says.

According to AdNews, Karma Media Holdings managing partner Erik
Pence explained how these new programs differentiate Quickflix
from its competitors, "There are Australians who don't want to
wait several months to get the new movies at home - it's our goal
to make Quickflix the most fun and value-added way for them to do
that more consistently than anywhere else. These changes made in
the last month are just the beginning."

Quickflix Limited is an ASX listed company, headquartered in
Perth, Western Australia. The Company's principal activities
involve the provision of an online movie subscription service and
a DVD & Blu-ray delivery service.

Dermott McVeigh, Wayne Rushton and Morgan Kelly of Ferrier
Hodgson were appointed joint and several Voluntary Administrators
of Quickflix Limited on April 26, 2016.


WEALTH WITHIN: First Creditors' Meeting Set for Dec. 8
------------------------------------------------------
A first meeting of the creditors in the proceedings of Wealth
Within Holdings Pty. Ltd., Wealth Within Limited, Wealth Within
Institute Pty. Ltd., Wealth Within Ip Pty. Ltd., and Srbm College
Australia Pty. Ltd., will be held at the offices of PKF Melbourne,
Level 13, 440 Collins Street, in Melbourne, on Dec. 8, 2016, at
10:30 a.m.

Petr Vrsecky, Stirling L. Horne and Jason G. Stone of PKF
Melbourne were appointed as administrators of Wealth Within on
Nov. 28, 2016.



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


CHINA CITY: Pays Missed Bond Coupon After Default
-------------------------------------------------
Lianting Tu at Bloomberg News reports that China City Construction
Holding Group, a troubled Beijing-based builder, paid interest on
a local bond that it had defaulted on earlier this week.

Bloomberg relates that the China Central Depository & Clearing Co.
said Dec. 1 that it had received payment from the company for a
coupon due Dec. 5 on a five-year security. The CNY1 billion ($145
million) 5.55% note matures in November 2017. Earlier this year, a
Hong Kong unit of the firm also defaulted on CNY2.5 billion of Dim
Sum bonds after a change in ownership triggered early redemption.

Chinese companies have increasingly struggled to meet debt
payments, with at least 24 onshore bonds defaulting this year,
compared with only seven in 2015, according to Bloomberg. Two
other firms in the nation failed to make payments on local bonds
last month, though they made good on the obligations a day late.

Bloomberg says liquidity pressure is mounting for China City
Construction, which has total outstanding local and overseas bonds
of about CNY18.2 billion ($2.6 billion), including a CNY1.55
billion local security coming due next week.

The contractor has gone through a series of shareholder changes,
announcing in April that it was 99% held by Huinong Fund, after
former owner China City Development Academy's stake plunged,
Bloomberg recalls. In August, it said it had returned to "state
control" after Beijing MIC Investment Co. took a 51% stake, adds
Bloomberg.

China City Construction Holding Group Company Limited engages in
the urban infrastructure construction business in China.


CHINA COMMERCIAL: May Issue 1.5 Million Shares Under Equity Plan
----------------------------------------------------------------
China Commercial Credit, Inc., filed with the U.S. Securities and
Exchange Commission a Form S-8 registration statement to register
1,500,000 shares of common stock of the Company issuable under its
2014 Equity Incentive Plan. A full-text copy of the regulatory
filing is available for free at https://is.gd/bqciQY

China Commercial Credit China Commercial Credit, Inc., offers
financial services in China.  It provides direct loans, loan
guarantees and financial leasing services to small-to-medium sized
businesses, farmers and individuals in the city of Wujiang,
Jiangsu Province.

China Commercial reported a net loss of $55.83 million in 2015
following a net loss of $23.37 million in 2014.

As of Sept. 30, 2016, China Commercial had $22.45 million in total
assets, $19.74 million in total liabilities and $2.70 million in
total shareholders' equity.

Marcum Bernstein & Pinchuk LLP, in New York, New York, issued a
"going concern" qualification on the consolidated financial
statements for the year ended Dec. 31, 2015, citing that the
Company has accumulated deficit that raises substantial doubt
about its ability to continue as a going concern.


DONGBEI SPECIAL: Creditor Meeting Held; Faces $10BB Debt Claim
--------------------------------------------------------------
Reuters, citing official news agency Xinhua, reports that state-
owned Dongbei Special Steel Group Co held its first creditor
meeting on Dec. 1 as part of a bankruptcy restructuring process
aimed at recovering a reported $10 billion in debt.

Dongbei has been at the heart of troubles in China's debt market
this year, defaulting on nine separate bonds since March even as
Beijing has vowed to crack down on "zombie" firms with perennial
losses and too much debt, Reuters relates.

Owned by the Liaoning provincial government in the country's
"rustbelt" northeast, the group formally entered into the
bankruptcy restructuring process in October following a court
filing by a creditor and supplier, the report discloses.

Xinhua reported that the meeting, held by a court in the
northeastern city of Dalian, was attended by 374 creditors,
Dongbei's restructuring management team and staff representatives,
asset valuation agencies and auditors, according to Reuters.

Creditors have reported about CNY70 billion ($10 billion) in total
debt to the court, the report said, adding that the amount needed
to be checked and confirmed, Reuters relates.

The court appointed a local branch of Bank of China Ltd, the
country's fourth-biggest state lender, to chair the creditor
meeting, Xinhua, as cited by Reuters, said.

According to Reuters, Dongbei Special Steel has been in touch with
several potential strategic investors and started an asset
valuation process, the report said, adding that several central
government-owned enterprises and listed companies have expressed
interest in investing in the group.

Dongbei's first bond default in late March helped trigger a sharp
sell-off in corporate debt markets as investors reassessed the
likelihood of bailouts for key provincial government-owned
enterprises, especially in the coal and steel sectors hobbled by
excess capacity.

According to Reuters, over-capacity and slowing demand led to a
slump in prices that devastated the steel sector last year,
saddling many Chinese mills with losses and adding to their debt
burden.

China has sought to improve the sector's fortunes by ordering the
closure of up to 150 million tonnes of capacity over 2016 to 2020,
helping a recovery in prices, the report says.

Reuters notes that Dongbei's extended struggle with creditors over
how to restructure its debt has highlighted the inefficient
process of debt restructuring at Chinese state-owned firms.

The group's chairman, Yang Hua, was found dead in March in an
apparent suicide.

Xinhua said Dongbei Special Steel's two subsidiaries, Dalian
Special Steel Co and Dalian High Alloy Bar and Wire Rod Co, will
hold their first creditor meetings on Thursday afternoon [Dec. 1]
and Friday morning [Dec. 2] respectively, Reuters adds.

Headquartered in Dalian, China, Dongbei Special Steel Group Co.
manufactures carbon structural, alloy, tool, stainless, and
bearing steel; and super alloy products. It offers stainless
steel bars and wire rods; bearing steel bars and wire rods; steel
products for the automotive industry.



================
H O N G  K O N G
================


INVENTIVE GLOBAL: Fitch Assigns 'bb' Viability Rating
-----------------------------------------------------
Fitch Ratings has assigned Inventive Global Investments Limited's
(Inventive Global) guaranteed USD1.5bn medium-term note (MTN)
programme expected long-term and short-term ratings of 'A(EXP)'
and 'F1(EXP)', respectively. Fitch has also assigned an expected
rating of 'A(EXP)' to the proposed guaranteed senior unsecured
notes to be issued under the MTN programme.

Inventive Global is an offshore special purpose vehicle (SPV)
wholly owned by ABC International Holdings Limited (ABCI), which
is a wholly owned subsidiary of Agricultural Bank of China Limited
(ABC; A/Stable). Fitch views ABCI as a key subsidiary of ABC,
serving as the platform for ABC's investment banking operations
and complementing the bank's commercial banking business.

Senior notes under the MTN programme will represent direct,
unconditional, unsubordinated and unsecured obligations of
Inventive Global. Furthermore, the notes will be unconditionally
and irrevocably guaranteed by the Hong Kong branch of ABC (ABC HK
Branch). ABC HK Branch is part of the same legal entity and plays
an important role in developing ABC's overseas businesses.

Fitch will rate the obligations under the MTN programme on a case-
by-case basis in accordance with published criteria and after
taking into consideration individual terms and conditions of the
notes. However, Fitch reserves the right not to rate certain
instruments issued under the programme, such as market-linked
instruments.

The notes may be issued in any currency or of any tenor. Proceeds
will be used for general corporate purposes by ABCI or any of its
subsidiaries or affiliates. The final rating on the programme and
the proposed senior unsecured notes are contingent upon receipt of
final documents conforming to information already received.

KEY RATING DRIVERS

ISSUER DEFAULT RATING, NATIONAL RATINGS AND SENIOR DEBT

Guaranteed senior notes issued under the MTN programme will
represent direct, general, unconditional and unsecured obligations
of ABC by virtue of the deed of guarantee given by ABC HK Branch.
Such obligations will rank pari passu with all other present and
future unconditional, unsubordinated and unsecured obligations of
ABC HK Branch. The programme's long-term rating reflects the
ratings expected to be assigned to the senior notes and is in line
with ABC's Long-Term Issuer Default Rating (IDR) of 'A'. ABC's IDR
is in turn based on an extremely high probability of support being
provided, if required, by the Chinese government (A+/Stable).

RATING SENSITIVITIES

ISSUER DEFAULT RATING, NATIONAL RATINGS AND SENIOR DEBT

Any changes to the programme's rating and senior notes issued
under the programme will be directly correlated to changes in
ABC's Issuer Default Rating, which in turn will reflect any shift
in the perceived willingness or ability of China's government to
support ABC in a full and timely manner. Should the deed of
guarantee given by ABC HK Branch no longer be effective, then the
rating of the notes could be downgraded.

The other ratings of ABC are unaffected by this rating action, and
are as follows:

   -- Long-Term IDR: 'A'; Outlook Stable

   -- Short-Term IDR: 'F1'

   -- Support Rating: '1'

   -- Support Rating Floor: 'A'

   -- Viability Rating: 'bb'



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I N D I A
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ADVAIT STEEL: CRISIL Cuts Rating on INR42.1MM Term Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank loan
facilities of Advait Steel Rolling Mills Pvt Ltd to 'CRISIL D'
from 'CRISIL B/Stable'. The rating downgrade reflects instances of
delay in servicing term debt; the delays were on account of
revenue de-growth, resulting in lower cash accrual.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            27.5       CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

   Term Loan              30.4       CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

   Working Capital        42.1       CRISIL D (Downgraded from
   Term Loan                         'CRISIL B/Stable')

The rating also reflects ASR's below-average financial risk
profile marked by highly leveraged capital structure and weak debt
protection metrics, modest scale of operations and susceptibility
of operating margin to volatility in raw material prices. These
weaknesses are partially offset by the extensive experience of
ASR's promoters in the steel industry and the company's
established customer relationship.

Set up in 2004 by Mr. B S Garg, ASR has a thermo-mechanically
treated bar manufacturing facility in Puducherry, with a capacity
of 36,000 tonne per annum.


AGRAWAL GRAPHITE: ICRA Suspends B- Rating on INR6cr Term Loan
-------------------------------------------------------------
ICRA has suspended [ICRA]B- rating assigned to the INR6.00 crore,
term loan and INR3.00 crore cash credit facility of Agrawal
Graphite & Carbon Products Private Limited and the [ICRA]A4 rating
assigned to the INR2.50 crore non fund based facility of AGCPPL.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


ALISHAN GINNING: CRISIL Reaffirms B+ Rating on INR80MM Cash Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Alishan
Ginning Mills Private Limited continues to reflect a modest scale
of operations in the fragmented cotton industry, and
susceptibility of the operating margin to fluctuations in cotton
prices and to regulatory changes.

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

   Proposed Long Term
   Bank Loan Facility       30      CRISIL B+/Stable (Reaffirmed)

   Standby Letter
   of Credit                10      CRISIL B+/Stable (Reaffirmed)

The rating also factors in an average financial risk profile
because of a modest networth and low debt protection metrics.
These rating weaknesses are partially offset by the extensive
industry experience of the promoters.
Outlook: Stable

CRISIL believes AGMPL will continue to benefit from the industry
experience of its promoters. The outlook may be revised to
'Positive' in case of significant revenue growth while
profitability and capital structure improve. The outlook may be
revised to 'Negative' in case of a decline in revenue or
profitability, or a stretched working capital cycle, resulting in
deterioration in the financial risk profile.

AGMPL was incorporated in 2011, promoted by Mr. Kisanlal Agarwal
and his friend Mr. Sunderlal Agarwal. Its operations are managed
by Mr. Ashish Agarwal (son of Mr. Kishanlal Agarwal) and Mr. Rahul
Agarwal (son of Mr. Sunderlal Agarwal). The company processes raw
cotton (kapas) to manufacture cotton bales and extract cotton
seeds. It has a ginning and pressing unit in Kantabij, Odisha, and
a registered office in Bhubaneswar.


ALLIX CERAMIC: ICRA Reaffirms 'B' Rating on INR6.11cr Loan
----------------------------------------------------------
ICRA has reaffirmed the [ICRA]B rating to the INR5.00 crore cash
credit facility and INR6.11 crore of term loan facility of Allix
Ceramic Private Limited. ICRA has also reaffirmed the [ICRA]A4
rating to the INR1.35 crore short-term non-fund based facility of
ACPL.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund based limits-
   Term Loan                6.11       [ICRA]B reaffirmed

   Fund based limits-
   Cash Credit              5.00       [ICRA]B reaffirmed

   Non-Fund based
   Limits-Bank Guarantee    1.35       [ICRA]A4 reaffirmed

Rating Rationale

The ratings reaffirmation continues to factor in ACPL's modest
scale of operations resulting in limited economies of scale as
well as weak financial risk profile characterised by thin net
profitability, moderate working capital intensity, and moderate
coverage indicators. 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 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 fuel
prices. The ratings, however, favourably factor in the promoters'
experience in the ceramics industry and the firm's competitive
advantage in raw material procurement, on account of its
favourable location in Morbi, a tile-manufacturing hub. The
ratings further draw comfort from the marketing support from the
group entity engaged in the similar line of business.

ICRA expects ACPL's revenues to witness growth in FY2017,
following favourable government policies, which are expected to
support growth in tile industry. The profitability is, however,
expected to improve in the coming years on account of a decline in
fuel prices. 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 April 2013, Allix Ceramic Private Limited
manufactures digitally printed ceramic wall tiles from its
manufacturing facility located at Morbi, Gujarat and has an
installed capacity of 28,500 Metric Tonnes Per Annum (MTPA). The
company is promoted by Mr. Vinod Adroja and Mr. Prashant
Bhoraniya, along with their relatives, who have been associated
with the ceramic tile industry for more than a decade through an
associate concern namely "M/s Xpert Ceramic".


ARAWALI PHOSPHATE: ICRA Hikes Rating on INR7.5cr Loan to BB-
------------------------------------------------------------
ICRA has revised the rating from [ICRA]BB- to [ICRA]B+ for the
INR7.50 crore fund based bank limits of Arawali Phosphate Limited.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Long-term fund-         7.50        Revised from [ICRA]BB-
   based limits                        (Stable) to [ICRA]B+


The rating revision factors in the discontinuation of APL's
marketing contract with Chambal Fertilisers & Chemicals Limited
(CFCL) for selling SSP in FY2017. Whereas earlier APL used to sell
its entire production solely through CFCL, the company is now
selling independently and through M P State Cooperative Marketing
Federation Limited. Due to discontinuation of business with an
established sales partner and gestation period involved in
establishing its own brand in the market the sales volumes,
revenues and profitability of APL is expected to decline
significantly in FY2017. Additionally earlier CFCL used to provide
advances to APL equivalent to subsidy outstanding which provided
cushion to the liquidity position of the company, however with the
discontinuation of sales tie up with CFCL, the liquidity position
may come under stress due to delay in subsidy payments by GoI. The
rating continues to factor in the vulnerability of APL's
profitability to agro climatic & regulatory risks associated with
the fertiliser business; high financial risk profile of APL
characterised by high gearing, tight liquidity position & modest
debt coverage indicators. The rating factors in APL's proximity to
indigenous source for rock phosphate and healthy growth prospects
for SSP industry in India due to policy impetus to stimulate
demand and improved subsidy structure.

Arawali Phosphate Limited was established in the year 2000 and is
engaged in the manufacture of Single Super Phosphate (SSP)
Fertilizer. The company's plant is located in Umarda, Udaipur with
a capacity of 60,000 tpa. The company initially started operations
with a capacity of 100 tpd (33,000 tpa), which was subsequently
expanded to the present level.

Recent Results
As per provisional and unaudited results for FY2016, the company
reported net sales of INR16.59 crore and a net profit of INR0.14
crore as against a turnover of INR19.47 crore and net profit of
INR0.07 crore achieved in FY2015.


ARCHEAN CHEMICAL: ICRA Reaffirms 'D' Rating on INR599cr Loan
------------------------------------------------------------
ICRA has reaffirmed the rating of [ICRA]D to the INR698.0 crore
long term term loan and fund based working capital facilities of
Archean Chemical Industries Private Limited.

                            Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Long term, Term Loans     599.0      [ICRA]D; reaffirmed
   Long term, Fund based
   facilities                 99.0      [ICRA]D; reaffirmed

The rating reaffirmation takes into account the continuing delays
in debt servicing following from the large delay in achieving full
commercial operation, the resultant cost overrun, delay in ramp up
of SOP production and an unfavorable debt repayment schedule.

The rating considers the gradual increase in the production
volumes of the products post COD - especially bromine and
industrial salt; and, the offtake agreements signed for salt and
SOP which restricts the marketing risk significantly. Despite the
higher volumes, the accruals have been lower than expected due to
the moderation in the international prices of industrial salt and
sulphate of potash leading to higher cash shortfall. The shortfall
was being met through advances from Sojitz Corporation (minority
shareholder & sole customer for industrial salt) towards salt
purchase. Nevertheless with increasing debt repayments,
considering that the amortisation schedule for the term loans has
not been revised despite the delay in full commercial operation,
the liquidity stress has increased and consequently the company
has delayed its debt repayments. The promoters have been unable to
infuse the requisite additional funds due to the weak financial
profile of the Group. The management has proposed a restructuring
of the debt under the S4A restructuring scheme and the lenders
have provided their in-principle approval; final approval of the
same by the lenders with favourable interest rate and tenor will
be critical for the improvement of the financial profile.

Archean Chemical Industries Private Limited, incorporated in July
2009, has set up an integrated marine chemicals complex for
producing sulphate of potash (SOP), industrial salt and bromine.
ACIPL is part of the Archean Group, which has interests in
chemicals, minerals, mining, oil and gas and renewable energy. The
project is located in Hajipir, in the Kutch district of Gujarat.
The integrated complex utilizes naturally available brine flowing
over marine mineral deposits in the Rann of Kutch. The Archean
Group is already one of the leading producers of industrial salt
in the country; through this project it has also become the first
domestic manufacturer of SOP. The project was commissioned in June
2015.

Recent Results
For the financial year ended March 2016, the company reported a
net loss of INR86.6 crore on an income of INR340.5 crore as
against reported a net profit of INR60.3 crore on an income of
INR225.0 crore in FY 2015.


ASHAPURA INFRASTRUCTURE: CRISIL Reaffirms B+ Cash Credit Rating
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Ashapura Infrastructure
Company continue to reflect small scale of operations in the
intensely competitive construction industry, susceptibility of
business risk profile to tender-based business, small networth and
limited financial flexibility. However, liquidity remains above
average, backed by high cash and bank balance and low gearing. The
ratings also factor in the extensive experience of partners.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee          50       CRISIL A4 (Reaffirmed)
   Cash Credit             55       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes AIC will maintain an established market position
over the medium term supported by the partners' extensive
experience. The outlook may be revised to 'Positive' if there is
sustained increase in scale of operations along with stable
profitability or networth increases substantially due to sizeable
capital additions. Conversely, the outlook may be revised to
'Negative' if profitability declines significantly or capital
structure weakens because of large, debt-funded capital
expenditure or stretched working capital cycle.
Set up in 2007 by Mr. Danuba J Jadeja and Kishor Jadeja as a
partnership firm, AIC constructs and rehabilitates roads in Bhuj,
Gujarat. It is registered as a Class AA contractor of the Gujarat
government's road and building department.

Firm reported net loss and sales of INR0.9 million and INR16
million, respectively, in fiscal 2016 as against profit after tax
and sales of INR14.4 million and INR245 million, respectively, in
fiscal 2015.


AYSHA CASHEW: ICRA Suspends B+ Rating on INR0.50cr LT Loan
----------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating, assigned to the INR0.50
crore long term fund based facilities, [ICRA]A4 rating assigned to
the INR6.50 crore short term fund based facilities & [ICRA]B+/A4
rating assigned to the INR3.00 crore long term/short term
unallocated facilities of Aysha Cashew Exports. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the firm.


BABY ENGINEERING: Ind-Ra Withdraws 'IND D' LT Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Baby Engineering
Private Limited's (BEPL) 'IND D(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 BEPL

Ind-Ra suspended BEPL's ratings on Feb. 19, 2016.

BEPL's ratings:

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

   -- INR110 million fund-based working capital limits: Long-
      term/Short-term 'IND D(suspended); ratings withdrawn

   -- INR30.2 million Long-term loan: Long-term
      'IND D(suspended); rating withdrawn

   -- INR100 million non-fund-based working capital limits:
      Short-term 'IND A4(suspended)'; rating withdrawn


CADILLAC GRANITO: ICRA Assigns 'B' Rating to INR15cr Loan
---------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B to the INR15
crore term loan facility and INR7.50 crore cash credit facility.
ICRA has also assigned the short term rating of [ICRA]A4 to the
INR2.50-crore non fund based short term facility of Cadillac
Granito Private Limited.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long Term-Term Loan     15.00      [ICRA]B assigned
   Long Term-Cash Credit    7.50      [ICRA]B assigned
   Short Term-Bank
   Guarantee                2.50      [ICRA]A4 assigned

The assigned rating reflects CGPL's financial profile, which is
expected to remain stretched in the near to medium term, given the
debt funded nature of project and expected debt repayment. The
rating further takes into account the lack of track record of the
company's operation as well as risks associated with stabilization
of operations. The rating is also constrained by the vulnerability
of profitability and cash flows to cyclicality inherent in the
real estate industry, which is the main consuming sector. ICRA
notes the highly competitive nature of the business, which keeps
its margins under pressure.

The rating, however, favorably takes into account the past
experience of the promoters in the ceramic industry as well as the
favorable location of the plant, which allows easy access to raw
material. The rating further considers marketing support from
group concerns, aiding CGPL in mitigating its sales risks.
Going forward, ICRA expects the operating income of the company to
witness moderate growth. However, the ability of the company to
stabilise operations and manage input costs, given the volatility
associated with raw material prices and pricing pressures owing to
high competitive intensity will remain the key rating
sensitivities.

Cadillac Granito Private Limited was incorporated in May 2016 by
Mr. Sanjay Kachrola, Mr. Amit Parecha, and Mr. Deepak Parecha for
manufacturing single charge and twin charge vitrified tiles. The
company will initially manufacture vitrified tiles of sizes 24"x
24" and 32" x 32" with an installed capacity of 55,800 MT per
annum. CGPL is likely to commence its trial runs from December 15,
2016, and commercial production from January 2017.


CALCHEM INDUSTRIES: Ind-Ra Withdraws 'IND B+' LT Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Calchem
Industries (India) Ltd's (Calchem) '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 Calchem.

Ind-Ra suspended Calchem's ratings on 18 February 2016.

Calchem's ratings:

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

   -- INR83.9 million term loan : Long-term 'IND B+(suspended)';
      rating withdrawn

   -- INR135.5 million fund-based cash credit limits:  'IND
      B+(suspended)'; rating withdrawn

   -- INR9.5 million fund-based working capital demand loan
      limits:  'IND B+(suspended)'; rating withdrawn

   -- INR15 million non-fund-based letter of credit:  'IND
      A4(suspended)'; rating withdrawn

   -- INR10 million non-fund-based bank guarantee:
      'IND A4(suspended)'; rating withdrawn


CYBERABAD CITIZENS: ICRA Withdraws 'B' Rating on INR72.64cr Loan
----------------------------------------------------------------
ICRA has withdrawn the long term rating of [ICRA]B assigned to
INR72.64 crore term loan, INR17.36 crore unallocated limits of
Cyberabad Citizens Health Services Private Limited, as the company
has fully repaid the rated instrument.


DHRUV COTTONS: CRISIL Lowers Rating on INR60MM Cash Loan to 'D'
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Dhruv Cottons to 'CRISIL D' from 'CRISIL B-/Stable'.

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

   Long Term Loan           20       CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

   Proposed Cash            20       CRISIL D (Downgraded from
   Credit Limit                      'CRISIL B-/Stable')

The downgrade reflects overutilisation of cash credit facility for
more than 30 consecutive days on account of stretched liquidity
and large working capital requirement.

The firm also has a modest scale of operations in the highly
fragmented cotton industry, weak financial risk profile because of
small networth, high gearing, and below-average debt protection
metrics, and vulnerability of profitability to changes in
government policy. These weaknesses are partially offset by the
extensive experience of its promoters.

Established in 2006, DC gins cotton at its unit in Bhainsa,
Telangana. Managing partner, Mr. C Maruti, has experience of more
than 30 years in the cotton segment.


FIREFLY BATTERIES: CRISIL Assigns B- Rating to INR123MM Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank loan facilities of Firefly Batteries Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan              123        CRISIL B-/Stable
   Bank Guarantee          10        CRISIL A4
   Cash Credit             77        CRISIL B-/Stable

The ratings reflect a below-average financial risk profile,
particularly liquidity, due to low cash accrual and large
scheduled debt repayment. The ratings also factor in the initial
stage and modest scale of operations, and large working capital
requirement. These rating weaknesses are partially offset by the
entrepreneurial experience of the promoters and their continuous
funding support.

For arriving at the ratings, CRISIL has treated unsecured loans of
INR399.5 million extended by the directors and their family
members as neither debt nor equity. This is because these loans
bear a nominal interest rate and are expected to remain in the
business over the medium term.
Outlook: Stable

CRISIL believes FBPL will continue to benefit from the
entrepreneurial experience of its promoters and their funding
support for initial liquidity and debt repayment requirement. The
outlook may be revised to 'Positive' if revenue and profitability
improve, leading to higher-than-expected cash accrual. The outlook
may be revised to 'Negative' in case of lower-than-anticipated
cash accrual or a stretched working capital cycle, weakening the
financial risk profile especially liquidity.

FBPL (formerly, Epsilon Batteries Private Limited) was
incorporated in 2011, and is managed by Mr. Jinal Shah, Mr. Satish
Mehta, and Mr. Anand Pandya. The company manufactures
uninterruptible power supply (UPS) systems, inverters, advanced
lead-acid batteries, and carbon foam batteries providing renewable
energy storage solutions and load-shift applications. It commenced
commercial operations from December 2014; its manufacturing
facility in Bavla, Gujarat has an installed capacity of 0.3
million batteries per annum. It has a technical collaboration with
Firefly International Energy ' USA.


GOLDEN GATES: CRISIL Suspends 'B' Rating on INR39MM LT Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Golden
Gates Educational Trust.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan          39        CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility      31        CRISIL B/Stable

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

GGET, established in 2002, runs two schools, Golden Gates
Matriculation Higher Secondary School and Golden Gates Vidhyashram
School, in Tamil Nadu. GGET's operations are managed by the
trustees, Mr. Ravichandran and Ms. Angayarkani.


HARI BHOG: ICRA Reaffirms 'B' Rating on INR24cr Fund Based Loan
---------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B to the INR24-
crore (enhanced from INR16 crore) fund-based bank facilities of
Hari Bhog Foods Pvt. Ltd.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Fund-based facilities      24       [ICRA]B (reaffirmed)

The rating action factors in the successful commissioning of the
new facility. Furthermore, it also takes into account the
extensive experience of the promoters in the rice industry, their
established client relationships, and the proximity of the mill to
major rice growing area, resulting in easy availability of paddy.
However, the rating continues to be constrained by the limited
track record of the company's operations; the high competition in
the rice milling industry; and the agro climatic risks, which can
affect paddy availability in case of adverse weather conditions.
The rating also continues to be constrained by the high debt
repayment in the coming years, although the expected cash accruals
would be sufficient to service the debt obligations.

Going forward, the ability of the company to grow its scale of
operations in a profitable manner, while maintaining a healthy
capital structure and managing the working capital optimally, will
be the key rating sensitivity.

Hari Bhog Foods Pvt. Ltd. was established in the year 2012. The
company processes basmati paddy. The installed capacity of the
plant, which became operational in March 2016, is 8 tons per hour
(tph). The active promoters are Mr. Himanshu, Mr. Mukesh and Mr.
Ramesh Kumar, who have extensive experience in the rice milling
business.

Recent Results
HBFPL reported a profit after tax (PAT) of INR0.12 crore on an
operating income of INR16.51 crore in FY2016.


IND-ANDHRA AGRO: CRISIL Reaffirms B- Rating on INR30MM Cash Loan
----------------------------------------------------------------
CRISIL ratings on the bank facilities of Ind-Andhra Agro Products
Private Limited continues to reflect IAPPL's below-average
financial risk profile, marked by its modest net worth, high total
outside liabilities to tangible net worth ratio and below-average
debt protection metrics.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             30       CRISIL B-/Stable (Reaffirmed)
   Packing Credit         380       CRISIL A4 (Reaffirmed)

The rating is also constrained by its modest scale of operations,
large working capital requirements, and exposure to intense
competition in the maize trading business. These weaknesses are
partially offset by its promoter's extensive experience in the
maize trading industry.
Outlook: Stable

CRISIL believes that IAPPL will continue to benefit over the
medium term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' if there is a substantial and
sustained increase in the company's revenues and profitability
margins, or there is sustained improvement in its working capital
management. Conversely, the outlook may be revised to 'Negative'
in case of a steep decline in IAPPL's profitability margins, or
significant deterioration in its capital structure caused most
likely by a stretch in its working capital cycle.

IAPPL was set up by Mr. Arimilli Rama Krishna, Mr. Gudimetla Rama
Krishna, and Mr. Samanthapudi Sree Rama Raju. The company trades
in agro-commodities, and derives revenue from trading in maize and
rice. The company is based in West Godavari District (Andhra
Pradesh).


GOVINDAM KNIT: CRISIL Ups Rating on INR40MM Term Loan to B+
-----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Govindam Knit Fab to 'CRISIL B+/Stable' from 'CRISIL B/Stable'.

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

   Term Loan               40        CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

The upgrade reflects stabilisation of the firm's knitting facility
resulting in improvement in the business risk profile. Revenue
stood at INR134 million during the six months through September
2016, as against INR89 million during fiscal 2016. Operating
margin was at 18.8% during fiscal 2016, leading to higher cash
accrual at INR11.6 million. The financial risk profile remained
moderate as reflected in moderate interest coverage ratio of 3.17
times in fiscal 2016, and gearing of 3.5 times as on March 31,
2016.

The rating continues to reflect the firm's early stage of
operations and moderately leveraged capital structure. These
weaknesses are partially offset by the extensive experience of
partners in the fabric-processing industry, and ramp-up in scale
of operations.

Outlook: Stable

CRISIL believes GKF will continue to benefit over the medium term
from its partners' extensive experience. The outlook may be
revised to 'Positive' in case of a substantial scaling up of
operations while maintaining healthy profitability. Conversely,
the outlook may be revised to 'Negative' in case of a decline in
profitability margins and significant, debt-funded capital
expenditure, weakening the financial risk profile.

Set up in March 2014, GKF has installed three knitting machines at
a facility in Surat (Gujarat). The firm has two partners Mr.
Nikhil Kumar Megotia and Ms. Vibha Devi Megotia.


JALARAM CERAMICS: ICRA Revises Rating on INR12.5cr Loan to B
------------------------------------------------------------
ICRA has revised the long-term rating from [ICRA]B+ to [ICRA]B for
the INR12.50 crore1 cash credit limits, INR3.83 crore (reduced
from INR5.17 crore) working capital demand loan and INR1.66 crore
(reduced from INR3.54 crore) long term non-fund based limits of
Jalaram Ceramics Limited. ICRA has reaffirmed the short term
rating on the INR4.50 crore short term non fund based facilities
of JCL at [ICRA]A4. Further, ICRA has also revised the long-term
rating from [ICRA]B+ to [ICRA]B and reaffirmed a short term rating
at [ICRA]A4 for the INR3.22 crore unallocated limits of JCL.

                            Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Long Term Fund Based      12.50      Revised to [ICRA]B
   Limits-Cash Credit                   from [ICRA]B+

   Long Term Fund             3.83      Revised to [ICRA]B
   Based Limits                         from [ICRA]B+
   Working Capital
   Demand Loan

   Long Term Non Fund         1.66      Revised to [ICRA]B
   Based Limits                         from [ICRA]B+

   Short Term Non Fund
   Based Limits               4.50      [ICRA]A4 reaffirmed

   Unallocated Limits         3.22      Revised to [ICRA]B
                                        from [ICRA]B+/[ICRA]A4
                                        reaffirmed

The rating revision takes into account the decline in
manufacturing sales volumes and realizations, with higher reliance
on trading sales in FY2016. The ratings are constrained by the
deterioration in the financial risk profile as reflected by
significant moderation in operation profitability in FY2016;
continued losses at net level and aggressive capital structure.
The ratings further remained constrained by inadequate coverage
indicators owing to steep decline in profitability; however the
debt servicing has been supported by contributions from promoters
in the form of equity infusion and unsecured loans over the
period. ICRA also notes the high competition in the tile industry
due to the presence of a large number of organized as well as
unorganized players. The ratings also take into account the high
working capital intensity due to significant increase in
receivable coupled with high inventory days and exposure of
company's profitability to the fortunes of the real estate
industry.

The rating, however, takes comfort from the established track
record of the company and extensive experience of the proprietor
of more than two decades in the ceramic industry.

Incorporated in February 1995 by Thakkar family, Jalaram Ceramics
Limited (JCL) was initially engaged in manufacturing of ceramic
wall tiles (initial production capacity of 12,000 MTPA) with its
plant being located at Kalol in Gandhinagar district of Gujarat.
The company undertook expansion efforts intermittently and also
forayed into manufacturing of floor tiles, vitrified tiles and
porcelain tiles. Its current manufacturing capacity stands at
79,000 MTPA. JCL currently manufactures parking tiles of 12'x 12'
size and vitrified tiles of 24"x24" size and has established
'Siddharth Tiles' as the umbrella brand for selling its products.

Recent Results

For the year ended 31st March 2016, JCL reported an operating
income of INR46.93 crore and net loss of INR2.36 crore as against
an operating income of INR44.07 crore and net loss of INR2.63
crore for the year ended 31st March 2015.


JANA PAPERS: CRISIL Suspends B+ Rating on INR48MM Cash Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Jana
Papers Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             48        CRISIL B+/Stable

   Proposed Long Term
   Bank Loan Facility      17       CRISIL B+/Stable

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

JPPL, incorporated in 1990 by Sivakasi (Tamil Nadu)-based Mr.
Janakaraj, trades in art and writing paper. The promoter has been
engaged in the paper trading business for two-and-a-half decades.


KAIRBETTA ESTATES: CRISIL Reaffirms B+ Rating on INR45MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Kairbetta Estates
Syndicate continues to reflect the firm's modest scale of
operations, significant customer concentration in revenue profile
and moderate financial risk profile, marked by moderate networth
and weak debt protection measures. These weaknesses are mitigated
by the extensive experience of the promoter in the tea industry.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit             45       CRISIL B+/Stable (Reaffirmed)

   Post Shipment Credit    10       CRISIL A4 (Reaffirmed)

   Proposed Working
   Capital Facility        45       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes KES will continue to benefit from the extensive
industry experience of its promoter. The outlook may be revised to
'Positive' if increase in revenue and profitability improves
financial risk profile. The outlook may be revised to 'Negative'
if low accrual, stretch in working capital cycle and large debt-
funded capital expenditure plans weaken financial risk profile,
particularly liquidity.

Established in 1956, KES plants and processes orthodox tea. The
firm is in Kotagiri (Tamil Nadu) and operations are managed by Mr.
Prashant Bhansali and family.


KALINGA ALLOYS: CRISIL Reaffirms B+ Rating on INR57.5MM Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Kalinga Alloys
Private Limited continues to reflect a small scale of operations
and an average financial risk profile because of a small networth
and low debt protection metrics. These rating weaknesses are
partially offset by the extensive experience of the promoters in
the ferroalloy industry.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bill Discounting       20        CRISIL B+/Stable (Reaffirmed)
   Cash Credit            57.5      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes KAPL will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' in case of a significant increase in cash accrual,
driven by higher revenue and profitability, while the working
capital cycle is maintained. The outlook may be revised to
'Negative' if cash accrual is very low or the working capital
cycle is stretched, thereby impacting the financial risk profile,
especially liquidity.

KAPL, based in Bhubaneswar and promoted by the Mahipal family,
began operations in 1989. The promoters have been engaged in
beneficiation of ferroalloys for the past 15 years.


KANMANI POULTRY: CRISIL Hikes Rating on INR53.5MM Loan to 'B'
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Kanmani Poultry Farm to 'CRISIL B/Stable' from 'CRISIL B-/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             53.5      CRISIL B/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

   Long Term Loan          36.0      CRISIL B/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

The upgrade reflects CRISIL's belief that KPF will sustain its
improved liquidity, backed by better profitability, and adequate
cushion in its bank lines. Improvement in liquidity is also
expected to be supported by absence of debt-funded capital
expenditure (capex) over the medium term. The firm's strong
relationship with its key client should help sustain operating
profitability, leading to a better financial risk profile.

The rating reflects KPF's weak capital structure and subdued debt
protection metrics, its modest scale of operations, and exposure
to risks inherent in the poultry industry. These weaknesses are
partially offset by its promoters' extensive industry experience,
and its established relationship with its key client.
Outlook: Stable

CRISIL believes KPF will continue to benefit from its promoters'
strong track record and extensive experience in the poultry
industry. The outlook may be revised to 'Positive' if cash accrual
and liquidity improve significantly, driven by increase in revenue
and profitability. The outlook may be revised to 'Negative' if the
firm's relationship with its key customer weakens, leading to a
decline in revenue or operating profitability, or if it undertakes
a large, debt-funded capex, constraining its financial risk
profile.

KPF was set up as a proprietorship firm in 1990, and was
reconstituted as a partnership firm in 2002. Promoted by Mr. A
Balusamy and his family, the firm is in the poultry segment.


KINSEY KNITT: ICRA Suspends B/A4 Rating on INR12.5cr Bank Loan
--------------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B and the short
term rating of [ICRA]A4 assigned to the INR12.50 crore bank
facilities of Kinsey Knitt International. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the Company.


KNISS LABORATORIES: CRISIL Assigns B+ Rating to INR30MM Loan
------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank
facilities of Kniss Laboratories Private Limited and has assigned
'CRISIL B+/Stable/CRISIL A4' rating to the facilities. CRISIL had,
on July 5, 2016, suspended the rating as KLPL had not provided
information required for a rating review. KLPL has now shared the
requisite information, enabling CRISIL to assign a rating to its
bank facilities.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          30        CRISIL A4 (Assigned;
                                     Suspension Revoked)

   Bill Purchase-          40        CRISIL A4 (Assigned;
   Discounting Facility              Suspension Revoked)

   Cash Credit             30        CRISIL B+/Stable (Assigned;
                                     Suspension Revoked)

The rating reflects KLPL's modest scale of operations, its large
working capital requirements and its below-average financial risk
profile. These rating weaknesses are partially offset by the
extensive experience of KLPL's promoters in the pharmaceuticals
(formulation) industry.
Outlook: Stable

CRISIL believes that KLPL will maintain its credit profile over
the medium term aided by the extensive entrepreneurial experience
of the promoter. The outlook may be revised to 'Positive' if the
company improves its scale of operations and operating
profitability substantially, leading to improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if decline in operating profitability or increase in
working capital intensity weakens its financial profile.

Incorporated in 1988, Kniss Laboratories is a private limited
company that specializes in the manufacture of allopathy and
ayurvedic formulations. The day to day operations of the company
are managed by Mr. M.D. Vardarajan.


KUSHAL CHAND: Ind-Ra Withdraws 'IND B+' Long Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Kushal Chand
Private Limited's (KCPL) '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 KCPL.

Ind-Ra suspended KCPL's ratings on March 8, 2016.

KCPL's ratings:

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

   -- INR60 million fund-based working capital limits: 'IND
      B+(suspended)'/'IND A4(suspended)'; ratings withdrawn


KWALITY STEELS: CRISIL Suspends 'B' Rating on INR30MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Kwality
Steels.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          5         CRISIL A4
   Cash Credit            30         CRISIL B/Stable
   Working Capital
   Term Loan              25         CRISIL B/Stable

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

Setup in 2005, KS is engaged in processing and trade of iron and
steel scrap. The firm has a scrap processing unit based out of
Madurai and is promoted by Mr. V. Shanmuga Sundaram.


LAXVEER CERAMIC: ICRA Assigns 'B' Rating to INR17cr Term Loan
-------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B to the INR17.00
crore (enhanced from INR3.00 crore) term loan of Laxveer Ceramic
LLP. ICRA also has a long-term rating of [ICRA]B outstanding on
the INR8.00 crore cash credit facility and a short-term rating of
[ICRA]A4 on the INR3.00 crore non fund based facilities of LCL.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Term Loan           17.00      [ICRA]B assigned/outstanding
   Cash Credit          8.00      [ICRA]B outstanding
   Bank Guarantee       3.00      [ICRA]A4 outstanding

The assigned ratings are constrained by LCL's start-up nature of
operations as the same is still in the project phase and the risk
associated with stabilisation of the plant as per the expected
operating parameters. The ratings also remain 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 company's profitability to volatility in raw material and
gas prices as well as to adverse foreign exchange fluctuations.
Further, the assigned ratings take into account the financial
profile of the company which is expected to remain stretched in
the near term, given the debt-funded nature of the project and the
impending debt repayment.

The ratings favorably take into account the experience of the
promoters in the ceramic industry and favourable location of the
plant, which allows easy access to raw materials.

Established in April 2016, as a limited liability partnership,
Laxveer Ceramic LLP is setting up a unit at Morbi in Gujarat to
manufacture vitrified tiles in two sizes viz. 600mm X 1200mm and
800mm X 800mm. The firm will sell its products under the brand
name, "Laxveer". The commercial operations are expected to
commission from January 2017. The unit has an estimated installed
capacity of producing 72,000 metric tonnes per annum (MTPA). The
firm is promoted by Jaydeep Patel and other four promoters who
have significant experience in ceramic industry through their
association with Lovato Ceramic Private Limited and Giriraj Sales
Agency, who are involved in similar businesses.


MAA GANGA: CRISIL Hikes Rating on INR75MM Term Loan to 'B'
----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Maa Ganga Bhagat Gopal Maya Educational Trust to 'CRISIL B/Stable'
from 'CRISIL B-/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term      35        CRISIL B/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B-/Stable')

   Term Loan               75        CRISIL B/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

The rating upgrade reflects improvement in the business risk
profile. During fiscal 2016, operating income increased by 20% to
INR52.9 million from INR44.4 million in the previous fiscal. This
was driven by higher occupancy as the school has been in
operations since three years. The operating margin remained above
average at 63.2%. The business risk profile is likely to continue
to improve gradually with addition of new classes (plan to expand
till class 12th by fiscal 2018), which will drive occupancy
levels.

The financial risk profile remains average; with a high gearing of
1.73 times as on March 31, 2016, & debt protection metrics marked
by net cash accrual to total debt ratio at 0.22 times and interest
coverage ratio at 3.08 times in fiscal 2016. Furthermore,
significant, need-based support is received from the promoters
through unsecured loans, aiding liquidity

The rating continues to reflect a small scale of operations with
geographical concentration in revenue, a weak capital structure,
and exposure to intense competition. These weaknesses are
partially offset by the extensive experience of the promoters in
running educational institutes and healthy demand prospects for
education.
Outlook: Stable

CRISIL believes MGBGM will continue to benefit from extensive
experience of the promoters in the education sector. The outlook
may be revised to 'Positive' in case of higher-than-expected
occupancy, leading to substantial cash accrual and hence to a
better financial risk profile. The outlook may be revised to
'Negative' if occupancy is lower than expected, adversely
impacting debt-servicing ability.

MGBGM is currently running a school offering educational services
from kindergarten to class nine. The school is in a nine-acre
campus in Sonipat, Haryana.


MAGADH PRECISION: ICRA Lowers Rating on INR50cr Loan to 'D'
-----------------------------------------------------------
ICRA has revised its ratings on the INR75-crore bank lines of
Magadh Precision Equipment Limited to [ICRA]D from [ICRA]B on the
long-term scale and from [ICRA]A4 on the short-term scale.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund-based Limits       50.00       [ICRA]D; revised
   Cash Credit                         from [ICRA]B

   Non-fund Based Limits   25.00       [ICRA]D; revised
                                       from [ICRA]A4

The rating revision factors in continued over-utilisation of
MPEL's cash credit limits for more than 30 days, as well as
devolvement of letter of credit. The company's stretched liquidity
position is due to its elongated working capital cycle. ICRA takes
note of the vulnerability of the company's profit margins to
adverse fluctuations in raw material prices and foreign exchange
rates. Additionally, the company is exposed to sector
concentration risk, as 100% of its sales are made to the steel
industry. ICRA, also takes cognizance of the extensive experience
of the promoters and the company's diverse and reputed customer
profile.

Going forward, a track record of timely debt servicing backed by a
sustained improvement in the company's liquidity position, will be
the key rating sensitivities.

Incorporated in 1986, MPEL manufactures and exports capital
equipment to the metal processing industry. The product portfolio
of the company includes galvanizing lines, hot and cold rolling
mills and slitting lines. These products find application in the
steel industry. The manufacturing unit of the company, spread over
12,000 square meters, is located in Dewas, Madhya Pradesh.


MARINO FOOD: CRISIL Hikes Rating on INR260MM Term Loan to B-
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Marino Food Products Private Limited to 'CRISIL B-/Stable' from
'CRISIL D'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             30        CRISIL B-/Stable (Upgraded
                                     from 'CRISIL D')

   Term Loan              260        CRISIL B-/Stable (Upgraded
                                     from 'CRISIL D')

The upgrade reflects timely servicing of debt over the past four
months ended October 2016, and expected need based fund support
from promoters to meet its maturing debt obligations over the
medium term.

The rating reflects Marino's below average financial risk profile
because of modest net worth, high gearing, and weak debt
protection metrics. The company has large working capital
requirement, faces intense competition in the confectionery
industry, and is vulnerable to volatility in raw material prices.
However, it benefits from its promoter's extensive industry
experience.

Outlook: Stable

CRISIL believes that Marino will continue to benefit from its
promoters' industry experience. The outlook may be revised to
'Positive' in case of sustainable increase in scale of operations
and profitability, leading to a better business risk profile or
efficient working capital management. Conversely, the outlook may
be revised to Negative if the company undertakes a large debt-
funded capital expenditure programme, or if cash accrual declines
leading to weakening of financial risk profile.

Marino, incorporated in May 2010 by Mr. Om Prakash Chhawnika,
manufactures confectionery items. It is based in Hyderabad.


MIL INDUSTRIES: Ind-Ra Affirms 'IND BB+' LT Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed MIL Industries
Limited's (MIL) Long-Term Issuer Rating at 'IND BB+'. The Outlook
is Stable.

KEY RATING DRIVERS

The affirmation reflects MIL's continued small scale of operations
and volatile profitability. During FY16, MIL's revenue was INR307
million (FY15: INR303 million). The fragmented nature of the
industrial lining industry and the susceptibility of MIL's
profitability to volatility in rubber prices remains a concern.
Profitability over FY13-FY16 ranged between 12.6% and 18.5% due to
volatile rubber prices.

Credit profile of the company, however, remained comfortable with
net leverage (total adjusted net debt/operating EBITDAR) being
negative1.0x in FY16 (FY15: negative 0.4x) and EBITDA interest
cover (operating EBITDA/gross interest expense) of 14.2x in FY16
(FY15: 8.4x).

The ratings factor in MIL's comfortable liquidity position with
its average 54% use of the fund-based facilities for the 12 months
ended October 2016. The ratings continue to reflect the five-
decade-long experience of MIL's founders in rubber lining and
polytetrafluoroethylene manufacturing.

RATING SENSITIVITIES

Positive: A substantial increase in the revenue and profitability
while maintaining the credit profile will be positive for the
ratings.

Negative: Any substantial decline in the profitability leading to
sustained deterioration in the credit profile will be negative for
the ratings.

COMPANY PROFILE

MIL manufactures anti-corrosion and anti-abrasion lining and
products, such as rubber and PTFE lining, and supplies them to the
chemical and tyre manufacturing industry.

MIL's ratings:

   -- Long Term Issuer Rating: affirmed at 'IND BB+'/Stable

   -- INR22 million fund-based working capital facilities:
      affirmed at 'IND BB+'/Stable

   -- INR65 million non-fund-based working capital facilities:
      affirmed at 'IND A4+'


MODUS LOGISTICS: ICRA Suspends B+ Rating on INR28.50cr LT Loan
--------------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating, assigned to the INR28.50
crore long term fund based facilities of Modus Logistics Private
limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


N.I. INFRA: CRISIL Reaffirms B+ Rating on INR21.9MM Cash Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of N.I. Infra Engineering
Private Limited continue to reflect the company's geographical and
customer concentration in revenue profile, small outstanding
orderbook providing limited revenue visibility over the medium
term, and its working capital-intensive operations. The ratings
also take into account NIIEPL's constrained financial risk profile
marked by small networth. These weaknesses are partially offset by
the extensive experience of promoters in the construction
industry.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          25       CRISIL A4 (Reaffirmed)

   Cash Credit             21.9     CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      15.9     CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes NIIEPL will continue to benefit from the extensive
industry experience of its promoters and established relations
with Hindustan Steelworks Construction Ltd (HSCL). The outlook may
be revised to 'Positive' in case of a substantial and sustained
improvement in the revenue and profitability margins, or a
significant improvement in the capital structure or net worth on
the back of sizeable equity infusion by the promoters. Conversely,
the outlook may be revised to 'Negative' in case of a steep
decline in profitability margins, or deterioration in the capital
structure caused most likely by a large, debt-funded capital
expenditure, or a stretch in the working capital cycle.

NIIEPL is a privately owned company incorporated on October 18,
2010. It is involved in construction and development of roads,
buildings, structural godowns, and other civil and electrical and
repair works. The company acts as a subcontractor and undertakes
government contracts for HSCL. NIIEPL's directors are Mr. Nazrul
Islam (promoter), his wife Mrs. Serina Bibi, and his brother Mr.
Nurul Islam. The company is based in Farakka, West Bengal.


NETWORK CLOTHING: Ind-Ra Withdraws 'IND BB-' LT Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Network Clothing
Company Pvt Ltd's (NCC) '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 NCC.

Ind-Ra suspended NCC's ratings on 19 February 2016.

NCC's ratings:

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

   -- INR7.2 million term loan: 'IND BB-(suspended)'; rating
      withdrawn

   -- INR565 million fund-based working capital limits: 'IND BB-
      (suspended)'; rating withdrawn

   -- INR70 million non-fund-based working capital limits:  'IND
      A4+(suspended)' ; rating withdrawn


PRIME GEMS: Ind-Ra Withdraws 'IND BB-' LT Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn "IND BB-
(suspended)" Long-Term Issuer Rating of Prime Gem.

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

Ind-Ra suspended Prime Gems' ratings on 18 February 2016.

Prime Gems' ratings:

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

   -- INR60 million fund-based limits: 'IND BB-(suspended)';
      rating withdrawn

   -- Proposed INR90 million fund-based limits: 'Provisional
      IND BB-(suspended)'; rating withdrawn


RAILONE PROJECTS: Ind-Ra Withdraws 'IND BB-' LT Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Railone Projects
Private Ltd's (Railone) '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 Railone.

Ind-Ra suspended Railone's ratings on February 23, 2016.

Railone's ratings:

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

   -- INR195 million fund-based working capital limits: 'IND BB-
      (suspended)'/'IND A4+(suspended)'; ratings withdrawn

   -- INR575 million non-fund-based working capital limits:
      'IND BB- (suspended)'/'IND A4+(suspended)'; ratings
       withdrawn


RAYON REALTY: CRISIL Hikes Rating on INR80MM Term Loan to B+
------------------------------------------------------------
CRISIL has upgraded its rating on long-term bank facility of
Rayon Realty Private Limited to 'CRISIL B+/Stable' from 'CRISIL
B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               80        CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

The upgrade reflects the expected sustained improvement in
business risk profile backed by better power purchase agreement
(PPA) with customers. Since the company no longer supplies to
Tamil Nadu Electricity Board (TNSEB), PPA terms with private
customers will ensure at least 50% revenue growth and faster
realisation of receivables. Financial risk profile, particularly
liquidity, will be supported by higher cash accrual and reduced
working capital requirement. However, term debt obligation will be
significant.

The rating reflects RRPL's modest scale of operations, limited
track record in the windmill power generation segment, dependence
on single asset, susceptibility to risks inherent in power
generation, and below-average financial risk profile because of
accumulated losses and large term debt obligation. These
weaknesses are partially offset by near-term revenue visibility
due to PPA with customers and extensive experience of promoters
across diverse industries and their funding support.
Outlook: Stable

CRISIL believes RRPL will generate stable cash accrual over the
medium term, backed by its long-term PPA. The outlook may be
revised to 'Positive' if healthy plant load factor (PLF) and
speedy realisation of receivables improve debt service coverage
ratio. The outlook may be revised to 'Negative' if a significant
drop in asset's PLF or delay in receipt of payment weakens debt-
servicing ability.

Incorporated in 2010 and promoted by Ahmedabad-based Kataria
family, RRPL generates energy through its 2.1-megawatt windmill at
Sundankuruchi village in the Tirunelveli district of Tamil Nadu.


SHIVHARE ROAD: CRISIL Assigns B+ Rating to INR10MM Cash Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Shivhare Road lines.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Letter of Credit        15       CRISIL A4
   Cash Credit             10       CRISIL B+/Stable
   Bank Guarantee          35       CRISIL A4
   Capex Letter of
   Credit                  88       CRISIL A4

The ratings reflect SRL's small scale of operations in a
fragmented industry, its large working capital requirement and
high debt repayments. These weaknesses are partially offset by the
extensive experience of its promoter in the logistics industry,
and its moderate financial risk profile, marked by moderate
gearing and comfortable debt protection metrics.

Outlook: Stable

CRISIL believes SRL will benefit over the medium term from the
extensive industry experience of its promoter. The outlook may be
revised to 'Positive' in case of significant growth in revenues
and stable profitability and capital structure. The outlook may be
revised to 'Negative' if revenue or profitability declines, or any
large debt-funded capital expenditure or stretch in working
capital cycle weakens financial risk profile.

SRL was incorporated in 1983 by Mr. Suresh Chand Shivhare and is
engaged in material handling and transportation. Based in Gwalior
(Madhya Pradesh), the firm primarily works for oil refineries in
government and private sector.


SHREENATHJI INFRASTRUCTURE: CRISIL Suspends D Cash Credit Rating
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Shreenathji Infrastructure Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          50        CRISIL D
   Cash Credit             50        CRISIL D
   Proposed Long Term
   Bank Loan Facility      30        CRISIL D
   Term Loan               10        CRISIL D

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

SIPL, set up in 2006 by Mr. Amit Malpani in Pipariya (Madhya
Pradesh), undertakes civil construction of roads and buildings.


SHRI RAM: ICRA Reaffirms B+ Rating on INR65cr Cash Credit
---------------------------------------------------------
ICRA has reaffirmed its long-term rating of [ICRA]B+ on the
INR65-crore (enhanced from INR55 crore) bank limits of Shri Ram
Rice Mills.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit               65        [ICRA]B+ (Re-affirmed)

The ratings reaffirmation factors in the 18% increase in the
firm's operating income, which grew to INR183.37 crore in FY2016
from INR155.45 crore in FY2015, on the back of increased sales of
basmati rice. However, the firm's net profit margins declined from
1.01% in FY2015 to 0.66% in FY2016 because of increased interest
expenses. The ratings continue to be constrained by the intense
industry competition, which exerts pressure on the firm's
operating margins. The rating also takes into account the high
working capital intensity and gearing level (despite the
improvement in FY2016). The firm's thin profit margins coupled
with its large working capital borrowings result in weak debt
protection indicators. ICRA also takes note of the firm's
partnership constitution, which exposes it to risks of withdrawal
of capital, risk of dissolution etc.

The firm's ability to scale up in a profitable manner and manage
its working capital requirements effectively will be the key
rating sensitivity.

SRRM is a partnership firm established in 2004. The firm is
involved in milling and sorting of basmati rice. SRRM's milling
unit is in Karnal, Haryana, close to the local grain market. SRRM
sells rice in the domestic market under its two registered brands
- Shripati Ji and Tauba Tauba. The firm has an installed capacity
of 4 tons per hour for milling and sorting.

Recent Results

In FY2016, SRRM reported a net profit of INR1.20 crore on an
operating income of INR183.37 crore, as against a net profit of
INR1.56 crore on an operating income of INR155.45 crore in the
previous year.


SIDDHI VINAYAK: CRISIL Suspends 'D' Rating on INR16.38BB Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Siddhi
Vinayak Logistic Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         120        CRISIL D
   Cash Credit           1325        CRISIL D
   Long Term Loan       16381        CRISIL D

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

SVLL was set up as a private limited company in 2002; it was
reconstituted as a public limited company in 2006 with its
business operations commencing only in October 2006. It provides
logistics services and is based in Surat (Gujarat).


SIR SHADI: ICRA Suspends C- Rating on INR161.58cr Bank Loan
-----------------------------------------------------------
ICRA has suspended its long term rating of [ICRA]C- and its short
term rating of [ICRA]A4 assigned to the INR161.58 crore bank
facilities of Sir Shadi Lal Enterprises 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.

SSLEL, promoted by Sir Shadi Lal in the year 1933, is a partially
integrated sugar manufacturer and is engaged in the production of
sugar and alcohol. It currently operates two units, one each at
Shamli District and Unn District (Muzaffarnagar, Uttar Pradesh).
The company has an aggregate crushing capacity of 11250 MTPA and a
distillery capacity of 25 KLPD. The company has sold its Unn unit
(5000 TCD) for a total consideration of INR75.50 crores.


SMS VIDHYUT: ICRA Lowers Rating on INR7.76cr Loan to B+
-------------------------------------------------------
ICRA has revised the long-term rating from [ICRA]BB- to [ICRA]B+
assigned to the INR7.76 crore term loan of SMS Vidhyut Private
Limited. ICRA has also assigned [ICRA]B+ rating and on INR2.24
crore unallocated limits of SMS Vidhyut Private Limited.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Term Loan               7.76       [ICRA]B+ downgraded
                                      from [ICRA]BB- (Stable)

   Unallocated limits      2.24       [ICRA]B+ assigned

The revision of rating reflects a weakened financial risk profile
marked by an adverse capital structure and depressed coverage
indicators on account of losses incurred at operating as well as
net levels during FY2016. ICRA notes that the repayments of SMSVPL
remain large and have increased in the current financial year due
to replacing of preference shares of the promoters (with no fixed
tenure) by external debt having tenure of 7 years. As a result,
the liquidity profile of SMSVPL has weakened considerably and the
company remains dependent on its parent company for partial debt
repayments. The rating also takes into account SMSVPL's
vulnerability to hydrology risks given that any variation in
expected water flows may adversely impact its power generation
capacity. The rating, however, derives comfort from the continued
financial support extended by the parent company, SMS Limited
(SMSL), to the company. The rating also positively factors in
SMSVPL's off take arrangement with Maharashtra State Electricity
Distribution Co. Ltd for tenure of 35 years.

Promoted by Nagpur based Sancheti family, SMS Vidhyut Private
Limited operates two small run-off-the river hydro power projects
(referred as Pench Left Bank Canal and Right Bank Canal units) on
build, operate, own and transfer (BOOT) basis. The projects are
located on Pench river in Nagpur, Maharashtra and have combined
capacity of 5.8 megawatt (MW). While the Pench RBC unit was
commissioned in February 2012, Pench LBC unit commenced commercial
operations in February 2015. Combined cost of both the projects
stood at INR51.78 crore.


SPR CONSTRUCTIONS: Ind-Ra Withdraws 'IND BB-' LT Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn SPR
Constructions 'IND BB-(suspended)' Long-Term Issuer Rating.

The ratings have been withdrawn due to lack of information. Ind-Ra
will not provide ratings or analytical coverage for SPR
Constructions.

Ind-Ra suspended SPR Constructions' ratings on February 17, 2016.

SPR Constructions' ratings:

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

   -- INR22.5 million fund-based working capital limits: 'IND BB-
      (suspended)' and 'IND A4+(suspended)' ; ratings withdrawn

   -- INR37.5 million non-fund-based working capital limits: 'IND
      A4+(suspended)' ; ratings withdrawn

   -- Proposed INR85 million non-fund-based working capital
      limits: 'Provisional IND A4+(suspended)' ; ratings
      withdrawn


SRI MOULI: Ind-Ra Affirms 'IND B+' LT Issuer Rating
---------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Sri Mouli
Textiles Private Limited's (SMPTL) Long-Term Issuer Rating at 'IND
B+'. The Outlook is Stable.

KEY RATING DRIVERS

SMTPL's rating affirmation factors in scale-up of operations with
improvement in revenue. FY16 (first full year of operations)
financials indicate revenue of INR261 million in FY16 (FY15: INR99
million) with EBITDA margin of 9.1% (16.5%). The ratings are
constrained by the company's continued weak credit metrics with
net leverage (total adjusted net debts/operating EBITDA) of 15.8x
in FY16 (FY15: 12.61x) and interest coverage (operating
EBITDA/gross interest expense) of 0.9x (1.3x). SMTPL's EBITDA
margin declined due to volatility in cotton price. Cotton prices
increased by 45% during the three months ended July 2016,
indicating possible stress on profitability during FY17. The
company has indicated INR290 million of revenue in 1HFY17.

The company's comfortable liquidity position, however, is
reflected by its around 68% utilisation of the cash credit limits
during the 12 months November 2016.

The ratings continue to factor in the company's founders'
experience of 10 years in the cotton yarn manufacturing.

RATING SENSITIVITIES

Positive: Substantial increase in the scale of operations while
maintaining profitability leading to a sustained improvement in
the credit profile will lead to a positive rating action

Negative: Failure to increase scale and profitability leading to
sustained deterioration in credit metrics could be negative for
the ratings.

COMPANY PROFILE

Incorporated in 2011, Andhra Pradesh-based SMTPL operates an open-
ended spinning unit. It manufactures cotton yarn in the range of
8s and 24s counts. It has an installed capacity of 2,678 rotors.

SMTPL's ratings:

   -- Long-Term Issuer Rating: affirmed at 'IND B+'; Outlook
      Stable

   -- INR120 million fund-based working capital facilities
      (increased from INR80 million): affirmed at IND B+/Stable
      and 'IND A4'

   -- INR206.8 million term loans (increased from INR101.2
      million): affirmed at 'IND B+'/Stable

   -- INR33.2 million non-fund-based working capital facilities
      (increased from INR8.2 million): affirmed at 'IND A4'


SRI SAI: ICRA Assigns 'B' Rating to INR18cr Unallocated Loan
------------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B to the INR18.00
crore unallocated limits of Sri Sai Baba Enterprises.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Unallocated Limits      18.00        [ICRA]B assigned

The assigned rating is constrained by the firm's exposure to
execution risk as ~25% of the project cost is yet to be incurred.
The ratings also factors in the firm's exposure to funding risk
with the term loans for machinery yet to be sanctioned. ICRA
further takes note of the intense competition in a highly
fragmented industry with little product differentiation which
limits the firm's pricing flexibility. The ratings are further
constrained by the revenues and margins being susceptible to raw
material (RCN) prices which exhibit high volatility and the
significant dependence on agro-climatic conditions and global
demand-supply scenario. ICRA also notes the inherent risks
associated with partnership firms. The rating, however, considers
the long standing experience of SSBE's promoters in the field of
agro-based business.

Timely ramp up of operations with healthy margins remain crucial
to meet its debt repayment obligations and would be the key rating
sensitivity.

Sri Sai Baba Enterprises, established in June, 2016, envisages for
a cotton ginning & pressing unit with installed capacity of 48
ginning machines or capacity to process 2500 Qtls of cotton per
day. The firm also plans to be involved in the trading of cotton
related products.


SRI SHREESHA: CRISIL Suspends B+ Rating on INR50MM Overdraft Loan
-----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Sri
Shreesha Rice Industries.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan          32.5      CRISIL B+/Stable
   Overdraft Facility      50        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility       2.5      CRISIL B+/Stable

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

Set up in 2011, SSRI is engaged in milling and processing of paddy
into rice, rice bran, and broken rice. Its rice mill is located in
Tumkur district in Karnataka. The company is promoted by Mr. K
Nanjunda Prasad and his wife Ms. N P Sumarani.


SRI SRINIVASA: CRISIL Suspends 'B' Rating on INR59MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Sri
Srinivasa Rajeswari Agro-Tek Mills Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              59       CRISIL B/Stable

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

Incorporated in 2010, SSRMPL is engaged in milling and processing
of paddy into rice, rice bran, broken rice and husk. Based out of
Bobbili in Guntur district of Andhra Pradesh. The company is
promoted by Dr. K.V.Appa Rao and his family members.


SRI VENKATA: ICRA Suspends B+ Rating on INR8.50cr Cash Loan
-----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ assigned to
INR8.50 crore cash credit, INR0.46 crore term loan and the ratings
of [ICRA]B+/A4 assigned to INR0.04 unallocated limits of Sri
Venkata Vigneswara Rice Industries. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.

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


SRI VENKATESWARA: ICRA Suspends B Rating on INR6.25cr Cash Loan
---------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to
INR6.25 crore cash credit and INR3.75 crore unallocated limits of
Sri Venkateswara Modern Rice Mill. 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.


ST. MARY'S EDUCATIONAL: CRISIL Suspends D Rating on INR120MM Loan
-----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of St.
Mary's Educational and Cultural Society.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility     26.5       CRISIL D
   Term Loan             120.0       CRISIL D
   Working Capital
   Demand Loan             3.5       CRISIL D

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

SMECS, based in Thiruvalla (Kerala), was started by founder and
promoter Lt. Dr. P T Abraham. The society got registered under the
Travancore-Cochin Literary Scientific & Charitable Society, Regn.
Act XII of 1955 in the year 1974. It operates eight educational
institutions in Kerala. Out of the eight institutions, six are
schools imparting primary and secondary education and the other
two are women's colleges.


SUNBEAM DEALERS: CRISIL Assigns B+ Rating to INR100MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Sunbeam Dealers Private Limited (SDPL).

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

The rating reflects the company's weak financial risk profile
because of small networth and subdued debt protection metrics, and
susceptibility of its operating margin to volatility in raw
material prices and to intense competition in the fabric trading
business. These weaknesses are partially offset by its promoters'
extensive experience in the fabric trading business.
Outlook: Stable

CRISIL believes SDPL will continue to benefit from its promoters'
extensive industry experience. The outlook may be revised to
'Positive' if there is a significant increase in revenue and
operating profitability, resulting in higher-than-expected cash
accrual, and if working capital is efficiently managed, leading to
a better financial risk profile, particularly liquidity. The
outlook may be revised to 'Negative' if the financial risk profile
deteriorates because of a stretched working capital cycle or
lower-than-expected cash accrual.

SDPL established in 2013 is engaged in the trading of in trading
of cotton, synthetic and grey fabrics. The company is promoted by
Mr. Amit Sarawgi & Mr. Swati Sarawgi and it is based out in
Ranchi, Jharkhand.


TALWAR AUTO: CRISIL Suspends 'B' Rating on INR75MM Loan
-------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Talwar
Auto Garages Pvt Ltd.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Channel Financing       75       CRISIL B/Stable

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

TAGPL was set up in 1986 by Mr. Sunil Talwar and his family
members. The company is an authorized dealer of VECV's entire
range of commercial vehicles in 10 districts of Telangana. TAGPL
also sells spares and accessories, and provides after-sales
services.


THIRUPUR SURIYA: CRISIL Suspends 'D' Rating on INR515MM Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Thirupur Suriya Textiles Pvt Ltd.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          5         CRISIL D
   Cash Credit           515         CRISIL D
   Long Term Loan        306         CRISIL D
   Term Loan             121         CRISIL D
   Working Capital
   Term Loan             454         CRISIL D

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

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of TSTPL and Tiruppur Surya Hitech Apparel
Pvt Ltd. This is because the two entities, together referred to as
the Thirupur Suriya group, are part of a textile value chain under
a common management, and have interdependent commercial
transactions and centralised raw material procurement and
marketing arrangements.

The Thirupur Suriya group is a four-decade-old player in the
textile industry. Its operations are vertically integrated, with
spinning, knitting, dyeing, compacting, printing, stitching, and
embroidery facilities. It owns end-to-end facilities for
conversion of cotton into ready-made knitwear. The group is
managed by Mr. K Kuppusamy.


TOLAR OCEAN: CRISIL Reaffirms B+ Rating on INR20MM Cash Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Tolar Ocean Products
Private Limited continues to reflect Company's below average
financial risk profile, marked a small net worth and aggressive
capital structure. The ratings also factor in the company's
susceptibility to volatility in raw material prices and forex
rates, and to risks inherent in the seafood export industry. These
rating weaknesses are partially offset by TOPL's established
position in the seafood export industry and its established
relationships with its suppliers and customers.

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

   Export Packing Credit   15       CRISIL B+/Stable (Reaffirmed)

   Long Term Loan          19.4     CRISIL B+/Stable (Reaffirmed)

   Packing Credit         125       CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      20.6     CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that TOPL will continue to benefit from the
extensive industry experience of its promoters over the medium
term. The outlook may be revised to 'Positive' if TOPL scales up
its operations, resulting in a significant increase in its
revenues and profitability, and consequently, its cash accruals.
Conversely, the outlook may be revised to 'Negative' if TOPL
undertakes a large debt-funded capital expenditure programme or if
its liquidity weakens, most likely because of a sharp decline in
its profitability or increase in working capital requirements.

Incorporated in 1996, Udupi (Karnataka)-based TOPL processes and
exports fish. The day-to-day operations are managed by its
promoter, Mr. Prakash Tolar.


ULTRA ALUMINIUM: CRISIL Suspends 'B' Rating on INR38MM Cash Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Ultra
Aluminium Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             38        CRISIL B/Stable
   Long Term Loan          22        CRISIL B/Stable

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

Incorporated in 2011, UAPL manufactures aluminum sections. The
company is promoted and managed by Mr. Jayadayal Kedia. It has a
manufacturing facility in Raipur.


VIJAYALAKSHMI SPINTEX: ICRA Suspends B+ Rating on INR25.42cr Loan
-----------------------------------------------------------------
ICRA has suspended long term rating of [ICRA]B+ assigned to the
Rs.25.42 crore fund based facilities and INR0.25 crore non-fund
based facilities of Vijayalakshmi Spintex Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.

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

Vijayalakshmi Spintex Limited has its spinning unit at Nalgonda
District in Telangana; it had set up initially a 12096 spindles
and was subsequently upgraded to 19152 spindles in FY2011. During
FY2013, the company added another 8332 spindles and the company
had 27484 spindles with auto coners, combers and ginning unit
during FY2015. The company also has ginning unit which has a
capacity of 170 bales per day in 2008. This was increased to 330
bales/day in October 2009. It also has a cotton seed oil mill.


WEVIN PRIVATE: Ind-Ra Withdraws 'IND BB' LT Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Wevin Private
Limited (WPL) 'IND BB(suspended)' Long-Term Issuer Rating.

The ratings have been withdrawn due to lack of information. Ind-Ra
will not provide ratings or analytical coverage for WPL.

Ind-Ra suspended WPL's ratings on Feb. 16, 2016.

WPL's ratings:

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

   -- INR200 million fund-based working capital limits: 'IND
      BB(suspended)' and 'IND A4+(suspended)' ; ratings withdrawn

   -- INR270 million non-fund-based working capital limits:  'IND
      A4+(suspended)' ; ratings withdrawn



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


COMMUNITY RURAL: PDIC to Pay Depositors Starting December 7
-----------------------------------------------------------
The Philippine Deposit Insurance Corporation (PDIC) will service
the deposit insurance claims of depositors of the closed Community
Rural Bank of Magallon (Moises Padilla, Negros Occidental), Inc.
on Dec. 7 to 8, 2016, 8:00 AM to 5:00 PM. Servicing of claims for
the depositors will be conducted in the bank's office premises
located at Gomez St., Moises Padilla, Negros Occidental.

Filing of claims is waived for depositors with valid deposit
balances of PHP100,000 and below; who have no obligations with the
bank, have not acted as co-makers of these obligations, are not
spouses of the borrowers, have updated and complete mailing
address in the bank records or through the PDIC-provided Mailing
Address Update Form (MAUF), and have not maintained the account
under the name of business entities. Postal Money Orders (PMOs)
have been sent to said depositors at their respective mailing
addresses.

All other depositors, regardless of the type of their account or
account balance, have to file deposit insurance claims. All valid
claims will be paid.

When filing claims for deposit insurance, depositors have to
personally present their Savings Passbook, Certificate of Time
Deposit or other evidence of deposit, and two (2) valid photo-
bearing IDs with their signature.

Depositors who are below 18 years old should be represented by a
parent. For these depositors, a photocopy of the child's Birth
Certificate issued by the National Statistics Office (NSO) or a
duly certified copy issued by the Local Civil Registrar is
required. The parent should sign the Claim Form and other
requirements. However, if the claimant is not the signatory in the
bank records, the original copy of a notarized or authenticated
Special Power of Attorney (SPA) of depositor or parent of a minor
depositor is required.

PDIC will not accept claims which are incomplete or lack the
requisite documents. The deposit insurer may also require other
documents in the course of processing of claims. PDIC reminds
depositors to deal only with PDIC authorized officers.

For more information on the payout process and requirements,
depositors may contact the Public Assistance Department at
telephone numbers (02) 841-4630 to 31, or e-mail at
pad@pdic.gov.ph. Depositors outside Metro Manila may call the PDIC
Toll Free Hotline at 1-800-1-888-PDIC (7342). The procedures and
requirements for filing of deposit insurance claims are also
posted in the PDIC website, www.pdic.gov.ph. The Claim Form and
format of the SPA may also be downloaded free of charge from the
PDIC website.



                             *********

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, Ivy B. Magdadaro, Julie Anne L. Toledo, and
Peter A. Chapman, Editors.

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

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

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



                 *** End of Transmission ***