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

                      A S I A   P A C I F I C

            Monday, June 22, 2015, Vol. 18, No. 121


                            Headlines


A U S T R A L I A

BBY LTD: Doctored Figures For St. George Bank
CLEAR IMAGE: First Creditors' Meeting Slated For June 29
FORTESCUE METALS: Attempt For Iron Ore Inquiry Falls Flat
MONTGOMERY EVAPORATIVE: Clifton Hall Appointed as Liquidator
THOMAS LANDSCAPE: First Creditors' Meeting Scheduled Today

XLTEL PTY: First Creditors' Meeting Slated For June 30


C H I N A

CHINA GUANGFA: Moody's Reviews Ba2 LT Deposit Rating for Upgrade
EVERGRANDE REAL: Unit's Bond Issue No Impact on Moody's B1 CFR


I N D I A

ADITYA CONSTRUCTION: CRISIL Reaffirms B+ Rating on INR70MM Loan
AKSHAYA BUILDERS: CRISIL Reaffirms 'B' Rating on INR100MM Loan
CHANDAKMARBLES PRIVATE: CARE Assigns B+ Rating to INR8cr LT Loan
CROWN PROMOTERS: ICRA Lowers Rating on INR6.30cr Term Loan to 'D'
GOURMET EMPIRE: CARE Assigns B+ Rating to INR6.76cr LT Bank Loan

HV CONNECTING: CRISIL Assigns B+ Rating to INR49MM Cash Loan
INDIAN SUGAR: CRISIL Reaffirms D Rating on INR437.9MM Term Loan
INOXWORLD INDUSTRIES: CARE Rates INR23.20cr LT Loan at 'B+'
KAMLESH METACAST: ICRA Assigns 'B' Rating to INR18.60cr Loan
KARTIKEYA PAPER: CRISIL Rates INR250MM Cash Loan at B+

KRISHNA OIL: ICRA Suspends B+ Rating on INR33.31cr Loan
KWALITEE FABS: CRISIL Assigns B+ Rating to INR70MM Packing Loan
LIFE SHINE: CRISIL Ups Rating on INR180MM Term Loan to 'B'
LODHA DEVELOPERS: Fitch Revises Outlook to Neg.; Affirms 'B+' IDR
M.M. IMPORT: CRISIL Cuts Rating on INR10MM Cash Loan to 'B'

MAHARAJA RESOURCES: CARE Assigns B+ Rating to INR9.70cr LT Loan
MALANKARA ORTHODOX: CRISIL Ups Rating on INR308.5MM Loan to B+
MALAYALAM CARS: CRISIL Reassigns 'B+' Rating to INR60MM Loan
MALU PAPER: ICRA Suspends 'C' Rating on INR88cr Term Loan
MITTAL GLOBAL: CRISIL Reaffirms B+ Rating on INR60MM Cash Loan

MY CAR: CRISIL Reaffirms B+ Rating on INR330.2MM Cash Loan
NITHIN GRAINS: CRISIL Assigns 'B+' Rating to INR100MM LT Loan
ORBIT AYAS: CRISIL Reaffirms B+ Rating on INR90MM Cash Loan
PRATHYUSHA CHEMICALS: CRISIL Cuts Rating on INR291MM Loan to 'D'
PRIDE COKE: CRISIL Reaffirms B- Rating on INR171.8MM Cash Loan

RANA SUGARS: ICRA Reaffirms 'D' Rating on INR502.20cr Cash Loan
SANDEEP RICE: ICRA Reaffirms B Rating on INR8cr LT Loan
SARVOTTAM POULTRY: CARE Assigns B Rating to INR15.30cr LT Loan
SHRI UMA: CARE Assigns 'B' Rating to INR5.47cr LT Bank Loan
SHRIKALYANI AGRITECH: CARE Puts B+ Rating on INR10cr LT Loan

SREE VISHNU: ICRA Suspends 'D' Rating on INR12cr Cash Credit
SURYA AGRO: CARE Reaffirms B+ Rating on INR7.52cr LT Loan
SVSVS PROJECTS: ICRA Reaffirms B+ Rating on INR53.0cr Non FB Loan
SWARG GOLDTOUCH: ICRA Suspends B+ Rating on INR6cr LT Loan
TANSEN FOODS: CRISIL Assigns B+ Rating to INR150MM Cash Loan

TEEAM SCORE: CRISIL Assigns 'B' Rating to INR10MM Long Term Loan
TINKA STONES: CRISIL Assigns B+ Rating to INR50MM Overdraft Loan
TOSHALI CEMENTS: ICRA Lowers Rating on INR38.60cr LT Loan to 'D'
VARDA SPINNING: CARE Assigns B+ Rating to INR16.15cr LT Loan
XICON INTERNATIONAL: ICRA Reaffirms B+ Rating on INR3.0cr Loan


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


BBY LTD: Doctored Figures For St. George Bank
---------------------------------------------
Joyce Moullakis at The Sydney Morning Herald reports that a member
of BBY Ltd's operations team told the stockbroking firm's board,
before it entered voluntary administration last month, about being
ordered to send doctored screenshots of trading positions to
lender St George Bank.

The same employee has since told administrators at KPMG of the
screenshot practice, which was believed to have been well known
among some of BBY's management, sources told Fairfax Media, the
report relays.

According to the report, the employee is thought to have told the
BBY board of the fudging of figures that showed open contracts at
a meeting on May 8, ahead of the broking and advisory firm being
placed in the hands of administrators 10 days later. Open
contracts typically refer to open options or equity positions that
require funding before receiving the client's money, the report
notes.

SMH relates that KPMG's initial report to creditors earlier this
month revealed that BBY may have been trading insolvent since June
2014, while the firm was also providing "false information" to St
George to inflate its daily funding requirements.

The new screenshot revelations come as KPMG on June 18 said the
hole in client accounts may have ballooned to AUD16 million, up
from a previous estimate of AUD10 million, the report says.

KPMG also said it lodged a confidential report with the Australian
Securities and Investments Commission on the main BBY entity, and
underscored that the onus was on the regulator to determine
whether there were potential breaches of director's duties and the
Corporations Act, adds SMH.

Former BBY executive chairman Glenn Rosewall said he was 'very
disappointed' to hear steps had been taken to overstate the
unsettled contracts with St George, according to SMH.

SMH adds that an ASIC spokesman on June 18 said the regulator
would assess the report by KPMG to "consider its own
investigations and action".

In KPMG's initial report, the firm said it believed there was an
overstating of the level of daily open contracts to St George by
about AUD3 million from late June 2014 to May 2015, SMH say.

"It appears that, as a consequence STG [St George] may effectively
have funded general working capital needs of the business," KPMG,
as cited by SMH, said.

BBY was placed into voluntary administration on May 18 after
failing to repay a AUD6 million intra-day loan to St George, as
the firm grappled with, among other things, greater capital
requirements in its options clearing and trading business, SMH
discloses. BBY has had several run-ins with the Australian
Securities Exchange in the past 12 months over its capital and
cash margining requirements.

According to the report, the KPMG creditor's report also suggests
that BBY's record keeping may not have been in accordance with the
Corporations Act. Forensic accountants will be poring over
internal BBY records and emails to unpick what happened during the
past 12 months.

The directors of BBY included Glenn Rosewall, his father, tennis
great Ken Rosewall, and lawyer David Perkins. The Rosewalls owned
as much as 90 per cent of BBY.

Many BBY clients, or customers of other securities dealers that
used the BBY to clear trades, are still grappling to assess the
impact of the company's failure, SMH says. Some are yet to gain
access to their share portfolios.

Some BBY employees and creditors are in a similar bind. KPMG's
initial report noted that unsecured creditors of BBY would
probably receive zero to 24 cents in the dollar.

A second creditor's meeting is scheduled today, June 22, the
report adds.

Founded in 1987, BBY Limited is a boutique investment firm that
offers brokerage and financial advisory services. The company
provides merger and acquisition, initial public offering, private
placement, equity trading, and market and business research
services. Additionally, it offers capital raising, restructuring,
due diligence, valuation, relationship management, and clearing
services.

On May 18, the Directors of BBY Limited have appointed KPMG as
Voluntary Administrators.


CLEAR IMAGE: First Creditors' Meeting Slated For June 29
--------------------------------------------------------
Daniel Ivan Cvitanovic of DCW Insolvency Management was appointed
as administrators of Clear Image Commercial Pty Ltd on June 17,
2015.

A first meeting of the creditors of the Company will be held at
the Offices of DCW Insolvency Management, Suite 1, 151 Tongarra
Road, in Albion Park, New South Wales, on June 29, 2015, at
4:00 p.m.


FORTESCUE METALS: Attempt For Iron Ore Inquiry Falls Flat
---------------------------------------------------------
Amanda Saunders at The Sydney Morning Herald reports that after
failing to convince the Abbott government to run an inquiry into
the iron ore market, Fortescue Metals Group's attempt to get up
Plan B -- an inquiry in the West Australian Parliament -- is
understood to have fallen flat last week.

Given WA Premier Colin Barnett is opposed to a parliamentary
inquiry into the iron ore market, Fortescue's main prospect was
the state's Economics and Industry Standing Committee, says SMH.

Andrew Forrest's team pitched an iron ore inquiry in a meeting
with the committee this week, but did not win support, sources
told The Australian Financial Review, the report relays.

SMH says the pitch was for a broad inquiry into "the structure" of
the iron ore market. It would have provided a forum for
Fortescue's grievances, and those held by others, against rivals
BHP Billiton and Rio Tinto to be heard. Mr Forrest was not at last
week's meeting, the Financial Review said, the report relays.

According to the report, job losses in iron ore continue to mount
in the iron ore heartland of WA and the fallout is felt most
keenly in the state.

However, it is understood the Abbott government's decision to dump
an inquiry, and its failure to materialise in the Senate, deterred
the committee -- and members felt parliament was not an
appropriate forum, the report states.

SMH notes that to get an inquiry up, Fortescue needed to convince
three of five backbenchers that sit on the committee, so securing
a majority was within reach for the miner. Members include two
Labor MPs -- Fran Logan and Peter Tinley, a Nationals MP -- Terry
Waldron, and two Liberals, Jan Norberger, and chairman Ian
Blayney.

SMH adds that Fortescue has also been canvassing the Productivity
Commission over running a report on the industry.

The miner has changed up its campaign approach, says SMH. It is
trying to build support more slowly -- and quietly -- from the
ground up this time, after the very public backflip in federal
support. Its grassroots campaign, called Our Iron Ore, is still
alive after a rocky start, and if successful could be used to
lobby state MPs, SMH notes.

SMH says Fortescue's advances at state level in WA have been more
subdued. According to the report, the committee the miner had its
eye on is designed to be independent from government and its
machinations and deliberations are secret. If a majority of the
committee's members were in support, a letter would have been put
to Parliament, and it would have been up and away with
considerable powers.

WA Labor's spokesman on mines, Bill Johnston, put forward a motion
for a state parliamentary inquiry into iron ore last month that
was rejected, according to SMH. It would have looked at the West
Australian government's role in approving a suite of iron ore
projects across the state, and the advice sought in doing so.

SMH adds that Premier Barnett -- who has been one of the most
vocal critics of BHP and Rio's expansion strategies -- said last
month that Parliament was not the right forum for an iron ore
inquiry, and concerns about anti-competitive behaviour should be
dealt with by the competition watchdog. He said the federal
inquiry Mr Forrest was pushing for would be "pointless", but the
Premier's thinking is applied at a state level too.

                      About Fortescue Metals

Headquartered in West Perth, Western Australia, Fortescue Metals
Group Limited (ASX: FM) -- http://fmgl.com.au/-- is involved in
the exploration of iron ore through a project to mine iron ore in
the Chichester Ranges, in the Pilbara region of Western Australia
and exporting it from Port Hedland.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
May 25, 2015, Fitch Ratings affirmed Fortescue Metals Group
Limited's (Fortescue) Long-Term Issuer Default Rating (IDR) at
'BB+' and revised the Outlook to Negative from Stable.  The rating
action is in response to Fitch lowering its expectations for the
benchmark iron ore price.

Fitch has also assigned a 'BBB-' final rating to the USD2.3bn
senior secured notes due in March 2022, which are issued by FMG
Resources (August 2006) Pty Ltd, and guaranteed by Fortescue and
its subsidiaries.  The rating on the secured credit facility is
notched up a level from Fortescue's 'BB+' IDR to reflect the
additional provision of quality collateral, including mining
tenements.  The assignment of a final rating follows the receipt
of documents conforming to information received, and is in line
with the expected rating assigned on April 22, 2015.


MONTGOMERY EVAPORATIVE: Clifton Hall Appointed as Liquidator
------------------------------------------------------------
Mark Hall of Clifton Hall was appointed Official Liquidator of
Montgomery Evaporative Air Conditioning Pty Ltd on June 17, 2015,
by Order of the Federal Court of Australia.


THOMAS LANDSCAPE: First Creditors' Meeting Scheduled Today
----------------------------------------------------------
Timothy Clifton and Mark Hall of Clifton Hall were appointed as
Joint and Several Liquidators of Thomas Landscape Creations Pty
Ltd on June 11, 2015.

A meeting of creditors will be held at 11:00 a. m. today, 22 June
2015 at Clifton Hall, Level 3, 431 King William Street, Adelaide.


XLTEL PTY: First Creditors' Meeting Slated For June 30
------------------------------------------------------
Danny Tony Vrkic of DV Recovery Management was appointed as
administrator of Xltel Pty Ltd on June 18, 2015.

A first meeting of the creditors of the Company will be held at
DV Recovery Management, Level 1, 76 Market Street, in Wollongong,
New South Wales, on June 30, 2015, at 2:30 p.m.



=========
C H I N A
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CHINA GUANGFA: Moody's Reviews Ba2 LT Deposit Rating for Upgrade
----------------------------------------------------------------
Moody's Investors Service has placed on review for upgrade China
Merchants Bank Co., Ltd.'s (CMB) long-term deposit rating of Baa1
and China Guangfa Bank Co., Ltd.'s (CGB) long-term deposit rating
of Ba2. Moody's has also affirmed the short-term deposit ratings,
baseline credit assessment (BCA) and adjusted BCA of the two
banks, and affirmed CMB's short-term Senior Unsecured Medium Term
Notes (MTN) program at (P)P-2, while placing on review for upgrade
CMB's long-term Senior Unsecured MTN program of the bank and its
branches.

The review for upgrade reflects Moody's re-assessment of
government support for these two banks. Moody's review will assess
whether to increase the amount of support included in the two
banks' ratings in the context of their market position and
shareholding structure, and will be concluded in the next three
months.

At the same time, Moody's has affirmed the ratings and withdrawn
the outlooks on all the junior securities issued by Industrial and
Commercial Bank of China Ltd. (ICBC) and Bank of China Limited
(BOC).

Moody's has withdrawn the outlooks on all junior instrument
ratings for its own business reasons. Please refer to Moody's
Investors Service's Policy for Withdrawal of Credit Ratings,
available on its website, www.moodys.com.

Outlooks, which provide an opinion on likely rating direction over
the medium term, are now assigned only to long-term deposit, long-
term issuer and senior unsecured debt ratings.

Meanwhile, Moody's assigned Counterparty Risk Assessments (CR
Assessments) to 14 Chinese banks and their branches following the
publication of the rating agency's new bank rating methodology
published on 16 March 2015.

A list of the affected ratings and CR Assessments can be found at
the end of this press release.

RATINGS RATIONALE

       REVIEW FOR UPGRADE FOR CMB AND CGB'S DEPOSIT RATINGS

In assessing how much extraordinary government support a
particular Chinese bank would receive under a situation of stress,
Moody's usually considers two broad dimensions for Chinese banks.
The first is potential contagion risk which captures the risk that
the unmitigated failure of the bank would trigger panic episodes
and undermine general confidence in the broader financial system.
And the second is the form and extent of public involvement, which
reflects the economic interests the government (or government-
related institutions) would miss out on if a bank were to cease as
a going concern.

The rating actions for CMB reflect a re-evaluation of the
importance of the bank to the financial system as its deposit
market share has increased over time and it is a major affiliate
of the China Merchants Group Ltd. (unrated), a state-owned
conglomerate. Also, its failure could cause high potential
contagion risk as it has the largest proportion of retail deposits
in its deposit mix among rated joint-stock commercial banks.

Moody's review of CMB's deposit ratings will consider the
likeliness of government support due to CMB's increasing market
share and large retail deposit base. At the same time, the review
will consider the financial strength of its major shareholder,
China Merchants Group Ltd, and its strategic linkage with the
government and CMB.

This rating action for CGB reflects the re-evaluation of the
potential contagion risk of CGB's failure to the economy of
Guangdong Province and the impact on the broader national economy
due to its national presence and shares majority-owned by SOEs.
CGB is the only national joint-stock commercial banks based in
Guangdong, and has a 3.2% deposit market and 4.6% loans market
share in the region at end-September 2014. It is also ranks first
among financial institutions in terms of tax contribution to the
Guangdong Provincial government. Being a national joint-stock
commercial bank, 72% of its shares were owned by the government or
government-related entities by end-2014.

Moody's review of CGB's deposit ratings will consider the linkage
between the bank and the local government and economy, as the bank
is a major tax contributor to the local economy, and has a higher
market share in deposits and loans compared to many other joint-
stock commercial banks. At the same time, the review will consider
the willingness of the central and local governments to support
the bank, as the failure of the bank could harm market perceptions
of the governments' own creditworthiness and policy creditability.
The review will also consider the government support channeling
from its major SOE shareholders, by evaluating their financial
strengths and their strategic linkages with the government and
CGB.

         AFFIRMATION OF RATINGS ON JUNIOR SECURITIES

Chinese banks' adjusted BCAs, which measure the probability of a
bank requiring support to avoid default beyond the support
provided by its affiliates, are unaffected by the implementation
of Moody's new bank rating methodology.

Specifically, the adjusted BCAs for BOC and ICBC reflect Moody's
assessment of their macro profiles ("Strong-" for BOC and
"Moderate+" for ICBC) and their good core financial scores. These
two banks have satisfactory solvency ratios and strong liquidity
metrics.

BOC's macro profile of "Strong-," is an asset-weighted average of
Moody's assessment on China ("Moderate+), Hong Kong (Strong+) and
World (Strong).

ICBC's macro profile of "Moderate+" reflects Moody's assessment on
China, as overseas operations accounted for less than 10% of its
total consolidated assets.

In addition, because going-concern resolutions are not part of the
public policy framework in China, Moody's applies a "Basic Loss
Given Failure" approach in rating Chinese banks' junior
securities. Based on this approach, the notching from an adjusted
baseline credit assessment for contractual non-viability
subordinated debt and preference shares remains unchanged.

Moody's has affirmed the ratings on ICBC's and BOC's junior
securities because the two key factors underpinning these ratings,
as discussed above, are unaffected by the implementation of the
new bank rating methodology.

Moody's currently does not assume government support would be
available for Basel III-compliant subordinated debt and preference
shares issued by Chinese banks, as these securities are meant to
absorb loss before any extraordinary government bailout.

The ratings on the junior securities could be raised if the
issuing bank's adjusted BCA is raised, or if Moody's assesses that
a government bailout would be forthcoming before these securities
absorb any loss.

The adjusted BCAs for BOC and ICBC could come under upward
pressure if (1) they maintain their asset quality, profitability
and liquidity profile while strengthening their capital position;
(2) economic rebalancing proceeds smoothly without producing
significant financial or growth shocks.

On the other hand, the ratings on the junior securities could be
lowered if the issuing bank's adjusted BCA is lowered, or Moody's
assesses that these securities would need to absorb any loss
before the bank becomes non-viable.

The adjusted BCAs for BOC and ICBC could come under downward
pressure if (1) the Chinese authorities become less inclined to
use policy tools to support the bank's credit profile; (2) China's
economic growth slows substantially, leading to significant
pressure on the bank's asset quality; (3) aggressive market reform
is implemented, materially reducing the bank's profitability; (4)
core Tier 1 capital ratio declines significantly, reducing loss
cushion for creditors.

         ASSIGNMENT OF COUNTERPARTY RISK ASSESSMENTS

CR Assessments are opinions of how counterparty obligations are
likely to be treated if a bank fails and are distinct from debt
and deposit ratings in that CR Assessments (1) consider only the
risk of default rather than expected loss; and (2) apply to
counterparty obligations and contractual commitments rather than
debt or deposit instruments. The CR assessment is an opinion of
the counterparty risk related to a bank's covered bonds,
contractual performance obligations (servicing), derivatives
(e.g., swaps), letters of credit, guarantees and liquidity
facilities.

The CR Assessment takes into account the issuer's standalone
strength as well as the likelihood of affiliate and government
support in the event of need, reflecting the anticipated seniority
of these obligations in the liabilities hierarchy. The CR
Assessment also incorporates other steps authorities can take to
preserve the key operations of a bank should it enter a
resolution.

For the Chinese banks, the CR Assessment is positioned, prior to
government support, at one notch above the Adjusted BCA,
reflecting Moody's view that its probability of default is lower
than those of senior unsecured debt and deposits in absence of
government support.

For the Chinese banks, except for subsidiaries of foreign banks,
the CR Assessments also benefit from government support, broadly
in line with Moody's support assumptions on deposits. This
reflects Moody's view that any support provided by governmental
authorities to a bank, which benefits deposits, is very likely to
benefit operating activities and obligations reflected by the CR
Assessment as well, consistent with Moody's belief that
governments are likely to maintain such operations as a going-
concern in order to reduce contagion and preserve a bank's
critical functions.

As a result, the CR Assessments for Chinese banks could be
positioned at one notch higher than their deposit ratings.
However, for Chinese banks whose deposit ratings already
incorporate a very high or high level of government support, their
CR Assessments are positioned at the deposit ratings, reflecting
Moody's view that the probability of default on their operating
liabilities would not be materially different from that of
deposits after government support and in the event of bank
resolution. In arriving at this view, Moody's has taken into
account the fact that China does not have a transparent
operational resolution regime that creates confidence that
operating liabilities have a lower probability of default for
banks whose deposit ratings also benefit from a material amount of
government support. Also, Moody's judgment is that supporting
deposits is likely to be one of the Chinese government's highest
priorities when it provides extraordinary support to prevent a
bank failure.

By contrast, in the case of four banks where there is lower
probability of government support, Moody's has positioned the CR
Assessment one notch higher than the deposit rating. These banks
are: HSBC Bank (China) Co., Ltd. (A1/P-1, BCA baa3), Hang Seng
Bank (China) Ltd. (A2/P-1, BCA ba1), Fubon Bank (China) Co.,
Ltd.(Baa1/P-2, BCA ba2) and Ping An Bank Co., Ltd.(Baa2/P-2, BCA
ba2). All of these bank ratings benefit from affiliate support in
their ratings, from their foreign bank parents in the case of the
first three and from the Ping An Insurance (Group) Company of
China, Ltd. in the case of Ping An Bank Co., Ltd.

Moody's has not assigned CR Assessments to China Merchants Banks
Co., Ltd and China Guangfa Bank Co., Ltd., because the government
support assumptions incorporated in their deposit ratings are
under review.

LIST OF AFFECTED RATINGS:

Bank of China Limited (Lead analyst: Christine Kuo)

-- Subordinated debt affirmed at Baa3(hyb) with no outlook

-- Pref. Stock Non-cumulative affirmed at Ba2 (hyb) with no
outlook

China Merchants Bank Co., Ltd. (Lead analyst: Sean Hung)

-- Long-term bank deposits at Baa1 placed on review for upgrade

-- Long-term senior unsecured MTN at (P)Baa1 placed on review for
upgrade

-- Short-term bank deposits affirmed at P-2

-- Short-term senior unsecured MTN affirmed at (P)P-2

-- BCA and adjusted BCA affirmed at baa3

China Merchants Bank Co., Ltd., Hong Kong Branch (Lead analyst:
Sean Hung)

-- Long-term senior unsecured MTN at (P)Baa1 placed on review for
upgrade

-- Long-term senior unsecured debt at Baa1 placed on review for
upgrade

China Merchants Bank Co., Ltd., Luxembourg Branch (Lead analyst:
Sean Hung)

-- Long-term Senior unsecured MTN at (P)Baa1 placed on review for
upgrade

-- Short-term Senior unsecured MTN affirmed at (P)P-2

China Merchants Bank Co., Ltd., New York Branch (Lead analyst:
Sean Hung)

-- Long-term senior unsecured MTN at (P)Baa1 placed on review for
upgrade

-- Long-term senior unsecured debt at Baa1 placed on review for
upgrade

-- Short-term senior unsecured MTN affirmed at (P)P-2

China Merchants Bank Co., Ltd., Singapore Branch (Lead analyst:
Sean Hung)

-- Long-term senior unsecured MTN at (P)Baa1 placed on review for
upgrade

-- Short-term senior unsecured MTN affirmed at (P)P-2

China Guangfa Bank Co., Ltd. (Lead analyst: Sean Hung)

-- Bank Deposits at Ba2 placed on review for upgrade

-- Short-term bank deposits affirmed at NP

-- BCA and adjusted BCA affirmed at ba3

Industrial and Commercial Bank of China Ltd. (Lead analyst:
Christine Kuo)

-- Pref. Stock Non-cumulative affirmed at Ba2 (hyb) with no
outlook

LIST OF CR ASSESSMENTS:

-- Agricultural Bank of China Limited and its New York, Dubai and
Hong Kong branches: A1(cr)/P-1(cr) (Lead analyst: Christine Kuo)

-- Bank of China Limited and its Frankfurt, Hong Kong, London,
Luxembourg, Paris, Singapore, Sydney, Taipei and Tokyo branches:
A1(cr)/P-1(cr) (Lead analyst: Christine Kuo)

-- Bank of Communications Co., Ltd. And its Hong Kong
branch:A2(cr)/P-1(cr) (Lead analyst: Sean Hung)

-- Bank of Ningbo Co., Ltd. :Baa2(cr)/P-2(cr) (Lead analyst: Sean
Hung)

-- Bank of Shanghai Co., Ltd. :Baa3(cr)/P-3(cr) (Lead analyst:
Sean Hung)

-- China CITIC Bank Corporation Limited: Baa1(cr)/P-2(cr) (Lead
analyst: Christine Kuo)

-- China Construction Bank Corporation and its Frankfurt, Hong
Kong and New York branches:A1(cr)/P-1(cr) (Lead analyst: Christine
Kuo)

-- China Everbright Bank Company Limited:Baa2(cr)/P-2(cr) (Lead
analyst: Christine Kuo)

-- Fubon Bank (China) Co., Ltd.:A3(cr)/P-2(cr) (Lead analyst:
Ginger Kao)

-- HSBC Bank (China) Company Limited:Aa3(cr)/P-1(cr) (Lead
analyst: Sean Hung)

-- Hang Seng Bank (China) Limited:A1(cr)/P-1(cr) (Lead analyst:
Sean Hung)

-- Industrial and Commercial Bank of China Ltd. And its Dubai,
Luxembourg, New York, Singapore and Sydney branches: A1(cr)/P-
1(cr) (Lead analyst: Christine Kuo)

-- Ping An Bank Co., Ltd.:Baa1(cr)/P-2(cr) (Lead analyst: Sean
Hung)

-- Shanghai Pudong Development Bank Co., Ltd.: Baa1(cr)/P-2(cr)
(Lead analyst: Sean Hung)


EVERGRANDE REAL: Unit's Bond Issue No Impact on Moody's B1 CFR
--------------------------------------------------------------
Moody's Investors Service says that the proposed onshore bonds
issuance of RMB5 billion of Hengda Real Estate Group Company
Limited (unrated), a wholly-owned subsidiary of Evergrande Real
Estate Group Limited (B1 negative), is credit positive for
Evergrande because it will help Evergrande diversify its funding
channels and lower its average borrowing costs.

But the new domestic bond issuance will not impact Evergrande's
current corporate family rating of B1 and negative rating outlook
because the amount of RMB5 billion is small relative to the
company's total debt of RMB156 billion at end-2014.

On 17 June, Evergrande announced that Hengda, its wholly-owned
subsidiary, planned to issue bonds of about RMB5 billion with a 5-
year tenor. It targets an interest rate of 4.3% to 5.8%. It also
said that it has obtained an approval from the China Securities
Regulatory Commission (CSRC) to issue onshore corporate bonds of
up to RMB20 billion.

"Evergrande's proposed bond issuance, if successful, will be its
first onshore bonds. As such, the proposed issuance represents an
additional fund-raising avenue for the company. It already has
access to onshore bank loans, trust loans, perpetual securities
and offshore notes," says Franco Leung, a Moody's Vice President
and Senior Analyst.

"The proposed bond issuance will also offer lower borrowing
costs," adds Leung.

Evergrande's average borrowing costs in 2014 were about 9.7%
compared to an expected cost of below 6% for the proposed bonds.
This level would also be lower than that for the offshore USD
notes issued in February this year.

Moody's expects that the company will use part of the proceeds for
refinancing existing debt, such as trust loans and onshore bank
loans which have interest rates higher than the proposed onshore
bond.

The CSRC's approval also signifies the Chinese government's policy
of loosening restrictions on access by Chinese developers to the
onshore capital markets.

In recent years, regulatory approvals to issue bonds onshore were
granted primarily to China-incorporated developers for funding
projects related to affordable housing and commercial / industrial
property development.

Evergrande is the one of the few Hong Kong-listed property
developer to obtain approval to issue domestic bonds through its
onshore subsidiaries. Moody's expects more Chinese developers will
plan to issue bonds onshore.

The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in April 2015. Please
see the Credit Policy page on www.moodys.com for a copy of this
methodology.

Evergrande Real Estate Group Limited is one of the major
residential developers in China. It has a standardized operating
model.

Founded in 1996 in Guangzhou, the company has rapidly expanded its
business across the country over the past few years. At 31
December 2014, its land bank totaled 147 million square meters in
gross floor area across 147 Chinese cities.


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


ADITYA CONSTRUCTION: CRISIL Reaffirms B+ Rating on INR70MM Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Aditya Construction
Company (ACC) continue to reflect ACC's working-capital-intensive
operations, segmental and geographic concentration in its revenue
profile, and its susceptibility to intense competition in the
civil construction industry. These rating weaknesses are partially
offset by the firm's above-average financial risk profile, marked
by a healthy capital structure, and the extensive industry
experience of its promoters.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          85       CRISIL A4 (Reaffirmed)
   Overdraft Facility      70       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that ACC will continue to benefit over the medium
term from the extensive industry experience of its and its healthy
order book. The outlook may be revised to 'Positive' if the firm
reports substantial cash accruals or if it improves its working
capital management while diversifying its customer base.
Conversely, the outlook may be revised to 'Negative' if ACC's
revenue and margins decline, or its capital structure weakens
because of large debt-funded capital expenditure, or in case of
delays in receivables from various principal contractors.

Update
ACC reported provisional revenue of around INR610 million for
2014-15 (refers to financial year, April 1 to March 31), a
marginal year-on year growth of around 2 per cent; its operating
margin was 10.93 per cent for the year. The firm's revenue is
expected to grow at a modest rate over the medium term supported
by its healthy order book. CRISIL believes that ACC's business
risk profile will remain stable over the medium term supported by
its healthy order book and its partners' extensive industry
experience, though constrained by the working-capital-intensive
operations and delays in execution of projects.

ACC's financial risk profile is above-average, marked by a
moderate net worth, healthy gearing and debt protection metrics.
Its net worth is estimated at around INR365 million, and its
gearing at 0.39 times, as on March 31, 2015. Its debt protection
metrics are healthy, with interest coverage ratio of around 7.22
times and net cash accruals to total debt ratio of 43% for 2014-
15. CRISIL believes that ACC's financial risk profile will remain
above-average over the medium term, with a moderate net worth and
healthy gearing and debt protection metrics

ACC's bank limits have been utilised at an average of around 45
per cent during the 12 months through March 2015. The firm is
expected to generate annual cash accruals of INR51 million to
INR56 million, against annual debt obligations of INR18 million to
INR20 million, over the medium term. CRISIL believes that ACC's
liquidity will remain adequate over the medium term supported by
moderate utilisation of its bank limits and adequate cash accruals
for debt repayments.

ACC was established in 1989 as a partnership firm by Mr. H S
Shivshankar, Mr. Laxmesh Hundekar, and Mr. B S Purandhar. The firm
undertakes construction activities majorly related to irrigation
like culverts, canals, bridges etc.


AKSHAYA BUILDERS: CRISIL Reaffirms 'B' Rating on INR100MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Akshaya Builders (AB)
continue to reflect AB's small scale of operations in the
intensely competitive civil construction industry, the firm's
large working capital requirements, and below-average financial
risk profile marked by high gearing. These rating weaknesses are
partially offset by the extensive experience of AB's promoters in
the civil construction industry.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bank Guarantee           40       CRISIL A4 (Reaffirmed)
   Cash Credit             100       CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility       10       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that AB will benefit over the medium term from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the firm scales up its operations
significantly while improving its profitability, leading to
improved cash accruals and liquidity. Conversely, the outlook may
be revised to 'Negative' if the firm's financial risk profile,
particularly its liquidity, weakens because of low revenue or
profitability, or deterioration in working capital management, or
any large debt-funded capital expenditure.

Update
AB's business risk profile remains moderate marked by moderate
scale of operations. The firm's revenue increased to INR177
million in 2014-15 (refers to financial year, April 1 to
March 31) from INR118 million in 2013-14 supported by its steady
order inflows. AB currently has an order book of INR250 million
which includes seven ongoing works with National Highways
Authority of India. CRISIL expects AB's revenue to improve
moderately over the medium term supported by healthy order book
from NHAI. The firm reported healthy operating margin of 14 per
cent for 2014-15. CRISIL believes that AB's operating margin will
remain stable, at 14 per cent, over the medium term.

AB's financial risk profile remains below-average, marked by
moderate net worth and weak debt protection metrics. Its net worth
increased to INR92 million as on March 31, 2015, from INR87
million a year earlier. The net worth is expected to increase
moderately and range from INR98 million to INR106 million over the
medium term. Also, its debt protection metrics remain moderate,
with estimated interest coverage ratio of 1.78 times and net cash
accruals to total debt ratio of 0.09 times for 2014-15. CRISIL
believes that AB's financial risk profile will remain below-
average, marked by moderate net worth and weak debt protection
metrics, over the medium term.

AB's liquidity remains weak marked by high bank limit utilization
though supported by adequate cash accruals. Its net cash accruals
are expected at around INR12 million per annum against annual debt
obligations of INR4 million over the medium term. Its bank limit
was utilised extensively, at an average of 96.4 per cent over the
13 months through April 2015. CRISIL believes that AB's liquidity
will remain stretched over the medium term marked by extensively
utilized bank limit and moderately matched cash accruals and debt
obligations.

Set up in 2013 and based in Kerala, AB executes road construction
projects for government undertakings. The firm's operations are
managed by managing partner Mr. Ajith Kumar P.


CHANDAKMARBLES PRIVATE: CARE Assigns B+ Rating to INR8cr LT Loan
----------------------------------------------------------------
CARE assigns 'CARE B+/ CARE A4' the ratings assigned to the bank
facilities of Chandakmarbles Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     8.00       CARE B+ Assigned
   Short-term Bank Facilities    1.00       CARE A4 Assigned

Rating Rationale
The ratings assigned to the bank facilities of Chandak Marbles
Private Limited (CMPL) are primarily constrained on account of its
presence in the highly competitive marble industry and its
financial risk profile marked by thin profitability, weak solvency
and moderate liquidity position. The ratings are, further,
constrained on account of the risk associated with availability of
raw material, foreign exchange fluctuation and linkage to the
cyclical real estate sector.

The ratings, however, favourably take into account the experience
of the promoters with established track record of operations in
the marble industry and the location advantage with ease of
availability of rawmaterial and labour.

The ability of the company to increase its scale of operations,
improve profitability and capital structure along with better
management of working capital would be the key rating sensitivity.

Kishangarh-based (Rajasthan) CMPL was incorporated in 1991 by Mr
Ramesh Chandak along with his family members.

CMPL is engaged in the business of processing of marble blocks as
well as trading of finished marble slabs, granites and tiles. The
processing plant of the company is located at Kishangarh and has
an installed capacity to process 1.50 Lakh Square Meter Per Annum
(LSMPA) of marble slabs, granites and tiles. The company procures
its raw material (marble blocks) majorly fromItaly, Egypt, Spain,
Greece and Turkey and also purchases from local suppliers.

During FY15 (refers to the period April 1 to March 31), CMPL has
reported a total operating income of INR28.28 crore (FY14:
INR28.03 crore) with a PAT of INR0.20 crore (FY14: INR0.11 crore).


CROWN PROMOTERS: ICRA Lowers Rating on INR6.30cr Term Loan to 'D'
-----------------------------------------------------------------
ICRA has revised its long term rating to the INR6.30 crore term
loan facilities (reduced from INR11.90 crore term loan facilities
and INR0.05 crore unallocated limits) of Crown Promoters and
Developers (CPD) from [ICRA]B+ to [ICRA]D. ICRA has also revised
its short term rating to the INR4.70 crore (reduced from INR8.05
crore) non fund based limits from [ICRA]A4 to [ICRA]D.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Term Loan               6.30        [ICRA]D; revised
   Non fund based limits   4.70        [ICRA]D; revised

The rating revision factors in the delays in debt servicing by the
firm on account of liquidity constraints being faced by it. The
firm's liquidity has remained under pressure given the slowdown in
sales velocity of its project Crown City due to weak market
conditions. Even though the project is complete and the possession
has started, the incremental sale and overall collections in the
project over the last one year remained weak resulting in weak
liquidity.

Going forward, the ability of the firm to improve its debt
servicing track record would be the key rating sensitivity.
Further, the firm's ability to improve sales and collection would
also be key monitorables.

CPD is a partnership firm and part of Delhi based Crown group. The
firm is developing an integrated township project, 'Crown City' in
Village Gharaunda district in Karnal, Haryana. The township is
spread over area of 50 acres and primarily consists of residential
plots. Apart from residential plots, there are also areas marked
for commercial development, primary school and nursing home.


GOURMET EMPIRE: CARE Assigns B+ Rating to INR6.76cr LT Bank Loan
----------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of
Gourmet Empire Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      6.76      CARE B+ Assigned

Rating Rationale
The rating assigned to the bank facilities of Gourmet Empire
Private Limited (GEPL) is constrained by limited experience of
the promoters in the food industry, short track record of the
entity, small scale of operations and leveraged capital
structure. The ratings are further constrained by high level of
competition in the industry.

The rating, however, favourably takes into account moderate
profitability margins and positive outlook of bakery products.
The ability of the company to increase the scale of operations
while maintaining profitability margins and improvement in
capital structure would be the key rating sensitivities.

GEPL was incorporated in August 2013 and currently being managed
by Mrs Manjeet Kaur, Mrs Harvinder Kaur and Mr Surinder Singh. The
company started its business operations in August 2013 and FY15
(refers to the period April 1 to March 31) was the first full year
of operations. GEPL is currently running two restaurants under the
name of 'Garlic and Green' in Chandigarh and two coffee kiosks in
Ludhiana. The company is also engaged in the manufacturing of
various bakery products such as breads, pastries and cakes at its
manufacturing unit located in Mohali.

The company sells its bakery products under the brand name "South
Ampton Bakes" to wholesalers such as Wal-mart India, Metro --
Zirakpur and West Side in Chandigarh, Punjab and Haryana. Besides
GEPL, the group consists of 'Amitoj Textiles Private Limited' and
'Surinder Cloth House', which are engaged in the trading of
readymade garments in Ludhiana, Punjab.

For FY15 (refers to the period April 01 to March 31), GEPL
reported a total income of INR6.16crore with PBILDT and PAT of
INR1.38 crore and INR0.26 crore, respectively, as against the
total income of INR0.66 crore with PBILDT and PAT of INR0.15
crore and INR0.03 crore in FY14.


HV CONNECTING: CRISIL Assigns B+ Rating to INR49MM Cash Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of HV Connecting Infra (India) Pvt Ltd (HV).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              49        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility       11        CRISIL B+/Stable

The rating reflects the company's modest scale of operations in
the intensely competitive mobile phone distribution business and
weak financial risk profile marked by modest net worth and high
total outside liabilities to tangible net worth ratio. These
rating weaknesses are partially offset by the extensive experience
of the promoters in the distribution business and the company's
established distribution network.
Outlook: Stable

CRISIL believes that HV will maintain its stable business risk
profile over the medium term, backed by its promoters' extensive
experience in the dealership business. The outlook may be revised
to 'Positive' if the company achieves significant growth in
revenue and profitability, while improving its capital structure.
The outlook may be revised to 'Negative' in case of decline in
HV's revenue or further deterioration in its capital structure.

Incorporated in 2008, HV is an dealer of Karbonn, Micromax, Sony,
Celkon, and LG brand of mobile phones, operating mainly in South
Gujarat, Bhubaneswar (Odisha), Nalasopara (Palghar, Maharashtra),
Daman (Daman and Diu), and Silvassa (Dadra and Nagar Haveli). The
day-to-day operations of the company are managed by Mr. Vijay
Yadav.

HV reported profit after tax (PAT) of INR1.25 million on net sales
of INR872.4 million for 2013-14 (refers to financial year, April 1
to March 31) as against PAT of INR0.9 million on net sales of
INR418.5 million for 2012-13.


INDIAN SUGAR: CRISIL Reaffirms D Rating on INR437.9MM Term Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Indian Sugar
Manufacturing Company Limited (ISMCL) continues to reflect delays
in debt servicing by ISMCL; the delays are due to the company's
weak liquidity driven by declined revenue, operating losses and
large working capital requirements.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit            292.1       CRISIL D (Reaffirmed)
   Term Loan              437.9       CRISIL D (Reaffirmed)

ISMCL also has a below-average financial risk profile, marked by
high gearing, and is susceptible to high regulatory risks in the
sugar industry. The company, however, benefits from its proximity
to Maharashtra's sugarcane belt and its well-integrated
operations.

Update
ISMCL continues to delay its debt-servicing obligations owing to
its weak liquidity. This is primarily because of a drop in sugar
prices, coupled with increased sugarcane prices, which translated
into a revenue decline of around 14.5 per cent, and operating
losses in 2014-15. The weak liquidity is also due to the company's
large working capital requirements as reflected by its gross
current assets of around 147 days as on March 31, 2014.

CRISIL believes that ISMCL's liquidity will remain weak, over the
medium term, owing to the sluggish industry scenario and large
working capital requirements.

ISMCL was set up in 2000 by Dr. Veerana Pattar and his colleagues.
In January 2010, the company commissioned a sugar plant and a
bagasse-based cogeneration power plant in Bijapur (Karnataka). It
also operates a distillery unit. ISMCL's sugar-manufacturing plant
has a capacity of around 5,000 tonnes crushed per day.


INOXWORLD INDUSTRIES: CARE Rates INR23.20cr LT Loan at 'B+'
-----------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Inoxworld Industries Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     23.20      CARE B+ Assigned
   Short-term Bank Facilities     8.80      CARE A4 Assigned

Rating Rationale
The ratings assigned to the bank facilities of Inox World
Industries Private Limited (IWIPL) are constrained on account of
small scale of operations, project execution and offtake risk and
susceptibility of margins to volatility in raw material prices and
foreign exchange.

The ratings however derives strength from experienced promoters
with long track record in a similar line of business and
established relationship with customers.

Going forward, the company's ability to scale up its operations
while improving its profitability and execution of project
within envisaged time and cost would remain the key rating
sensitivities.

Inox World Industries Private Limited (IWIPL), a trader & exporter
of Stainless Steel Utensils and Home Furnishing articles, was
incorporated on 24th April, 2007 by Mr Parmod Kumar Gupta and Mr
Ram Babu Gupta. The promoters have been engaged in a similar line
of business for almost three decades through its flagship company
Worldfa Exports Private Limited (WEPL, rated CARE BB/ CARE A4).
WEPL is engaged in manufacturing of stainless steel products with
product profile including Bar ware, Pet ware, Hotel ware, Table
ware amongst others.

IWIPL has ventured into backward integration project and is in the
process of setting up a manufacturing unit in Kundli, Haryana with
total installed capacity of 1200 MTPA for stainless steel utensils
and 15 lacs pieces per annum of textiles made ups. The expected
COD for the project is Q3FY16.

During FY15 (Provisional) (refers to the period April 1 to
March 31), IWIPL reported PAT of INR0.13 crore on total operating
income of INR7.31 crore as against PAT of INR0.03 crore on total
operating income of INR6.53 crore during FY14.


KAMLESH METACAST: ICRA Assigns 'B' Rating to INR18.60cr Loan
------------------------------------------------------------
ICRA has assigned its long-term rating of [ICRA]B to the INR18.60
crore bank facilities of Kamlesh Metacast Pvt Ltd.

                            Amount
   Facilities            (INR crore)      Ratings
   ----------            -----------      -------
   Non fund based limits     18.60        [ICRA]B; assigned

ICRA's rating factors in KMPL's dependence on third parties for
performance; against which a sizeable guarantee has been extended.
In the absence of any revenue visibility over the medium term, the
company remains dependent on promoters for meeting its funding
requirements. The rating also factors in the limited experience of
the promoters in the mining sector. ICRA's rating however, derives
comfort from the promoters' established presence in the real
estate sector, earnings from which are expected to support funding
requirements for KMPL's project. The rating also favorably takes
into account the project's moderate funding pattern with a debt to
equity ratio of 1.04x, with the promoters having already infused
about 70% of the total equity. This apart, the rating also takes
into account the low approval risk for the current stage of the
project.

Going forward, the company's ability to complete the project
within the budgeted time and cost, and receive timely funding from
the promoters will be the key rating sensitivities.

KMPL was founded in 2011 by Mr. Shyam Sundar Singhwi and Mr.
Nimesh Singhwi. Later, in 2013 the entire stake was purchased by
Mr Ananya Agarwal through his family holding company, M/s Naangi &
Sons India Pvt Ltd. KMPL has a prospecting license, valid till
December, 2017, to explore an area of 1859 hectares in Sirohi,
Rajasthan for cement grade limestone. In the event of suitable
limestone reserves being found, the company plans to set up a
cement manufacturing facility.


KARTIKEYA PAPER: CRISIL Rates INR250MM Cash Loan at B+
------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Kartikeya Paper Distributor Pvt Ltd (KPDPL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             250        CRISIL B+/Stable

The rating reflects KPDPL's below-average financial risk profile,
marked by high gearing and weak debt protection metrics. The
rating also factors in the company's modest scale of operations
and large working capital requirements. These rating weaknesses
are partially offset by the extensive experience of KPDPL's
promoters' in trading in paper products, and their funding
support.

Outlook: Stable

CRISIL believes that KPDPL will continue to benefit from its
promoters' extensive industry experience, over the medium term.
The outlook may be revised to 'Positive' in case of significant
cash accruals or capital infusion along with efficient working
capital management. Conversely, the outlook may be revised to
'Negative' in case of low cash accruals or large working capital
requirements or if KPDPL undertakes a sizeable debt-funded capital
expenditure programme, thereby exerting pressure on its liquidity.

Incorporated in April 1998, KPDPL trades in paper and paper
products. The company is an authorised distributor of Ballarpur
Industries Ltd and Avery Denison (India) Pvt Ltd. KPDPL is based
in Lucknow and is promoted by Mr. Raj Kumar Agarwal.


KRISHNA OIL: ICRA Suspends B+ Rating on INR33.31cr Loan
-------------------------------------------------------
ICRA has suspended its long term rating of [ICRA]B+ and its short
term rating of [ICRA]A4 assigned to the INR33.31 crore bank
facilities of Krishna Oil Extractions Ltd. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company.

Krishna Oil Extractions Limited (KOEL), based at Indore in Madhya
Pradesh, was incorporated in 1982 but commenced commercial
operations from 1985. It is engaged in the soybean processing and
sale of soy products like refined oil; DOC; lecithin, acid oil and
fatty acids. The manufacturing unit of the company is located at
Pachore in Madhya Pradesh and has 800 tonne per day (tpd) solvent
extraction unit and 150 tpd refinery. KOEL sells its refined oil
either in bulk quantities or under its brand name
"Abhinav".


KWALITEE FABS: CRISIL Assigns B+ Rating to INR70MM Packing Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Kwalitee Fabs (Kwalitee).

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Packing Credit          70        CRISIL B+/Stable
   Proposed Working
   Capital Facility         5        CRISIL B+/Stable

The rating reflects Kwalitee's modest scale of operations in the
intensely competitive home furnishing industry, and below-average
financial risk profile marked by high gearing. These weaknesses
are partially offset by the extensive industry experience of
Kwalitee's promoters.

Outlook: Stable

CRISIL believes that Kwalitee will continue to benefit, over the
medium term, from its promoter's extensive industry experience.
The outlook may be revised to 'Positive' if Kwalitee achieves
significant improvement in its scale of operations and
profitability, or benefits from substantial capital infusion by
its promoter, thereby improving its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if Kwalitee
generates low cash accruals, or undertakes a large, debt-funded
capital expenditure programme, thus weakening its financial risk
profile.

Set up in 2002, Karur (Tamil Nadu)-based Kwalitee manufactures
home furnishings and home textiles. Its operations are managed by
its proprietor Mr. R A Kamaraj.

Kwalitee reported a net profit of INR2.5 million on sales of
INR190.6 million for 2014-15 (refers to financial year, April 1 to
March 31), against a net profit of INR1.8 million on sales of
INR138.3 million for 2013-14.


LIFE SHINE: CRISIL Ups Rating on INR180MM Term Loan to 'B'
----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Life Shine Medical Services Private Limited (Life Shine) to
'CRISIL B/Stable' from 'CRISIL D'.

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

The upgrade reflects the timely servicing of debt by Life Shine
over the last four months ended May 2015. The upgrade also
reflects CRISIL's belief that Life Shine will continue to service
its debt in a timely manner, with its cash accruals expected to be
sufficient to meet its maturing debt obligations.

The rating continues to reflect Life Shine's average financial
risk profile marked by its modest net-worth, high gearing, and
average debt protection metrics. The rating of the company is also
constrained on account of its modest scale of operations, and high
degree of geographic concentration in its revenue profile.
However, the company benefits from the extensive experience of its
management in the healthcare industry.
Outlook: Stable

CRISIL believes that Life Shine will continue to benefit over the
medium term from its promoters extensive industry experience. The
outlook may be revised to 'Positive' if the company registers a
substantial and sustained increase in its scale of operations and
profitability margins, or there is a substantial improvement in
its capital stuructre on the back of sizeable equity infusion from
its promoters. Conversely, the outlook may be revised to
'Negative' in case of a steep decline in the company's
profitability margins, or significant deterioration in its capital
structure caused most likely by a stretch in its working capital
cycle.

Life Shine was set up in 2010 by Mr. Jayaram Reddy Aileni, Mrs.
Laxmi Aileni, Mrs. Sandhya Aileni, Mr. Viswanatha Veluri, and Mr.
Chandra Sekhara Reddy. The company operates a 300-bed hospital -
Tulasi Hospitals - in Hyderabad (Telangana). The hospital provides
treatment in cardiovascular, ophthalmology, neurology,
paediatrics, and other segments.


LODHA DEVELOPERS: Fitch Revises Outlook to Neg.; Affirms 'B+' IDR
-----------------------------------------------------------------
Fitch Ratings has revised the Outlook on India-based property
developer Lodha Developers Private Limited to Negative from
Stable, and affirmed its Long-Term Foreign-Currency Issuer Default
Rating at 'B+'.  The agency has affirmed the 'B+' long-term rating
and Recovery Rating of 'RR4' on Lodha's outstanding USD200 mil.
senior unsecured notes due in 2020.

KEY RATING DRIVERS

Deleveraging Slower Than Expected: The Outlook revision reflects
weaker-than-expected operating performance for the financial year
ended March 2015 (FY15), and that a rating downgrade is likely
unless Lodha's performance improves significantly over the next 12
months.  Annual presales of INR77bn (around USD1.2 bil.) were 4%
lower than in FY14, and 13% below the company's target of
INR90 bil.  Cash collections also fell short of expectations, due
to weaker demand and slower construction of some of its larger
projects.  Consequently, leverage (measured as net debt/inventory
minus customer advances) had increased to 91% by FYE15 from 77% at
FYE14, and is worse than our initial expectations of 84%.

Improving Sales Momentum: Lodha's presales show an improving trend
over FY15.  Furthermore, Lodha achieved more of its annual presale
targets than some of its domestic peers, indicating the relative
strength of its products as well as its marketing and execution
capabilities.  Fitch expects presales to improve to at least
INR110bn by FYE16, as more of its large, high-end projects will
come to a close in the next 24 months.  Fitch's expectations for
an improvement in performance is also supported by early signs of
n improving macroeconomic climate, led by monetary easing earlier
in 2015, which has spurred an increase in bank retail lending.

Largest Domestic Developer: Lodha is India's largest residential
real estate property developer based on presales.  Its land bank
of 25 million square metres is among the biggest, with the land
valued at over USD10bn by external valuers.  The company expects
its current land bank to support developments and sales over the
next seven years.

Project Concentration: Lodha's rating reflects its high
concentration in a few projects despite the considerable scale of
its operations.  Its four largest projects will account for nearly
80% of contracted sales in FY16, declining to around 60% in FY19.

Most medium-term sales are focused on the high-end and luxury
segments, which are defined by the company as properties with per-
square-foot prices of over INR20,000 (USD325) and over INR50,000,
respectively.  The bulk of presales in FY15 stemmed from these two
market segments.  Sales here typically exhibit a higher
correlation with economic cycles, and therefore are generally more
volatile - owing to consumers' ability to delay their purchase
decisions.

KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for the issuer
include:
   -- 30% growth in annual presales in FY16
   -- Leverage to trend between 80% - 90% in FY16 and 70%-80% in
      FY17
   -- No new land purchases in FY16
   -- EBITDA margins to remain wider than 25%

RATING SENSITIVITIES
Negative: Developments that may, individually or collectively,
lead to negative rating action include:

   -- Leverage sustained above 55%
   -- Annual presales / gross debt sustained below 1x
   -- EBITDA margin sustained below 25%

Positive: Developments that may lead to the Outlook being revised
to Stable include:

   -- Quarterly presales trending towards achieving an annualised
      value of at least INR110 bil. by FYE16


M.M. IMPORT: CRISIL Cuts Rating on INR10MM Cash Loan to 'B'
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
M.M. Import and Export (MMIE) to 'CRISIL B/Stable' from 'CRISIL
B+/Stable' and has reaffirmed its rating on the firm's short-term
facility at 'CRISIL A4'.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              10        CRISIL B/Stable (Downgraded
                                      from 'CRISIL B+/Stable')

   Letter of Credit         70        CRISIL A4 (Reaffirmed)

The rating downgrade reflects deterioration in MMIE's business
risk profile, marked by a decline in its revenue to INR75 million
in 2014-15 (refers to financial year, April 1 to March 31) from
INR161 million in the previous year; the decline was due to a ban
on timber exports from Burma. The firm's operating performance is
expected to remain muted over the medium term due to low demand
for its products. The rating downgrade also factors in MMIE's
stretched liquidity marked by its modest and tightly matched cash
accruals vis-a-vis its debt obligations.

The ratings reflect MMIE's modest scale of operations in the
fragmented and competitive timber-trading industry, and the firm's
weak financial risk profile, marked by a small net worth and
modest debt protection metrics. These rating weaknesses are
partially offset by the extensive industry experience of MMIE's
partners.

Outlook: Stable

CRISIL believes that MMIE will continue to benefit over the medium
term from its partners' extensive industry experience and
established customer relationships. The outlook may be revised to
'Positive' if there is a significant increase in the firm's
revenue and profitability, along with equity infusion and an
improvement in its working capital management, leading to a better
financial risk profile. Conversely, the outlook may be revised to
'Negative' if large debt-funded capital expenditure materially
impacts MMIE's debt protection metrics, the firm's revenue and
profitability decline significantly, or its working capital
management deteriorates, thereby weakening its liquidity.

MMIE, set up as a partnership firm in 2009, trades in timber. The
firm is based in Muvattupuzha (Kerala); it was set up by Mr.
Kasirath Tharfia and Mr. Abdul Kalam Kutty. MMIE trades in sawn
timber and log wood.


MAHARAJA RESOURCES: CARE Assigns B+ Rating to INR9.70cr LT Loan
---------------------------------------------------------------
CARE assigns 'CARE B+' ratings to the bank facilities of Maharaja
Resources Pvt. Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      9.70      CARE B+ Assigned

The rating assigned to the bank facilities of Maharaja Resources
Pvt. Ltd. (MRPL) is constrained by its project implementation
risk, susceptibility of profitability to fluctuations in prices of
raw materials, working capital intensive nature of business,
presence in the highly fragmented and competitive industry. The
aforesaid constraints are partially offset by the experience of
the promoters and strategic location of the plant. The ability of
the company to timely complete the project without any time and
cost overrun would be the key rating sensitivities.

Maharaja Resources Pvt. Ltd. (MRPL) was incorporated in July, 2010
by Das Family belonging to Jajpur district of Orissa.

The company is currently setting up a greenfield project to
manufacture stainless steel tubes and pipes with the installed
capacity of 6,000 MTPA. Total project cost is estimated to be
INR11.29 crore which is to be financed by equity of INR4.29
crore and term loan of INR7 crore. Financial closure for the same
has been achieved. The project is in the initial stage of
implementation with the company having spent an aggregate amount
of INR2.55 crore till May 26, 2015. The plant is proposed to
commence operation in October 2015.


MALANKARA ORTHODOX: CRISIL Ups Rating on INR308.5MM Loan to B+
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
the Malankara Orthodox Syrian Church Medical Mission to 'CRISIL
B+/Stable' from 'CRISIL B/Stable'; the rating on the trust's
short-term facilities has been reaffirmed at 'CRISIL A4'.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           70        CRISIL A4 (Reaffirmed)

   Cash Credit              50        CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B/Stable')

   Letter of Credit          7.5      CRISIL A4 (Reaffirmed)

   Long Term Loan          308.5      CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B/Stable')

   Proposed Long Term       49        CRISIL B+/Stable (Upgraded
   Bank Loan Facility                 from 'CRISIL B/Stable')

The rating upgrade reflects CRISIL's belief that MOSCMM's
financial risk profile will continue to improve over the medium
term: the gearing reduced significantly to 3.41 times as on
March 31, 2015 from 6.66 times as on March 31, 2013, backed by
sustained improvement in operating performance and moderate
accretions to reserves. The upgrade also factors in the trust's
improved liquidity, with cash accruals estimated at around INR110
million for 2014-15 (refers to financial year, April 1 to
March 31) against maturing debt of INR80 million.

The trust's financial risk profile, however, remains below
average, marked by high gearing and susceptibility to adverse
regulatory changes in the education sector. These rating strengths
are partially offset by MOSCMM's established regional market
presence in the healthcare business in Kolenchery (Kerala).
Outlook: Stable

CRISIL believes that MOSCMM will continue to benefit over the
medium term from its established regional market presence in
Kerala. The outlook may be revised to 'Positive' in case the
society significantly improves its scale of operations and
profitability leading to stronger cash accruals and capital
structure. Conversely, the outlook may be revised to 'Negative' if
large debt-funded capital expenditure programmes, or low cash
accruals weaken the financial risk profile.

MOSCMM is a charitable society registered under the Travancore
Cochin Literary Scientific and Charitable Societies Registration
Act, 1955. The society was registered in 1968. MOSCMM operates a
multi-specialty hospital in Kerala. The society also runs a
medical institute offering an MBBS course.


MALAYALAM CARS: CRISIL Reassigns 'B+' Rating to INR60MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Malayalam Cars and Services Pvt Ltd (MCSPL,
part of the MPL group).

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Inventory Funding
   Facility                60       CRISIL B+/Stable (Reassigned)

   Proposed Inventory
   Funding                 40       CRISIL B+/Stable (Reassigned)

The rating reflects the group's below-average financial risk
profile, marked by a highly leveraged capital structure and weak
debt protection metrics, and its susceptibility to economic
slowdown and intense competition in the automotive (auto)
dealership segment. These rating weaknesses are partially offset
by the MPL group's established position in the auto dealership
market for Ford India Pvt Ltd (Ford), particularly in Chennai and
Puducherry, and its promoters' extensive industry experience.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of MCSPL and MPL Cars Pvt Ltd (MCPL). This
is because the two entities, together referred to as the MPL
group, are managed by the same promoters, have fungible funds, and
are in the same line of business.
Outlook: Stable

CRISIL believes that the MPL group will benefit over the medium
term from its established market position in the auto dealership
market for Ford, particularly in Chennai. The outlook may be
revised to 'Positive' in case of significant improvement in its
financial risk profile, particularly its liquidity, supported by
reduction in loans and advances to the promoters and associate
entities. The outlook may also be revised to 'Positive' if there
is healthy growth in the group's scale of operations and it
sustains its operating margin. Conversely, the outlook may be
revised to 'Negative' if the MPL group extends any additional
funding support to its promoters or associate entities, thereby
impacting its liquidity; or undertakes a significant debt-funded
capital expenditure programme, weakening its financial risk
profile; or reports a decline in its scale of operation and
profitability, affecting its cash accruals.

Update
The MPL group's operating income is estimated to be INR2.5 billion
in 2014-15 (refers to financial year, April 1 to
March 31). The scale of operations has registered a moderate
decline of around 17 per cent over the previous year on account of
muted demand and intense competition in the auto dealership
segment. The group's operating income is expected to grow at a
moderate level over the medium term supported by the launch of new
models by Ford. With stable profitability levels, the group's cash
accruals are expected to remain at INR30 million to INR35 million
over the medium.

The MPL group has a below-average financial risk profile, marked
by estimated net worth of INR195 million and high gearing of 3.50
times as on March 31, 2015. In 2014-15, the promoters infused
equity INR40 million in MCPL to support its business needs. Its
debt protection metrics were also weak, with interest coverage and
net cash accruals to total debt ratios estimated at 1.20 times and
0.03 times, respectively, for 2014-15. The group's financial risk
profile is constrained by high loans and advances provided by the
group to its promoters and associate entities, which remained at
around INR420 million as on March 31, 2014; ths is expected to
constrain the group's financial risk profile over the medium term.

The MPL group's liquidity is constrained by highly utilised bank
lines, at 97 per cent on average over the 12 months through
February 2015, because of its large working capital requirements.
The group's cash accruals are expected to remain adequate with
annual cash accruals of INR31 million to INR35 million against
annual debt obligations of INR11 million in 2014-15 and INR12
million in 2015-16. Furthermore, the group's liquidity is expected
to benefit from its promoters' funding support in the form of
equity or unsecured loans.

MCSPL is an authorised dealer for Ford in Kerala under the trade
name Malayalam Ford; it has one showroom in Kundanoor (Kerala).
MCPL was set up in 1998 by Mr. Ravindranathan and his family; it
is an authorised dealer for Ford's cars in Tamil Nadu and
Puducherry. The operations of both entities are managed by
managing director Mr. S Ravindranathan.


MALU PAPER: ICRA Suspends 'C' Rating on INR88cr Term Loan
---------------------------------------------------------
ICRA has suspended [ICRA]C rating assigned to the INR88.00 crore
term loans and working capital facilities & [ICRA]A4 rating to the
INR14.20 crore, short term, non fund based facilities of Malu
Paper Mills Limited. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the company.

Malu Paper Mills Limited (MPML), the flagship company of Malu
group, was incorporated on 11th January 1994 as Malu Solvex Ltd.
Subsequently the name of the company was changed to Malu Paper
Mills Ltd. with effect from 24th April 1998. The company is
involved in the manufacture of kraft paper, newsprint paper and
writing & printing paper.


MITTAL GLOBAL: CRISIL Reaffirms B+ Rating on INR60MM Cash Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank loan facilities of Mittal
Global Cot. Industries (MGCI) continues to reflect MGCI's modest
scale of operations in the highly competitive and fragmented
cotton ginning industry, and susceptibility of its margins to
volatility in cotton prices and to the regulatory framework
governing the cotton industry.

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

   Proposed Long Term
   Bank Loan Facility    5.6       CRISIL B+/Stable (Reaffirmed)

   Term Loan            11.4       CRISIL B+/Stable (Reaffirmed)

The rating also factors in the firm's weak financial risk profile,
marked by a modest net worth and below-average debt protection
metrics. These rating weaknesses are partially offset by the
partners' extensive industry experience.
Outlook: Stable

CRISIL believes that MGCI will continue to benefit over the medium
term from its partners' extensive industry experience and the
steady demand for cotton ginning. The outlook may be revised to
'Positive' if the firm increases its scale of operations
substantially, while it improves its profitability and capital
structure. Conversely, the outlook may be revised to 'Negative' if
MGCI's capital structure weakens, mostly likely due to withdrawal
of funds by promoters or decline in its profitability.

MGCI, set up as a partnership firm in July 2012 by Mr. Kamal
Agrawal and family, gins and presses cotton at its unit in Barwani
(Madhya Pradesh). The firm commenced its ginning operations in
December 2012. The Agrawal family has been involved in the cotton
ginning business since 1996 through its other group entities.

For 2013-14 (refers to financial year, April 1 to March 31), MGCI
reported a profit after tax (PAT) of INR3.4 million on net sales
of INR1.01 billion against a PAT of INR0.9 million on net sales of
INR 159.8 million for 2012-13.


MY CAR: CRISIL Reaffirms B+ Rating on INR330.2MM Cash Loan
----------------------------------------------------------
CRISIL's rating on the bank facilities of My Car (Indore) Private
Limited (MCIPL) continues to reflect its below-average financial
risk profile, marked by a modest net worth, high external
indebtedness, and subdued debt protection metrics, and exposure to
intense competition in the automobile dealership business.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee       30         CRISIL A4 (Reaffirmed)
   Cash Credit         330.2       CRISIL B+/Stable (Reaffirmed)
   Term Loan             9.8       CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the benefits that
MCIPL derives from its established market position in the
automobile dealership segment in Madhya Pradesh and its promoters'
extensive industry experience.
Outlook: Stable

CRISIL believes that My Car (Indore) Pvt Ltd (MCIPL) will continue
to benefit over the medium term from its promoters' extensive
experience and its established market position in the automobile
dealership segment in Madhya Pradesh. The outlook may be revised
to 'Positive' if the company records higher-than-expected
accretion to reserves, reduction in working capital intensity, or
substantial capital infusion leading to improvement in capital
structure and liquidity. The outlook may be revised to 'Negative'
in case MCIPL registers a sharp decline in its revenue growth and
profitability, or further weakening of its capital structure.

MCIPL, set up in 2009 by Mr. Saurabh Garg, is an authorised dealer
of Maruti Suzuki India Ltd (MSIL) in Madhya Pradesh. It has two
showrooms in Indore. The company also deals in MSIL spare parts.


NITHIN GRAINS: CRISIL Assigns 'B+' Rating to INR100MM LT Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Nithin Grains & Mills Pvt Ltd (NGMPL)

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Long Term Loan           100       CRISIL B+/Stable

The rating reflects NGMPL's exposure to risks related to on-going
project and exposure to risks related to stabilisation during
initial stages of operations. These rating weaknesses are
partially offset by the benefits that the company derives from its
promoters' extensive industry experience and healthy operating
capabilities.

Outlook: Stable

CRISIL believes that NGMPL will continue to benefit from the
extensive experience of its promoters in the wheat-processing
industry. The outlook may be revised to 'Positive' in case of
early stabilisation of its operations, leading to higher-than-
expected cash accruals resulting in better financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of
any time or cost overrun which would adversely impact the
financial risk profile of the company and thus its debt-servicing
ability.

Established in 2014, NGMPL is setting up a fully automated wheat
processing unit in Tirupati, Andhra Pradesh. The company is
expected to start full-fledged commercial operations from August
2015. NGMPL is promoted by Mr.O.Nithin and his family.


ORBIT AYAS: CRISIL Reaffirms B+ Rating on INR90MM Cash Loan
-----------------------------------------------------------
CRISIL's rating on the long-term bank facility of Orbit Ayas Pvt
Ltd (OAPL) continues to reflect OAPL's below-average financial
risk profile marked by 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          90       CRISIL B+/Stable (Reaffirmed)

The rating also factors in the company's modest scale of
operations, large working capital requirements, and exposure to
intense competition in the steel trading business resulting in low
profitability margins. These rating weaknesses are partially
offset by the extensive experience of OAPL's promoters in the
steel trading business and the firm's established relationships
with customers.

Outlook: Stable

CRISIL believes that OAPL will continue to benefit over the medium
term from its promoters' extensive industry experience and its
established relationships with customers. The outlook may be
revised to 'Positive' in case of substantial and sustained
increase in the company's scale of operations and profitability
margins, or significant improvement in its capital structure
because of sizeable equity infusion by its promoters. Conversely,
the outlook may be revised to 'Negative' if OAPL reports a steep
decline in its profitability margins or significant deterioration
in its capital structure caused most likely by stretch in its
working capital cycle.

OAPL, set up in 2012 by Mr. Rajendra Choksi and his family, is
based in Mumbai. It took over the business of a partnership firm
Raju Steel Corporation -- which was set up in 1968 by the same
promoters. OAPL trades in steel products, such as angles,
channels, coils, and sheets.


PRATHYUSHA CHEMICALS: CRISIL Cuts Rating on INR291MM Loan to 'D'
----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Prathyusha Chemicals and Fertilisers Limited (Prathyusha) to
'CRISIL D/CRISIL D' from 'CRISIL B-/Stable/CRISIL A4'.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              70        CRISIL D (Downgraded from
                                      'CRISIL B-/Stable')

   Foreign Letter of
   Credit                  180        CRISIL D (Downgraded from
                                      'CRISIL A4')

   Term Loan               291        CRISIL D (Downgraded from
                                      'CRISIL B-/Stable')

The downgrade reflects instances of delay by Prathyusha in
servicing its debt. The delays have been caused by the weakening
in the company's liquidity with its cash accruals not being
sufficient to meet its term debt repayment obligations.

Prathyusha has a below-average financial risk profile marked by
its small net worth, high gearing, and weak debt protection
metrics. The company also has large working capital requirements,
and its operations are susceptible to erratic monsoons and changes
in government regulations. However, the company benefits from its
promoters extensive experience in the fertiliser industry.

Prathyusha was set up in 1999 by Mr. A Visweswara Rao. In 2004,
Prathyusha was referred to the Board for Industrial and Financial
Reconstruction (BIFR), and was categorised as a sick unit. In
2009, Mr. Y T Raja and associates, approached BIFR and took over
Prathyusha.

Prathyusha manufactures single super phosphate, di calcium
phosphate, and nitrogen, phosphorous, and potassium granulated
mixed fertilisers. The company also has its own sulphuric acid
plant, and captive power plant of 1.5 megawatt. It is based in
Vishakhapatnam (Andhra Pradesh).


PRIDE COKE: CRISIL Reaffirms B- Rating on INR171.8MM Cash Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Pride Coke Pvt
Ltd (PCPL) continues to reflect PCPL's large working capital
requirements and susceptibility to cyclicality in its end-user
steel industry and to volatility in coke prices. These rating
weaknesses are partially offset by PCPL's moderate scale of
operations and stable customer base.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit          171.8     CRISIL B-/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     7.0     CRISIL B-/Stable (Reaffirmed)

   Term Loan             22.6     CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that PCPL will continue to benefit over the medium
term from its moderate scale of operations and stable customer
base. Its liquidity is likely to remain weak because of increasing
working capital requirements. The outlook may be revised to
'Positive' if the company registers improvement in its liquidity
on the back of significant increase in its cash accruals or
substantially improved working capital management. On the other
hand, the outlook may be revised to 'Negative' if PCPL generates
low cash accruals, or if its working capital cycle lengthens, or
if it undertakes a large debt-funded capital expenditure
programme, weakening its financial risk profile, particularly its
liquidity.

PCL was incorporated in 2004 by Mr. Kamal Harlalka. The company
commenced operations in 2005; it manufactures low-ash
metallurgical coke (LAMC) and coke breeze. Its manufacturing unit
is in Guwahati.


RANA SUGARS: ICRA Reaffirms 'D' Rating on INR502.20cr Cash Loan
---------------------------------------------------------------
ICRA has reaffirmed the rating of [ICRA]D assigned to INR673.74
crore (revised from INR688.50 crore) fund based bank facilities
and term loans, INR14.46 crore (revised from INR0.0 crore)
unallocated limits and INR31.8 crore (revised from INR31.5 crore)
non-fund based bank facilities of Rana Sugars Limited (RSL).

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund-Based Limit-
   Cash Credit             502.20       [ICRA]D Reaffirmed

   Fund-Based Limits-
   Term Loans              171.54       [ICRA]D Reaffirmed

   Unallocated              14.46       [ICRA]D Reaffirmed

   Non-fund based limits    31.80       [ICRA]D Reaffirmed

The rating reaffirmation takes into account the stretched
liquidity position, inadequate accruals and high interest &
repayment burden of RSL which has led to delays in debt servicing.
The rating is also constrained by further weakening of the
financial profile of RSL, as reflected by cash losses reported in
FY2015, increase in gearing (largely on account of net worth
erosion) and deterioration in debt coverage indicators. Sugar
prices continue to remain substantially lower than the cost of
production which has dampened the profitability of the company
substantially in FY 2015. Cane prices in Punjab and Uttar Pradesh
continue to be delinked from sugar prices in the domestic market,
which result in volatility in operating margins of sugar
operations. The rating also takes into account agro-climatic risks
and inherent cyclicality in the sugar business.

ICRA has taken note long track record of the company and its
forward integration into cogeneration and distillery business. The
sugar prices are expected to remain weak in the current oversupply
scenario. The company is expected to benefit from soft loans for
payment of cane dues and timely payment of cane subsidy (the same
has been accounted for by the company). However, the assigned
ratings continue to be constrained by the delays in debt servicing
by the company.

RSL is engaged in the business of manufacturing sugar and
undertaking the allied businesses of cogeneration and distillery.
Incorporated in July 1991, RSL was promoted by Rana Gurjeet Singh
and Rana Ranjit Singh as a joint venture with Punjab Agro
Industrial Corporation Ltd.(PAIC). At present, the company is
being managed under the Chairmanship of Rana Ranjit Singh. PAIC
divested its stake in Rana Sugars during FY 05 by selling its
stake to the promoters, as per the provisions of the Financial
Collaboration Agreement.

RSL's facilities consist of a combined crushing capacity of 15,000
tonnes crushed per day (TCD) including a 5,000 TCD mill located at
Buttar (Punjab) and two capacitates of 5,000 TCD each located at
Moradabad and Rampur (Uttar Pradesh). The company also generates
power using bagasse (a by-product of sugar) and currently has a
total generation capacity of 87.5 MW. RSL is also forward
integrated to manufacture alcohol and has an alcohol manufacturing
capacity of 60 KLPD located in Punjab. In April 2013, the company
launched a pilot project in Punjab for manufacturing sugar from
beetroot.

Recent Results:
During FY 2015, the company has achieved an operating income of
INR706.3 cr as against INR692.9 cr in FY 2014 largely aided by
increase tonnage sales of sugar. However with the sugar prices
remaining less remunerative, the losses in the sugar division have
widened and hence the net loss of the company increased to INR55
crore in FY 2015 as against net loss of INR23.9 crore in FY 2014.


SANDEEP RICE: ICRA Reaffirms B Rating on INR8cr LT Loan
-------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B to the INR8.00
crore long term fund based limits of Sandeep Rice Mills.

                          Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Long Term Fund Based
   Limits                    8.00       [ICRA]B; Reaffirmed

The rating reaffirmation take into account the low value add
nature of operations and intensely competitive nature of the rice
milling industry which has led to low profitability margins. In
addition the company has high gearing arising out of large working
capital requirements which have primarily been funded by working
capital borrowings. Low profitability margins coupled with high
gearing has led to weak coverage indictors as reflected by low
interest coverage of 1.35 times during March 2014. Nevertheless
the ratings favourably take into account the long standing
experience of promoters with strong relationships with several
customers and suppliers coupled with proximity of the mill to
major rice growing area which results in easy availability of
paddy.

SRM was established in 2000 as a partnership firm by Mr. Amarjeet
Goyal, Mrs. Meena Devi and Mr. Jai Bhagwan Goyal. The firm is
engaged in milling of basmati rice. The firm's milling unit is
based out of Cheeka and has an installed capacity of 6 ton/hour
for milling of rice. The key raw material for the firm is basmati
paddy which is mostly procured from the "mandi" of Karnal and
Cheeka (Haryana) during the paddy buying season i.e. September to
December every year. However, if required firm also buys paddy
from the market in off season period.

Recent Results
SRM reported a net profit (PAT) of INR0.06 crore on an operating
income of INR38.43 crore in FY 2013-14 as compared to net profit
(PAT) of INR0.05 crore on an operating income of INR30.99 crore in
the previous year.


SARVOTTAM POULTRY: CARE Assigns B Rating to INR15.30cr LT Loan
--------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Sarvottam
Poultry Feed Supply Centre Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     15.30      CARE B Assigned

Rating Rationale
The rating assigned to the bank facilities of Sarvottam Poultry
Feed Supply Centre Private Limited (SPF) is primarily
constrained on account of its short track record and small scale
of operations, post implementation risk associated with
debt-funded expansion project and weak financial risk profile
marked by low profitability margins, leveraged capital
structure and weak debt service coverage indicators. The ratings
are further constrained by raw material price volatility
risk and inherent risk associated with the poultry industry
coupled with high competition from local players.

The ratings, however, continue to draw comfort from the
experienced promoters in the poultry feed business along with
positive demand outlook of the poultry industry and moderate
operating cycle.

Going forward, the ability of SPF to maintain a favourable capital
structure and profitably scale up the operations on a sustainable
basis with efficient management of its working capital
requirements shall be the key rating sensitivities.

Sarvottam Poultry Feed Private Limited (SPF) was incorporated in
2011 and currently being managed by Mr Satpal Singh and Mr
Abhimanyu. SPF is engaged in the manufacturing of poultry feed
which includes layer feed and broiler feed. The main raw material
required for manufacturing and processing of poultry feed is
soyameal, bajra, corn, peanuts, mustard, maize, etc. The company
procures its raw materials from dealers located in Delhi and
nearby region. The company sells its products under the brand name
"Sarvottam" to poultry farms located in Punjab, Uttar Pradesh and
nearby region. SPF has one associate concern namely Nirmal Poultry
Farm (NPF) which has been operational since 2001 and is engaged in
a similar business.

SPF reported a PBILDT of INR1.02 crore and PAT of INR0.06 crore on
a total income of INR53.42 crore in FY14 (refers to the period
April 1 to March 31) as against PBILDT of INR0.42 crore and PAT of
INR0.04 crore on a total income of INR29.34 in FY13. SPF has
reported a total operating income of INR52.45 crore (based on
unaudited results) till March 31, 2015.


SHRI UMA: CARE Assigns 'B' Rating to INR5.47cr LT Bank Loan
-----------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Shri Uma
Plastic Industries Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      5.47      CARE B Assigned

Rating Rationale
The rating assigned to the bank facilities of Shri Uma Plastic
Industries Private limited (SUPL) is primarily constrained on
account of its relatively modest scale of operations in the highly
competitive and fragmented packaging industry and its weak
financial risk profile marked by cash losses in FY13 (refers to
the period April 1 to March 31) and FY14, its leveraged capital
structure along with weak debt coverage indicators and stressed
liquidity position. The rating is, further, constrained on account
of the susceptibility of the company's profitability to adverse
fluctuations in the raw material prices.

The rating, however, derives strength from the long-standing
experience of SUPL's promoters along with its established
track record of operations of more than three decades in the
packaging industry.

The ability of the company to increase its scale of operations
while improving profitability along with improvement in the
solvency position and efficient working capital management are the
key rating sensitivities.

Jodhpur-based (Rajasthan) SUPL was initially formed in 1981 as a
partnership firm in the name of M/s Shri Uma Plastic Industries by
'Lodha family'. Subsequently, in 2005, the constitution of the
firm was changed to private limited and the company assumed its
present name with management being headed by its key promoter, Mr
Jitendra Raj Lodha. SUPL is primarily engaged in the business of
manufacturing of flexible multilayer rolls and pouches customised
according to user specification which find its application in
various industries ranging from cosmetics to food industry.

Furthermore, the company is also engaged in the trading of
flexible multilayer rolls and plastic pouches. The company
operates from its sole manufacturing facility located at Jodhpur
(Rajasthan) having an installed capacity of 1,200 Metric Tonnes
Per Annum (MTPA) as on March 31, 2015.

SUPL mainly caters to the domestic market and supplies its
products directly all over India to diverse units with sales
concentrated predominantly in Rajasthan, Madhya Pradesh and
Karnataka. It procures its key raw material i e co-extruder
sheet as well as polyester & met film from the local Jodhpur
market and Northern part of India.

During FY14, SUPL has reported a total operating income of INR6.89
crore (FY13: INR5.84 crore) with net loss of INR0.18 crore (FY13:
net loss INR0.07 crore). As per the provisional results of FY15,
the company has reported total operating income of INR9 crore.


SHRIKALYANI AGRITECH: CARE Puts B+ Rating on INR10cr LT Loan
------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of
Shrikalyani Agritech Pvt. Ltd.

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

Rating Rationale
The rating assigned to the bank facilities of Shrikalyani Agritech
Pvt. Ltd. (SAPL) are constrained by its short track record coupled
with small scale of operation, intensely competitive nature of the
industry characterized by a number of small players, volatility in
the profit margins subject to government regulations and working
capital-intensive nature of business and exposure to vagaries of
nature.

The aforesaid constraints are partially offset by the experience
of the promoters and advantages arising out of proximity
to raw material sources.

The ability of the company to grow its scale of operations and
improve its profitability margins along with effective
working capital management would be the key rating sensitivities.

SAPL was incorporated in June 2009 as Shri Kalyani Coke & Iron
Pvt. Ltd. (SCIPL) by the Goyal family of Dhanbad, Jharkhand. SCIPL
was de-functional and later on in May 2013, it was renamed to
Shrikalyani Agritech Pvt. Ltd. for the purpose setting up a paddy
processing unit at Govindpur, Dhanbad, Jharkhand. The company
commenced commercial production in July 2014, with rice processing
capacity of 57,600 metric tonnes per annum (MTPA).

As per FY15 (provisional), the company has achieved a total
operating income of INR17.76 crore and PAT of INR0.3 crore in
its 9 months of operation from July 2014 to March 2015.


SREE VISHNU: ICRA Suspends 'D' Rating on INR12cr Cash Credit
-----------------------------------------------------------
ICRA has suspended the [ICRA]D rating assigned to the INR12.0
crore cash credit fund based facilities of Sree Vishnu Velan
Spinning Mills Private Limited. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.

Sree Vishnu Velan Spinning Mills Private Limited was incorporated
in the year 2005. The company underwent a management change in
March 2011 and December 2011. Presently, it is managed by the
Ashar Group. The company is engaged in the business of trading
greige fabrics and manufacturing various types of yarn (cotton,
polyster & blended) and has recently forward integrated into the
downstream processing of yarn to finished fabrics and sarees. For
manufacturing and processing, the company has entered into several
lease and conversion agreements with various defunct units in
Tamil Nadu, Maharashtra and Kerala.


SURYA AGRO: CARE Reaffirms B+ Rating on INR7.52cr LT Loan
---------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Surya Agro Products Private Limited.
                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      7.52      CARE B+ Reaffirmed
   Short-term Bank Facilities     1.50      CARE A4 Reaffirmed

Rating Rationale
The ratings assigned to the bank facilities of Surya Agro Products
Private Limited (SAPPL) continue to remain constrained by its
short track record coupled with relatively small scale of
operation in the highly fragmented and competitive business,
susceptibility of profitability to government regulations,
seasonal nature of availability of wheat resulting in high
working capital intensity and exposure to the vagaries of nature.
The ratings, however, continue to draw comfort from the wide
experience of the promoters and satisfactory demand outlook.

Going forward, SAPPL's ability to grow its scale of operations
with simultaneous improvement in profitability margins and
effective working capital management would be the key rating
consideration.

SAPPL, incorporated in July 2009 by the Agarwal family based out
of Birbhum, West Bengal, for setting up a wheat processing unit.
It initially commenced with opportunity-based trading in agro
products like rice bran, coconut DOC, deoiled rice bran cake,
mustard cake, maize, etc. Subsequently, in the year 2012, the
company started setting up a 44,400 metric tonnes per annum (MTPA)
wheat processing unit at Gopal Nagar in Birbhum district of West
Bengal. The plant commenced commercial production from June 2013.
The company sells its products through the wholesalers and
distributors under the brand name of 'Tulsi' in the state of West
Bengal.

During FY15 (Provisional; refers to the period April 1 to
March 31), SAPPL achieved a PAT of INR0.20 crore (Rs.0.07 crore
in FY14) on the total income of INR38.44 crore (Rs.31.77 crore in
FY14).


SVSVS PROJECTS: ICRA Reaffirms B+ Rating on INR53.0cr Non FB Loan
-----------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ to the INR2.50
crore fund based limits and the INR53.00 crore (enhanced from
17.00 crore) non fund based limits of the SVSVS Projects Private
Limited (SPPL).

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund Based Limits        2.50       [ICRA]B+ reaffirmed
   Non Fund Based Limits   53.00       [ICRA]B+ reaffirmed

The assigned rating is constrained by the company's small scale of
operations in the highly competitive construction industry, which
results in a pressure on margins. The rating is also constrained
by the company's high geographical, sectoral and client
concentration risk with the entire current order book consisting
of road construction & maintenance works from the Road
Construction Department of Bihar. The rating also takes into
account SPPL's stretched liquidity position owing to large
receivable and inventory levels, and moderately high TOL/TNW ratio
of 2.13 times as on March 31, 2015 on account of high mobilisation
advances from customers. The rating however, positively factors in
the long track record of promoters in the construction industry;
and the healthy current order book of over INR150 crore providing
revenue visibility for medium term. The rating also favourably
takes into account the company's moderate operating margin of
12.34% and comfortable coverage indicators as reflected by
interest coverage of 2.80 times and NCA/total debt of 21.14% for
10mFY 2015.

Going forward, ability of the company to execute current orders in
a timely manner and manage the increasing working capital
requirement would be the key sensitivities from credit
perspective.

SVSVS Projects Private Limited (SPPL) is a Hyderabad based
construction company engaged in construction of roads, bridges,
dams, buildings and irrigation works. The company is currently
executing projects for construction and maintenance of roads for
the Road Construction Department of Bihar.

Recent results
As per provisional financials for 10MFY2015, the company reported
operating profit of INR3.11 crore on operating income of INR25.24
crore as compared to operating profit of INR2.78 crore on
operating income of INR15.13 crore for FY2014.


SWARG GOLDTOUCH: ICRA Suspends B+ Rating on INR6cr LT Loan
----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ rating
assigned to the INR06.00 crore line of credit of Swarg Goldtouch
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

Swarg Goldtouch Limited (SGL) was established in 2004 as a
proprietary concern and was converted in to a limited company in
2008. SGL is engaged in the sale of one gram gold jewellery and
semi-precious gemstones.

The company has its registered office at Dadar, Mumbai and its
retail outlets are located in Mumbai, Navi Mumbai, Thane, Kalyan,
Pune and Nasik.


TANSEN FOODS: CRISIL Assigns B+ Rating to INR150MM Cash Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank loan facilities of Tansen Foods Pvt Ltd (TFPL).

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Cash Credit             150       CRISIL B+/Stable
   Warehouse Financing     100       CRISIL B+/Stable


The rating reflects TFPL's below-average financial risk profile,
marked by high total outside liabilities to tangible net worth
(TOLTNW) ratio and weak debt protection metrics, and the company's
large working capital requirements. These rating weaknesses are
partially offset by the extensive experience of TFPL's promoters
in the basmati rice industry.
Outlook: Stable

CRISIL believes that TFPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if TFPL improves its capital
structure by way of equity infusion or substantial cash accruals
backed by increase in scale of operations and operating
profitability along with prudent working capital management.
Conversely, the outlook may be revised to 'Negative' if TFPL's
financial risk profile, particularly its liquidity, deteriorates
on account of decline in revenue and profitability, or large debt-
funded capital expenditure, or increase in its working capital
requirements.

TFPL was incorporated in 2012 by Bundi (Rajasthan)-based Nyati
family by transferring entire operations from Shri Balaji
Industries. The company is promoted and actively managed by Mr.
Bal Kishan Nyati, Mr. Bhanu Nyati, and Mr. Vinod Kumar Nyati. TFPL
mills and shells basmati rice at its plant in Bundi.


TEEAM SCORE: CRISIL Assigns 'B' Rating to INR10MM Long Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Teeam Score (TS). The ratings reflect TS's
below-average financial risk profile marked by modest net worth
and start up nature of operations. These weaknesses are partially
offset by the extensive industry experience of TS's promoters.

                           Amount
   Facilities             (INR Mln)     Ratings
   ----------             ---------     -------
   Packing Credit            30         CRISIL A4
   Foreign Bill Purchase     10         CRISIL A4
   Long Term Loan            10         CRISIL B/Stable

Outlook: Stable

CRISIL believes that TS will continue to benefit, over the medium
term, from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' if the firm reports higher
than expected revenues and profitability, resulting in improvement
in its financial risk profile. Conversely, the outlook may be
revised to 'Negative' if PM undertakes larger than expected debt-
funded capital expenditure programme, or in case of stretch in
working capital cycle, resulting in weakening of its financial
risk profile.

Set up in 2012, TS is into manufacturing of gift wrapping papers
and is a 100 percent export. The firm is based out of Karur (Tamil
Nadu) and is promoted by Mr. R.A. Kamaraj and Mr. R. Ramasamy. The
firm has commenced commercial operations in April 2015.


TINKA STONES: CRISIL Assigns B+ Rating to INR50MM Overdraft Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Tinka Stones Pvt Ltd (TSPL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Letter of Credit        30         CRISIL A4
   Overdraft Facility      50         CRISIL B+/Stable

The ratings reflect TSPL's weak financial risk profile, marked by
a high total outside liabilities to tangible net worth ratio, and
its large working capital requirements. These rating weaknesses
are partially offset by the extensive experience of TSPL's
promoters in the building products industry and their established
relationships with customers.
Outlook: Stable

CRISIL believes that TSPL will maintain its established position
in the building products industry over the medium term backed by
its promoters' extensive industry experience and established
relationships with customers. The outlook may be revised to
'Positive' in case of substantial and sustained improvement in the
company's revenue and profitability margins. Conversely, the
outlook may be revised to 'Negative' if TSPL's liquidity weakens,
most likely because of stretch in its working capital cycle.
Established in 1994, TSPL processes marbles. TSPL imports almost
its entire raw material requirement (marble blocks) from its
sister concerns Jabal Al Toor (Dubai) and Tinka SRL (Italy) and
from other companies in Spain and Turkey.


TOSHALI CEMENTS: ICRA Lowers Rating on INR38.60cr LT Loan to 'D'
----------------------------------------------------------------
ICRA has revised the long term rating assigned to INR61.00 crore
bank facilities of Toshali Cements Private Limited to [ICRA]D from
[ICRA]B. ICRA has also revised the short term rating assigned to
INR1.00 crore bank facilities of TCPL from [ICRA]A4 to [ICRA]D.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long Term Fund based
   limits                  38.60      [ICRA]D revised

   Long Term Non Fund
   Based Limits             2.00      [ICRA]D revised

   Unallocated             20.40      [ICRA]D revised

   Short Term Non Fund
   Based limits             1.00      [ICRA]D revised

The revision in ratings takes into account the delay in repayments
of servicing of debt obligation on the back of cash losses in
FY2015 owing to low capacity utilization with closing of cement
manufacturing facility in Odisha for around a month due to
naxalite issues. The ratings are further constrained by high
gearing coupled with low coverage indicators and high working
capital utilization. The ratings however positively factor in the
improvement in revenues during FY 2015 by around 18.75% on account
of improved sales volume by 9.8%; improved operating margins owing
to revival in cement industry during the second half of the fiscal
year FY 2015 and increase in prices resulting in higher revenue
realization.

Going forward, timely servicing of debt obligations will be the
key monitorable. Further, increase in capacity utilization and
profitability will be key rating sensitivities from credit
perspective.

Incorporated in 2002, Toshali Cements Private Limited (TCPL) is
engaged in the manufacturing and sale of PPC, OPC (53 grade), PSC
and Ground Granulated Blast furnace Slag (GGBS). The company has
acquired assets of two loss making units at Ampavalli and
Bayyavaram in 2004 and had successfully posted a turnaround by
2009. TCPL sells its cement under the brand name of "Gajapati".
Its major markets include areas surrounding Vizag in Andhra
Pradesh, Koraput (southern Orissa) along with few central and
northern districts of Orissa. The company at present has 1000 TPD
clinker production capacity and 730 TPD Cement production
(grinding unit) capacities at its Ampavalli plant in Orissa and
600 TPD cement production capacity at its Bayyavaram plant in
Andhra Pradesh.

Recent Results
As per unaudited results, TCPL reported an operating income of
INR91.41 crore and net loss of INR4.01 crore during FY 2015 as
against an operating income of INR76.98 crore and net loss of
INR5.03 crore in FY 2014.


VARDA SPINNING: CARE Assigns B+ Rating to INR16.15cr LT Loan
------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Varda Spinning Andweaving Mills Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     16.15      CARE B+ Assigned
   Short term Bank Facilities     2.25      CARE A4 Assigned

Rating Rationale
The ratings assigned to the bank facilities of the company are
constrained by its weak financial risk profile marked by cash
losses, susceptibility to changes in raw material prices and
working capital intensive nature of operations. The ratings,
however, derive strength from the past experience of the
promoters, increasing scale of operations and proximity to raw
material sources. The ability of the company to profitably scale
up its operations, with improvement in profitability margins and
management of working capital will remain the key rating
sensitivities.

VSWM was established in 2010 by Mr Sahil Malhotra and started its
operations in September 2010. The company was taken over by the
current management in September 2013 and is led by Mr Pankaj
Singhania and Mr Sahil Singhania.  VSWM is engaged in the
manufacturing of acrylic and polyester yarn with an installed
capacity of 12 MT/day as on March 31, 2015.

VSWM registered a total operating income of INR131.34 crore during
FY14 (refers to the period April 1 to March 31) with net losses of
INR1.66 crore as against a total operating income of INR75.08
crore with PAT of INR0.34 crore in FY13. During FY15 Provisional),
VSWMregistered a total operating income of INR128.72 crore with
PBT of INR0.07 crore.


XICON INTERNATIONAL: ICRA Reaffirms B+ Rating on INR3.0cr Loan
--------------------------------------------------------------
ICRA has reaffirmed the rating of [ICRA]B+ to the INR3.00 crore
long term fund based bank facility of Xicon International Limited
(XIN).


                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long Term Fund Based
   Limits                  3.00         [ICRA]B+; Reaffirmed

   Short Term Non Fund
   Based Limits            4.00         [ICRA]A4; Reaffirmed


ICRA has also reaffirmed the rating of [ICRA]A4 (pronounced ICRA A
four) to the INR4.00 crore short term non-fund based bank facility
of XIN.

The ratings reaffirmation continues to reflect Xicon International
Limited's (XIN) small size of operations in a competitive and
fragmented industry which limits its bargaining power with the
customers who are mostly large corporate, resulting in intense
pressure on margins and the fixed priced nature of orders exposing
its profitability to fluctuation in raw material prices. Given the
high client concentration, XIL's operations remain vulnerable to
any deferment in capex plans or slowdown in the investment pattern
by its major customer which can adversely impact the financial
performance of the company. Further, given its weak bargaining
power, the liberal credit period provided to customers has
resulted in stretched receivables.

The ratings, however, continue to draw comfort XIL's conservative
capital structure on account of low reliance on external borrowing
and the long experience of the promoters in civil construction
business.

Xicon International Limited (XIL), an ISO 9001:2008 certified
entity, is a closely held public limited company established in
1986. It is engaged in the business of providing products &
services to infrastructure projects in the field of electric heat
tracing and turnkey project services covering instrumentation,
mechanical and electrical projects for captive power plants, oil,
metallurgical and process industries. It is also engaged in
Balance of Plant/Equipment (BOP) for DG sets and carries out
thermal insulation works.

The company has its own fabrication facility at Murbad, Thane
admeasuring about 4050 sq mt. and registered office at Andheri,
Mumbai.

Recent Results:
XIN recorded a net profit of INR0.39 crore on an operating income
of INR14.36 crore for the year ending 31st March 2014 and a net
profit of INR0.32 crore on an operating income of INR13.71 crore
for the year ending 31st March 2015 (provisional).



                             *********

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

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

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


                            *********


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

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

Copyright 2015.  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 ***