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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

           Wednesday, July 20, 2016, Vol. 19, No. 142

                            Headlines


A U S T R A L I A

ALDARA INVESTMENTS: First Creditors' Meeting Set For July 27
BURRUP FERTILIZERS: Pankaj Oswal in Mediation Talks With ANZ
C.A.R.T. INDUSTRIES: First Creditors' Meeting Set For July 27
EAGLE BOYS: In Administration; Creditors' Meeting Set For July 26
LEGEND INT'L: Liquidators Seek Chapter 11 Case Dismissal

QUEENSLAND NICKEL: Liquidators Hold Palmer's Private Jet
RODBRE PTY: First Creditors' Meeting Scheduled For July 26


I N D I A

A. S. CARRIERS: CRISIL Suspends 'B' Rating on INR1.08BB LT Loan
ADILABAD EXPRESSWAY: ICRA Suspends D Rating on INR350cr Loan
AIRWAAVE COMMUNICADO: Ind-Ra Withdraws 'IND BB' LT Issuer Rating
ARUPPUKOTTAI SRI: ICRA Suspends C/A4 Rating on INR95cr Loan
AV SCIENCE: ICRA Suspends B+/A4 Rating on INR5.0cr Bank Loan

BAKEWELL BISCUITS: CRISIL Reaffirms 'B' Rating on INR5MM LT Loan
BALAJI BUILDERS: ICRA Suspends B+ Rating on INR10cr Loan
BALAJI ELECTRICAL: ICRA Suspends B Rating on INR9cr Bank Loan
BARASAT KRISHNAGAR: ICRA Reaffirms D Rating on INR705.6cr Loan
BHAGYANAGAR CHLORIDES: CRISIL Suspends D Rating on INR50MM Loan

BIOXERA PHARMA: CRISIL Cuts Rating on INR30MM Corp. Loan to B+
BOSE BUILDING: CRISIL Suspends B- Rating on INR97MM LT Loan
CHAMPA DEVI: CRISIL Raises Rating on INR95MM Cash Loan to BB-
CHHADDAMI LAL: ICRA Reaffirms B+ Rating on INR9.90cr Term Loan
CHVV SUBBA: ICRA Ups Rating on INR2.0cr Cash Loan to B+

D.S.P.I. MILK: CRISIL Upgrades Rating on INR97.5MM Loan to BB-
DAYAL STEELS: ICRA Reaffirms B+ Rating on INR6.82cr Cash Loan
DEMBLA VALVES: ICRA Suspends B+ Rating on INR29.04cr Loan
DM EDUCATION: CRISIL Suspends 'B' Rating on INR1.40BB Loan
GLENMARK PHARMACEUTICALS: S&P Assigns 'BB' CCR; Outlook Stable

GOODEARTH MINCHEM: CRISIL Reaffirms B+ Rating on INR50MM Loan
H.S. SANDHU: ICRA Suspends B+/A4 Rating on INR12.5cr Loan
ICON SOLAR: CRISIL Ups Rating on INR60MM Cash Loan to B+
INDRA TUBES: CRISIL Assigns B+ Rating to INR125MM Cash Loan
J.P.S. FOUNDATION: CRISIL Assigns B+ Rating to INR10MM LT Loan

K.C. INDUSTRIES: CRISIL Reaffirms B+ Rating on INR110MM Loan
KARAN RICE: ICRA Lowers Rating on INR8.0cr Term Loan to D
KISSAN POULTRY: ICRA Assigns 'D' Rating to INR13.61cr Loan
KIWI ALLOYS: CRISIL Assigns 'B' Rating to INR52.5MM Cash Loan
KOHINOOR CARPETS: ICRA Reaffirms B+ Rating on INR15cr Loan

M K ROY: ICRA Assigns B+ Rating to INR5.15cr Cash Loan
M.H. FOODS: ICRA Suspends 'B' Rating on INR10cr Bank Loan
MALHOTRA CONSTRUCTIONS: ICRA Suspends B/A4 Bank Loan Ratings
MARKANDESHWAR FOODS: CRISIL Ups Rating on INR142.5MM Loan to BB-
MAULI FRESH: ICRA Assigns B Rating to INR25cr Unallocated Loan

MAXOUT INFRA: CRISIL Lowers Rating on INR120MM Bank Loan to D
MEGHA GUM: CRISIL Lowers Rating on INR150MM Cash Loan to 'D'
MONNET POWER: Ind-Ra Suspends 'IND C' Ratings on INR38.1BB Loan
NEXTRA TELESERVICES: ICRA Suspends C/A4 Rating on INR15.5cr Loan
NITESH FASHION: ICRA Reaffirms 'B' Rating on INR13.5cr Loan

OMSHREE RUBBER: CRISIL Suspends 'D' Rating on INR51.2MM Loan
PADIGELA GINNING: ICRA Reaffirms B+ Rating on INR7.50cr Cash Loan
POLYSPIN LIMITED: CRISIL Suspends B+ Rating on INR16MM Cash Loan
RAITANI ENGINEERING: ICRA Cuts Rating on INR25cr Loan to B+
RANGE CERAMIC: ICRA Revises Rating on INR8.95cr Loan to 'B'

SAY INDIA: CRISIL Suspends 'D' Rating on INR393MM Loan
SCR NIRMAN: ICRA Assigns B+ Rating to INR3.0cr Fund Based Loan
SEETA INTEGRATED: CRISIL Reaffirms B+ Rating on INR85MM Loan
SHREE BHANDARI: ICRA Suspends B+/A4 Rating on INR6.50cr Loan
SILVER COTTON: ICRA Reaffirms B+ Rating on INR4.0cr Cash Loan

SMP NAMO: CRISIL Suspends 'B' Rating on INR500MM Term Loan
SREE VARIETY: CRISIL Suspends 'D' Rating on INR100MM Cash Loan
SRI BALAJI: ICRA Suspends B+ Rating on INR6.0cr Fund Based Loan
SRI BUCHIYYAMMA: ICRA Reaffirms B+ Rating on INR13cr LT Loan
SRI LAKSHMI: ICRA Reaffirms B+ Rating on INR13cr Cash Loan

SRI LAXMI REVANTH: ICRA Suspends B- Rating on INR5.11cr Loan
SRI SIDDIRAMESHWAR: ICRA Assigns B Rating to INR45cr Cash Loan
SWATI ENTERPRISES: CRISIL Suspends B Rating on INR35MM Cash Loan
SYMCOM COMMUNICATION: ICRA Cuts Rating on INR25cr Loan to B+
TAMIL NADU: ICRA Reaffirms 'D' Rating on INR177.47cr Term Loan

TUBEKNIT FASHIONS: CRISIL Suspends C Rating on INR245MM Loan
URBANE INDUSTRIES: CRISIL Suspends B+ Rating on INR69.5MM Loan
UTTAR BHARAT: Ind-Ra Suspends 'IND BB' Long-Term Issuer Rating
VAELS EDUCATIONAL: CRISIL Ups Rating on INR146.6MM Loan to BB-
VAISHNAVI GLOBAL: CRISIL Reaffirms B+ Rating on INR70MM Loan

VELS INSTITUTE: CRISIL Ups Rating on INR215.2MM Loan to BB
VICKY FASHION: ICRA Assigns 'B' Rating to INR5.0cr Cash Loan
WITTY AUTO: ICRA Suspends 'D' Rating on INR8.0cr Bank Loan
ZURI HOTELS: ICRA Upgrades Rating to INR20cr Term Loan to BB-


N E W  Z E A L A N D

PROPERTY VENTURES: PwC Fails to Stop Liquidator's Lawsuit
WOOSH WIRELESS: Creditors Vote to put Firm Into Liquidation


P A K I S T A N

PAKISTAN MOBILE: S&P Affirms 'B-' CCR; Outlook Positive


V I E T N A M

VIETNAM EXPORT: S&P Affirms 'B+' LT ICR; Outlook Negative


                            - - - - -


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


ALDARA INVESTMENTS: First Creditors' Meeting Set For July 27
------------------------------------------------------------
Petr Vrsecky -- pvrsecky@pkf.com.au -- and Glenn Franklin --
gfranklin@pkf.com.au -- of PKF Melbourne on July 15, 2016, were
appointed as administrators of:

   -- Aldara Investments Pty. Ltd.;
   -- Aldara Holdings Pty. LTD.;
   -- Aldara Group Pty. Ltd.; and
   -- Level Seven Projects Pty. Ltd.

A first meeting of the creditors of the Company will be held at
PKF Melbourne, Level 13, 440 Collins Street, in Melbourne, on
July 27, 2016, at 9:30 a.m.


BURRUP FERTILIZERS: Pankaj Oswal in Mediation Talks With ANZ
------------------------------------------------------------
Megan Neil at The Sydney Morning Herald reports that Indian
businessman Pankaj Oswal will participate in mediation talks over
his AUD2.5 billion damages case against the ANZ bank and
receivers.

SMH relates that the mediation appears unlikely to result in a
settlement of the complex civil case, which involves numerous
claims and counter-claims related to the Oswals' Australian
fertiliser business, Burrup Fertilizer.

It is hoped the two-day talks, which come after 19 days of
opening submissions, will at least help narrow some of the issues
in what is expected to be a six-month trial, according to SMH.

SMH notes that Mr Oswal and his wife Radhika returned to
Australia after a five-year absence in April, having left a few
days before ANZ appointed receivers to their Burrup business in
December 2010.

They want up to AUD2.5 billion in damages, arguing the $US560
million sale of their 65 per cent stake in parent company Burrup
Holdings in 2012 represented less than half its true value.

Mr Oswal will join the many other parties in mediation in
Melbourne on July 19 and July 20.

SMH says US oil and gas company Apache Corp, which supplied gas
to the Burrup ammonia plant and bought some of the Oswals' stake,
has sent executives from America.

The parties will appear before Justice Julie Dodds-Streeton again
on July 21 and the first evidence in the case may start on
July 26, SMH discloses.

According to the report, the court has heard a former senior ANZ
executive, who the court heard made racist remarks about the
Indian couple, denies putting Mr Oswal in a headlock during an
impasse in negotiations in December 2009.

It also heard Mr Oswal allegedly misappropriated more than
AUD150 million in Burrup Fertilisers money for the couple's
personal benefit, including Mrs Oswal's vegetarian restaurant
chain, luxury cars and what was to be a AUD70 million Perth
mansion dubbed the "Taj Mahal on the Swan River" that was never
completed, the report relays.

SMH notes that Mr Oswal argues the payments were partly in
restitution of debts connected with the Burrup plant's
construction.

The court heard Mrs Oswal was pressured into signing a guarantee
over hundreds of millions of dollars in debts to prevent her
husband going to jail for fraud over falsified security
documents, which the bank denies, adds SMH.

                     About Burrup Fertilisers

Headquartered in Karratha in Western Australia, Burrup
Fertilisers Pty Ltd -- http://www.bfpl.com.au/-- is Australia's
largest ammonium producer.  The company has a production capacity
of 850-tonnes of liquid ammonia a year.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 20, 2010, The Australian said Burrup Fertilisers Pty Ltd was
placed into receivership with debts of about AUD800 million.
ANZ Bank appointed PPB Advisory as receivers to Burrup
Fertilisers.  ANZ also appointed the same receivers, PPB
Advisory, over shares held by members of the Oswal Group in
related company Burrup Holdings.  The bank is alleging "evidence
of financial irregularities" as well as the usual default
triggers relating to debt facilities established between 2002 and
2007, The Australian said.


C.A.R.T. INDUSTRIES: First Creditors' Meeting Set For July 27
-------------------------------------------------------------
Richard Albarran and David Ross of Hall Chadwick were appointed
as administrators of C.A.R.T. Industries Pty Ltd on July 18,
2016.

A first meeting of the creditors of the Company will be held at
Hall Chadwick, Level 10, 575 Bourke Street, in Melbourne, on
July 27, 2016, at 9:30 a.m.


EAGLE BOYS: In Administration; Creditors' Meeting Set For July 26
-----------------------------------------------------------------
David Michael Stimpson and Terrence John Rose of SV Partners on
July 14, 2016, were appointed as administrators of:

   -- Eagle Boys Dial-A-Pizza Australia Pty Limited
   -- EBA Pizza Holdings Pty Ltd;
   -- Eagle Girls Pty Ltd;
   -- EB Pizza IP Holdings Pty Ltd; and
   -- EB Stores Pty Ltd.

The Sydney Morning Herald reports that the pizza chain's head
office called in administrators SV Partners but insists its 120
or so franchisees will continue to trade while a potential sale
is negotiated.

SMH relates that documents filed with the corporate regulator
showed the company either could not pay its debts or thought it
may soon be unable to do so.

"For Eagle Boys customers, franchisees, employees and suppliers
it's 'business as usual' while the Administrators' review is
underway," the company said in a statement.

Eagle Boys was founded in Albury NSW in 1987.  Private equity
firm NBC Capital acquired an 85% stake in Eagle Boys in 2007, and
since then has been the subject of a string of controversies and
shrinking market share, the report relates.

The 15% of the company not owned by Eagle Boys is understood to
be held by six former staff members, says SMH.

Eagle Boys' footprint has more than halved from its peak of 340
Australian stores, with 127 stores listed on its website,
according to SMH.

SMH notes that some remaining stores are owned by head office,
which could not confirm the number, while cinema chain Hoyts owns
12 Eagle Boys outlets at theatres.

"At this current time it is business as usual," the report quotes
a Hoyts spokeswoman as saying when asked about the future of
those outlets.

According to the report, Deutsche Bank analyst Michael Simotas
said Domino's Pizza, which has about 600 stores, is a potential
buyer.

SMH relates that Mr. Simotas said problems could arise if the
ACCC knocked a buyout back on competition grounds. Domino's could
also be reluctant to retain franchisees, and franchisees might
not want to invest in rebranding as Domino's stores, Mr Simotas
said in a note to clients, SMH relays.

Retail Food Group, which owns Donut King, Brumby's Bakery and
Michael's Patisserie as well as Pizza Capers and Crust, has also
been floated as a potential buyer, SMH states.

SMH says Eagle Boys store owners claim to have been driven to the
wall by price wars with dominant chains Domino's and Pizza Hut,
and hit by head office cutting back on advertising.

A first meeting of the creditors of the Company will be held at
SV Partners, 138 Mary Street, in Brisbane, Queensland, on
July 26, 2016, at 11:00 a.m.


LEGEND INT'L: Liquidators Seek Chapter 11 Case Dismissal
--------------------------------------------------------
BankruptcyData.com reported that Legend International Holdings'
Court-appointed liquidators filed with the U.S. bankruptcy court
a motion to dismiss the Chapter 11 case.  The motion explains,
"In the past week, the Court of Appeal and the Supreme Court of
Victoria have each issued orders affirming the Liquidators'
appointment, clarifying that they are the only parties empowered
to act on behalf of the Debtor (in Liquidation).  The Liquidators
now seek dismissal in order to avoid unnecessary expense and
distraction as they administer the Debtor (in Liquidation)'s
estate in Australia.  Insolvency proceedings are ongoing in
Australia, and this chapter 11 case is not necessary to obtain a
just and equitable solution.  In fact, Australian insolvency law
is well-developed and the Liquidators can pursue a wide array of
in- and out-of-court options to maximize return to creditors,
ranging from reorganization to liquidation.  The Australian
Courts have also demonstrated that they are able to quickly and
efficiently address issues that arise while the Debtor (in
Liquidation) is in insolvency proceedings. Finally, it is not
clear that this Court's jurisdiction was sought to protect the
interests of the Debtor and its creditors but rather to 'prevent
the winding up.'"

The Court scheduled a July 20, 2016 hearing to consider the
dismissal motion, according to the report.

              About Legend International Holdings

Headquartered in Melbourne, Victoria, phosphate company Legend
International Holdings Inc. filed for Chapter 11 bankruptcy
protection (Bankr. D. Del. Case No. 16-11131) on May 8, 2016,
listing $7.24 million in total assets as of April 30, 2016, and
$13.2 million in total debt as of April 30, 2016.  The petition
was signed by Joseph Gutnick, chairman of the Board/President &
CEO.

Steven K. Kortanek, Esq., at Drinker Biddle & Reath LLP serves as
the Debtor's bankruptcy counsel. Leib Lerner, Esq. at Alston &
Bird LLP acts as co-counsel and Drinker Biddle & Reath LLP acts
as Delaware co-counsel.


QUEENSLAND NICKEL: Liquidators Hold Palmer's Private Jet
--------------------------------------------------------
The Australian reports that liquidators are refusing to hand over
Clive Palmer's private jet unless he covers the costs Queensland
Nickel spent on operating and maintaining it, court documents
reveal.

The Australian relates that in an application lodged to the
Brisbane Supreme Court, liquidators claim QN spent more than AUD2
million on the Cessna Citation X, which was bought for US$5
million (AUD6.6 million) in late 2011. However, Mr Palmer
contests QN ever owned the jet despite business records showing
he transferred ownership to the company in 2012.

According to the report, the jet is grounded at Coolangatta
airport on the Gold Coast and is being held by FTI Consulting,
the liquidators of Mr Palmer's Townsville refinery operating
company, Queensland Nickel Pty Ltd.

The Australian notes that as part of a multi-pronged series of
disputes in the Queensland Supreme Court between Mr Palmer's
interests, FTI Consulting and other major resources companies, it
was revealed last week that the liquidators are willing to hand
over the Cessna, but Roger Derrington QC, for FTI, told judge
John Bond Mr Palmer would need to "substitute a sum of money" for
the aircraft.

The Australian says Mr Palmer disputes the liquidators' right to
hold the aircraft, alleging it belongs to him, not Queensland
Nickel. Sources close to the company's collapse said Mr Palmer
"desperately" wanted the plane back, the report adds.

The issue is likely to be one of several fought out before
Justice Bond in coming weeks, including a push by Mr Palmer to
remove FTI as liquidator because of an alleged conflict of
interest, The Australian says.

According to FTI's damning report to creditors, Queensland Nickel
paid a US$250,000 deposit for the plane in September 2011, The
Australian discloses.  The Australian says the rest of the
purchase price, US$4.55 million, was paid by Palmer Leisure
Australia the following month, just months after QN gave Palmer
Leisure Australia a AUD40 million capital advance.

According to The Australian, FTI said QN's records show the
Cessna was destined to be an asset of the refinery company, and
that QN footed the bill for aviation expenses. In July 2012,
there was an "alleged sale" of the Cessna to Mr Palmer for AUD5
million, however FTI says the registration was never transferred
from QN to Mr Palmer and QN continued to tell unnamed third
parties that it owned the plane.

QN also never received the AUD5 million in cash from Mr Palmer
for the alleged sale, though there were markings in the loan
account of Mr Palmer's flagship company Mineralogy and
subsequently forgiven, The Australian reports.

According to the report, Barrister Howard Insall SC, representing
Mr Palmer's interests, did not make a submission about the Cessna
and Justice Bond did not make a ruling.

However, he urged the judge to hear Mr Palmer's application to
remove FTI Consulting as liquidator "as soon as possible," the
report relays.

The Australian relates that Mr Insall said FTI Consulting had a
conflict of interest, even before they were hand-picked by Mr
Palmer's nephew Clive Mensink to run Queensland Nickel's
voluntary administration in January.

Mr Insall said that in October, FTI had sought to seek financial
assistance for Queensland Nickel. Later, it entered into security
documents that included a power of attorney, relates The
Australian.

"We have made no allegation of dishonesty, but we are asserting
there is a conflict," Mr Insall told the court.

The matters will be heard by Justice Bond on several occasions in
coming weeks, The Australian adds.

                      About Queensland Nickel

Queensland Nickel operates the Palmer Nickel and Cobalt Refinery
in Queensland, Australia.  Queensland Nickel directors appointed
John Park, Stefan Dopking, Kelly-Anne Trenfield and Quentin Olde
of FTI Consulting as voluntary administrators on Jan. 18, 2016.

FTI went from being administrators to liquidators at the second
creditors meeting in April, after issuing a damning report into
Queensland Nickel's finances, The Courier-Mail reported.


RODBRE PTY: First Creditors' Meeting Scheduled For July 26
----------------------------------------------------------
John Cunningham and Paul Nogueira of Worrells Solvency + Forensic
Accountants were appointed as administrators of Rodbre Pty Ltd on
July 14, 2016.

A first meeting of the creditors of the Company will be held at
Worrells Solvency & Forensic Accountants, Suite 4, Level 3,
Bryant House, 26 Duporth Avenue, in Maroochydore, Queensland, on
July 26, 2016, at 11:00 a.m.



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


A. S. CARRIERS: CRISIL Suspends 'B' Rating on INR1.08BB LT Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of A. S.
Carriers Private Limited (ASC).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan         1080       CRISIL B/Stable

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

ASC was established in 1993. Till 2006-07 (refers to financial
year, April 1 to March 31), the company carried out clearing and
forwarding services for Hindustan Unilever Ltd (rated 'CRISIL
AAA/Stable'). ASC is currently in the business of constructing
and leasing out industrial warehouses. ASC has warehouse
properties in Bengaluru (Karnataka), Hosur, and Chennai (both in
Tamil Nadu), with a combined storage space of 1.23 million square
feet.


ADILABAD EXPRESSWAY: ICRA Suspends D Rating on INR350cr Loan
------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D outstanding on
the INR350.00 crore fund bank facilities of Adilabad Expressway
Private Limited. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.


AIRWAAVE COMMUNICADO: Ind-Ra Withdraws 'IND BB' LT Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Airwaave
Communicado India Pvt Ltd's (ACIPL) 'IND BB' Long-Term Issuer
Rating. The Outlook was Stable.

ACIPL's bank loan ratings have been withdrawn as the company did
not proceed with the proposed loans as envisaged.  Consequently,
the agency has also withdrawn the company's Long-Term Issuer
Rating. Ind-Ra will no longer provide ratings or analytical
coverage for ACIPL.

ACIPL's ratings:

-- Long-Term Issuer Rating: 'IND BB'/Stable; rating withdrawn
-- Proposed INR50 million fund-based working capital limit:
    'Provisional IND BB'; rating withdrawn
-- Proposed INR30 million term loan: 'Provisional IND BB';
    rating withdrawn


ARUPPUKOTTAI SRI: ICRA Suspends C/A4 Rating on INR95cr Loan
-----------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]C and short-term
rating of [ICRA]A4 outstanding on the INR95.00 crore bank
facilities of Aruppukottai Sri Jayavilas Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in
the absence of the requisite information from the company.


AV SCIENCE: ICRA Suspends B+/A4 Rating on INR5.0cr Bank Loan
------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA] B+ and the
short term rating of [ICRA] A4 assigned to the INR5.00 crore bank
facilities of AV Science & Technologies Private Limited. The
suspension follows ICRA's inability to carry out rating
surveillance in the absence of requisite information from the
company.

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


BAKEWELL BISCUITS: CRISIL Reaffirms 'B' Rating on INR5MM LT Loan
----------------------------------------------------------------
CRISIL ratings to the bank facilities of Bakewell Biscuits
Private Limited continue to reflect BBPL's modest scale of
operations in the highly competitive biscuits industry, its large
working capital requirement and below-average financial risk
profile because of a leveraged capital structure. These rating
weaknesses are partially offset by the extensive experience of
promoters in the biscuits industry and the support the company
receives from the NICE Biscuits group.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan           5        CRISIL B/Stable (Reaffirmed)
   Packing Credit          95        CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes BBPL will benefit over the medium term from the
extensive industry experience of promoters. The outlook may be
revised to 'Positive' if significant scaling up of operations and
maintenance of moderate profitability, leading to sizable cash
accrual. Conversely, the outlook may be revised to 'Negative' if
lower cash accrual, larger-than-expected working capital
requirement, or large, debt-funded capital expenditure (capex)
weakens its financial risk profile, especially liquidity.

Update
Sales increased to INR253 million for Fiscal 2016 from INR121
million the previous year. Ramp-up in capacity utilisation and
addition of new confectionery items such as candies and lollipops
have helped demonstrate strong revenue growth. Revenue is
expected to grow moderately over the medium term too, backed by
better commercialisation of existing capacities and addition of
new products in the near term. The operating margin was estimated
to have declined to 8.2% in Fiscal 2016 from over 11%the previous
year, the sustenance of margin remains a key monitorable.

Debt-funded capex and large working capital requirement led to
continued weak capital structure as reflected in estimated
gearing of over 8 times and a small networth of about INR19
million as on March 31, 2016. Debt protection metrics were also
estimated to remain average, with interest coverage and net cash
accrual to total debt ratios of 1.9 times and 0.06 time,
respectively, for Fiscal 2016. Liquidity is stretched, with high
bank limit utilisation.

Incorporated in 2004, BBPL is promoted by the Modasa (Gujarat)-
based Mr. Mohammadraish Suthar and Mr. Hitesh Patel. The firm
manufactures biscuits from wheat flour.


BALAJI BUILDERS: ICRA Suspends B+ Rating on INR10cr Loan
--------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR10.00
crore long term fund based and non fund based facilities of
Balaji Builders. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.

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


BALAJI ELECTRICAL: ICRA Suspends B Rating on INR9cr Bank Loan
-------------------------------------------------------------
ICRA has suspended rating of [ICRA]B assigned to the INR9.00
crore bank facilities of Balaji Electrical and hardware (BEH).
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

BEH is a Noida based sole proprietorship which is engaged in
trading of electrical goods. BEH has been in this line of
business for more than one decade.


BARASAT KRISHNAGAR: ICRA Reaffirms D Rating on INR705.6cr Loan
--------------------------------------------------------------
ICRA has reaffirmed the long-term rating assigned to the
INR705.60 crore term loan of Barasat Krishnagar Expressways
Limited (BKEL) at [ICRA]D.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Term loans             705.60        [ICRA]D; re-affirmed

The rating reaffirmation takes into account continued delays in
servicing its term loan obligations. The rating is also
constrained by lag in execution due to the issues faced by NHAI
in acquiring land, BKEL could not achieve the second milestone3
as per concession agreement (CA) till date as against scheduled
completion date of February 3, 2015 as per CA. ICRA notes that
BKEL has issued notice of termination to NHAI under clause 37.2
of CA. The matter is pending resolution. ICRA will continue to
monitor the developments w.r.t resolution of the issue and its
impact on the credit profile of the company.

Going forward, BKEL's ability to service all its debt obligations
in a timely manner will be the critical rating sensitivity. The
other rating sensitivities include acquisition of the remaining
right of way, timely equity infusion from promoters.

BKEL has been incorporated as a special purpose vehicle promoted
by Madhucon Infra Limited (MIL) and Madhucon Projects Limited
(MPL) to undertake the implementation of four-laning of Barasat
to Krishnagar section of NH-34 from km 31.00 to km 115.00 in the
state of West Bengal under NHDP Phase III on Design, Build,
Finance, Operate, Transfer (DBFOT) Annuity basis.

The project involves four- laning of Barasat to Krishnagar
section of NH-34 from km 31.00 to km 115.00 in the state of West
Bengal under NHDP Phase III on Design, Build, Finance, Operate,
Transfer (DBFOT) Annuity basis. The total cost of the project is
INR980.00 crore planned to be funded by INR274.40 crore of
promoter's funds and INR705.60 crore of debt. The total
concession period is 17 years including the construction period
of 2.5 years. BKEL will receive a fixed annuity payment of
INR73.98 crore semi-annually for a period of 14.5 years. The
appointed date for the project has been announced as 7th August
2012 and the scheduled date of completion of the project is 3rd
February 2015. However, there are delays in project execution
owing to delays in land acquisition.


BHAGYANAGAR CHLORIDES: CRISIL Suspends D Rating on INR50MM Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Bhagyanagar Chlorides Private Limited (BCPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bill Discounting       42.5       CRISIL D
   Cash Credit            50         CRISIL D
   Long Term Loan         35         CRISIL D
   Proposed Cash Credit
   Limit                  22.5       CRISIL D

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

Incorporated in 1991, BCPL is promoted by Mr. P Srinivasa Rao and
Mr. A V S Prasad. It has been in the business of processing
aluminium chloride anhydrous, an industrial chemical, for more
than two decades.


BIOXERA PHARMA: CRISIL Cuts Rating on INR30MM Corp. Loan to B+
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Bioxera Pharma Private Limited (BPPL) to 'CRISIL B+/Stable/CRISIL
A4' from 'CRISIL BB-/Stable/CRISIL A4+'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           1        CRISIL A4 (Downgraded from
                                     'CRISIL A4+')

   Cash Credit             22.5      CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

   Corporate Loan          30        CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

   Letter of Credit        15        CRISIL A4 (Downgraded from
                                     'CRISIL A4+')

   Proposed Long Term      11.5      CRISIL B+/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL BB-/Stable')

   Term Loan               30        CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

The downgrade reflects deterioration in business and financial
risk profiles due to flattish revenue, and low cash accrual
because of significant decline in profitability. Operating margin
declined to 7.4% in fiscal 2016 from 24% in the previous year.
Consequently the accruals declined to Rs 4 million in fiscal 2016
from Rs 22 million previously, which provided limited cushion
against the company's fixed debt repayment obligations. Debt
protection metrics also deteriorated, with interest coverage and
net cash accrual to total debt ratios at 1.3 times and 0.05 time,
respectively, for fiscal 2016. However, unsecured loans of Rs
54.4 million (as on March 31, 2016) from the promoters support
liquidity.

The ratings reflect BPPL's modest scale of operations in the
competitive bulk drug manufacturing segment and below-average
financial risk profile because of small networth, high gearing,
and modest debt protection metrics. These weaknesses are
partially offset by the extensive experience of promoters and
their funding support.

For arriving at its ratings, CRISIL has treated unsecured loans
of Rs 54.4 million from promoters as neither debt nor equity as
the same are subordinate to bank debt and will remain in business
over the medium term.
Outlook: Stable

CRISIL believes BPPL will continue to benefit over the medium
term from the extensive experience of its promoters. The outlook
may be revised to 'Positive' if ramp-up in operations and
profitability leads to significant cash accrual and hence, a
better financial risk profile. The outlook may be revised to
'Negative' if sizeable increase in working capital requirement,
decline in profitability, or a large, debt-funded capital
expenditure further weakens financial risk profile.

Incorporated in 2005 and owned by AR-EX Laboratories Pvt Ltd
(which is promoted by Mr. Ajit Gunjkar, Mr. Santosh Gunjkar, Ms.
Sudha Gunjkar, and Mr. Nitin Mandgaonkar), BPPL manufactures bulk
drugs for the domestic and global markets. Facility is in
Ambernath, Maharashtra.


BOSE BUILDING: CRISIL Suspends B- Rating on INR97MM LT Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facility of
Bose Building Materials & Prefab Houses Private Limited (BBMPH).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      97        CRISIL B-/Stable

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

BBMPH, based in Andhra Pradesh, is setting a facility to
manufacture prefabricated housing materials. The company is
promoted by Mr. M S Chandra Bose.


CHAMPA DEVI: CRISIL Raises Rating on INR95MM Cash Loan to BB-
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Champa Devi Foods Private Limited (CDF; part of the Markandeshwar
group) to 'CRISIL BB-/Stable' from 'CRISIL B+/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              95       CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B+/Stable')

The rating upgrade reflects CRISIL's belief that the group will
sustain its improved business and financial risk profiles over
the medium term. Improvement in the business risk profile was
driven by an increase in operating income to Rs 1.3 billion in
fiscal 2016 from Rs 864 million in the previous fiscal. The
improvement in operating income was mainly because of high
realisations from milk and allied products. Moreover, working
capital management was efficient as indicated by a decrease in
gross current assets to 135 days as on March 31, 2016, from 215
days a year earlier. Financial risk profile too has improved
because of a low total outside liabilities to tangible networth
ratio, estimated at 3.04 times as on March 31, 2016, against 6.30
times a year earlier. The financial risk profile is expected to
remain moderate over the medium term.

The rating reflects the extensive experience of the group's
promoters in the dairy industry and an established marketing
network. These rating strengths are partially offset by a below-
average financial risk profile because of high gearing and weak
debt protection metrics, and large working capital requirement.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of CDF, Markandeshwar Foods & Allied
Products Ltd (MFA), and DSPI Milk Foods Ltd (DSPI). This is
because all these companies, together referred to as the
Markandeshwar group, have a common management and are engaged in
a similar line of business.
Outlook: Stable

CRISIL believes the Markandeshwar group will continue to benefit
over the medium term from the extensive industry experience of
its promoters and established marketing network. The outlook may
be revised to 'Positive' in case of a significant increase in
revenue along with improvement in profitability leading to
substantial cash accrual, or a shorter working capital cycle. The
outlook may be revised to 'Negative' if profitability or revenue
declines, or working capital cycle lengthens, resulting in low
cash accrual and hence to deterioration in the financial risk
profile.

All the group companies are promoted by Mr. Devraj Garg and Mr.
Satish Garg, and manufacture dairy products such as pure ghee and
skimmed milk powder, among others. They sell their products under
the group's own brand names such as Madhusagar, Lord Krishna,
Murli, and Himalaya, among others.

CDF, incorporated in 2002, has its manufacturing plant at
Sangroor (Punjab) with a capacity of 40,000 litres per day (lpd).

MFA, incorporated in 1993, has its manufacturing plant at
Kurukshetra (Haryana) with a capacity of 40,000 lpd.

DSPI, incorporated in 2003, has its manufacturing plant at Palwal
(Faridabad) with a capacity of 30,000 lpd.

For 2013-14 (refers to financial year, April 1 to March 31), CDF,
on a standalone basis, reported a profit after tax (PAT) of
INR0.8 million on net sales of INR354.7 million, against a PAT of
INR0.5 million on net sales INR222.4 million for 2012-13.


CHHADDAMI LAL: ICRA Reaffirms B+ Rating on INR9.90cr Term Loan
--------------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B+ on the
INR9.90 crore bank facilities of Chhaddami Lal Jagdish Saran
Charitable Trust.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Term Loans              9.90         [ICRA]B+; reaffirmed

The rating reaffirmation takes into account the consistent
increase in the trust's revenues led by a moderate growth in
student strength and an increase in fees; and the consequent
improvement in the credit profile as reflected by interest
coverage of 3.9x and NCA3/total debt of 28.5% as on March 31,
2016. The rating also takes comfort from the timely financial
support received by the school from its trustees and their group
companies. The rating, however, continues to be constrained by
the moderate occupancy levels of the school; the small scale of
operations of the trust; and the competition from other schools
in the area.

Going forward, the ability of the trust to improve its occupancy
levels and profitability will be the key rating sensitivities.

CLJS was formed in 1995 with Mr. Jagdish Saran Gupta and his
three sons, as the trustees, in Moradabad, Uttar Pradesh. The
trust operates the CL Gupta World School, which offers classes
Pre-Nursery to XIIth. The school recorded an occupancy level of
60% in FY2016.

Recent Results
In FY2016, CLJS reported revenue receipts of INR7.28 crore and a
net surplus of INR0.39 crore, as against revenue receipts of
INR5.52 crore and a net surplus of INR0.12 crore in the previous
year.


CHVV SUBBA: ICRA Ups Rating on INR2.0cr Cash Loan to B+
-------------------------------------------------------
ICRA has upgraded the long term rating to [ICRA]B+ from [ICRA]B
for INR2.00 crore cash credit facility, and has reaffirmed the
short term rating at [ICRA]A4 for the INR13.00 crore bank
guarantee limits of CHVV Subba Rao. ICRA has also upgraded the
long-term/short-term rating to [ICRA]B+/[ICRA]A4 from
[ICRA]B/[ICRA]A4 for INR8.00 crore unallocated limits of CHVVSR.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Cash Credit              2.00      [ICRA]B+; upgraded
   Bank Guarantee          13.00      [ICRA]A4; reaffirmed
   Unallocated Limits       8.00      [ICRA]B+/[ICRA]A4; upgraded

The rating revision positively factors in the improved order book
to operating income ratio for the firm which has improved to
2.64x times as on 31st May, 2016 as against a ratio of 1.03x as
on 31st October, 2015 on the back of securing two new orders
worth INR80.00 crore for the CPWS schemes in Karimnagar and West
Godawari districts in May, 2016. The rating also favourably
factors in CHVVSR's healthy liquidity position as reflected by
average overdraft utilization of around ~12% during the past 12
months, the long track record of more than two decades of the
proprietor in the construction industry and established
relationship with the Rural Water Supply and Sanitation
departments of Andhra Pradesh and Telangana which helps in
regular and repeat flow of orders and also reflects the quality
and timeliness of works executed.

However, the rating continues to be constrained by the entities
exposure to high geographic concentration with its operations
restricted to Andhra Pradesh and Telangana regions and high
sectoral concentration as only Comprehensive Protected Water
Supply works are carried out. ICRA takes note of the high order
book concentration with only four orders contributing to the
outstanding order book. The rating also takes into consideration
the risks associated with a proprietorship concern, which
includes limited ability to raise capital, risk of capital
withdrawals and dissolution upon death/retirement/insolvency of
the proprietor.

Going forward, ability of the entity to improve its top line
while maintaining its profitability and maintain its capital
structure along with regular flow of work-orders from CPWS&S
department would be the key rating sensitivities.

CH. V.V. Subba Rao was incorporated as a proprietorship concern
in 1995 to undertake civil engineering projects pertaining to
comprehensive protected water supply & sanitation (CPWS&S) in
Andhra Pradesh. The works include laying of pipelines for water
supply, tapping of surface water, construction of filtration
plants for filtration of brackish water and fluoride water etc,
construction of over head tanks etc. The entity executes these
projects for government of Andhra Pradesh under various schemes
related to Andhra Pradesh Rural Water Supply & Sanitation
(RWS&S).

Recent Results
In FY2015, CHVVSR reported an operating income of INR34.57 crore
and a net profit of INR2.04 crore as against an operating income
of INR27.86 crore and a net profit of INR1.64 crore in FY2014. As
per FY2016 provisional numbers, CHVVSR reported an operating
income of INR37.01 crores and a net profit of INR2.86 crore.


D.S.P.I. MILK: CRISIL Upgrades Rating on INR97.5MM Loan to BB-
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
D.S.P.I. Milk Foods Ltd. (DSPI; part of the Markandeshwar group)
to 'CRISIL BB-/Stable' from 'CRISIL B+/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             97.5      CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B+/Stable')

The rating upgrade reflects CRISIL's belief that the group will
sustain its improved business and financial risk profiles over
the medium term. Improvement in the business risk profile was
driven by an increase in operating income to Rs 1.3 billion in
fiscal 2016 from Rs 864 million in the previous fiscal. The
improvement in operating income was mainly because of high
realisations from milk and allied products. Moreover, working
capital management was efficient as indicated by a decrease in
gross current assets to 135 days as on March 31, 2016, from 215
days a year earlier. Financial risk profile too has improved
because of a low total outside liabilities to tangible networth
ratio, estimated at 3.04 times as on March 31, 2016, against 6.30
times a year earlier. The financial risk profile is expected to
remain moderate over the medium term.

The rating reflects the extensive experience of the group's
promoters in the dairy industry and an established marketing
network. These rating strengths are partially offset by a below-
average financial risk profile because of high gearing and weak
debt protection metrics, and large working capital requirement.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of MFA, DSPI Milk Foods Ltd (DSPI), and
Champa Devi Foods Pvt Ltd (CDF). This is because the three
companies, together referred to as the Markandeshwar group, have
a common management and are engaged in the same business.
Outlook: Stable

CRISIL believes the Markandeshwar group will continue to benefit
over the medium term from the extensive industry experience of
its promoters and established marketing network. The outlook may
be revised to 'Positive' in case of a significant increase in
revenue along with improvement in profitability leading to
substantial cash accrual, or a shorter working capital cycle. The
outlook may be revised to 'Negative' if profitability or revenue
declines, or working capital cycle lengthens, resulting in low
cash accrual and hence to deterioration in the financial risk
profile.

The Markandeshwar group companies are promoted by Mr. Devraj Garg
and Mr. Satish Garg. The group manufactures dairy products such
as pure ghee and skimmed milk powder. These are sold under its
own brands, which include Madhusagar, Lord Krishna, Murli, and
Himalaya.

MFA, incorporated in 1993, has its manufacturing plant at
Kurukshetra, Haryana, with capacity of 40,000 litre per day
(lpd).

DSPI, incorporated in 2003, has its manufacturing plant at
Palwal, Haryana, with capacity of 30,000 lpd.

CDF, incorporated in 2002, has its manufacturing plant at
Sangroor, Punjab, with capacity of 40,000 lpd.


DAYAL STEELS: ICRA Reaffirms B+ Rating on INR6.82cr Cash Loan
-------------------------------------------------------------
ICRA has re-affirmed the [ICRA]B+ rating assigned to the INR6.82
crore cash credit facility of Dayal Steels Limited. ICRA has also
re-affirmed the [ICRA]A4 rating assigned to the INR3.18 crore
non-fund based bank facilities of DSL.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based Limit-
   Cash Credit             6.82         [ICRA]B+ reaffirmed

   Non Fund Based
   Limit-Letter of
   Credit                  0.80         [ICRA]A4 reaffirmed

   Non Fund Based
   Limit-Bank Guarantee    2.38         [ICRA]A4 reaffirmed

The reaffirmation of the ratings take into account the weak
financial profile of the company characterised by operating
losses incurred during FY2016 due to significant decline in
realisations although the non-operating income supported the net
profits of the company during the same period. The ratings factor
in the lack of vertical integration in the company's
manufacturing process, making margins sensitive to input and
output prices. ICRA also notes the company's dependence on
external source of power (which negatively impacts its cost
structure because of the highly power-intensive nature of the
ferro-alloy manufacturing process) and the ongoing weakness and
cyclical nature of the steel industry. Such weakness and cyclical
nature are likely to keep the profitability and cash flows of all
the players in the steel business, including DSL, volatile. The
company also faces intense competition because of the highly-
fragmented industry structure and low product differentiation.
The ratings, however, derive comfort from the long experience of
the promoters in the steel industry and a comfortable capital
structure of the company. Low working capital borrowings as well
as the substantial liquid investment portfolio of DSL as on
March 31, 2016 support the capital structure.

Incorporated in 1999, Dayal Steels Limited (DSL) manufactures
mild steel ingot and ferro alloys (silico manganese) with an
installed capacity of 28,800 metric tonne per annum (MTPA) and
15,000 MTPA, respectively. The manufacturing facilities of the
company are located at Ramgarh, Jharkhand.

Recent Results
In FY2016, the company reported a net profit of INR0.17 crore
(provisional) on an operating income of INR87.15 crore
(provisional); as compared to a net profit of INR0.27 crore on an
operating income of INR118.21 crore in FY2015.


DEMBLA VALVES: ICRA Suspends B+ Rating on INR29.04cr Loan
---------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR29.04 Crore
long term fund based bank facilities of Dembla Valves Limited.
ICRA has suspended the rating of [ICRA]A4 to the INR30.50 Crore
short term fund based and non fund based bank facility of DVL.
ICRA has also suspended [ICRA]B+/[ICRA]A4 ratings assigned to the
INR1.31 cr unallocated amount. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of
the requisite information from the company.


DM EDUCATION: CRISIL Suspends 'B' Rating on INR1.40BB Loan
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
DM Education and Research Foundation (DMERF).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         77.2       CRISIL A4
   Cash Credit           120         CRISIL B/Stable
   Letter of Credit      100         CRISIL A4
   Long Term Loan       1402.8       CRISIL B/Stable

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

Set up in 2010 as a trust, DMERF has set up a medical college-
cum-hospital, DM Wayanad Institute of Medical Sciences (DM WIMS),
in Meppadi, Wayanad (Kerala). DM WIMS presently comprises a
multi-specialty hospital and a medical college, both of which
commenced operations in 2013-14 (refers to financial year,
April 1 to March 31).


GLENMARK PHARMACEUTICALS: S&P Assigns 'BB' CCR; Outlook Stable
--------------------------------------------------------------
S&P Global Ratings said that it had assigned its 'BB' long-term
corporate credit rating to India-based Glenmark Pharmaceuticals
Ltd.  The outlook is stable.  At the same time, S&P assigned its
'BB' issue rating to the company's proposed senior unsecured
notes.  The rating on the notes is subject to S&P's review of the
final issuance documentation.

"The rating on Glenmark reflects the company's exposure to the
highly competitive generic drugs market, manufacturing asset
concentration, and moderate revenue base with modest though
improving market shares in the U.S. and India, and historically
low profitability," said S&P Global Ratings credit analyst Vishal
Kulkarni.  "Nevertheless, the company's good product pipeline and
regulatory compliance, healthy research and development (R&D)
investments, and commitment to deleverage with internal cash
flows strengthen its credit profile."

Glenmark's revenue base and its share of the key U.S. and India
markets are smaller than its peers and constrain its business
risk profile.  The market shares, however, are gradually growing
with revenue growth rate that has exceeded that of market.
Glenmark's EBITDA margin historically has been lower than peers.
S&P believes that is partly due to the company's higher R&D
spending. Glenmark's margin can improve if it can successfully
commercialize better-margin products in the U.S. and if
increasing revenues bring economies of scale.

Glenmark's asset diversity is limited because a majority of its
manufacturing assets and R&D facilities are in India and two of
its Indian facilities make up a significant part of its U.S.
sales.  When its Argentinian and U.S. facilities start
production, it will improve asset diversity somewhat.

In S&P's view, Glenmark has ensured strong regulatory compliance
of its various facilities.  S&P understands that the latest
regulatory checks have not resulted in any adverse action that
could affect production, cause product recalls, or result in
financial penalties or litigations.  S&P expects Glenmark to
continue to demonstrate such commitment toward regulatory
compliance and sustain the confidence of regulators and
customers. Regulatory vigilance, especially from the U.S. Food
and Drug Administration (USFDA), is strong and any compliance
lapses on drug makers' part could weaken their creditworthiness
materially.

Glenmark's investment in R&D forms 10%-11% of sales, and is
higher than its peers'.  While this somewhat constrains the
company's profitability, it helps build the product pipeline with
potential revenue and boosts the complex generics pipeline.

Its complex and new entity product pipeline is in the early to
mid-stages of development, and when successfully commercialized
can boost revenue and cash flow.  Glenmark has had limited
success on large exclusive product launch opportunities in the
U.S. generics market till date.  However, it could benefit from
its first such large exclusivity opportunity from a generic
Zetia, which it will launch in December 2016. Zetia's current
annual sales are about US$2.4 billion.

Glenmark's revenue and cash flow growth over the next two to
three years can help strengthen its financial ratios.  S&P
expects it can generate meaningful one-off revenues from the
generic Zetia exclusivity opportunity in fiscal 2017 and 2018.
Furthermore, with the accelerated new product approvals trend
that S&P has seen recently, the revenue and cash flows growth
could be in the low to mid-teens annually.  Glenmark's EBITDA
could reach Indian rupees (INR) 23 billion-INR25 billion annually
on the back of such growth expectations.

Glenmark has the potential to improve its leverage sustainably.
With the revenue and cash flow growth, if the company manages its
capex and working capital investments prudently, its free
operating cash flow (FOCF) can turn sustainably positive.
Management's commitment to use FOCF to reduce debt will help the
company achieve debt-to-EBITDA ratio of 2.0x, a substantial
improvement from 3.0x-3.5x over the past two to three years.  S&P
therefore assess Glenmark's financial risk profile as
intermediate.

"Our stable outlook indicates our expectations that the company
continues to receive product approvals at a healthy rate, and
generic Zetia provides positive free operating cash flow," said
Mr. Kulkarni.  S&P also expects prudent management of working
capital and investments to help reduce debt such that debt-to-
EBITDA ratio sustainably approaches 2.0x over the next 12-18
months.  S&P expects the liquidity to remain adequate over this
period.

S&P may lower the rating if revenue growth lags its expectation
due to slower new product approvals or lower revenue from such
products.  S&P may also lower the rating if it sees working
capital needs, capex, acquisition or shareholder remuneration
divert cash flows away from the stated purpose of debt reduction
such that the currently expected leverage profile seems
unattainable.  A debt-to-EBITDA ratio failing to improve below
3.0x will be a downgrade trigger.

S&P may raise the rating if: (1) the cash flows from new product
launches (including exclusivity opportunities) help the company
deleverage such that its debt-to-EBITDA ratio is sustainably
better than 1.75x and its FOCF-to-debt ratio improves to more
than 15%; and (2) management adheres to such a leverage profile
and prudently manages growth investments or shareholder returns.


GOODEARTH MINCHEM: CRISIL Reaffirms B+ Rating on INR50MM Loan
-------------------------------------------------------------
CRISIL's rating on long-term bank facilities of Goodearth Minchem
Private Limited (GMPL) continues to reflect its initial phase of
operations, large working capital requirement, and below-average
financial risk profile because of subdued debt protection
metrics. These weaknesses are partially offset by extensive
experience of promoters in the chemical industry and their
funding support.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            50        CRISIL B+/Stable (Reaffirmed)
   Term Loan              40        CRISIL B+/Stable (Reaffirmed)

CRISIL has treated unsecured loans of INR70 million (as on
March 31, 2016), extended by promoters and associates, as neither
debt nor equity as these are non-interest bearing and will remain
in business over the medium term.
Outlook: Stable

CRISIL believes GMPL will continue to benefit over the medium
term from the extensive experience of its promoters. The outlook
may be revised to 'Positive' if significant improvement in
revenue and profitability leads to large cash accrual and better
financial risk profile. The outlook may be revised to 'Negative'
if low cash accrual due to delay in ramp-up of operations or
stretched working capital cycle weakens financial risk profile,
particularly liquidity.

Incorporated in 2008, GMPL is promoted by Mr. Pramod Budhraja,
Mr. Rishi Budhraja, and Mr. Rahul Budhraja. It manufactures
manganese sulphate at its unit in Bharuch (Gujarat) with
installed capacity of 48000 tonnes per annum. It commenced
operation in November 2015.


H.S. SANDHU: ICRA Suspends B+/A4 Rating on INR12.5cr Loan
---------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ and short
term rating of [ICRA] A4 on the INR12.50 crore bank lines of H.S.
Sandhu Builders Private Limited. The suspension follows ICRA's
inability to carry out rating surveillance in the absence of the
requisite information from the company.


ICON SOLAR: CRISIL Ups Rating on INR60MM Cash Loan to B+
--------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Icon Solar En Power Technologies Private Limited (Icon) to
'CRISIL B+/Stable' from 'CRISIL B/Stable', while reaffirming the
rating on the short-term facility at 'CRISIL A4'.

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

   Letter of Credit        20        CRISIL A4 (Reaffirmed)

   Term Loan               10        CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

The rating upgrade reflects improvement in the business risk
profile of the company following successful commercialisation of
operations and adequate revenue visibility, backed by sufficient
orders in hand and increasing customer base through new corporate
tie-ups. The upgrade also factors in improvement in company`s
financial risk profile, supported by unsecured loans of Rs 6.73
million received during fiscal 2016.

The ratings reflect initial stage and modest scale of operations
and high working capital requirement. These rating weaknesses are
partially offset by comfortable revenue visibility supporting
business risk profile and funding support from promoters.
Outlook: Stable

CRISIL believes Icon will continue to benefit over the medium
term from the considerable entrepreneurial experience of its
promoters. The outlook may be revised to 'Positive' in case of
significant improvement in scale of operations while
profitability is maintained, resulting in better cash accruals
and hence significant improvement in financial risk profile. The
outlook may be revised to 'Negative' in case of low cash
accruals, or further stretch in working capital cycle, or any
large, debt-funded capital expenditure, weakening the financial
risk profile, especially liquidity.

Incorporated in 2014, Icon manufactures solar modules and sells
low-maintenance lead acid batteries. The company is promoted and
managed by Raipur, Chhattisgarh-based Mr. Shakti Kumar Dubey and
Mr. Vipin Kumar Mirani, and has its registered office at Raipur.
It commenced commercial operations in June 2015.


INDRA TUBES: CRISIL Assigns B+ Rating to INR125MM Cash Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Indra Tubes Private Limited (ITPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             125       CRISIL B+/Stable
   Proposed Cash Credit
   Limit                    30       CRISIL B+/Stable

The rating reflects average financial risk profile because of
high total outside liabilities to tangible networth with average
debt protection metrics and modest scale of operations in the
highly fragmented pipes and pipe fittings trading industry. These
rating weaknesses are mitigated by the promoters' extensive
industry experience and established relationship with customers
and suppliers.
Outlook: Stable

CRISIL believes ITPL will continue to benefit from the promoters'
extensive experience and healthy relationship with customers and
suppliers over the medium term. The outlook may be revised to
'Positive' if sustainable increase in revenue and profitability
leads to an improvement in financial risk profile. Conversely,
the outlook may be revised to 'Negative' if financial risk
profile weakens because of lower-than-expected cash accrual or
stretch in its working capital management or large, debt-funded
capital expenditure.

ITPL is a Ghaziabad-based company, promoted since 2009 by Mr.
Sharad Gupta and his wife Ms. Sheetal Gupta. The company trades
in mild steel pipes, galvanised iron pipes and fittings, and
Polyvinyl Chloride (PVC) pipes and fittings through wholesalers
and dealers in National Capital Region and Uttrakhand.


J.P.S. FOUNDATION: CRISIL Assigns B+ Rating to INR10MM LT Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the proposed
long-term bank Loan facility of J.P.S. Foundation (JPSF). The
rating reflects the society's below-average financial risk
profile, constrained by low networth. It also factors in the
modest scale of operations, which are not-for-profit in nature.
These weaknesses are partially offset by established
relationships with government authorities, and track record of
implementing social welfare development schemes.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility       10       CRISIL B+/Stable

Outlook: Stable

CRISIL believes the credit risk profile will continue to be
constrained by the modest scale of operations and low cash
accrual. The outlook may be revised to 'Positive' if significant
growth in revenue and cash accrual, strengthens the financial
risk profile. The outlook may be revised to 'Negative' if decline
in income or cash accrual, or a large, debt-funded, capital
expenditure programme, weakens the financial risk profile.

JPSF, set up in 1986 and registered in 1992, functions as a not-
for-profit society. Based in Lucknow, the society implements
various schemes, operated by the state and central government in
Unnao, Raebareli and surrounding areas.

JPSF has been operating a primary school up to inter-college
level, since 1994 and established a college that offers
graduation programmes, in 2007. It also operates various
government schemes, including old age homes under social welfare
and women welfare, vocational training for women under District
Urban Development Agency (DUDA), among others.


K.C. INDUSTRIES: CRISIL Reaffirms B+ Rating on INR110MM Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facility of K.C. Industries
(KCI) continues to reflect the firm's large working capital
requirement, and moderate financial risk profile, marked by
moderate TOL-TNW and weak debt protection metrics. The rating
also factors in the firm's susceptibility to volatility in raw
material prices.

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

These weaknesses are partially offset by the extensive experience
of its promoters in the rice industry
Outlook: Stable

CRISIL believes KCI will continue to benefit over the medium term
from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if there is a substantial
improvement in its operating margin and revenue, along with
efficient working capital management. The outlook may be revised
to 'Negative' in case of stretch in its working capital cycle, or
fall in its operating margin, or large debt-funded capital
expenditure, weakening its financial risk profile.

KCI is a part of the KC group of Jalalabad, Punjab. The group
processes the PUSA 1121 variety of basmati rice. It is managed by
Mr. Anil Kumar. The firm earlier traded in rice, but from fiscal
2014, has focused on processing.


KARAN RICE: ICRA Lowers Rating on INR8.0cr Term Loan to D
---------------------------------------------------------
ICRA has revised its long term rating on the INR15 crore fund
based limits of Karan Rice Exports Private Limited to [ICRA]D
from [ICRA]B+.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Cash Credit             7.00       [ICRA]D; revised from
                                      [ICRA]B+

   Term Loans              8.00       [ICRA]D; revised from
                                      [ICRA]B+

The rating revision is driven by delays in debt servicing by KRE
on account of its stretched liquidity position. ICRA takes note
of the highly competitive and low value additive nature of the
rice milling industry, which coupled with KRE's limited pricing
power and moderate scale of operations has resulted in relatively
weak profitability indicators. ICRA also takes cognizance of the
firm's exposure to agro climatic risks, which can affect the
pricing and availability of paddy.

Incorporated in 2013, Karan Rice Exports Private Limited is a
private limited company engaged in milling of rice and has an
installed capacity of 10 tonnes per hour (TPH). The company has
been promoted by Mr Karan Arora and his family members. The
company's plant commenced operations from October 2014.


KISSAN POULTRY: ICRA Assigns 'D' Rating to INR13.61cr Loan
----------------------------------------------------------
ICRA has assigned its [ICRA]D rating to INR13.61 crore fund based
bank facilities of Kissan Poultry (India) Private Limited.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based limits       13.61        [ICRA ]D; assigned

ICRA's rating centrally takes into account delays in debt
servicing by KPPL on account of its stretched liquidity position.
The stretched liquidity position was on account of the company's
high working capital intensity. ICRA takes note of the company's
presence in the highly fragmented and competitive animal feed
industry, as well as its small scale of operations which limit
economies of scale and its weak coverage indicators.
Going forward a track record of timely debt servicing, driven by
a sustained improvement in liquidity, will be the key rating
sensitivity.

Kissan Poultry (India) Pvt. Ltd. (KPPL) is engaged in
manufacturing of poultry feed and trading in day old chicks and
eggs. The company's unit is located in Jind District of Haryana.
The company commenced commercial production in 2010 and has
production capacity to produce poultry feed of 210 tons per day.
The day to day operations of the company are managed by Mr.
Tejbir Singh.

Recent Results
The company incurred a net loss of INR0.01 crore on an operating
income of INR17.40 crore for FY2015, as against a PAT of INR0.09
crore on an operating income of INR43.04 crore in FY2014.


KIWI ALLOYS: CRISIL Assigns 'B' Rating to INR52.5MM Cash Loan
-------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the long-term
bank facility of Kiwi Alloys Ltd (KAL) and has assigned its
'CRISIL B/Stable' rating on the bank facilities. CRISIL had
'Suspended' its rating on Dec 26, 2015, since KAL had not
provided necessary information required for a rating review. The
company has now shared the requisite information.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             52.5      CRISIL B/Stable (Assigned;
                                     Suspension Revoked)

   Proposed Long Term      17.5      CRISIL B/Stable (Assigned;
   Bank Loan Facility                Suspension Revoked)

   Term Loan               10.0      CRISIL B/Stable (Assigned;
                                     Suspension Revoked)

The rating reflects KAL's weak financial risk profile,
particularly liquidity and modest scale of operations in both
steel product and rice industries. These rating weaknesses are
partially offset by the extensive experience of promoters in the
steel product and rice industries.
Outlook: Stable

CRISIL believes KAL will benefit over the medium term from the
extensive industry experience of promoters. The outlook may be
revised to 'Positive' if significant growth in scale of
operations and operating profitability leads to higher-than-
expected accrual and improvement in financial risk profile.
Conversely, the outlook may be revised to 'Negative' if any
larger-than-expected, debt-funded capital expenditure or a
significant increase in working capital requirement constrains
the financial risk profile.

KAL, incorporated in 2010, was promoted by Mr. Nitin Gupta and
his family members. It manufactures mild steel ingots. Its
manufacturing plant, located in Bhiwadi, Rajasthan, has an ingot
manufacturing capacity of 21,000 tonne per annum. KAL also trades
in rice.


KOHINOOR CARPETS: ICRA Reaffirms B+ Rating on INR15cr Loan
----------------------------------------------------------
ICRA has re-affirmed its long-term rating of [ICRA] B+ on the
INR19.18 crore fund based bank facilities of Kohinoor Carpets.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund Based Limits       15.00      [ICRA]B+; +; re-affirmed
   Term Loan                4.18      [ICRA]B+; +; re-affirmed

ICRA takes note of subdued sales in the past two years, although
it was accompanied by improvement in operating profit margins.
ICRA's rating re-affirmation takes into account the modest scale
of operations of the company on account of subdued market demand
and intense competition. The rating is further constrained by the
firm's high geographic and client concentration risks. The rating
also factors in the high working capital intensity of operations
on account of high receivable days, which has led to a stressed
liquidity position. Further, the debt funded capex undertaken by
the firm in the past two years has resulted in high gearing (4.04
times as on March 2016) and weak debt protection indicators.
Moreover, the firm's profitability margins remain exposed to
adverse fluctuations in foreign exchange rates and volatility in
raw material prices. ICRA also takes cognisance of the
proprietorship nature of the firm, which exposes it to risks of
capital withdrawal and dissolution. The ratings, however, derive
support from the extensive experience of the partners, the firm's
well established clientele and favourable government policies.
Going forward, the firm's ability to ramp-up its scale of
operations in a profitable manner and improve its capital
structure by efficiently managing the working capital
requirements will be the key rating sensitivities.

Kohinoor Carpets is a proprietorship firm owned by Mr. Ram
Chander Chuttani. The firm manufactures cotton rugs, bath mats,
carpets, cotton puffs, polar blankets and various home
furnishings. The firm's manufacturing facilities are located at
Panipat and Karnal in Haryana. The firm derives about 90% of its
revenues from exports, with US and Australia being the key
markets.

Recent Results
Kohinoor Carpets reported a net profit of INR0.96 crore on an
operating income of INR39.62 crore in FY2015, as against a net
profit of INR0.91 crore on an operating income of INR33.64 crore
in FY2014. The firm, on a provisional basis, reported an
operating income of INR40.50 crore in FY2016.


M K ROY: ICRA Assigns B+ Rating to INR5.15cr Cash Loan
------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to the INR5.15
crore cash credit, INR4.50 crore non-fund based bank facility,
and INR0.35 crore unallocated limit of M K Roy & Bros Projects
Private Limited. ICRA has also assigned a short-term rating of
[ICRA]A4 to the above mentioned non-fund based bank facility and
unallocated limit of the company, which have been rated both on
long-term and short-term scales.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund Based Limit-
   Cash Credit              5.15       [ICRA]B+ assigned

   Non-Fund Based
   Limit-Bank Guarantee     4.50       [ICRA]B+/[ICRA]A4 assigned

   Unallocated Amount       0.35       [ICRA]B+/[ICRA]A4 assigned

The ratings assigned take into account MKRPL's small scale of
current operations vis-a-vis the large established players in the
industry, notwithstanding a significant revenue growth achieved
in FY2016, and the competitive nature of the industry, with the
lowest bid (L-1)-based contract awarding system followed by the
customers, which keeps profitability under check. The company's
long receivable cycle and significant amount of bank guarantee
provided to customers reduce its financial flexibility, as
reflected by the frequent full utilisation of the working capital
limit. Though the high creditor-funding availed by the company
eases MKRPL's liquidity to an extent, it results in high TOL/TNW.
The company has limited bargaining power against its larger and
stronger customers, and also remains exposed to significant
customer concentration risks, with the top three customers
accounting for around 94% of the total revenue clocked during
FY2016. ICRA also notes that the company is in the process of
providing funding support to a subsidiary, which is exposed to
the project risks associated with a significant capex planned in
the near to medium term. Any significant support extended to its
subsidiary, in turn, is likely to have an adverse bearing on
MKRPL's credit profile.

The ratings, however, factor in the long experience of the
promoters in the fabrication and erection of petroleum product
storage facilities, and MKRPL's established customer base, which
includes large public sector undertakings (PSUs), thereby
reducing counterparty risks. ICRA also takes note of the
company's comfortable order-book position rendering revenue
visibility in the near term.

Going forward, the company's ability to augment its scale of
business, while improving profitability and keeping its
receivables under control, would remain key rating sensitivities.

A proprietorship firm in the name of M K Roy & Bros was
established by Mr. M. K. Roy in 1983. In 1994, the entity was
converted into a partnership firm and subsequently in 2000, it
was converted into a private limited company and the name changed
to M K Roy & Bros Projects Private Limited (MKRPL). The company
is primarily involved in the fabrication and erection of high
pressure steel tanks and pipelines used for the storage and
distribution of petroleum products, mainly petrol and diesel.

Recent Results
The company reported a profit before tax of INR2.75 crore
(provisional) on an operating income of INR45.59 crore
(provisional) during FY2016. In FY2015, the company posted a net
profit of INR1.49 crore on an operating income of INR34.56 crore.


M.H. FOODS: ICRA Suspends 'B' Rating on INR10cr Bank Loan
---------------------------------------------------------
ICRA has suspended its long-term rating of [ICRA]B assigned to
the INR10.00 crore bank facilities of M.H. Foods. The suspension
follows ICRA's inability to carry out a rating surveillance in
the absence of the requisite information from the company.


MALHOTRA CONSTRUCTIONS: ICRA Suspends B/A4 Bank Loan Ratings
------------------------------------------------------------
ICRA has suspended ratings of [ICRA]B/A4 assigned to the INR14.00
crore bank facilities of Malhotra Constructions Private Limited
(MCPL). The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

MCPL was incorporated in 1989 and was promoted by Mr. Rajesh
Malhotra, his son Mr. Vinay Malhotra and other family members.
MCPL primarily undertakes civil construction projects and its
clients mainly comprise public sector undertakings, and
departments of the central government as well as of the state
governments of Haryana and Uttar Pradesh. Some of the major
clients of the company include - Haryana Police Housing
Corporation, Haryana Housing Board, Haryana Public Works
Department, U.P. Samajik Kalyan Nirman Nigam Ltd, Central Public
Works Department, Defence Research & Development Organisation,
RITES, Engineering Projects India Ltd; among others.


MARKANDESHWAR FOODS: CRISIL Ups Rating on INR142.5MM Loan to BB-
----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Markandeshwar Foods and Allied Products Limited (MFA; part of the
Markandeshwar group) to 'CRISIL BB-/Stable' from 'CRISIL
B+/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            142.5      CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B+/Stable')

The rating upgrade reflects CRISIL's belief that the group will
sustain its improved business and financial risk profiles over
the medium term. Improvement in the business risk profile was
driven by an increase in operating income to Rs 1.3 billion in
fiscal 2016 from Rs 864 million in the previous fiscal. The
improvement in operating income was mainly because of high
realisations from milk and allied products. Moreover, working
capital management was efficient as indicated by a decrease in
gross current assets to 135 days as on March 31, 2016, from 215
days a year earlier. Financial risk profile too has improved
because of a low total outside liabilities to tangible networth
ratio, estimated at 3.04 times as on March 31, 2016, against 6.30
times a year earlier. The financial risk profile is expected to
remain moderate over the medium term.

The rating reflects the extensive experience of the group's
promoters in the dairy industry and an established marketing
network. These rating strengths are partially offset by a below-
average financial risk profile because of high gearing and weak
debt protection metrics, and large working capital requirement.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of MFA, DSPI Milk Foods Ltd (DSPI), and
Champa Devi Foods Pvt Ltd (CDF). This is because the three
companies, together referred to as the Markandeshwar group, have
a common management and are engaged in the same business.
Outlook: Stable

CRISIL believes the Markandeshwar group will continue to benefit
over the medium term from the extensive industry experience of
its promoters and established marketing network. The outlook may
be revised to 'Positive' in case of a significant increase in
revenue along with improvement in profitability leading to
substantial cash accrual, or a shorter working capital cycle. The
outlook may be revised to 'Negative' if profitability or revenue
declines, or working capital cycle lengthens, resulting in low
cash accrual and hence to deterioration in the financial risk
profile.

The Markandeshwar group companies are promoted by Mr. Devraj Garg
and Mr. Satish Garg. The group manufactures dairy products such
as pure ghee and skimmed milk powder. These are sold under its
own brands, which include Madhusagar, Lord Krishna, Murli, and
Himalaya.

MFA, incorporated in 1993, has its manufacturing plant at
Kurukshetra, Haryana, with capacity of 40,000 litre per day
(lpd).

DSPI, incorporated in 2003, has its manufacturing plant at
Palwal, Haryana, with capacity of 30,000 lpd.

CDF, incorporated in 2002, has its manufacturing plant at
Sangroor, Punjab, with capacity of 40,000 lpd.


MAULI FRESH: ICRA Assigns B Rating to INR25cr Unallocated Loan
--------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B to the INR25.001
crore line of credit of Mauli Fresh Agro Industries Private
Limited.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Unallocated limits      25.00        [ICRA]B; assigned

The assigned rating is constrained by the lack of any track
record of Mauli's operations as the company is yet to commence
setting up its manufacturing facility, pending the receipt of
necessary approvals and completion of financial closure. Further,
the company's credit metrics are likely to remain stretched in
the near to medium term owing to the large debt-funded capex
proposed to be undertaken. The company will also face intense
competition from dairy co-operatives, private dairies and players
in the unorganised sector, which would exert pressure on its
margins.
The rating, however, favourably factors in the established
experience of the company's promoters in the processing of milk
and manufacturing of dairy products. The company shares common
control with its group company - Mula Agro Products Pvt Ltd which
has been engaged in the processing of milk and manufacturing of
dairy products for over two decades. Further, Mauli proposes
tapping the raw material sourcing and finished product
distribution networks set up by Mula and would benefit from the
synergies.

With Mauli yet to set up its manufacturing facility and receive
the necessary approvals, ICRA expects the company's commercial
production to commence from FY2017-18. Also, its operating
profits would remain vulnerable to adverse movements in prices of
raw milk, agro-climatic conditions, cattle health and changes in
government policies. With the credit metrics remaining stretched
in the near to medium term owing to the large proposed debt-
funded capex, the timely execution of the project and achieving
of optimum capacity utilisation by the company will be crucial to
ensure the timely servicing of debt obligations.

Mauli Fresh Agro Industries Private Limited (Mauli) was
established on 2nd September, 2015 with the objective of setting
up a greenfield project for the manufacturing of skimmed milk
powder, whole milk powder, butter, ghee and condensed milk. The
company proposes to set up its manufacturing facility with an
annual installed capacity of 2,50,000 litres per day (LPD) at
Rahuri Ahmednagar on land spanning 20,000 square meters.
Mauli has two group companies - Mula Agro Products Pvt Ltd (Mula,
rated at [ICRA]B+ by ICRA) and Mauli Ice Pvt Ltd. While the
former processes milk and manufactures milk products such as
shrikhand, lassi, paneer, ghee etc, the latter manufactures ice
and caters exclusively to the requirements of Mula.


MAXOUT INFRA: CRISIL Lowers Rating on INR120MM Bank Loan to D
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Maxout Infrastructures Private Limited (MIPL) to 'CRISIL D/CRISIL
D' from 'CRISIL BB-/Stable/CRISIL A4+'.


                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          120       CRISIL D (Downgraded from
                                     'CRISIL A4+')

   Cash Credit              80       CRISIL D (Downgraded from
                                     'CRISIL BB-/Stable')

The downgrade reflects the company's delay in servicing its debt
on account of stretched liquidity due to deterioration in working
capital management.

The company has small scale of operations; large working capital
requirement has led to the below-average financial risk profile.
However, it benefits from its extensive experience in executing
construction projects.

MIPL, incorporated in 2007, undertakes railway projects, and
develops roads, bridges, sewage water treatment plants, waste and
waste water treatment plants and works, mainly in North India.
The company is promoted and managed by Mr. Pramod Kumar Singh and
his brother Mr. Praveen Kumar Singh.


MEGHA GUM: CRISIL Lowers Rating on INR150MM Cash Loan to 'D'
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Megha Gum and Chemicals (MGC) to 'CRISIL D' from 'CRISIL
B+/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             150       CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

   Term Loan                30       CRISIL D (Downgraded from
                                      'CRISIL B+/Stable')

The downgrade reflects delays in servicing debt due to stretched
receivables.

The firm also has a weak financial risk profile because of modest
networth and high gearing, small scale of operations, and
susceptibility to volatility in commodity prices. These
weaknesses are partially offset by extensive experience of
proprietor in the guar gum industry.

Set up as a proprietorship firm by Ms. Urmila Goyal, MGC
commenced operations in 2005 by setting up a guar gum refining
unit in Hisar, Haryana. Its cotton ginning and cotton oil
refining unit began operations in November 2012. MGC is managed
by Mr. Rajinder Goyal and Mr. Anuj Goyal.


MONNET POWER: Ind-Ra Suspends 'IND C' Ratings on INR38.1BB Loan
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated the 'IND C'
ratings on Monnet Power Company Ltd's (MPCL) INR38,190 million
senior project bank loans (including an external commercial
borrowing -- ECB -- of $US140 million) and INR3,500 million
subordinate term loan to the suspended category. The ratings will
now appear as 'IND C(suspended)' on the agency's website.

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

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


NEXTRA TELESERVICES: ICRA Suspends C/A4 Rating on INR15.5cr Loan
----------------------------------------------------------------
ICRA has suspended ratings of [ICRA]C/A4 assigned to the INR15.50
crore bank facilities of Nextra Teleservices Private Limited
(NTPL). The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

NTPL is an Internet Service Provider (ISP) over Fibre to the Home
Network and Cable TV Networks. NTPL commenced operations in March
2013 and is currently operational in Delhi-NCR region with major
presence in Dwarka, Gurgaon, Indirapuram and Noida.


NITESH FASHION: ICRA Reaffirms 'B' Rating on INR13.5cr Loan
-----------------------------------------------------------
ICRA has revoked the suspension and reaffirmed the long term
rating of [ICRA]B to the INR13.75 crore bank limits of Nitesh
Fashion Private Limited.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund based working      13.50        [ICRA]B reaffirmed;
   capital limits                       suspension revoked

   Unallocated Limits       0.25        [ICRA]B reaffirmed;
                                        suspension revoked

Rating Rationale
The rating continues to take into account NFPL's modest scale of
operations, fragmented nature of garment industry resulting in
intense competition from numerous small as well as large
manufacturers, weak financial profile of the company as reflected
by modest profitability, leveraged capital structure and weak
coverage indicators, and high working capital intensity arising
out of stretched receivables and high holding period. The rating
is further constrained by vulnerability of company's
profitability to volatility in prices key raw materials (yarns)
and to foreign currency exchange rate fluctuations on export
sales in absence of any firm hedging mechanism.

Nonetheless, the rating favorably factors in the long standing
experience of the promoters in textile industry, diversified
clientele base of the company, and expected improvement in
operating profitability on account of commencement of own warping
& weaving operations.

Incorporated in 2011, Nitesh Fashion Private Limited (NFPL) is
engaged in the business of trading and third party processing of
fabrics. The company has also started its own warping and weaving
operations in Bhiwandi from February 2015 onwards. The company is
promoted by Mr. Arvind Kothari and his four sons -- Mr. Sanjay
Kothari, Mr. Pradeep Kothari, Mr. Nitesh Kothari and Mr. Ankeet
Kothari.

Recent Results
For the financial year ended March 31, 2015, the company reported
an operating income of INR50.82 crore and profit after tax of
INR0.03 crore. Further, as per unaudited provisional financials
for FY2016, the company reported operating income of INR54.82
crore and profit before tax of INR0.31 crore.


OMSHREE RUBBER: CRISIL Suspends 'D' Rating on INR51.2MM Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Omshree
Rubber Reclaim Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            10.0       CRISIL D
   Term Loan              51.2       CRISIL D

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

OSRRPL, based in Karnataka was promoted by Mr. Rajagopal B C, Mr.
K M Prakash, and Mr. C Bhaskar in December 2009.  The company
commenced operations in April 2013 and manufactures crumb and
reclaim rubber used in manufacturing of tyres.


PADIGELA GINNING: ICRA Reaffirms B+ Rating on INR7.50cr Cash Loan
-----------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ assigned to
the INR12.00 crore fund based limits of Padigela Ginning
Industries.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Cash Credit Limits      7.50       [ICRA]B+ reaffirmed
   Term loan Limits        0.10       [ICRA]B+ reaffirmed
   Unallocated Limits      4.40       [ICRA]B+ reaffirmed

The reaffirmation of ratings continues to be constrained by weak
financial profile as characterized by low operating margins of
1.99%, high gearing of 1.49 times as at March 31, 2016 and low
coverage ratios with interest coverage at 1.46 times and NCA/Debt
at 5.52% for FY 2016; modest scale of operations coupled with
limited value addition and highly fragmented nature of the
ginning industry resulting in limited pricing power of the firm.
Further, the rating is constrained by vulnerability of
profitability to adverse fluctuations in raw material prices
which are subject to seasonal availability of raw cotton, crop
harvest and government regulations on minimum support price (MSP)
and risk arising from partnership nature of the firm. The ratings
however takes comfort from significant experience and operating
track record of the promoters in the ginning industry and
favourable location of the firm giving it easy access to high
quality raw cotton and lower transportation costs with firm
operations based at Adilabad district.

Going forward, the ability of the firm to efficiently manage its
working capital and increase revenues will remain the key rating
sensitivity from credit perspective.

Padigela Ginning Industries was founded in 2009 as a partnership
firm. It is located in Bhainsa, Adilabad District, Telangana and
is involved in the ginning & pressing of raw cotton to produce
cotton lint & seeds and also processing of cotton seeds to
produce cotton seed oil & cakes. The firm has 36 gins and one
pressing unit. The current capacity of the plant is 300 bales of
lint per day. The operations are currently managed by its
managing partner, Mr. P. Srinivas and his family members who has
more than 6 years of experience in Ginning Industry.

Recent Results
For FY2016 (unaudited and provisional), the firm has reported an
operating income of INR55.55 crore and net profit of INR0.12
crore as against operating income of INR47.48 crore and net
profits of INR0.12 crore in FY2015(audited).


POLYSPIN LIMITED: CRISIL Suspends B+ Rating on INR16MM Cash Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Polyspin Limited (PL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           2        CRISIL A4
   Bill Discounting        45        CRISIL A4
   Cash Credit             16        CRISIL B+/Stable
   Letter of Credit        60        CRISIL A4
   Packing Credit          18        CRISIL A4
   Working Capital
   Demand Loan              3        CRISIL B+/Stable

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

PL was originally set up in 1972 as a private limited company,
which was reconstituted as a limited company in 1990. The company
currently manufactures industrial paper bags. Its day-to-day
operations are managed by its joint managing director, Mr. R
Ramji.


RAITANI ENGINEERING: ICRA Cuts Rating on INR25cr Loan to B+
-----------------------------------------------------------
ICRA has downgraded the long-term rating assigned to the INR12.00
crore cash credit and INR25.00 crore bank guarantee facilities of
Raitani Engineering Works Private Limited from [ICRA]BB- to
[ICRA]B+.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Cash Credit             12.00      [ICRA]B+/Downgraded
   Bank Guarantee          25.00      [ICRA]B+/ Downgraded

The downward revision of the long-term rating of REWPL takes into
account the small scale of current operations and decline in the
top-line during FY2016 due to delays in obtaining necessary
regulatory approvals, leading to low execution of work orders.
ICRA also notes high client concentration risk, with Indian
Railways contributing to the entire revenue and the current order
book outstanding. Besides, highly fragmented and competitive
nature of the industry, along with tender-based contract system,
checks the company's profitability. The rating is also
constrained by the high working capital intensive nature of
operations, which exert pressure on the liquidity position of the
company.

The rating, however, derives support from the established track
record of the promoters, who have more than four decades of
experience in the in the civil construction business. Besides, a
reputed client profile of the company leads to low counterparty
risks. The ratings also take into account the favourable capital
structure of the company, as indicated by a gearing of 0.30 times
as on March 31, 2015.

In ICRA's opinion, the ability of the company to scale up its
execution capabilities to achieve revenue growth and manage its
working capital requirement efficiently would remain key rating
sensitivities, going forward.

Incorporated in 1992, Raitani Engineering Works Private Limited
(REWPL) is engaged in the civil construction business, which
includes construction of bridge, civil structure, road,
developing infrastructure for laying railway lines etc. in Bihar,
West Bengal, Assam and Uttar Pradesh. It was initially
established as a partnership firm in 1976 by Guwahati-based
Raitani family and subsequently, it was converted into a private
limited company.

Recent Results
During FY2016 (provisional), the company has achieved a top-line
of INR26.60 crore. During FY2015, REWPL reported a net loss of
INR0.98 crore on an operating income (OI) of INR35.33 crore, as
against a net profit of INR0.23 crore and OI of INR20.59 crore
during FY2014.


RANGE CERAMIC: ICRA Revises Rating on INR8.95cr Loan to 'B'
-----------------------------------------------------------
ICRA has revised the long-term rating assigned to the INR6.00
crore cash credit facilities and INR8.95 crore (reduced from
INR11.54 crore) term-loan facilities of Range Ceramic Private
Limited from [ICRA]D to [ICRA]B. ICRA has also revised the short-
term rating assigned to the INR2.40 crore non-fund based bank
guarantee from [ICRA]D to [ICRA]A4.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Cash Credit             6.00       [ICRA]B; revised from
                                      [ICRA]D

   Term Loan               8.95       [ICRA]B; revised from
                                      [ICRA]D

   Bank Guarantee          2.40       [ICRA]A4; revised from
                                      [ICRA]D

The revision in ratings takes into consideration RCPL's high
financial risk profile, as is evident from moderate profitability
and stretched working capital intensity, owing to high amount of
funds recoverable from Government authorities in the form of
excise, VAT, duty drawback, etc. The ratings also factor in the
highly competitive nature of the business, which keeps the
margins under pressure. ICRA also takes note of the vulnerability
of profitability and cash flows to cyclicality inherent in the
real estate industry, which is the main consumer sector. The
ratings also consider the fragmented nature of the ceramic
industry due to the presence of organised as well as unorganised
players resulting in intense competition.

The ratings, however, favourably takes into account the
experience of the management in the ceramic line of industry. The
ratings further consider the locational advantage enjoyed by RCPL
giving it easy access to raw material. Moreover, ICRA also notes
about stabilisation of operation as evident from the growth in
operating income during its first full year of operations.

Incorporated in 2013, Range Ceramic Private Limited (RCPL)
manufactures digitally printed wall tiles of three sizes 12"x12",
12"x24" and 12"x36" with the current set of machineries and
production facilities. The manufacturing plant of the company is
located in Morbi, Gujarat, with an installed capacity of 45,000
MTPA of digitally printed ceramic glazed tiles.

Recent Results
For the year ended March 31, 2016, the firm reported an operating
income of INR43.13 crore and profit after tax of INR1.88 crore.


SAY INDIA: CRISIL Suspends 'D' Rating on INR393MM Loan
------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Say India Jewellers Private Limited (Say India).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Packing Credit          157        CRISIL D
   Post Shipment Credit    393        CRISIL D
   Proposed Short Term
   Bank Loan Facility      335.6      CRISIL D

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

Say India was incorporated in 1995, promoted by Mumbai-based Mr.
Pramod Goenka. The company exports diamond-studded gold
jewellery.


SCR NIRMAN: ICRA Assigns B+ Rating to INR3.0cr Fund Based Loan
--------------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B+ to the
INR3.001 crore fund based limits of SCR Nirman Private Limited.
ICRA has also assigned the long-term/short-term ratings of
[ICRA]B+/[ICRA]A4 to the INR7.00 crore non fund based limits of
SCRNPL.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund Based Limits        3.00       [ICRA]B+ assigned
   Non Fund Based Limits    7.00       [ICRA]B+/[ICRA]A4 assigned

The assigned ratings are constrained by the weak liquidity
profile of the company as reflected by full utilisation of
working capital limits in the past 14 months owing to high debtor
and inventory levels; highly competitive construction industry
constraining the operating margins; and volatile revenues over
the last four years due to dependence of order execution on zonal
budget allocation by Indian Railways. The ratings are further
constrained by high client concentration risk with 95% of the
projects being executed for South Central Railways (SCR) and East
Coast Railways (ECR); and high geographic concentration risk with
majority of the order execution limited to Andhra Pradesh and
Telangana states. The assigned ratings, however, positively
factor in the promoter's experience of nearly three decades in
the railway contracts execution; moderate order book size of
INR83.08 crore (2.15 times FY16 revenues) as on March 31, 2016
providing medium term revenues visibility; and comfortable
capital structure with gearing at 0.95 times as on March 31,
2015.

Going forward, the ability of the company to timely execute the
order book and manage its working capital requirements
effectively remain the key credit rating drivers.

SCR Nirman Private Limited (SCRNPL) was incorporated in 2009 by
Mr. S. Chenna Reddy together with his family members. The
company's constitution was changed from proprietorship to private
limited in 2009. The company is a recognized contractor for
Indian Railways in the South Zone and is involved in laying
railway tracks and performing other associated works like
earthwork formation, supplying ballast, constructing minor and
major railway bridges.

Recent Results
As per the audited results for FY2015, the company reported
profit after tax of INR1.30 crore on a turnover of INR37.24 crore
as against profit after tax of INR1.54 crore on a turnover of
INR43.17 crore during FY2014. For FY2016, the company reported a
turnover of INR38.67 crore.


SEETA INTEGRATED: CRISIL Reaffirms B+ Rating on INR85MM Loan
------------------------------------------------------------
CRISIL's rating on long-term bank facility of Seeta Integrated
Steel & Energy Limited (SISEL) continues to reflect the company's
modest scale of, and working capital-intensive, operations and
vulnerability to cyclicality in the steel industry and volatility
in raw material prices. These weaknesses are partially offset by
extensive industry experience of promoters and comfortable
capital structure because of moderate networth and healthy
gearing.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            85        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes SISEL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if higher-than-expected cash
accrual and better working capital management due to significant
improvement in revenue leads to a better business risk profile.
The outlook may be revised to 'Negative' if low accrual because
of decline in revenue and profitability, stretched working
capital cycle, or any significant debt-funded capital expenditure
weakens financial risk profile, particularly liquidity.

SISEL was set up in 2002 as Seeta Sponge Iron Ltd by Joshi
family; it was renamed in 2008. In April 2010, Mr. Ashok Agarwal,
Mr. Bajrang Kumar Agarwal, Mr. Rahul Mittal, and Mr. Ajay Kumar
Goel acquired the company from the Joshi family. SISEL
manufactures sponge iron at its facility in Rourkela, which has
installed capacity of 45,000 tonnes per annum.


SHREE BHANDARI: ICRA Suspends B+/A4 Rating on INR6.50cr Loan
------------------------------------------------------------
ICRA has suspended its long-term rating of [ICRA]B+ and short-
term rating of [ICRA] A4 assigned to the INR6.50 crore bank
facilities of Shree Bhandari Plastic Private limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


SILVER COTTON: ICRA Reaffirms B+ Rating on INR4.0cr Cash Loan
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ assigned to
the INR5.501 crore bank facilities of Silver Cotton.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund based limit-
   Term loan                1.50      [ICRA]B+; reaffirmed

   Fund based limit-
   Cash Credit              4.00      [ICRA]B+; reaffirmed

The reaffirmation of rating takes into account the limited track
record of the firm's operations with Silver Cotton having
commenced commercial production from December, 2014. The rating
also factors in the weak financial profile of the firm,
characterised by the low profitability, adverse capital structure
and weak coverage indicators. Further, the limited value-added
nature of operations, coupled with the highly competitive and
fragmented industry structure, arising from low entry barriers,
exert further pressure on the firm's profitability margins.
The rating, however, continues to favourably factor in the past
experience of the promoters in the cotton ginning and pressing
industry. Further, the location of the firm's manufacturing
facility in Jamnagar, Gujarat ensures the ready availability of
the key raw material viz. high quality raw cotton.

ICRA expects SC's revenues to increase by 5% in FY2017 compared
to that during FY2016. The firm's capital structure though
leveraged is expected to improve in FY2017 as supported by the
repayment of the term loan and the increase in the net worth base
following an increase in the accumulated profits. The firm's
ability to scale up its operations, while improving its
profitability, and effectively managing its working capital
requirements, will be a rating positive.

SC's operating profits would, however, remain vulnerable to
adverse movement in raw cotton prices which are subject to
seasonality, crop harvest and government regulations regarding
MSP of raw cotton and export of cotton bales. Further, SC being a
partnership firm, any significant capital withdrawals by the
partners would adversely impact the firm's capital structure.

Established as a partnership firm in April 2014, Silver Cotton
(SC) is involved in the ginning and pressing of cotton. The
operations of the firm are managed by members of the Gadara
family who have an experience of over eight years in the cotton
ginning and pressing sector. The manufacturing facility of the
firm, located at Jamnagar, Gujarat, is equipped with 24 ginning
machines and one pressing machine with a total processing
capacity of ~ 22,400 metric tonnes of raw cotton per annum. The
firm commenced commercial operations from December 2014.


SMP NAMO: CRISIL Suspends 'B' Rating on INR500MM Term Loan
----------------------------------------------------------
CRISIL has suspended its rating on the bank facility of M/S. SMP
Namo Developers (SN).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Term Loan      500       CRISIL B/Stable

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

Set up as a partnership firm in 2013, SN is a joint venture
between the Namo group and the SMP group. SN was formed for the
sole purpose of executing a real estate project, Eisha Garnet, at
Mohammadwadi in Pune (Maharashtra). The project will have around
450 residential units and around 70 commercial units, spread over
a saleable area of around 0.5 million square feet.

The Namo group is promoted by Pune-based Jain family, which has
been in the real estate business in Pune for over 30 years. The
SMP group is promoted by Pune-based Agarwal family, which has
been in the real estate business in Pune for over 20 years. Both
groups have individually executed several real estate projects in
Pune.


SREE VARIETY: CRISIL Suspends 'D' Rating on INR100MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sree Variety Marketing Solutions Private Limited (SVMSPL).

                            Amount
   Facilities              (INR Mln)     Ratings
   ----------              ---------     -------
   Bank Guarantee              10        CRISIL D
   Cash Credit                100        CRISIL D
   Letter of Credit            10        CRISIL D
   Long Term Loan               9.5      CRISIL D
   Standby Line of Credit      10        CRISIL D

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

Set up in 1994 as a partnership firm by Mr. K Satya Reddy and his
brother Mr. K Prabhakar Reddy in Hyderabad and reconstituted as a
private limited company in 2010, SVMSPL trades in a variety of
products, such as edible oil, dalda, batteries, and paper.


SRI BALAJI: ICRA Suspends B+ Rating on INR6.0cr Fund Based Loan
---------------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B+ assigned to
the INR6.0-crore fund-based facilities and the long-term and
short-term rating of [ICRA]B+/A4 assigned to the INR3.0 crore
unallocated fund/non-fund based facilities of Sri Balaji Traders.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of requisite information from the
company.

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


SRI BUCHIYYAMMA: ICRA Reaffirms B+ Rating on INR13cr LT Loan
------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ to the
INR12.00 crore fund based limits and INR13.00 crore un-allocated
limits of Sri Buchiyyamma Rice Mill.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long Term Fund
   based Limits            12.00      [ICRA]B+; Reaffirmed

   Long term Unallocated
   Limits                  13.00      [ICRA]B+; Reaffirmed

The rating reaffirmation factors in the small scale of operations
of the firm, marginal increase in Operating Income levels, and
its weak financial profile characterised by low profitability and
modest coverage indicators, albeit an improvement in its capital
structure. The volumes and realizations of boiled rice declined
in FY2016 ICRA owing to higher competition in the Kerala market
post reduction in levy percentage impacting margins adversely;
lower revenues from boiled rice have been partially offset
partially by revenues from paddy trading. The rating continues to
be constrained by the vulnerability to any other regulatory
changes, especially those regarding minimum support price (MSP).
ICRA also notes the vulnerability of the firm's profitability to
agro-climatic conditions, the impact of seasonality and harvest
on paddy availability and prices, and risks associated with
partnership nature of the firm. The rating, however, favourably
factors in the longstanding experience of the promoters in the
industry and the presence of the milling facility in a major rice
growing region of Andhra Pradesh resulting in easy availability
of paddy.

Going forward, the ability of the firm to increase the sales,
improve margins, and effectively manage its working capital
requirements would be key rating sensitivities.

Sri Buchiyyamma Rice Mill is a partnership firm established in
1983 and is engaged in the milling of paddy for the production of
non-basmati rice products (raw rice & boiled rice). The milling
unit is located in East Godavari District of Andhra Pradesh with
an installed capacity of 43200 MTPA.

Recent Results
According to the provisional FY2016, the firm has registered a
PAT of INR0.24 Crore on an operating income of INR41.38 Crore as
against PAT of INR0.15 crore on an Operating Income of INR41.17
crore.


SRI LAKSHMI: ICRA Reaffirms B+ Rating on INR13cr Cash Loan
----------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ to INR13.00
crore cash credit facility, and INR6.60 crore term loan of
Sri Lakshmi Egg Farming Private Limited. ICRA has also reaffirmed
the long-term/short-term rating of [ICRA]B+/[ICRA]A4 to INR0.40
crore unallocated limits of SLEFPL.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Cash Credit             13.00      [ICRA]B+; Re-affirmed
   Term Loan                6.60      [ICRA]B+; Re-affirmed
   Unallocated Limits       0.40      [ICRA]B+/[ICRA]A4;
                                      Re-affirmed

The rating reaffirmation factors in the moderate scale of
operations of the company in the poultry farming business, its
weak financial profile as reflected by high gearing of 2.06x
times as on 31st January, 2016 and weak coverage indicators. ICRA
notes the cyclicality associated with the Indian poultry industry
leading to volatility in prices of eggs. The ratings are also
constrained by the high sensitivity of company's profitability to
fluctuations in feed costs (mainly maize and soya prices), its
vulnerability to disease outbreak which could adversely impact
revenues and margins, and the high competitive pressure.

The ratings however positively factors in the more than a decade
long experience of the management in layer poultry farming, in-
house feed production of the company which helps in better
management of feed costs and the healthy demand outlook for the
layer segment of the industry on account of increasing acceptance
of eggs as a daily meal component.

Going forward, the company's ability to scale up its operations,
improve margins and effective management of its working capital
would be the key rating sensitivity from the credit perspective.

Sri Lakshmi Egg Farming Private Limited (SLEFPL) was formed as a
partnership firm in 1989 and subsequently incorporated as a
private limited company in 2012. The entity is engaged in the
business of commercial layer poultry farming for the sale of
table eggs with a total capacity of 687,450 layer birds as on
March 31, 2015. The firm has sheds at 7 locations in the East
Godavari District of Andhra Pradesh.

Recent Results
In FY2015, Sri Lakshmi Egg Farming Private Limited reported an
operating income of INR38.58 crore and a net profit of INR0.10
crore as against an operating income of INR33.68 crore and a net
profit of INR0.15 crore in FY2014. As per 10M FY2016 provisional
numbers, SLEFPL reported an operating income of INR49.22 crores
and a net profit of INR0.17 crore.


SRI LAXMI REVANTH: ICRA Suspends B- Rating on INR5.11cr Loan
------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B- assigned to
the INR5.11 crore fund based limits and INR1.24 crore unallocated
limits of Sri Laxmi Revanth Rice Industries. The suspension
follows the ICRA's inability to carry out the rating surveillance
in the absence of the requisite information from the company.

Established in 2008, Sri Laxmi Revanth Rice Industries is a
partnership firm engaged in milling of paddy to produce raw and
boiled rice. The firm is based out in Nalgonda district of
Telangana with a total capacity of 24000 MTPA milling capacity.
The firm is also engaged in trading of paddy.


SRI SIDDIRAMESHWAR: ICRA Assigns B Rating to INR45cr Cash Loan
--------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B to the INR47.85
crore1 fund based limits Sri Siddirameshwar Agro Industries
Private Limited. ICRA has also assigned a long-term/short-term
rating of [ICRA]B/[ICRA]A4 to the INR4.15 crore unallocated
limits of SSAIPL.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Cash Credit             45.00      [ICRA]B assigned
   Term Loan                2.85      [ICRA]B assigned
   Unallocated Limits       4.15      [ICRA]B/[ICRA]A4 assigned

The assigned ratings are constrained by SSAIPL's weak financial
profile, as characterized by low profitability, high gearing
levels of 6.44 times, weak coverage indicators with interest
coverage at 1.36 times and NCA/Debt at 3% for FY2016. The rating
is further constrained by susceptibility of profitability and
revenues to agro-climatic risks which impact the availability of
the paddy in adverse weather condition; and the fragmented nature
of the industry characterized by competition from a large number
of players which further increases the pressure on the operating
margins.

The ratings however takes comfort from significant experience and
operating track record of the promoters in the rice milling
industry and easy availability of paddy from proximity of plant
in major paddy cultivating region of the country and favorable
demand prospects of the industry with India being the second
largest producer and consumer, demand prospects for the industry
are expected to remain good.

Going forward, the ability of the company to efficiently manage
its working capital requirement and increase revenues and margins
will remain the key rating sensitivity from credit perspective.

Incorporated in the year 2009, Sri Siddirameshwar Agro Industries
Private Limited (SSAIPL/ the company) is engaged in trading &
milling of paddy and produces raw rice, steamed rice and boiled
rice. The day to day management of the company is looked after by
the managing directors Mr. K. Shravan Kumar and Mr. K. Ganesh who
has more than 7 years of experience in rice industry. The rice
mill is located at Kaloor village of Nizamabad district,
Telangana. The installed production capacity of the rice mill is
20 tons per hour. SSAIPL sells its rice in the retail market
under the brand name 'KCP'.

Recent Results
For 11MFY2016 (unaudited & provisional), the company reported an
operating income of INR99.18 crore and net profits of INR0.11
crore as compared to operating income of INR81.22 crore and net
loss of INR0.10 crore for FY2015 (Audited).


SWATI ENTERPRISES: CRISIL Suspends B Rating on INR35MM Cash Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Swati
Enterprises - Nashik (SE).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          15        CRISIL A4
   Cash Credit             35        CRISIL B/Stable
   Letter of Credit         5        CRISIL A4

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

SE, set up in 1990 in Nashik (Maharashtra), is a proprietorship
firm of Mr. Satish Mohole. The firm is an authorised dealer of
electric products manufactured by Siemens Ltd and Schneider
Electric India Pvt Ltd in Maharashtra. The firm also undertakes
erection and commissioning of the products sold by it.


SYMCOM COMMUNICATION: ICRA Cuts Rating on INR25cr Loan to B+
------------------------------------------------------------
ICRA has revised the long-term rating from [ICRA]BB- to [ICRA]B+
assigned to the INR25.00 crore fund based cash credit limit of
Symcom Communication. ICRA has reaffirmed the short-term rating
at [ICRA]A4 assigned to the INR25.00 crore non-fund based limits
(sub limit of fund based limits).

                            Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Fund Based-Cash Credit    25.00       [ICRA]B+; revised from
                                         [ICRA]BB- (Stable)

   Non Fund Based           (25.00)      [ICRA]A4 ; reaffirmed

The revision in long term rating takes into account the weak
performance of the company in FY2016 as reflected by sharp de-
growth in operating income and stretched liquidity position
resulting from increased receivable days and inventory levels.
The rating also factors in the exposure of company's
profitability to unfavourable movement in raw material prices,
high competitive intensity in the metal scrap business which
weakens the bargaining power of the firm, and exposure of
company's ship breaking operations to volatility in foreign
currency exchange rates. ICRA also takes note of the risk of
withdrawals inherent in a sole proprietorship firm.

The ratings, however, favourably factor in the long standing
experience of the proprietor in scrap related business and steady
supply of scrap from auctions by PSUs, debt recovery tribunal and
high courts.

Established in 1995, M/s. Symcom Communication is a
proprietorship concern of Mr. Gopal Goyal. Earlier Symcom was
engaged in supplying telephones to MTNL as well as dealing in
scrap procured from telecom equipments. Since 2005, the firm
ventured into disposing of scrap from sick units, shipping
vessels and other government organizations.

Recent Results
During FY2016 (Provisional), Symcom Communication reported an
operating income of INR65.1 crore and profit after tax of INR0.7
crore as against an operating income of INR82.4 crore and profit
after tax of INR1.0 crore in FY2015.


TAMIL NADU: ICRA Reaffirms 'D' Rating on INR177.47cr Term Loan
--------------------------------------------------------------
ICRA has reaffirmed the long-term rating assigned to the
INR177.47 crore (Rs.224.00 crore earlier) term loan of Tamil Nadu
Dindigul Karur Expressways Limited (TNDK) at [ICRA]D.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Term Loan              177.47      [ICRA]D Reaffirmed

The rating reaffirmation takes into account continued delays in
repayment of debt obligations, as TNDK's toll collections have
been significantly below expectations on account of continued
weak traffic flow witnessed on the stretch. Although the company
had gone for debt restructuring in December 2012, the continued
under performance of traffic has constrained the liquidity of
TNDK.

During FY2016, traffic grew by 6.1% in PCU terms, however the
toll rates were revised downwards due to negative WPI. Given the
poor toll collections, major maintenance reserve could not be
created; as a result TNDK would be required to raise additional
debt for major maintenance which falls due in the current
financial year.

Going forward, ramp up in traffic volumes thereby increase in
toll collections and timely debt servicing will be the key rating
sensitivities.

TNDK is a special purpose vehicle (SPV) promoted by Madhucon
Projects Ltd (MPL), Madhucon Infra Limited and Madhucon Toll
Highways Limited. TNDK has been formed to strengthen and widen
the existing 68 long stretch between Karur-Dindigul on NH-7. The
project also includes the improvement, operations and management
of the already 4 lane stretches in adjacent section from Karur
Bypass (chainage 292.600 km) to end of Karur Bypass (chainage
305.600 km) covering total length of 9.60 km. The project has
been awarded by NHAI on Build-Operate-Toll (BOT) (Toll) basis,
with a concession period of 20 years starting Oct 2006.The
project has been delayed by about seven months, with the actual
COD being November 2009 instead of April 2009 scheduled earlier.

This highway is the major arterial route that serves a
significant volume of passenger traffic traveling to various
important cities in the state like Madurai, Kanyakumari,
Rameswaram, Coimbatore & Kodaikanal. This route also forms a part
of the feeder to the Tuticorin port for the Bangalore side
traffic.


TUBEKNIT FASHIONS: CRISIL Suspends C Rating on INR245MM Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Tubeknit Fashions Limited (TFL).

                               Amount
   Facilities                 (INR Mln)     Ratings
   ----------                 ---------     -------
   Bank Guarantee                  2.5      CRISIL A4
   Foreign Bill Discounting      115        CRISIL C
   Funded Interest Term Loan     103.6      CRISIL C
   Letter of Credit                5        CRISIL A4
   Packing Credit                245        CRISIL C
   Proposed Long Term Bank
   Loan Facility                   1        CRISIL C
   Working Capital Term Loan     225        CRISIL C

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

TFL was set up as Tubeknit Exports in 1985; it was reconstituted
as a private limited company in 1996 and as a limited company
(under its current name) in 1999. It exports ready-made garments.
The company is promoted by Mr. P Parthasarathi.


URBANE INDUSTRIES: CRISIL Suspends B+ Rating on INR69.5MM Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Urbane Industries Limited (UIL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             69.5      CRISIL B+/Stable
   Letter of Credit        10        CRISIL A4
   Proposed Long Term
   Bank Loan Facility      50.5      CRISIL B+/Stable

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

Incorporated in 2005, Chennai-based UIL manufactures
prefabricated zero discharge green toilet system. Prior to 2005,
the company was operating as a proprietary firm. The company is
promoted by Mr. Krishna Mohan.


UTTAR BHARAT: Ind-Ra Suspends 'IND BB' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Uttar Bharat
Hydro Power Private Limited's (UBHPPL) 'IND BB' Long-Term Issuer
Rating to the suspended category. The Outlook was Stable. The
rating will now appear as 'IND BB(suspended)' on the agency's
website. The agency has also migrated UBHPPL's INR1,570 million
term loan to 'IND BB(suspended)' from 'IND BB'/Stable.

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

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


VAELS EDUCATIONAL: CRISIL Ups Rating on INR146.6MM Loan to BB-
--------------------------------------------------------------
CRISIL has upgraded its ratings on the long term bank facilities
of Vaels Educational Trust (VLET, part of the Vel's group) to
'CRISIL BB-/Stable' from 'CRISIL B+/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan         146.6      CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B+/Stable')

   Proposed Long Term       3.4      CRISIL BB-/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B+/Stable')

The upgrade factors in CRISIL's belief that the Vels group
business risk profile would continue to improve over the medium
term supported by its established brand presence of 'Vels' in
Chennai, its diversified course offering and its healthy
operating efficiencies marked by healthy operating margins
estimated at around 33 percent and healthy occupancy levels of
around 90 percent for 2015-16. The upgrade is also driven by the
Vel's group's healthy financial risk profile marked by a net
worth of around INR1.42 billion, gearing of around 0.51 times as
on March 31,2016 and above-average debt protection metrics.

The ratings continue to reflect the extensive industry experience
of the Vel's group promoter in the educational services segment
and its prudent cash flow management. These rating strengths are
partially offset by geographic concentration in the group's
revenue profile, and its exposure to risks related to intense
competition and to any adverse impact of regulatory changes in
the education sector.

For arriving at the ratings CRISIL has consolidated the business
and financial risk profiles of Vels Institute of Science,
Technology and Advanced Studies, Vinayaka Educational Trust,
VLET, Vel Ganesh Educational Trust. This is because all the
trusts, collectively referred to as the Vels group, operate in
similar lines of business, have a common management team, and
have significant operational linkages. Earlier, CRISIL had
considered EFPL's standalone business and financial risk profiles
for rating the company's facilities, because of limited
operational and financial linkages among group companies. The
change in analytical approach factors in fresh information
provided by the group management regarding operational linkages.
Outlook: Stable

CRISIL believes that the Vels group will continue to benefit over
the medium term from its established position across various
educational streams. The outlook may be revised to 'Positive' if
the group reports sustained improvement in its scale of
operations while maintaining its healthy surplus levels,
resulting in a significant improvement in its liquidity.
Conversely, the outlook may be revised to 'Negative' if the
group's financial risk profile, particularly its liquidity,
deteriorates, because of large debt-funded capital expenditure,
or if its revenue declines because of regulatory changes, or if
it extends significant funding support to other group entities.

Set up in 2007 in Chennai by Mr. Ishari K Ganesh, VISTAS offers
courses in commerce, computing science, management,
pharmaceutical sciences, physiotherapy, hotel and catering,
maritime studies, engineering, life sciences, pure sciences,
visual communications, languages, dentistry, and nursing. VET
offers courses in teacher training while VGET and VLET run
schools affiliated to the Central Board of Secondary Education.


VAISHNAVI GLOBAL: CRISIL Reaffirms B+ Rating on INR70MM Loan
------------------------------------------------------------
CRISIL's rating continues to reflect Vaishnavi Global Private
Limited (VGPL) modest scale of operations in a fragmented
industry, large working capital requirements and susceptibility
of operating margin to raw material price volatility. It also
factors in VGPL's below-average financial risk profile, marked by
a modest net worth and high gearing.

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

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

However, these weaknesses are partially offset by the promoters'
extensive experience in the textile industry, its established
customers and supplier base and its moderate operating
profitability.
Outlook: Stable

CRISIL believes that VGPL will continue to benefit over the
medium term from its promoters extensive industry experience and
established customer base. The outlook may be revised to
'Positive' in case of significant improvement in the company's
scale of operations and profitability, or substantial equity
infusion, leading to improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if VGPL's
financial risk profile weakens, due to low cash accruals or sharp
increase in working capital requirements, or if the company
undertakes a significant debt-funded capital expenditure
programme.

Update
VGPL's operating revenue is estimated to have increased to INR188
million in 2015-16 (refers to financial year, April 1 to
March 31) from INR156 million in 2014-15, supported by increased
demand. Revenues are expected to improve over the medium term
supported by steady flow of orders. Operating margins improved to
10.6 times in 2015-16 from 9.7 times in previous year supported
by decline in raw material prices. The operating margins are
expected to remain stable over the medium term.

Financial risk profile remains below average because of modest
net worth owing to low accretions to reserve. Also, the gearing
increased to 3.6 times from 2.9 times owing to higher than
expected reliance on debt. The company has subdued debt
protection metrics as reflected from its low interest coverage
ratio of 1.9 times and net cash accrual to total debt ratio of
0.09 time for 2015-16.

The company's large working capital requirement is reflected in
estimated gross current assets of 245 days as on March, 2016.
This is primarily driven by large inventory level and stretched
receivable days of 117 days and 112 days as on March, 2016. The
bank limit remained utilized at an average of 84 percent over the
12 months through March 2016. Its net cash accrual is expected at
INR6.0-7.6 million per annum against debt obligation of INR1
million over the medium term.

Incorporated in 1997 as a proprietorship firm and later re-
constituted as private limited company, VGPL manufactures order-
based garments mainly jeans and it also processes fabric. The
company is promoted by Mr. Rishi Mehra and Ms. Priti Mehra and is
based in Mumbai.


VELS INSTITUTE: CRISIL Ups Rating on INR215.2MM Loan to BB
----------------------------------------------------------
CRISIL has upgraded its rating on the long term bank facilities
of Vels Institute of Science, Technology and Advanced Studies
(VISTAS; part of the Vels group) to 'CRISIL BB/Stable' from
'CRISIL B+/Stable'.

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

   Proposed Long Term      214.8     CRISIL BB/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B+/Stable')

   Term Loan               215.2     CRISIL BB/Stable (Upgraded
                                     from 'CRISIL B+/Stable')

The upgrade factors in CRISIL's belief that the Vels group's
business risk profile would continue to improve over the medium
term supported by its established brand presence of 'Vels' in
Chennai, its diversified course offering and its healthy
operating efficiencies marked by healthy operating margins
estimated at around 33 percent and healthy occupancy levels of
around 90 percent for 2015-16. The upgrade is also driven by the
Vel's group's healthy financial risk profile marked by a net
worth of around INR1.42 billion, gearing of around 0.51 times as
on March 31,2016 and above-average debt protection metrics.

The ratings continue to reflect the extensive industry experience
of the Vel's group promoter in the educational services segment
and its prudent cash flow management. These rating strengths are
partially offset by geographic concentration in the group's
revenue profile, and its exposure to risks related to intense
competition and to any adverse impact of regulatory changes in
the education sector.

For arriving at the ratings CRISIL has consolidated the business
and financial risk profiles of VISTAS, Vinayaka Educational Trust
VET), Vel Ganesh Educational Trust (VGET) and Vaels Educational
Trust (VLET). This is because all the trusts, collectively
referred to as the Vels group, operate in similar lines of
business, have a common management team, and have significant
operational linkages. Earlier, CRISIL had considered EFPL's
standalone business and financial risk profiles for rating the
company's facilities, because of limited operational and
financial linkages among group companies. The change in
analytical approach factors in fresh information provided by the
group management regarding operational linkages.

Outlook: Stable

CRISIL believes that the Vels group will continue to benefit over
the medium term from its established position across various
educational streams. The outlook may be revised to 'Positive' if
the group reports sustained improvement in its scale of
operations while maintaining its healthy surplus levels,
resulting in a significant improvement in its liquidity.
Conversely, the outlook may be revised to 'Negative' if the
group's financial risk profile, particularly its liquidity,
deteriorates, because of large debt-funded capital expenditure,
or if its revenue declines because of regulatory changes, or if
it extends significant funding support to other group entities.

Set up in 2007 in Chennai by Mr. Ishari K Ganesh, VISTAS offers
courses in commerce, computing science, management,
pharmaceutical sciences, physiotherapy, hotel and catering,
maritime studies, engineering, life sciences, pure sciences,
visual communications, languages, dentistry, and nursing. VET
offers courses in teacher training while VGET and VLET run
schools affiliated to the Central Board of Secondary Education.


VICKY FASHION: ICRA Assigns 'B' Rating to INR5.0cr Cash Loan
------------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B to the INR5.00
crore Long Term Fund Based Limits of Vicky Fashion Limited. ICRA
has also assigned the short-term rating of ICRA]A4 to the INR2.00
crore short term fund based limits of VFL.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long term Fund based
   Cash Credit              5.00        [ICRA]B Assigned

   Short Term Fund based
   Packing Credit           2.00        [ICRA]A4 Assigned

The ratings assigned are constrained by Vicky Fashion Limited's
(VFL) moderate scale of operations with de-growth of ~26% in the
operating income during FY2016 and weak debt coverage indicators.
The ratings are further constrained by the company's low value
additive nature of yarn and fabric trading business which has
kept the profit metrics low and high competitive intensity in the
industry with revenues linked to cyclicality of textile industry.
The ratings, however, favourably factor in the long experience of
the promoters in the textile industry, established relationship
with customers and comfortable capital structure of the company.
Going forward, the company's ability to further expand into
garment manufacturing business and improve profitability given
high competitive intensity in the textile industry remains
important from credit perspective.

Incorporated in 1996, Vicky Fashion Limited (VFL) is
predominantly into trading of grey yarn and fabrics. In the year
2006, the company diversified into manufacturing of garments. The
company has an in-house manufacturing unit at Mahape in Mumbai
with a processing capacity of ~50,000 garments a month. Apart
from domestic sales, the company also exports garments to various
destinations like Italy, United States of America (USA) and
France.

VFL is one of the group companies run by the Jhunjhunwala family.
The other companies in the group are Colours International
Limited (CIL) which is involved in fabric trading and has a
similar customer base as VFL and J.J Exports which mainly acts as
a commission agent in fabric trading business.

Recent Results
During FY 2016 (provisional results), VFL reported an operating
income of INR72.23 crore and profit before tax of INR0.96 crore
as against an operating income of INR98.08 crore and profit after
tax of INR0.19 crore during FY 2015.


WITTY AUTO: ICRA Suspends 'D' Rating on INR8.0cr Bank Loan
----------------------------------------------------------
ICRA has suspended rating of [ICRA]D assigned to the INR8.00
crore bank facilities of Witty Auto Engineering private Limited
(WAEPL). The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

WAEPL was incorporated in the year 2008 by Mr. Suresh Tyagi, Mr.
Vinod Kumar Tyagi and Sunil Kumar Tyagi and its unit is located
in Alwar. However, the company started commercial operations in
December 2011. WAEPL is engaged in the manufacturing of auto
components for ancillaries of established automobile OEMs. WAEPL
also carries out job work for these ancillaries.


ZURI HOTELS: ICRA Upgrades Rating to INR20cr Term Loan to BB-
-------------------------------------------------------------
ICRA has upgraded the long term rating outstanding on the INR20.0
crore term loans and INR2.0 crore long-term fund based limits
Zuri Hotels and Resorts Private Limited to [ICRA]BB from [ICRA]D.

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Term Loans           20.0      [ICRA]BB- (Stable)/upgraded
                                  from [ICRA]D

   Long-Term Fund        2.0      [ICRA]BB- (Stable)/upgraded
   Based Limits                   from [ICRA]D

The rating upgrade factors in the regularization in debt
servicing by the company supported by improvement in operating
margins aided by increasing RevPAR (Revenue Per Available Room)
during FY2015 and FY2016. While ZHRPL's RevPAR improved from
INR7,830 in FY2014 to INR9,361 in FY2016, the company's operating
margins increased from about 26.8% in FY2014 to 33.9% in FY2016.
Further, the company's capital structure has also improved from
0.5x as on March 31, 2014 to 0.3x as on March 31, 2016.

The rating continues to factor in the favorable location of Zuri
Kumarakom, located on the banks of Lake Vembanad which is a
popular tourist destination in Kerala enhancing its business
prospects. Further, strong brand presence by virtue of company
tying up with national and international travel agencies and
online portals continue to support the company's occupancies and
RevPARs. The rating also takes into account support from the
promoters of the Zuri group who have periodically infused funds
in the company by way of unsecured loans and ZHRPL's financial
profile which is currently characterised by healthy margins,
robust capital structure and strong cash flows.

The rating strengths are, however, partially offset by the stiff
competition faced by ZHRPL from other luxury hotels situated in
its close vicinity. The ratings are also constrained by company's
susceptibility to inherent cyclicality of hotel industry and
exogenous factors in addition to moderate size of operations with
a single property in Kumarakom with tourism (seasonal) being the
main source of revenues. Going forward, ability of the company to
expand its revenue base whilst improving its profitability and
maintaining its capital structure would remain key credit
monitorables.

Part of the Zuri Group, Zuri Hotels and Resorts Private Limited
(ZHRPL) is primarily engaged in hospitality business with a 5-
star hotel in Kumarakom (72 rooms). Apart from the hotel, the
company also had a total wind generation capacity of 5 Mega Watts
(MW) with 20 turbines of 250 Kilo Watt (KW) each situated at
Alankulam Village, Tirunelvelli District, Tamil Nadu. However,
the same has been divested and sold off to a third party during
the FY2015. The company was formed in April, 2013 by demerging
the The Zuri Kumarakom Resorts & Spa, Kerala which was earlier
under the erstwhile Zuri Hospitality Private Limited which owned
three properties namely the Zuri Varca White Sands Resort &
Casino, Goa, The Zuri Kumarakom Resorts & Spa, Kerala and The
Zuri Whitefield, Bengaluru.

The Zuri group was founded by Mr. Chamanlal Kamani, an NRI from
Rajkot in Gujarat who had migrated to Kenya in late 1940s.The
group has presence in furniture, real estate, floriculture and
hospitality in several countries. In India, the group is mainly
present in hospitality business with two 5-star deluxe hotels and
one 5-Star hotel.

Recent Results
As per provisional, unaudited results, for FY2016, the company
reported an operating income of INR27.1 crore with net profit of
INR4.1 crore as against an operating income of INR27.6 crore with
a net loss of INR6.9 crore during FY2015.



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


PROPERTY VENTURES: PwC Fails to Stop Liquidator's Lawsuit
---------------------------------------------------------
Hamish Fletcher at The New Zealand Herald reports that
PricewaterhouseCoopers has lost a second attempt to halt a
lawsuit brought against it by the liquidator of a collapsed
property development company.

Property Ventures, directed by now-bankrupt Christchurch
businessman David Henderson, was the parent of a group of
companies that failed after the global financial crisis and left
a large Queenstown project unfinished, according to the Herald.

The Herald relates that Property Ventures' liquidator
Robert Walker has launched High Court action against the
company's directors -- including Henderson, Queen's Counsel
Austin Forbes, Adolf de Roos, Gordon Hansen, Alister Johnston --
as well as PwC, which was the group's auditors.

According to the report, Mr. Walker alleges that if PwC had done
its work properly, the group's insolvency would have become
apparent much sooner than it did and would have avoided trading
losses said to amount to NZ$320 million.

The Herald says the action is being paid for by SPF No 10, a
company tied to litigation funder LPF Group, whose directors
include former Shareholders' Association boss Bruce Sheppard,
former Supreme Court judge Bill Wilson and Phillip Newland.

PwC, last year, applied to stay the proceedings arguing the
funding arrangement in the case was an abuse of process.

When Justice Brendan Brown refused to halt the case, PwC took the
matter to the Court of Appeal.

The appellate court, however, turned down PwC's challenge in a
decision delivered July 19, the report says.

Property Ventures (PVL), the central company of the
David Henderson property development ventures, was put into
receivership in March 2010, and then into liquidation in July the
same year, the report relates.  Bankrupt Christchurch developer
David Henderson is a former director of both PVL and Gibbston
Downs Wines.


WOOSH WIRELESS: Creditors Vote to put Firm Into Liquidation
-----------------------------------------------------------
Hamish Fletcher at nzherald.co.nz reports that Woosh Wireless'
creditors, thought to be owed almost NZ$13 million, have voted to
put the troubled internet provider into liquidation.

The business was founded in 1999 and has burned through more than
NZ$100 million since that time, according to nzherald.co.nz.

Grappling with the challenge of its ageing technology, the
company had been winding down some of its operations, the report
notes.  It sold about 10,000 of its customers to Slingshot last
year and still had about 2000 on its books, the report relays.

After trading unprofitably, two Woosh companies were put into
voluntary administration in May, the report discloses.

Their creditors, at a meeting in Auckland, voted to put the
business into liquidation, the report says.

A report by administrators Brendon Gibson and Neale Jackson,
circulated to creditors before that meeting, estimated they are
owed almost NZ$13 million, nzherald.co.nz discloses.

Woosh shareholders, California-based Craig Wireless and a company
associated with founder Rod Inglis are thought to be owed US$6.7
million (NZ$9.25 million) and are secured creditors, the report
says.

The report estimated employees are owed NZ$34,000 while the
Inland Revenue is owed nearly NZ$675,000, nzherald.co.nz notes.
Unsecured creditors, such as landlords and suppliers, are owed
about NZ$3 million, the report adds.



===============
P A K I S T A N
===============


PAKISTAN MOBILE: S&P Affirms 'B-' CCR; Outlook Positive
-------------------------------------------------------
S&P Global Ratings said that it had affirmed its 'B-' long-term
corporate credit rating on Pakistan Mobile Communications Ltd.
(Mobilink), the largest cellular communication services provider
in Pakistan.  The outlook is positive.

"We affirmed the rating because we expect Mobilink's improving
operating performance and moderating capital spending to partly
offset likely higher leverage following its merger with Warid
Telecom (Pvt.) Ltd.," said S&P Global Ratings credit analyst
Ashutosh Sharma.

S&P expects Mobilink to maintain its 'bb-' stand-alone credit
profile (SACP) over the next 12-24 months.  The rating on
Mobilink continues to be constrained by S&P's sovereign credit
rating and transfer and convertibility assessment on Pakistan
(Islamic Republic of) (B-/Positive/B).  Mobilink announced on
July 1, 2016, that it substantially completed the merger with
Warid, and that it now only requires the approval of the
Islamabad High Court.

In S&P's view, the merger strengthens Mobilink's No. 1 position
in Pakistan's cellular market.  The merger will reduce the
overall competition in Pakistan, and improve Mobilink's revenue
base; Warid's revenue is roughly one-third of Mobilink's.  It
will also enhance Mobilink's subscriber market share to about
38%, from about 28% currently.

However, the challenges of integration and focus on building
synergies could weaken Mobilink's organic growth momentum in the
next two years.  Warid's existing 4G services should complement
Mobilink's 3G services and strengthen its overall service
offerings in the country.  Post-merger, Mobilink will likely have
the highest spectrum holdings in Pakistan.

S&P believes Pakistan's unpredictable geopolitical and
macroeconomic environment will continue to constrain Mobilink's
operations.  Therefore, S&P do not expect the merger to affect
Mobilink's business risk profile.

In S&P's view, Warid's higher debt would weaken Mobilink's
leverage (ratio of funds from operations [FFO] to debt) to 45% in
2017 (post-merger), from 73% now.  Although higher, the post-
merger leverage does not breach our trigger to lower Mobilink's
SACP.  The company's improved performance is primarily due to
better core business performance, cost management, and lower
capital spending in 2015.

S&P anticipates that positive free operating cash flows starting
2017 will help Mobilink reduce its leverage.  However, until
then, higher capital expenditures will continue to drain the
company's operating cash flows.

S&P also expects integration costs to reduce Mobilink's 2016
profitability (EBITDA margin) to around 36%, from 39% currently.
The integration synergies starting mid-2017 would help improve
its profitability back to about 40% by 2018.

"The positive outlook on Mobilink reflects the outlook on
Pakistan," said Mr. Sharma.

S&P could upgrade Mobilink if S&P raises the sovereign rating on
Pakistan.

S&P could revise the outlook on Mobilink back to stable if S&P do
the same for Pakistan.  S&P is unlikely to lower the rating if
the company's operating and financial performances deteriorate,
given that the SACP is three notches above the rating.  However,
S&P may lower the SACP by one notch if the challenges of
integration or a deterioration in operating performance causes
the FFO-to-debt ratio to fall below 35% and stay there for a
prolonged period.



=============
V I E T N A M
=============


VIETNAM EXPORT: S&P Affirms 'B+' LT ICR; Outlook Negative
---------------------------------------------------------
S&P Global Ratings said that it had affirmed its 'B+' long-term
and 'B' short-term issuer credit ratings on Vietnam Export Import
Commercial Joint Stock Bank (Eximbank).  The outlook on the long-
term rating is negative.  S&P lowered its long-term ASEAN
regional scale rating on Eximbank to 'axBB-' from 'axBB' and
affirmed the 'axB' short-term ASEAN regional scale rating.  S&P
removed the ratings from CreditWatch, where they were placed with
negative implications on April 8, 2016.

"We affirmed the rating with negative outlook to reflect our view
that the bank's profitability is unlikely to improve rapidly
enough over the next 12 months to offset the accumulated losses
following a restatement of financial statements in 2015," said
S&P Global Ratings credit analyst Ivan Tan.  "The bank's profit
has been falling for the past several consecutive years amid
challenging operating conditions, and its return on assets (RoA)
was almost zero in 2015."

The State Bank of Vietnam (SBV), the country's banking regulator,
had in October 2015 discovered accounting irregularities in
Eximbank.  Following the SBV inspection, Eximbank reversed the
sale profits previously recognized, which retrospectively
resulted in an accumulated loss of Vietnamese dong (VND) 817
billion in its restated 2015 financial statements.

Eximbank's aggressive accounting practices could have negative
implications for the bank's reputation and management, in S&P's
view.  Infractions of law and regulation can lead to long-term
franchise or reputational damage for the bank.  That said, the
regulator has not imposed penalties or restrictions on the
operations of Eximbank.

Eximbank is trying to reduce the accumulated loss by the end of
2016 by refocusing on the higher-yielding small and midsize
enterprise (SME) segment, and leveraging on its trade finance
franchise to boost fee income.  It has also put in place cost
controls to keep operating expenses, particularly employee costs,
in check.  The bank had zero dividend payout in 2015, and S&P
expects it to preserve capital with a very low payout, if at all,
in 2016.

In S&P's opinion, Eximbank's defensive strategy of managed growth
and cost control is sound, but the bank's ability to turn around
consecutive years of declining net profits remains to be seen.
S&P also believes that the bank will find it tough to clear its
accumulated loss by end 2016.

"The negative outlook reflects our view that Eximbank's
accumulated losses and declining profitability will limit any
significant improvement in its credit profile over the next 12
months," said Mr. Tan.

The ability of the bank management to execute its strategic
priorities will be a key credit factor, in S&P's view.  In
particular, management aims to reinvigorate Eximbank's franchise
as a trade finance bank to boost fee income, regain market share,
and sustainably improve net profit.

S&P may lower the rating on Eximbank if S&P believes that the
bank's capital and earnings will remain under pressure,
particularly if its prospects of returning to profitability in
the next 12-18 months remain poor due to high credit costs or
weak revenue growth.

S&P may revise the outlook to stable if Eximbank can clear its
accumulated loss and sustainably preserve its capitalization
aided by a recovery in earnings and prudent risk management.  S&P
expects recurring lending and fee income from the bank's core
commercial banking business, rather than one-off trading gains or
accounting/ tax reversals, to support the earnings recovery.


                             *********

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

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

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


                            *********


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

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

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

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

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
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