TCRAP_Public/140417.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Thursday, April 17, 2014, Vol. 17, No. 76


                            Headlines


A U S T R A L I A

CAMPAIGN MONITOR: S&P Assigns 'B' LT ICR; Outlook Stable
ELITE WHOLESALE: Placed in Administration
RETAIL MARKETING: Holzman Associates Appointed as Administrators
SKYHIGH SCAFFOLD: Clifton Hall Appointed as Liquidators
TOM BROWNE: Deloitte Appointed as Administrators


C H I N A

FOSUN INT'L: Moody's Continues to Review Ba3 CFR for Downgrade
FOSUN INT'L: S&P Lowers LT CCR to 'BB'; Outlook Stable
PARKSON RETAIL: S&P Lowers LT CCR to 'BB-'; Outlook Stable


I N D I A

ANAND CARS: ICRA Reaffirms 'B+' Rating on INR20.05cr Loans
APS HYDRO: CRISIL Assigns 'B+' Rating to INR90MM Loans
ASIAN HANDICRAFTS: ICRA Reaffirms 'B+' Rating on INR1cr Loan
CENTURY 21: ICRA Reaffirms 'B' Rating on INR58cr Term Loan
CHADALAVADA INFRATECH: CRISIL Reaffirms D Rating on INR1.8B Loans

H. K. TIMBERS: CRISIL Assigns 'B' Rating to INR60MM Cash Credit
J.D. COTTON: ICRA Assigns 'B' Rating to INR7cr Bank Loan
JAI SHARDHA: ICRA Assigns 'B' Rating to INR16cr Working Capital
JALARAM ECO: ICRA Reaffirms 'B' Rating on INR5.9cr Loans
JANPRAGATI EDUCATION: ICRA Assigns 'B' Rating to INR9.5cr Loans

KACHCHH VENEERS: ICRA Reaffirms 'B+' Rating on INR2cr Loan
KGA INVESTMENTS: CRISIL Cuts Rating on INR960MM Loan to 'B-'
KHEDARIA ISPAT: CRISIL Reaffirms 'B+' Rating on INR140MM Loans
M. P. ENTERTAINMENT: ICRA Reaffirms 'B' Rating on INR42cr Loan
M V ALLOYS: ICRA Assigns 'B+' Rating to INR7.82cr Loans

MAHESH GINNING: ICRA Raises Rating on INR5.25cr Loans to 'B+'
MANGLAM VARDHMAN: ICRA Assigns 'B' Rating to INR25cr Term Loan
MANJEERA HOTELS: ICRA Revises Rating on INR107cr Loan to 'D'
MMS INFRATECH: ICRA Assigns 'B+' Rating to INR12.21cr Loans
MOTHER NUTRI: ICRA Assigns 'B' Rating to INR9cr Loans

MRJ STEELS: ICRA Assigns 'B+' Rating to INR38cr Loan
MTAR TECHNOLOGIES: CRISIL Ups Rating on INR340MM Loans to 'C'
NAVJIVAN COTTON: ICRA Assigns 'B' Rating to INR14.38cr Loans
NEW FASHION: ICRA Suspends 'B' Rating on INR6.32cr Loans
NEW FRONT: ICRA Reaffirms 'B' Rating on INR20cr Term Loan

PMR INFRA: ICRA Suspends 'B-' Rating on INR15cr Loan
PRAGATI SPINNERS: ICRA Assigns B+ Rating to INR49.06cr Loan
PURVA ENTERPRISES: ICRA Reaffirms 'D' Rating on INR10cr Loan
RAYBAN FOODS: ICRA Reaffirms 'B+' Rating on INR16.5cr Loans
RIA HOTELS: ICRA Reaffirms 'B-' Rating on INR17.50cr Loan

RURAL INSTITUTE: CRISIL Reassigns 'D' Ratings to INR220MM Loans
SAM APPARELS: ICRA Revises Rating on INR10cr Loans to 'B'
SHUBH SWASTIK: ICRA Reaffirms 'B' Rating on INR6cr Cash Credit
SIDDHI VINAYAK: CRISIL Reaffirms 'B+' Rating on INR10MM Loan
SINTERCOM INDIA: CRISIL Reaffirms 'B+' Rating on INR370MM Loans

SNEHA MARKETING: CRISIL Reaffirms 'B' Rating on INR40MM Loans
SONA SATI: ICRA Cuts Rating on INR109.58cr Loans to 'D'
SOUTH GANGA: CRISIL Upgrades Rating on INR288MM Loans to 'B-'
SPA CERAMIC: ICRA Revises Rating on INR6.88cr Loans to 'B'
SRI BALAGANAPATHY: ICRA Reaffirms 'B' Rating on INR9.47cr Loans

SRI PARAMESWARI: ICRA Suspends 'C' LT Rating on INR70.7cr Loan
SUDHA BUSINESS: ICRA Assigns 'B+' Rating on INR7.29cr Loans
T.C. SPINNER: ICRA Reaffirms 'B+' Rating on INR58cr Loan
TRADE WINGS: ICRA Reaffirms 'B-' Rating on INR12cr Cash Credit
TRISTAR GLOBAL: ICRA Revises Rating on INR50cr Loans to 'D'

UMA GOLD: CRISIL Assigns 'B' Rating to INR120MM Cash Credit
VANYA STEELS: ICRA Reaffirms 'B-' Rating on INR18.54cr Loans


J A P A N

MF2 ALPHA: S&P Lowers Rating on JPY7BB Unsec. Bonds to 'D'


N E W  Z E A L A N D

AOTEAROA DISTILLERS: In Liquidation After Petition From Customs
MAINZEAL PROPERTY: Director Opposes RGREL Liquidation
SOUTH CANTERBURY: Joined Crown Scheme Despite Concerns


                            - - - - -


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


CAMPAIGN MONITOR: S&P Assigns 'B' LT ICR; Outlook Stable
--------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
long-term issuer credit rating of 'B' to Campaign Monitor Finance
Pty Ltd. (Campaign Monitor).  The outlook on the long-term rating
is stable. Campaign Monitor Finance Pty Ltd. is a debt-issuing
holding company of Campaign Monitor Pty Ltd., a provider of e-mail
marketing software services to business customers.

At the same time, S&P assigned an issue rating of 'B' and a
recovery rating of '4' to Campaign Monitor's proposed US$160
million, first-lien, senior secured, term loan B. A recovery
rating of '4' indicates S&P's expectation of an average (30%-50%)
level of recovery in the event of a default.

The 'B' long-term issuer credit rating on Campaign Monitor is
based on S&P's assessment of the group's "weak" business risk
profile and "highly leveraged" financial risk profile.

"Our "weak" business risk profile assessment on Campaign Monitor
reflects our view of the group's narrow product mix, small
earnings base, relatively low barriers to entry, and strong
competition.  Tempering these factors, to a limited extent, are
the group's high profit margins, low capital intensity, diverse
customer base, and growing global demand for e-mail marketing
products and services," said Standard & Poor's credit analyst Paul
Draffin.

Campaign Monitor's business is focused almost entirely on its e-
mail marketing software platform, which is subject to strong and
evolving competition.  Although the company's customer base has
grown rapidly over the past decade with low customer churn,
Campaign Monitor operates with limited scale and has a narrow
business focus.  In S&P's view, the group derives some competitive
advantage from its low cost offer and its integration with
advertising agencies that on-sell its product.  However, this
advantage does not, in S&P's view, provide a material barrier to
competition over the medium-to-long term.  Accordingly, ongoing
product enhancements and a broadening product range will be
important to maintaining the company's market position.

S&P expects Campaign Monitor's EBITDA margins to moderate as the
group invests in additional marketing and builds out the company's
operational systems and processes.  Nonetheless, S&P expects the
group's EBITDA margins to remain strong, at more than 50%, in the
next few years.

S&P assess Campaign Monitors financial risk as "highly leveraged",
based primarily on the group's financial sponsor ownership.
Campaign Monitor is majority owned by private equity firm, Insight
Venture Partners.

Following the recapitalization with the term loan B, S&P expects
the company's fully adjusted debt to EBITDA to be about 4.7x.  The
ratio should decline thereafter, due to our expectations of modest
earnings growth for the company and as it reduces debt using its
free cash flow.  However, S&P expects the group's financial
sponsor owners to periodically regear the balance sheet to
maximize their financial returns and pursue growth opportunities.

Mr. Draffin added: "The stable outlook reflects our expectation
that the group will continue to grow revenues and invest in its
operations, delivering modest EBITDA growth over the next few
years.  Despite some moderation in margins due to its rising cost
base, S&P expects overall margins to remain at more than 50%.
This level, together with modest capital expenditure requirements,
should allow the group to generate robust discretionary cash flows
and reduce debt via the 50% cash sweep facility under its debt
facilities."

Downward pressure on the rating could occur if a material erosion
in the group's competitive position were to occur, evidenced by
significant customer loss, pricing pressure, and a substantial
reduction in earnings and margins.  S&P could also lower the
rating if debt to EBITDA is sustained at more than 5x.

S&P considers near-term upward rating pressure as unlikely, given
the group's concentrated business focus and financial sponsor
ownership.


ELITE WHOLESALE: Placed in Administration
-----------------------------------------
Christopher John Palmer -- cpalmer@obp.com.au -- at O'Brien Palmer
was appointed as administrator of Elite Wholesale Pty Limited on
April 14, 2014.

A first meeting of the creditors of the Company will be held at
the offices of O'Brien Palmer, Level 14, 9 Hunter Street, in
Sydney, on April 29, 2014, at 11:00 a.m.


RETAIL MARKETING: Holzman Associates Appointed as Administrators
----------------------------------------------------------------
Manfred Holzman at Holzman Associates was appointed as
administrator of Retail Marketing Systems Pty Limited on
April 14, 2014.

A first meeting of the creditors of the Company will be held at
2:30 p.m. on April 29, 2014, at Level 9, 33 Erskine Street, in
Sydney.


SKYHIGH SCAFFOLD: Clifton Hall Appointed as Liquidators
-------------------------------------------------------
Daniel Lopresti and Mark Hall at Clifton Hall were appointed Joint
and Several Liquidators of Skyhigh Scaffold Hire Pty Ltd on April
14, 2014.

A meeting of creditors will be held at 10:30 a.m. on April 23,
2014, at Clifton Hall, Level 4, 12 Gilles Street, in Adelaide.


TOM BROWNE: Deloitte Appointed as Administrators
------------------------------------------------
Vaughan Neil Strawbridge -- vastrawbridge@deloitte.com.au -- &
Salvatore Algeri -- saalgeri@deloitte.com.au -- of Deloitte were
appointed as administrators of Tom Browne Executive Pty Ltd and
Tom Browne Drilling Services Pty Ltd on April 14, 2014.

A meeting for each of the Companies will be held at Dubbo RSL Club
Resort, Cnr Brisbane Street & Wingewarra Street, in Dubbo, NSW, on
April 28, 2014, at 10:30 a.m.



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C H I N A
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FOSUN INT'L: Moody's Continues to Review Ba3 CFR for Downgrade
--------------------------------------------------------------
Moody's Investors Service says it will continue to review for
downgrade the Ba3 corporate family rating and B1 senior unsecured
rating of Fosun International Limited, and B1 rating on senior
unsecured bond issued by Sparkle Assets Limited, following Fosun's
announcement on April 9 of a rights issue to raise around HKD4.86
billion to HKD 5.16 billion of new equity funding.

The rating review was originally initiated on January 13, 2014
after Fosun announced its EUR1 billion acquisition of Caixa
Seguros e Saude, SGPS, S.A.(CSS, unrated) in Portgual.

There are still uncertainties towards the completion of the CSS
deal, which is subject to regulatory approval and the rights
issue. Moody's expects to conclude the rating review upon
completion of both transactions in mid-May.

Ratings Rationale

"The rights issue, if it completes as expected, will alleviate
Fosun's near-term funding pressure," says Lina Choi, a Moody's
Vice President and Senior Analyst.

Fosun made around RMB16.4 billion in investments in 2013, in
addition to the proposed EUR1 billion acquisition of CSS. Moody's
expect that Fosun will continue to have an investment plan which
surpasses the proceeds from asset recycling and recurring EBITDA.

"However, we take some comfort that Fosun has developed other
channels of funding than its own capital resources and debt. Such
channels include private equity funds under its management, the
investable funds of its insurance subsidiaries, and third-party
investors. The proposed rights issues of Fosun and the recent
equity raising of Shanghai Fosun Pharmaceutical Limited (unrated),
one of Fosun's core subsidiaries, also indicate that it has the
willingness to partly fund its growth through equity and maintain
a balanced capital structure", says Choi, also the international
lead analyst for Fosun.

If Fosun can achieve a good discipline in its investments, asset
recycling and funding, Moody's expect that it will able to
maintain its current credit metrics by end-2014 and improve on
them in following years.

"We consider the acquisition of the insurance businesses in
Portugal would improve its business profile as it will increase
portfolio diversification and reduce Fosun's exposure to systemic
risk in China over the medium term", says Kai Hu, a Moody's Vice
President and Senior Credit Officer.

As a result, Moody's expects to confirm Fosun's corporate family
rating at Ba3 and its senior unsecured rating at B1 if both deals
complete as expected, but the ratings outlook will be negative.

"There are still considerable execution risks for Fosun to
integrate CSS and manage a bigger insurance portfolio. The
challenges include improving CSS' underwriting results, retaining
CSS' key employees, sales channels and clients, as well as
ensuring compliance with regulatory requirements under a more
stringent Solvency II framework. Fosun also needs to balance its
desire for higher investment returns and the increase in the risk
portfolio of CSS' investments", adds Hu, also the local market
analyst for Fosun.

In addition, despite the higher EBITDA in 2013, which was due to
more gains from disposals, Fosun needs more external funding to
support its investments. Its adjusted net debt increased by
RMB16.5 billion and, as a result, consolidated adjusted
debt/EBITDA stayed around 8x. Moody's expects Fosun's leverage
will remain at a similar level in the next 12 months, which is
weak for its rating level.

Fosun's liquidity profile remains manageable. The group has a
large amount of cash and liquid assets. At the consolidated level,
Fosun had RMB16.3 billion of cash and RMB34 billion of marketable
securities at end-2013. Such an amount is sufficient to cover its
short-term debt maturities of RMB 31 billion.

At the holding company level, it also has liquid assets (including
the listed stocks of its core subsidiaries ) which are enough to
cover total holding company debt. Moody's also expect that it will
maintain access to domestic funding and will be able to refinance
its short-term debt maturities.

Moody's considers Fosun as a conglomerate for the purpose of its
analysis because of the company's ties with some of its core
subsidiaries, given the number of intra-group guarantees and
cross-default provisions.

Moody's also believes that Fosun is evolving towards an investment
holding company as its business involves more active investments
in and disposal of assets.

The company's ratings therefore take into consideration the
performance of its operating entities, its consolidated credit
metrics as well as the holding company level's quality of
investment portfolio, capital structure and liquidity metrics.

Moody's does not apply a single standard industry methodology in
assessing Fosun because of the company's diverse business
interests. Moody's evaluates the credit profiles of each of
Fosun's segments by using the relevant methodologies for the
pharmaceutical, steel, mining, home building, and investment-
holding companies. Moody's also analyzes the results from these
methodologies in accordance with the rating framework for
conglomerates.

Fosun 's ratings were assigned by evaluating factors that Moody's
considers relevant to the credit profile of the issuer, such as
the company's (i) business risk and competitive position compared
with others within the industry; (ii) capital structure and
financial risk; (iii) projected performance over the near to
intermediate term; and (iv) management's track record and
tolerance for risk. Moody's compared these attributes against
other issuers both within and outside Fosun 's core industry and
believes Fosun 's ratings are comparable to those of other issuers
with similar credit risk.

Fosun was founded in 1992. It focuses on the core businesses of:
(1) steel, (2) property, (3) pharmaceuticals and healthcare, and
(4) mining. Apart from its core businesses, Fosun has a growing
presence in other areas such as insurance and asset management. It
also has a significant portfolio of Chinese and overseas
investments in listed companies, equity interests in operating
businesses and investment partnerships that are not publicly
listed.

Fosun became the holding company of the group in 2005.
Headquartered in Shanghai, it was listed on the Hong Kong Stock
Exchange in 2007. The group is 58% indirectly-owned by its
chairman, Mr. Guangchang Guo. Mr Guo and three other founders
indirectly own a combined share of 79.03% in the holding company.


FOSUN INT'L: S&P Lowers LT CCR to 'BB'; Outlook Stable
------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit rating on Fosun International Ltd. to
'BB' from 'BB+'.  The outlook is stable.  S&P also lowered its
rating on the China-based conglomerate's outstanding senior
unsecured notes to 'BB' from 'BB+'.  At the same time, S&P lowered
its long-term Greater China regional scale ratings on Fosun and
the notes to 'cnBBB-' from 'cnBBB'.  All the ratings were removed
from CreditWatch, where they were placed with negative
implications on Jan. 13, 2014.

"We downgraded Fosun because we believe the company's already
significantly increased leverage is unlikely to improve in the
next 12 months," said Standard & Poor's credit analyst Huma Shi.
"Fosun's mostly debt-funded acquisitions and the continued weak
financial performance of its steel segment are largely responsible
for the increase in leverage over the past year.  We expect the
company to continue to make significant acquisitions for the next
12 months."

S&P expects Fosun's consolidated cash flows and leverage to weaken
over the next two years, such that the company's financial risk
profile will transition to a level more commensurate with a 'BB'
rating.  S&P therefore revised its assessment of Fosun's financial
risk profile to "highly leveraged" from "aggressive."  In S&P's
base case, it expects the company's EBITDA interest coverage to be
between 1.5x and 2.0x, broadly in line with the 2013 level.

Fosun's "satisfactory" business risk profile reflects the
company's increasing diversification into more stable and less-
cyclical businesses such as pharmaceuticals and insurance.  The
insurance business is the strongest with a credit profile that is
sounder than that of the industrial businesses.

In S&P's view, Fosun's credit profile would benefit from the
company's acquisition of 80% of the wholly owned subsidiaries of
Caixa Seguros e Saude (CSS), the insurance arm of Caixa Geral de
Depositos S.A., a 100% state-owned Portugal-based bank.  S&P
expects CSS to provide steady cash flows as Fosun gathers
experience in an untested market to realize synergies, and
Portugal's economic conditions improve.  It could also offer
alternative funding sources to Fosun's investment strategy,
enabling the company to better manage its high debt leverage.
However, S&P expects Fosun to mostly use debt to fund a
significant portion of the CSS acquisition, and realizing
synergies will take time.

"In our view, Fosun is still transitioning from an industrial
conglomerate to an insurance investment holding company," said Ms.
Shi.  "The insurance contributions, after the CSS acquisition,
will be significant but not sufficient to warrant a change in our
current approach, which is to rate the entity as an industrial
conglomerate.  Fosun's exposure to financial services will likely
continue to increase."

The stable outlook on Fosun reflects S&P's view that the company's
growing and diversified asset and investment portfolio provides it
with satisfactory financial flexibility to partially offset its
high leverage.  The outlook also factors in S&P's expectation that
Fosun will maintain a portfolio of assets with satisfactory asset
quality and will control leverage as it makes further
acquisitions.

S&P could lower the rating if the asset quality of Fosun's
business portfolio deteriorates, weakening the company's financial
flexibility and liquidity.  This could happen if Fosun's access to
funding becomes limited, the business performance of the company's
key assets deteriorates, and capital market conditions remain weak
for a prolonged period.  S&P could also lower the rating if Fosun
deviates from its insurance-oriented investment holding business
model and continues to increase its debt-funded investments in
highly cyclical and volatile businesses.

S&P could raise the rating if Fosun improves its financial risk
profile such that its EBITDA interest coverage is more than 2.5x
on a sustained basis.  This could happen if Fosun integrates CSS,
such that Fosun can benefit from steady dividends from CSS and
improved investment returns, and facilitate the deleveraging of
its own balance sheet.  The financial risk profile could also
improve if Fosun adopts clear financial policies, particularly
toward leverage.


PARKSON RETAIL: S&P Lowers LT CCR to 'BB-'; Outlook Stable
----------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit rating on China-based department store
operator Parkson Retail Holdings Ltd. to 'BB-' from 'BB'.  The
outlook is stable.  In line with the rating change, S&P lowered
its long-term Greater China regional scale rating on Parkson to
'cnBB+' from 'cnBBB-'.  S&P removed all the ratings from
CreditWatch, where they were placed with negative implications on
Feb. 21, 2014.

"We lowered the ratings to reflect our assessment that Parkson's
financial performance is unlikely to recover in the next 12
months," said Standard & Poor's credit analyst Lillian Chiou.  "We
believe that the company's operating efficiency will remain weaker
and its financial risk will remain higher than that of Chinese
department store operators that we rate."

S&P lowered its assessment of Parkson's business risk profile to
"fair" from "satisfactory."  The financial risk profile is
"aggressive."

In S&P's opinion, Parkson's recent weak operating performances
indicate the deterioration of its operating efficiency amid a turn
in consumer sentiment.  S&P expects the weak trend is likely to
persist in the near term.  However, S&P believes Parkson's
strategy to increase store sizes, open new stores in existing or
nearby markets, and invest in shopping malls could improve its
operating efficiency in the longer run.  S&P also continues to
view the company's scale and diversity to be better than domestic
peers'.

The industry dynamics will remain challenging over the next 12
months, in S&P's view.  Slower economic growth in China coupled
with the government's continued crackdown on extravagance and
corruption has put pressure on consumer demand.  On the other
hand, competition is fierce from different retail formats and the
fragmented department store segment in China.  In S&P's opinion,
rapidly rising rental and labor costs will continue to compress
Parkson's margins.  S&P expects EBITDA margins to decrease further
but at a slower pace because performance improvements in newer
stores could temper the impact of rising costs.

Parkson's financial risk profile reflects the company's high
operating-lease-adjusted debt and weak cash flows.  Parkson's
strong liquidity and consistent net cash position temper these
risks.  Parkson's financial performance could continue to be under
pressure in the next two years, given the company's aggressive
store expansion and large number of loss-making stores.

However, S&P believes the company's EBITDA-to-interest ratio will
be stable following its efforts to control interest expenses and
stabilize operating performance.  S&P put more weight on this
ratio because it recognizes Parkson keeps high flexibility to
terminate lease agreements early without bearing high penalty.

The rating on Parkson Retail is not affected by its parent's group
credit profile of 'bb-' because the company's stand-alone credit
profile is the same as the group credit profile.

"The stable outlook reflects our expectation that Parkson will
face stiff competition and high operating costs over the next 12
months," said Ms. Chiou.

"The company's financial performance will continue to be under
pressure, given the weak consumer sentiment.  However, we believe
the company will continue to generate positive operating cash
flows from its favorable concessionaire model.  We expect the
company's financial leverage to remain high and cash flow
protection to be weak because of its aggressive expansion."

S&P could lower the rating if it sees no signs of an improvement
in Parkson's portfolio of loss-making stores, or if the company
takes on any material debt-funded acquisition such that its
financial risk increases further.  A ratio of EBITDA to interest
coverage of less than 2.0x for a sustained period will indicate
such deterioration.  A lower group credit profile could also
constrain the rating on Parkson.

Although less likely, S&P could raise the rating if it believes
that there has been a material improvement in Parkson's operating
efficiency, cash flow protection, and financial leverage.  S&P
views a ratio of EBITDA to interest coverage approaching 3.0x as
evidence of such a trend.



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ANAND CARS: ICRA Reaffirms 'B+' Rating on INR20.05cr Loans
-----------------------------------------------------------
ICRA has reaffirmed '[ICRA]B+' rating outstanding for the INR20.05
crore bank facilities of Anand Cars Private Limited.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Cash Credit         6.00       [ICRA]B+ reaffirmed
   Term Loans          5.80       [ICRA]B+ reaffirmed
   Bank Guarantee      8.25       [ICRA]B+ reaffirmed

The reaffirmation in the rating factors in the strength of the
promoter group (Anand Group) and also healthy revenue growth of
the company. ICRA rating also factors the improvement in
profitability in 2012-13 with increased sales of Audi, resulting
in improvement in incentives and payouts, besides healthy service
income with the customers preferring after services done at the
authorized workshops. The ratings are, however, constrained by the
limited experience of the promoters in auto dealership and
moderate scale of operations, despite growth in last two years.
The ratings are also constrained by the weak financial risk
profile with high gearing (9.3x as on March 31, 2013) and weak
debt coverage indicators. The coverage indicators of the company,
despite improvement over 2011-12, remain weak in 2012-13. Going
forward, the revenue is expected to have a healthy revenue growth.
Further, as the company is now financing new car purchases through
Volkswagen Finance (categorized as payables in the balance sheet),
debt indicators are expected improve.

Anand Cars Private Limited (ACPL) is an authorised Audi dealership
operating in Indore and Bhopal and started operations in 2011,
with the start of its showroom in Indore. The showroom in Bhopal
started in 2012. ACPL is part of the Anand Group which is based in
Madhya Pradesh. The flagship company of Anand Group is Punjab
Retail Private Limited (Rated: [ICRA]BBB(Stable)), which is
engaged in retailing of gold, diamond and studded jewellery in
Indore and Bhopal under its brand Punjab Jewellers. The company
owns four retail showrooms in Indore and two in Bhopal with a
total retail space of more than 21,000 sq ft. The Anand group also
has other ventures including Anand Hospital & Research Centre and
Anand Real Estate (Indore) Private Limited. ACPL is managed by Mr.
Gaurav Anand, a BCom and MBA in Finance having more than a decade
of experience in the family business.

Recent Results
As per the provisional financials, in 9M, 2013-14, ACPL reported
an operating Income of INR36.3 Crore, Profit before Depreciation,
Interest and Tax (PBDIT) of INR1.9 Crore and net loss of INR0.0
Crore.


APS HYDRO: CRISIL Assigns 'B+' Rating to INR90MM Loans
------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of APS Hydro Pvt Ltd.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          --------      -------
   Proposed Long Term      40        CRISIL B+/Stable
   Bank Loan Facility
   Bank Guarantee          10        CRISIL A4
   Cash Credit             50        CRISIL B+/Stable

The ratings reflect APS's modest scale of operations in a highly
competitive environment, large working capital requirements, and
below-average financial risk profile, marked by high gearing.
These rating weaknesses are partially offset by the extensive
experience the company's promoters in the execution of
construction projects.

Outlook: Stable

CRISIL believes that APS will continue to benefit over the medium
term from the extensive experience of its promoters in the hydro-
electric works and road construction segments. The outlook may be
revised to 'Positive' if APS significantly scales up its
operations, while maintaining its working capital cycle,
profitability, and debt protection metrics. Conversely, the
outlook may be revised to 'Negative' if there is a slowdown in the
company's revenue growth or deterioration in its profitability,
capital structure, and debt protection metrics.

APS, incorporated in 2003, undertakes civil construction works and
hydro-electric projects mainly in Uttarakhand and Himachal
Pradesh. The company is promoted by Mr. Sanjeev Kumar, Mr.
Avadhesh Kumar, Mr. Devender Singh, and Mr. Subhash Singh, who
look after its day-to-day operations.


ASIAN HANDICRAFTS: ICRA Reaffirms 'B+' Rating on INR1cr Loan
------------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]B+' and short
term rating of '[ICRA]A4' to the INR8.0 crore, bank facilities of
Asian Handicrafts Private Limited.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Packing Credit      2.25       [ICRA]A4 Reaffirmed
   FBP on Document     0.50       [ICRA]A4 Reaffirmed
   LC                  0.50       [ICRA]A4 Reaffirmed
   OD                  1.00       [ICRA]B+ Reaffirmed
   Unallocated         3.75       [ICRA]B+/[ICRA]A4 Reaffirmed

The rating re-affirmation continues to takes into account AHPL's
diversified customer profile, long standing experience of the
promoters in the handicrafts manufacturing and exports, and
established relations with international brands like William
Sonoma, Dilliard's, Inc.  The rating is, however, constrained by
small scale of operations and significant exposure to forex
fluctuations as the company follows partial hedging practices.
Going forward, AHPL's ability to increase its scale of operations
as well as improve its profitability and financial leverage while
managing its working capital intensity would remain key rating
sensitivities.

Asian Handicrafts Private Limited (AHPL) was converted into a
private company in 2003-04 (operating as a partnership firm since
1976). It is involved in manufacturing of handicrafts such as
Picture Frames, Decorative Items, Jewellery Boxes, Fashion
Jewellery, etc. The manufacturing facility is located at Gurgaon
(Haryana). The company majorly exports handicrafts to the various
countries like UK, USA and some other European countries. AHPL is
engaged in in-house manufacturing and out sourcing to artisans.

Recent Results
As per audited FY 2012-13 financials, AHPL reported an Operating
Income (OI) of INR21.5 crore, Operating Profits Before
Depreciation, Interest and Tax (OPBDIT) of INR1.7 Crore and a
Profit After Tax of INR0.3 crore. For 9m, FY 2013-14 the company
reported an operating income of INR21.1 crore.


CENTURY 21: ICRA Reaffirms 'B' Rating on INR58cr Term Loan
----------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]B' for the
INR58 crore bank facilities of Century 21 Town Planners Private
Limited.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Term Loans          58.00       [ICRA]B reaffirmed

The rating reaffirmation continues to take into account the
stretched liquidity profile of the company as reflected by limited
cushion between CTPL's rental inflows and sizeable debt repayment
obligations. The rating is also constrained by the risk which may
arise in case of any delays by the lessees in meeting their
monthly lease rental payments which can put pressure on the cash
flows of the company. Further the rating takes into consideration
the revenue concentration risks faced by the company as it
operates a single property (retail mall). In addition, the rating
takes into consideration any support that may be extended by CTPL
to meet the investment requirements of other group companies and
promoters.

The rating, however, draws comfort from long experience of CTPL's
promoters in the business; attractive location of the retail mall;
its high occupancy levels and reputed tenant profile. Going
forward, the ability of the company to maintain adequate cover
between its lease payments and repayment obligations continue to
remain the key rating sensitivity.

Century 21 Town Planners Private Limited has been promoted by Mr.
Gurjeet Singh Chhabra who has been involved in real estate
development in and around Indore. Currently the group has two
operational malls under the companies CTPL and M.P. Entertainment
and Developers Private Limited. Apart from these malls, another
group company named Ria Hotels Private Limited has leased out
80,000 sq ft land to Bestech Hospitalities Pvt. Ltd.

Century 21 Town Planners Private Limited is currently operating a
mall (C-21 Mall) at Agra Bombar Road (A.B. Road), Indore (Madhya
Pradesh) with a gross leasable area of 3.50 lakh square feet. The
mall is fully leased out and some of the tenants are - More Mega
Store, Reliance Trendz, Rituwears Satyam Cineplex, Mom & Me, Tommy
Hilfiger, U.S. Polo, Wills Lifestyle, Arrow, United Colours of
Benetton, Levis, Wrangler, Pepe, Nike, Reebok, Adidas etc.

In FY 2013, the company reported a net profit of INR2.40 crore on
an operating income of INR17.19 crore.


CHADALAVADA INFRATECH: CRISIL Reaffirms D Rating on INR1.8B Loans
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Chadalavada Infratech
Ltd continue to reflect the company's overdrawn cash credit limits
for more than 30 days as a result of its weak liquidity.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Bank Guarantee       930         CRISIL D (Reaffirmed)
   Cash Credit          220         CRISIL D (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility   227.3       CRISIL D (Reaffirmed)
   Term Loan            422.7       CRISIL D (Reaffirmed)

CIL has a weak financial risk profile, marked by its small net
worth, high gearing, and weak debt protection metrics. The company
has large working capital requirements, and is exposed to intense
competition in the power transmission industry. However, CIL
benefits from its promoters' extensive industry experience.

CIL (erstwhile, Chadalavada Construction Pvt Ltd) was incorporated
in February 2000. The company undertakes contracts for
installation of substations and transmission lines.


H. K. TIMBERS: CRISIL Assigns 'B' Rating to INR60MM Cash Credit
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of H. K. Timbers Private Limited.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         --------       -------
   Cash Credit            60         CRISIL B/Stable
   Letter of Credit       87.5       CRISIL A4

The rating reflects susceptibility of HKTPL's profitability to
intense competition, regulatory changes in timber business, and
fluctuations in forex rates, its weak financial risk profile, and
working capital intensive operations. These rating weaknesses are
partially offset by the extensive industry experience of the
promoters in the timber trading industry, and its established
relationships with customers and suppliers.

For arriving at the ratings of HKTPL, CRISIL has combined the
business and financial risk profiles of HKTPL and its group
entity, H. K. Timbers (HKT), together referred to as HKT group, as
HKTPL is expected to take over the business of HKT in the near
term.

Outlook: Stable

CRISIL expects HKT Group will continue to benefit over the medium
term backed by its promoters' extensive experience in the timber
trading business and established relationships with its customers
and suppliers. The outlook may be revised to 'Positive' in case
HKT Group's capital structure and debt protection metrics improve
on a sustainable basis, backed by any large equity infusions, or
higher than expected scale and profitability. Conversely, the
outlook may be revised to 'Negative' in case of any adverse forex
rate or  raw material price movements leading to lower-than-
expected cash accruals or if the company's working capital
requirements are higher than expected, leading to a pressure on
its liquidity and financial risk profile.

Set up in December, 2012, Gandhidham (Gujarat) based HKTPL is
currently non operational. HKTPL is expected to take over the
business of its group entity, HKT, engaged in processing and sale
of timber. The firm has an in-house facility for processing timber
at Gandhidham.


J.D. COTTON: ICRA Assigns 'B' Rating to INR7cr Bank Loan
--------------------------------------------------------
ICRA has assigned the long term rating of '[ICRA]B' to the INR7.00
crore fund-based bank facilities of J.D. Cotton Industry.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based Bank       7.00        [ICRA]B assigned
   facilities

The assigned rating takes into account the limited track record
owing to recent commencement of operations in October 2013. The
rating also factors in the fragmented and competitive nature of
the cotton ginning as well as guar gum manufacturing industries
which coupled with the low value additive nature of operations of
the firm are expected to result in subdued profitability
indicators. The margins additionally remain susceptible to
fluctuations in raw material prices, which are subject to
seasonality, agro-climatic risks as well as regulatory risks. Weak
profitability metrics in conjunction with high project gearing as
well as debt taken for supporting working capital requirements are
expected to result in subdued debt coverage indicators and
stretched liquidity position for the firm given that the principal
repayments are scheduled to commence from April 30, 2014. The
entity additionally remains exposed to other risks associated with
its constitution as a partnership firm such as limited sources of
raising capital, withdrawals from capital etc.

The rating however draws comfort from the favourable location of
the manufacturing facilities of the firm in proximity to the main
guar growing belt in Rajasthan as well as cotton growing belt of
Haryana, which provides easy access to raw material.

In ICRA's view, the ability of the firm to scale-up its operations
while improving its profitability metrics by increasing the extent
of value-addition as well as while effectively managing its
working capital cycle will remain critical for its debt coverage
indicators and liquidity and hence would be key rating
sensitivities. This apart, timely enhancement in working capital
limits and/or equity infusion by the partners will remain critical
to support liquidity during the ramp-up phase and would be key
rating monitorables.

J.D. Cotton Industry is a partnership firm and is engaged in
cotton ginning and guar gum manufacturing. The firm is promoted by
first generation entrepreneurs-Mr. Manoj Kumar and Mr. Mahesh
Kumar, who have over six years of experience in cotton ginning and
pressing industry. The manufacturing facilities of the firm, which
include a cotton ginning unit, a pressing unit and a guar gum
unit, are favourably located in Kalanwali city of Sirsa district
in Haryana. The firm has an installed capacity to manufacture 220
cotton bales and 500 quintals of guar gum per day and commenced
the commercial production from October 2013.


JAI SHARDHA: ICRA Assigns 'B' Rating to INR16cr Working Capital
---------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B' to INR16.00
crore fund based limits of Jai Shardha Rice Mill.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Fund based limits-       16.00      [ICRA]B assigned
   Working Capital

Rating Rationale

The rating assigned is constrained by the highly competitive
nature of the rice industry due to presence of numerous players,
which impact the profitability and the revenues of the firm.
Moreover the operations are characterized by the low value
additive nature of the rice milling industry with limited pricing
power vis-a-vis consumers and suppliers (paddy farmers). Moreover
ICRA does not expect any change in the near future. Further, the
firm's working capital intensive operations have been largely debt
funded resulting in high gearing and weak debt coverage
indicators. ICRA also factors in the vulnerability of firm's
operations to agro climatic risks, which can affect the pricing
and availability of paddy. ICRA however draws comfort from the
proximity of the mill to a major rice growing area which results
in easy availability of paddy and stable demand outlook given that
India is a major consumer (rice being an important staple of the
Indian diet) and exporter of rice.

Incorporated in the year 2002, Jai Shardha Rice Mill is
partnership firm engaged in milling of basmati and non-basmati
rice with an installed capacity of 10 tons/hour. The firm has been
promoted by Mr. Kainail Singh and Mr. Tajinder Pal Singh and has
its mill at Mehatpur, Jalandhar (Punjab).

Recent Results

In FY2013, the firm has reported an operating income of INR30.28
crore and a PAT of INR0.12 crore as against an operating income of
INR23.10 crore and a PAT of INR0.09 crore in FY2012


JALARAM ECO: ICRA Reaffirms 'B' Rating on INR5.9cr Loans
--------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]B' for the
INR2.25 crore cash credit facility and the INR3.65 crore term
loans of Jalaram Eco Fabric Private Limited.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit Limits     2.25         [ICRA]B reaffirmed
   Term Loan              3.65         [ICRA]B reaffirmed

The ratings continue to remain constrained by JEFPL's start up
nature of operations and the slow ramp up of revenues; the
company's vulnerable financial risk profile characterized by low
accruals, high gearing levels and inadequate debt protection
metrics; and the need for funding support from the promoters over
the short term to meet its debt obligations.

The rating further takes into account the intense competitive
pressures from both organized and unorganized players, the
company's low bargaining power with suppliers and vulnerability of
its profitability to adverse fluctuations in raw material prices.
The rating, however, takes comfort from the favorable demand
prospects for non-woven fabrics because of their multiple
applications as well as technical and operational superiority over
traditional textiles and the location advantage derived by the
entity from the proximity of its manufacturing unit to the main
raw material suppliers.

Incorporated in the year 2011, Jalaram Eco Fabric Private Limited
is engaged in the manufacturing of Polypropylene (PP) non-woven
fabrics. The company's manufacturing facility is located at Harsol
in Gujarat and has a production capacity of about 2400 MTPA of non
woven fabric. The company commenced commercial production from
December 2012.

In FY13, JEFPL reported an operating income of INR0.92 crore and
net loss of INR0.26 crore. As per provisional financials, in 9M,
FY14, JEFPL recorded an operating income of INR6.27 crore.


JANPRAGATI EDUCATION: ICRA Assigns 'B' Rating to INR9.5cr Loans
---------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B' to the INR9.43
crore term loan and INR0.07 crore unallocated limits of Janpragati
Education Society.

                        Amount
   Facilities         (INR crore)     Ratings
   ----------         -----------     -------
   Fund Based-Term       9.43         [ICRA]B assigned
   Loans
   Unallocated Limits    0.07         [ICRA]B assigned

Rating Rationale The rating takes into account the adverse
financial profile of JPES, characterized by a negative net worth
due to losses incurred by the trust in the past, notwithstanding
the improvement in performance in financial year 2012-13 (FY13).
The rating also incorporates the continuous decline in the intake
level for some of the engineering courses over the last two to
three academic years and the limited flexibility of the society
with regard to fixation of the fees, as the same is regulated by
the State Government. Additionally, the Trust is inherently
exposed to cash flow mismatches as well, given the nature of
business of education institutes, which makes appropriate treasury
operations critical for the servicing of debt obligations in a
timely manner. ICRA also notes that the education industry in
India is highly regulated, thus exposing the colleges to the risks
associated with any adverse regulatory changes. The rating,
however, draws comfort from the long track record of the promoters
in running educational institutes, as well as the wide number of
courses offered through JPES's different colleges, which is likely
to enhance the trust's reach among students.

Janpragati Education Society was established in 2003 as a trust in
Raipur, Chhattisgarh. The Society manages five colleges and offers
under graduate and post graduate courses in pharmacy, graduate
level courses in engineering and nursing, and post graduate course
in management. The current strength of the students stands at
around 1900.

Recent Results
JPES reported a net profit of INR0.45 crore during 2012-13 on an
operating income of INR14.34 crore, as compared to a net loss of
INR1.16 crore on an operating income of INR9.54 crore during 2011-
12.


KACHCHH VENEERS: ICRA Reaffirms 'B+' Rating on INR2cr Loan
----------------------------------------------------------
ICRA has reaffirmed the long-term rating of '[ICRA]B+' to the
INR2.00 crore cash credit facility (sublimit of letter of credit)
of Kachchh Veneers Private Limited. ICRA has also reaffirmed the
short-term rating of '[ICRA]A4' to the INR12.00 crore letter of
credit facility of KVPL.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Cash Credit         (2.00)      [ICRA]B+ reaffirmed
   Letter of Credit    12.00       [ICRA]A4 reaffirmed

Rating Rationale

The reaffirmation of the ratings factors in the modest scale of
the company's operations with low profitability and return
indicators on account of low value addition nature of business.
The ratings also factor in the highly competitive business
environment on account of the fragmented industry structure and
low entry barriers for new players. The ratings are further
constrained by the vulnerability of profitability to adverse
fluctuations in imported timber prices and exposure to currency
fluctuations in the absence of a formal hedging policy. Further,
ICRA also notes that the expected ban on export of timber logs
(Gurjan) by Myanmar government could have an adverse impact on the
operations of the company.

The ratings, however, favourably factor in the long track record
of the promoter group in the timber business coupled with the
group presence across the timber value chain which benefits in
terms of marketing and cross selling activities. The ratings also
take into consideration the location advantage arising due to the
presence of the manufacturing facility in close proximity to
Kandla port.

Kachchh Veneers Private Limited (KVPL) was incorporated in 1997
and is engaged in the business of manufacturing veneer, plywood,
block board, flush door etc and trading of timber. The company is
based out of Gandhidham (Kutch District of Gujarat), near to the
Kandla port. The company is part of the "Goyal Group" who have a
long standing experience in manufacture of timber products,
plywood and veneers. The other entities operating under the "Goyal
Group" includes, Lohit Boards & Panels Private Limited, Dolby
Plyboards Private Limited, Prestige Veneers Private Limited, Goyal
Timber Trades, Cha India Private Limited, and Loang Tong Tea
Company.

Recent Results

During FY 2013, KVPL reported an operating income of INR20.00
crore and profit after tax of INR0.15 crore. During 9M FY2014,
KVPL reported an operating income of INR20.49 crore (provisional
financials).


KGA INVESTMENTS: CRISIL Cuts Rating on INR960MM Loan to 'B-'
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of KGA Investments to 'CRISIL B-/Stable' from 'CRISIL B/Stable'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Term Loan             960        CRISIL B-/Stable (Downgraded
                                    from 'CRISIL B/Stable')

The rating downgrade factors in an expected increase in liquidity
pressure on the firm with the commencement of term loan repayments
while the project remains under construction. KGA's ongoing
commercial real estate project is delayed and is now expected to
be completed by the second quarter of 2014-15 (refers to financial
year, April 1 to March 31) as against earlier expectations of June
2014; consequently, lease rentals from the project stand delayed.
However, repayment on the term debt contracted for the project
commenced from January 2014, constraining the firm's liquidity.
Timely infusion of funds by promoters to service debt on time till
KGA starts generating adequate rental income will remain the key
rating sensitivity factor. Also, with ballooning term debt
repayment schedule, ability to lease out commercial space at
attractive rates in the highly competitive real estate market will
continue to be a key rating sensitivity factor.

The rating reflects KGA's risks associated with the implementation
as well as off take for its ongoing project, and susceptibility to
cyclicality in the commercial real estate sector. These rating
weaknesses are partially offset by the extensive industry
experience of the firm's partners and their financial support.

Outlook: Stable

CRISIL believes that KGA's credit risk profile will remain
constrained over the medium term by delays in project
implementation and commencement of term loan repayment. The
outlook may be revised to 'Positive' if the firm is able to
generate adequate lease rentals from the project sooner than
expected. Conversely, the outlook may be revised to 'Negative' if
there is any delay in infusion of funds by promoters, adversely
affecting its debt servicing ability.

KGA was set up as a partnership firm by members of the Kothari,
Gandhi, and Agarwal families in 2006 to construct and develop a
commercial real estate project on the Jogeshwari-Vikhroli Link
Road (JVLR) in Andheri East, Mumbai (Maharashtra).


KHEDARIA ISPAT: CRISIL Reaffirms 'B+' Rating on INR140MM Loans
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Khedaria Ispat
Ltd continues to reflect KDIL's modest scale of operations in a
fragmented steel manufacturing industry, below-average financial
risk profile , and its susceptibility to downturns in its end-user
industry and to volatility in steel prices. These rating
weaknesses are partially offset by the extensive experience of
KDIL's promoters in the steel industry.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit           40         CRISIL B+/Stable (Reaffirmed)
   Term Loan            100         CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that KDIL will continue to benefit over the medium
term from its promoters' extensive experience in the steel
industry. The outlook may be revised to 'Positive' in case of a
significant increase in the company's scale of operations along
with an improvement in its profitability, leading to more-than-
expected cash accruals, which are more than sufficient to meet its
repayments. Conversely, the outlook may be revised to 'Negative'
in case of further pressure on KDIL's liquidity, most likely
caused by less-than-expected cash accruals or stretch in working
capital cycle or any unanticipated capital expenditure (capex).

Update
In 2013-14 (refers to financial year, April 1 to March 31), KDIL's
net sales are estimated to increase by 25 per cent to around
INR500 million, backed by higher orders from its customers. The
company's operating margin is estimated to remain at around 7.8
per cent, in line with the previous year. KDIL is estimated to
generate net cash accruals of around INR17 million for 2013-14..

The company's liquidity remained stretched as its cash accruals
are expected to remain insufficient to cover the repayment
obligations over the medium term. The company is estimated to
generate cash accruals of around INR20 million as against
repayment obligations of INR22 million in 2013-14. Its liquidity
was supported by unsecured loans of INR15 million in 2012-13.
KDIL's bank limits remained utilised at 88 per cent over the 12
months through September 2013. However, it is fully utilised in
months when term loan repayment is due. The company's liquidity is
expected to remain stretched over the medium term owing to lower
cash accruals.

KDIL's financial risk profile remained below average, marked by a
moderate net worth (estimated at around INR140 million as on March
31, 2014, due to low accretions to reserves) and weak debt
protection metrics (estimated net cash accruals to total debt and
interest coverage ratios of 11 per cent and 1.97 times,
respectively, in 2013-14 due to low profitability); however, the
company had low gearing at around 1.1 times as on March 31, 2014,
which deteriorated from 0.5 times as on March 31, 2011, due to
debt-funded capex programme undertaken to increase its capacities.
KDIL's financial risk profile is expected to remain below average
over the medium term owing to low accretions to reserves and low
profitability.

For 2012-13, KDIL reported a profit after tax (PAT) of INR15.8
million on net sales of INR342.2 million, against a PAT of INR6.9
million on net sales of INR349.8 million for 2011-12.

KDIL manufactures sponge iron and steel ingots. The company was
acquired by its current management in 2007. KDIL's manufacturing
unit is located in Sundergarh (Odisha). The capacity of KDIL's
sponge iron unit is 12,000 tonnes per annum (tpa; currently, the
unit is being operated at about 85 per cent capacity) and that of
its ingot unit is 12,600 tpa (ingot unit commenced operations in
2010-11).


M. P. ENTERTAINMENT: ICRA Reaffirms 'B' Rating on INR42cr Loan
--------------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]B' for enhanced
bank limits of INR42 crore of M. P. Entertainment and Developers
Private Limited.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Term Loans         42.00       [ICRA]B reaffirmed

The rating reaffirmation continues to take into account the
stretched liquidity profile of the company as reflected by limited
cushion between MPED's rental inflows and sizeable debt repayment
obligations. The rating is also constrained by the risk which may
arise in case of any delays by the lessees in meeting their
monthly lease rental payments which can put pressure on the cash
flows of the company. Further the rating takes into consideration
the revenue concentration risks faced by the company as it
operates a single property (retail mall). In addition, the rating
takes into consideration any support that may be extended by the
company to meet the investment requirements of other group
companies and promoters. ICRA also takes note of the likely
increase in the external debt and repayment obligations given that
the company has availed additional term loans with the view to
replace the relatively high interest bearing loans/advances from
promoters/promoter group.

The rating, however, draws comfort from long experience of MPED's
promoters in the business; attractive location of the mall; it's
almost full occupancy levels (99% of the leasable area has been
leased out) and reputed tenant profile. Going forward, the ability
of the company to maintain adequate cover between its lease
payments and repayment obligations continue to remain the key
rating sensitivity.

M.P. Entertainment and Developers Private Limited has been
promoted by Mr. Gurjeet Singh Chhabra who has been involved in
real estate development in and around Indore. Currently the group
has two operational malls under the companies Century 21 Town
Planners Private Limited and MPED. Apart from these malls, another
group company, Ria Hotels Private Limited has leased out 80,000
square feet land to Bestech Hospitalities Pvt. Ltd.

MPED is currently operating a shopping mall at Agra Bombar Road
(A.B. Road), Indore with a gross leasable area of 2.5 lakh square
feet. Till date, the company has leased out 99% area to reputed
tenants such as Easy Day Market (Bharti Walmart), Globus, Club
Mahindra, Numero Uno, Fashion @ Big bazaar (Pantaloon
Retail),McDonalds, Monte Carlo, Nirulas, Bata, Peter England, KFC
etc.

In FY 2013, the company reported a net loss of INR1.04 crore on an
operating income of INR11.26 crore).


M V ALLOYS: ICRA Assigns 'B+' Rating to INR7.82cr Loans
-------------------------------------------------------
ICRA has assigned a rating of '[ICRA]B+' to the INR0.82 crore term
loan and INR2.50 crore cash credit facilities of M V Alloys. ICRA
has also assigned a long-term rating of [ICRA]B+ to the INR4.50
crore proposed cash credit facility of MVA.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Long Term Fund Based-     0.82      [ICRA]B+ assigned
   Term Loan

   Long Term Fund Based-     2.50      [ICRA]B+ assigned
   Cash Credit

   Long Term Fund Based-     4.50      [ICRA]B+ assigned
   Cash Credit (proposed)

The assigned rating is constrained by the firm's weak financial
risk profile characterized by the relatively modest scale of
operations, low profitability, aggressive-albeit improving-
capital structure and weak coverage indicators. The rating also
takes into account the high competitive intensity given the
fragmented nature of industry consisting of many
organized/unorganized players and resulting in thin profitability
which further remains vulnerable to volatility in raw material
prices. While assigning the rating, ICRA also takes note of any
potential adverse impact on net worth and gearing levels in case
of any substantial withdrawal from capital account given the
constitution as a partnership firm.

The rating, however, positively factors in the long standing
experience of the promoters in steel trading industry and
established relationships of the promoters with suppliers and
customers through associate concerns. ICRA also notes the firm's
favourable plant location near Alang ship breaking yard and its
backward linkage with an associate concern which ensures timely
and easy access to required raw materials (steel scrap) for the
firm.

M V Alloys (MVA) was established in November 2010 as a partnership
firm and is engaged in the manufacturing of mild steel billet
which is used as a raw material by rolling mills for manufacturing
of mild steel bars, angles, beams etc. The firm is promoted by Mr.
Khushnoodraza S Varteji and Mr. Aliraza M. Varteji. The
manufacturing unit is located in Bhavnagar with installed capacity
of manufacturing 17,280 MT of mild steel billets per annum.

Recent Results
In FY 2013, MVA reported an operating income of INR48.61 crore and
profit after tax of INR0.05 crore as against an operating income
of INR25.69 crore and profit after tax of INR0.02 crore in FY 2012
(6 months of operations). Further in the first ten months of FY
2014, the firm reported an operating income of INR32.55 crore and
profit before depreciation and tax of INR0.18 crore (as per
unaudited provisional numbers).


MAHESH GINNING: ICRA Raises Rating on INR5.25cr Loans to 'B+'
-------------------------------------------------------------
ICRA has upgraded the long term rating assigned to INR5.25 crore
fund based bank facilities of Mahesh Ginning Private Limited to
'[ICRA]B+' from '[ICRA] B' assigned earlier.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Long-term fund-based     3.50       [ICRA] B+/upgraded
   facilities/CC

   Long-term fund-based
   facilities/Term Loan     1.75       [ICRA] B+/upgraded

The rating upgrade takes into account the satisfactory operational
performance of the company in FY2013 during which MGPL reported an
operating income of INR50.35 crore vis-…-vis INR31.45 crore in 6M'
FY2012 (as the operations commenced in October 2011). The scaling
up of the operations was also supported by timely enhancement in
the working capital limits, which supported liquidity during this
phase. The rating continues to draw comfort from MGPL's
experienced management who have been engaged in the cotton ginning
business for more than two decades as well as the favourable
location of its manufacturing facilities in proximity to the
cotton producing belt of Maharashtra and Madhya Pradesh resulting
in favorable access to raw material.

The rating however remains constrained by the continued subdued
profitability margins of the company owing to its limited presence
in the textile value chain, low value additive nature of the work
and fragmented nature of the cotton ginning industry. This coupled
with working capital intensive nature of operations and limited
equity infusion by the promoters have led to continued weak
financial profile of the company as evident by TOL/TNW of 2.40
times as on March 31, 2013, TD/OPBDITA of 7.64 times and NCA/TD of
9% for FY2013. The rating also factors in the seasonal nature of
the ginning industry as well as the regulatory risk (typical of
ginning industry) which imparts volatility to cash flows.

In ICRA's view , the ability of the company to improve
profitability and reduce its working capital cycle will be key
determinants for its debt coverage indicators and liquidity and
hence will be the key rating sensitivities going forward.

Operational since October 2011, MGPL is engaged in cotton ginning
and pressing business, The company is a part of Mahesh Group
belonging to Tayal family of Sendhwa (Madhya Pradesh) which is
predominantly engaged in the cotton trading & ginning business and
have more than two decades of experience in this line of business.
MGPL procures kapas from farmers/mandis, which is processed in
ginning mills for removing seeds and other impurities. The cotton
bales are sold to spinning mills and traders whereas cotton seeds
are sold to oil extraction units.

MGPL reported a net profit of INR0.24 Cr on an operating income of
INR50.35 Cr in FY13 compared to net profit of INR0.22 Cr and
operating revenue of INR31.45 Cr in 6M'FY12.


MANGLAM VARDHMAN: ICRA Assigns 'B' Rating to INR25cr Term Loan
--------------------------------------------------------------
ICRA has assigned the long term rating of '[ICRA]B' for to the
INR25.0 crore term loans of Manglam Vardhman Developers LLP.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Term Loans           25.0       [ICRA]B; assigned

The rating derives support from MVDL's experienced promoters with
established track record in Jaipur real estate market, low
approval and land related risk for the on-going project (Arcadia
Greens) and low funding risks as the bank financing for the
project is tied-up. The rating also takes support from the
construction progress in the project and relatively lower
complexity involved in construction of villas. The rating is,
however, constrained by project related risk including execution
and market risks. The rating also factors in high dependence on
customer advances for funding the project which will be contingent
on bookings and collection efficiency in the project.
Going forward, MVDL's ability to timely execute the project,
achieve incremental bookings and collection of advances from
customers will be the key rating sensitivities.

Formed in 2013, Manglam Vardhman Developers LLP (MVDL) is promoted
by Jaipur based Manglam group and Vardhaman group - both the
groups are engaged in real estate development in Rajasthan. MVDL
was promoted for development of a commercial real estate project
under the name of 'Arcadia Greens' in Vaishali Estate, Jaipur
(Rajasthan). Arcadia Greens is a gated community housing project
spread over 18127 sq yards land and comprises of villas ranging
from 3, 4 and 5 BHK. The project is in construction stage.


MANJEERA HOTELS: ICRA Revises Rating on INR107cr Loan to 'D'
------------------------------------------------------------
ICRA has revised the long-term rating assigned to INR107.00 crore
fund based facilities of Manjeera Hotels and Resorts Limited to
'[ICRA]D' from '[ICRA]B-'.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Fund based limits       107.00      [ICRA]D Revised

The rating revision reflects the stretched liquidity profile of
the company as exhibited by delays in the debt servicing. Going
forward, MHRL's ability to service the debt obligation in time and
improve its liquidity position will be the key rating sensitivity.

Incorporated in 1995, Manjeera Hotels & Resorts Limited was
promoted by Mr.G.Yoganand and M/s. Manjeera Estates Private
Limited.  MHRL has one 5-Star property with a room inventory of
203 and two 3-Star properties, one under MHRL and another under
its subsidiary Aashraya Hotels and Estates Private Limited with a
total room inventory of 180 rooms.


MMS INFRATECH: ICRA Assigns 'B+' Rating to INR12.21cr Loans
-----------------------------------------------------------
ICRA has assigned an '[ICRA]B+' rating to the INR12.21 crore long-
term fund-based facilities of MMS Infratech Private Limited. ICRA
has also assigned an '[ICRA]A4' rating to the INR15.00 crore
short-term non-fund based facility of MMS.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Term Loans          7.21       [ICRA]B+ assigned
   Over draft          5.00       [ICRA]B+ assigned
   Bank Guarantee     15.00       [ICRA]A4 assigned

The assigned ratings are constrained by the high geographical
concentration risk with most of the ongoing and future projects
being located in Gujarat as well as sectoral concentration risk
arising from focus on road construction projects and the high
competitive intensity in the civil construction space resulting in
a pressure on margins. The ratings are further constrained by
vulnerability of profitability to fluctuation in input prices in
projects with absence of pass through clause and criticality of
timely completion and delivery as per contract terms in order to
avoid LD claims.

The ratings however, favourably factor in the long experience of
the promoter in the civil construction industry; the entity's
status as an "AA"class contractor; its reputed clientele
comprising government and semi government bodies; moderate order
book position and positive outlook on infrastructure sector.

The Hadiya family set up MMS Infratech Private Limited (MMS) in
September 2012 to take over the business of one of their
partnership concerns M/s Ramesh Meghji Soratiya, as a going
concern. The partnership firm was promoted by the Hadiya family in
2007 and was engaged in civil construction work. Though the firm
is yet to be dissolved, it has limited operations presently. MMS
presently works mostly on roads construction work for government
departments in the state of Gujarat. The company has two hot mix
plants, one batch mix plant and a stone-crushing unit in Kutch
(Gujarat). MMS is a registered "AA" contractor with the Government
of Gujarat.

Recent Results
For the year FY2012-13, the company reported an operating income
of INR3.07 Cr. and profit after tax of INR0.06 Cr. Further, the
company has reported an operating income of INR71.90 Cr. and
profit after tax before depreciation of INR2.79 Cr. for 9M FY13
(as provisional unaudited numbers).


MOTHER NUTRI: ICRA Assigns 'B' Rating to INR9cr Loans
-----------------------------------------------------
The long term rating of '[ICRA]B' has been assigned to the INR4.00
crore export packing credit facility and INR5.00 crore term loans
of Mother Nutri Foods.  The short term rating of '[ICRA]A4' has
been assigned to the INR0.20 crore credit exposure limit and
INR0.35 crore one time bank guarantee of MNF.

                              Amount
   Facilities              (INR crore)   Ratings
   ----------              -----------   -------
   Export Packing Credit      4.00       [ICRA]B assigned
   Term Loans                 5.00       [ICRA]B assigned
   Credit Exposure Limit      0.20       [ICRA]A4 assigned
   One Time Bank Guarantee    0.35       [ICRA]A4 assigned

The assigned ratings are constrained by the delay in commencement
of operations by the firm, which is likely to put pressures on
debt servicing which commences from April 2014. Further, the
capital structure of the firm is expected to remain highly
leveraged in the near to medium term owing to the debt funded
nature of the project coupled with the working capital intensive
nature of operations. The ratings also factor in the vulnerability
of the firm's profitability to the adverse movements in raw
material prices as well as to foreign currency exchange rate
fluctuations, post commissioning, though the latter will be
mitigated to the extent of hedging planned to be undertaken by the
firm. The assigned ratings further take into account the
competitive pressures from other low cost countries such as China
and Indonesia. ICRA also notes that being a partnership firm, any
significant withdrawal of capital by the promoters would have an
adverse impact on the firm's net worth and thereby the gearing
levels. Also, the future cash flows and project metrics, going
forward, would be highly sensitive to the product establishment
and its acceptance in the export markets; ability to acquire
customers and maintaining the stringent quality requirements
remain highly critical.

The ratings, however, favourably factor in the longstanding
experience of the firm's partners in the food industry and the
prior experience of one of the partners in the manufacturing of
peanut butter, the favourable demand outlook for the firm's
products in its key export markets, and the easy availability of
its key raw material, i.e. peanut, on account of being located at
Mahuva in the Saurashtra region, which is a major peanut producing
belt of the country.

Mother Nutri Foods, promoted by Mr. Mahesh Doshi, Mr. Hitesh
Doshi, Mr. Kishor Sheth, Mr. Vijay Raja and Mrs. Bina Sheth, was
established as a partnership firm in September 2012. The firm
proposes to manufacture peanut butter packaged in jars ranging
from 227 grams to 1 kg and bulk containers from 20 kg to 235 kg
having a proposed production capacity of ~3,600 TPA. The peanut
butter would be available in several variants such as natural,
creamy, crunchy, sugar free, salt free, flavoured etc.


MRJ STEELS: ICRA Assigns 'B+' Rating to INR38cr Loan
----------------------------------------------------
ICRA has assigned an '[ICRA]B+' rating to the INR38.00 crore fund
based facilities of MRJ Steels Private Limited. ICRA has also
assigned an '[ICRA] A4' rating to the INR15.00 crore non fund
based facilities of MRJ.

                           Amount
   Facilities           (INR crore)   Ratings
   ----------           -----------   -------
   Fund Based Limits        38.00     [ICRA]B+ assigned
   Non Fund based Limits    15.00     [ICRA]A4 assigned

The assigned ratings reflect vast experience of MRJ's promoters in
iron & steel trading business and its established relationship
with various reputed customers and suppliers which further enabled
the company to maintain healthy trading volumes despite the
ongoing slowdown in the industry. The ratings are however
constrained on account of low profitability of the company due to
trading nature of its business which coupled with high interest
costs results into poor debt protection metrics and overall weak
financial profile. Limited cash accruals have further resulted
into stretched liquidity condition of the company as the growing
scale of the company resulted into increased working capital
requirements without a commensurate increase in its working
capital bank facilities. Ratings are also inhibited by the
susceptibility of the business to economic slowdown as the sales
are vulnerable to changes in economic activity. Going forward, the
ability of the company to manage its working capital and liquidity
position efficiently along with growing scale will be amongst the
key rating sensitivities.

MRJ Steels Private Limited, the flagship company of M.R Juneja
group was incorporated in 1990. Since then the company is engaged
in the trading of iron and steel goods primarily sponge iron which
is the key raw material for steel manufacturing. The key promoter,
Mr Juneja has an experience of more than 30 years in the steel
industry. MRJ has an established network of distributers catering
to the requirement of over 250 customers spread across the states
of Punjab, Uttar Pradesh, Haryana, Rajasthan, Himachal Pradesh and
Delhi. The company has a head office in New Delhi and has 3
godowns/branches in Ludhiana, Muzaffar Nagar and Ghaziabad.
Financial Results MRJ has recorded an operating income and PAT of
INR301.93 crore and INR0.57 crore respectively for FY2013 as
against an operating income and PAT of INR282.47 crore and INR0.56
crore respectively reported for FY2012.


MTAR TECHNOLOGIES: CRISIL Ups Rating on INR340MM Loans to 'C'
-------------------------------------------------------------
CRISIL has upgraded its ratings on the bank loan facilities of
MTAR Technologies Pvt Ltd (MTAR; part of the MTAR group) to
'CRISIL C/CRISIL A4' from 'CRISIL D/CRISIL D'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Bank Guarantee        850        CRISIL A4 (Upgraded from
                                    'CRISIL D')

   Cash Credit           250        CRISIL C (Upgraded from
                                    'CRISIL D')

   Export Packing        150        CRISIL A4 (Upgraded from
   Credit                           'CRISIL D')

   Letter of Credit       50        CRISIL A4 (Upgraded from
                                    'CRISIL D')

   Standby Line of        50        CRISIL A4 (Upgraded from
   Credit                           'CRISIL D')

   Term Loan              90        CRISIL C (Upgraded from
                                    'CRISIL D')

The ratings upgrade reflect CRISIL's belief that the MTAR group's
liquidity will improve slightly over the near term once the term
debt obligation due in June 2014 is repaid fully, thus reducing
its debt burden. Over the six months through February 2014, the
group met its term debt obligations in a timely manner. Its
liquidity was stretched in 2013-14 (refers to financial year,
April 1 to March 31), reflected in full utilisation of its bank
lines during the 12 months through February 2014 due to large
working capital requirements. CRISIL believes that the MTAR
group's working capital requirements will remain large over the
medium term due to its nature of business.

The ratings also reflect the MTAR group's exposure to risks
related to the tender-based nature of its business. These rating
weaknesses are partially offset by the extensive experience of the
group's promoters in the engineering industry, its established
relationships with clients, its strong revenue visibility, and its
above-average financial risk profile.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of MTAR, Montage Manufacturers Pvt Ltd,
MTAR Metal Treatment Systems Pvt Ltd, and Modular Tools Pvt Ltd.
This is because all these companies, together referred to as the
MTAR group, are under a common ownership and management, and have
strong business synergies.

MTAR, established in 1970, is promoted by Mr. P Ravindra Reddy,
Mr. K Satyanarayana Reddy, and Mr. P Jayprakash Reddy. The ISO
9001-2000-certified company is engaged in precision engineering.
It manufactures precision machined parts and major equipment for
Indian Space Research Organisation, Department of Atomic Energy,
Nuclear Power Corporation of India Ltd (rated 'CRISIL
AAA/Stable'), defence organisations, and overseas clients. The
other group companies are also engaged in similar activities. The
MTAR group currently has seven manufacturing units in Balanagar in
Hyderabad (Andhra Pradesh).

For 2012-13, MTAR on a standalone basis reported a profit after
tax (PAT) of INR3.40 million on revenue of INR956 million, against
a PAT of INR27.2 million on revenue of INR999 million for 2011-12.
For the nine months ended December 31, 2013, the company reported
a profit before tax of INR23 million on revenue of INR797 million.


NAVJIVAN COTTON: ICRA Assigns 'B' Rating to INR14.38cr Loans
------------------------------------------------------------
The long-term rating of '[ICRA]B' has been assigned to the
INR11.75 crore cash credit facility and INR2.63 crore term loans
of Navjivan Cotton Industries.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Cash Credit         11.75       [ICRA]B assigned
   Term Loans           2.63       [ICRA]B assigned

The assigned rating is constrained by NCI's limited track record
of operations coupled the ginning industry characterized low
profitability levels arising from the limited value added nature
of operations and highly competitive and fragmented industry
structure and its financial profile which is expected to remain
highly leveraged owing to the debt funded project set up and the
high working capital intensive nature of operations. The rating is
also constrained by the vulnerability of the firm's profitability
to raw material prices which are subject to seasonality and crop
harvest; and the regulatory risks with regard to Minimum Support
Price (MSP) fixed by GoI and imposition of any restrictions on
cotton exports. ICRA also notes that with NCI being a partnership
firm, any substantial withdrawal from capital account by the
partners could adversely impact the net worth and thereby the
firm's capital structure.

The rating, however, favourably factors in the longstanding
experience of the partners in the cotton ginning industry, the
advantage the firm enjoys by virtue of its location in the cotton
producing belt of Rajkot (Gujarat), and the favourable demand
prospects for cotton and cottonseeds over the medium term.

Navjivan Cotton Industries, promoted by Mr. Usman Kadiwar along
with his family members, was established as a partnership firm in
August 2013. The firm is a start up and is engaged in manufacture
of cotton bales through ginning and pressing of raw cotton with a
production capacity is 10,886 TPA of cotton bales and 20,062 TPA
of cotton seeds.


NEW FASHION: ICRA Suspends 'B' Rating on INR6.32cr Loans
--------------------------------------------------------
ICRA has suspended the long-term rating of '[ICRA]B' assigned to
the term loan facility of INR4.60 crore and the proposed limits of
INR1.72 crore of New Fashion. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.

New Fashion was incorporated in November 2004 by Mr. Hiteshbhai D.
Sakhiya, and commenced operations in January 2012, with purchase
and installation of 48 automatic shuttle-less water-jet looms at
its manufacturing facility at Kadodara, Surat (Gujarat). The firm
is engaged in weaving Partially Oriented Yarn (POY) into grey
fabric.


NEW FRONT: ICRA Reaffirms 'B' Rating on INR20cr Term Loan
---------------------------------------------------------
ICRA has reaffirmed the '[ICRA]B' rating assigned to the INR20.00
crore Term Loan facility (enhanced from INR10.00 crore) of New
Front Prabhavee Ventures. ICRA has withdrawn the rating for the
Cash Credit facility of NFPV. ICRA had earlier suspended the
ratings of NFPV in Jan 2014.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Term Loan           20.00       [ICRA]B reaffirmed
   Cash Credit          5.00       Rating withdrawn

The rating continues to favourably factor in experience of the
promoters in real estate project development. The group
historically has had low reliance on external debt and internal
funding is used for funding past projects. The project 'Trademark
Life' has received healthy bookings and ability of the project to
fund majority the cost from advances provides some support to
overall financial profile of the firm. The rating is however
constrained by exposure to marketing risk of the high end villa
project 'Mizzle', since no bookings have been received yet while
the future bookings are also expected to remain slow. ICRA notes
that sizeable amount of the project cost is expected to be funded
by customer advances. The project also faces execution risk as
currently work for five villas (out of total 55) has been
completed while. Going forward, NFPV's ability to accelerate the
bookings in timely manner and at adequate rates will remain a key
rating sensitivity factor.

NFPV has been formed in December 2010 in order to develop
residential and commercial real estate projects. The new front
group has executed more than 20 projects in the past and all the
promoters have experience of more than three decades in real
estate development. Currently the firm is developing two
residential projects.


PMR INFRA: ICRA Suspends 'B-' Rating on INR15cr Loan
-------------------------------------------------------------
ICRA has suspended '[ICRA]B-' rating assigned to the INR15.00
crore, long term facilities of PMR Infra India Private Limited.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

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


PRAGATI SPINNERS: ICRA Assigns B+ Rating to INR49.06cr Loan
-----------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B+' to INR49.06
crore fund based facilities of Pragati Spinners Private Limited.

The assigned rating is primarily constrained by the moderate
financial risk profile characterized by high gearing and stretched
coverage indicators. The rating is also constrained by the
vulnerability of profitability to regulatory risk with regards to
minimum support price for kappas and export quota; small scale of
operations, commoditized nature of the product and fragmented
nature of industry with high competition from large number of
players which limits the ability of players to pass on the hike in
the input costs. Further, the seasonal nature of business and the
ensuing high raw material inventory requirement has resulted in
high working capital intensity. Going forward, the proposed capex
of INR9.75 crore for increasing the production capacity to 21,216
spindles, which is funded with a D/E of 3:1, could result in
stretched coverage indicators. However, the rating favourably
factors in recent vintage of plant and machinery leading to
operational efficiencies; low power cost in the state of AP along
with subsidy under Technology Upgradation Fund Scheme (TUFS)
provides competitive advantage as well as additional profitability
to the company.

The ability of the company to improve its profitability, manage
the working capital cycle and capital structure would remain the
key rating sensitivities.

Pragati Spinners Private Limited, located at Addakal Village of
Mahbubnagar District of Andhra Pradesh, was incorporated as
private limited company in October 2010. The company was promoted
by Mr. Alla Jithendra Prasad Babu, commenced its operations in
August 2012 and primarily producing cotton yarn with counts in the
range of 32s-40s. PSPL has started its operations with 11,424
spindles in August 2012 and later added 4,896 spindles in March
2013 to reach its current capacity of 16,320 spindles.


PURVA ENTERPRISES: ICRA Reaffirms 'D' Rating on INR10cr Loan
------------------------------------------------------------
ICRA has reaffirmed the long-term rating of '[ICRA]D' to the
INR10.00 crore cash credit facility of Purva Enterprises.

The reaffirmation of the rating takes into consideration the
constant overutilization of working capital limits and delays in
servicing of interest obligation on cash credit account owing to
its stretched liquidity position. ICRA notes that the liquidity
position has been stretched on account of high working capital
requirements of the firm due to high debtors and inventory days
which increased further in 6M 2013-14 over 2012-13. The rating is
also constrained by weak financial profile of the firm which is
characterized by low net profitability, depressed level of
coverage indicators and aggressive capital structure; though the
operating margin improved in 6M 2013-14. The rating takes into
account PE's small scale of current operations and the risk
associated with the entity's status as a partnership firm
including risk of capital withdrawal by the partners. The rating,
however, favourably considers the experience of the partners in
steel related business.

Incorporated in April 2011, as a partnership firm, Purva
Enterprises is involved in trading of wheat bran, TMT bars, Coke
and hardware products with majority of sales being made in north-
east region of India. PE started trading in TMT bars and Coke from
2012-13. The firm procures wheat bran from local markets in and
around Kolkata and TMT bars, Coke and hardware products primarily
from manufacturers in Assam and Arunachal Pradesh. Currently,
there are two partners in the firm, Mr. Kamal Sharma and Mr. Anup
Sharma.

Recent Results
The firm has reported a net profit of INR0.26 crore (provisional)
on an operating income (OI) of INR8.54 crore (provisional) during
6M 2013-14, as compared to a net profit of INR0.02 crore on an OI
of INR21.49 crore during 2012-13.


RAYBAN FOODS: ICRA Reaffirms 'B+' Rating on INR16.5cr Loans
-----------------------------------------------------------
ICRA has reaffirmed the rating of '[ICRA]B+' for INR16.50
Crore(enhanced from INR10.0 crore) long term, fund based
facilities of Rayban Foods Private Limited.  ICRA has also
assigned a rating of '[ICRA]A4' for INR20 crore short term bank
facilities and rating of [ICRA]B+/[ICRA]A4 for INR13.50 crore
unallocated limits of Rayban Foods Private Limited.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    ------
   Term Loan           9.00       [ICRA]B+ reaffirmed/assigned
   Cash Credit         7.50       [ICRA]B+ reaffirmed/assigned
   Short term fund-
   based              12.50       [ICRA]A4 assigned
   Short term non
   fund-based          7.50       [ICRA]A4 assigned
   Unallocated        13.50       [ICRA]B+/[ICRA]A4 assigned

The ratings re-affirmation takes into account the healthy growth
in RFPL's operating income in FY14 on the back of commencement of
operations of its newly installed slaughter house. The ratings
continue to derive comfort from the significant experience of the
promoters in the similar line of business. The ratings also factor
in the favourable location of the manufacturing facility in Uttar
Pradesh which ensures easy access to raw material.

The ratings are constrained by limited track record of operations
of the slaughter hose which commenced operations in April 2013 and
low profitability of the company coupled with high debt levels
resulting in moderate coverage indicators. Although there is some
improvement in the coverage indicators for 9m, FY14 with
operations being scaled up, the liquidity position still remains
constrained. The ratings also take into consideration factors such
as vulnerability to fluctuations in foreign exchange rates; high
competition in the meat export business; susceptibility to change
in regulations and exposure to event risks such as disease out-
break. Going forward, ability of the company to stabilise its
slaughter house operations, improve profitability and working
capital intensity would be the key rating sensitivities.

Rayban Foods Private Limited commenced operations in 2009-10 and
was till FY13 engaged in trading and manufacturing of tallow and
poultry feed supplement. The company operated out of a rendering
plant located in Hapur, Uttar Pradesh. Since April 2013 the
company has also commenced operations out of its newly established
slaughter house. The slaughter house had a capacity of
slaughtering and processing around 1000 buffalos per day. The
facility installed by the company is a complete integrated one
with slaughtering facility, processing facility, packing facility
and chilling and storage facility. The meat so processed by the
company is exported to countries like China, Dubai, Muscat and
Egypt.

Recent Results
In 2012-13, RFPL reported Operating Income (OI) of INR59.9 Crore,
Operating Profit before Depreciation, Interest and Tax (OPBDIT) of
INR2.2 Crore and Profit after Tax (PAT) of INR0.3 Crore. As per
the provisional figures for nine months ended December 31, 2013,
RFPL has achieved an operating income of 460.7 crore with OPBDIT
of INR10.3 crore.


RIA HOTELS: ICRA Reaffirms 'B-' Rating on INR17.50cr Loan
---------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]B-' for
INR17.50 crore term loans of Ria Hotels Private Limited.

                     Amount
   Facilities      (INR crore)      Ratings
   ----------      -----------      -------
   Term Loans          17.50        [ICRA]B- reaffirmed

The rating reaffirmation continues to take into account the
stretched liquidity profile of the company as reflected by limited
cushion between RHPL's rental inflows and sizeable debt repayment
obligations. The rating is also constrained by the risk which may
arise in case of any delays by the lessee in meeting their monthly
lease rental payments which can put pressure on the cash flows of
the company. Further the rating takes into consideration the
revenue concentration risks faced by the company as it operates a
single property. In addition, the rating takes into consideration
any support that may be extended by the company to meet the
investment requirements of other group companies and promoters.

However, the rating continues to draw comfort from the arrangement
between the directors and RHPL, wherein the directors' share of
lease rental would be first utilized to meet the company's debt
commitments. This has eased the pressure on the company's cash
flows to some extent. Further, any deficit in lease rentals is
also met by way of principal/interest payments from loans extended
to group companies. The rating also takes comfort from the long
experience of the promoters and the low possibility of lessee
vacating the land given that it has developed a hotel under the
"Radisson" brand.

Ria Hotel Private Limited has been promoted by Mr. Gurdeep Singh
Chabra who has been involved in real estate development in and
around Indore. RHPL has leased out ~80,000 sq. ft. land to Bestech
Hospitalities Private Limited which in turn has developed a 5-star
Raddison Hotel on the same. The group also has two operational
malls under the companies Century 21 Town Planners Pvt. Ltd. (C21)
and M.P. Entertainment and Developers Pvt. Ltd. (MPED). Both these
malls are located on A.B. Road, Indore (Madhya Pradesh).


RURAL INSTITUTE: CRISIL Reassigns 'D' Ratings to INR220MM Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the short-term bank
facility of Rural Institute of Social and Economic Empowerment
(RISE), while reaffirming its rating on the long-term bank
facility at 'CRISIL D'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Long Term Loan         208       CRISIL D (Reassigned)
   Overdraft Facility      12       CRISIL D (Reassigned)

The ratings continue to reflect instances of delay by RISE in
servicing its debt; the delays have been caused by the society's
weak liquidity due to short-term cash flow mismatches.

RISE is also susceptible to intense competition from other
educational institutions in the vicinity, and has a short track
record, with no placement track record, in the education segment.
The society is also vulnerable to any adverse regulatory changes
in educational institutions. However, RISE benefits from the
healthy demand prospects for the educational sector in India.

Update
RISE's revenues are estimated at over INR160 million for the
eleven months through February 2014. The society's revenues are
likely to increase to around INR160 million in 2013-14 (refers to
financial year, April 1 to March 31) from INR106.7 million in
2012-13. However, the society's gearing is estimated to be high at
around 2 times, and is expected to remain high over the medium
term. RISE's debt protection metrics are estimated to be weak,
with net cash accruals to total debt and interest coverage ratios
at around 0.08 times and 1.56 times, respectively, for 2013-14;
these are expected to remain below average over the medium term.
RISE's net cash accruals are expected to be insufficient to meet
its term debt obligations over the medium term; however, the same
is being met by infusion of unsecured loans by the trustees.

For 2012-13, RISE reported a surplus of INR9.9 million on fee
receipts of INR106.7 million, against a surplus of INR16.8 million
on fee receipts of INR100.4 million for 2011-12.

RISE was established in 2009 by Mr. I C Rangamannar and his
friend, Mr. T V Subbiah. The society operates two engineering
colleges, two postgraduate business administration colleges, and
two postgraduate computer applications colleges located in two
adjoining campuses in Ongole (Andhra Pradesh). The courses offered
by the society's engineering colleges include civil, mechanical,
electrical, electronics and communication, and computer science.


SAM APPARELS: ICRA Revises Rating on INR10cr Loans to 'B'
---------------------------------------------------------
ICRA has revised the ratings for the INR10.0 crore long term
facilities of Sam Apparels Pvt Ltd from '[ICRA]C+' to '[ICRA]B'.
ICRA has reaffirmed the rating for the INR26.0 crore short term
facilities of SAPL at [ICRA]A4.

                       Amount
   Facilities       (INR crore)   Ratings
   ----------       -----------   -------
   Fund based limits    26.0      [ICRA]A4 reaffirmed
   Term loans            2.7      [ICRA]B revised
   Unallocated           7.3      [ICRA]B revised

The rating revision factors in the improvement in SAPL's financial
profile as witnessed in improvement in its debt coverage
indicators and better liquidity profile. With the ongoing
repayment of SAPL's long term debt and steady recovery of advances
from group company, SAPL has witnessed improvement in its gearing
which although remains high at 2.2 times as on March 31, 2013, as
compared to 2.7 times in previous year and interest coverage of
1.64 times in FY2013 as compared to 1.49 times in previous year).
The ratings continue to favorably factor in experience of SAPL's
promoters in the business and their relationships with various
garment retail chains.

The ratings are continued to be constrained by the competitive
nature of business as reflected in the decline in revenues in FY
2013 and limited growth expected in current financial year; and
exposure to forex fluctuation risks. The ratings also factor in
the increase in SAPL's working capital intensity as reflected by
higher debtor and inventory levels, which has kept the company
highly dependent on working capital borrowings despite the decline
in scale of operations. Going forward, SAPL's ability to attain
revenue growth, continue improvement in its debt coverage
indicators while managing its working capital cycle will be key
rating sensitivities.

Recent Results
In FY2013, the company registered operating income of INR81.9
crore, 25% lower than INR109.0 in FY 2012. The OPBDIT in FY 2013
stood at INR8.1 crore as compared to INR9.6 crore in previous
year. The PAT stood at INR0.3 crore in FY 2013 as compared to
INR1.3 crore in previous year. As on March 31st 2013, the company
had a total debt of INR34.3 crore on a net worth of INR15.9 crore
translating to a leverage of 2.2 times, down from a gearing of 2.7
times as on March 31st 2012. As per the provisional results
provided by the company, in 11m FY2014, the company registered an
operating income of INR75.5 crore with an OPBDIT of INR5.9 crore.

SAM Apparels Private Limited (SAPL) is engaged in the manufacture
and exports of ladies and kids readymade garments to countries
like Brazil, Italy, Chile, Canada, USA etc. The company is managed
by Mr. Mukesh Sharma and Mr. Ved Prakash Sachdev. SAPL has an
installed garment manufacturing capacity of ~72 lakh pieces
annually in its facilities based in Noida Uttar Pradesh. Apart
from garment manufacturing, the group also has interest in yarn
processing.


SHUBH SWASTIK: ICRA Reaffirms 'B' Rating on INR6cr Cash Credit
--------------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]B' to the
INR6.00 crore cash credit facility of Shubh Swastik Dal Mill Co.
Pvt. Ltd.

                        Amount
   Facilities         (INR crore)     Ratings
   ----------         -----------     -------
   Fund based limits-     6.00        [ICRA]B reaffirmed
   Cash Credit

The rating reaffirmation takes into account SSDMCPL's weak
financial profile, characterised by thin profit margins, depressed
levels of coverage indicators and high working capital intensive
nature of business. The rating also factors in the decline in the
company's profitability in the current year on account of a rise
in raw material prices, and the limited value-addition in
business, along with a highly fragmented industry, marked by the
presence of large number of players, which leads to low pricing
flexibility. The rating further incorporates SSDMCPL's
vulnerability to agro-climatic conditions and Government
regulations on pricing, distribution and export of agricultural
commodities. The rating, however, derives support from the long
experience of the promoters in the pulse processing industry, the
company's stable market, with pulses forming an essential
constituent of the Indian diet, and the addition of corn flake and
soyanbean nugget processing units in the current year, which is
expected to lead to revenue diversification to an extent.

SSDMCPL (erstwhile Swastik Industries, which was a partnership
firm), had originally started operations in 2002, with the
objective of processing of pulses. Swastik Industries was later
converted into a private limited company on June 12, 2011, which
was named Shubh Swastik Dal Mill Co. Pvt. Ltd. SSDMCPL is
currently owned by the Raipur based Sachdev family.

Recent Results
SSDMCPL reported a net loss of INR0.04 crore (provisional) in 9M
FY14 on an operating income (OI) of INR19.51 crore (provisional),
as compared to a net profit of INR0.10 crore on an OI of INR25.68
crore during FY13.


SIDDHI VINAYAK: CRISIL Reaffirms 'B+' Rating on INR10MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Siddhi Vinayak
Industries Pvt Ltd (SVIPL; part of the GMPL group) continue to
reflect the GMPL group's below-average financial risk profile,
marked by high total outstanding liabilities to tangible net worth
(TOLTNW) ratio due to its large working capital requirements, and
inadequate debt protection metrics. The ratings also factor in the
group's susceptibility to fluctuations in raw material prices and
foreign exchange (forex) rates, and to intense competition in the
edible oil industry. These rating weaknesses are partially offset
by the extensive experience of the GMPL group's promoters in the
edible oil industry and their continued funding support.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Bank Guarantee        2.5        CRISIL A4 (Reaffirmed)
   Cash Credit          10          CRISIL B+/Stable (Reaffirmed)
   Letter of Credit    135          CRISIL A4 (Reaffirmed)

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

Outlook: Stable

CRISIL believes that the GMPL group's financial risk profile is
will remain constrained over the medium term due to large working
capital requirements. The outlook may be revised to 'Positive' if
there is a significant improvement in the group's financial risk
profile, particularly its liquidity, most likely driven by higher
profitability coupled with substantial infusion of long-term funds
by the promoters. Conversely, the outlook may be revised to
'Negative' if a stretch in the GMPL group's working capital cycle
or decline in its cash accruals further weakens its financial risk
profile, particularly its liquidity.

Update
The GMPL group's revenue is estimated to remain flat at around
INR1.25 billion in 2013-14 (refers to financial year, April 1 to
March 31) compared with the previous year. With volatility in
prices of palm oil over the past two years coupled with
significant forex rate fluctuations, the group has focussed on
maintaining its bottom line rather than pushing its sales. Its
operating margin, though low owing to the trading nature of its
business, has remained stable at around 1.75 per cent over the
past three years.

The GMPL group's overall financial risk profile is below average,
due to the working-capital-intensive nature of its operations and
low cash accruals. The group's TOLTNW ratio is expected to remain
high at just above 3.5 times over the medium term due to high
reliance on non-fund-based limits to meet its working capital
requirements. Moreover, the low operating margin has meant modest
cash accruals, resulting in inadequate debt protection metrics,
with interest coverage and net cash accruals to total debt ratios
estimated at 1.9 times and 0.1 times, respectively, for 2013-14.
However, the GMPL group's liquidity has remained adequate for the
rating category due to the absence of any fixed debt obligations
and moderate utilisation of its bank lines, averaging at around 80
per cent for the 12 months through December 2013.

SVIPL (standalone) reported a profit after tax (PAT) of INR1.3
million on net sales of INR529.7 million for 2012-13, against a
PAT of INR1.3 million on net sales of INR749.1 million for 2011-
12.

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


SINTERCOM INDIA: CRISIL Reaffirms 'B+' Rating on INR370MM Loans
---------------------------------------------------------------
CRISIL ratings on the bank facilities of Sintercom India Pvt Ltd
continue to reflect the company's below-average financial profile,
marked by modest accruals, weak debt protection measures, and
liquidity, and high working capital intensity. These rating
weaknesses are partially offset by SIPL's advanced technology
plant, increasing number of sample approvals, new customers, and
the benefits that the company derives from its promoters'
extensive experience in the automotive components industry.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Bank Guarantee         20        CRISIL A4 (Reaffirmed)
   Bill Discounting       60        CRISIL A4 (Reaffirmed)
   Cash Credit           100        CRISIL B+/Stable (Reaffirmed)
   Letter of Credit       20        CRISIL A4 (Reaffirmed)
   Long Term Loan        270        CRISIL B+/Stable (Reaffirmed)
   Packing Credit         20        CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that SIPL's financial risk profile will be
constrained by large debt obligations vis-a-vis its cash accruals
and high working capital intensity. The outlook may be revised to
'Positive' if it significantly improves its scale of operations
and sustains its profitability and working capital, or benefits
from sizeable long-term fund infusion. Conversely, the outlook may
be revised to 'Negative' if the company registers decline in its
revenue or profitability, or if its working capital cycle
lengthens further.

SIPL (previously, Maxtech Sintered Products Pvt Ltd), set up in
2007, manufactures automotive components using sintering
technology (powder metal technology). It has a manufacturing plant
at Malval in Pune (Maharashtra), with compaction presses of
capacities of 450 tonnes, 70 tonnes, and 100 tonnes and furnace
capacity of 1200 tonnes. The company commenced commercial
production in June 2009.

SIPL was initially set up as a joint venture (JV) between BRN
Industries Ltd (promoted by Mr. J Raval and Mr. H Banga) and
Maxtech Manufacturing Inc (MMI). In June 2010, BRN Industries Ltd
acquired MMI's entire stake in SIPL. In February 2011, the MIBA
group bought 26 per cent in the company.


SNEHA MARKETING: CRISIL Reaffirms 'B' Rating on INR40MM Loans
-------------------------------------------------------------
CRISIL's ratings continue to reflect Sneha Marketing's (SM's)
below-average financial risk profile, marked by a modest net
worth, high total outside liabilities to tangible net worth
(TOLTNW) ratio and weak debt protection metrics. The ratings also
reflect SM's modest scale of operations in the intensely
competitive polymer trading industry, resulting in a low operating
margin. These rating weaknesses are partially offset by the
benefits that SM derives from its promoters' extensive experience
in the polymer trading business and the funding support it
receives from them.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Bank Guarantee         10        CRISIL A4 (Reaffirmed)
   Cash Credit            20        CRISIL B/Stable (Reaffirmed)
   Letter of Credit       50        CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     20        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SM's liquidity profile will remain
constrained because of its modest accruals and working capital
intensive operations. The outlook may be revised to 'Positive' in
case the firm registers significant improvement in its liquidity
profile with better operating margin and accruals or in case of
large capital infusion. Conversely, the outlook may be revised to
'Negative' in case of any stretch in working capital cycle or
losses on inventory constraining the firm's debt repayment
ability.

Update
SM is estimated to register revenues of INR700 million in 2013-14
(refers to financial year, April 1 to March 31) significantly
higher than the previous year's INR461 million; however, the
accruals would be modest at about INR4 million on account of
nominal operating margin of 2 per cent, driven by low value-add
nature of operations and intense competition in the polymer
trading industry. SM's margins and accruals are expected to remain
constrained, over the medium term, with no diversification in its
product profile.

SM's financial risk profile remains constrained with nominal net
worth of INR19 million, and TOLTNW of 12 times as on March 31,
2014; and inadequate interest coverage ratio of about 1 time
estimated for 2013-14. Furthermore, SM's operations are working
capital intensive with inventory and receivable period of two
months each against a month's credit extended by the suppliers.
Consequently, the firm's liquidity is constrained with full bank
limit utilisation over the 12 months through March 31, 2014 and
modest accruals. There have been some instances of over
utilisation in the bank limits, but the same were regularised
within a week's time. Its financial risk and liquidity profile are
expected to remain weak, over the medium term, owing to working
capital intensive operations and modest accruals/accretion.

SM, established in 2000, trades in polystyrene and other polymer
granules. It is also an authorised distributor for LG Polymers
India Pvt Ltd for the regions of Daman and Diu, and Maharashtra.
SM is promoted by Mr. Ketan Satra, who has been in the business of
trading in polymers for over a decade.


SONA SATI: ICRA Cuts Rating on INR109.58cr Loans to 'D'
-------------------------------------------------------
ICRA has downgraded the long term rating of the INR57.08 crore
term loans and the INR2.5 crore cash credit facility of Sona Sati
Organics Pvt. Ltd. from '[ICRA]B+' to '[ICRA]D'. ICRA has also
assigned an '[ICRA]D' rating to the INR39 crore enhanced term
loans, and INR11 crore enhanced cash credit facility of SSOPL.

                     Amount
   Facilities      (INR crore)      Ratings
   ----------      -----------      -------
   Term Loan           96.08        [ICRA]D Downgraded/Assigned
                                    (enhanced from 57.08)
   Cash Credit         13.50        [ICRA]D Downgraded/Assigned
                                    (enhanced from 2.5)

The rating action follows SSOPL's stretched liquidity position
leading to delays in servicing of debt obligations in a timely
manner in the recent months.

SSOPL was incorporated in 2004 by the Singh, Kumar and Jaiswal
families based at Patna, Bihar. The company's recently
commissioned 80 kilo litres per day (klpd) distillery for
production of rectified spirit (RS) commenced production in May
2013. The company is in the process of setting up a 12,000 cases
per day bottling plant and expanding the capacity of its
distillery by 40 klpd to 120 klpd.


SOUTH GANGA: CRISIL Upgrades Rating on INR288MM Loans to 'B-'
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
South Ganga Waters Technologies Pvt Ltd to 'CRISIL B-/Stable' from
'CRISIL D', and has assigned its 'CRISIL A4' rating to the
company's short-term facilities.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          --------      -------
   Buyer Credit Limit    128.5       CRISIL B-/Stable (Upgraded
                                     from 'CRISIL D')

   Cash Credit            30         CRISIL B-/Stable (Upgraded
                                     from 'CRISIL D')

   Letter of Credit       12         CRISIL A4 Stable (Upgraded
                                     from 'CRISIL D')

   Proposed Long Term     66.4       CRISIL B-/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL D')

   Long Term Loan         63.1       CRISIL B-/Stable (Upgraded
                                     from 'CRISIL D')

The rating upgrade reflects SGWT's timely servicing of debt,
driven by improvement in the company's liquidity. The improvement
in liquidity is driven by improvement in cash accruals, marked by
commencement of operations of its second desalination plant in
Tuticorin (Tamil Nadu [TN]). Though SGWT's cash accruals are
expected to remain tightly matched against its debt obligations,
the company is expected to meet its debt obligations on time
supported by need-based fund support from its promoters and group
entities.

The ratings reflect SGWT's weak financial risk profile, marked by
small net worth and high gearing, and exposure to customer
concentration risk in its revenue profile. These rating weaknesses
are partially offset by the benefit that SGWT derives from its
promoters' experience in operating desalination plants.
Outlook: Stable

CRISIL believes that SGWT will continue to benefit over the medium
term from its promoters' experience in operating desalination
plants. The outlook may be revised to 'Positive' if the company
scales up its operations, driven by higher revenues from its
second desalination plant along with improvement in its
profitability, leading to improvement in cash accruals and capital
structure. Conversely, the outlook may be revised to 'Negative' if
the cash accruals are lower than expected due to significant drop
in its sales or profitability, or if the working capital
requirement is larger than expected, leading to deterioration in
its credit risk profile.

Incorporated in 2004, SGWT owns and operates desalination plants
in Ramanathapuram (TN) and Tuticorin. The company is owned by Mr.
S Ramesh.


SPA CERAMIC: ICRA Revises Rating on INR6.88cr Loans to 'B'
----------------------------------------------------------
ICRA has revised the long-term rating assigned to the INR4.00
crore cash credit facility and INR2.88 crore (reduced from INR4.04
crore) term loan facility of Spa Ceramic Private Limited to
'[ICRA]B' from '[ICRA]B+'. ICRA has reaffirmed the short-term
rating of '[ICRA]A4' to the INR0.90 crore non-fund based facility
of SCPL.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Cash Credit         4.00        Revised to [ICRA]B from
                                   [ICRA]B+

   Term loans          2.88        Revised to [ICRA]B from
                                   [ICRA]B+

   Bank Guarantee      0.90        [ICRA]A4 reaffirmed

The revision in ratings takes into account the de-growth in
operating income owing to weak demand scenario as well as the
deterioration in the capital structure and coverage indicators of
the company owing to sharp increase in working capital intensity
of operations in FY 2013. The ratings are further constrained by
SCPL's relatively small scale of operations and the vulnerability
of the company's profitability to the cyclicality inherent in the
real estate industry, which is the main consuming sector; and to
the adverse fluctuations in prices of raw materials and natural
gas, which is the major fuel. The ratings also take into account
the highly competitive domestic ceramic industry with presence of
large established organized tile manufacturers as well as
unorganized players in Morbi (Gujarat) resulting in limited
pricing flexibility.

The ratings, however, favourably take into account the long
standing experience of the company's promoters in the ceramic
industry and locational advantage due to presence of the company's
plant near Morbi, India's ceramic hub, giving it easy access to
raw material.

Incorporated in November 2009, Spa Ceramic Private Limited (SCPL)
is engaged in the business of manufacturing digital ceramic wall
tiles. It has its manufacturing facility located at Morbi,
Gujarat, with an installed capacity of 18,000 metric tonnes per
annum (MTPA). The company currently manufactures wall tiles of
sizes 12"x12", 12"x24", 12"x18"and 8"x24" with the current set of
machineries. It has established "Spa" brand for selling its
products in the market.

Recent Results
During FY 2013, SCPL reported operating income of INR14.48 crore
and profit after tax of INR0.05 crore as against an operating
income of INR21.37 crore and profit after tax of INR0.58 crore
during FY 2012.


SRI BALAGANAPATHY: ICRA Reaffirms 'B' Rating on INR9.47cr Loans
---------------------------------------------------------------
ICRA has re-affirmed the long-term rating of '[ICRA]B' outstanding
on the INR4.72 crore term loan facilities and the INR4.75 crore
fund based facilities of Sri Balaganapathy Spinning Mills. ICRA
has also re-affirmed the short-term rating of '[ICRA]A4'
outstanding on the INR0.75 crore fund based (sub-limit) facilities
of the firm. Further, ICRA has also assigned a long-term rating of
[ICRA]B to the unallocated INR3.35 crore lines of the firm; the
rating of [ICRA]A4 shall apply if the facility availed is short-
term in nature.

                             Amount
   Facilities              (INR crore)  Ratings
   ----------              -----------  -------
   Term Loan facilities       4.72      [ICRA]B/reaffirmed
   Fund based facilities      4.75      [ICRA]B/reaffirmed
   Fund based (sub-limit)
   facilities                (0.75)     [ICRA]A4/reaffirmed
   Long-term/short-term-
   Unallocated facilities     3.35      [ICRA]B/[ICRA]A4 assigned

The re-affirmation of the ratings factors in the Firm's stable
operational performance, in line with ICRA's estimates, supported
by stable yarn demand and the promoter's long-standing industry
experience. The ratings are, however, constrained by the company's
modest financial risk profile due to its highly levered capital
structure, high working-capital-intensity in operations, and
modest net cash accruals, which are expected to be tightly matched
against annual repayment obligations of INR1.2 crore over the
medium term. Further, the Firm's business profile is marked by
relatively modest scale of operations which restricts its scale
economies, and limited pricing flexibility on account of intense
competition in the highly fragmented cotton spinning industry,
especially in the coarser counts yarn. Going forward, the Firm's
ability to scale up its operations and improve its operating
margins to generate higher cash accruals would be crucial to
improve the credit risk profile.

Sri Balaganapathy Spinning Mills, setup in 2004, is primarily
engaged in producing coarser counts of cotton yarn (16's to 20's).
Based in Rajapalayam (Tamil Nadu), the Firm operates with a
capacity of 12,096 spindles. The Firm sells its manufactured yarn
to domestic players as well as to merchant exporters in Tamil
Nadu. Promoted by Mr. P Palani Kumar and Mr. P Mariappan, the firm
has four partners with equal shares of profit and loss.


SRI PARAMESWARI: ICRA Suspends 'C' LT Rating on INR70.7cr Loan
--------------------------------------------------------------
ICRA has suspended the long term rating of '[ICRA]C' and short
term rating of '[ICRA]A4' assigned to the INR70.72 crore bank
facilities of Sri Parameswari Spinning Mills Private Limited.

The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company. 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.


SUDHA BUSINESS: ICRA Assigns 'B+' Rating on INR7.29cr Loans
-----------------------------------------------------------
ICRA has assigned an '[ICRA]B+ ' rating to the INR6.5 crore cash
credit facility and INR0.79 crore term loan of Sudha Business
Enterprises Private Limited. ICRA has also assigned an '[ICRA]A4'
rating to the INR3.3 crore bank guarantee limits of SBEPL.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Cash Credit         6.50       [ICRA]B+ Assigned
   Term Loans          0.79       [ICRA]B+ Assigned
   Bank Guarantee      3.30       [ICRA]A4 Assigned

The ratings take into consideration SBEPL's weak financial profile
as characterised by low profitability as inherent in the
dealership business, high gearing and depressed debt coverage
indicators. ICRA also notes that SBEPL operations are limited to
the state of Jharkhand leading to high geographical concentration
risk and the company's exposure to the cyclical nature of the
automobile industry, which is currently passing through a weak
phase and may therefore adversely impact SBEPL's growth in
business. ICRA also notes that the promoters have limited
experience in car dealership business. However the ratings take
into account the prior experience of the promoters in the two
wheeler dealership business, which is expected to assist SBEPL's
recent car dealership business and the demonstrated ability of the
promoters to financially support the company's through equity
infusion as witnessed in recent years.

Established in 2009 by Ranchi, Jharkhand based Singh family, SBEPL
is MSIL's authorized dealer for the sale of passenger cars as well
as for service and sale of spares. The company opened its first
MSIL showroom in December 2013 and the second in January 2014;
both in Ranchi, Jharkhand and also has one service centre. Prior
to being a MSIL dealer, the company was an authorised dealer of
Bajaj two wheelers. The company surrendered the Bajaj dealership
in September 2013.

Recent Results
SBEPL reported a net profit of INR0.04 crore during FY13 on an OI
of INR12.36 crore as against a net profit of INR0.01 crore and an
OI of INR9.17 crore during FY12. The company also reported an OI
of INR19.01 crores (provisional) during the period April 2013 to
February 2014.


T.C. SPINNER: ICRA Reaffirms 'B+' Rating on INR58cr Loan
--------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to INR58.00
crore fund based facilities of T.C. Spinners Private Limited at
'[ICRA]B+'. ICRA has also reaffirmed the short term rating
assigned to INR7.00 crore non-fund based bank facilities of the
company at [ICRA]A4.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-Term Fund        58.00      [ICRA]B+ Reaffirmed
   Based Facilities

   Short-Term Non-        7.00      [ICRA]A4 Reaffirmed
   Fund Based
   Facilities

The rating reaffirmation continues to take into account the modest
financial profile of the company owing to high leverage and
resultant debt coverage indicators based on profitability and cash
accrual levels. While the operating profitability of the company
remained stable at ~9.5% during 9M'FY-14, which on increased scale
of operations would result in higher cash accruals; however the
debt servicing capability of the company remained weak owing to
increase in schedule repayments for long term debt as the company
undertook debt funded capital expenditure (capex) during the last
year. Given modest profitability (NPM at ~3.5%) and cash accruals
along with scheduled repayments, the company would require timely
funding support from the promoters for debt servicing in case the
scale of operations and profitability doesn't improves in FY-15.

The rating is also constrained on account of working capital
intensive nature of operations due to the requirement to stock
cotton during the cotton season for use during the later period,
which depending upon the levels of stocking undertaken, results in
exposure to fluctuation in the yarn prices, and could adversely
impact the profit margins. As a result of high working capital
intensity along with revenue growth and modest accruals, the
liquidity of the company remained stretched. The rating also takes
note of the susceptibility of the Indian spinning industry to the
policy change in China with respect to cotton stocking and
yarn/cotton import. Nevertheless, the assigned rating continues to
factor in the considerable experience of the promoters in the
textiles industry and proximity of the cotton spinning plant to a
major agricultural belt of the country which ensures easy and
timely availability of raw-material.

Going forward, the ability of the company to increase the scale of
operations with better profitability and reduce working capital
cycle to improve liquidity in light of increasing scale of
operations are critical for debt servicing, else the company will
need to secure timely funding support from the promoters and hence
will be the key rating sensitivities.

T.C. Spinners Private Limited was incorporated in FY-08 with the
acquisition of cotton spinning facility of Euro Cotspin Limited
from Punjab National Bank under SARFAESI Act. TCSPL is engaged in
the production of cotton yarn, polyester yarn and spun sewing
thread at its facility in Lalru (Punjab) located on main
Chandigarh-Ambala Highway (NH-22). The cotton spinning facility is
having an installed capacity of 30,432 spindles and it can
manufacture 10,328 MT of yarn at an average count of 30s annually.
TCSPL is promoted by Dr. Ajay Satia and his family members with
other companies in the group include - Satia Industries Limited,
rated at [ICRA]BB/[ICRA]A4 and Bhandari Export Industries Limited.


TRADE WINGS: ICRA Reaffirms 'B-' Rating on INR12cr Cash Credit
--------------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]B-' outstanding
on the INR12.00 crore (enhanced from INR10.00 crore) fund based
(Cash Credit) bank facilities of Trade Wings Limited. ICRA has
also reaffirmed the short term rating of [ICRA]A4 (pronounced ICRA
A four) outstanding on the INR1.21 crore (enhanced from INR0.50
crore) non fund based (Bank Guarantee) bank facility of TWL.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Cash Credit        12.00       [ICRA]B-/Reaffirmed
   Bank Guarantee      1.21       [ICRA]A4/Reaffirmed

The reaffirmation of ratings factors in the modest financial
profile characterized by stagnant operating income, low margins
(with operating margins of ~7% in FY13) and weak capital structure
as reflected by high gearing of 2.28 times as on March 31, 2013.
Further, ICRA notes that TWL has extended significant support to
its group companies, in terms of loans and corporate guarantees,
which further limits its financial flexibility. The ratings are
also constrained by the vulnerability of profitability to
fluctuations in the foreign exchange rates and the high
competitive intensity due to the highly fragmented nature of the
industry. ICRA also notes that the revenues of the company are
vulnerable to air traffic rates and competition from e-ticketing,
web conferencing, etc. The ratings, however, draw comfort from the
established track record of the company for more than five
decades, well established distribution network with more than 50
offices spread across the country, the diversified clientele
comprising reputed corporate entities and the company's
accreditation by IATA.

Going forward, the ability of the company to improve its scale of
operations in addition to improving the profitability metrics to
protect any further weakening of debt coverage indicators and the
extent of loans and advances extended to the group companies,
would be the key rating sensitivities.

Incorporated in 1949, Trade Wings Limited is a public limited
company managed by Mr. Shailendra Mittal, Mr. Vinayak S Ubhayakar,
Mr. R. Vaidhyanathan and Mr. Rajan N. Dani. The promoters have
experience of more than 30 years in the travel and tourism
industry. The company provides travel and travel related financial
services to its clients that comprise airline ticket booking, visa
processing, car renting, hotel reservation etc. It also provides
its clients with money changing services that include buying and
selling of foreign exchange, traveller's cheques and money gram
facilities.

For the financial year ending March 2013, TWL reported an
operating income of INR16.25 crore and profit after tax of INR0.14
crore as compared to an operating income of INR16.83 crore and
profit after tax of INR0.39 crore in the previous year.


TRISTAR GLOBAL: ICRA Revises Rating on INR50cr Loans to 'D'
-----------------------------------------------------------
ICRA has revised the long term rating assigned to the INR17.0
crore, fund based limits and INR4.0 crore unallocated bank limits
of Tristar Global Infrastructure Private Limited to '[ICRA]D' from
'[ICRA]BB'. ICRA has also revised the short term rating assigned
to the INR29.00 crore non-fund based facilities of TGIPL to
[ICRA]D from [ICRA]A4.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based limits    17.00      [ICRA]D (revised)
   Non fund based
   limits               29.00      [ICRA]D (revised)
   Unallocated           4.00      [ICRA]D (revised)

The ratings revision takes into account the multiple instances of
Letter of Credit devolvement in last six months some of which
remained unpaid for more than 30 days. This along with fully
utilized working capital limits reflects the stretched liquidity
condition of the company. ICRA notes that in recent years, TGIPL
started executing civil contracts wherein the payments have been
released with significant delays. This has resulted into increased
working capital intensity which along with its growing scale in
FY13 has resulted into substantial increase in working capital
requirements. Although promoters have infused funds in the form of
equity as well as unsecured loans in FY13, it remained
insufficient to support the increasing working capital
requirements. While company has now shifted its focus away from
the civil works the revenue is expected to decline in FY14. ICRA
however notes that TGIPL has an experienced management of the
company with proven track record of executing specialized projects
for a reputed client base. Going forward, company's ability to
service its debt obligations in a timely manner and improve its
liquidity position by efficiently managing working capital
intensity would be the key rating sensitivity factors.

Tristar Global Infrastructure Pvt. Ltd. (TGIPL), established in
1999, is a fully family-owned construction company. The company
has been involved in waterproofing, expansion joints, thermal
insulation, construction of buildings and roofing activities, and
has dealt with a reputed client base including companies like
Procter & Gamble, GMR, HCC and L&T. In the past, most of the
company's revenues have come from waterproofing activity and
construction of buildings, with TGIPL having executed prestigious
projects such as waterproofing of Bangalore Airport and
underground railway stations for Delhi Metro Rail Corporation
(DMRC).

Recent Results
TGIPL reported a net profit of INR0.70 crore on an Operating
Income (OI) of INR93.14 crore in FY12 as compared to a net profit
of INR1.83 crore on an OI of INR69.20 crore during the previous
year


UMA GOLD: CRISIL Assigns 'B' Rating to INR120MM Cash Credit
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Uma Gold India Pvt Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit            120       CRISIL B/Stable

The rating reflects the company's weak financial risk profile,
marked by a weak capital structure, and modest scale of operations
in a highly fragmented and competitive gold jewellery industry.
These rating weaknesses are partially offset by its promoters'
extensive experience in the jewellery business.

Outlook: Stable

CRISIL believes that Uma will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if there is substantial and
sustained improvement in the company's scale of operations and
profitability, leading to improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
Uma undertakes aggressive debt-funded expansions, or if its
revenue and profitability decline substantially, weakening its
financial risk profile.

Established by Mr. P.Anjaneyulu Gupta and his family members, Uma
runs a gold jewellery retail showroom in Hyderabad (Andhra
Pradesh). The company started its commercial operations in
December 2013.


VANYA STEELS: ICRA Reaffirms 'B-' Rating on INR18.54cr Loans
------------------------------------------------------------
ICRA has reaffirmed the long-term rating of Vanya Steels Private
Limited at '[ICRA]B-' for INR18.54 crore bank lines. ICRA has also
reaffirmed the short-term rating at '[ICRA]A4' for INR10.5 crore
non fund based limits of VSPL.

                             Amount
   Facilities             (INR crore)   Ratings
   ----------             -----------   -------
   Working Capital Limits     5.00      [ICRA]B- reaffirmed
   Unallocated                2.84      [ICRA]B- reaffirmed
   Term loans                10.70      [ICRA]B- reaffirmed
   LC/BG Limits              10.50      [ICRA]A4 reaffirmed

The ratings reaffirmation factors in the weak financial profile of
the company marked by decline in revenues and continued
operational and net losses on account of lower than optimum
utilisation of manufacturing capacities due to continued
volatility in availability and prices of key raw material (iron
ore lumps/pellets). This has also led to continued deterioration
of debt coverage indicators during FY2014. Additionally the
ratings continue to be constrained by the high working capital
intensity of the business, which has led to almost full
utilisation of the working capital limits availed from the bank;
and limited pricing flexibility owing to competitive and
fragmented nature of the industry.

ICRA has also taken note of the sizeable debt repayment
commitments of the company over the next few years, which are
likely to require some funding support. However the ratings draw
comfort from the long experience of the promoters in the steel
industry and their continued support to VSPL, as demonstrated by
regular equity infusion over the years, resulting in relatively
moderate gearing levels. Going forward, increase in VSPL's scale
of operations, improvement in profitability and debt coverage
indicators will remain the key rating sensitivity factors.

Incorporated in 2005, Vanya Steels Private Limited (VSPL) is
engaged in the manufacturing of sponge iron which is used for
manufacturing semi processed steel (billets and ingots). The
company has been promoted by Mr. Mudit Goel and his wife Mrs.
Bhavna Goel and it commenced operations in 2006. The entire
shareholding of VSPL is held by the promoters and their family
members and its manufacturing facility is located in Koppal
District, near Bellary (Karnataka) with an installed capacity of
60000 MT.

Recent Results

For FY2013, the company has achieved an operating income of
INR55.8 crore and a Net loss of INR1.6 crore. VSPL has achieved
operating income of INR31.4 crore in 9M-FY2014 (as per provisional
financial results).



=========
J A P A N
=========


MF2 ALPHA: S&P Lowers Rating on JPY7BB Unsec. Bonds to 'D'
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'D (sf)' from 'CCC-
(sf)' its rating on the JPY7.0 billion series 1 unsecured bonds
issued under the Godo Kaisha MF2 Alpha (MF2 Alpha) transaction in
September 2008.

The sales of all the properties backing the transaction's
underlying loan, which defaulted in March 2012, have been
completed.  However, the outstanding balance of the bonds issued
by MF2 Alpha exceeds the total proceeds collected from the loan
that are payable to the bonds, and the bonds incurred a loss on
the transaction's final maturity date.  S&P lowered to 'D (sf)'
its rating on the bonds.

S&P intends to maintain its 'D (sf)' rating on the series 1
unsecured bonds for at least 30 days, and then withdraw its rating
on these bonds.

Morgan Stanley Japan Securities Co. Ltd. (currently, Morgan
Stanley MUFG Securities Co. Ltd.) arranged this commercial
mortgage-backed securities (CMBS) transaction.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and a
description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities.  The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:

            http://standardandpoorsdisclosure-17g7.com

RATING LOWERED

Godo Kaisha MF2 Alpha
JPY7.0 billion unsecured bonds due April 2014
To            From             Initial issue amount
D (sf)        CCC- (sf)        JPY7.0 bil.



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


AOTEAROA DISTILLERS: In Liquidation After Petition From Customs
---------------------------------------------------------------
New Zealand Herald reports that an award-winning New Zealand
schnapps-maker -- part-owned by the man who created the original
recipe for 42Below Vodka -- has been put into liquidation owing
creditors and shareholders hundreds of thousands of dollars.

The report notes that Aotearoa Distillers, established in 2008,
made the Zumwohl brand of schnapps out of Upper Hutt.  In 2011 the
company was producing 50,000 bottles a month and had snared a
string of awards at international spirits competitions, the report
relates.

While Zumwohl means "a toast to good health and wealth" in German,
this month Aotearoa Distillers was put into liquidation after a
petition from the Customs Service, the report says.

The firm's liquidator, Robert Walker, told the news agency that
Customs was owed about $6000 for excise tax and there had been a
breakdown amongst the shareholders and directors of the company
before the liquidation.

Mr. Walker, the report notes, estimated other external creditors
were owed about NZ$220,000.

"Looking at what I'm going to get for the assets, there's not
going to be a lot to spread around the external trade creditors,"
he said.  "There'll be something.  If they [external creditors]
get 10c in the dollar I'll be surprised," the report quoted Mr.
Walker as saying.

Mr. Walker said two parties unrelated to the business were lined
up to buy the firm's intellectual property and its stock, the
report notes.


MAINZEAL PROPERTY: Director Opposes RGREL Liquidation
-----------------------------------------------------
Catherine Harris at Fairfax NZ News reports that a company linked
to collapsed construction firm Mainzeal Property should not have
been put into liquidation, the Court of Appeal has heard in
Wellington.

Fairfax NZ News says Richard Yan, Mainzeal's sole director, is
opposing the liquidation of Richina Global Real Estate (RGREL) on
the grounds that the company did not meet the criteria for
liquidation. Mr. Yan is also sole director of RGREL, which the
court heard had been a funnel for overseas funds into the Mainzeal
companies, the report says.

His lawyer, David Chisholm, QC, told the court that RGREL had been
able to pay its immediate debts, the report relates.

However, it had been tipped into liquidation by a relatively small
amount -- a NZ$136,000 statutory demand from Mainzeal Property,
Fairfax NZ News notes.

Another sum, NZ$289,000 in foreign exchange losses, was undisputed
and would have been covered by a related company, Isola Estate,
except that Mr. Yan had agreed to freeze Isola and RGREL's
property, the report says.

"That was our downfall," the report quotes Mr. Chisholm as saying.

He argued that it would be "an abuse of process" to wind up a
company when it relied on disputed debts, the report relates.

According to Fairfax NZ News, he challenged NZ$23 million in
pooling orders that the Mainzeal and RGREL liquidator, BDO, had
sought from RGREL and Isola as contributions towards the Mainzeal
liquidation process.

Fairfax NZ News relates that Mr. Chisholm said the "cart had been
put before the horse" and the "meatier issues" raised by the
pooling orders should have been dealt with before the liquidation
hearing.  The orders should not to be used as a "some sort of
back-door debt-collection process", he said.

Mr. Chisholm said the liquidator should not be allowed to "pick
the eyes out of" company restructuring moves in 2011 and 2012 and
not recognise others, the report adds.

Zane Kennedy, the lawyer for BDO, argued that the receivers had
been "drip-fed" information throughout, the report adds.

                      About Mainzeal Property

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

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

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

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

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

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


SOUTH CANTERBURY: Joined Crown Scheme Despite Concerns
------------------------------------------------------
Emma Bailey at Fairfax NZ News reports that South Canterbury
Finance's (SCF) collapse has cost the country NZ$808 million, with
a Treasury representative admitting it knew the company was
troubled but let it join a guarantee scheme anyway.

Former South Canterbury Finance chief executive Lachie McLeod, and
former directors Edward Sullivan and Robert White, are on trial
before Justice Paul Heath in the High Court in Timaru. They face a
combined 18 charges laid by the Serious Fraud Office, notes the
report.

SCF collapsed in August 2010, with taxpayers' money paid to
investors under the Government retail deposit guarantee scheme,
the report says.

According to the report, Treasury manager of guarantee schemes
John Park was on the stand on April 16, discussing Treasury's
awareness of the flagging finance company's troubles.

After the receivership the amount outstanding to taxpayers was
just under NZ$810 million, he said.

Fairfax NZ News says Treasury had relied on information provided
by SCF when allowing it to enter the scheme. Had Treasury been
aware of related-party lending there would have been more
investigation, Mr. Park, as cited by Fairfax NZ News, said.

"If SCF was not in the scheme investors' money would have gone to
other finance companies," Fairfax NZ News quotes Mr. Park as
saying.  "If there was a delay [allowing SCF into the scheme] it
would have put the particularly large entity under pressure."

A memo from Treasury showed public confidence was a key concern,
the report notes.

"It is a very significant company and it is clear it would have a
very significant effect on public confidence in financial
institutions in New Zealand and the confidence of depositors
generally and it is necessary or expedient to grant a guarantee,"
the memo said, notes the report.

SCF was at the time working on a merger which would inject NZ$130
million of equity into the cash-strapped company, the report
recalls. It was also working on recapitalisation deals.

Based in New Zealand, South Canterbury Finance Limited
(NZE:SCFHA) -- http://www.scf.co.nz/-- was engaged in the
provision of financial services.  The Company's principal
activities were borrowing funds from public and institutional
investors and on lending those funds to the business, plant and
equipment, property, rural and consumer sectors.  It typically
advanced funds by means of hire purchase, floor plans, leasing of
plant, vehicles and equipment, personal loans, business term
loans and revolving credit facilities, mortgages against
property, and other financial instruments, including consumer
loan insurance.

On Aug. 31, 2010, Trustees Executors Limited, as trustee for
South Canterbury Finance charging group, appointed Kerryn Downey
and William Black of McGrathNicol as receivers of the charging
group's secured assets.

"As Trustee, we have had South Canterbury Finance under
heightened surveillance since 2008.  As part of that, SCF was
granted a Trustee waiver in February 2010 to allow it time to
recapitalize.  Unfortunately, the Company's Directors have
advised us that they have not been successful with respect to a
recapitalization and requested us to appoint a receiver.  At this
point we, as Trustee, agree that it is the best interests of
debenture, deposit and bond holders to do that," said Yogesh
Mody, Southern Regional Manager for Trustees Executors Limited.

The New Zealand government repaid South Canterbury's 35,000
depositors and stockholders NZ$1.6 billion under the Crown
retail deposit guarantee scheme.



                             *********

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 2014.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
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                 *** End of Transmission ***