TCRAP_Public/140428.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

            Monday, April 28, 2014, Vol. 17, No. 82


                            Headlines


A U S T R A L I A

FORGE GROUP: KPMG Warned of Insolvency Days Before Its Collapse
GREEN DIESEL: Pitcher Partners Appointed as Liquidator
ICT123 PTY: Ceases Trading; Blames Reseller "Fraud"
L AND N DWYER: Enters Into Liquidation
MIRABELA NICKEL: S&P Withdraws 'D' Corp. Credit Rating

PEPPER RESIDENTIAL: S&P Assigns BB Rating on Class E Notes


C H I N A

FANTONG.COM: Website Shuts Due to Lack of Funds
TIMES PROPERTY: Tap Bond Issuance No Impact on Moody's B1 CFR
WAN HAI: S&P Affirms 'BB+' LT Corp. Credit Rating; Outlook Stable


H O N G  K O N G

NORD ANGLIA: 1st Half 2014 Results No Impact on Moody's B1 Rating


I N D I A

ADWALPALKAR CONSTRUCTION: CARE Rates INR15cr Bank Loan at 'B+'
ANAM POLYMER: ICRA Assigns 'B+' Rating to INR10cr Loans
BHARAT ENG'G: CARE Revises Rating on INR17.5cr Bank Loan to 'B+'
BHARTIYAM EDUCATION: CARE Assigns 'B+' Rating to INR8.83cr Loan
BLDE ASSOCIATION: CRISIL Raises Rating on INR540MM Loans to 'B+'

BOCHEM HEALTHCARE: CARE Assigns 'B' Rating to INR14.63cr Loan
BRILLIANT BIO: CRISIL Reaffirms 'D' Rating on INR430MM Loans
EURO INDIA: CRISIL Reaffirms 'B+' Rating on INR521MM Loans
INTERNATIONAL COIL: CRISIL Reaffirms 'D' Rating on INR530MM Loans
KUUBERA DAL: CARE Assigns 'B+' Rating to INR6.67cr Bank Loan

LA LAVADO: ICRA Suspends 'D' Rating on INR12.78cr Loan
MAHENDRA TRAVELS: CARE Assigns 'B' Rating to INR14cr Bank Loan
MANISH FLOUR: ICRA Reaffirms 'B+' Rating on INR13cr Loans
MASTERS ALUMINIUM: ICRA Assigns 'B+' Rating to INR17cr Loans
METECNO (INDIA): CARE Lowers Rating on INR55MM Loans to 'D'

MODERN DISTROPOLIS: CRISIL Puts 'B' Rating on INR180MM Loans
NCC LTD: CRISIL Downgrades Rating on INR93BB Loans to 'D'
OM SHREE: ICRA Reaffirms 'B+' Rating on INR6.21cr Loans
ORIGIN FORMULATIONS: CARE Assigns 'B' Rating to INR23.5cr Loan
ORIGIN HOTELS: CARE Assigns 'B' Rating to INR12.29cr Bank Loan

RADHE COTTON: CRISIL Assigns 'B' Rating to INR91.6MM Loans
RATHOD INDUSTRIES: ICRA Assigns 'B+' Rating to INR6.23cr Loans
ROLTA INDIA: Fitch Affirms LT IDR at 'BB-'; Outlook Stable
SALASAR STEEL: ICRA Reaffirms 'B' Rating on INR295.85cr Loans
SAMALESWARI EDUCATION: CRISIL Reaffirms B- Rating on INR178M Loan

SHIMLA EDUCATION: CRISIL Ups Rating on INR210MM Loans to 'B'
SHREE JAY: CARE Assigns 'B+' Rating to INR5.73cr Bank Loan
SUMESH ENGINEERS: CRISIL Ups Rating on INR30MM Loan to 'B+'
TAPAN MULTIVENTURES: CRISIL Assigns B+ Rating to INR77.5MM Loans
THAKKAR PLASTIC: ICRA Assigns 'B+' Rating to INR10cr Loans

TRUMP IMPEX: CRISIL Assigns 'B' Rating toINR95MM Cash Credit
UNNATI FORTUNE: CARE Places 'B+' Rating on INR25cr Bank Loan
UTTAR BHARAT: ICRA Assigns 'B' Rating to INR134cr Term Loan
VENKATA PADMA: CRISIL Ups Rating on INR100MM Loans to 'B+'
VIJAYASRI ORGANICS: CRISIL Reaffirms 'D' Rating on INR600MM Loans

VNR HOMES: CRISIL Assigns 'B' Rating to INR150MM Loans
VYANKTESH CORRUGATORS: CRISIL Keeps B- Rating on INR62.5MM Loan
* INDIA: Many Private Colleges to Wind Up Operations


J A P A N

JLOC XXX: S&P Lowers Rating on 2 Classes of Trust Certs. to 'D'


                            - - - - -


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A U S T R A L I A
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FORGE GROUP: KPMG Warned of Insolvency Days Before Its Collapse
---------------------------------------------------------------
Vicky Validakis at Australian Mining reports that KPMG has raised
concerns that Forge Group may have been trading insolvent a week
before the company's collapse.

Former board members have told receivers KordaMentha a board
meeting on February 6 was the first they had heard the company may
be in breach of corporate laws, the report relates.

According to the report, non-executive director Julie Beeby said
at the meeting, fellow director John O'Connor flagged advice from
KPMG on reporting the problems it was having at two massive
contracts to the corporate regulator.

"Specifically, KPMG sought clarification from management regarding
its cash flow forecast in light of the insolvency provisions of
the Corporations Act," the report quotes Ms. Beeby as saying.
"This was the first I had heard about this matter."

Australian Mining notes that Forge called in administrators on
February 11 after ANZ Bank withdrew its support for the embattled
company.  As part of the investigation into the collapse,
administrator Ferrier Hodgson are looking into whether the company
was trading insolvent, the report relays.

It is also investigating decisions made by Forge's directors
before the collapse, including the payment of bonuses to
directors, the report says.

According to the report, Forge director Grahame White said the
board requested chief financial officer Donald Montgomery explain
to KPMG an ongoing solvency review process the board had
undertaken on the advice of lawyers Herbert Smith Freehills.

However, Forge corporate services chief executive Mark Rankmore
said the law firm advised directors the company was not insolvent,
The West Australian reported.

                         About Forge Group

Forge Group Limited (ASX:FGE) -- http://www.forgegroup.com.au--
is engaged in construction, commercial building, engineering,
maintenance and workshop fabrication. Forge is the holding company
of Cimeco Pty Ltd, Webb Construction West Africa Ltd, Abesque
Engineering Ltd (Abesque) and CTEC Pty Ltd, which provide a range
of engineering and construction services to a diverse range of
clients particularly to the resource and oil and gas sectors
through its operating entities.

Martin Jones, Andrew Saker and Ben Johnson of Ferrier Hodgson were
appointed as Joint and Several Voluntary Administrators of the
Company on Feb. 11, 2014.  As a consequence, the financiers have,
pursuant to their securities, appointed Mark Mentha and Scott
Langdon of KordaMentha as Receivers and Managers.

The Australian said that the administrators were called in after
Forge's financier ANZ Group withdrew its support.

As reported in the Troubled Company Reporter-Asia Pacific on
March 20, 2014, ABC News said creditors of Forge Group have voted
to put the company into liquidation. The move means that Forge's
assets can be sold off and returns made to creditors, ABC News
said. The administrator, Ferrier Hodgson, will become the
liquidator, the report added.


GREEN DIESEL: Pitcher Partners Appointed as Liquidator
------------------------------------------------------
Chris McLennan at The Weekly Times reports that a liquidator has
been appointed to wind up former Geelong company Green Diesel
Corporation.

The Weekly Times relates that Pitcher Partners from Sydney has
already met with shareholders in the failed company but is not
making comment about the chances of being able to sell the
business as a going concern.

Green Diesel was founded by Geelong inventor Ron Kukler in 2002.

Mr. Kukler won many awards for a revolutionary diesel fuel
injector, which has never gone into production, the report notes.

Angry shareholders, most of them from country Victoria and South
Australia, claim the company raised more than AUD120 million from
shareholders, a figure denied by Mr. Kukler, according to the
report.

He told a 2012 court hearing the company had run out of money, the
report relays.

The Weekly Times notes that an Adelaide-based resource company,
Astra Resources, bought Green Diesel in a share swap early in
2013.

Astra said it intended to market the diesel injector to trucking
companies in the USA.

Other than confirm it was still the major shareholder in Green
Diesel, the company was making no other comment on the liquidation
process.


ICT123 PTY: Ceases Trading; Blames Reseller "Fraud"
---------------------------------------------------
Steven Kiernan at CRN reports that Telstra distributor ICT123 has
ceased trading after more than seven years, partly blaming the
"fraudulent actions of one isolated dealer" for the closure.

CRN relates that in a letter sent to customers on April 24, the
company wrote: "It is with deep regret, that we hereby advise
ICT123 Pty Ltd has ceased trading.

"Unfortunately, after more than seven years building our business,
a series of events including the fraudulent actions of one
isolated dealer has put our business in jeopardy.

"The board of ICT123 are in discussions with legal advisers, and
we anticipate a further update within 48 hours.

"Clearly, many unanswered questions remain, however we ask for
your patience and understanding in this difficult time. We will
notify all dealers as soon as we have further updates. Until
further notice, our dealer support centre is now closed and no
further connections will be processed."

One ICT123 dealer told CRN that the closure was "like a bolt out
of the blue" and that he "didn't have an inkling" this was coming.

CRN notes that ICT123 had only just run its nationwide roadshow
across five state capitals in February and March.  However, the
closure follows some less-than-stellar performances at ICT123.

The Telstra distributor turned over AUD6.2 million in the 2013
financial year, CRN reveals citing results for ICT123 Holdings
Limited lodged with ASIC. This was a slight 4.6 percent fall from
AUD6.5 million in the 2012 year. It also reported a AUD669,000
post-tax loss in the 2013 year, CRN relays.

According to CRN, the directors said the company had addressed
problems by undergoing cost-cutting measures amounting to
AUD100,000 per month, including "a significant reduction in
headcount."

CRN relates that the directors said these measures had been having
a positive impact "with the December half of FY2014 approaching
break-even -- a significant turnaround on the FY2013 loss."

But the directors also wrote that a lack of capital and minimal
staff were hampering the turnaround efforts, the report adds.

Along with Telstra, ICT123's vendors included Acer, Apple, HTC,
LG, Microsoft, NetComm, ZTE and Samsung.


L AND N DWYER: Enters Into Liquidation
--------------------------------------
Cliff Sanderson at dissolve.com.au reports that L & N Dwyer
Transport Pty Ltd, which trades as Oberon Sand & Gravel and Oberon
Tyre Service, has been placed in liquidation.

Simon Thorn and Trudy-Lee Hickey of PKF Lawler were appointed as
liquidators of the waste collection company on April 2, 2014.


MIRABELA NICKEL: S&P Withdraws 'D' Corp. Credit Rating
------------------------------------------------------
Standard & Poor's Ratings Services withdrew its corporate credit
rating on Australian nickel mining company Mirabela Nickel Ltd.,
at the request of the company.

Prior to the withdrawal, the rating was 'D', reflecting the
company's failure to pay interest on its US$395 million notes in
late 2013.  Interest currently remains unpaid and the company is
continuing to pursue a potential recapitalization that would
include a debt-to-equity swap.


PEPPER RESIDENTIAL: S&P Assigns BB Rating on Class E Notes
----------------------------------------------------------
Standard & Poor's Ratings Services assigned its ratings to nine
classes of nonconforming residential mortgage-backed securities
(RMBS) issued by Permanent Custodians Ltd. as trustee of Pepper
Residential Securities Trust No. 12.  Pepper Residential
Securities Trust No.12 is a securitization of nonconforming
residential mortgages originated by Pepper HomeLoans Pty Ltd.
(Pepper).

The ratings reflect:

   -- S&P's view of the credit risk of the underlying collateral
      portfolio, including the fact that this is a closed
      portfolio, which means no further loans will be assigned to
      the trust after the closing date.

   -- S&P's view that the credit support is sufficient to
      withstand the stresses it applies.  This credit support
      comprises note subordination for each class of rated note.

   -- The availability of a retention amount, amortization
      amount, and yield reserve, which will all be funded by
      excess spread, but at various stages of the transaction's
      term.  They will have separate functions and timeframes,
      including reducing the balance of senior notes, reducing
      the balance of the most subordinated notes, and paying
      senior expenses and interest shortfalls on the class A
      notes.

   -- The extraordinary expense reserve of A$250,000, funded from
      day one, available to meet extraordinary expenses.  The
      reserve will be topped up via excess spread if drawn.

   -- S&P's expectation that the various mechanisms to support
      liquidity within the transaction, including a liquidity
      facility equal to 2.5% of the outstanding balance of the
      notes, and principal draws, are sufficient under S&P's
      stress assumptions to ensure timely payment of interest.

   -- The condition that a minimum margin will be maintained on
      the assets.

   -- The redemption facility providers' unconditional and
      irrevocable commitment to ensure the full repayment of the
      stated amount of the class A1-u1 notes or class A1-u2 notes
      (if issued) on their legal final maturity.

   -- The benefit of a cross-currency swap provided by
      Commonwealth Bank of Australia to hedge the mismatch
      between the Australian dollar receipts from the underlying
      assets  and the U.S. dollar payments on the class A1-u1
      notes.

A copy of Standard & Poor's complete report for Pepper Residential
Securities Trust No.12 can be found on RatingsDirect, Standard &
Poor's Web-based credit analysis system, at:

                 http://www.globalcreditportal.com

The issuer has not informed Standard & Poor's (Australia) Pty
Limited whether the issuer is publically disclosing all relevant
information about the structured finance instruments that are
subject to this rating report or whether relevant information
remains non-public.

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

         http://standardandpoorsdisclosure-17g7.com/2332.pdf

RATINGS ASSIGNED

Class       Rating        Amount (mil.)
A1-u1*      A-1+ (sf)     US$200.0
A1-a        AAA (sf)      A$136.0
AR-u        AAA (sf)        A$0.0
A2          AAA (sf)       A$52.5
B           AA (sf)       A$26.5
C           A (sf)         A$25.5
D           BBB (sf)       A$18.0
E           BB (sf)        A$11.5
F           B (sf)          A$8.0
G           N.R.            A$8.0
N.R.--Not rated.

*The exchange rate applicable to the class A1-u1 notes is
US$0.9346 per Australian dollar.  Class A1-u2 or AR-u notes may be
issued to refinance class A1-u1 notes on class A1-u1's legal
maturity date.



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FANTONG.COM: Website Shuts Due to Lack of Funds
-----------------------------------------------
CRIENGLISH.com reports that Fantong.com, a website that provides
online restaurant reservation services, has been shut down due to
a lack of funds.

Fantong.com is no longer accessible and calls to its 400 hotline
are not answered, the report says.

CRIENGLISH.com relates that an employee from the website told the
media they were notified in early April that the company had gone
bankrupt. All staff were asked to leave their posts.

Established in 2003, fangtong.com was China's first website that
provided restaurant reservation services and coupons.


TIMES PROPERTY: Tap Bond Issuance No Impact on Moody's B1 CFR
-------------------------------------------------------------
Moody's Investors Service says that Times Property Holdings
Limited's B1 corporate family rating and its B2 senior unsecured
rating are not affected by the company's announcement of a tap
bond offering on its existing $225 million, 12.625%, 5-year senior
unsecured notes, due 21 March 2019.

The outlook for all the ratings remains stable.

The company will use the proceeds from the tap issuance for debt
refinancing, land acquisitions and project development, and other
general corporate purposes.

"The additional issuance is consistent with the company's funding
plan for 2014, while the implications for Times Property's key
financial metrics are limited," says Kaven Tsang, a Moody's Vice
President and Senior Analyst.

"On the other hand, the tap issuance could provide it with further
liquidity to support its business expansion and land
acquisitions," says Tsang, also the lead analyst.

While sales in China's property market softened in 1Q 2014,
Moody's expects Times Property will maintain a disciplined land
acquisition strategy and would revise down its land acquisition
budget if the market remains soft in 2014.

Under this scenario, Moody's expects Times Property's
EBTIDA/interest and revenue/debt to remain at 2x-2.25x and 110%-
115% in the next two years, and which are comparable to its
single-B peers with similar operating profiles.

Additionally, Times Property's B1 rating continues to reflect its
small-to-mid-sized operation, which is comparable to its single-B-
rated peers, and its geographic concentration in Guangdong
Province.

The B1 rating has also considered the company's exposure to the
financing and execution risks associated with its fast growth
business strategy after its IPO.

But the risk of fast expansion would be partly mitigated by the
company's plans to stay in its home market and its improved
liquidity position after its IPO and bond issues.

Times Property has an established brand and a track record in
Guangdong Province. Its focus on mass-market housing and the
resilience of housing demand in the province will support its fast
growth and cash flow generation in the next 2-3 years.

It also has a low-cost land bank which provides it with some
pricing flexibility to manage its sales in down markets.

Through participation in redevelopment projects, it has acquired
well-located land banks at competitive costs in Guangzhou, the
provincial capital of Guangdong. These quality land banks provide
visibility to contracted sales and profitability over the next 2-3
years.

Times Property's bond rating is notched down to B2 from B1 due to
subordination risk from the company's secured and subsidiary debt,
which is expected to be maintained at around 25% of total assets
over the medium term. The ratio stood at 30% as of December 2013.

The stable outlook reflects Moody's expectation that the company
will maintain adequate liquidity and will grow sales in a prudent
manner, without materially altering its current financial profile,
product focus and geographic coverage.

Upward rating pressure could emerge over the medium term if Times
Property establishes a track record of (1) achieving planned sales
and improving its revenue recognition efficiency; (2) maintaining
a reasonable cash balance at above 150% of debt maturing in 12
months; and (3) maintaining strong financial discipline, such that
revenue/debt is above 120% and EBTIDA/interest is above 3x on a
sustained basis.

Downward rating pressure could emerge if (1) Times Property's
liquidity and operating cash flow generation deteriorates because
of weak contracted sales, aggressive land acquisitions, or the
emergence of more severe regulatory controls on China's property
sector; (2) there is a decline in prices, slower-than-expected
revenue recognition, or a fall in profit margins, negatively
affecting interest coverage and/or financial flexibility; or (3)
the company engages in material debt-funded acquisitions.

In such a situation, balance-sheet cash -- including restricted
and unrestricted cash -- could fall below 100% of debt maturing in
12 months, and/or its credit metrics could deteriorate such that
EBITDA/interest stays under 2x.

The principal methodology used in this rating was the Global
Homebuilding Industry published in March 2009.
Times Property Holdings Limited is a small-to-mid-sized property
developer based in Guangdong Province. It focuses on the
development of mass-market housing catering for end-user demand.
At end-2013, it had 22 property projects in five cities in
Guangdong Province, including Guangzhou, as well as Changsha in
Hunan Province, with a total land bank of around 8.17 million
square meters.


WAN HAI: S&P Affirms 'BB+' LT Corp. Credit Rating; Outlook Stable
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'BB+' long-term corporate credit rating, 'cnBBB+' long-term
Greater China regional scale rating on Wan Hai Lines Ltd., as well
as the 'BB' issue rating on the senior unsecured bonds that Wan
Hai guarantees for its Singapore-based subsidiary.  The outlook on
the long-term corporate credit rating is stable.

"The rating affirmation reflects our view that Wan Hai will
maintain relatively stable profitability and cautious capital
expenditures, enabling the company to generate positive free cash
flow and reduce its debt over the next two years," said Standard &
Poor's credit analyst Raymond Hsu.

The ratings reflect the 'bb+' anchor with all modifiers neutral to
the ratings.  The anchor reflects S&P's assessment of Wan Hai's
business risk profile and financial risk profile as "fair" and
"intermediate," respectively, relative to obligors worldwide.

Wan Hai's business risk profile mainly reflects high industry
risks and competition risk from the company's larger peers.  These
weaknesses are partly offset by Wan Hai's leading market share in
relatively stable intra-Asia container routes and good operational
efficiency.  Wan Hai is not immune from the high cyclicality of
the global container shipping industry and S&P expects the
company's operating performance to remain volatile.  S&P expects
global container shipping capacity to remain in substantial
oversupply over the next to two years, given still substantial new
capacity additions in the industry.

"We believe that Wan Hai faces significant competition risk--
particularly in the intra-Asia market--from its larger long-haul
peers due to the company's limited operating scale," added
Mr. Hsu.  "However, we believe that intra-Asia market's limited
revenue size and the lack of adequate vessels that could operate
efficiently in this niche market deter the entry of long-haul
operators."

"However, we believe Wan Hai's good market position on intra-Asia
routes will help the company to partly offset the high industry
risk in the global container shipping industry over the next one
to two years.  In addition, we believe that Wan Hai will maintain
better operating efficiency than its peers in the intra-Asia
market, given Wan Hai's adequate fleet, comprehensive service
network and high frequency.  In our view, Wan Hai's good
operational efficiency and market position in the intra-Asia
market will continue to support more stable profitability for the
carrier compared with its long-haul peers," S&P said.

"Wan Hai's financial risk profile reflects our expectation that
the company will slightly strengthen its ratio of funds from
operations (FFO) to debt to 30%-40% in 2014-2015, given Wan Hai's
light capital spending and relatively stable profitability
compared with its peers'.  Wan Hai has no new vessels on its order
book and we expect the company to remain cautious on its new ship-
building plan and service-expansion strategy.  As a result, we
expect Wan Hai to generate positive free cash flow over the next
one to two years, despite high cash dividend payments.  We expect
significant volatility in the company's financial metrics as a
result of volatile market conditions.  However, we believe that
Wan Hai's credit metrics properly reflect the negative effect of
industry volatility, given our view that the industry is in the
trough of the current downturn," S&P noted.

The stable outlook reflects S&P's expectation that despite rising
competitive pressures in the intra-Asia container shipping market,
Wan Hai's good market position in this relatively stable market
and its cautious strategy on capital spending will enable the
company to generate stable profitability and reduce its debt
slightly over the next two years.  Accordingly, S&P expects its
ratio of FFO to debt to rise slightly to 30%-40% during 2014-2015.

S&P may lower the rating if Wan Hai's market position in the
intra-Asia container shipping market deteriorates substantially
due to a significant increase in competition from its larger long-
haul peers or a substantially weakening in Wan Hai's cost
competitiveness.  A significant decrease in its market share or
much below average growth in the intra-Asia market, or a
substantial decrease in its profitability relative to its peers
could indicate such deterioration.  S&P may also lower the rating
if the company takes on a more aggressive expansion and
substantially increase its debt leverage, or its profitability
decreases substantially, such that its ratio of FFO to debt
decreases below 30% for an extended period of time.

S&P believes that an upgrade is unlikely within the next 12
months, given continued oversupply in the global container
shipping market and weak freight rates.  However, S&P may raise
the rating if Wan Hai can enhance its profitability and cash flow
protection measures, such that its adjusted ratio of funds from
operation to debt remains consistently above 45% through business
cycles.  This could result from sustainably improving market
conditions, successful service network expansion, and lower debt
due to constrained capital expenditure.



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H O N G  K O N G
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NORD ANGLIA: 1st Half 2014 Results No Impact on Moody's B1 Rating
-----------------------------------------------------------------
Moody's Investors Service says that Nord Anglia Education, Inc's
(NAE, B1 stable) results for the first half of the fiscal year
ended February 28, 2014 (1H 2014) were in line with expectations.
Neither the results nor the company's announced acquisition of
Dover Court School in Singapore affect its ratings or stable
outlook.

"NAE is executing as expected. Its acquisitions of schools within
existing geographies funded from internally generated cash are in
line with the company's strategy. We expect that these should
quickly be accretive to its earnings and cash flow," says Joe
Morrison, a Moody's Vice President and Senior Analyst.

NAE reported sales for 1H 2014 of $272 million, up 52% from the
prior year. On a last 12 months (LTM) basis, NAE's adjusted EBITDA
margin was about 36%, versus 35.3% for FY2013, as the company
continued to increase tuition fees while controlling costs.
Adjusted debt to EBITDA improved to about 7.8x for the LTM to
February 2014 from about 9.7x in 2013.

Moody's projects that adjusted debt to EBITDA (pro forma for the
2013 acquisition of WCL Group Limited) will decrease to about 6.6x
in FY2014 and further to 5.7x in FY2015 from about 7.5x in FY2013.
In addition, Moody's expects EBITDA less capex to interest expense
to improve to over 3.0x for FY2015 from about 1.3x in FY2014.
These ratios will be in line with NAE's B1 rating.

This improvement will be mainly driven by a robust increase in
earnings, underpinned by NAE opening new schools in Hong Kong,
Dubai, and Switzerland later this year, and by benefits associated
with its recently concluded initial public offering and debt
refinancing.

NAE benefits from stable and predictable demand for its premium
educational services product. The company has a high level of
financial leverage, but this is balanced by favorable demand
dynamics, resilience through economic cycles, and predictable
revenue streams.

The principal methodology used in this rating was the Global
Business & Consumer Service Industry Rating Methodology published
in October 2010.

Nord Anglia Education, Inc. is headquartered in Hong Kong and
operates 28 international premium schools in Asia, Europe, the
Middle East, and North America, with more than 18,000 students
ranging in level from pre-school through to secondary school. NAE
also provides outsourced education and training contracts with
governments and curriculum products through its Learning Services
division. For the fiscal year ended 31 August 2013, NAE generated
pro forma revenues of $415 million.



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ADWALPALKAR CONSTRUCTION: CARE Rates INR15cr Bank Loan at 'B+'
--------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of
Adwalpalkar Construction And Resorts Private Limited.

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

Rating Rationale

The rating assigned to the bank facilities of Adwalpalkar
Construction and Resorts Private Limited is constrained on account
of the implementation risk associated with its on-going real
estate project, moderate booking status of the project,
geographical concentration of operations coupled with competition
from other real estate players in the region and unfavorable
outlook in the short and medium term for the real estate segment.

The above-mentioned constraints far outweigh the strengths derived
from the experience of the promoters in the real estate industry
and strategic location of the project.

Completion of the ongoing project without any time and cost
overrun and the ability to sell the project space in a highly
competitive scenario at the envisaged prices and in a timely
manner are the key rating sensitivities.

Incorporated in the year 2010 in Goa, Adwalpalkar Constructions
and Resort Private Limited is promoted by Mr Mahesh Adwalpalkar
(director). ACRPL operates resort Candolim beach, Goa and has also
ventured into real estate space in the year 2011. Currently, the
company is developing four integrated townships at Goa with total
saleable area of 5.08 lsf (lakh square feet).

Out of these four, 'Adwalpalkar Sterling' and 'Adwalpalkar
Solitude' are recently launched and are in the initial stage,
whereas 'Adwalpalkar Enclaves' is in the final stage of
completion. The company is also developing project "Adwalpalkar
Horizon" at Dona Pula, Panaji, for which ACRPL has availed project
specific cash credit of INR15 crore. The company has sold has sold
46 out of the 74 flats available for sale as on
October 31, 2013.

The total project cost for "Adwalpalkar Horizon" is INR40.47
crore, which is proposed to be funded through a project-specific
cash credit of INR15 crore, internal accruals of INR0.08 crore and
the remaining though customer advances of INR25.39 crore. Out of
the total cost of INR40.47 crore, the company has already incurred
INR18.78 crore as on October 31, 2013. The same is funded through
customer advances of INR6.17 crore, debt of INR10.93 crore,
promoters' contribution of INR0.38 crore and the balance by way of
creditors of INR1.30 crore.

ACRPL reported a PAT of INR0.26 crore against a turnover of
INR9.40 crore in FY13 (refers to the period April 1 to March 31)
as against PAT of INR(0.22) crore against a turnover of INR0.05
crore in FY12.


ANAM POLYMER: ICRA Assigns 'B+' Rating to INR10cr Loans
-------------------------------------------------------
A long-term rating of '[ICRA]B+' has been assigned to the INR4.10
crore term loans, INR5.00 crore cash credit facility and INR0.90
crore fund based proposed facility of Anam Polymer Private
Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-term: Term        4.10        [ICRA]B+ assigned
   Loan Facility

   Long-term: Cash        5.00        [ICRA]B+ assigned
   Credit Facility

   Long-term: Proposed    0.90        [ICRA]B+ assigned
   Limits

The rating is constrained by the project implementation risks
associated with a Greenfield venture, with the commissioning of
the project already delayed by about six months. The rating is
further constrained by the limited experience of the promoters in
the field of indigenous manufacture of plastic products. The
rating further takes into consideration the high competitive
intensity of the industry and the vulnerability of the company's
profitability to the fluctuations in the raw material prices,
post-commissioning, as the same are linked to the volatile crude
oil prices. ICRA notes that the ability of the company to commence
manufacturing activities without any further delays and ramp up
production levels in a timely manner remain important from a
credit rating perspective.

The rating, however, draws comfort from the company's association
with group companies in the allied business of trading of plastic
bags which provide marketing synergies to the company and the
favourable demand indicators for household plastic products.

Anam Polymer Private Limited was incorporated in February 2013 and
is currently setting up a Greenfield project at Shahapur
(Maharashtra). The manufacturing facility is aimed at the
production of plastic household products such as plastic boxes and
plastic water bags using injection moulding technique. The project
cost is estimated at INR8.50 crore, which will be funded by a term
loan of INR4.10 crore, promoters' contribution of INR4.00 crore in
the form of equity and interest-free unsecured loans from
promoters of INR0.40 crore. The management envisages the
processing unit to commence production from June 2014.

Recent Results
During the 11-month period ending February 28, 2014, the company
has recorded a profit before depreciation and taxes of INR0.70
crore on an operating income of INR44.21 crore (provisional).


BHARAT ENG'G: CARE Revises Rating on INR17.5cr Bank Loan to 'B+'
----------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Bharat Engineering Construction Company Private Limited.

                            Amount
   Facilities             (INR crore)    Ratings
   ----------             -----------    -------
   Long-term Bank             17.50      CARE B+ Revised from
   Facilities                            CARE BB-

   Long-term/Short-term       15.00      CARE B+/CARE A4 Revised
   Bank Facilities                       from CARE BB-/CARE A4

Rating Rationale

The revision in the ratings take into account the deterioration in
the order book of Bharat Engineering Construction Company Private
Limited caused by deceleration in the inflow of fresh work orders,
decline in operating revenues due to execution delays, cash losses
incurred during FY13 (refers to the period April 1 to March 31),
stretched debt protection metrics and elongation in the operating
cycle of the company. The ratings continue to be constrained by
the relatively small size of operations, high utilisation of the
working capital limits, regional concentration with operations
limited to the state of Tamil Nadu and presence in the intensely
competitive construction industry.

The ratings, however, derive strength from the vast experience of
the promoters in the construction industry and the company's
emergence as a primary contractor in the past few years.
Going forward, the ability to grow its order book on sustained
basis and effectively manage its working capital requirements will
be a key rating sensitivity. Besides, the completion of the
residential project as per timelines, future plans for growth in
this segment and its impact on capital structure and the company's
profitability will be critical for its financial prospects and
will act as the key rating sensitivities.

Bharat Engineering Construction Company (P) Ltd, promoted by Mr H
Syed Abdul Kader and Mr MS Thaika Sahib in 2006, is a small-sized
construction company engaged mainly in the construction of various
infrastructure projects such as bridges, roads, check-dam,
buildings, drainage & sewerage works. At present, the company's
operations are confined to the state of Tamil Nadu (TN). In 2013,
BECC also forayed into the construction of residential-cum-
commercial project with its maiden venture at Avadi, Chennai.

BECC incurred a net loss of INR4.32 crore on a total operating
income of INR58.11 crore in FY13 as compared with a net profit of
INR2.50 crore on a total operating income of INR71.77 crore in
FY12.


BHARTIYAM EDUCATION: CARE Assigns 'B+' Rating to INR8.83cr Loan
---------------------------------------------------------------
CARE assigns 'CARE B+' ratings to the bank facilities of Bhartiyam
Education And Social Welfare Society.

                            Amount
   Facilities             (INR crore)    Ratings
   ----------             -----------    -------
   Long-term Bank
   Facilities                 8.83       CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Bhartiyam Education
and Social Welfare Society is primarily constrained by the limited
experience of the trustees in the education sector coupled
with short track record of operation, weak financial risk profile
characterized by losses in FY13 (refers to the period April 1 to
March 31), leveraged capital structure and stressed debt coverage
indicators. The rating is further constrained by regulatory risk
associated with the education sector, competition from the
existing schools and residual project implementation risk. The
rating, however, derives support from buoyant prospects of the K-
12 segment in India.

Going forward, BES's ability to attract and enroll students as
envisaged and improvement in the capital structure shall be the
key rating sensitivities. Timely implementation of the project
within envisaged cost and time shall also be a key rating
sensitivity.

Bhartiyam Educational & Social Welfare Society was established in
October 2010 under the society registration act 1860 with an
objective to provide education services. Ms Sarabjeet Kaur is
the president of the society. BES is setting up a school up to
standard 12th under the name of 'Bhartiyam International School'
with a total intake capacity of 2,500 students. The school shall
be affiliated to Central Board of Secondary Education (CBSE). The
school is located at Rudrapur, Uttarakhand and the first academic
session has already commenced in FY13 up to standard IX and
expansion up to standard XII will take place in each subsequent
year.

During FY13, BES achieved a total operating income (TOI) of
INR0.71 crore with a surplus of INR- 0.44 crore. During 9MFY14
(refers to the period April 1 to December 31), the society has
achieved TOI of around INR2.00 crore.


BLDE ASSOCIATION: CRISIL Raises Rating on INR540MM Loans to 'B+'
----------------------------------------------------------------
CRISIL has upgraded its rating on the bank facilities of BLDE
Association (BLDE) to 'CRISIL B+/Stable' from 'CRISIL D'.

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

   Proposed Long Term    170        CRISIL B+/Stable (Upgraded
   Bank Loan Facility               from 'CRISIL D')

   Term Loan             310        CRISIL B+/Stable (Upgraded
                                    from 'CRISIL D')

The upgrade reflects BLDE's improved liquidity management
mechanism which is likely to result in availability of funds for
timely servicing of its debt obligations. BLDE has serviced its
debt obligations timely over the past two months ended March 2014.
BLDE's liquidity has improved on account of streamlining of its
cash management systems.

The management of BLDE has a cash management system wherein
surplus cash balances of its institutes are utilised to reduce the
amount outstanding in its cash credit accounts. This has resulted
in an improved financial discipline.

The ratings continue to reflect BLDE's exposure to regulatory
risks associated with educational institutions and exposure to
intense competition from other educational institutes. These
rating weakness are partially offset by BLDE's established
regional position in the education system, diversified course
offerings, and healthy occupancy levels across various
disciplines.

Outlook: Stable

CRISIL believes that BLDE will continue to benefit over the medium
term from its established regional market position and wide range
of courses it offers. The outlook may be revised to 'Positive' in
case BLDE is able to achieve sustainable improvement in its scale
of operations while maintaining its healthy profitability and
capital structure. Conversely, the outlook may be revised to
'Negative' if BLDE undertakes any larger-than-expected, debt-
funded capital expenditure programme, causing its financial risk
profile to deteriorate, or if it faces any regulatory change,
impacting its student intake/cash accruals.

BLDE was set up in 1910, promoted by Mr. P G Halakatti and Shri
Banthanal Mahaswamijee, to provide educational facilities to the
poor and socially backward populace of Bijapur (Karnataka). BLDE
started a school, Shri Siddheshwar High School, in Bijapur in
1917. It gradually expanded its range of educational courses and
now manages 80 educational institutions in and around Bijapur,
offering kindergarten to post-graduation and research courses, in
the arts, science, commerce, management, medicine, nursing, law
and engineering streams.

BLDE group consists of BLDE Association and BLDE University. BLDE
University was established in 2008 and offers post graduate and
under graduate courses in medicine.

BLDE reported a net surplus (excess of revenue over expenditure),
of INR 15.2 million on an operating income INR813.6 million for
2012-13; the company reported a net surplus of INR88.8 million on
operating income of INR668.9 million for 2011-12.


BOCHEM HEALTHCARE: CARE Assigns 'B' Rating to INR14.63cr Loan
-------------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank facilities
of Bochem Healthcare Private Limited.

                            Amount
   Facilities             (INR crore)    Ratings
   ----------             -----------    -------
   Long-term Bank
   Facilities                14.63       CARE B Assigned

   Short-term Bank
   Facilities                 3.00       CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Bochem Healthcare
Private Limited are primarily constrained on account of its small
scale of operations in the competitive and regulated
pharmaceutical industry and high post project implementation risk
associated with recently completed capex. The ratings are further
constrained on account of concentrated customer base. The ratings,
however, derive strength from the experienced executives.

The ability of BHPL to generate envisaged cash flows from added
capacities, increase in scale of operations, improvement in
profitability and capital structure while manage working capital
requirements are the key rating sensitivities. The timely receipt
of WHO-GMP certificate is also crucial from the credit
perspective.

Incorporated in 1999, BHPL is engaged in the manufacture of
formulation in various dosage forms, i.e., tablets, capsules and
powders at its facility at Nagziri, Ujjain for which WHO GMP
certificate application has been made.

Based on the audited results for FY13 (refers to the period
April 1 to March 31), BHPL reported total operating income of
INR1.43 crore and Profit after Tax (PAT) of INR0.02 crore.


BRILLIANT BIO: CRISIL Reaffirms 'D' Rating on INR430MM Loans
------------------------------------------------------------
CRISIL's rating on the bank facilities of Brilliant Bio Pharma Ltd
continues to reflect instances of delay by BBPL in servicing its
debt; the delays have been caused by the company's weak liquidity.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         --------     -------
   Bank Guarantee         45       CRISIL D (Reaffirmed)
   Cash Credit            70       CRISIL D (Reaffirmed)
   Letter of Credit       40       CRISIL D (Reaffirmed)
   Packing Credit         20       CRISIL D (Reaffirmed)
   Term Loan             255       CRISIL D (Reaffirmed)

BBPL has a below-average financial risk profile marked by its
moderate net worth, high gearing, and below-average debt
protection metrics, and has large working capital requirements.
However, the company benefits from its promoters' extensive
experience, and its established relations with customers.

BBPL, incorporated in 1988, manufactures veterinary vaccines and
medicines. The company's plant is located at Medak district in
Andhra Pradesh. The company is a part of the TG Venkatesh group,
which has presence in various businesses such as chemicals,
aquaculture, salt, power, healthcare, hospitality, and personal
care products.


EURO INDIA: CRISIL Reaffirms 'B+' Rating on INR521MM Loans
----------------------------------------------------------
CRISIL has reaffirmed its long term rating on the bank facilities
of Euro India Fresh Foods Pvt Ltd at CRISIL B+/Stable and
reassigned its short term rating at CRISIL A4.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           --------    -------
   Bank Guarantee          5        CRISIL A4 (Reassigned)

   Cash Credit           117.5      CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    237        CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     83.5      CRISIL B+/Stable (Reaffirmed)

   Term Loan              83        CRISIL B+/Stable (Reaffirmed)

CRISIL's rating on bank facilities of Euro continues to reflect
Euro's below-average financial risk profile, marked by a high
gearing and weak debt protection metrics, and its exposure to
competition from large and established players. These rating
weaknesses are partially offset by the company's diversified
product portfolio.

Outlook: Stable

CRISIL believes that Euro will continue to benefit over the medium
term from its diversified product portfolio. The outlook may be
revised to 'Positive' if the company achieves more-than-expected
sales growth and profitability, leading to improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if Euro's liquidity weakens, most likely because of
substantial debt-funded capital expenditure, or lower-than-
expected sales growth or profitability.

Euro, incorporated in 2008-09 (refers to financial year, April 1
to March 31), manufactures potato chips, fried extruded snacks,
salted snacks (namkeen), mineral water, and core filling snacks,
at its plant in Surat (Gujarat). The company sells its products
under the brand names Euro Spa for mineral water and Euro for
other products. It is managed by Mr. Dinesh Sanspara.

Euro is estimated to achieve a profit after tax of INR0.2 million
on net sales of INR489.6 million for 2013-14; it had reported a
net loss of INR1.7 million on net sales of INR118.0 million for
2012-13.


INTERNATIONAL COIL: CRISIL Reaffirms 'D' Rating on INR530MM Loans
-----------------------------------------------------------------
CRISIL ratings on the bank loan facilities of International Coil
Ltd (ICL) continues to remain exposed to risks related to the
economic slowdown in the construction industry, leading to delays
in project execution. However, the company continues to benefit
from its strong technical expertise in manufacturing heat-exchange
and heat-transfer systems, and its established track record in the
heating, ventilation, and air-conditioning (HVAC) industry, which
has enabled it to build a reputed clientele.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Bank Guarantee        200        CRISIL D (Reaffirmed)
   Cash Credit           200        CRISIL D (Reaffirmed)
   Letter of credit &
   Bank Guarantee        130        CRISIL D (Reaffirmed)

On Jan 27, 2014, CRISIL has downgraded the rating of ICL to
'CRISIL D/CRISIL D' from 'CRISIL B+/Stable/CRISIL A4'. The
rating downgrade reflects instances of delay by ICL in servicing
its debt; the delays have been caused mainly by the company's weak
liquidity. CRISIL believes that ICL's liquidity will remain weak
over the medium term, driven by higher-than-expected working
capital requirements, lower profitability, and incremental capital
expenditure plans.

ICL, incorporated in July 2004, is promoted by Mr. Sucha Singh and
his sons, Mr. Paramjeet Singh and Mr. Amardeep Singh. The company
manufactures heat-exchange coils, heat-transfer systems such as
air-cooled fluid coolers, used for cooling all type of engines
producing power, and coils for refrigeration systems used in cold
storage and freezing units. ICL has two manufacturing units ' one
near Gurgaon (Haryana), and the other at Mayapuri, New Delhi. Its
operations are centred in Gurgaon (corporate office) and Delhi
(registered office); it has six sales office across India, at
Ahmedabad (Gujarat), Bengaluru (Karnataka), Chennai (Tamil Nadu),
Gurgaon, Jalandhar (Punjab), and Mumbai.

ICL also has tie-ups with Chinese companies - BROAD Group, Runh
Power Corporation Ltd, and Harbin Air Conditioning Company Ltd for
supplying cooling systems mostly to upcoming power plants in
India. The company earns fixed commission on supply as well as
balance-of-plant work for the contracts undertaken by these
associates.


KUUBERA DAL: CARE Assigns 'B+' Rating to INR6.67cr Bank Loan
------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Kuubera
Dal And Besan Mills.

                            Amount
   Facilities             (INR crore)    Ratings
   ----------             -----------    -------
   Long-term Bank
   Facilities                 6.67       CARE B+ Assigned

The rating assigned by CARE is based on the capital deployed by
the partners and the financial strength of the firm at present.
The rating may undergo a change in case of withdrawal of the
capital or the unsecured loan brought in by the partners in
addition to the financial performance and other relevant factors.

Rating Rationale

The rating assigned to the bank facility of Kuubera Dal and Besan
Mills is constrained by its small scale of operations,
susceptibility of operations to the agro-climatic conditions and
presence in a fragmented industry. The rating also factors in the
firm's weak financial risk profile marked by low profitability
margins due to limited value addition and its constitution as a
partnership firm.

The rating, however, derives strength from the experience of the
partners in trading & processing of agriculture commodities and
operational synergies with associate firms.

The ability of the firm to increase the scale of operations along
with an improvement in profitability margins and capital structure
are the key rating sensitivities.

Kuubera Dal and Besan Mills, was established in the year 2010 as a
partnership firm to undertake business of milling and trading of
agriculture commodities. KDBM is promoted by the Kuwad family
based out of Pune (Maharashtra) with two partners having equal
profit sharing.

Apart from KDBM, Kuwad family has also promoted other
partnership/proprietorship firms like Kuwad Brothers, Kuwad & Sons
and Kuubera Agro Mills which are into a similar line of business.

KDBM is primarily engaged in manufacturing of Gram flour (Besan)
with an installed capacity of 7,300 tons per annum. The firm sells
gram flour under its own brand name 'Kuubera' and 'Keshar'
which are available in various packing sizes. Over the period KDBM
has developed a network of whole-sellers and retailers in and
around Pune region through its associate firms having an
established presence in the agro processing and trading segment.
KDBM also manufactures cattle feed from the by-product produced in
the process.

KDBM reported a PAT of INR0.05 crore against a turnover of
INR34.87 crore in FY13 (refers to the period April 1 to March 31)
as against PAT of INR 0.10 crore against a turnover of INR21.63
crore in FY12.


LA LAVADO: ICRA Suspends 'D' Rating on INR12.78cr Loan
------------------------------------------------------
ICRA has suspended the '[ICRA]D' rating assigned to the INR12.78
crore long-term, fund based limits and non fund based limits of
M/s La Lavado Fabricka. 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.


MAHENDRA TRAVELS: CARE Assigns 'B' Rating to INR14cr Bank Loan
--------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Mahendra
Travels.

                            Amount
   Facilities             (INR crore)    Ratings
   ----------             -----------    -------
   Long-term Bank
   Facilities                  14        CARE B Assigned

The rating assigned by CARE is based on the capital deployed by
the partners and the financial strength of the firm at present.
The rating may undergo change in case of the withdrawal of the
capital or the unsecured loans brought in by the partners in
addition to the financial performance and other relevant factors.

Rating Rationale

The rating assigned to the bank facilities of Mahendra Travels
(MTS) is primarily constrained by its nascent stage of operations
coupled with poor performance during FY13 (refers to the period
April 1 to March 31), renewal-based agreement between Rajasthan
State Road Transport Corporation (RSRTC) and MTS, highly leveraged
capital structure due to asset intensive business model & low net-
worth base and exposure of revenue to utilization levels as it is
based on per kilo metertravelled basis.

The aforesaid constraints are partially offset by the longstanding
experience of the partners in the passenger transportation
business, requisite support & association with RSRTC and moderate
fleet of owned vehicles.

The firm's ability to grow its scale of operations along with
improvement in profitability margins and capital structure would
be the key rating sensitivities.

Mahendra Travels was set up as a partnership firm in April 2012 by
Ms Kamaljeet Kaur Gill and Mr Ajay Singh Gill of Raipur with an
objective of providing road transport facilities in the state of
Rajasthan and neighbouring states. The firm commenced operation
from October 2012 with the contract to operate 16 luxury Volvo
buses for Rajasthan State Road Transport Corporation. In 2013, the
firm again participated in a tender floated by RSRTC and got the
contract to operate 20 luxury buses in Rajasthan and neighbouring
states from October 2013.

In FY13 (refers to the period April 01 to March 31), MTS reported
a PBILDT of INR83.8 lakh and loss of INR168.7 lakh on a total
operating income (TOI) of INR106.2 lakh. Furthermore in 9MFY14
(provisional), the firm has achieved a TOI of INR733.4 lakh.


MANISH FLOUR: ICRA Reaffirms 'B+' Rating on INR13cr Loans
---------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]B+' to the
INR12.00 crore cash credit fund based limits (enhanced from
INR7.50 crore) and INR1.00 crore term loan limits (reduced from
INR3.36 crore) of Manish Flour Mills Private Limited. ICRA has
withdrawn the [ICRA]B+ and [ICRA]A4 ratings previously assigned to
the INR1.64 crore un-allocated amount.

                         Amount
   Facilities         (INR crore)     Ratings
   ----------         -----------     -------
   Cash Credit: Fund      12.00       [ICRA]B+ reaffirmed
   Based Limits

   Term Loan: Fund
   Based Limits            1.00       [ICRA]B+ reaffirmed

   Un-allocated Limits     1.64       [ICRA]B+/[ICRA]A4 withdrawn

The rating reaffirmation continues to take into account low
profitability levels due to the limited value addition involved,
stretched capital structure due to debt funded capital expenditure
and reliance on external working capital borrowings, and weak debt
coverage indicators. The rating also continues to take into
account MFM's presence in a highly fragmented and competitive agro
commodities industry which exerts pressures on its margins,
susceptibility of business operations to volatility in the pricing
of wheat and performance of the agricultural sector, which is
further impacted by a combination of factors like climatic
conditions, government policies and prevailing demand-supply
scenario.

The rating continues to favourably factor in the presence of
sister concerns in the same line of business providing operational
comfort and established business relationships with various
suppliers and reputed domestic customers. The rating also takes
into account the y-o-y growth in revenues and the positive demand
outlook for flour, as it forms an important part of the staple
Indian diet.

Promoted by Mr. Ratanlal Jain and his son Mr. Manish Jain, Manish
Flour Mills Private Limited is engaged in the milling of wheat
into maida, atta, suji and bran. The company has its registered
office in Opera House, Mumbai and an ISO 9001:2008 certified flour
mill in Surat, Gujarat with an annual capacity of 11,00,000
quintals.

Recent results

MFM recorded a net profit of INR0.34 crore on an operating income
of INR131.62 crore for the year ending March 31, 2013.


MASTERS ALUMINIUM: ICRA Assigns 'B+' Rating to INR17cr Loans
------------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B+' to the INR17.00
crore fund based limits of Masters Aluminium India Private
Limited. ICRA has also assigned a short term rating of [ICRA]A4 to
the INR3.00 crore non fund based limits of MAIPL.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Long term fund
   based limits             16.50      [ICRA]B+ assigned

   Short tern non
   fund based limits         3.00      [ICRA]A4 assigned

   Long term unallocated     0.50      [ICRA]B+ assigned

The assigned ratings are constrained by the stretched liquidity
position of MAIPL due to high levels of Work in Progress (WIP)
inventory and the large value of advances paid to the raw material
(RM) suppliers, as also reflected in the almost full utilization
of its cash credit limit and the additional ad-hoc working capital
funding sought by the company in the last one year.

The ratings also factor in the low scale of operations of MAIPL in
a highly competitive and fragmented industry with presence of
large number of small players and a few large players limiting the
bargaining power of the company, especially during the periods of
weak economic growth given the tight coupling of the demand for
extruded products with the macroeconomic scenario. The ratings are
also constrained by the vulnerability of MAIPL's profitability to
the volatility in raw material prices and foreign exchange
fluctuations as a large percentage of its raw material
requirements are met through un-hedged imports. The ratings also
take into account the weak financial profile of the company marked
by high gearing and weak debt coverage indicators. The ratings
however favorably factor in the significant experience of the
promoters in the aluminum extrusion industry and its established
relationships with the dealers as reflected in the repeat sales to
them in the last three years.

Going forward, the ability of the company to increase its scale of
operations and effectively manage its working capital requirements
without excessively utilizing its bank facilities will remain the
key rating sensitivity.

MAIPL is promoted by Mr. Movva Vara Prasad and his family in the
year 2010. The company is into manufacture of extruded Aluminium
Profiles and operates a 3600MTPA extrusion plant near Hanuman
Junction in Krishna District of Andhra Pradesh. The company
manufactures different shapes and sizes of profiles which find use
in Architecture, Air Conditioning systems, Hospital equipments,
Modular furniture, Solar power etc.

Recent Results (Provisional)

MAIPL posted an operating income of INR23.7 crore and an operating
profit of INR2.9 crore in the nine month period ended 31st Dec
2013 (9m,FY14) as against a full year operating income of INR31.5
crore and an operating profit of INR3.4 crore in FY13.


METECNO (INDIA): CARE Lowers Rating on INR55MM Loans to 'D'
-----------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Metecno (India) Private Limited.

                            Amount
   Facilities             (INR crore)    Ratings
   ----------             -----------    -------
   Long-term Bank             37         CARE D Revised from
   Facilities                            CARE B+

   Short-term Bank            18         CARE D Revised from
   Facilities                            A4

Rating Rationale

The revision in the ratings factor in the delays and
irregularities in debt servicing by Metecno (India) Private
Limited (MIPL) and the subsequent restructuring of its debt due to
the tight liquidity position of the company on the back of cash
losses incurred and elongation of the collection period.

MIPL was incorporated in 2005 to manufacture sandwich PUF (Poly
Urethane Foam) panels, which find use in industrial buildings as
walls, roof and insulators. The sandwich panels are produced
with profiled pre-painted zinc coated/galvalume coated steel and
combined with polyurethane as the insulation material. The company
started production of continuous line products from April
2007. Its production facility has the capacity to manufacture 12
lakh square metre per annum. MIPL sells its insulated panel
roofing and wall products under the brand names "Glamet, Mono wall
and Frigo wall" respectively. The company supplies its panels to
institutional customers like BHEL, IRCON, Indian Railways, L&T
ECC, TVS, Ashok Leyland, SEPCO and other engineering contractors.

MIPL incurred a net loss of INR8.11 crore on a total operating
income of INR56.53 crore in FY13 (refers to the period April 01 to
March 31) as compared with a net loss of INR5.50 crore on a total
operating income of INR84.63 crore in FY12.


MODERN DISTROPOLIS: CRISIL Puts 'B' Rating on INR180MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Modern Distropolis Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Term Loan              25        CRISIL B/Stable
   Cash Credit           150        CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility      5        CRISIL B/Stable

The rating reflects the company's below-average financial risk
profile marked by subdued debt protection metrics, and its large
working capital requirements. These rating weaknesses are
partially offset by the extensive experience of MDL's promoters in
the steel products segment.

Outlook: Stable

CRISIL believes that MDL will continue to benefit from its
promoters' long-standing presence in the steel products trading
business and its established relationship with suppliers and
customers. The outlook may be revised to 'Positive' if MDL reports
large cash accruals leading to improvement in its financial risk
profile. Conversely the outlook may be revised to 'Negative' in
case of lengthening of its working capital cycle or larger-than-
expected debt funded capital expenditure, weakening its financial
risk profile.

Set up in 1993 as a partnership firm and reconstituted as a
closely held public limited company in 2013, MDL is the authorised
dealer for Tata Steel Ltd and Tata Bluescope Steel Ltd for various
building materials, including galvanised iron wires, galvanised
corrugated sheets, and colour coated sheets. The company's daily
operations are managed by Mr. K V Anvar.

For 2012-13 (refers to financial year, April 1 to March 31), MDL
reported a net profit of INR1.9 million on sales of INR766.1
million; the company reported a PAT of INR1.2 million on net sales
of INR506.2 million for 2011-12.


NCC LTD: CRISIL Downgrades Rating on INR93BB Loans to 'D'
---------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities and debt
programmes of NCC Ltd (NCC; part of the NCC group) to 'CRISIL
D/CRISIL D' from 'CRISIL BB+/Negative/CRISIL A4+'. The downgrade
reflects delays in debt servicing by NCC.
                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           --------      -------
   Advance Against         1000       CRISIL D (Downgraded from
   Retention Money                    'CRISIL BB+/Negative')

   Bank Guarantee         65000       CRISIL D (Downgraded from
                                      'CRISIL A4+')

   Cash Credit            20000       CRISIL D (Downgraded from
                                      'CRISIL BB+/Negative')

   Letter of Credit        5000       CRISIL D (Downgraded from
                                      'CRISIL A4+')

   Short Term Loan         2000       CRISIL D (Downgraded from
                                      'CRISIL A4+')

The ratings downgrade reflect delay by NCC in meeting its debt
servicing obligation. The delay has been caused by the group's
weak liquidity, mainly on account of sustained high debt levels
with continued pressure on its profitability and cash accruals.

NCC, established by Mr. A V S Raju in 1978, provides construction
services across diversified sectors, including industrial
structures, transportation, water and environment, electrical
installations, irrigation, power, real estate, and property
development. NCC has formed several joint ventures with Indian and
overseas construction companies for civil construction projects.

For 2012-13, NCC, on a standalone basis, reported a profit after
tax (PAT) of INR627 million on a total operating income of INR57.2
billion, against a PAT of INR360 million on a total operating
income of INR52.5 billion for 2011-12. For the nine months ended
December 31, 2013, NCC, on a standalone basis, reported a PAT of
INR84.3 million on a total operating income of INR42.0billion,
against a PAT of INR354.8 million on a total operating income of
INR39.8 billion for the corresponding period of the previous year.


OM SHREE: ICRA Reaffirms 'B+' Rating on INR6.21cr Loans
-------------------------------------------------------
ICRA has reaffirmed the '[ICRA]B+' rating assigned to the INR2.70
crore term loan and INR3.51 crore fund-based bank facilities of Om
Shree Rupesh Steel Pvt. Ltd.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loan             2.70        [ICRA]B+; reaffirmed
   Fund-Based Limits
   (Cash Credit)         3.51        [ICRA]B+; reaffirmed

The rating takes into consideration the long track record of the
promoters in the steel sector and the growth in turnover during
2013-14 subsequent to a marginal reduction in 2012-13; although
the current scale of operations remains low. However, the rating
is constrained by the ongoing weakness in the steel industry,
nominal profits and cash accruals earned by the company, and the
cyclicality associated with the steel industry, which is likely to
keep profitability and cash flows volatile in future. The weak
profitability also impacts the company's coverage indicators
adversely, which have remained at depressed levels in the past.
The rating also factors in OSRSPL's moderately high gearing,
although the same has improved in 2013-14.

OSRSPL was acquired in July 2010 by the Raigarh based Mr. Shankar
Lal Agrawal and family. The company is involved in manufacturing
of MS ingots. The manufacturing plant of the company, which has a
steel melting shop with an annual production capacity of 16,750
MT, is located at Village Chiraipani, Raigarh, Chattisgarh.

Recent Results
In 2012-13, as per the audited financial statements, OSRSPL
reported an operating income of INR47.31 crore and a net profit of
INR0.19 crore as against an operating income of INR48.88 crore and
a net profit of INR0.29 crore in 2011-12. During the first eleven
months in 2013-14 as per the provisional financial statements,
OSRSPL reported an operating income of INR47.09 crore and a profit
before tax of INR0.18 crore.


ORIGIN FORMULATIONS: CARE Assigns 'B' Rating to INR23.5cr Loan
--------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Origin
Formulations Private Limited.

                            Amount
   Facilities             (INR crore)    Ratings
   ----------             -----------    -------
   Long-term Bank             23.50      CARE B Assigned
   Facilities

Rating Rationale

The rating assigned to the bank facilities of Origin Formulations
Pvt Ltd (OFPL) is primarily constrained on account of its modest
scale of operation in the competitive and regulated pharma
industry and financial risk profile marked by thin profit margins,
highly leveraged capital structure and weak liquidity position.
The rating is also constrained on account of stabilization risk
associated with its recently completed project.

The rating, however, derives strength from the experienced
executives with low project gearing. The ability of OFPL to
stabilize its operations, improvement in profit margins, capital
structure and liquidity position are the key rating sensitivity.

Incorporated in 2010, Origin Formulations Private Limited (OFPL)
is engaged in the trading of formulation and in FY14 (refers to
the period April 1 to March 31) had started manufacturing of
formulation in various dosage forms ie tablets, capsules,
ointments, injections, syrups at its facility at Kotdwar,
Uttrakhand which is WHO GMP certified. OFPL had undertaken project
for setting up of Beta-lactam and Non Beta-lactam section.

Non Beta-lactam section became operational from July, 2013 and had
an installed capacity of 240 million units per annum (mupa) of
tablets, 60 mupa of capsules, 3mupa of liquid, 1.5mupa -
ointments and 1.5 mupa - external liquid.

OFPL has completed the installation of machineries for Beta-lactam
section, however the license for the unit has been applied and is
expected to be received in the month of March, 2014. Production
capacity for Beta-lactam section is 120 mupa of tablets, 30 mupa
of capsules, 4.5 mupa of Dry powder, 15 mupa of Injectables.

The promoters have diverse business interest through various
associate concerns 'which includes Origin Fiscal Services Limited
(OFSL; engaged in financial advisory), Origin Lifecare Pvt Ltd
(OLPL; engaged in manufacturing of formulation) and Origin Hotels
& Resorts Pvt Ltd(OHPL; engaged in the hotel business).

During FY13, OFPL reported a total operating income of INR24.18
crore (FY12: INR16.39 crore) and a PAT of INR0.01 crore (FY12:
INR0.00 crore). As per the provisional results for 11MFY14, OFPL
achieved a TOI of INR23.94 crore with a PAT of INR0.50 crore.


ORIGIN HOTELS: CARE Assigns 'B' Rating to INR12.29cr Bank Loan
--------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Origin
Hotels & Resorts Private Limited.

                            Amount
   Facilities             (INR crore)    Ratings
   ----------             -----------    -------
   Long-term Bank            12.29       CARE B Assigned
   Facilities

Rating Rationale

The rating assigned to the bank facilities of Origin Hotels &
Resorts Pvt. Ltd. is primarily constrained on account of its
modest scale of operation in the competitive hotel industry with
short track record and weak financial risk profile marked by
moderately leveraged capital structure and weak debt coverage
indicators and operating losses in 9MFY14.

The rating, however, derives strength from experienced promoters
and group support. The ability of OHPL to increase its occupancy
rate and average room rent thereby increasing its scale of
operations and profitability is the key rating sensitivity.

Incorporated in 2008, OHPL (earlier named as Prabhav Hotels &
Motels Private Limited) was promoted by Mr Praveen Bansal and Mrs
Vijaya Bansal is engaged in the hotel business. However due to
financial reasons the construction of the project was stopped in
2011 and subsequently was sold to Mr Hanu Sanghani and later on
due to restructuring and fund raising the company was subsequently
brought under the Origin group in 2011-12. The promoters incurred
additional costs for restructuring of the complete hotel and took
the services of Best Western Group, for the overall hotel
management.

During FY13 ( refers to the period April 1 to March 31), OHPL
reported a total operating income of INR3.65 crore and a PAT of
INR0.02 crore. As per the provisional results for 9MFY14, OHPL
achieved TOI of INR2.60 crore with net loss of INR5.43 crore.


RADHE COTTON: CRISIL Assigns 'B' Rating to INR91.6MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Radhe Cotton (RC).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit           75         CRISIL B/Stable
   Term Loan             16.6       CRISIL B/Stable

The rating reflects RC's nascent stage of operations in the highly
competitive cotton industry, working-capital-intensive operations,
and expected average financial risk profile, marked by high
gearing and average debt protection metrics. These rating
weaknesses are partially offset by the promoters' extensive
industry experience, and the proximity of the firm's unit to the
cotton-growing belt in Gujarat.

Outlook: Stable

CRISIL believes that RC will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm stabilises its
operations earlier than expected while improving its capital
structure, leading to improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if RC's
operating margin is considerably low, or if it undertakes a
substantial debt-funded expansion programme, or if its working
capital management declines, significantly weakening its financial
risk profile.

Incorporated in 2013, RC is a partnership firm located at
Visavadar (Dist. Junagadh, Gujarat). RC is likely to start its
operations of cotton ginning from May 2014.


RATHOD INDUSTRIES: ICRA Assigns 'B+' Rating to INR6.23cr Loans
--------------------------------------------------------------
ICRA has assigned an '[ICRA]B+' rating to the INR06.23 Crore long
term fund based facilities of Rathod Industries. ICRA has also
assigned an '[ICRA]A4' rating to the INR0.15 crore non-fund based
facility of RI. The unallocated amount of INR13.62 crore has been
rated by ICRA on both the scales at [ICRA]B+ and [ICRA]A4.

                          Amount
   Facilities           (INR crore)     Ratings
   ----------          -----------     -------
   Long Term Fund          2.73        [ICRA]B+ assigned
   Based-Term Loan

   Long Term Fund
   Based-Cash Credit       3.50        [ICRA]B+ assigned

   Short Term Non Fund
   Based Bank Guarantee    0.15        [ICRA]A4 assigned

   Short term/Long term-
   Unallocated amount     13.62        [ICRA]B+/[ICRA]A4 assigned

The assigned ratings are constrained by Rathod Industries' low
profitability following low value additive nature of business,
leveraged capital structure and weak coverage indicators. ICRA
further notes that the proposed debt-funded capital expansion
could weaken the capital structure and coverage metrics of the
firm over the near term. The ratings also take into account the
susceptibility of the firm's margins to volatility in raw material
prices and high competitive pressures from organized and
unorganized players in the industry.

The assigned ratings however favorably take into account the long
experience of the promoters in the stainless steel industry,
sustained revenue growth of the firm with healthy year-on-year
revenue growth of 65% recorded in FY13 and benefits accruing to
the firm due to its location in Valsad, Gujarat.

Established in 2009, Rathod Industries is engaged in the
manufacturing of stainless steel cold rolled patta patti. The firm
began commercial operations in March 2011. It has its registered
office in Mumbai and a manufacturing facility at Valsad, Gujarat.
The manufacturing facility has an installed capacity to produce
approximately 4500 metric tons of stainless steel patta patti
annually.

Recent Results
RI recorded a net profit of INR0.12 crore on an operating income
of INR34.16 crore for the year ending March 31, 2013 and a net
profit of INR0.08 crore on an operating income of INR38.81 crore
for the period ending February 28, 2014.


ROLTA INDIA: Fitch Affirms LT IDR at 'BB-'; Outlook Stable
----------------------------------------------------------
Fitch Ratings has affirmed Rolta India Limited's Long-Term
Foreign- and Local-Currency Issuer Default Ratings (IDRs) at 'BB-
'.  The Outlook is Stable.  Fitch also has affirmed the company's
foreign-currency senior unsecured rating at 'BB-' as well as Rolta
LLC's 10.75% USD200 million guaranteed senior notes due 2018 at
'BB-'. Rolta LLC is a wholly owned subsidiary of Rolta, a
diversified company with interests in IT and geospatial services.

The company has changed its financial year-end from June 30 to
March 31. The ratings factor in Rolta's estimated results for the
nine months ended March 2014.

Key Rating Drivers

Low Ratings Headroom: Rolta's funds flow from operations (FFO)-
adjusted leverage of 3.7x at end-March 2014 (FY13: 4.1x) is close
to the 4.0x threshold above which Fitch may consider negative
rating action. We expect its leverage to remain stable at around
3.5x during FY15-16 as a decline in capex/revenue to 12%-13%
(9MFY14: 29%) would offset a likely deterioration in operating
EBITDAR margin to 33%-35% (FY14: 37.3%) resulting in free cash
flow (FCF) margin of 5%-6% (9MFY14: -9%).

Likely Lower Profitability: Rolta is gradually shifting its
business mix from a high-margin but capital-intensive model to a
lower-margin, lower-capex model.  Fitch expects annual capex to
reduce to around INR3.5 billion-4 billion during FY15-16 in line
with the company's plan to generate new products, the development
costs of which would be expensed rather than capitalized.
Management expects annual capex to fall to INR2 billion during the
same period.  Rolta invested about INR45 billion, or 56% of its
revenue, during FY11-14 mostly to acquire intellectual properties,
intangible assets and to develop demonstrations and prototypes.

Changing Revenue Mix: Operating EBITDAR margin is also likely to
fall due to a change in the product mix with a higher revenue
contribution from Rolta's IT services business, which contributed
72% of FY14 revenue (FY09: 55%) and typically generates a
relatively lower operating EBITDAR margin of 28%-30%. The
geospatial segment, which generates margins of 50%-55%,
contributed 28% of FY14 revenue.

Reasonable Barriers to Entry: Rolta's 'BB-' ratings benefit from
its niche-market strategy, established market position in
engineering and geospatial services and innovative product
portfolio in IT services, which are reasonably differentiated from
traditional IT companies.  Rolta's geospatial segment has high
entry barriers given a limited number of competitors offering
similar expertise including 3D mapping, surveying and image
processing to various federal and local governments, utilities,
telcos, and infrastructure and defence agencies.

Subordination of Notes: Rolta's USD200 million senior note holders
are subordinated to secured debt, which constitutes 70% of total
debt at end-March 2014.  Fitch does not notch the senior unsecured
notes down from the IDR given reasonable recovery on unsecured
debt, growing cash generation and management's stated strategy to
replace secured debt with unsecured debt.

Positive FCF starting FY15: Fitch expects Rolta to start
generating positive FCF of INR1.5 billion -2 billion or 5%-6% of
its revenue during FY15-16 as operating cash generation should be
stable and capex lower.  During FY15, Fitch forecasts that Rolta
will generate about INR10bn of EBITDA which would be sufficient to
cover its interest and tax of INR3bn-4bn and a similar amount of
spend on capex.  Rolta is forecast to stick to its dividend policy
of distributing 20% of its net income.

Rating Sensitivities
Negative: Future developments that may, individually or
collectively, lead to negative rating action include:

  -- FFO-adjusted leverage at above 4.0x.

  -- Further subordination of unsecured creditors from existing
     levels would lead to a downgrade of the issue rating.

Rolta's IDRs are constrained by the small scale of its operations.
As such, Fitch does not foresee any positive rating action over
the medium term.


SALASAR STEEL: ICRA Reaffirms 'B' Rating on INR295.85cr Loans
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B assigned to
the INR235.85 crore term loan and INR60.00 crore fund-based bank
facilities of Salasar Steel And Power Limited.   Also, ICRA has
reaffirmed the shot-term rating of [ICRA]A4 assigned to the
INR15.62 crore non-fund based bank facilities of SSPL.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Term Loan            235.85      [ICRA]B (reaffirmed)
   Fund-Based Limits
   (Cash Credit)         60.00      [ICRA]B (reaffirmed)

   Non-Fund Based
   Limits                15.62      [ICRA]A4 (reaffirmed)

The ratings take into consideration the long track record of
SSPL's promoters in the steel sector; its established raw material
linkages, and its partially integrated nature of operations that
strengthens its operating profile, which is likely to improve the
company's profitability in future. However, the ratings are
constrained by the continued losses reported by the company during
the first nine months in 2013-14, although the company's operating
profits have improved over the previous year. The company's
adverse financial risk profile characterised by an aggressive
capital structure, weak levels of coverage indicators and a high
working capital intensity of operations also impact the ratings.
The ratings also take into account the cyclicality in the steel
industry, which is likely to keep SSPL's profitability and cash
flows volatile in future. ICRA believes that given the weakness in
the steel industry at present, SSPL's financial risk profile is
expected to remain unfavourable in the short term.

Incorporated in 2003, SSPL is a closely held company belonging to
the Raipur-based Malani & Mohta Group. SSPL has facilities at
Raigarh, Chattisgarh for producing sponge iron, billets/ingots and
power, with annual capacities of 60,000 MT, 97,000 MT and 80 MW
respectively.

Recent Results

In 2012-13, SSPL reported an operating income of INR130.22 crore
and net loss of INR32.32 crore, as against an operating income of
INR114.28 crore and a net profit of INR3.61 crore in 2011-12.
During the first nine months in 2013-14 as per the provisional
financial statements, SSPL reported an operating income of
INR198.63 crore and a loss of INR17.41 crore.


SAMALESWARI EDUCATION: CRISIL Reaffirms B- Rating on INR178M Loan
-----------------------------------------------------------------
CRISIL's rating on the bank facility of Samaleswari Education
Trust (SET) continuous to reflect the weak financial risk profile,
marked by high gearing, a small networth and inadequate debt
protection metrics; small scale of operations and its
susceptibility to adverse regulatory changes in the education
sector. The rating also factors in SET's weak liquidity owing to
low cash accruals from operations, which are in sufficient to meet
its term debt obligations, with moderately utilised working
capital limits. These rating weaknesses are partially offset by
the benefits SET derives from its promoters' extensive industry
experience and favourable demand prospects for the educational
industry.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Rupee Term Loan       178        CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SET's liquidity will remain constrained over
the medium term due to inadequate cash accruals to serve the debt
obligations. The outlook may be revised to 'Positive' if there is
a substantial increase in occupancy, thereby significantly
improving its profitability and cash accruals. Conversely, the
outlook may be revised to 'Negative' if the liquidity deteriorates
significantly because of inadequate funding support from its
promoters, or decline in its profitability resulting in lower than
expected cash accruals, or any major debt funded capex plan by the
promoters.

Update
SET will book net sales of around INR72.5 million in 2013-14
(refers to financial year, April 1 to March 31), as against
INR65.9 million in 2012-13 which is in line with CRISIL's
expectations.  However there is marginal improvement in net sales
owing to increase in average fees per student. SET's operating
margin increased to 51.6 per cent in 2012-13 from 43.01 per cent
in 2011-12. CRISIL believes that SET's scale of operation will
continue to remain modest and will maintain operating margins at
around 50 per cent over the medium term.

SET's financial risk profile remains weak, marked by leveraged
capital structure with gearing of 2.94 times and small net worth
of around INR58.9 million as on March 31, 2014. Its debt
protection metrics are continuous to remain weak with interest
coverage of 1.59 times and net cash accruals to total debt ratio
of 0.08 times during 2013-14.

Liquidity of SET continuous to remain weak, with low cash accruals
from operation owing to higher interest cost and low occupancy
level resulting in mismatch in cash flow against its maturing term
debt obligations and moderately utilised overdraft account limit.
CRISIL believes that the cash accruals from operations will be low
and expected to remain tightly matched against its maturing term
debt obligations over the medium term.

Set up in 2008, SET operates an engineering institute namely
Silicon Institute of Technology, which provides undergraduate
engineering degree (Bachelor of Technology) in five streams of
engineering (computer science, civil, electrical, electronics and
communication and mechanical). The institute is located in
Sambalpur (Odisha). The institute is affiliated to Biju Patnaik
University of Technology and all its courses are approved by All
India Council for Technical Education. Currently, the trust is
managed by Mr. Ramanand Mishra, managing trustee, and Mr. Sanjeev
Nayak, vice chairperson.


SHIMLA EDUCATION: CRISIL Ups Rating on INR210MM Loans to 'B'
------------------------------------------------------------
CRISIL has upgraded its rating on the bank facilities of Shimla
Education & Research Society to 'CRISIL B/Stable' from 'CRISIL D.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           --------      -------
   Proposed Long Term      63.1       CRISIL B/Stable (Upgraded
   Bank Loan Facility                 from 'CRISIL D')

   Term Loan              141.5       CRISIL B/Stable (Upgraded
                                      from 'CRISIL D')

   Working Capital          5.4       CRISIL B/Stable (Upgraded
   Demand Loan                        from 'CRISIL D')

The upgrade reflects timely servicing of term debt by SERS over
the six months through March 2014, driven by improvement in its
liquidity backed by increase in net cash accruals to over INR20
million in 2013-14 (refers to financial year, April 1 to March 31)
on account of increased occupancy and continual funding support
from promoters. The upgrade also reflects CRISIL's belief that
SERS's accruals over the medium term will be sufficient to meet
its debt obligations and that any shortfall will be met through
timely funding support from its promoters.

The rating reflects SERS's small scale of operations with
geographical concentration, and vulnerability to regulatory risks
associated with educational institutions. These rating weaknesses
are partially offset by SERS's moderate financial risk profile
supported by moderate gearing, and the healthy demand prospects
for the education sector.

Outlook: Stable

CRISIL believes that SERS will continue to benefit over the medium
term from its promoters' extensive experience in the education
sector and its established position in Shimla (Himachal Pradesh).
The outlook may be revised to 'Positive' in case of more-than-
expected increase in SERS's cash accruals, driven most likely by
significantly high operating surplus with increase in student
intake, leading to improvement in liquidity. Conversely, the
outlook may be revised to 'Negative' in case of low cash accruals
weakening the society's liquidity.

SERS was set up in 2008 by Mr. Sandeep Gupta and his brother Mr.
Rakesh Gupta. The society runs Bells Institute of Management and
Technology in Shimla. The institute is approved by the All India
Council for Technical Education and is affiliated to the state
government-owned Himachal Pradesh University. The institute
started operations in 2010-11 by offering courses in engineering,
such as computer science engineering, computer engineering,
mechanical engineering, electronics, and communication
engineering, and in management. The institute has diversified its
courses by offering diploma programmes in engineering, hotel
management, and mass communication.


SHREE JAY: CARE Assigns 'B+' Rating to INR5.73cr Bank Loan
----------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Shree Jay
Jagdamba Flour Mill.

                            Amount
   Facilities             (INR crore)    Ratings
   ----------             -----------    -------
   Long-term Bank             5.73       CARE B+ Assigned
   Facilities

The rating assigned by CARE is based on the capital deployed by
the proprietor and the financial strength of the firm at present.
The rating may undergo a change in case of the withdrawal of the
capital or the unsecured loans brought in by the proprietor in
addition to the financial performance and other relevant factors.

Rating Rationale

The rating assigned to the bank facilities of Shree Jay Jagdamba
Flour Mill is primarily constrained on account of its presence in
a fragmented industry with low entry barriers and financial risk
profile marked by low profitability, leveraged capital structure
and weak debt coverage indicators. The rating is also constrained
on account of the limited value addition and volatility associated
with the raw material prices.

The rating, however, favourably takes into account the experience
of the proprietor, established brand name and healthy growth in
turnover during the last two years ended FY13 (refers to the
period April 1 to March 31).

The ability of SJJFM to increase its scale of operations,
improvement in profitability and capital structure while managing
the raw material price fluctuation would remain the key rating
sensitivities.

Dahod-based (Gujarat) SJJFM was incorporated in 2007 as a
proprietorship firm and promoted by Ms Pushpaben Agrawal.
Currently, SJJFM is operated by the Agrawal family members. SJJFM
is engaged in the processing of wheat grains (wheat flour, maida,
suji and cattle feed). SJJFM operates through its sole
manufacturing unit with 36,000 Metric Tonnes Per Annum (MTPA)
capacity at Dahod, Gujarat and has a branch office at Vapi
(Gujarat) also. The main raw material of the firm is wheat, which
is procured directly from brokers and stockists. The products are
sold directly through distributors in the states of Gujarat and
Maharashtra. SJJFM sells its product in packaging of 5 kg, 10 kg,
25 kg, 50 kg for wheat flour under the brand name 'Khushbu',
'Makhan Bhog', 'Krishna Bhog' and 'Tanisha'.

As per the audited results for FY13, SJJFM reported a total
operating income of INR29.39 crore (FY12: INR15.38 crore) and a
net profit of INR0.22 crore (FY12: INR0.18 crore). As per the
provisional results 9MFY14, SJJFM has achieved TOI of INR34.67
crore.


SUMESH ENGINEERS: CRISIL Ups Rating on INR30MM Loan to 'B+'
-----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Sumesh Engineers Pvt Ltd to 'CRISIL B+/Stable' from 'CRISIL
B/Stable', while reaffirming its rating on the company's short-
term facilities at 'CRISIL A4'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Bank Guarantee        50         CRISIL A4 (Reaffirmed)
   Cash Credit           30         CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

The rating upgrade reflects SEPL's improved business performance
during 2013-14 (refers to financial year, April 1 to March 31) and
healthy revenue visibility. SEPL has registered sales of INR175
million till March 22, 2014, with estimated growth of about 20 per
cent year-on-year. Furthermore, the company has orders in hand of
about INR120 million to be executed in the next seven months. The
revision in rating also indicates CRISIL's belief that SEPL will
sustain its working capital cycle after consolidation of its
customers; it presently caters mainly to Gujarat Electricity Board
and its subsidiary companies. The capital structure is expected to
remain comfortable with expected gearing at about 1 time over the
medium term. Its liquidity profile is marked by nil term debt
obligations, and low bank limit utilization.

CRISIL's ratings continue to reflect SEPL's modest scale of
operations in the highly fragmented electrical industry, and
susceptibility of its profitability to volatility in raw material
prices and tender-based operations. These rating weaknesses are
partially offset by SEPL's moderate financial risk profile, marked
by comfortable gearing and healthy debt protection metrics, and
the extensive experience of its promoters in the electrical
industry, leading to established customer and supplier
relationships.

Outlook: Stable

CRISIL believes that SEPL will continue to benefit over the medium
term from its promoters' extensive industry experience and
established customer and supplier relationships. The outlook may
be revised to 'Positive' if SEPL achieves higher than expected
accruals, driven by substantial improvement in scale of
operations, while it maintains its profitability. Conversely, the
outlook may be revised to 'Negative' if the company achieves lower
than expected accruals or in case of larger-than-expected working
capital requirements or substantial debt-funded capital
expenditure (capex).

SEPL was established by Vadodara (Gujarat)-based Mr. Suresh Vyas
in 1992. It manufactures distribution transformers in the range of
5 kilovolt amperes to 5 megavolt amperes.

SEPL reported a profit after tax (PAT) of INR5.8 million on net
sales of INR147.4 million for 2012-13, as against a PAT of INR3.6
million on net sales of INR139.1 million for 2011-12.


TAPAN MULTIVENTURES: CRISIL Assigns B+ Rating to INR77.5MM Loans
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Tapan Multiventures (Automobile Division).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit            55        CRISIL B+/Stable
   Term Loan              22.5      CRISIL B+/Stable

The rating reflects the firm's small scale of operations and
geographic concentration in revenue profile. These rating
weaknesses are partially offset by its moderate financial risk
profile, marked by above-average total outside liabilities to
tangible net worth (TOLTNW) ratio, adequate debt protection
metrics and small net worth; and its promoter's extensive
experience in the automobile dealership industry.

Outlook: Stable

CRISIL believes that Tapan Multiventures (Automobile Division)
will continue to benefit over the medium term from its promoters'
extensive experience in the automobile dealership business and its
relationship with its principal Hyundai Motor India Ltd (HMIL;
rated 'CRISIL A1+'). The outlook may be revised to 'Positive' if
the firm's scale of operations and operating margin improve
substantially leading to better cash accruals, resulting in
healthy capital structure. Conversely, the outlook may be revised
to 'Negative' if there is a decline in its market share, thereby
significantly impacting its revenues and profitability, or the
firm undertakes any large debt-funded capital expenditure
programme.

Tapan Multiventures (Automobile Division) is the automobile
division of Tapan Multiventures, a partnership firm between Mr.
Tapan Goyal and his family. The firm started operations in 2012-13
(refers to financial year, April 1 to March 31) and is an
authorised dealer for HMIL. It has one showroom at Shogi in
Shimla.

For 2012-13, the firm reported a book profit of INR0.89 million on
an operating income of INR335.0 million.


THAKKAR PLASTIC: ICRA Assigns 'B+' Rating to INR10cr Loans
----------------------------------------------------------
A long-term rating of '[ICRA]B+') has been assigned to the INR2.25
crore term loan facility, INR7.30 crore cash credit facility and
INR0.45 crore fund based proposed facility of Thakkar Plastic
Industries Private Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term: Term
   Loan Facility         2.25        [ICRA]B+ assigned

   Long-term: Cash
   Credit Facility       7.30        [ICRA]B+ assigned

   Long-term: Proposed   0.45        [ICRA]B+ assigned
   limits

The rating is constrained by the modest scale of operations of the
company along with limited track record and its weak financial
profile characterised by weak profitability indicators and high
gearing levels on account of the debt-funded capex. The rating
also takes into consideration the intense competitive pressures in
the industry and the vulnerability of profitability to the
fluctuations in raw material prices, which are linked to the
volatile crude oil prices, though the risk is partly mitigated due
to the company's policy of purchasing raw materials on receipt of
firm orders.

The rating however draws comfort from the extensive experience of
the company's promoters in the field of trading of plastic bags
and the favourable demand outlook for plastic packaging products
in both the domestic and overseas market.

Thakkar Plastic Industries Private Limited was incorporated in
February 2013 and is currently engaged in the production of
plastic packaging products. The company was established with the
intention of taking over three existing units managed by the
promoter group, viz. M.G. Enterprise (MGE), Samex Corporation (SC)
and Grishma Sales Corporation, at book value. MGE was primarily
engaged in the sale of plastic kirana bags and carry bags, which
were produced on a job-work basis. SC was involved in the
indigenous manufacture of plastic kirana bags and carry bags. GSC
was solely engaged in the trading of plastic packaging products.
The operations of MGE, SC and GSC were consolidated under TPIPL
with effect from February 9, 2013. The manufacturing unit of the
company is located in Shahapur (Maharashtra) and commenced
operations with 2 sets of extrusion blow-moulding machines, with
an installed manufacturing capacity of ~720 metric tonnes per
annum (MTPA). The product profile of TPIPL currently comprises of
plastic kirana bags and carry-bags. The former find application in
domestic purposes such as storing grains and pulses, and are often
available in different colours, shapes and sizes, based on the
maximum weight to be borne by each type. Sale of kirana bags
accounts for the bulk of the sale of the firm. The production of
plastic carry-bags is limited by their permitted thickness (not
less than 40 microns) as per Government regulations and hence
comprise of a small portion of the total revenue base of the
company.

Recent Results
During the 11-month period ending February 28, 2014, the company
has recorded a profit before depreciation and taxes of INR0.63
crore on an operating income of INR56.83 crore (provisional).


TRUMP IMPEX: CRISIL Assigns 'B' Rating toINR95MM Cash Credit
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Trump Impex Private Limited.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit           95         CRISIL B/Stable (Assigned)

The rating reflects TIPL's presence in the highly fragmented and
competitive metal trading industry and subdued financial risk
profile marked by modest networth, high external indebtedness and
weak debt protection metrics. These rating weaknesses are
partially offset by extensive experience of TIPL's promoters in
the metal trading industry.

Outlook: Stable

CRISIL believes that TIPL will continue to benefit over the medium
term from its promoter's extensive experience in the metal trading
industry. The outlook may be revised to 'Positive' if the company
achieves significant and sustainable improvement in revenues and
margins while improving its capital structure. Conversely, the
outlook may be revised to 'Negative' in case the company registers
significant decline in its revenues or margins, or if there is
elongation in its working capital cycle, thereby impacting its
financial risk profile.

TIPL incorporated in 2009, is promoted by Mr. Devang Mehta. It is
engaged in trading of ingots, billets, ferrous and non-ferrous
metal scrap. Mr. Mehta looks after the day to day business
operations of the company. The office of the company is located in
Mumbai.

TIPL reported a profit after tax (PAT) of INR0.7 million on net
sales of INR568.9 million for 2012-13 (refers to financial year,
April 1 to March 31); the company reported a PAT of INR1.0 million
on net sales of INR404.9 million for 2011-12.


UNNATI FORTUNE: CARE Places 'B+' Rating on INR25cr Bank Loan
------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Unnati
Fortune Hotmart Private Limited.

                            Amount
   Facilities             (INR crore)    Ratings
   ----------             -----------    -------
   Long-term Bank
   Facilities                  25        CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Unnati Fortune
Hotmart Private Limited is primarily constrained by the limited
experience of the promoters in the hospitality industry,
execution risk associated with its debt-funded green-field
project, cyclical nature coupled with competition from the
existing hotels operating in the region and subdued industry
outlook.

The rating, however, favorably takes into account the association
with the Unnati Fortune group, achievement of financial tie-ups
for the project and the location advantage of the upcoming hotel.
Going forward, the ability of the company to complete the ongoing
project within the envisaged cost and time parameters and
achievement of the projected average room rate and occupancy
levels would be the key rating sensitivities.

UFH was established in February 2012 by Mr Anil Mithas and Ms
Madhu Mithas. UFH is setting up a four-star hotel in Vaishali near
Ghaziabad (Uttar Pradesh). The proposed hotel is being developed
on a land parcel of 3,902 sq mtrs and consists of 30 rooms,
convention centre, fitness centre, restaurant and other facilities
(which include pool, terrace garden and meditation room). Apart
from the mentioned facilities the company is also constructing
anchor shop and retail shop.

The total cost of the green-field project is estimated at INR52.59
crore being financed with debt equity ratio of 0.89 times. The
project is expected to commence commercial operations by May 2016.


UTTAR BHARAT: ICRA Assigns 'B' Rating to INR134cr Term Loan
-----------------------------------------------------------
ICRA has assigned long term rating of '[ICRA]B' to the INR134.0
crore Term Loans of Uttar Bharat Hydro Power Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loans            134.0        [ICRA]B assigned

ICRA's rating action factors in the relatively high credit risk
profile of Uttar Bharat Hydro Power Pvt Ltd given the nascent
stage of development of company's two hydro electric projects in
Kakot tehsil, Uttarakhand. The gearing of the company is
relatively high given the high proportion of debt funding which is
typical for infrastructure projects. While PPA is in place for
Sarju III project, ICRA notes that lack of an off-take arrangement
for Sarju II project (which is expected to commission in April
2014, poses significant off-take risks in the project.

ICRA has taken into account the strong promoter profile as
reflected in the sizeable cash balances and long operational
history of one of the promoters, Soceidade De Fomento Industrial
Pvt Ltd. Notwithstanding the strong parentage, UBHP has defaulted
in its debt repayments earlier on account of delays in project
commissioning and loans restructuring. The rating also factors in
hydrological risks as UBHP is not covered under deemed generation
clause in case of factors like shortage of water or loss of
generation due to silting. Given that the revenues of the company
are linked to actual unit sales, this exposes the company to risks
of variable cash flows. Further, given the seasonality of power
production (and hence cash flow generation), the cash flows of the
company are likely to remain volatile and this may result in
liquidity mismatches in the initial years of operation.

On the positive side, presence of a long term PPA (Power Purchase
Agreement) contract, reasonable tariff levels, and low regulatory
risk in Sarju III project provide support to the ratings. The
rating also draws comfort from the limited demand risks due to
significant energy deficit in northern India and eligibility of
the project under Ministry of New and Renewable Energy (MNRE) for
receipt of capital subsidy.

Uttar Bharat Hydro Power Private Limited (UBHP) was incorporated
in 1991. The Govt of Uttar Pradesh allocated 3 hydro projects to
this company in 2004. Subsequently, this company was acquired by
the current promoters which include Mr Hans Raj Goel, Mr Raj Kumar
Goel, Mr Naresh Goel and Ms Suman Goel in 2006. The company
awarded work contracts to the contractors for two projects Sarju
II -- 15.0 MW and Sarju III -- 10.5 MW in November 2008 and
construction began in early 2009. Construction is yet to commence
in the third project Sarju I -- 7.5 MW.


VENKATA PADMA: CRISIL Ups Rating on INR100MM Loans to 'B+'
----------------------------------------------------------
CRISIL has upgraded its rating on the bank loan facilities of Sri
Venkata Padma Traders to 'CRISIL B+/Stable' from 'CRISIL B/
Stable'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit            69        CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

   Proposed Long Term     28.1      CRISIL B+/Stable (Upgraded
   Bank Loan Facility               from 'CRISIL B/Stable')

   Term Loan               2.9      CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

The rating upgrade reflects sustainable improvement in SVPT's
liquidity on the back of tighter control on working capital cycle.
The improvement in working capital management is reflected in
decline in SVPT's gross current assets to less than 100 days
estimated as on March 31, 2014, from over 120 days as on March 31,
2012. The working capital management has improved because of
increased sales to Food Corporation of India, marked by a smaller
debtor cycle. Consequently, SVPT's utilisation of cash credit
limits reduced to an average of about 80 per cent over the 12
months through February 2014 from almost 100 per cent earlier.
With expected timely realisation of payments from key clients,
CRISIL expects the improvement in SVPT's liquidity to sustain.

The rating reflects SVPT's below-average financial risk profile
marked by small net worth, moderate gearing, and weak debt
protection metrics. The rating also factors in the firm's small
scale of operations, with low operating margin and large working
capital requirements. These rating weaknesses are partially offset
by the extensive experience of SVPT's promoter in the rice milling
industry, and its established relationship with suppliers and
customers.

Outlook: Stable

CRISIL believes that SVPT will benefit over the medium term from
its promoter's extensive industry experience. The outlook may be
revised to 'Positive' in case of substantial improvement in SVPT's
financial risk profile, driven by better-than-expected cash
accruals or equity infusion, along with sustained efficient
working capital management. Conversely, the outlook may be revised
to 'Negative' in case of weakening of capital structure because of
debt funding of stretch in working capital cycle or of capital
expenditure.

Set up in 2000 by Mr. Sarthi Appareddy, SVPT is engaged in milling
of non-basmati rice, which it sells in the domestic market. The
firm has a rice mill in East Godavari (Andhra Pradesh) with
milling capacity of 2400 quintals per day. SVPT also has a
warehouse to store paddy and processed rice with capacity of
45,000 quintals.

SVPT reported a profit after tax (PAT) of INR2.6 million on net
sales of INR384 million for 2012-13 (refers to financial year,
April 1 to March 31), against a PAT of INR2.1 million on net sales
of INR323 million for 2011-12.


VIJAYASRI ORGANICS: CRISIL Reaffirms 'D' Rating on INR600MM Loans
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Vijayasri Organics Ltd
(VOL; part of the Vijayasri group) continue to reflect instances
of delay by VOL in servicing its debt; the delays have been caused
by the group's weak liquidity.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         --------     -------
   Bank Guarantee        2.5       CRISIL D (Reaffirmed)
   Cash Credit         280         CRISIL D (Reaffirmed)
   Letter of Credit    200         CRISIL D (Reaffirmed)
   Long Term Loan      117.5       CRISIL D (Reaffirmed)

The Vijayasri group is exposed to intense competition in the bulk
drug manufacturing industry, and has moderate working capital
requirements. However, the group benefits from its promoters'
extensive experience in the pharmaceuticals industry, and its
established relations with customers.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of VOL, and Vijayasri Organics. This is
because the two entities, together referred to as the Vijayasri
group, have common promoters, are in the same line of business,
and have significant operational and financial linkages with each
other. For the previous rating exercise for VOL's bank facilities,
CRISIL had also combined the business and financial risk profile
of Vijayasri Chemicals. The change in analytical approach is on
account of the management's decision to operate Vijayasri
Chemicals and the Vijayasri group independently; transactions
between Vijay Chemicals and the group will be at arm's length.

Vijayasri Chemicals, a partnership firm set up in 1996 in
Hyderabad (Andhra Pradesh) by Mr. S V J Raju, Mr. K V Rama Rao,
and Mr. Prakash Reddy, processes solvents. The promoters further
expanded the group's operations in 2002 by setting up Vijayasri
Organics. In 2005, the promoters set up VOL in Visakhapatnam
(Andhra Pradesh) to manufacture bulk drugs and drug intermediates.


VNR HOMES: CRISIL Assigns 'B' Rating to INR150MM Loans
------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of VNR Homes Private Limited.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Proposed Working
   Capital Facility      61.6       CRISIL B/Stable

   Long Term Loan         8.4       CRISIL B/Stable

   Proposed Long Term
   Bank Loan Facility    80         CRISIL B/Stable

The rating reflects VHPL's exposure to risks related to completion
and saleability of its proposed project and its susceptibility to
risks inherent in the real estate industry. These rating
weaknesses are partially offset by the experience of VHPL's
promoters in the real estate development business and their proven
project execution capabilities.

Outlook: Stable

CRISIL believes that VHPL will benefit over the medium term from
its promoters' experience in the residential real estate
development. The outlook may be revised to 'Positive' if VHPL
completes its projects earlier than expected or in case of more-
than-expected sales realisations from ongoing projects, leading to
substantially large cash flows. Conversely, the outlook may be
revised to 'Negative' if there are any delays in the execution of
the project or in the receipt of advances from customers, or if
VHPL undertakes a large, debt-funded project, impacting its
financial risk profile.

VHPL is a Chennai (Tamil Nadu)-based real estate development
company. VHPL's operations are managed by the managing director
Mr. V N Raghupathy.

VHPL reported a net profit of INR1.47 million on total revenue of
INR12 million for 2012-13 (refers to financial year, April 1 to
March 31).


VYANKTESH CORRUGATORS: CRISIL Keeps B- Rating on INR62.5MM Loan
---------------------------------------------------------------
CRISIL's rating on the bank facilities of Vyanktesh Corrugators
Pvt Ltd continues to reflect a below-average financial risk
profile, marked by weak liquidity and moderate capital structure
owing to debt-funding of its large working capital requirements.
The rating also reflects the company's modest scale of operations
in a fragmented industry and exposure to high degree of customer
concentration. These rating weaknesses are partially offset by the
extensive experience of VCPL's promoters in the packaging
industry.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit          62.5        CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that VCPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of a substantial
improvement in the company's scale of operations and profitability
and better working capital management, leading to significant
improvement in its liquidity. Conversely, the outlook may be
revised to 'Negative' in case of a decline in VCPL's margin or
larger-than-expected working capital requirements, resulting in
further deterioration in financial risk profile, particularly
liquidity.

Update
VCPL's revenue increased at a healthy rate of 24 per cent to
INR264 million in 2012-13 (refers to financial year, April 1 to
March 31); its operating margin also increased to 8.3 per cent
from less than 7.0 per cent in 2011-12, aided by increased level
of automation. The company's sales for 2013-14 are estimated at
INR360 million with profitability of 8.5 to 9.0 per cent over the
medium term, following enhanced capacities and improvement in
manufacturing process.

VCPL's financial risk profile remains below-average marked by
moderate net worth of INR120 million and gearing of 0.87 times as
on March 31, 2013. The company's liquidity has been weak due to
low accruals, and inadequate cushion in bank lines; however, the
accruals are sufficient to meet the term loan obligations of INR13
million maturing 2013-14, but leave limited surplus for funding
the large working capital requirements. It is expected to generate
net cash of INR21 million in 2014-15. VCPL's operations are
working capital intensive reflected in gross current assets of 181
days as on March 31, 2013; though the company will continue to
rely on bank lines for funding its large working capital
requirements. The company has cash credit limit of INR62.5 million
which remain fully utilised with instances of borrowings against
additional adhoc of INR15 million. The expected enhancement in
limits to INR80 million in the near term will ease the pressure on
liquidity marginally. CRISIL believes that a tighter control on
the working capital cycle and infusion of long-term funds by
promoters will be crucial in improving its liquidity and financial
risk profile.

VCPL reported a profit after tax (PAT) of INR3 million on net
sales of INR264 million for 2012-13, as against a PAT of INR4
million on net sales of INR214 million for 2011-12.

Incorporated in 1996 as a part of the Packing People group, VCPL
manufactures corrugated boxes using kraft paper, based in Ujjain
(Madhya Pradesh). The company is promoted by Mrs. Mangla Bangur,
and Mr. Anand Bangur (son of Mrs. Mangla Bangur).


* INDIA: Many Private Colleges to Wind Up Operations
----------------------------------------------------
The Times of India reports that scores of private colleges, many
offering courses in information technology, will wind up
operations and those that remain will cut down their intake much
before Andhra Pradesh is officially bifurcated.

According to the report, authorities of at least 80 colleges will
write to the All India Council for Technical Education (AICTE)
this week seeking permission to shut down their institutes as the
Supreme Court in a recent order allowed AICTE to retain its powers
to close or open colleges for the academic year 2014-15, pending
further orders.

"We heaved a sigh of relief as many colleges are running in huge
losses and are in no position to continue when there is so much
political uncertainty with new states coming into being. The apex
court order has been a relief to us," K Ramadas, a management
representative, told TOI. About 300 engineering colleges are
expected to seek permission for reducing seats, he said, adding
that many colleges were sustaining themselves on fee reimbursement
from the government, TOI relates.

The report says the 80 institutes that will request closure offer
courses in engineering, MBA, MCA, pharmacy, B.Ed. and D.Ed.

"MBA and MCA colleges in the twin states will close down by the
dozens, while engineering colleges are expected to drastically cut
down on their intake for information technology and electronics
(IT) and electronics and electrical engineering (EEE) courses,"
the report quotes Mr. Ramadas as saying.

If the closure trend continues, IT education could be taken out of
most engineering colleges in the state, said N Ramesh, another
management representative and educationist. "However, we have no
choice left."



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


JLOC XXX: S&P Lowers Rating on 2 Classes of Trust Certs. to 'D'
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'D (sf)' from 'CCC-
(sf)' its ratings on the class Mezz C-1 and Mezz C-2 mezzanine
trust certificates issued in May 2006 under the JLOC XXX Satellite
Trust transaction.

Collections from the specified bond backing the mezzanine trust
certificates have been completed.  However, the outstanding
balance of the specified bond exceeded the amount of proceeds
collected through the sales of the underlying collateral
properties, and the principal on the specified bond was impaired.
The outstanding balance of the class Mezz C-1 and Mezz C-2 trust
certificates, in turn, exceeded the total amount of proceeds
collected from the specified bond that were payable to these
classes.  S&P lowered to 'D (sf)' its ratings on classes Mezz C-1
and Mezz C-2 because these classes incurred losses on the
transaction's final maturity date.

S&P intends to maintain its 'D (sf)' ratings on the class Mezz C-1
and Mezz C-2 mezzanine trust certificates for at least 30 days,
and then withdraw its ratings on these classes.

One specified bond secured the class Mezz C-1 and Mezz C-2
mezzanine trust certificates issued under the JLOC XXX Satellite
Trust commercial mortgage-backed securities (CMBS) transaction.
Morgan Stanley Japan Securities Co. Ltd. (currently, Morgan
Stanley MUFG Securities Co. Ltd.) arranged the transaction, and
ORIX Asset Management & Loan Services Corp. acted as the servicer.

          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

RATINGS LOWERED

JLOC XXX Satellite Trust

JPY9.3 billion Satellite Trust mezzanine trust certificates due
April 2014
Class        To         From          Initial issue amount
Mezz C-1     D (sf)     CCC- (sf)     JPY8.3 bil.
Mezz C-2     D (sf)     CCC- (sf)     JPY1.0 bil.



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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.



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

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000 or Nina Novak at 202-241-8200.



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