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

                      A S I A   P A C I F I C

            Thursday, May 29, 2014, Vol. 17, No. 105


                            Headlines


A U S T R A L I A

AMFLO HOLDINGS: Cor Cordis Appointed as Administrators
BIRUBI BEACH RESORT: Abandoned Resort Goes Into Administration
LESAM MEATS: Morton's Solvency Appointed as Administrator
ONESENIORS: Goes Into Administration, Pensioners Affected
QANTAS AIRWAYS: To Cut Up to 450 Call Centre Jobs


C H I N A

LOGAN PROPERTY: Moody's Puts (P)B1 Sr. Unsec. Rating to US$ Notes


I N D I A

AAKAR CONTAINERS: CRISIL Assigns 'B' Rating to INR150MM Loan
AGGARWAL AND COMPANY: ICRA Places 'B' Rating on INR10cr Loan
AMA INDIA: ICRA Reaffirms 'B+' Rating on INR9.95cr Loans
ARTIZ CERAMICS: ICRA Suspends 'D' Rating on INR6.43cr Loans
AVINASH TOBACCOS: CRISIL Reaffirms 'B+' Rating on INR50MM Loan

CLEAN AIR: CRISIL Assigns 'B' Rating to INR135MM Loans
FIBRO PLASTICHEM: CRISIL Reaffirms C Rating on INR52.8MM Loans
G M RAO: ICRA Suspends 'B-' Rating on INR25cr Bank Loan
GMR SOLVENTS: ICRA Suspends 'B-' Rating on INR15cr Bank Loans
HELIOS PHOTO: CARE Reaffirms 'D' Rating on INR910.5cr Loans

HIMACHAL ALUMINIUM: CRISIL Reaffirms B+ Rating on INR50MM Loans
HOPEWELL TABLEWARE: CARE Assigns 'D' Rating to INR39.14cr Loan
KAUSTUBH CONSTRUCTION: ICRA Suspends B+ Rating on INR10cr Loans
L. D. SOLVEX: CRISIL Assigns 'B' Rating to INR60MM Loans
MAHESH PRODUCTS: ICRA Assigns 'B' Rating to INR19.25cr Loans

MANGALATH CASHEWS: CRISIL Reaffirms 'B+' Rating on INR15MM Loan
METALEX STEEL: ICRA Reaffirms 'B+' Rating on INR12.20cr Loans
MFAR HOTELS: CRISIL Reaffirms 'D' Rating on INR2.32BB Loans
MOSER BAER: CARE Reaffirms 'D' Rating on INR1,241.5cr Loans
MPL CARS: CRISIL Cuts Rating on INR67.5MM Loans to 'B+'

NAIKNAVARE CONSTRUCTIONS: CARE Rates INR35cr Bank Loan at 'B+'
NUPUR RICE: CRISIL Assigns 'B+' Rating to INR67.7MM Loans
OZON VITRIFIED: CARE Reaffirms 'B+' Rating on INR18.03cr Loan
P.S.R. GRANITES: CRISIL Ups Rating on INR22.5MM Loans to 'B+'
P.S.R. GRANITES PVT: CRISIL Ups Rating on INR42.5MM Loans to B+

PLASTO INDIA: ICRA Reaffirms 'B+' Rating on INR3.5cr Loan
R. N. OSWAL: CRISIL Reaffirms 'B+' Rating on INR65MM Loan
RAJPAL ABHIKARAN: ICRA Upgrades Rating on INR5.0cr Loan to B+
SAMAY ALLOYS: CRISIL Assigns 'B-' Rating to INR67.3MM Loans
SCC PROJECTS: CRISIL Reaffirms 'C' Rating on INR600MM Loans

SHREE TIRUPATI: CRISIL Assigns 'B' Rating to INR70MM Cash Credit
SHRI BASAVESHWAR: CRISIL Cuts Rating on INR977.1MM Loans to 'D'
SHRI BHAGYODAYA: CRISIL Reaffirms B+ Rating on INR109.3MM Loans
SMT. TARAWANTI: ICRA Suspends 'B-' Rating on INR10.65cr Loan
SPICEJET LTD: Posts INR21.5BB Loss in Quarter Ended March

SRI BALAJI: ICRA Suspends 'C' Rating on INR6.0cr Bank Loan
SWIM CERAMIC: CRISIL Assigns 'B+' Rating to INR90MM Loans


M O N G O L I A

MONGOLIAN MINING: S&P Affirms 'CCC+' CCR & Removes from Watch


S O U T H  K O R E A

STX DALIAN: Now Formally Under Court Receivership


                            - - - - -


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



AMFLO HOLDINGS: Cor Cordis Appointed as Administrators
------------------------------------------------------
Ozem Kassem and Jason Tang of Cor Cordis Chartered Accountants
were appointed as administrators of Amflo Holdings Pty Ltd on May
27, 2014.

A first meeting of the creditors of the Company will be held at
Cor Cordis Chartered Accountants, Level 6, 55 Clarence Street, in
Sydney, on June 6, 2014, at 11:00 a.m.


BIRUBI BEACH RESORT: Abandoned Resort Goes Into Administration
---------------------------------------------------------------
Port Stephens Examiner reports that Birubi Beach Resort has been
placed in administration nearly three years after the site was
abandoned because of money disputes.

Australian Securities and Investments Commission documents show
Birubi Beach Resort was placed into administration in February
this year, according to Port Stephens Examiner.

The resort's financier, China Security and Surveillance Technology
(through another company, Anke Smart City) appointed Sydney-based
accountant and business advisory firm Grant Thornton as the
receiver.

The Examiner's calls to the resort's Australian director, Caroline
Wright, were not returned.

In April, the report recalls, Swan's Security Alarms and Guards
was re-hired by Grant Thornton to patrol the site, which has been
stripped of copper and vandalized.

About AUD13,000 is owing to the Port-based security business,
which was first brought in to guard the site at the beginning of
2012, the report notes.

"I don't expect to get that money back," the report quoted Mr.
Swan said as saying.

About AUD1 million is outstanding to creditors and contractors who
worked on building the site, the report discloses.

Groundwork on developing the AUD50 million resort began in 2011.

In May 2012 pay dispute between contractors and resort owners saw
construction work stop, the report notes.

For 12 months promises were made by Ms. Wright that work would
surge ahead and that payment disputes between contractors and
developers had been sorted out, the report relays.

However, 24 months on, the site is being swallowed by sand and is
frequented by trespassers, the report says.

Port Stephens Complete Real Estate property manager Gabrielle
Holm-Pounder called the site a "disaster," the report adds.


LESAM MEATS: Morton's Solvency Appointed as Administrator
---------------------------------------------------------
Gavin Morton of Morton's Solvency Accountants was appointed as
administrator of Lesam Meats Pty Ltd on May 27, 2014.

A first meeting of the creditors of the Company will be held at
Morton's Solvency Accountants, Level 1, 87 Wickham Terrace, in
Brisbane, Queensland, on June 5, 2014, at 10:00 a.m.


ONESENIORS: Goes Into Administration, Pensioners Affected
---------------------------------------------------------
The Sydney Morning Herald reports that up to ten thousand
pensioners across the country are in a communication black hole
after their home phone lines were terminated.

ONEseniors, the company that specializes in services for people
over 55, was one of three companies that went into administration
on May 2, according to The Sydney Morning Herald.

Telecommunication provider Vocus, which purchased the ONEsenior
customer base after it went into administration, said that new
receivers have terminated supply arrangements with Telstra, the
report notes.

The supply arrangement with Telstra was initially suspended on May
2 and the termination means the phone numbers of 10,000 pensioners
have been lost and cannot be recovered or ported to a new
provider, a Vocus spokeswoman said, the report discloses.

The report notes that the news heightened the anxiety of people
whose elderly relatives relied on ONEseniors to keep in touch and
many took to the company's still-active Facebook page to voice
their anger.

The termination also means pensioners who had their internet
connected through their landline have also lost their service, the
report discloses.

While Vocus Communications asserts the receivers terminated supply
arrangements with Telstra, receivers at PKF Lawler said they were
not taking any role in the operation of OneTelecom as its assets
has already been sold off by administrators Ferrier Hodgson, the
report adds.


QANTAS AIRWAYS: To Cut Up to 450 Call Centre Jobs
-------------------------------------------------
The Sydney Morning Herald reports that Qantas Airways will close
its call centres in Brisbane and Melbourne with the loss of about
450 jobs, as the airline moves ahead with a $2 billion
transformation program.

The Brisbane call centre, which employs around 200 full-time
equivalent employees, would be closed by 2016, while its Melbourne
operation, which employs approximately 250 full-time equivalent
employees, would close by mid-2015, the carrier announced on May
28, SMH relates.

The report says employees in the Brisbane and Melbourne call
centres will be offered redeployment to Hobart, where the airline
will base its call centre operations in a single facility by 2016.

The decision to close the Brisbane and Melbourne centres follows a
three-month review, the report notes.

It's part of a previously announced $2 billion transformation
program, which will eventually see Qantas shed 5,000 jobs, says
SMH.

According to the report, Qantas Domestic chief executive officer
Lyell Strambi said operating three call centres in different
states was not efficient.

"We are facing some of the toughest conditions Qantas has ever
seen, which means we have to look at ways to become more efficient
and remain competitive," Mr. Strambi said in a statement, SMH
relays.

"Having call centres in three different states presents a number
of challenges including property costs, duplication of management
and operational complexity."

Headquartered in Sydney, Australia, Qantas Airways Limited --
http://www.qantas.com.au/-- is an Australian airline company
engaged in the operation of international and domestic air
transportation services, and the provision of time definite
freight services.  Qantas is also engaged in the sale of
international and domestic holiday tours, and associated support
activities, including flight training, catering, passenger and
ground handling, and engineering and maintenance.  It is
organized into four segments: Qantas, Jetstar, Qantas Holidays
and Qantas Flight Catering.

As reported in the Troubled Company Reporter-Asia Pacific on
March 3, 2014, Moody's Investors Service said Qantas Airways
Limited's half year results to Dec. 30, 2013, are credit negative
though broadly within expectation and have no immediate impact on
its Ba1 corporate family rating, Ba2 senior unsecured long term
rating or non-prime (NP) short term rating. The outlook for
Qantas' ratings remains negative.

The TCR-AP reported on Jan. 27, 2014, that Standard & Poor's
Ratings Services affirmed its 'BB+' long-term issue rating on
Qantas Airways Ltd.'s senior unsecured debt, in line with the
corporate credit rating.  At the same time, S&P assigned a
recovery rating of '3', indicating its expectation of meaningful
(50%-70%) recovery for creditors in the event of a payment
default.  S&P has also removed the senior unsecured debt from
CreditWatch with negative implications, where it was placed on
Dec. 5, 2013.



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


LOGAN PROPERTY: Moody's Puts (P)B1 Sr. Unsec. Rating to US$ Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)B1 senior
unsecured rating to Logan Property Holdings Company Limited's
proposed USD notes.

The outlook for the rating is stable.

The proceeds from the proposed issuance will be used to fund the
company's development of property projects, land acquisitions,
refinancing, and general working capital needs.

The provisional status of the bonds will be removed upon
completion of the bond issuance on satisfactory terms and
conditions.

Ratings Rationale

"The (P)B1 rating of Logan's senior unsecured debt is one notch
lower than the corporate family rating, reflecting structural and
legal subordination risks," says Franco Leung, a Moody's Assistant
Vice President and Analyst.

The ratio of secured and subsidiary debt to total assets was above
30% as of December 2013. Although Moody's expect this ratio to
improve, it will remain above 15% because it will take time for
the company to diversify its funding channels in the next two
years.

The company's borrowings are primarily in the form of onshore bank
loans and trust loans. It will take time for it to improve its
access to offshore funding, given its relative short listing
history.

Logan's Ba3 corporate family rating reflects the company's track
record of developing residential properties in Guangdong Province
and its role as a leading developer in Shantou, Nanning and
Huizhou.

Its total revenue increased to RMB11.1 billion in 2013 from RMB3.4
billion in 2011. It also achieved RMB13.2 billion of contracted
sales in 2013, a notable rise from RMB9.7 billion in 2012.

Such a scale of operation is comparable to similarly rated peers.

Its focus on mass-market products supports sales growth and helps
to generate pre-sales cash flow, and so lower its reliance on debt
funding.

"Logan has demonstrated a prudent approach to financial and cost
management, and which has resulted in relatively strong financial
metrics when compared with its domestic peers," adds Leung, also
the Lead Analyst for Logan.

Because of its ability to appropriately manage a fast rate of
turnover, it has reduced debt and delivered strong revenue, as
evidenced by revenue to gross debt improving to 124% in 2013 from
57% in 2011.

The company has also been cautious in its land acquisitions,
ensuring that its land cost remains low relative to its sale
prices.

At end-2013, its average land cost was RMB1,045 per square meter,
or about 14% of the average selling price for its contracted sales
in 2013.

In addition, it exerts effective control of construction costs
through the use of its own construction company. Its gross profit
and EBITDA margins were 37.1% and 30.8% in FY2013 respectively,
relatively high when compared with its similarly rated peers.

The success of its approach to financial and cost management is
shown in its EBITDA/interest which improved to 5.2x in 2013 from
2.6x in 2011.

Moody's expects the company to continue growing in scale and will
take on further debt in the next 2 years. But EBITDA/interest is
unlikely to fall below 4x, a level which is strong when compared
with its Ba3 peers.

"Logan's adequate liquidity position also supports its Ba3
rating," adds Leung.

Logan had cash of RMB4.5 billion at end-2013 which covers well its
short- term debt of RMB2.8 billion.

"On the other hand, Logan's rating is constrained by the company's
geographical concentration and focus on lower-tier cities within
Southern China," adds Leung.

Logan's operations are concentrated in Guangdong and Guangxi
provinces, which accounted for about 96% of the value of its 2013
contracted sales.

Unless the company implements further geographic expansion, its
sales performance could be affected by the economic cycle in these
markets.

In addition, its rating is constrained by the limited diversity of
its funding channels.

The stable outlook reflects Moody's expectation that Logan will
continue to cautiously manage its expansion and maintain adequate
liquidity -- in terms of cash holdings, operating cash flows, and
borrowings -- to fund its current and future projects.

Upward rating pressure could emerge if the company: (1)
consistently meets its sales targets and continues to implement
its disciplined approach to acquiring land and managing its
financials; (2) maintains stable profitability through business
cycles; (3) grows in scale and diversity in its funding sources;
and (4) maintains good liquidity, with a minimum cash balance of
more than 150% of its short-term debt; or (4) can maintain
EBITDA/interest coverage consistently above 4.5x - 5x and
revenue/debt above 100%.

Downward rating pressure could emerge if (1) Logan's liquidity and
operating cash flow generation weaken, due to lower-than-expected
contracted sales growth, aggressive land acquisitions, or the
emergence of more severe conditions in China's property sector;
(2) profit margins come under pressure, which would in turn
negatively affect interest coverage and financial flexibility; or
(3) the company engages in material debt-funded acquisitions.

Credit metrics that we would consider for a downgrade include the
company's: (1) cash balance dropping below 100% of short-term debt
and (2) EBITDA interest coverage dropping below 3.5x, and (3)
revenue/debt dropping below 80% on a sustained basis.

The principal methodology used in this rating was the Global
Homebuilding Industry published in March 2009.

Established in 1996, Logan Property Holdings Company Limited is a
property developer based in Shenzhen and principally focused on
residential projects in Shantou, Nanning and Huizhou. It was
listed on the Hong Kong Stock Exchange in December 2013. As of
December 2013, it had a land bank of 11 million sqm in gross floor
area across 11 cities in China, including Shantou, Nanning, and
cities in the Pearl River Delta.



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


AAKAR CONTAINERS: CRISIL Assigns 'B' Rating to INR150MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Aakar Containers Pvt Ltd.

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

The rating reflects ACPL's susceptibility to risks associated with
its ongoing project and expected average capital structure during
the initial stage of operations. These rating weaknesses are
partially offset by its promoters' extensive experience in the
packaging industry.

Outlook: Stable

CRISIL believes that ACPL will benefit over the medium term from
its promoters' extensive industry experience. The outlook may be
revised to 'Positive' if ACPL stabilises operations at its
proposed plant in time and reports significant revenue and
profitability. Conversely, the outlook may be revised to
'Negative' if the company faces significant delay in commencement
of operations, generates lower-than-expected cash accruals during
the initial phase of operations, or witnesses substantial increase
in working capital requirements resulting in weak liquidity.

Incorporated in 2013-14 (refers to financial year, April 1 to
March 31), ACPL is setting-up an 18,000 metric tones per annum
(mtpa) corrugated box unit at Sanand in Ahmedabad (Gujarat). The
company is promoted by two brothers, Mr. Rajan Jain and Mr. Rahul
Jain. The plant is expected to commence commercial production from
April 2015.


AGGARWAL AND COMPANY: ICRA Places 'B' Rating on INR10cr Loan
------------------------------------------------------------
ICRA has reaffirmed an '[ICRA]B' rating for the INR10.00 crore
cash credit facility (sublimit of Letter of Credit facility)
(enhanced from INR2.50 crore) of Aggarwal and Company. A rating of
[ICRA]A4 has also been reaffirmed to INR20.00 crore (enhanced from
INR15.00 crore) letter of credit facility of AAC.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit           10.00        [ICRA]B assigned
   Letter of Credit      20.00        [ICRA]A4 assigned

The ratings continues to be constrained by the firm's modest scale
of operations and thin profitability which remains vulnerable to
risk of exchange rate fluctuations given the substantial
dependence on import of steel scrap and coking coal. The ratings
are further constrained by stretched liquidity of the firm on
account of liberal credit period offered to its group concerns
ICRA also notes that AAC is a partnership firm and any significant
withdrawals from the capital account would affect its net worth
and thereby its capital structure.

While the company benefits from the strong operational and
financial support from the group concerns, its overall market
visibility and access to other customers remain limited. The
rating neverthless considers the stable outlook for LAMC as well
as steel industry given the increased focus on infrastructure
sector and the recent entry of AAC into steel re rolling business
providing expansion in product profile

Aggarwal and Company (AAC) is a partnership firm and part of the
Bhavnagar based Aggarwal group which is promoted and managed by
Mr. Balkrishna Aggarwal and other family members. AAC is currently
engaged in trading of steel scrap and coking coal as well as
manufacturing of industrial oxygen gas and supplies only to its
group entities. Apart from AAC, other Aggarwal group entities are
involved in steel re-rolling, ship breaking as well as
manufacturing of low ash metallurgical coke.

Recent Results

For the year ended 31st March 2013, Aggarwal and company reported
an operating income of INR11.42 crore and profit after tax of
INR0.23 crore .As per provisional financial statement the company
has achieved operating income of INR34.68 crore till the month of
March 2014.


AMA INDIA: ICRA Reaffirms 'B+' Rating on INR9.95cr Loans
--------------------------------------------------------
ICRA has reaffirmed the rating reaffirmed to the INR9.95 Crore
bank facilities of AMA India Enterprises Private Limited at
[ICRA]B+.

                                Amount
   Facilities                 (INR crore)    Ratings
   ----------                 -----------    -------
   Working Capital Facilities     9.50       [ICRA]B+ reaffirmed
   Term Loans                     0.45       [ICRA]B+ reaffirmed

The rating reaffirmation factors in the financial and technical
support available to the company from its group companies - the
company is a part of AMA Group, which has an established presence
globally for outfitting and maintaining off-highway vehicles,
agricultural and gardening machines. With the company's efforts to
gain domestic business as well as enhance its product profile as
well as expansion in product supplies to Associates of European JV
partner would allow improvement in its scale of operations going
forward.

The rating, however, is constrained by the company's weak
profitability and limited scale of operations. The company remains
exposed to fluctuation in foreign exchange rates. Going forward,
the company's ability to profitably scale up its operations as
well as diversify its customer and product profile would remain
key rating sensitivities.

Incorporated in 1999, AMA Enterprises India Private Limited is
engaged in the manufacturing of tractor linkage spare parts, such
as spring loaded tiller, pipe support tiller, heavy-duty-spring-
loaded-11-tine-folding-tiller, land leveller, seeding attachment,
disc plough, offset disc harrow. The company is part of a global
conglomerate - AMA Group*, which holds 75% stake in AIEPL with
balance being held by Mr. R.K. Magoo. The manufacturing process
for the products primarily involves various operations such as
cutting, forging, machining, electroplating. The group is engaged
in supplying components and equipment for outfitting and
maintaining off-highway vehicles, agricultural and gardening
machines.

The company is engaged in the manufacturing of tractor linkage
parts, with technical know-how being provided by its Italian group
company AMA Spa, Italy. Till 2012-13, sales to group companies
constituted a majority of the operating income with sales to AMA
SPA and AMA LO SNODO s.r.l. constituting about 80% of the total
sales in FY 2013.

Recent Results

In 2013-14 (provisional financials), AIEPL recorded an operating
income of about INR16.5 Crore.


ARTIZ CERAMICS: ICRA Suspends 'D' Rating on INR6.43cr Loans
-----------------------------------------------------------
ICRA has suspended the '[ICRA]D' rating assigned to the INR5.93
crore long term fund based limits and and '[ICRA]D' rating to the
INR0.50 crore short term non fund based limits of Artiz Ceramic
Private Limited. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.

                           Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Long Term Fund Based:     2.25       [ICRA]D suspended
   Working capital Limit

   Long Term Fund Based:     3.68       [ICRA]D suspended
   Term Loan

   Short Term Non Fund
   based: Bank Guarantee     0.50       [ICRA]D suspended

Artiz Ceramic Private Limited is a wall tiles manufacturer with
its plant situated at Morbi, Gujarat. The company was established
in 2010, and commenced commercial operations from October 2011.
Artiz Ceramic Private Limited is promoted by Mr. Satish Chhatrola
along with other directors. The plant has an installed capacity of
19,950 TPA. It currently manufactures wall tiles of size 10"x13"
with the current set of machineries and production facilities.


AVINASH TOBACCOS: CRISIL Reaffirms 'B+' Rating on INR50MM Loan
--------------------------------------------------------------
CRISIL's rating on the bank facilities of Avinash Tobaccos
continues to reflect Avinash's weak financial risk profile, marked
by a high total outside liabilities to tangible net worth ratio
and weak debt protection metrics, and its modest scale of
operations in the highly fragmented and competitive tobacco
industry. These rating weaknesses are partially offset by the
extensive experience of Avinash's promoters in the tobacco
industry.

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

Outlook: Stable

CRISIL believes that Avinash will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm's revenues and
profitability increase substantially, leading to an improvement in
its financial risk profile. Conversely, the outlook may be revised
to 'Negative' if Avinash undertakes aggressive, debt-funded,
expansions, or if its revenues and profitability decline
substantially, leading to weakening of its financial risk profile.

Set up as a sole proprietorship by Mr. Peddi Bhaskar Rao, Avinash
is engaged in trading and processing of unmanufactured tobacco.

Avinash reported a profit after tax (PAT) of INR1.6 million on net
sales of INR205 million for 2012-13 (refers to financial year,
April 1 to March 31), as against a PAT INR1.5 million on net sales
of INR211 million for 2011-12.


CLEAN AIR: CRISIL Assigns 'B' Rating to INR135MM Loans
------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Clean Air Projects (India) Private Limited.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Proposed Long Term
   Bank Loan Facility    75         CRISIL B/Stable

   Bank Guarantee        15         CRISIL A4

   Cash Credit           60         CRISIL B/Stable

The rating reflects CAPL's modest scale of operations and working
capital intensive nature of activity. The rating also factors in
the below-average financial risk profile of the company marked by
modest net worth, high gearing, and subdued debt protection
metrics. These rating weaknesses are offset by the extensive
experience of the promoters in the heating, ventilation, and air
conditioning (HVAC) and clean room industry.

Outlook: Stable

CRISIL believes that the CAPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company achieves
significant and sustainable improvement in its revenues, while
improving its capital structure and debt protection metrics.
Conversely, the outlook may be revised to 'Negative' if CAPL
registers significant decline in its revenues or margins, or if
there is further elongation in its working capital cycle or if it
undertakes any large debt-funded capital expenditure programme,
resulting in weakening in its financial risk profile.

CAPL, was incorporated in 1996, by Mr. Ravindra Badge. The company
undertakes turnkey project solutions for HVAC (Heating,
Ventilation and air conditioning) and clean room solutions
primarily for pharmaceutical companies. The company's fabrication
unit is located in Aurangabad and the registered office is located
in Mumbai, Maharashtra.

CAPL reported profit after tax (PAT) of INR1.0 million on net
sales of INR40.8 million for 2012-13 (refers to financial year,
April 1 to March 31) against a net loss of INR6.6 million on net
sales of INR23.9 million for 2011-12.


FIBRO PLASTICHEM: CRISIL Reaffirms C Rating on INR52.8MM Loans
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Fibro Plastichem
(India) Pvt Ltd continue to reflect frequent delay by FPIPL in
servicing the loan availed of from the Technology Information,
Forecasting and Assessment Council (TIFAC). The delay has been
caused by FPIPL's weak liquidity owing to its working capital
intensive operations. The situation further worsens owing to
frequent stretch in realisation of payment from customers. FPIPL
also has modest scale of operations. However, the company benefits
from its promoters' extensive experience in the industry.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit            50        CRISIL C (Reaffirmed)
   Letter of Credit        1.7      CRISIL A4 (Reaffirmed)
   Term Loan               2.8      CRISIL C (Reaffirmed)

Incorporated in 1972, FPIPL manufactures fiber reinforced plastic
(FRP)-based products. The company has three broad verticals in
terms of revenue sources: the railways, chemical industry and
water treatment units. Majority of FPIPL's revenues comes from
railways.


G M RAO: ICRA Suspends 'B-' Rating on INR25cr Bank Loan
-------------------------------------------------------
ICRA has suspended '[ICRA]B-' rating assigned to INR25.00 crore
bank facilities of G M Rao Cottons Private Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.


GMR SOLVENTS: ICRA Suspends 'B-' Rating on INR15cr Bank Loans
-------------------------------------------------------------
ICRA has suspended '[ICRA]B-' rating assigned to INR15.00 crore
bank facilities of GMR Solvents. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.


HELIOS PHOTO: CARE Reaffirms 'D' Rating on INR910.5cr Loans
-----------------------------------------------------------
CARE reaffirms the ratings assigned to bank facilities of
Helios Photo Voltaic Limited (formerly kwons as Moser Baer Photo
Voltaic Limited).

                                Amount
   Facilities                (INR crore)   Ratings
   ----------                -----------   -------
   Long term Bank Facilities    862.9      CARE D Reaffirmed
   Short term Bank Facilities    47.6      CARE D Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Helios Baer Photo
Voltaic Limited (HPVL) continues to factor in the delays in
servicing of its debt obligations.

HPVP (formerly known as Moser Baer Photo Voltaic Ltd) is a wholly-
owned subsidiary of Moser Baer Solar Ltd and a step down
subsidiary of Moser Baer India Limited. HPVL is primarily engaged
in design, manufacture and export of photo voltaic (PV) cells,
modules and systems. The group's photovoltaic manufacturing
business was established between 2005 and 2007.


HIMACHAL ALUMINIUM: CRISIL Reaffirms B+ Rating on INR50MM Loans
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Himachal Aluminium and
Conductors continue to reflect HAC's large working capital
requirements and customer concentration in its revenue profile.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Bank Guarantee         20        CRISIL A4 (Reaffirmed)
   Cash Credit            45        CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      5        CRISIL B+/Stable (Reaffirmed)

The ratings also factor in the firm's average financial risk
profile, marked by average gearing and debt protection metrics.
These rating weaknesses are partially offset by the extensive
experience of HAC's promoters in the electrical component and
equipment industry.

Outlook: Stable

CRISIL believes that HAC will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm significantly
scales up its operations and improves its profitability, leading
to higher-than-expected cash accruals, and hence to an improvement
in its financial risk profile. Conversely, the outlook may be
revised to 'Negative' if HAC undertakes a large debt-funded
capital expenditure programme, or if its operating margin declines
or its working capital management weakens, leading to
deterioration in its financial risk profile.

Update
For 2012-13 (refers to financial year, April 1 to March 31), HAC
reported revenue of INR139.6 million, a decline from INR202.3
million in 2011-12 on account of lower orders. Its revenue is
estimated at INR157.6 million for 2013-14. The firm's operating
margin declined to 11.4 per cent in 2012-13 from 12.5 per cent in
2011-12. The margin is estimated to decrease further to 8.5 per
cent 2013-14. The decline is due to increase in material cost and
the absence of any price escalation clause in customer contracts.
HAC's operations remained working-capital-intensive, with gross
current assets estimated at 220 days as on March 31, 2014, owing
to large inventory and receivables. CRISIL believes that the
company's operations will remain working-capital-intensive over
the medium term.

HAC's financial risk profile is average, marked by an estimated
gearing of around 1.3 times as on March 31, 2014. The debt mainly
comprises short term borrowings to fund working capital
requirements. It does not have any debt funded capex plan over the
medium term. CRISIL believes that the gearing will remain at a
similar level over the medium term. HAC has average debt
protection metrics, with interest coverage and net cash accruals
to total debt ratios estimated at around 1.6 times and 0.08 times,
respectively, in 2013-14, a decline from 2.9 times and 0.22 times,
respectively, in 2011-12. The decline was driven by a lower
operating margin. CRISIL believes that HAC's debt protection
metrics will remain at similar levels over the medium term.

HAC's bank limits remained highly utilised at an average of 99 per
cent over the last 12 months ended March 2014 with instances of
overdrawn limits. Its liquidity is supported by funds from
promoters, who infused capital of INR8.4 million in 2012-13.
CRISIL believes that the firm's liquidity will continue to be
supported by fund infusion by the promoters whenever necessary.

For 2012-13, HAC reported a book profit of INR6.1 million on net
sales of INR139.6 million, against a book profit of INR15.3
million on net sales of INR202.3 million for 2011 12. The firm is
estimated to report sales of around INR157.6 million for 2013-14.

HAC was set up in 2009 as a partnership firm by Mr. Kunal Gupta
and Mr. Vinod Mahajan. It manufactures aluminium conductors and
polyvinyl chloride cables at its plants at Mohtli (Himachal
Pradesh).


HOPEWELL TABLEWARE: CARE Assigns 'D' Rating to INR39.14cr Loan
--------------------------------------------------------------
CARE assigns 'CARE D' rating to the bank facilities of Hopewell
Tableware Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     39.14      CARE D Assigned

Rating Rationale

The rating assigned to the bank facilities of Hopewell Tableware
Private Limited (HTPL) is primarily constrained on account of the
frequent instances of delays in servicing of interest and
installment of its term loan due to stressed liquidity position.

Jaipur (Rajasthan) based HTPL, incorporated in November 2010, is
promoted by five directors including Mr. Prem Singh Shekhawat, Mr.
Swapan Guha, Mrs. Sweety Gupta, Mr. Atul Chotia and Mr. Vikram
Singh Shekhawat. During FY12 (refers to the period April 1 to
March 31), the company undertook a greenfield project for
manufacturing of melamine tableware products. The company incurred
total project cost of INR6.20 crore funded through term loan of
INR3.30 crore, unsecured loans of INR1.05 crore and share capital
of INR1.85 crore, thereby indicating project debt equity ratio of
2.35 times. The company started commercial production from
October, 2011.

Further, in FY13, the company undertook a new greenfield project
for manufacturing of opal glass tableware products with an
installed capacity of 30 Metric Tonnes Per Day (MTPD). The company
completed the project and started commercial production from
October, 2013 with a delay of six months as compared to envisaged.
Due to delay in project implementation, it incurred a total cost
of INR46.80 crore as against envisaged cost of INR44.10 crore
funded through term loan of INR 23.70 crore, unsecured loan of
INR1.69 crore and share capital of INR20.40 crore and remaining
through internal accruals.

HTPL has earned Total Operating Income of INR1.04 crore during
FY13 and reported net loss of INR 0.63 crore.


KAUSTUBH CONSTRUCTION: ICRA Suspends B+ Rating on INR10cr Loans
---------------------------------------------------------------
ICRA has suspended the [ICRA] B+ rating assigned to the INR10
crore bank facilities of Kaustubh Construction Private Limited.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Fund Based Limit TL      1.20       [ICRA]B+ Suspended
   Proposed Limits          8.80       [ICRA]B+ Suspended

Incorporated in 1995, Kaustabh Construction Private Limited is
promoted by Mr. Pramod Gawankar who has over 15 years of
experience in real estate development. So far, KCPL has completed
the development 0.96 lakh sq ft residential and commercial space
in Mumbai.


L. D. SOLVEX: CRISIL Assigns 'B' Rating to INR60MM Loans
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of L. D. Solvex Pvt Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Term Loan             7.5        CRISIL B/Stable
   Cash Credit          50          CRISIL B/Stable
   Proposed Cash
   Credit Limit          2.5        CRISIL B/Stable

The rating reflects LDS's large working capital requirements, and
weak financial risk profile marked by high gearing and weak debt
protection metrics. These rating weaknesses are partially offset
by the extensive experience of LDS's promoters in the rice
industry.

Outlook: Stable

CRISIL believes that LDS will continue to benefit over the medium
term from its promoters' extensive experience in the rice
industry. The outlook may be revised to 'Positive' if LDS reports
higher than expected cash accruals or improves its working capital
management, thereby improving its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if LDS's
revenue and profitability decline significantly leading to low
cash accruals, or if the company undertakes a large debt-funded
capital expenditure programme, thereby weakening its financial
risk profile, particularly its liquidity.

Incorporated in 1998 and based in Punjab, LDS manufactures crude
rice bran oil. It has installed capacity of 100 tonnes per day.
The company is promoted by Mr. Pradeep Sharma and Mr. Rakesh
Sharma, who have experience of two decades in the rice industry.


MAHESH PRODUCTS: ICRA Assigns 'B' Rating to INR19.25cr Loans
------------------------------------------------------------
ICRA has assigned an '[ICRA]B' rating to the INR19.25 Crore fund
based facilities of Mahesh Products Private Limited. ICRA has also
assigned '[ICRA]A4' rating to the INR0.50 crore non fund based
limits of MPPL.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Long Term Fund Based     14.25       [ICRA]B assigned
   Cash Credit

   Long Term Fund Based     05.00       [ICRA]B assigned
   Term Loan

   Short Term Non Fund      00.50       [ICRA]A4 assigned
   Based Bank Guarantee

The assigned ratings are constrained by Mahesh Products Private
Limited's weak financial profile characterized by de-growth in
operating income over the last two fiscals, highly leveraged
capital structure and low profitability on account of high
competitive pressures from organized and unorganized players in
the industry. The ratings also take into account the
susceptibility of MPPL's margins to volatility in raw material
prices and the cyclicality inherent in the steel industry which
may keep MPPL's cash flows volatile.

The assigned ratings however favorably take into account the long
experience of the management in the steel industry and its
agreement with Prime Gold International Ltd entailing higher
market acceptability and quality assurance.

Incorporated as a Private Limited Company in 2007, Mahesh Products
Private Limited (MPPL) commenced operations from October 2010.
Mahesh Products Private Limited is engaged in the manufacture of
Thermo Mechanically Treated (TMT) bars. MPPL has its registered
office and manufacturing facility at Jalna, Maharashtra. It has an
installed capacity to manufacture 54, 000 Metric Tons of steel
annually.

Recent Results
MPPL recorded a net profit of INR0.71 crore on an operating income
of INR119.54 crore for the year ending March 31, 2013 and a profit
before tax of INR0.77 crore on an operating income of INR76.67
crore for the year ending March 2014 (as per the provisional
figures disclosed by the management).


MANGALATH CASHEWS: CRISIL Reaffirms 'B+' Rating on INR15MM Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Mangalath Cashews
continue to reflect the firm's weak financial risk profile, marked
by a weak capital structure, modest scale operations, large
working capital requirements, and susceptibility to intense
industry competition. These rating weaknesses are partially offset
by the extensive industry experience of Mangalath Cashews'
partners.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Bill Discounting      15         CRISIL A4 (Reaffirmed)
   Cash Credit           15         CRISIL B+/Stable (Reaffirmed)
   Packing Credit        93         CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that Mangalath Cashews will continue to benefit
from its partners' extensive industry experience, over the medium
term. However, CRISIL also believes that the firm's financial risk
profile will remain weak because of its working-capital-intensive
operations. The outlook may be revised to 'Positive' if the firm
improves its working capital management or if there is significant
improvement in its profitability, leading to improvement in the
financial risk profile. Conversely, the outlook may be revised to
'Negative' if its financial risk profile weakens further, as a
result of larger-than-expected working capital requirements or
debt-funded capital expenditure (capex).

Update
Mangalath Cashews reported operating income of INR695 million for
2013-14 (refers to financial year, April 1 to March 31) against
INR556 million for 2012-13, supported by the improvement in its
realisation of cashew kernels and also from the increase in
trading revenue. The firm's operating margin was 3.4 per cent in
2013-14 as against 6.6 per cent in 2012-13, largely on account of
increase in employee costs and partly due to increase in trading
revenue. In 2014-15, the firm has a capex plan of INR30 million
funded by term loans of INR20 million and the rest through
internal accruals. The capex is towards automation of 40 per cent
of the existing capacities. This is expected to aid the
improvement in operating margin over the medium term. CRISIL
believes that Mangalath Cashews' revenue growth will be stable
over the medium term, driven by healthy offtake from its
customers.

Mangalath Cashew's financial risk profile is weak, marked by high
gearing of 6.65 times as on March 31, 2014, against 4.23 times as
on March 31, 2013. The deterioration in gearing is on account of
higher dependence on bank lines for working capital requirements.
The firm has interest coverage and net cash accruals to total debt
ratios at 2.43 times and 0.04 times, respectively, for 2013-14,
against 2.49 times and 0.08 times, respectively, for 2012-13.
Despite the firm's debt-funded capex plans in 2014-15, its gearing
is expected to improve steadily over the medium term with steady
accretion to reserves.

Mangalath Cashews' liquidity remains moderate, marked by moderate
bank limit utilisation and adequate cash accruals vis-a-vis
repayment obligations. The firm utilised its bank limits at an
average of around 66.4 per cent over the 12 months through March
2014. It is likely to generate annual cash accruals of INR19
million to INR24 million vis-a-vis debt obligations of INR6
million to INR12 million per annum over the medium term. CRISIL
believes that Mangalath Cashews will maintain its moderate
liquidity over the medium term, driven by steady cash accruals.

Mangalath Cashews was set up by Mr. S Saji and his family in 2001
and is based in Kollam (Kerala). It processes, and trades in,
cashews nuts.


METALEX STEEL: ICRA Reaffirms 'B+' Rating on INR12.20cr Loans
-------------------------------------------------------------
ICRA has reaffirmed the long term rating at [ICRA]B+ assigned to
INR12.20 crore (reduced from INR17.00 crores) fund based limits of
Metalex Steel Strips Private Limited.  ICRA has also reaffirmed
the short term rating at [ICRA]A4 assigned to INR5.00 crore
(reduced from INR10.00 crores) non fund based limits. ICRA has
also assigned the ratings of [ICRA]B+/[ICRA]A4 to INR2.00 crore
unallocated bank limits of MSSPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           6.00        [ICRA]B+ reaffirmed
   Term Loan             6.20        [ICRA]B+ reaffirmed
   Letter of Credit      5.00        [ICRA]A4 reaffirmed
   Unallocated           2.00        [ICRA]B+/[ICRA]A4 assigned

The ratings reaffirmation takes into account the continued weak
financial profile of MSSPL characterized by modest profitability,
low cash accruals and its weak debt protection metrics. Further,
ICRA takes into consideration the increase in the debt levels
owing to the debt funded capex undertaken by the company for
establishment of sheet metal processing unit. The working capital
intensity of operations continues to remain high driven by
sizeable inventory and receivable levels. In addition, the ratings
continue to be constrained by the competitive nature of the
industry and the exposure of company's profitability to the
commodity price risk and foreign currency fluctuations.
Nevertheless, the ratings favorably factors in the successful
commissioning of the sheet metal processing unit which has
supported the revenue growth of the company in the last year.
Further, the ratings continue to factor in the long experience of
the MSPPL's promoters in the stainless steel metal trading and
processing business and established relationship with its key
clients developed over a period.

Metalex Steel Strips Pvt. Ltd. was incorporated in 2008 and is
primarily engaged in the business of trading of various metals and
providing metal processing services like precision metal slitting,
shearing and surface finishing etc. The company however has been
in existence for more than 50 years (as a proprietorship and
partnership firm) and is a family run enterprise. The Managing
Director of MSSPL is Mr. U.Mangilal Bhandari.


MFAR HOTELS: CRISIL Reaffirms 'D' Rating on INR2.32BB Loans
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of MFAR Hotels & Resorts
Limited continue to reflect instances of delays by MFAR in
servicing its term debt. The delays have been caused by the
company's weak liquidity resulting from lower occupancy rate and
average room rent in its Chennai hotel because of oversupply
situation in Chennai's hospitality industry.

                            Amount
   Facilities             (INR Mln)    Ratings
   ----------             --------     -------
   Bank Guarantee           31.5       CRISIL D (Reaffirmed)
   Cash Credit              30.0       CRISIL D (Reaffirmed)
   Letter of Credit          1.5       CRISIL D (Reaffirmed)
   Long Term Loan        1,431.0       CRISIL D (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      815.2       CRISIL D (Reaffirmed)
   Working Capital Loan     20.0       CRISIL D (Reaffirmed)

MFAR also has a below-average financial risk profile, marked by
weak debt protection metrics. The company, however, benefits from
stable operations at its hotel in Kochi (Kerala) and its
promoter's extensive experience in the hospitality industry.

MFAR was set up in 1997 by Dr. P Mohamad Ali and is headquartered
in Cochin. The company owns a five-star deluxe hotel, Le Meridian,
and a convention centre in Cochin and another five-star hotel, The
Westin, in Chennai.

MFAR reported a net loss of INR75.6 million on net sales of
INR520.7 million for 2012-13 (refers to financial year, April 1 to
March 31), against a profit after tax of INR19.6 million on net
sales of INR519.5 million for 2011-12.


MOSER BAER: CARE Reaffirms 'D' Rating on INR1,241.5cr Loans
-----------------------------------------------------------
CARE reaffirms the ratings assigned to bank facilities of Moser
Baer Solar Limited.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    1063.4      CARE D Reaffirmed
   Short term Bank Facilities    178.1      CARE D Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Moser Baer Solar
Limited (MBSL) continues to factor in the delays in servicing
of its debt obligations.

MBSL is a wholly owned subsidiary of MBIL. MBSL's manufacturing
subsidiary is Moser Baer Photo Voltaic Ltd (MBPV). The Group's
photovoltaic manufacturing business was established between 2005
and 2007. MBSL is primarily engaged into manufacture, design and
export of thin film and EPC systems, thick film photo voltaic
modules etc.


MPL CARS: CRISIL Cuts Rating on INR67.5MM Loans to 'B+'
-------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of MPL Cars Pvt Ltd (MCPL; part of the MPL group) to 'CRISIL
B+/Stable' from 'CRISIL BB-/Negative', while reaffirming its
rating on the company's short-term bank facilities 'CRISIL A4'.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           --------     -------
   Cash Credit            32.5       CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Negative')

   Inventory Funding     350         CRISIL A4 (Reaffirmed)
   Facility

   Proposed Inventory     32.5       CRISIL A4(Reaffirmed)
   Funding

   Term Loan              35         CRISIL B+/Stable (Downgraded
                                      from 'CRISIL BB-/Negative')

The downgrade reflects sustained deterioration in the MPL group's
financial risk profile on account of large fund support to
promoters and associate entities. The group had extended estimated
loans and advances of INR347 million as on March 31, 2014, to its
promoters and associate entities as compared to its estimated
networth of around INR187 million as on March 31, 2014. The
group's financial risk profile has weakened, as reflected in its
total outside liabilities to tangible net worth (TOLTNW) ratio of
4.27 times as on March 31, 2014.

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

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

Outlook: Stable

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

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


NAIKNAVARE CONSTRUCTIONS: CARE Rates INR35cr Bank Loan at 'B+'
--------------------------------------------------------------
CARE assigns 'CARE B+' rating to bank facilities of Naiknavare
Constructions Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      35        CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Naiknavare
Constructions Private Limited is constrained by the project
execution risk, heavy dependence on customer advances for residual
project execution and slow sales momentum vis-a-vis start of the
project and the construction status. The rating also factors in
competition from other projects in the vicinity and exposure to
cyclicity of the real estate industry.

The rating, however, derives strength from the experience of the
promoters and the management team in the Pune real estate market,
receipt of all approvals and clearances and tie-up of the
envisaged debt for the first phase of the project.

The ability of NCPL to mobilise customer advances through new
bookings and execute the project in a timely manner enabling the
timely collection of the receivables from the sold inventory are
the key rating sensitivities.

Naiknavare Constructions Private Limited, incorporated in 2007, is
a special purpose vehicle of the Pune-based Naiknavare group
formed for the purpose of executing a residential project in Goa.
The project is being developed under the name 'Esmeralda' at Goa.
NCPL is a joint venture between Naiknavare Developers Private
Limited and a Mauritius-based fund house named AMIF RE Investment
III Limited (AMIF), with 60:40 shareholdings respectively. AMIF
has invested in project 'Esmeralda' in April 2008 and will exit
after the completion of the total project (including phase I &
II).

The money invested by AMIF was utilized towards the purchase of
land measuring 17.47 lakh square feet (lsf). Of this, 5.21 lsf
(amounting to INR23 crore) of land is for phase I (currently under
execution) of the project.

The project comprises of two phases. However, currently approvals
and clearances are received only for phase I. The design & layout
of phase II is yet to be finalized and hence the same has not been
considered for assigning the rating.  Although the company follows
percentage completion method of accounting, since no major sales
and construction activities have taken place, no revenues were
recognized in the past.


NUPUR RICE: CRISIL Assigns 'B+' Rating to INR67.7MM Loans
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' rating to the
bank loan facilities of Nupur Rice Mill.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Term Loan            37.7        CRISIL B+/Stable
   Bank Guarantee        2.3        CRISIL A4
   Cash Credit          30          CRISIL B+/Stable

The rating reflects NRM's modest scale of operations in the
intensely competitive rice milling industry, and the firm's below-
average financial risk profile, marked by high gearing and small
networth. These rating weaknesses are partially offset by the
promoters' considerable experience in the rice milling industry.

Outlook: Stable

CRISIL believes that NRM will continue to benefit over the medium
term from its promoters' considerable industry experience. The
outlook may be revised to 'Positive' if there is improvement in
firm's scale of operations and accruals or better working capital
management leading to overall improvement in financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
the firm undertakes large debt-funded capital expenditure (capex),
registers substantially low cash accruals, or increases its
working capital cycle, thus weakening its liquidity.

Set up in 2012, NRM undertakes rice milling at its facility in
Burdwan (West Bengal). The promoters, Mr. Sunil Kumar Mondal and
Mr. Sovan Mondal manage the firm's day-to-day operations.


OZON VITRIFIED: CARE Reaffirms 'B+' Rating on INR18.03cr Loan
-------------------------------------------------------------
CARE reaffirms ratings assigned to bank facilities of Ozon
Vitrified Private Limited.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    18.03       CARE B+ Reaffirmed
   Short term Bank Facilities    1.80       CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Ozon Vitrified
Private Limited (OVPL) continue to remain constrained on
account of its modest scale of operations and its weak financial
risk profile marked by thin profitability, leveraged capital
structure and moderate liquidity position. The ratings further
continue to be constrained on account of susceptibility of
its profitability to volatile raw material and natural gas prices
coupled with its presence in the highly competitive market
for tiles with fortunes linked to demand from the cyclical real
estate sector.

The ratings, however, favorably take into account the
stabilization of operations and growth in the total operating
income coupled with modest improvement in net profit margin and
cash accruals during FY13 (refers to the period April 1 to
March 31). Furthermore, the ratings continue to take into account
the experience of the promoters in the ceramic tile industry and
its location in the ceramic tiles hub with easy access to raw
material, fuel and labour.

The ability of OVPL to increase its scale of operations along with
the improvement in its profitability and capital structure
while managing raw material and fuel price volatility are the key
rating sensitivities.

OVPL is a closely held private limited company, incorporated in
July 2010 by six promoters having vast experience in the
vitrified tiles manufacturing business. OVPL set up a vitrified
tiles manufacturing plant with an installed capacity of 43,000
Metric Tonnes per Annum (MTPA) as on March 31, 2012. The
commercial production commenced from August 2011.

During FY13, OVPL achieved a Profit after Tax (PAT) of INR0.21
crore on a Total Operating Income (TOI) of INR39 crore as
against a net loss of INR0.87 crore on a TOI of 20.56 crore in
FY12. OVPL registered a TOI of INR38.49 crore during FY14
(provisional).


P.S.R. GRANITES: CRISIL Ups Rating on INR22.5MM Loans to 'B+'
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
P.S.R. Granites (PSRG; part of the PSR group) to 'CRISIL
B+/Stable' from 'CRISIL B-/Stable', and has reaffirmed its rating
on the firm's short-term facilities at 'CRISIL A4'.

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

   Foreign Bill
   Negotiation           90       CRISIL A4 (Reaffirmed)

   Packing Credit        50       CRISIL A4 (Reaffirmed)

   Proposed Long Term    12.5     CRISIL B+/Stable (Upgraded from
   Bank Loan Facility             'CRISIL B-/Stable')

The rating upgrade reflects the improvement in the PSR group's
business risk profile, driven by a sustained increase in its scale
of operations while maintaining its profitability margins. The
upgrade also factors in the increase in the group's net worth,
thereby enhancing its financial flexibility and improving its
capital structure. Furthermore, its bank limits have been
enhanced, thus supporting its liquidity. CRISIL believes that the
PSR group will sustain the improvement in its financial risk
profile over the medium term, supported by the absence of any
large debt-funded capital expenditure (capex) plan.

The PSR group is estimated to have registered a compound annual
growth rate of around 65 per cent in revenue over the three years
ended March 31, 2014. The group's revenue for 2013-14 (refers to
financial year, April 1 to March 31) is estimated at around INR983
million; its operating profit margin for the year is estimated to
have improved to around 15.5 per from 10.8 per cent in 2012-13 on
account of increase in realisations and favourable movement in
foreign exchange (forex) rates. CRISIL believes that the group
will continue to register a moderate revenue growth over the
medium term, backed by healthy relationships with customers.

The PSR group's net worth is estimated to have increased to around
INR180 million as on March 31, 2014, from INR125 million as on
March 31, 2013, on the back of moderate accretion to reserves.
Consequently, its gearing is estimated to have improved to 1.42
time as on March 31, 2014, from 1.56 times as on March 31, 2013.
CRISIL believes that the group's capital structure will remain
moderate over the medium term, supported by a moderate increase in
its net worth and absence of significant debt-funded capex plans.

The ratings continue to reflect the PSR group's working-capital-
intensive nature of operations, geographical concentration in its
revenue profile, and the susceptibility of its operating
profitability to adverse movements in forex rates. These rating
weaknesses are partially offset by the group's moderate scale of
operations, promoter's extensive experience in the granite
industry, and comfortable financial risk profile, marked by
moderate gearing and debt protection metrics.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of PSRG and P.S.R. Granites Pvt Ltd
(PSRGL). This is because the two companies, together referred to
as the PSR group, are under the same management team, and have
considerable financial linkages with each other.

Outlook: Stable

CRISIL believes that the PSR group will continue to benefit over
the medium term from its promoter's extensive experience in the
granite industry and its established relationships with key
customers. The outlook may be revised to 'Positive' if the group
increases its revenue and profitability while improving its
working capital management. Conversely, the outlook may be revised
to 'Negative' if the group's revenue and profitability are lower
than expected, resulting in insufficient cash accruals to service
its maturing debt obligations, or if its working capital
management deteriorates, weakening its liquidity.

Incorporated in 2007, PSRG and PSRGL are engaged in mining and
export of granite. The group is based in Hyderabad (Andhra
Pradesh), and has quarries in the Karimnagar district of Andhra
Pradesh. It is promoted by Mr. Palakurthi Sridhar, who has
extensive industry experience.


P.S.R. GRANITES PVT: CRISIL Ups Rating on INR42.5MM Loans to B+
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
P.S.R. Granites Pvt Ltd (PSRGL; part of the PSR group) to 'CRISIL
B+/Stable' from 'CRISIL B-/Stable', and has reaffirmed its rating
on the firm's short-term facilities at 'CRISIL A4'.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           --------      -------
   Cash Credit               7.5      CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B-/Stable')

   Foreign Bill
   Negotiation              30        CRISIL A4 (Reaffirmed)

   Packing Credit           32.5      CRISIL A4 (Reaffirmed)

   Proposed Long Term       35        CRISIL B+/Stable (Upgraded
   Bank Loan Facility                 from 'CRISIL B-/Stable')

The rating upgrade reflects the improvement in the PSR group's
business risk profile, driven by a sustained increase in its scale
of operations while maintaining its profitability margins. The
upgrade also factors in the increase in the group's net worth,
thereby enhancing its financial flexibility and improving its
capital structure. Furthermore, its bank limits have been
enhanced, thus supporting its liquidity. CRISIL believes that the
PSR group will sustain the improvement in its financial risk
profile over the medium term, supported by the absence of any
large debt-funded capital expenditure (capex) plan.

The PSR group is estimated to have registered a compound annual
growth rate of around 65 per cent in revenue over the three years
ended March 31, 2014. The group's revenue for 2013-14 (refers to
financial year, April 1 to March 31) is estimated at around INR983
million; its operating profit margin for the year is estimated to
have improved to around 15.5 per from 10.8 per cent in 2012-13 on
account of increase in realisations and favourable movement in
foreign exchange (forex) rates. CRISIL believes that the group
will continue to register a moderate revenue growth over the
medium term, backed by healthy relationships with customers.

The PSR group's net worth is estimated to have increased to around
INR180 million as on March 31, 2014, from INR125 million as on
March 31, 2013, on the back of moderate accretion to reserves.
Consequently, its gearing is estimated to have improved to 1.42
time as on March 31, 2014, from 1.56 times as on March 31, 2013.
CRISIL believes that the group's capital structure will remain
moderate over the medium term, supported by a moderate increase in
its net worth and absence of significant debt-funded capex plans.

The ratings continue to reflect the PSR group's working-capital-
intensive nature of operations, geographical concentration in its
revenue profile, and the susceptibility of its operating
profitability to adverse movements in forex rates. These rating
weaknesses are partially offset by the group's moderate scale of
operations, promoter's extensive experience in the granite
industry, and comfortable financial risk profile, marked by
moderate gearing and debt protection metrics.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of PSRGL and P.S.R. Granites (PSRG). This
is because the two companies, together referred to as the PSR
group, are under the same management team, and have considerable
financial linkages with each other.

Outlook: Stable

CRISIL believes that the PSR group will continue to benefit over
the medium term from its promoter's extensive experience in the
granite industry and its established relationships with key
customers. The outlook may be revised to 'Positive' if the group
increases its revenue and profitability while improving its
working capital management. Conversely, the outlook may be revised
to 'Negative' if the group's revenue and profitability are lower
than expected, resulting in insufficient cash accruals to service
its maturing debt obligations, or if its working capital
management deteriorates, weakening its liquidity.

Incorporated in 2007, PSRG and PSRGL are engaged in mining and
export of granite. The group is based in Hyderabad (Andhra
Pradesh), and has quarries in the Karimnagar district of Andhra
Pradesh. It is promoted by Mr. Palakurthi Sridhar, who has
extensive industry experience.


PLASTO INDIA: ICRA Reaffirms 'B+' Rating on INR3.5cr Loan
---------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ for the
INR3.50 crore fund-based bank facilities of Plasto India Private
Limited. ICRA has also reaffirmed the short-term rating of
[ICRA]A4 assigned earlier to the INR7.50 crore non-fund based bank
facilities of PIPL.

                            Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Long-term fund-based      3.50       [ICRA]B+; (Reaffirmed)
   bank facilities

   Short-term non-fund       7.50       [ICRA]A4; (Reaffirmed)
   based facilities

The rating reaffirmation continues to favorably factor in the
promoters' experience of more than a decade in import and
distribution of advertising material in India which has
facilitated creation of an established distribution network across
North and East India over the past few years. Further, the rating
also derives comfort from the company's long and stable
relationship with LG Hausys (Korea), its major supplier since
commencement of operations Nevertheless, renewal based nature of
the contract together with high supplier concentration (with
revenues concentrated towards sale of products sourced from two
suppliers) exposes the company to business risks. The risk is
exacerbated given the nature of advertising industry, which is
highly linked to economic cycles, thus making the company's
turnover susceptible to any slowdown in demand from its customers
as was witnessed with decline in revenues between FY11 - FY13.
Further, the ratings continue to remain constrained by PIPL's weak
financial profile characterized by low profit margins and hence
cash accruals. This coupled with high working capital intensity of
its operations will necessitate external funding requirement for
incremental working capital requirements while achieving growth.
Due to low profitability, the debt coverage indicators continue to
remain weak as reflected in TD/OPBDITA of 6.2x, interest coverage
of 1.2x and NCA/TD of 4% as on 31st March 2013, despite a moderate
gearing of 0.67x as on 31st March 2013 supported by a comfortable
net-worth base.

Going forward, the ability of the company to improve its
profitability and scale of operations by diversifying its supplier
base, while reducing the working capital cycle would be the key
rating sensitivity.

Incorporated in September 2002 by Mr. Naresh Mittal and his nephew
Mr. Rishi Jain, Plasto India Pvt. Ltd. is an authorized
distributor of ad-materials for LG Hausys (Korea) in northern,
central and eastern India since commencement of operations. In
October 2012, the company also became a distributor for Ilshin
Tarpaulin Co (Korea).

The company reported an Operating Income (OI) of INR12.86 crore
and Profit after Tax (PAT) of INR0.06 crore in FY13 as compared to
an OI of INR18.97 crore and PAT of INR0.07 crore in FY12. The OI
for FY 14 is estimated at INR19.5 crore.


R. N. OSWAL: CRISIL Reaffirms 'B+' Rating on INR65MM Loan
---------------------------------------------------------
CRISIL's ratings on the bank facilities of R. N. Oswal Hosiery
Factory (RN, a part of the Raghav group) continue to reflect the
group's average financial risk profile, marked by subdued debt
protection metrics, its modest scale of operations in a fragmented
industry, and its large working capital requirements. These rating
weaknesses are partially offset by the experience of the group's
promoters in the industry, their funding support, and the group's
moderate operating efficiency.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit           65         CRISIL B+/Stable (Reaffirmed)
   Letter of Credit       9         CRISIL A4

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of RN and its group entity Raghav Export
(RE). This is because both firms, together referred to as the
Raghav group, are in the same line of business, are managed by the
same promoters, and have financial and operational linkages with
each other.

Outlook: Stable

CRISIL believes that the Raghav group will continue to benefit
from its promoters' industry experience over the medium term. The
outlook may be revised to 'Positive' if the group's liquidity
improves, driven most likely by significant improvement in sales
and profitability leading to larger-than-expected cash accruals.
Conversely, the outlook may be revised to 'Negative' if the
group's financial risk profile, particularly liquidity, weakens
further, caused most likely by larger-than-expected working
capital requirements or a decline in cash accruals or capital
withdrawal.

Update
For 2012-13 (refers to financial year, April 1 to March 31), the
group reported operating income of INR283.9 million, a sizeable
improvement over that for 2011-12. The group is expected to report
revenue of around INR360 million for 2013-14 in line with CRISIL's
expectations and marking growth of around 27 per cent year-on-
year. Growth in operating income is driven by the addition of new
customers along with increasing order flow from existing
customers. For 2012-13, the Raghav group reported moderate
operating margin of 14.4 per cent, broadly in line with CRISIL's
expectations. Profitability, however, remains volatile depending
upon the product mix and pricing of individual orders.

The Raghav group's operations remain working capital intensive,
driven by a large receivables collection cycle of around two
months and inventory levels of more than 4 months; its gross
current assets as on March 31, 2014, are estimated at over 180
days. CRISIL believes that the Raghav group's business risk
profile will remain constrained over the medium term by its modest
scale of operations and large working capital requirements.

The group's financial risk profile remains average on the back of
low accretion to reserves, volatile profitability, and working-
capital-intensive operations. The group generated net losses for
the two years ended March 31, 2013, owing to high depreciation and
interest expense and is estimated to report marginal profit for
2013-14. Volatile profitability and significant absolute debt in
the capital structure continue to result in subdued debt
protection metrics for the group. The group's liquidity is
expected to remain weak over the medium term, driven by its large
incremental working capital requirements as it ramps up its
operations and high bank limit utilisation.

RN, set up in 1950 by Mr. Sant Kumar Jain and family, manufactures
readymade garments, mainly winter wear, such as pullovers and
sweaters, and t-shirts, and caps for men and women. The promoters
have one more group entity, RE, engaged in a similar line of
business. The group has two manufacturing units located at
Ludhiana (Punjab).


RAJPAL ABHIKARAN: ICRA Upgrades Rating on INR5.0cr Loan to B+
-------------------------------------------------------------
ICRA has upgraded the long term rating assigned to the bank
facilities of Rajpal Abhikaran Private Limited from [ICRA]B to
[ICRA]B+. ICRA has also assigned a short term rating of [ICRA]A4
to the bank facilities. The total rated amount has been enhanced
from INR10.0 crore to INR20.0 Crore.

                            Amount
   Facilities            (INR crore)      Ratings
   ----------            -----------      -------
   Cash Credit Facilities    5.0          Rating upgraded from
                                          [ICRA]B to [ICRA]B+

   Inventory Funding        15.0          [ICRA]A4 assigned

The ratings upgrade factors in the established track record of
operations of the dealership, the long experience of its promoters
in the auto dealership business as well as their established
relationship with Toyota Kirloskar Motors Pvt. Ltd. (TKML). The
ratings also take into account the steady growth in the scale of
operations of the dealership over the past few years, inspite of
the weak demand in the automotive market.

The ratings continue to be, however, constrained by the weak
financial risk profile of the company characterized by very high
gearing and inadequate debt coverage indicators, as well as the
thin profit margins involved in the dealership business. In ICRA's
view, the dealership's ability to continue to increase its scale
of operations amid the weak demand scenario and its ability to
improve its financial risk profile would remain key rating
sensitivities going forward.

Incorporated in 1999, Rajpal Abhikaran Private Limited (RAPL) has
been operating as a Toyota Kirloskar Motors Pvt. Ltd. (TKML)
dealership since January 2000. The company started with a sales
showroom cum service workshop located in Indore. In 2013, the
company also opened a sales showroon cum service workshop in
Buhranpur. The promoters of the company are highly experienced in
the field of automobiles and have been engaged in automobiles
related business for the past three decades. The flagship company
of the group, Rajpal Automobiles deals in car accessories and
motors parts in Indore. The group also has dealerships of other
automotive OEMs across various regions.

Recent Results

In 2013-14 (provisional financials), RAPL recorded an operating
income of INR123.8 crore.


SAMAY ALLOYS: CRISIL Assigns 'B-' Rating to INR67.3MM Loans
-----------------------------------------------------------
CRISIL has assigned its CRISIL B-/Stable/CRISIL A4 ratings to the
bank facilities of Samay Alloys (India) Pvt Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Term Loan             17.3       CRISIL B-/Stable
   Cash Credit           50         CRISIL B-/Stable
   Letter of Credit      50         CRISIL A4

The ratings reflect SAIPL's weak financial risk profile, marked by
high gearing, below-average debt protection metrics, and stretched
liquidity. The ratings also factor in the company's exposure to
cyclicality in the steel industry and to intense competition.
These rating weaknesses are partially offset by the extensive
industry experience of SAIPL's promoters.

Outlook: Stable

CRISIL believes that SAIPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company generates
higher-than-expected cash accruals or benefits from significant
equity infusion by its promoters, leading to improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if SAIPL's reports below than expected cash accruals,
or it undertakes a large debt-funded capital expenditure
programme, further weakening its financial risk profile,
particularly its liquidity.

Incorporated in 2004, SAIPL manufactures mild steel ingots. The
company is promoted by Mr. Dinesh Patel and Mr. Mukesh Patel who
look after the day-to-day operations. Its facilities are in Rajkot
(Gujarat).

SAIPL reported a net loss of INR2.6 million on net sales of
INR377.7 million for 2012-13 (refers to financial year, April 1 to
March 31), against a net profit of INR1.0 million on net sales of
INR512.7 million for 2011-12. The company, on a provisional basis,
has reported a turnover of INR287.1 million for 2013-14.


SCC PROJECTS: CRISIL Reaffirms 'C' Rating on INR600MM Loans
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of SCC Projects Pvt Ltd
continue to reflect instances of delay by SCCPPL in servicing its
equipment finance loans (not rated by CRISIL); the delays were
caused by the company's weak liquidity.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          --------      -------
   Bank Guarantee         280        CRISIL A4 (Reaffirmed)
   Cash Credit            150        CRISIL C (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     450        CRISIL C (Reaffirmed)

The ratings also reflect SCCPPL's large working capital
requirements, and high geographical and project concentration in
its revenue profile. These rating weaknesses are partially offset
by the company's established market position and above-average
operating efficiency.

Update
SCCPPL's revenue declined by about 12 per cent year-on-year to
about INR834 million in 2012-13 (refers to financial year, April 1
to March 31), due to slow execution of projects. However, its
operating profitability for the year improved to previous levels
of about 13.5 per cent, from an aberration of 9 per cent in 2011-
12, due to large bad debts of INR35 million written off. The
company is expected to sustain its revenue and profitability at
current levels over the medium term.

SCCPPL's debt protection metrics were weak, with interest coverage
and net cash accruals to total debt ratios at 2.1 times and 0.2
times, respectively, for 2012-13. The metrics are expected to
remain weak over the medium term as well. However, it had healthy
gearing of 0.7 times though on a moderate net worth of INR380
million, as on March 31, 2013. SCCPPL's liquidity is weak, marked
by a stretched working capital cycle, nominal cash accruals, and
fully utilised bank limits. Its working capital cycle is stretched
because of high debtor and inventory levels of about three months
and four months, respectively, resulting in fully utilised bank
limits, with instances of overdrawn limits, over the 12 months
through October 2013.

SCCPPL, on a provisional basis, reported a profit after tax of
INR29 million on an operating income of INR834 million for 2012-
13, against a net loss of INR3 million on an operating income of
INR945 million for 2011-12.

Incorporated in 1989, SCCPPL undertakes bitumen (asphalt) and
concrete road construction projects. The company is based at
Indore (Madhya Pradesh); it primarily undertakes road construction
work in the state, either awarded through government bodies or
sub-contracted by large private contractors.


SHREE TIRUPATI: CRISIL Assigns 'B' Rating to INR70MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facility of Shree Tirupati Enterprises (STE).

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

The rating reflects modest scale of STE's operations in the
fragmented cotton ginning industry and large working capital
requirements coupled with a subdued financial risk profile marked
by a modest net worth base, high gearing and weak debt protection
metrics. These rating weaknesses are partially offset by the
extensive experience of promoters in the cotton ginning industry
and their funding support.

Outlook: Stable

CRISIL believes that the STE will benefit over the medium term
from the extensive industry experience of its promoter. The
outlook may be revised to 'Positive' if there is significant
increase in STE's scale of operations and profitability, leading
to improved cash accruals and capital structure. Conversely, the
outlook may be revised to 'Negative' in case of further weakening
in firm's financial risk profile especially liquidity most likely
caused by decline in cash accruals, larger-than-expected working
capital requirements or if it  undertakes a large debt funded
capital expenditure.

For arriving at the rating, CRISIL has treated the unsecured loans
of INR 40 million, extended to STE by its promoters as neither
debt nor equity, as these loans are expected to be retained in the
business over the medium term.

STE is a proprietorship concern of Mr Shrikishan Bajaj, set up in
2008-09. STE is engaged in pressing and ginning of raw cotton into
cotton bales. The firm has its manufacturing unit located at
Yavatmal, Maharashtra.

STE reported a net profit of INR1.4 million on net sales of INR
202.3 million for 2012-13 (refers to financial year, April 1 to
March 31) against a net profit of INR0.78 million on net sales of
INR 115.6 million for 2012-13.


SHRI BASAVESHWAR: CRISIL Cuts Rating on INR977.1MM Loans to 'D'
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Shri Basaveshwar Veerashaiva Vidayavardhak Sangha to 'CRISIL
D/CRISIL D' from 'CRISIL B/Stable/CRISIL A4'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Bank Guarantee        200        CRISIL D (Downgraded from
                                    'CRISIL A4')

   Term Loan             777.1      CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

The rating downgrade reflects instances of delay by SBVVS in
servicing its term debt obligations; the delays have been caused
by cash flow mismatches faced by SBVVS. It has been aggressive in
its capital expenditure plans in the recent past which has been
funded through a mix of debt and internal accruals. This has led
to occasional mismatches in cash flows.

The ratings continue to reflect SBVVS's below-average liquidity
its cash accruals tightly matched with its maturing debt
obligations. It is also vulnerable to any adverse regulatory
changes in the education business. These rating weaknesses are
partially offset by the benefits the trust derives from healthy
demand prospects for the education industry and its promoters'
extensive experience.

SBVVS, established in 1906 operates about 135 institutes, most of
which are in Bagalkot (Karnataka) and some are in Mudhol
(Karnataka). It is expanding its geographic reach, with an
engineering institute in Bengaluru (Karnataka).

SBVVS reported a net surplus (excess of revenue over expenditure)
of INR 48.4 million on an operating income INR1.48 billion for
2012-13 (refers to financial year, April 1 to March 31), against a
net surplus of INR139.2 million on an operating income of INR1.20
billion for 2011-12.


SHRI BHAGYODAYA: CRISIL Reaffirms B+ Rating on INR109.3MM Loans
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Shri Bhagyodaya Metals
Pvt Ltd continue to reflect SBMPL's modest scale of operations in
the intensely competitive utensil manufacturing industry and
tender-based business, resulting in volatility in sales and below
average financial risk profile, marked by low net worth. These
rating weaknesses are partially offset by the promoters' extensive
industry experience and SBMPL's integrated operations, resulting
in strong operating efficiencies.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Bank Guarantee        10.7       CRISIL A4 (Reaffirmed)
   Cash Credit           30         CRISIL B+/Stable (Reaffirmed)
   Letter of Credit      30         CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility    69.7       CRISIL B+/Stable (Reaffirmed)
   Term Loan              9.6       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SBMPL will continue to benefit over the
medium term from the promoters' extensive experience in the
stainless steel utensil manufacturing segment. The outlook may be
revised to 'Positive' if the company significantly improves its
net worth, backed by equity infusion and the company is able to
achieve a sustained increase in its top-line and operating margin.
Conversely, the outlook may be revised to 'Negative' if SBMPL's
financial risk profile weakens with a sizeable increase in its
working capital requirements or a decline in its operating margin.

SBMPL was set up by Mr. Sheshmal Shah and his family in Ahmedabad,
Gujarat in 1990. The company manufactures and sells stainless
steel utensils under the "Bharat" brand to various traders/dealers
in Gujarat. Additionally, SBMPL regularly bids for tenders from
various government organisations.


SMT. TARAWANTI: ICRA Suspends 'B-' Rating on INR10.65cr Loan
------------------------------------------------------------
ICRA has suspended '[ICRA]B-' rating, assigned to the INR10.65
crore bank facilities of Smt. Tarawanti Educational Trust. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
trust.


SPICEJET LTD: Posts INR21.5BB Loss in Quarter Ended March
---------------------------------------------------------
Anurag Kotoky at Bloomberg News reports that Jet Airways India
Ltd., the South Asian carrier in which Etihad Airways PJSC owns a
24 percent stake, posted a record quarterly loss and named its
fourth chief executive officer in less than a year.  The shares
slumped, the report says.

Bloomberg relates that the company said it will implement "tough
measures" to return to profitability and established a "major"
cost-cutting program, including writing down overvalued non-cash
assets and reconfiguring planes.

"There can be no short-term solutions," Chairman Naresh Goyal said
in a statement. "The changes required will take time to
implement."

Jet Airways, which has had an annual profit only once in the last
seven years, will face intensified competition shortly as local
ventures of AirAsia Bhd. (AIRA) and Singapore Airlines Ltd. (SIA)
aim to start flights this year, Bloomberg says.  According to
Bloomberg, the nation's second-largest carrier by market share on
May 27 appointed Cramer Ball, an ex-CEO of Air Seychelles, as its
top official.

The company's net loss widened to INR21.5 billion ($360 million)
in the quarter ended March from INR4.96 billion, it said in a
statement on May 27, Bloomberg reports. That compared with the
INR1.57 billion median loss of four analysts' estimates compiled
by Bloomberg. Costs for the period rose 29 percent to 59.3 billion
rupees.

"The turnaround will take time and another round of equity
infusion by Etihad, to 49 percent, is likely in the near term,"
Kapil Kaul, the South Asia chief executive of the CAPA Centre for
Aviation in New Delhi, said in an e-mailed comment, relays
Bloomberg. "Etihad needs to take the Jet turnaround more seriously
than what is visible at present."

                        About Spicejet Ltd

SpiceJet Limited -- http://www.spicejet.com/-- is an India-based
low-budget air carrier.  The Company operates daily flights
between major cities in India.

As reported in the Troubled Company Reporter-Asia Pacific on
May 21, 2014, The Times of India said SpiceJet has posted its
highest ever annual loss of INR1,003.2 crore in the financial year
2013-14 up five times from INR191 crore in the previous fiscal.

TOI related that the company's auditor has said this loss along
with SpiceJet's total liabilities exceeding its assets by
INR1,019.5 crore on March 31, 2014, "indicate the existence of a
material uncertainty regarding the company's ability to continue
as a going concern".


SRI BALAJI: ICRA Suspends 'C' Rating on INR6.0cr Bank Loan
-----------------------------------------------------------
ICRA has suspended '[ICRA]C' rating assigned to INR6.00 crore bank
facilities of Sri Balaji Agro Industries. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company.


SWIM CERAMIC: CRISIL Assigns 'B+' Rating to INR90MM Loans
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Swim Ceramic.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Term Loan              60        CRISIL B+/Stable
   Bank Guarantee         10        CRISIL A4
   Cash Credit            30        CRISIL B+/Stable

The ratings reflect the firm's start-up nature and modest scale of
operations in the highly competitive ceramics industry, and large
working capital requirements. These rating weaknesses are
partially offset by the promoters' extensive experience in the
ceramics industry, and the proximity of the firm's manufacturing
facilities to sources of raw material and labour.

Outlook: Stable

CRISIL believes that Swim Ceramic will benefit from its promoters'
extensive industry experience over the medium term. The outlook
may be revised to 'Positive' if the firm timely stabilises its
operations, leading to larger than expected cash accruals.
Conversely, the outlook maybe revised to 'Negative' if Swim
Ceramic's accruals are lower than expectations due to reduced
order flow or profitability, or its financial risk profile
deteriorates due to stretch in working capital or larger-than-
expected debt-funded capital expenditure.

Swim Ceramic was founded by the Morbi-based Viramgama family and
others in 2013. The firm manufactures ceramic wall tiles at its
production facilities in Morbi (Gujarat).



===============
M O N G O L I A
===============


MONGOLIAN MINING: S&P Affirms 'CCC+' CCR & Removes from Watch
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'CCC+' long-term corporate credit rating on Mongolia-based coal
miner Mongolian Mining Corp. (MMC) and the 'CCC+' long-term issue
rating on the company's senior unsecured notes maturing 2017.  At
the same time, S&P removed the ratings from CreditWatch, where
they were originally placed with negative implications on Aug. 30,
2013.  The outlook on the corporate credit rating is negative.

"We affirmed the ratings and removed them from CreditWatch because
we believe MMC's liquidity pressure has eased," said Standard &
Poor's credit analyst Xavier Jean.

S&P expects the company to be able to postpone or settle part or
all of its US$105 million in promissory notes due to its 11%
shareholder Kerry Group over the next two to three months.  That,
along with receipts of about US$90 million from asset sales,
refinancing of MMC's amortizing bank loans in February 2014, and a
fairly sizable coking coal inventory, should support the company's
liquidity over the next 12 months.

Kerry's multiple postponements of promissory note payments when
they came due over the past 18 months indicate to S&P that Kerry
offers good implicit support to MMC and has some commitment to the
company's operations.

S&P also believes that MMC's still-fragile liquidity situation
provides Kerry with an added economic incentive to postpone or
settle the promissory notes.  Payment of the first installment of
the promissory notes in July 2014 would materially reduce MMC's
cash balance, increase liquidity pressure, and raise the risk of
financial distress.  That could then further translate into a
substantial decline in the economic value of Kerry's shareholding
in MMC as well as uncertain recovery prospects on the outstanding
portion of the promissory notes.

Finally, S&P believes Kerry is supportive of MMC's medium-term
cost reduction and revenue enhancement initiatives, including the
development of a short railway line that would reduce
transportation costs.  Notwithstanding execution risks, those
initiatives could stabilize MMC's profitability and cash flows
over the next six to nine months, allow the company to benefit
from even modest increases in coking coal prices, and underpin the
medium-term sustainability of its business model.

S&P expects MMC's liquidity to remain "weak," as its criteria
define the term, over the next 12 months.  S&P's forecast of
continuing subdued coking coal prices, elevated financing charges,
and deferred stripping costs that S&P estimates to be
US$60 million at least for the next 12 months will continue to
translate into negative free operating flows for the rest of 2014
and 2015.

"The negative outlook reflects our view that MMC's liquidity will
remain weak over the next 12 months, absent a material increase in
the company's gross profit per ton of coking coal sold," said
Mr. Jean.

S&P could lower the rating by more than one notch if: (1) MMC
fails to postpone or settle its promissory notes; or (2) the
company's liquidity deteriorates more than S&P expects because of
much lower internal cash flows than its forecast or the company's
failure to manage its working capital over the next 12 months.
Liquidity sources, including cash holding and other sources of
liquidity (for example monetizing its inventory) of less than
US$60 million could indicate such deterioration in MMC's liquidity
position.

S&P views the likelihood of a revision in the outlook to stable
over the next 12 months as low, given MMC's liquidity position and
subdued coking coal prices.  However, S&P could revise the outlook
to stable if MMC restores its liquidity position to levels that
S&P considers sustainable for more than 12 months.  That could
materialize if the company's liquidity substantially improves
because of additional external funding, equity raising, or a
material and lasting improvement in operating cash flows.



====================
S O U T H  K O R E A
====================


STX DALIAN: Now Formally Under Court Receivership
-------------------------------------------------
Lee Hong Liang at Seatrade Global reports that STX Dalian Group is
now formally under court receivership after China's Dalian court
accepted the company's application.

Seatrade Global relates that the financially-troubled group will
now undergo a restructuring process, and the court and its
creditors will proceed to discuss how to resolve the debts of the
company.

Since May 2013, the report notes, the operations of STX Dalian
have been virtually crippled and the yards are being emptied out
due to massive cash flow problems.

According to the report, STX Dalian said its priority is to
compensate the wages and the relevant welfare of some 12,000
employees if the restructuring plan goes ahead smoothly.

STX Dalian is hoping that through the restructuring process, it
can attract potential new investors to help revive its operations,
the report adds.

STX Dalian is a subsidiary of Korea's STX Offshore & Shipbuilding.



                             *********

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

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

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


                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
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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