TCRAP_Public/140717.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Thursday, July 17, 2014, Vol. 17, No. 140


                            Headlines


A U S T R A L I A

BEECHWORTH LAND: Deloitte Touche Appointed as Administrators
HEALTHZONE LIMITED: Directors Charged With AUD1 Million Fraud
MOBILINK GROUP: In Administration; First Meeting Set For July 24
ONSITE RENTAL: Moody's Rates AUD388MM 1st Lien Sr. Loan '(P)B1'
QANTAS AIRWAYS: To Stay Australia-Owned as Ownership Rules Ease

QUICK SERVICE: S&P Assigns 'B+' Preliminary ICR; Outlook Stable
TEMPLETON CONSTRUCTIONS: Owes More Than AUD1.4 Million


C H I N A

* CHINA: Should Let Ailing Firms Fail, Central Bank Official Says


I N D I A

AJIT SOLAR: CRISIL Suspends 'D' Rating on INR441.3MM Loans
ALEPH ENTERPRISES: CARE Assigns B+/A4 Rating to INR7cr Bank Loan
ALUKKAS GEM: ICRA Suspends 'B+' Rating on INR30cr Loan
ANIIRUDH CIVIL: CRISIL Cuts Rating on INR50MM Loans to 'D'
ANIIRUDH ENTERPRISES: CRISIL Reaffirms D Rating on INR50MM Loans

ANTIQUE TEXTILE: CARE Assigns 'B+' Rating to INR13.5cr Bank Loan
BHASIN & COMPANY: CRISIL Raises Rating on INR180MM Loans to B+
BISHNUPRIYA COLD: CRISIL Suspends 'B-' Rating on INR86MM Loans
DHARMRAJ ALUMINIUM: CARE Assigns B+ Rating to INR15cr Bank Loan
DHROOV RESORTS: CARE Assigns 'B' Rating to INR11cr Bank Loan

ELIXIR ENTERPRISES: CRISIL Suspends 'D' Rating on INR340MM Loans
GANGARAM SYNTHETICS: ICRA Reaffirms B+ Rating on INR21.9cr Loans
GCX LIMITED: Moody's Assigns (P)B2 Corporate Family Rating
JAYANTHI GARMENTS: CRISIL Suspends 'B' Rating on INR20MM Loan
KAIZEN WHEELS: CRISIL Suspends 'B-' Rating on INR84MM Loan

KASATA HOMETECH: CRISIL Suspends 'B' Rating on INR200MM Loan
KUFRI HOTELS: CARE Cuts Rating on INR25.87cr Loan to 'D'
KUN AUTOMOBILES: CRISIL Reaffirms B+ Rating on INR160MM Loan
MA MONI: CARE Assigns 'B' Rating to INR6.4cr Bank Loan
MODERN CHEMICALS: CRISIL Suspends 'B+' Rating on INR50MM Loan

MOHANLAL MADHAWJEE: CRISIL Suspends B+ Rating on INR60MM Loan
NILACHAL CARBO: CRISIL Suspends 'B' Rating on INR114MM Loans
PATEL TIMBER: CRISIL Suspends 'D' Rating on INR23.8MM Loans
PLAMA DEVELOPERS: CRISIL Suspends 'B' Rating on INR300MM Loans
PRAFFUL INDUSTRIES: ICRA Reaffirms 'B+' Rating on INR8.16cr Loans

RATNA INFRACON: CARE Reaffirms 'B+' Rating on INR20cr Bank Loan
ROLTA INDIA: S&P Puts 'BB-' Rating on Unit's US$-Denom. Sr. Notes
S.P. MANI: CRISIL Reaffirms 'B+' Rating on INR370MM Loan
S.R. GLASS: CARE Lowers Rating on INR10cr Bank Loan to 'D'
S.S. CONSTRUCTION: ICRA Assigns 'B' Rating to INR8cr Loan

SHANTI DEVI: ICRA Assigns 'B+' Rating to INR45cr Bank Loan
SOLID STATE: ICRA Reaffirms 'B' Rating on INR7.08cr Loans
SRI SIVA: ICRA Assigns 'B+' Rating to INR5.75cr Loan
SUBHAM ENTERPRISES: CRISIL Cuts Rating on INR15MM Loans to B+
UDAY AUTOSALES: CRISIL Reaffirms B+ Rating on INR104.6MM Loans

V.S. BUILDCON: ICRA Assigns 'B+' Rating to INR10cr Loan
VARDHMAN METALLIC: ICRA Suspends B+ Rating on INR10.5cr Loan
VEER HANUMAN: ICRA Assigns 'B' Rating to INR4.84cr Loans


                            - - - - -


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


BEECHWORTH LAND: Deloitte Touche Appointed as Administrators
------------------------------------------------------------
Neil Robert Cussen -- ncussen@deloitte.com.au -- and Ezio Marco
Senatore -- esenatore@deloitte.com -- of Deloitte Touche Tohmatsu
were appointed as administrators of Beechworth Land Estates Pty
Ltd on July 14, 2014.

A first meeting of the creditors of the Company will be held at
Deloitte Touche Tohmatsu, Eclipse Tower, Level 19, 60 Station St,
in Parramatta, New South Wales, on July 24, 2014, at 3:30 p.m.


HEALTHZONE LIMITED: Directors Charged With AUD1 Million Fraud
-------------------------------------------------------------
Two directors of Healthzone Limited have been charged with
conspiring to defraud the company of AUD1 million, following an
Australian Securities and Investment Commission investigation.

ASIC alleges the conspiracy took place between March 18, 2011, and
Nov. 17, 2011, and involved Peter David Roach, 53, and Ge Wu, 35.

Mr. Roach, of Burradoo, New South Wales, appeared before Sydney's
Downing Centre Local Court on July 15, 2014, charged with one
count of conspiring to defraud. He has also been charged with two
counts of making false statements to the Australian Securities
Exchange (ASX).

Mr. Roach did not enter any pleas.

Mr. Wu, who was overseas at the start of ASIC's investigation,
returned to Australia on June 13, 2014, and was arrested by the
Australian Federal Police on June 21, 2014, after ASIC
successfully applied to the court for an arrest warrant. He
appeared at Sydney's Central Local Court on June 23, 2014, charged
with one count of conspiring to defraud.

Mr. Wu, of Newington, New South Wales, did not enter a plea and
was granted bail subject to a number of conditions including
surrendering his passport.

Both matters have been adjourned to the Downing Centre Local Court
on Aug. 12, 2014.

ASIC alleges Mr. Roach and Mr. Wu conspired together to obtain a
AUD1 million loan for Mr. Roach from Healthzone with the stated
purpose to buy shares in Healthzone. ASIC alleges Mr. Roach used
the money for personal benefit.

ASIC's investigation is continuing.

The Commonwealth Director of Public Prosecutions is prosecuting
the matter.

On June 14, 2011, Healthzone issued a media release and change of
director's interest notice to the ASX stating Mr. Roach had bought
more than 800,000 Healthzone shares. ASIC alleges Mr Roach had not
bought the shares.

Mr. Roach and Mr. Wu have been charged under section 192E of the
Crimes Act 1900 (NSW). The maximum penalty is 10 years jail.

Mr. Roach also faces a maximum penalty of five years jail or a
fine of AUD34,000, or both for each charge of making false
statements to the ASX.

Healthzone listed on the ASX in November 2006 and was delisted
when it was placed into administration and receivership in
November 2011. The company went into liquidation in March 2012.


MOBILINK GROUP: In Administration; First Meeting Set For July 24
----------------------------------------------------------------
Gavin Moss and Nick Combis of Vincents Chartered Accountants were
appointed as administrators of Mobilink Group Pty Ltd on July 14,
2014.

A first meeting of the creditors of the Company will be held at
Vincents Chartered Accountants, Level 19, MLC Centre, 19-29 Martin
Place, in Sydney, on July 24, 2014, at 3:00 p.m.


ONSITE RENTAL: Moody's Rates AUD388MM 1st Lien Sr. Loan '(P)B1'
---------------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)B1 rating
to Onsite Rental Group Operations (ORO) Pty Ltd's proposed senior
secured Term Loan B (TLB) and revolving debt facility. Moody's has
additionally assigned a provisional Corporate Family Rating (CFR)
of (P)B1 to Onsite Rental Group Pty Ltd (Onsite), the parent
entity.

The proposed debt will comprise a 1st lien senior secured TLB at a
USD equivalent of AUD388 million with a maturity of 7 years and a
5-year senior secured revolving credit facility of around AUD40
million.

ORO is Onsite's wholly owned financing vehicle, and the parent
entity of the asset holding companies within the group.

The ratings outlook is stable.

The assignment of a definitive corporate family rating, senior
secured term loan and revolving facility ratings is subject to
review of final documentation and successful close of the
transaction.

The proceeds of the issuance will be used principally to repay
existing indebtedness, provide working capital support, as well as
to fund a return of capital to its shareholders of around AUD115
million.

Ratings Rationale

"Onsite's (P)B1 ratings reflect the inherent cyclical nature of
the equipment rental industry, which is in turn exposed to the
level of construction activity in the economy. Although the
company has achieved robust revenue growth in recent years, on the
back of material investment into its equipment fleet, it is
expected to face headwinds in maintaining its strong growth as
domestic construction activities slow," says Spencer Ng, a Moody's
Vice President and Senior Analyst.

"At the same time, the (P)B1 rating is constrained by its high
financial leverage and evolving capital structure," adds Ng.

We expect financial leverage -- as measured by the ratio of
adjusted debt to EBITDA (on a Moody's adjusted basis) -- to be
around high 3x to 4x immediately following the proposed
recapitalization, which would position the company at the weaker
end of the high-B range.

"Despite the challenging market conditions, we expect Onsite's
revenue profile to exhibit some resilience based on its
established clientele, diversified asset fleet as well as the
solid growth it has achieved over the past five years," says Ng.

In particular, Onsite's ability to mobilize its equipment fleet to
take advantage of rental opportunities in different markets is
vital to the company's capacity to preserve it revenue in a
cyclical downturn, especially when a significant portion of its
revenue is currently derived from contruction and production
activities in the resources and commodities sector. Onsite's
equipment fleet is reasonably diversified across site-
accommodation, access, power equipments, earthmoving and
compaction vehicles as well as industrial tools.

"Over the long term, Moody's expect the company's long-term
financial profile will be driven by the return expectations of its
shareholder. Moody's expect Onsite's financial strategy to favor
shareholder-friendly initiatives within the confines of the loan
documents and financial leverage to remain high over time through
re-capitalizations similar to the proposed transaction,
notwithstanding this is the first return of capital to shareholder
since its acquisition in 2007," says Ng.

"Finally, as Next Capital is not considered as a natural long term
owner of Onsite, a changes in ownership - when Next Capital
decides to exit its investment - could also result in a step
change from its current financial profile," adds Ng.

The principal methodology used in these ratings was the Global
Equipment and Automobile Rental Industry published in December
2010.

Onsite is an Australian equipment rental company with an equipment
fleet of around AUD295 million (book value) and a national network
of 34 branches. Onsite also has a small retail exposure through
its fully owned subsidiary Redstar Equipment. A large majority of
Onsite's shares are held by funds and equity interests managed by
Next Capital, with the remainder held by management and related
parties.


QANTAS AIRWAYS: To Stay Australia-Owned as Ownership Rules Ease
---------------------------------------------------------------
Jason Scott at Bloomberg News reports that Qantas Airways Ltd.
will remain majority Australian-owned after the government backed
down on its proposal to allow increased overall foreign investment
in the airline.

Bloomberg relates that under a political compromise reached with
the opposition Labor party, a 49 percent cap on foreign ownership
and requirements the carrier keeps most of its operations in
Australia will remain. Instead, a 25 percent limit on ownership by
individual foreign investors and a 35 percent cap on holdings by
foreign-owned airlines will both rise to 49 percent, Labor
transport spokesman Anthony Albanese said, according to Bloomberg.
The airline known as the "Flying Kangaroo" has been forced to cuts
jobs, freeze staff pay and delay or sell aircraft as a market
share battle with Virgin Australia Holdings Ltd. drove it to a
AUD235 million ($220 million) first-half loss, Bloomberg says.
The report relates that Chief Executive Officer Alan Joyce has
accused Virgin of using foreign government cash to undermine his
airline and lobbied the government to "level the playing field."

"These changes don't go as far as Qantas would like given the
competitive disadvantages faced by the business," Scott Carroll,
senior equities analyst at Morningstar Inc. in Sydney, told
Bloomberg in a phone interview. "The reality is individual
investors can already take a 25 percent stake in Qantas but have
been unwilling to do so. At 49 percent, companies and individuals
still don't gain control."

The amendment to the 1992 Qantas Sale Act is expected to pass the
Senate and will be sent to the lower house for approval,
Mr. Albanese said in a phone interview, Bloomberg relays.

"This is a win for Australia's national interest," the report
quotes Mr. Albanese as saying.

According to Bloomberg, Virgin has been backed in the domestic
battle against Qantas by government-controlled shareholders Air
New Zealand Ltd. (ANZ), Singapore Airlines Ltd. (SIA) and Etihad
Airways PJSC. Prime Minister Tony Abbott's government in March
ruled out guaranteeing Qantas's debt.

"It's positive that there's general agreement that Qantas is
disadvantaged by the Sale Act and that change is needed," the
airline's spokesman, Andrew McGinnes, said in an e-mailed
statement cited by Bloomberg. "While removing all restrictions
that apply only to Qantas remains our preference for leveling the
playing field, changing the 25 and 35 percent limits would
represent an improvement on the status quo."

The government is prepared to accept the proposals by Labor to
"give some stability to the rules governing the ownership of
Qantas and I am confident that will pass," Treasurer Joe Hockey
said in an Australian Broadcasting Corp. interview on July 16,
Bloomberg relays. "It is important that we try to get Qantas onto
the same playing field as its competitors."

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.


QUICK SERVICE: S&P Assigns 'B+' Preliminary ICR; Outlook Stable
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'B+' preliminary issuer credit rating to Australia-based, fast-
food retailer Quick Service Restaurant Holdings (QSRH).  The
outlook on the rating is stable.  At the same time, S&P has
assigned a preliminary issue rating of 'B+' and a recovery rating
of '3' on QSRH's proposed US$185 million, first-lien, senior
secured, Term Loan B.  S&P also assigned a preliminary issue
rating of 'B-' and a recovery rating of '6' on the proposed US$55
million, second-lien, senior secured, term loan.

The 'B+' preliminary issuer credit rating on QSRH reflects S&P's
view of the company's "weak" business risk profile and
"aggressive" financial risk profile.  QSRH's portfolio consists of
581 stores under the Red Rooster, Oporto, and Chicken Treat
brands.  They specialize in the chicken-based fast-food industry,
in particular home-style meal replacement and country-style
chicken, as well as a healthier alternative.

"The "weak" business risk profile assessment is based on the
company's relatively small size on a global scale, and the highly
competitive nature of the fast-food restaurants industry,"
Standard & Poor's credit analyst Craig Parker said.
"Nevertheless, we believe that QSRH's shift to a fully franchised
business model from a combination of franchised and company-owned
stores partially offsets these risks, as the new model incurs
minimal operational costs, enabling healthy EBITDA margins."

The company's management recognizes that stores can be more
efficiently operated under an owner-operator format rather than
being company-owned.  QSRH's parent, private-equity company Archer
Capital, will own about 100 legacy company-owned stores that it
intends to reduce to a small number of profitable stores over the
next two years.

The "aggressive" financial risk profile is based on the company's
initial high debt-to-EBITDA of about 5x; S&P expects this leverage
will reduce in the near term.  Also supporting the financial risk
profile is the company's financial policy of maintaining debt-to-
EBITDA at less than 5x; this has resulted in S&P's assessment of a
"Financial Sponsor (FS)-5" score.  The score reflects the
company's financial sponsor ownership, adequate liquidity,
maintenance of debt-to-EBITDA at less than 5x, and a low
probability of further re-leveraging.  S&P believes private-equity
owners are generally incentivized to undertake capital returns to
maximize their equity returns, instead of applying surplus cash to
debt reduction.  In QSRH's case, S&P believes that the sponsor
will not seek to leverage QSRH to a greater than 5x debt-to-
EBITDA.

Mr. Parker added: "The stable outlook on QSRH reflects our
expectations of a gradual increase in its revenue, driven by new
store openings and effective store conversion, coupled with stable
EBITDA margins.  This expansion, coupled with relatively constant
corporate overheads, will enable the company to maintain its debt-
to-EBITDA at less than 5x in the short-term."

S&P could lower the ratings if it expects any deterioration in
QSRH's credit metrics, particularly if its debt-to-EBITDA
persistently stays about 5x for an extended period.  This would
most likely occur if:

   -- There is an unexpected market downturn, thereby weakening
      the earnings prospects and margins; or

   -- An unexpected further re-leveraging of the balance sheet.

Given the company's current ownership structure, S&P sees the
possibility of an upgrade as less likely in the near term.
However, S&P could consider a higher rating if the financial
sponsor ownership reduces, if the company significantly improves
its scale of operations that results in sizable market share gains
or its financial metrics improve and are likely to remain well
within the "aggressive" financial risk profile.


TEMPLETON CONSTRUCTIONS: Owes More Than AUD1.4 Million
------------------------------------------------------
Kate Hill at ABC South East SA reports that angry and upset
creditors on July 8 learned failed Mount Gambier building company
Templeton Constructions has debts of over AUD1.4million.

The family-owned company known for its motto, "Templeton strong,
you can't go wrong," went into liquidation on June 27 this year,
after nearly forty years of operation, ABC South East says.

ABC South East relates that around 20 people attended a meeting at
a Mount Gambier hotel on July 8, just a small percentage of the
120 contractors, trade creditors, steel suppliers and community
members who are owed money.

Senior Manager of insolvency firm Clifton Hall, Anna Agostino --
aagostino@cliftonhall.net.au -- described the mood of the meeting
as one of disappointment, the report relates.

"As you can appreciate, trade creditors like steel suppliers deal
with this all the time, whereas your mum and dads who paid
deposits in good faith, well that's hard earned dollars for them
and not they're not going to get very much for it," the report
quotes Ms. Agostino as saying.

ABC South East understands deposits for building work were still
being taken in the week before liquidators moved in.

According to the report, Ms. Agostino said it was important to
stress the employees were unaware of the company's predicament.

"They were the ones taking the deposits in good faith thinking the
company could trade -- they were the public face of the company,"
she said.

ABC South East relates that Ms. Agostino said the AUD1.4 million
the company owed did not include an unspecified debt to the
National Australia Bank (NAB), nor the AUD400,000 in entitlements
owed to the 19 employees, who were told their jobs had been
terminated on July 8.

The report says the largest creditor after the bank debt was a
steel supplier who was owed around AUD200,000.

Ms. Agostino said the company had cited a number of factors as the
reason for the business failing, the report adds.

"A few contracts were taken off them, just the pressure to win
work at very low margins and generally the economy," she said.

The business assets will now be offered for sale, but if not sold
within 4 weeks, may be auctioned, ABC South East reports.

Clifton Hall's Timothy James Clifton and Mark Christopher Hall
were appointed as liquidators of Templeton Constructions on
June 27, 2014.


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


* CHINA: Should Let Ailing Firms Fail, Central Bank Official Says
-----------------------------------------------------------------
Reuters reports that a deputy central bank governor said on July 8
China should let more ailing firms go bankrupt to help improve
economic mechanisms rather than allow them to get government-led
bailouts.

Reuters says the risk of corporate failures is rising as economic
growth slows and the government tries to put a lid on high debt
levels in the economy to help ward off financial risks.

"In the course of our surveys, we found that many companies are in
the zombie state but they have taken up a large amount of credit,"
Liu Shiyu told a forum in Beijing, Reuters relays.

He urged companies in the coal, steel, machinery and shipbuilding
sectors to find ways out of business difficulties, including using
a bankruptcy law introduced in 2007, according to the news agency.

According to Reuters, local government officials generally mediate
between creditors behind closed doors and Beijing has used the law
cautiously, fearing the failure of large firms and widespread
layoffs could lead to social unrest.

The number of bankruptcies handled by Chinese courts fell to 1,920
last year from 10,000 a few years ago, Mr. Liu, as cited by
Reuters, added.

"When some large companies run into difficulties, creditors and
companies are counting on the government to take the lead in
administrative settlements," Mr. Liu said, warning that
government-led bailouts could lead to the "misuse of resources,"
Reuters relays.

In a report issued last month, Reuters notes, the central bank
blamed some low-efficiency industries and companies for "crowding
out" funding for small firms and pledged to improve liquidity and
risk management.

Average non-performing loan ratios at Chinese commercial banks hit
a three-year high of 1.04 percent in the first quarter, Reuters
discloses.  Given the opacity of the banking system, many analysts
believe real levels are much higher, adds Reuters.



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


AJIT SOLAR: CRISIL Suspends 'D' Rating on INR441.3MM Loans
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Ajit
Solar Pvt Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee        11.3       CRISIL D Suspended
   Cash Credit           29.5       CRISIL D Suspended
   Letter of Credit      45         CRISIL D Suspended
   Long Term Loan       285         CRISIL D Suspended
   Packing Credit        70.5       CRISIL D Suspended

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

Ajit Solar was incorporated in 2007, promoted by Mr. Ajit Singh
Gehlot, who also promotes automobile dealerships in Alwar
(Rajasthan). The company set up a 20-megawatt PV cell production
line in 2009-10 (refers to financial year, April 1 to March 31),
entailing an investment of around INR400 million. The
manufacturing unit produces solar panels and modules using PV
cells as the primary raw material. The production line has been
sourced from Schmid.


ALEPH ENTERPRISES: CARE Assigns B+/A4 Rating to INR7cr Bank Loan
----------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Aleph Enterprises.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term/Short-term           7         CARE B+/CARE A4
   Bank Facilities                           Assigned

Rating Rationale
The ratings assigned to the bank facilities of Aleph Enterprises
(APE) are constrained by the firm's small scale and working
capital intensive nature of operations, susceptibility of profit
margin to fluctuation in the prices of raw cashew nuts and to
forex fluctuations with raw material availability being tied to
the vagaries of the monsoon. The ratings are further constrained
by the firm's weak gearing and coverage indicators, presence in a
highly fragmented and competitive industry and its constitution as
a proprietorship concern.

The ratings do factor in the long experience of the promoter's
family in cashew processing, the established relationship with
customers and suppliers as well as the moderate growth in income
over the last three years albeit fluctuating profitability.

Going forward, the ability of the firm to improve profitability
amidst fluctuation in raw cashew nut prices in the international
market and prudently manage working capital borrowings while
scaling up operations would be the key rating sensitivities.

Aleph Enterprises was established in 1996 as a proprietorship
concern for processing and exports of cashew. Mrs Leelama John is
the proprietrix. The operations are managed by Mrs Leelama John's
husband Mr John M George. The firm owns three processing units
located in Mampuszha, Puthensagatm and Villur in Kerala with a
combined installed capacity of 160 bags per day (80 kg per bag).
All the three processing units are semi-automated. APE also
purchases and sells cashew kernel from other processing units in
Kerala, when the particular variety ordered by customers is not
available with APE and to fulfil the demand of customers in a
timely manner.

The raw cashew nuts (RCN) are purchased through an agent from the
Gulf, who in turn imports the same from Africa, owing to better
quality and relatively lower prices as compared to the domestic
market. RCN are processed(through roasting, shelling, peeling,
grading, drying), packed and exported to United States of America,
Europe, United Kingdom etc. They are sold either directly to
customers or sold through local agents. Exports account for 60% of
revenues in FY14 (refers to the period April 1 to March 31). The
products are also sold in the domestic market such as Delhi,
Ahmedabad and Jaipur through wholesalers.

Some of the cashew varieties processed are white wholes (W180,
W210, W240, W280, W320, W450), butts, splits, pieces, small
pieces, baby bits etc. The products are packed in 25 and 50 pound
packs and then into cartons and exported depending upon the
requirement of the customers. The processed cashew is exported
within a week. The shelf life of the product is one year as the
packaging is done with carbon dioxide. In FY14, the firm has sold
420 metric tonnes (MT) of cashew kernel to the export market and
270 MT of cashew kernel in the domestic market.

Mr L Kunju Kunju F/o Mrs Leelama John was also engaged in a
similar line of business and had established a proprietorship
concern in 1967, named "Premier Cashew Industries" for processing
and exports of cashew. Later the firm wound up in 2000.

APE has achieved a PAT of INR0.10 crore on a total operating
income of INR32.07 crore in FY13 as compared with a PAT of
INR0.08 crore on a total operating income of INR28.81 crore in
FY12.


ALUKKAS GEM: ICRA Suspends 'B+' Rating on INR30cr Loan
------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR30.00
crore fund based facilities of Alukkas Gem and Jewellery Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the Company.


ANIIRUDH CIVIL: CRISIL Cuts Rating on INR50MM Loans to 'D'
----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Aniirudh Civil Engineers and Contractors Pvt Ltd to 'CRISIL
D/CRISIL D' from 'CRISIL B-/Stable/CRISIL A4'.

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

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

   Term Loan             19         CRISIL D (Downgraded from
                                   'CRISIL B-/Stable')

The rating downgrade reflects instances of delay by ACECPL in
servicing its debt; the delays have been caused by the company's
weak liquidity.

ACECPL has large working capital requirements, high degree of
geographic concentration in its order book, and is exposed to
intense competition in the construction industry. However, the
company benefits from its promoters' extensive experience in the
construction business.

ACECPL, incorporated in 2011, is engaged in jetty construction and
stone crushing activities. Its day-to-day operations are managed
by Mr. Vivek Kawde and his son Mr. Aditya Kawde. The promoters
have been engaged in the civil construction business since 1998
through group entity Aniirudh Enterprises (rated 'CRISIL D').


ANIIRUDH ENTERPRISES: CRISIL Reaffirms D Rating on INR50MM Loans
----------------------------------------------------------------
CRISIL's rating on the bank loan facilities of Aniirudh
Enterprises continues to reflect instances of delay by AE in
servicing its debt; the delays have been caused by the firm's weak
liquidity.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           46         CRISIL D (Reaffirmed)
   Term Loan              4         CRISIL D (Reaffirmed)

AE has large working capital requirements, a high degree of
geographic concentration in its order-book, and is exposed to
intense competition in the construction industry. However, the
firm benefits from the extensive industry experience of its
promoters.

AE was set up as a proprietorship firm in 1998 by Mr. Vivek
Ramchandra Kawade. The firm is engaged in the construction of
roads and tunnels in Maharashtra and Karnataka. The promoters
incorporated Aniirudh Civil Engineers and Contractors Pvt Ltd
(rated 'CRISIL D/CRISIL D') in 2011; this company is engaged in
jetty construction and stone crushing.


ANTIQUE TEXTILE: CARE Assigns 'B+' Rating to INR13.5cr Bank Loan
----------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to bank facilities of
Antique Textile Private Limited.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     13.50      CARE B+ Assigned
   Short-term Bank Facilities     0.20      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Antique Textile
Private Limited are primarily constrained on account of the short
track of operations along with upcoming debt funded capex. The
ratings are further constrained on account of the modest scale of
operation, low cash accruals, moderately leveraged capital
structure, weak debt coverage indicators and modest liquidity
indicators.

The aforementioned constraints far outweigh the benefits derived
from the experience of the promoters and support from the
government in the form of subsidy and incentives.

The ability of ATPL to complete the upcoming debt funded capex
within the envisaged cost and time alongwith its ability to
increase the scale of operations and improve profitability while
managing its working capital requirement are the key rating
sensitivities.

Morbi-based (Gujarat) ATPL was incorporated as a private limited
company and is presently engaged in bleaching of grey cotton
fabric on a job work basis. Its plant, located at Morbi, is spread
across 15,764 Sq. meters area. It has started its commercial
production from March, 2014. As on March 31, 2014, it had a total
installed capacity of processing 1 lakh meters per day. In order
to move up in the textile value chain, it is coming up with a
capex for installing dyeing and printing machinery worth INR4.50
crore to be funded through INR3 crore of term loan, INR0.50 crore
of equity capital and the remaining through unsecured loans.

During FY14 (refers to the period April 1 to March 31), ATPL
reported a net loss of INR0.27 crore on a Total Operating Income
(TOI) of INR0.99 crore.


BHASIN & COMPANY: CRISIL Raises Rating on INR180MM Loans to B+
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Bhasin & Company to 'CRISIL B+/Stable' from 'CRISIL B/Stable',
while reaffirming its rating on the firm's short-term bank
facilities at 'CRISIL A4'.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           3         CRISIL A4 (Reaffirmed)

   Letter of Credit         7         CRISIL A4 (Reaffirmed)

   Overdraft Facility      60         CRISIL B+/Stable (Upgraded
   Proposed Long Term                 from 'CRISIL B/Stable')

   Bank Loan Facility     108.1       CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B/Stable')

   Term Loan               11.9       CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B/Stable')

The rating upgrade reflects CRISIL's belief that Bhasin & Co's
credit risk profile will improve over the medium term, driven by
its improving scale of operations and operating profitability,
which will lead to higher cash accruals. The higher cash accruals
will result in an improvement in the firm's debt protection
metrics, net worth, and liquidity, with cash accruals being
adequate to meet its term debt obligations.

The ratings reflect Bhasin & Co's small scale of operations and
average financial risk profile, marked by a small net worth, weak
debt protection metrics, and high gearing. These rating weaknesses
are partially offset by the extensive experience of Bhasin & Co's
proprietor in the hosiery garments business, and its established
relationships with reputed clients.

Outlook: Stable

CRISIL believes that Bhasin and Co will continue to benefit over
the medium term from the extensive experience of its proprietor in
the hosiery garments business and its established relationship
with suppliers and customers. The outlook may be revised to
'Positive' if there is a substantial and sustained improvement in
the firm's revenue and profitability margins, or a substantial
increase in its net worth on the back of capital infusion by its
proprietor. Conversely, the outlook may be revised to 'Negative'
if Bhasin & Co's capital structure deteriorates significantly,
most likely due to larger-than-expected working capital
requirements or large debt-funded capital expenditure, or in case
of increase in its financial exposure to its group firm, Dev
Arjuna.

Bhasin & Co was established as a proprietorship firm in 1950 by
the late Mr. Ramlal Bhasin. Mr. Balraj Kumar Bhasin manages the
operations of the firm and is assisted by his son, Mr. Mohnish
Bhasin. The firm manufactures hosiery products and copper, nickel,
and silver medals. Its sales are only to the Indian Armed Forces;
the business is entirely tender-based.


BISHNUPRIYA COLD: CRISIL Suspends 'B-' Rating on INR86MM Loans
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Bishnupriya Cold Storage Private Limited.

                      Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            31        CRISIL B-/Negative Suspended
   Proposed Long Term
   Bank Loan Facility      1        CRISIL B-/Negative Suspended

   Term Loan              49.5      CRISIL B-/Negative Suspended

   Working Capital
   Demand Loan             4.5      CRISIL B-/Negative Suspended

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

BCSPL was established in 2010 by Mr. Somnath Montri and his
brother Mr. Santinati Montri. Located in Midnapore, West Bengal,
the company is engaged in the cold storage of potatoes.


DHARMRAJ ALUMINIUM: CARE Assigns B+ Rating to INR15cr Bank Loan
---------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to bank facilities of
Dharmraj Aluminium Industries Private Limited.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     15.00      CARE B+ Assigned
   Short-term Bank Facilities     0.20      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Dharmraj Aluminium
Industries Private Limited are constrained on account of the
limited experience of the promoters with short track record of the
entity, profitability exposed to raw material price volatility and
foreign exchange rate fluctuation and high degree of sector and
client concentration risk. The ratings are further constrained on
account of the working capital intensive nature of business
operations along with the competitive and fragmented nature of
aluminium industry.

The ratings, however, draw support from the moderate profitability
margins and favourable plant location emanating from proximity to
the automobile hub in Pune.

Going forward, the ability of DAIPL to maintain profitability
margins, amidst fluctuation in foreign exchange rate remain the
key rating sensitivities.

Incorporated in June 2011, Dharamraj Aluminium Industries Private
Limited is promoted by Mr Vijay Gujar and Mr Bharat Gujar. DAIPL
has commenced its commercial operations from December 2012.
DAIPL is engaged in the manufacturing of aluminium ingots from
aluminium scrap and silicon scrap. The manufacturing plant is
located at Waluj (Aurangabad) with an installed capacity of
manufacturing 18,000 metric tonnes of ingots per annum.

The main raw material for DAIPL is aluminium scrap which is
primarily procured from Dubai, Belgium, Europe and Hong Kong,
forming 60% of the total purchase in FY14 (refers to the period
April 1 to March 31), whereas rest was sourced from the domestic
market. Endurance Technologies Private Limited (ETPL; rated 'CARE
A-', 'CARE A2+') was a major customer in FY14 contributing around
85% of the total revenue.

In FY14, DAIPL has earned a PAT of INR0.98 crore on a total income
of INR36.60 crore.


DHROOV RESORTS: CARE Assigns 'B' Rating to INR11cr Bank Loan
------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Dhroov
Resorts.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      11        CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of M/s Dhroov Resorts
is primarily constrained by the lack of experience of the
proprietor in the hospitality industry, single assets nature of
the firm and execution risk associated with its on-going hotel
project. The rating is further constrained by seasonal nature of
operations as well as competitive nature of the hospitality
industry and the constitution of the entity being a proprietorship
firm. The rating also takes cognizance of time and cost overrun in
the project in the past.

The rating, however, favourably takes into account the location
advantage available with the upcoming hotel. Going forward, the
ability of the firm to complete the ongoing project within cost
and time estimates, achievement of the projected average room rate
and occupancy levels post completion would be the key rating
sensitivities.

M/s Dhroov Resorts, a sole proprietary concern of Mr Balbir Singh
Verma, is constructing a 4- star hotel project by the name of
"Dhroov Resorts" in Shimla, H.P. Mr. Verma is a MLA (Member of
Legislative Assembly) from the Chopal area (in Shimla district)
and is also a certified builder and civil contractor in the
region. The total project cost of INR18.8 crore is expected to be
funded through a debt of INR11 crore and promoter's capital of
INR7.8 crore. As on March 15, 2014, the firm has incurred a total
cost of INR15.3 crore. The hotel is expected to start commercial
operations from April 2015 onwards.


ELIXIR ENTERPRISES: CRISIL Suspends 'D' Rating on INR340MM Loans
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Elixir Enterprises and Hotels Pvt Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee        15.6       CRISIL D Suspended
   Cash Credit           50         CRISIL D Suspended
   Long Term Loan       264.4       CRISIL D Suspended
   Overdraft Facility    10         CRISIL D Suspended

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

EEHPL operates a five-star hotel named Chancery Pavilion at
Residency Road in the central business district of Bengaluru. The
company is promoted by Mr. Kuppa Raju and his family.  Before it
started operating in the hospitality industry, the company was in
the construction industry; it developed various commercial and
residential projects in Bengaluru from 1975 till 2002. However,
EEHPL currently does not undertake any real estate activities.


GANGARAM SYNTHETICS: ICRA Reaffirms B+ Rating on INR21.9cr Loans
----------------------------------------------------------------
ICRA has re-affirmed the long term rating at '[ICRA]B+' for the
INR21.90 crore fund based facilities and proposed limits of
Gangaram Synthetics Private Limited.

                      Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limits     19.08        [ICRA]B+ (reaffirmed)

   Unallocated (Proposed
   Limits)                2.82        [ICRA]B+ (reaffirmed)

The reaffirmation of rating takes into account the long track
record and extensive experience of the promoters in the textile
industry, established brand "Prafful" in saris and dress material,
and diversification into retail segment (company has ~160 outlets
across the country and has three showrooms) which is expected to
improve the profitability and brand visibility of the company.
Further the rating continues to draw comfort from the presence of
group companies in textile manufacturing processes like yarn
manufacturing, and dyeing, printing, and embroidery on dress
material.

The rating is however constrained by intensely competitive and
fragmented nature of the textile industry with low entry barriers
and modest scale of operations which limits economies of scale and
constrains the profitability of the company. Further, working
capital intensive nature of operations on account of high
inventory level has resulted in high dependence of external
borrowings, thereby resulting in weak capital structure as is
reflected in gearing of ~2.58 times as on March 2013. Leveraged
capital structure and low profitability has resulted in below
average debt coverage indicators as is reflected in interest
coverage of ~1.33 times and Total Debt/OPDBITA of 6.03 times in
FY13.

Going forward, the ability of the company to improve upon its
brand reach and profitability will remain key rating drivers for
the company.

Gangaram Synthetics was incorporated in May 1986 with its head
office at Surat. Gangaram Synthetics is primarily a trading entity
which caters to the domestic market of ready to stitch Prafful
brand ethnic women's wear in the domestic market. Gangaram
Synthetics is present both in the retail and wholesale segment
space- through its long established past relations with dealers in
the wholesale segment and in retail space through tie ups with
supermarkets, malls etc. The company is part of Prafful group
having business presence in manufacturing of saris and dress
material. The group consists of various entities specializing in
different processes like yarn manufacturing, dyeing, printing,
embroidery, etc.

Recent Results

During the financial year 2012-13, the company reported a profit
after tax (PAT) of INR0.50 crore on an operating income of
INR73.66 crore. As per the provisional results for financial year
2014, the Company reported profit after tax (PAT) of INR0.63 crore
on an operating income of INR78.57 crore.


GCX LIMITED: Moody's Assigns (P)B2 Corporate Family Rating
----------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)B2
corporate family rating to GCX Limited and a provisional (P)B2
rating to its proposed US dollar senior secured guaranteed notes.

The outlook on the ratings is stable.

This is the first time that Moody's has assigned ratings to GCX.

GCX is a wholly owned subsidiary of Reliance Communications Ltd
(India) ("RCOM", unrated) through an intermediary holding company
Global Cloud Xchange Limited ("GCXL").

The proceeds of the bond issuance will be used to repay the
balance $250 million of shareholder loans (after netting the inter
company balances) availed from RCOM and its subsidiaries to GCX.

RCOM will in turn use these monies to reduce indebtedness at
Reliance Globalcom BV ("RGBV"), its wholly owned subisidiary. As
of 30 June 2014, RGBV had $417 million in debt outstanding under
its $700 million senior secured bank loan ("SCB loan facility").
This loan is secured on, inter alia, GCX's and GCXL's equity
interests and all tangible assets, as prior to the recent
restructuring, RGBV held most of these equity interests and
tangible assets.

Upon repayment of $250 million of the outstanding amount under the
SCB loan facility, the charge will be released over GCX's and
GCXL's equity interests and assets, and both entities will be also
released as guarantors.

These assets will then serve as collateral for bondholders under
the proposed notes. GCX will use the remaining proceeds from the
bond issuance for capital expenditure and general corporate
purposes.

The provisional status on the ratings will be removed upon, inter
alia: (1) the successful issuance of the notes; (2) the closing of
the company's working capital facility; and (3) the release of
collateral in conjunction with RCOM's SCB loan facility.

However, any material delay in the above, will cause Moody's to
re-evaluate the ratings, given the lack of clarity surrounding
GCX's business strategy, financial profile and capital structure.

Ratings Rationale

"GCX's (P)B2 rating reflects its position as one of the largest
privately owned submarine cable network operators globally, which
enables it to benefit from ongoing growth in global Internet
traffic, particularly in the emerging market corridor in areas
such as India and the Middle East," says Annalisa DiChiara, a
Moody's Vice President and Senior Analyst.

GCX owns and operates five subsea cable systems with a total
length of over 68,698 route kilometers, operating on major data
traffic routes, namely the Trans-Atlantic route, the Europe-Asia
route, the Europe-Middle East & Egypt route and the Intra-Asia
route.

GCX's underlying sales with respect to its subsea cables are based
on long-term contracts known as Indefeasible Rights of Use (IRU).
These contracts, together with associated operations & maintenance
contracts provide a high degree of revenue visibility accounting
for roughly 90% of its projected revenue for the fiscal year
ending 31 March 2015 (FYE3/2015).

Pursuant to existing contracts as of FYE3/2014, the company is
scheduled to recognize $432 million and $258 million of revenues
for FYE3/2015 and FYE3/2016 respectively, which Moody's view
favorably.

Notwithstanding this, GCX remains exposed to an intensely
competitive and highly fragmented operating environment, which
suffers from chronic over-capacity resulting in declining price
levels, and which will continue to pressure its operating
performance over the next two to three years at least.

The unit price at its International Private Leased Circuits (IPL)
division declined 24.2% in FYE3/2014 and 26.1% in FYE3/2013 while
unit prices at its IP services division declined by 17.7% and
32.2% over the same period. Such declines resulted in two-year
compounded revenue declines of 10% for its IPL division and 14%
decline for its IP services division as increases in capacity
volume sales in both of these categories were insufficient to
offset the price declines.

"GCX's profitability and cash flows are highly sensitive to
changes in revenue because of the significant level of network
costs associated with its expansive asset base, which run at
around $275 million, and represent roughly 50% of its current
revenue," adds Di Chiara, who is also Moody's Lead Analyst for
GCX.

"Driven by unit price declines, its EBITDA has contracted by a
CAGR of 17% since FYE3/2012 while EBITDA margin also deteriorated
to 27% in FYE3/2014 from 32% in FYE3/2012 because the company has
been unable to achieve sufficient capacity sales volumes to offset
the 10%-20% price declines along most of its routes," added Di
Chiara.

To arrest further deterioration in EBITDA, GCX's management team
has implemented changes in its sales force, including hiring
additional sales people with technology expertise as well as
launching a new sales compensation policy focused on sustainable
and scalable recurring revenue rather than short-term contract
wins.

Still, Moody's remains cautious on GCX's ability to attract new
customers, generate higher occupancy rates, and ramp up its value-
added services, given adverse pricing dynamics and intense
competition in the broader industry. Moody's estimates GCX must
execute more than $60 million of new IRU contracts per annum to
avoid a significant use of working capital resulting from the
mismatch between cash flow impact and revenue recognition of these
contracts.

The stable outlook is based on an expectation that GCX delivers on
its business plan which should arrest historical declines in
revenues and EBITDA. As a result, Moody's expects GCX to generate
EBITDA of at least $135 million by FYE3/2015 and maintain adjusted
debt/EBITDA below 3.5x.

Additionally, Moody's expect GCX to maintain a sufficient cushion
under its financial maintenance covenants that govern the new
proposed senior secured working capital facility, including a
minimum coverage (EBITDA/interest) of 3.0x and maximum leverage
(debt/EBITDA) of 3.75x.

Furthermore, the stable outlook does not consider any significant
cash payouts with respect to outstanding tax litigation claims.

Upward pressure is unlikely over the near-term but could emerge
should the company's fundamental financial position improve such
that EBITDA is sustained above $175 million and EBITDA margins are
sustained above 30% resulting in adjusted debt/EBITDA below 2.5x.

On the other hand, negative rating pressure could emerge should
GCX fail to execute on its growth ambitions such that its credit
profile erodes. Specific indicators that Moody's would consider
include adjusted debt/EBITDA rising above 4.5x, failure to move
towards operating profit, or a tightening of the company's
liquidity profile.

Moody's will be concerned if the cushion under the company's
maintenance financial covenants were less than 15% or a sizable
cash settlement was paid with respect to any of its outstanding
legal claims.

The principal methodology used in this rating was the Global
Communications Infrastructure Rating Methodology published in June
2011.

GCX Limited, incorporated in Bermuda in 2014, wholly owns five
subsea cable systems on major data traffic routes. As of 30 June
2014, these cable systems had a total length of 68,698 kilometers
with 46 landing stations in 27 countries. GCX provides data
connectivity solutions to major telecommunications carriers and
large multinational enterprises in the US, Europe, Middle East and
Asia Pacific region with a need for multi-national IP-based
solutions and connectivity.


JAYANTHI GARMENTS: CRISIL Suspends 'B' Rating on INR20MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Jayanthi Garments.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bill Discounting       70        CRISIL A4 Suspended
   Cash Credit            20        CRISIL B/Stable Suspended
   Packing Credit        120        CRISIL A4 Suspended

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

JG, a proprietorship firm, was set up in 1999. It manufactures and
exports ready-made garments. The firm is promoted by Mr. R Siva
Shanmugam. It has three manufacturing units in Tirupur (Tamil
Nadu), with a combined capacity of producing 150,000 pieces of
garments per month. JG generates about 70 per cent of its revenues
from export to the US, Germany, and Taiwan among other countries,
and the rest from the Indian market.


KAIZEN WHEELS: CRISIL Suspends 'B-' Rating on INR84MM Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Kaizen
Wheels Pvt Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            40        CRISIL B-/Stable Suspended

   Proposed Long Term
   Bank Loan Facility      3.8      CRISIL B-/Stable Suspended

   Term Loan              40.2      CRISIL B-/Stable Suspended

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

Based in Panvel (Maharashtra), KWPL was incorporated in 2008-09
(refers to financial year, April 1 to March 31). The company deals
in Hyundai motor vehicles. The promoters of the company, Mr. Gopal
Singh Thapar and Mr. Dayanand Mapuskar, look after the management
of the company. Since commencement of operations in April 2011,
KWPL has established a stronghold in the motor vehicle dealership
market in Panvel. The company is an authorised dealer in Hyundai
3-S (sales, services, spares) and has showrooms in Panvel, Mahad
and Alibaug (all in Maharashtra).


KASATA HOMETECH: CRISIL Suspends 'B' Rating on INR200MM Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Kasata Hometech Pvt Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Proposed Long Term
   Bank Loan Facility    200        CRISIL B/Stable Suspended

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

KHPL, a Vadodara (Gujarat)-based company, was incorporated in 2009
by Mr. Ramesh Patel and his brother, Mr. Naresh Patel. The company
constructs residential apartments in Vadodara. KHPL has two
ongoing residential apartment projects, Kalp Desire and Kalp
Nishang'the total project cost is INR682.6 million.


KUFRI HOTELS: CARE Cuts Rating on INR25.87cr Loan to 'D'
--------------------------------------------------------
CARE revises the rating assigned to bank facilities of Kufri
Hotels Private Limited.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     25.87      CARE D Revised from
                                            CARE BB-

Rating Rationale

The revision in the ratings of the bank facilities of Kufri Hotels
Private Limited takes into account the delays in debt servicing by
the company due to stretched liquidity.

Kufri Hotels Private Limited was established in the year 1984 by
Mr Dhian Chand, who has an experience of around four decades in
the tourism and hotel industry. KHPL operates Royal Tulip (5 Star)
hotel in Kufri, Himachal Pradesh, under a 'Franchise and
Management tie-up' with Golden Tulip Hospitality group since March
2010.


KUN AUTOMOBILES: CRISIL Reaffirms B+ Rating on INR160MM Loan
------------------------------------------------------------
CRISIL's rating on the bank facilities of Kun Automobiles Pvt Ltd
continues to reflect Kun's below-average financial risk profile
marked by a small net worth, a high total outside liabilities to
tangible net worth ratio, and below-average debt protection
metrics. The rating also reflects the company's susceptibility to
economic cyclicality, and exposure to intense competition in the
automobile dealership industry. These rating weaknesses are
partially offset by the benefits that Kun derives from its
established regional presence in the automobile dealership
business, its efficient working capital management, and its low
exposure to inventory and debtor risks.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Inventory Funding     160        CRISIL B+/Stable (Reaffirmed)
   Facility

Outlook: Stable

CRISIL believes that Kun will continue to benefit over the medium
term from its promoters' extensive industry experience and its
established relationship with its principal ' General Motors India
Pvt Ltd. The outlook may be revised to 'Positive' in case of
substantial and sustained increase in the company's scale of
operations and profitability margins, or there is substantial
improvement in its capital structure on the back of sizeable
equity infusion by its promoters. Conversely, the outlook may be
revised to 'Negative' in case of a steep decline in the company's
profitability margins, or significant deterioration in its capital
structure most likely because of large debt-funded capital
expenditure or a stretch in its working capital cycle.

Kun was set up in 2002 by Mr. Vamshidhar Reddy and Mr. U
Venkatesh. The company is an authorised dealer of GM India's cars
in Hyderabad, Warangal, and Karimnagar (all in Andhra Pradesh).


MA MONI: CARE Assigns 'B' Rating to INR6.4cr Bank Loan
------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Ma Moni
Cold Storage Private Limited.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      6.4       CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Ma Moni Cold Storage
Private Ltd is constrained by the regulated nature of the
business, seasonality of business with susceptibility to the
vagaries of nature, risk of delinquency in loans extended to the
farmers and traders, competition from other local players and weak
financial risk profile marked by small scale of operations,
leveraged capital structure and weak liquidity position. The
rating constraints are partially offset by the satisfactory
experience of the promoters with long track record of operations
and its proximity to the potato-growing areas.

The ability to increase its scale of operations with an
improvement in profitability margins, improvement in capital
structure and effective management of the working capital would be
the key rating sensitivities.

MCSPL was incorporated on May 28, 1987 for setting up a cold
storage facility by the Samanta family of Paschim Medinipur, West
Bengal. MCSPL is engaged in the business of providing cold storage
services primarily for potatoes to local farmers and traders on a
rental basis with an aggregate storage capacity of 23,310 metric
ton per annum (MTPA).

The cold storage is located at Paschim Medinipur district of West
Bengal. Besides providing cold storage facility, the company also
provides interest-bearing advances to farmers & traders for potato
farming & storing purposes against potato stored.

As per the provisional results for FY14 (refers to the period
April 1 to March 31), MCSPL reported a PBILDT and a PAT of
INR0.16 crore (INR0.12 crore in FY13) and INR0.05 crore (INR0.01
crore in FY13) respectively, on a total income of INR2.37
crore (INR2.21 crore in FY13).


MODERN CHEMICALS: CRISIL Suspends 'B+' Rating on INR50MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Modern
Chemicals.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         5         CRISIL A4 Suspended
   Cash Credit           50         CRISIL B+/Stable Suspended
   Import Letter of
   Credit Limit         145         CRISIL A4 Suspended

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

MC has been trading in petroleum products and chemicals, such as
heavy cut oil, crude glycerine, and crude benzol since 2003. The
firm trades in about 10 products and imports about 60 per cent of
its requirements primarily from Dubai and Singapore. MC is
expected to derive about 35 per cent of its revenues for 2012-13
(refers to financial year, April 1 to March 31) from sale to its
group companies ' Paswara Chemicals Ltd (rated CRISIL BB-/Stable)
and Paswara Impex Ltd ' with the balance expected to be derived
from sale to external customers. MC was established in 1980 and
produced lime, limestone, and coal paints till the commencement of
its trading operations in 2003.


MOHANLAL MADHAWJEE: CRISIL Suspends B+ Rating on INR60MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Mohanlal Madhawjee Jewellers Pvt Ltd.

                             Amount
   Facilities              (INR Mln)   Ratings
   ----------              ---------   -------
   Cash Credit                60       CRISIL B+/Stable Suspended
   Standby Letter of Credit   40       CRISIL A4 Suspended

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

MMJPL was set up as a proprietorship firm in 1960; however, it was
reconstituted as a private limited company in 2005. MMJPL is
engaged in wholesaling and retailing of hand-crafted gold
ornaments. The retail division comprises around 30 per cent of the
company's total sales, whereas the remaining is derived from the
wholesale division. MMJPL has a retail outlet in Kolkata (West
Bengal). The company is managed by Mr. Apurva Parekh and his
brother, Mr. Anand Parekh, who are the third-generation promoters
of the company.


NILACHAL CARBO: CRISIL Suspends 'B' Rating on INR114MM Loans
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Nilachal Carbo Metalicks Pvt Ltd.

                      Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         3.5       CRISIL A4 Suspended
   Cash Credit           15         CRISIL B/Stable Suspended
   Letter of Credit     580         CRISIL A4 Suspended
   Proposed Long Term
   Bank Loan Facility    15         CRISIL B/Stable Suspended
   Term Loan             84         CRISIL B/Stable Suspended

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

NCM, incorporated in 2003, manufactures and trades in low ash
metallurgical (LAM) coke. The company commenced commercial
production in 2004, with capacity of 50,000 tonnes per annum
(tpa). Its capacity has now increased to 72,000 tpa and the same
is being utilised at 85 per cent. NCM's plant is near Jajpur
(Odisha). The company's day-to-day operations are looked after by
its promoter, Mr. B Panda. NCM's main customers are Tata Steel
Ltd, Idcol Ferrochrome and Alloys Ltd (IFCAL), Jindal Stainless
Ltd, and Indian Technomac Co Ltd. NCM procures coking coal, its
key raw material, from the US, Russia, and Australia (about 30 per
cent imported), and the rest from local dealers and other
manufacturers of LAM coke, usually against letter of credit of
around 120 days. NCM plans to expand its capacities by 36,000 tpa
in 2012-13 (refers to financial year, April 1 to March 31) at an
outlay of about INR60 million, and has recently leased out a unit
with capacity of 24,000 tpa to meet its increased demand. It also
plans to lease out about 36,000 tpa of additional capacity over
the near term, in addition to setting up a 1.5-million-tpa coke
manufacturing plant in Paradip (Odisha), at an outlay of about
INR250 million over the medium term. There were frequent changes
in the ownership of the company since its incorporation, but for
the past two years, Mr. B. Panda and his family members have had
complete ownership of the same.


PATEL TIMBER: CRISIL Suspends 'D' Rating on INR23.8MM Loans
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Patel
Timber Corporation.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            12        CRISIL D Suspended
   Term Loan              11.8      CRISIL D Suspended

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

PTC was set up in 1996 by Mr. Devji Patel and his wife, Mrs.
Vasantiben Patel. It trades in sawn timber. The firm mainly
imports teakwood and hardwood from Myanmar and Burma through
traders in Singapore and Hong Kong. PTC has a 10,000-square-foot
facility, which houses a godown-cum-showroom and a saw mill, in
Bengaluru (Karnataka). The saw mill has total sawing capacity of
about 200 cubic feet per day.


PLAMA DEVELOPERS: CRISIL Suspends 'B' Rating on INR300MM Loans
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Plama
Developers Ltd.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term      260        CRISIL B/Stable Suspended
   Bank Loan Facility
   Term Loan                40        CRISIL B/Stable Suspended

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

PDL, promoted by Mr. P M A Razak in 2006, is engaged in real
estate development. The company was promoted to acquire the
business of its promoter's proprietorship concern, PLAMA City
Homes. Till date, PDL has executed seven real estate projects, all
in Mangalore (Karnataka). Currently, the company is implementing
eight ongoing projects in cities such as Mangalore, Bengaluru
(Karnataka), and Calicut and Thrissur (both in Kerala). For five
out of its eight ongoing projects, PDL has received booking for
more than 50 per cent of total units available for sales.


PRAFFUL INDUSTRIES: ICRA Reaffirms 'B+' Rating on INR8.16cr Loans
-----------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating for the INR6.96 crore
(previously INR8.16 crore) fund based facilities and INR1.20 crore
(previously Nil) proposed limits of of Prafful Industries Private
Limited.

                          Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund Based Limits       6.96        [ICRA]B+ (reaffirmed)
   Unallocated (Proposed
   Limits)                 1.20        [ICRA]B+ (reaffirmed)

The rating reaffirmation factors in the experienced management
with significant track record in the textile business, strong
group support with presence of group companies in various segments
i.e wholesale, retail and export, easy availability of raw
materials, steady demand prospects on account of its operations
being located in the textile hub of the country. Further the
rating also factors in healthy growth in the turnover in FY14,
adequate accruals and low gearing over the last few years. The
rating is however constrained by PIPL's presence in a highly
competitive nature of industry characterized by presence of large
number of organized and unorganized players; vulnerability of
profitability and cash flows to the cyclicality in the textile
industry and to raw material price fluctuations. This coupled with
low value additive nature of business has resulted in low return
on invested capital.

Going forward, the ability of the company to improve upon its
scale of operations and maintain healthy operating profitability
would be the key rating sensitivities.

Prafful Industries Private Limited incorporated in 1992, has a
dying and printing facility located in GIDC (Gujarat Industrial
Development Corporation) Industrial area in "Sachin", Surat with a
capacity of 3 crore metres per annum.

The company has incurred INR1.70 crore for upgrading some parts of
the machinery and electrical wiring in the factory premises. The
funding of the same has been done through fresh term loan of
INR1.20 crore and rest by internal accruals. Earlier the company
was using Gas based power plant to meet the power needs, however
as the gas prices have gone up the company has switched from gas
based plant to buying electricity from DGVCL.

Recent Results
During the financial year 2012-13, the company reported a profit
after tax (PAT) of INR0.33 crore on an operating income of
INR28.18 crore. As per the provisional results for financial year
2014, the Company reported profit after tax (PAT) of INR0.43 crore
on an operating income of INR37.53 crore.


RATNA INFRACON: CARE Reaffirms 'B+' Rating on INR20cr Bank Loan
---------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Ratna Infracon Pvt Ltd.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      20        CARE B+ Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Ratna Infracon Pvt
Ltd continues to remain constrained on account of its low booking
advances and slow movement in booking at its on-going residential
project and saleability risk in the highly competitive real estate
sector.

The rating continues to derive strength from the experience of its
promoters, established track record of operations of the Ratna
group in the real estate sector and location advantage.
Furthermore, the rating takes cognizance of the proposed reduction
in term loan amount which may reduce the total project cost and
advanced stage of project implementation.

The ability of RIPL to complete its project within the estimated
cost and time parameters, increase its sale proceeds at envisaged
prices and receive booking advance within the stipulated time
period will remain the key rating sensitivities.

Incorporated in July 2011, RIPL is a Special Purpose Vehicle
(SPV), formed by the Ratna group of Ahmedabad which was promoted
by two brothers', viz, Mr Mahendra Shah and Mr Jitendra Shah,
having around 35 years of experience in the real estate sector.
Over the years, the group has developed more than 40 lakh square
feet (lsf) of area cumulatively in residential and commercial
segments. Presently, RIPL's business is handled by its two
directors, viz, Mr Kaivan J Shah and Mr Munir M Shah; both having
more than seven years of experience in the real estate business.
Under the project named 'Ratna Paradise' (RP), RIPL is
constructing a high-rise residential complex having three towers.
Two towers are proposed to have 11 floors each, while the third
tower is proposed to have 12 floors with aggregate of 68
units (all 4 BHK) of total super built-up area of 2.31 lsf. The
construction work of the project commenced in March 2012 and is
envisaged to get completed by September 2014.

Till May 26, 2014, RIPL incurred a total cost of INR25.83 crore
towards the project (approximately 72% of total project cost)
which was funded through term loan of INR5.81 crore, customer
advances of INR6.23 crore, promoters' fund of INR11.86 crore
(including unsecured loan) and the remaining through creditors of
INR1.94 crore.


ROLTA INDIA: S&P Puts 'BB-' Rating on Unit's US$-Denom. Sr. Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' long-term
issue rating to Rolta Americas LLC's proposed U.S.-dollar-
denominated senior unsecured notes not exceeding US$300 million.
Rolta India Ltd. (Rolta; BB-/Stable/--), which indirectly owns
Rolta Americas, will irrevocably guarantee the notes.  The issue
rating is subject to S&P's review of the final issue
documentation. Rolta expects to primarily use the proceeds from
the proposed notes to refinance a part of its rupee loans and
external commercial borrowings (ECBs).

"We believe Rolta's financial performance will remain supportive
of a "significant" financial risk profile despite the proposed
issuance, with the weighted EBITDA interest coverage at 3.5x-3.6x
over fiscals 2015-2017 (years ending March 31).  We expect the
time lag between the raising of funds and the actual prepayment
refinancing to significantly weaken Rolta's ratio of funds from
operations (FFO) to debt to 15.0%-15.5% in fiscal 2015 from more
than 19% in fiscal 2014.  We anticipate that Rolta will use at
least 80% of the issue proceeds to refinance debt in fiscal 2015.
The company will need regulatory permission to prepay some ECBs.
We also don't make surplus cash adjustments for Rolta because it
has a "weak" business risk profile," S&P said.

S&P expects Rolta's financial performance to improve from fiscal
2015 onward, with positive free operating cash flows and a ratio
of FFO to debt of about 18% in fiscal 2016.  In S&P's view, the
company doesn't have any significant cushion in its financial
ratios. EBITDA margins that are significantly weaker than S&P's
expectation of about 35%, any significant acquisitions, and higher
capital expenditure than we anticipate are key risks to S&P's
estimates.


S.P. MANI: CRISIL Reaffirms 'B+' Rating on INR370MM Loan
--------------------------------------------------------
CRISIL's rating on the long-term bank facilities of S.P. Mani and
Mohan Dairy (India) Pvt Ltd continues to reflect SP Mani's
exposure to intense competition in the milk business. The rating
also factors in the company's exposure to risks associated with
setting up a milk processing unit in Erode (Tamil Nadu). These
rating weaknesses are partially offset by the extensive experience
of SP Mani's promoters in the milk processing industry.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Long Term    370       CRISIL B+/Stable (Reaffirmed)
   Bank Loan Facility

Outlook: Stable

CRISIL believes that SP Mani will continue to benefit over the
medium term from its promoters' extensive experience in the milk
processing industry. The outlook may be revised to 'Positive' if
the company stabilises its operations earlier than expected,
resulting in larger-than-expected cash accruals. Conversely, the
outlook may be revised to 'Negative' in case SP Mani registers
significant time and cost overruns in its project, resulting in
lower-than-expected cash accruals. The outlook may also be revised
to 'Negative' if SP Mani undertakes a larger-than-expected, debt-
funded capital expenditure programme, resulting in deterioration
in its financial risk profile.

SP Mani, incorporated in 2011, is promoted by Mr. S P Loganathan
and Mr. R Mohanasundaram. The company is setting up a milk
processing unit in Erode.


S.R. GLASS: CARE Lowers Rating on INR10cr Bank Loan to 'D'
----------------------------------------------------------
CARE revises the rating assigned to bank facilities of S.R. Glass
Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      10        CARE D Revised from
                                            CARE B
Rating Rationale

The revision in the rating assigned to the bank facilities of S.R.
Glass Industries takes into account the ongoing delays in debt
servicing by the firm due to delay in stabilization of the
operations of the newly commenced glass bottles business.

S.R. Glass Industries (SRG) was constituted in April 2005 as a
partnership concern. The firm was engaged in the manufacturing of
glass bangles; however, the same was discontinued in FY13 (refers
to the period April 1 to March 31) and the firm undertook a new
project to start manufacturing glass bottles and the same
commenced operations from January 2013. The manufacturing facility
of the firm is located at Firozabad, Uttar Pradesh with an
installed capacity of glass bottles of 90 tonnes per day (TPD).

For FY13, SRG achieved a total operating income of INR3.92 crore
with a net loss of INR1.04 crore. During 9MFY14 (refers
to the period April 1 to December 31), SRG achieved a total
operating income of INR19.13 crore.


S.S. CONSTRUCTION: ICRA Assigns 'B' Rating to INR8cr Loan
---------------------------------------------------------
ICRA has assigned '[ICRA]B' rating to the INR8.0 crore fund based
facility of S.S. Construction.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limit      8.0          [ICRA]B; Assigned

The assigned rating factors in the experience of the promoters of
SSC who have been in the construction business for the last 10
years and have worked extensively with the State and Central
government agencies. The rating also favourably factors in the
recent order bookings in the month of May'14 which provide revenue
visibility to SSC at least for the next one year. However, its
entire order book comprises of only three orders all of which are
being executed for one client in Uttarakhand leading to
significant geographic and client concentration risk. The assigned
rating is also constrained on account of weak liquidity position
of the company due to high working capital requirement leading to
fully utilized bank limits, which were enhanced very recently.
Finally, the rating also factors in the business risk arising out
of modest scale of operations, weak financial profile due to
continuous withdrawals by the proprietor, and the highly
competitive nature of business with presence of multiple small
players.

Going forward, the ability of the company to win new orders,
efficiently managing its working capital needs and financial
discipline from the proprietor would be among the key rating
sensitivities.

S.S. Construction is a proprietorship firm based in Ghaziabad,
Uttar Pradesh and was set up in 2007. The firm is promoted by Ravi
Chaudhary. SSC undertakes civil construction work for State and
Central government agencies. It is registered as an "A" class
Contractor with UP Electrical, UPSIDC Kanpur, Ghaziabad
Development Authority, Hapur Pilkhuwa Development Authority,
Kanpur Development Authority, Bullandshar Development Authority
etc. The company has worked in Ghaziabad, Kanpur, Moradabad,
Noida, Agra, Meerut, Bullandshar, Hapur, Bareilly etc.

Financial Results

As per the audited accounts of the company it has recorded an
operating income and PAT of INR5.4 crore and INR0.52 crore
respectively for FY2013 as against the operating income and PAT of
INR12.6 crore and INR0.78 crore respectively for FY2012.


SHANTI DEVI: ICRA Assigns 'B+' Rating to INR45cr Bank Loan
----------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B+' to the INR45
crore fund-based bank facilities of Shanti Devi Charitable Trust.

                               Amount
   Facilities                (INR crore)   Ratings
   ----------                -----------   -------
   Fund Based Bank facilities     45       [ICRA]B+ assigned

The assigned rating takes into account the large on-going capital
expenditure being undertaken by the trust for the proposed medical
college as well as hospital expansion and the associated funding
risk, owing to the high reliance on induction of funds in the
corpus as well as generation of internal accruals over the next
three years to part fund the capital expenditure. While the trust
is proposing e commencement of the academic session of the
aforementioned medical college from AY14-15 and has achieved
satisfactory physical and financial progress on the same, it is
however yet to receive the approval of Medical Council of India
(MCI), the inspection for which has already been undertaken by MCI
in May 2014. ICRA notes that pending this approval, while the
trust may not incur the capital expenditure on the subsequent
phases of medical college, however given the term borrowings
proposed for the first phase of the project (INR30 crore out of
total proposed debt of INR95 crore), the trust will be dependent
on the funding support from trustees for servicing of its debt
obligations as the accruals from the recently commenced hospital
operations would be inadequate to meet the interest burden.
Further in the event of delayed MCI approval, the gestation period
of the college would also elongate and necessitate additional
funding support to meet the shortfall in accruals for the proposed
capex funding as well as future debt repayment obligations.

The rating however derives strength from the experienced
management of the trust who have been engaged in the education
sector for more than fifteen years.

In ICRA's view, commencement of the academic session for the
medical college as proposed would be a rating positive. This
apart, achievement of optimum operating metrics post commencement
of operations as well as timely infusion of corpus
funds/generation of accruals will be key determinants for ensuring
the adequacy of accruals for debt servicing in the long-term and
would be key rating sensitivities.

Incorporated in 2006, Shanti Devi Charitable Trust is being
managed by Mr. Vijay Gupta and his brothers. The trustees have
been engaged in the education sector for more than 15 years and
also manage four other charitable trusts, which collectively
operate eight colleges and one hospital in the National Capital
region (NCR).

SDC trust was earlier managing two institutes, SD Institute of
Technology & Management (SDITM) and SD College of Management
(SDCM) which offered courses in engineering (B.Tech) and
management (BBA and MBA) respectively. These colleges were based
out of a single campus of 28 acres in Panipat (Haryana) and were
affiliated to Kurukshetra University. Owing to the weak response
to the courses, the trust discontinued the admissions in these
courses from AY11-12 and the operations of the aforementioned
colleges from AY13-14.


SOLID STATE: ICRA Reaffirms 'B' Rating on INR7.08cr Loans
---------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B and short term
rating of [ICRA]A4 assigned to the INR9.83 crore bank lines of
Solid State Systems Private Limited.

                        Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Long Term-Term Loan     2.33        [ICRA]B (reaffirmed)
   Long Term-Fund Based    4.75        [ICRA]B (reaffirmed)
   Short Term-Non Fund
   Based                   2.75        [ICRA]A4 (reaffirmed)

The reaffirmation of ratings takes into account the moderate
growth in revenues and cash accruals of the company, as per the
provisional financial results for FY2014. The ratings also
consider company's significant experience in the capacitor
manufacturing business and its long-term relationship with
customers and suppliers. Moreover, SSSPL has also been able to
expand its customer base in the domestic market, thereby reducing
client concentration risk to some extent.

The ratings however, are constrained by SSSPL's stretched
financial profile as reflected by low coverage ratios owing to
inadequate accruals vis-a-vis high repayment obligations which
will continue in the near term. Further, the inventory driven high
working capital intensity has led to constrained liquidity
position, as evidenced by the high utilisation of working capital
limits. The ratings are further constrained due to the modest
scale of operations of the company in an intensely competitive
industry. The company also faces risk of foreign exchange
fluctuations as about 80% of the major raw material consumed,
polypropylene film, is imported; however, the risk is partly
mitigated the natural hedge provided by export earnings and
hedging through forward contracts. The rating is also constrained
by the company's vulnerability to any adverse movements in raw
material prices, which can impact its profitability.

Solid State Systems Private Limited, founded in 1972 by Late Mr.
Irshad Basith, is into the manufacturing of metallised
polypropylene film capacitors. The company has quality
certifications like ISO 9001-2000, American UL Certification and
European ENEC Certification (for Lighting Capacitors). Currently
the company is run by directors; Mr. Jawad Basith, Mr. Naushad
Hasan, Mr. Omer Basith and Mrs. Iqbal Basith. Its manufacturing
unit is located in Hoskote, Bangalore.

Recent Results

The company reported a net profit of INR0.20 crore on an operating
income of INR25.90 crore in FY 2013 and a net profit of INR0.90
crore on an operating income of INR30.5 crore in FY 2014 (as per
provisional results).


SRI SIVA: ICRA Assigns 'B+' Rating to INR5.75cr Loan
----------------------------------------------------
ICRA has assigned the long term rating of '[ICRA]B+' to INR5.75
crore fund based limits of Sri Siva Rama Modern Raw & Boiled Rice
Mill.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund based Limits     5.75        [ICRA]B+ assigned

The assigned rating is constrained by the intensely competitive
nature of rice industry in Andhra Pradesh with presence of several
small-scale players which increases pressure on the operating
margins; and government policy restrictions in the segment which
limit sales in the open market. Further, the rating is constrained
by the modest financial profile of the firm characterized by small
scale of operations and low profitability. This apart, the rating
is also constrained by the susceptibility of profitability &
revenues to agro-climatic risks which impact the availability of
paddy in adverse weather conditions. The rating, however, takes
comfort from the long track record of the promoters in the rice
mill business, presence of the firm in major rice growing area
which eases raw material procurement and favourable demand
prospects for rice with India being the second largest producer
and consumer of rice internationally.

Going forward, the ability of the firm to improve its
profitability levels and efficiently manage its working capital
requirements remains the key rating sensitivity.

Founded in the year 1984 as a partnership firm, Sri Siva Rama
Modern Raw & Boiled Rice Mill (SSRM) is engaged in milling of
paddy and produces raw rice and boiled rice. The rice mill is
located at Tadepalligudem village of West Godavari district,
Andhra Pradesh. The installed capacity is 5 tons per hour for
boiled rice and 3 tons per hour for raw rice with separate units
for both the divisions.

Recent Results
For FY2013, the firm reported profit after tax of INR0.04 crore on
an operating income of INR28.84 crore.


SUBHAM ENTERPRISES: CRISIL Cuts Rating on INR15MM Loans to B+
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Subham
Enterprises to 'CRISIL B+/Stable/CRISIL A4' from 'CRISIL BB-
/Stable/CRISIL A4+'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit             5        CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

   Letter of Credit       55        CRISIL A4 (Downgraded from
                                    'CRISIL A4+')

   Proposed Cash          10        CRISIL B+/Stable (Downgraded
   Credit Limit                     from 'CRISIL BB-/Stable')

   Proposed Letter        10        CRISIL A4 (Downgraded from
   of Credit                        'CRISIL A4+')

The ratings downgrade reflect the deterioration in SE's liquidity,
driven by low cash accruals. This was because of significant
foreign exchange (forex)-related losses in 2013-14 (refers to
financial year, April 1 to March 31) following the steep decline
in the rupee value. The firm is estimated to have recorded
negative cash accruals of around INR21 million during 2013-14,
against cash accruals of around INR6.4 million during 2012-13.
Also, its working capital limits were highly utilised at an
average of around 75 per cent over the 12 months through May 2014.
However, its liquidity is supported by the absence of any long-
term debt.

The ratings reflect SE's below-average financial risk profile,
marked by a high total outside liabilities to tangible net worth
ratio and weak debt protection metrics, and the susceptibility of
its margins to volatility in forex rates. These rating weaknesses
are partially offset by the extensive experience of the firm's
promoter in trading in silk yarn.

Outlook: Stable

CRISIL believes that SE will continue to benefit over the medium
term from its established position in the silk yarn trading
industry and its large customer base. The outlook may be revised
to 'Positive' if the firm reports a sustainable increase in its
scale of operations and profitability, leading to an improvement
in its financial risk profile. Conversely, the outlook may be
revised to 'Negative' if SE registers lower-than-expected cash
accruals, resulting from low revenue or in case of adverse forex
rate movements or deterioration in its working capital management.

Set up in 2000 and based in Bengaluru (Karnataka), SE trades in
imported silk yarn. It is a proprietorship firm promoted by Mr.
Rakesh Mishra.

SE reported a profit after tax (PAT) of INR6.3 million on an
operating income of INR979.8 million for 2012-13, against a PAT of
INR4.2 million on an operating income of INR855.2 million for
2011-12.


UDAY AUTOSALES: CRISIL Reaffirms B+ Rating on INR104.6MM Loans
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Uday Autosales Pvt Ltd
continue to reflect UAPL's weak financial risk profile marked by
high total outside liabilities to tangible net worth ratio,
exposure to intense competition in the auto dealership market,
small scale, and regional concentration in operations. These
rating weaknesses are partially offset by UAPL's moderate revenue
growth, established relationship with principal Bajaj Auto Ltd,
and moderate debt protection metrics.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee         5.4       CRISIL A4 (Reaffirmed)

   Cash Credit           57.5       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    35         CRISIL B+/Stable (Reaffirmed)

   Proposed Cash Credit
   Limit                 10         CRISIL B+/Stable (Reaffirmed)

   Proposed Bank           2.1      CRISIL B+/Stable (Reaffirmed)
   Guarantee

Outlook: Stable

CRISIL believes that UAPL will continue to benefit over the medium
term from its established presence as authorised dealer of BAL in
Varanasi and other districts of Uttar Pradesh. The outlook may be
revised to 'Positive' if UAPL's capital structure improves on the
back of large cash accruals or equity infusion. Conversely, the
outlook may be revised to 'Negative' in case of decline in revenue
or operating profitability, increase in working capital
requirements, or large debt-funded capital expenditure, weakening
the company's financial risk profile.

UAPL, incorporated in 2010 by Mr. Uday Raj Singh and his spouse
Mrs. Vandana Singh, is a dealer of two-wheelers and three-wheelers
of BAL. UAPL is the authorised dealer of BAL's two-wheelers in
Varanasi (Uttar Pradesh) and the sole authorised dealer of BAL's
three-wheelers in five districts of Uttar Pradesh: Varanasi,
Badohi, Mirzapur, Chandoli, and Jaunpur.

For 2012-13 (refers to financial year, April 1 to March 31), UAPL
reported a profit after tax (PAT) of INR0.6 million on operating
income of INR358 million; the company reported a PAT of INR3.2
million on operating income of INR330 million for 2011-12.


V.S. BUILDCON: ICRA Assigns 'B+' Rating to INR10cr Loan
-------------------------------------------------------
ICRA has assigned '[ICRA]B+' rating to the INR10.0 crore fund
based facility of V.S. Buildcon.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limit      10.0         [ICRA]B+; Assigned

The assigned rating factors in the experience of the promoters of
VSB who have been in the construction business for the last 10
years and have worked extensively with the State and Central
government agencies. The rating also factors in the strong order
book position of VSB, which gives it revenue visibility over the
medium term. However, almost 70% of the order book comprises of
one big order which was won recently resulting in high
concentration risk. The assigned rating is also constrained on
account of weak liquidity position of the company due to high raw
material inventory on site leading to fully utilized bank limits.
Finally, the rating also factors in the business risk arising out
of modest scale of operations, weak financial profile due to
continuous withdrawals by the partners, and highly competitive
business with presence of multiple small players.

Going forward, the ability of the company to successfully execute
its order book while efficiently managing its working capital
needs and financial discipline from partners would be among the
key rating sensitivities.

V.S. Buildcon is a partnership firm based in Ghaziabad, Uttar
Pradesh and was set up in 2008. The firm is promoted by Mr. Varun
Chaudhary, his father Mr. Subhash Chaudhary and his wife Mrs.
Reenu Chaudhary. VSB undertakes civil construction work for state
and central government agencies such as public work departments,
Ghaziabad development authority, Uttar Pradesh Rajkiya Nirman
Nigam Ltd etc. VSB has primarily been bidding for and executing
government projects in road and irrigation segments.

Financial Results As per provisional accounts of the company it
has recorded an operating income and PAT of INR5.9 crore and
INR0.22 crore respectively for 7m FY2014(April 2013 to
October 2013) as against the operating income and PAT of INR1.9
crore and INR0.14 crore respectively for FY2013.


VARDHMAN METALLIC: ICRA Suspends B+ Rating on INR10.5cr Loan
------------------------------------------------------------
ICRA has suspended the '[ICRA]B+' rating assigned to the INR10.50
crore long term fund based facilities and '[ICRA]A4' rating
assigned to the INR0.20 crore short term non-fund based facility
of Vardhman Metallic Private Limited. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the firm.


VEER HANUMAN: ICRA Assigns 'B' Rating to INR4.84cr Loans
--------------------------------------------------------
The rating of '[ICRA]B' has been assigned to the INR4.84 crore
long term, fund-based facilities of Veer Hanuman Polyplast. The
rating of '[ICRA]A4' has also been assigned to INR0.90 crore short
term, non-fund based facilities of VHP.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit           1.25       [ICRA]B assigned
   Term Loan             3.59       [ICRA]B assigned
   Bank Guarantee        0.15       [ICRA]A4 assigned
   Letter of Credit      0.75       [ICRA]A4 assigned

The ratings are constrained by the high competitive intensity in
the PVC pipes business; the relatively modest scale of the firm's
operations; and vulnerability of profitability to fluctuations in
PVC prices. The ratings also take into account customer and
geographical concentration risks with the revenues being derived
from the Rajasthan region only with large portion of sales being
to group entities.  The financial risk profile is characterised by
small scale of operations, high gearing and weak debt coverage
indicators. Further, being a sole-proprietorship, the entity is
exposed to related risk such as limited ability to raise capital;
capital withdrawal and continuation at will. Any substantial
withdrawal of capital from the firm may lead to adverse impact on
the net worth and gearing levels. The ratings, however, favourably
factor in the long experience of the management in the PVC pipes
business and favourable demand prospects for the PVC pipes sector
from sectors such as agriculture and infrastructure. Further, the
operating margins of the firm have remained healthy in the past.
The ability of the firm to sustain its healthy operating margins
and improve its liquidity position will be key rating
sensitivities going forward.

Veer Hanuman Polyplast is a proprietorship firm, with Mrs. Hemlata
Bajaj as the proprietor. The entity manufactures PVC pipes and PVC
fittings. VHP was set up in 2001 in Jhotwara area in Jaipur by the
Late Mr. Navaratan Bajaj. Later on, while expanding the capacity,
the unit was shifted to VKI industrial area, RIICO Jaipur, where
the firm started producing PVC fittings in addition to pipes. The
manufacturing capacity of the unit was gradually increased from
270 metric tonnes per annum (MTPA) in 2001 to 2,160 MTPA of PVC
pipes and PVC fittings currently. The products of the firm are
approved for agricultural use. The firm supplies are directed
towards construction and agricultural use through its group
entities and other distributors/dealers. VHP sells its products
under the brand name of "KWing".

Recent Results:

In 2012-13, the firm reported a net profit of INR0.05 crore on an
operating income of INR2.65 crore in FY13 against net profit of
INR0.06 crore on an operating income of INR1.90 crore in FY12.



                             *********

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
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