TCRAP_Public/141009.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, October 9, 2014, Vol. 17, No. 200


                            Headlines


A U S T R A L I A

CATERING FOR ROYALTY: In Administration; First Meeting Set Oct 15
GLENZEIL PTY: Tradies, Small Business Owners Turn Up at Auction
GOWMAN ENTERPRISES: In Administration; First Meeting Set Oct. 15
IMMUNE SYSTEM: In Administration; First Meeting Set Oct. 16
PREMIER ELECTRICAL: In Liquidation; Creditors Meeting on Oct 16

* AUSTRALIA: ASIC and AFSA Announce Refreshed MOU
* Strategic Planning Failures Underpin High SME Insolvency Rate


C H I N A

SHANGHAI CHAORI: Gets Guarantee From State-Back Bad Bank
TIMES PROPERTY: Moody's Says Bond Offering No Impact on B1 CFR
* CHINA: Credit Easing Gives Hope To Property Developers


I N D I A

A.R. INFRATECH: CRISIL Cuts Rating on INR90MM Cash Credit to D
APS METALS: CRISIL Reaffirms B Rating on INR160MM Cash Credit
ATOM CERAMIC: ICRA Reaffirms B+ Rating on INR4cr Cash Credit
CHIRAG DEVELOPERS: CRISIL Reaffirms B+ Rating on INR140MM Loan
DELTRON ELECTRICALS: CRISIL Reaffirms B+ Rating on INR34.5MM Loan

DOSHI CERAMIC: ICRA Revises Rating on INR4.88cr Term Loan to B
GOL OFFSHORE: CRISIL Reaffirms D Rating on INR8.0BB Term Loan
GRITTON CERAMICS: CRISIL Assigns B+ Rating to INR85MM Cash Loan
HALDIA COKE: CRISIL Puts B Cash Loan Rating on Withdrawal Notice
KANORIA CHEMBOND: CRISIL Puts B+ Rating on Notice of Withdrawal

KAPSONS INSULATIONS: CRISIL Cuts Rating on INR95MM Loan to D
NARAYAN BUILDERS: ICRA Revises Rating on INR85cr Bank Loan to B
PATIDAR INDUSTRIES: CRISIL Puts B Rating on Notice of Withdrawal
PRINCE YARNN: ICRA Reaffirms 'B' Rating on INR13cr Term Loan
R.R. DWELLINGS: CRISIL Cuts Rating on INR180MM Term Loan to 'D'

REAL INNERSPRING: ICRA Assigns 'B+' Rating to INR3.25cr Cash Loan
RICHWELL ENTERPRISES: ICRA Assigns B+ Rating to INR14.75r LT Loan
RICO AUTO: ICRA Cuts Rating on INR189.2cr FB & Non FB Loan to D
RKD EXIM: ICRA Lowers Rating on INR6.59cr Term Loan to 'D'
SAHITYA SADAWART: ICRA Assigns 'D' Rating to INR11.4cr Bank Loan

SAI HARI: CRISIL Reaffirms 'B' Rating on INR100MM Term Loan
SHIV DURGA: CRISIL Reaffirms B+ Rating on INR25MM Cash Credit
SHRI KRISHNA: ICRA Reaffirms B+ Rating on INR12cr Cash Credit
SIDDHARTHA BRONZE: ICRA Reaffirms B+ Rating on INR7.5cr Cash Loan
SINGLA RICE: ICRA Reaffirms B Rating on INR7.50cr LT Loan

SITAPUR SHIKSHA: CRISIL Reaffirms D Rating on INR231.8MM Loan
SOMNATH GINNING: CRISIL Puts B Rating on Notice of Withdrawal
SRI RAGHAVENDRA: CRISIL Reaffirms B Rating on INR290MM Term Loan
SRI VASAVI: CRISIL Assigns B+ Rating to INR60MM Capital Loan
SRI V.N.S: ICRA Reaffirms C+ Rating on INR15.10cr Term Loan

SUMIT COTTON: CRISIL Reaffirms B+ Rating on INR180MM Cash Credit
TAWI EDUCATIONAL: ICRA Withdraws B Rating on INR18.38cr Bank Loan
UNIVERSAL CHEMICALS: CRISIL Reaffirms D Rating on INR555.9MM Loan
VALENCIA CERAMIC: ICRA Reaffirms B Rating on INR6.44cr Term Loan
VASAVI PIPES: CRISIL Reaffirms B Rating on INR50MM LT Loan

VASAVI PLAST: CRISIL Reaffirms B Rating on INR60MM Cash Credit


N E W  Z E A L A N D

RICK LUCAS: Future Uncertain as Helipro Enters Receivership


V I E T N A M

VINGROUP JSC: Fitch Affirms 'B+' IDR; Outlook Stable


                            - - - - -


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


CATERING FOR ROYALTY: In Administration; First Meeting Set Oct 15
-----------------------------------------------------------------
Richard Albarran and David Ingram of Hall Chadwick were appointed
as administrators of Catering For Royalty Pty Limited on Oct. 3,
2014.

A first meeting of the creditors of the Company will be held at
Hall Chadwick, Level 40, 2 Park Street, in Sydney, on Oct. 15,
2014, at 11:00 a.m.


GLENZEIL PTY: Tradies, Small Business Owners Turn Up at Auction
---------------------------------------------------------------
Lucy Ardern at Gold Coast Bulletin reports that the mood was
subdued in morning of Sept. 8 as Gold Coast tradies and small
business owners turned up to bid on an eclectic range of items
being sold off as part of the Glenzeil liquidation.

The report said the energy level of the crowd did not stop Hymans
Valuers & Auctioneers Queensland general manager James Rouse from
working through the lots quickly, with plenty of registered
bidders for the 500 lots.

He went from one shipping container to another -- selling off
everything from chairs to fridges -- during the auction, which was
expected to take several hours, notes the report.

"We have 17 shipping containers worth of stuff to go," Gold Coast
Bulletin quoted Mr. Rouse as saying in an earlier report. "I would
expect creditors are among the bidders."

The lots included seven motor vehicles, hundreds of power tools,
hundreds of building site signs and several fridges, dishwashers
and clothes dryers, the Bulletin discloses.

The report notes that the auction was expected to net about
AUD150,000, which will go towards paying back the almost AUD10
million in debts owed to Glenzeil staff and subbies.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 11, 2014, Gold Coast Bulletin said Glenzeil Pty Ltd
staff were sacked and the Gold Coast construction company shut
down as soon as the liquidator was appointed this week.
The Bulletin related that liquidator Peter Dinoris, from Vincents
in Brisbane, said the 34 staff employed by the Varsity Lakes-based
business were stood down immediately on September 8.

Glenzeil Pty Ltd was one of Gold Coast's largest construction
companies and had a string of projects to its name including
Nirvana by the Sea at Kirra and the Rocket in Robina.


GOWMAN ENTERPRISES: In Administration; First Meeting Set Oct. 15
----------------------------------------------------------------
Gess Michael Rambaldi and David Raj of Pitcher Partners were
appointed as administrators of Gowman Enterprises Pty Ltd on Oct.
3, 2014.

A first meeting of the creditors of the Company will be held at
Level 19, 15 William Street, in Melbourne, on Oct. 15, 2014, at
11:00 a.m.


IMMUNE SYSTEM: In Administration; First Meeting Set Oct. 16
-----------------------------------------------------------
Tony McGrath and Barry Kogan of McGrathNicol were appointed as
administrators of Immune System Therapeutics Limited on Oct. 3,
2014.

A first meeting of the creditors of the Company will be held at
Cliftons, Level 13, 60 Margaret Street, in Sydney, on Oct. 16,
2014, at 3:00 p.m.


PREMIER ELECTRICAL: In Liquidation; Creditors Meeting on Oct 16
---------------------------------------------------------------
Timothy Clifton and Daniel Lopresti of Clifton Hall were appointed
Joint and Several Liquidators of Premier Electrical Services (SA)
Pty Ltd on Oct. 3, 2014.

A meeting of creditors will be held at 11:00 a.m. on Oct. 16,
2014, at Clifton Hall, Level 3, 431 King William Street, in
Adelaide.


* AUSTRALIA: ASIC and AFSA Announce Refreshed MOU
-------------------------------------------------
Australian Financial Security Authority's Chief Executive
Veronique Ingram and Commissioner John Price of the Australian
Securities and Investments Commission (ASIC) have announced the
release of a new Memorandum of Understanding (MOU) between AFSA
and ASIC.

ASIC and AFSA are responsible for the oversight of Australia's
insolvency systems for individuals and corporations.

Mr. Price said the new memorandum facilitates the capacity for
both agencies to work more cooperatively and productively.

"While ASIC and AFSA have had similar memorandums, the latest
agreement acknowledges the benefits obtained from sharing
information and resources, while still maintaining proper
information and privacy protections at a high level," Mr. Price
said.

Ms. Ingram said that the new MOU further extends the liaison,
cooperation, assistance and the exchange of information to enhance
the effective and efficient performance of the regulatory
functions of ASIC and AFSA.

The previous MOU between ASIC and the AFSA was signed in
April 2002. The revised MOU has been updated to reflect
developments since that time, including:

   * the Senate Economics References Committee 2010 report on
     The Regulation, Registration and Remuneration of insolvency
     Practitioners in Australia: The Case for a New Framework,
     which led to a range of proposals directed at harmonising
     and streamlining the personal and corporate insolvency
     systems, and

   * administrative and functional changes such as the change of
     name of Insolvency and Trustee Service Australia to AFSA and
     assumption by AFSA of responsibility for the Personal
     Property Securities Register, which incorporates the former
     ASIC Register of Company Charges.


* Strategic Planning Failures Underpin High SME Insolvency Rate
---------------------------------------------------------------
Dynamic Business reports that a lack of clear strategic planning
and execution is behind the failure of too many SMEs with the
latest the Australian Securities and Investments Commission (ASIC)
figures showing it is the leading cause of insolvency for 42 per
cent of businesses in the last financial year.

The report relates that poor strategic management was responsible
for 42 per cent of insolvencies in 2012-13 and 44 per cent of
insolvencies in 2011-12, meaning it is the major reason why
businesses have failed over the past three years.

The sectors hardest hit by the failure to develop sound strategic
management plans are those in the construction sector (with 892
businesses failing for this reason), the hospitality sector and
the retail sector, according to the report.

XGAP management consultancy co-founder, Martin West, told Dynamic
Business there was a time efficient and cost effective three-step
approach to improve strategic management and help stave-off
business failure.

"It involves the leader asking 'what are the 12 month goals for
the company' and just limiting them to three," the report quotes
Mr. West as saying. "The second thing is to ask each person 'what
are the three things they need to focus on to meet those goals'
and the third thing is to meet once a week for 45 minutes to
discuss progress."

"It's not difficult, it's not complex, but it has a huge impact."

Dynamic Business relates that Mr. West, a former fighter pilot
squadron leader who founded the consultancy with ex-NBL basketball
coach Mark Bragg 12 years ago, said it was easier for small
businesses to take these steps but warned they often became
distracted.

"It's funny. It's actually easier to do with a small business. A
small business is very entrepreneurial and, in theory, it's easier
to do those three things, but in practice it gets put off. They
think 'we're small, we're nimble, we don't need to do this'."

Of businesses that are struggling or fail, Mr. West said he
believed one third were most likely never going to succeed, the
report relays. This is because the idea or business concept is
unable to gain market traction or because the owner is simply not
cut out for the responsibilities of running a business.

However, he said two thirds of the businesses that failed could
have changed their path or trajectory if they were smarter about
pursuing their objectives, relates Dynamic Business.

According to the report, the ASIC insolvency figures for the 2013-
14 financial year show that inadequate cash flow or high cash use
was responsible for 43 per cent of reported insolvencies. Poor
strategic management was responsible for
42 per cent while trading losses were responsible for
33 per cent, Dynamic Business discloses.

Small businesses continue to be the most likely to fail with
86 per cent of reported insolvencies relating to companies with
assets of AUD100,000 or less and 81 per cent of failures from
businesses with fewer than 20 employees, adds Dynamic Business.



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SHANGHAI CHAORI: Gets Guarantee From State-Back Bad Bank
--------------------------------------------------------
Bloomberg News reports that Shanghai Chaori Solar Energy Science &
Technology Co., the first company to default in China's onshore
bond market, got a guarantee to help make repayments from a state-
backed fund that buys bad debt.

China Great Wall Asset Management Corp., one of the four so-called
bad banks that the government set up in 1999, will guarantee as
much as CNY788 million ($128.4 million) on the solar-panel maker's
CNY1 billion of defaulted notes, it said in a statement posted to
the Shenzhen Stock Exchange website on October 7, Bloomberg
relates.  Shanghai Jiu Yang Investment Management Center, one of
the nine investors to restructure Chaori, will provide CNY92
million, it said in a separate filing, the report relays.

According to Bloomberg, the backing is part of Chaori's
restructuring plan that comes as Premier Li Keqiang seeks to avert
sharper economic slowing and prevent financial risks from
spreading. Shanghai marked a corporate-bankruptcy milestone in
June when a court accepted a reorganization application for
Chaori.  Bloomberg says the company paid CNY4 million of an
CNY89.8 million coupon due in March on the 2017 bonds, and must
repay the securities in full within six months of any court
approval of the restructuring plan.

"The plan means investors can get all the money back," the report
quotes Lei Haiqiang, a lawyer at the law firm Beijing Ya Ao, as
saying. Mr. Lei said he bought 2,160 Chaori bonds at a price of
around CNY77 a piece on March 1, Bloomberg relays. "I'm quite
happy with the plan, and am sure it will be approved by
bondholders."

With interest included, Chaori bonds are valued at about CNY111.64
a piece, the manufacturer said in a separate exchange statement,
which was dated Sept. 30 as were the other filings, relays
Bloomberg.  Chaori will first repay CNY3.06 on each note from a
reserve drawn from collateral. The CNY108.58 gap will be treated
as "common debt," for which the company will repay
100 percent for portions below CNY200,000 and only 20 percent for
holdings above CNY200,000, the company, as cited by Bloomberg,
said. The shortfall would be covered by the guarantees.

China set up Great Wall Asset, Huarong Asset Management Co., China
Cinda Asset Management Co. and China Orient Asset Management Corp.
in 1999 to clean up a financial system on the brink of bankruptcy
after decades of government-directed lending to unprofitable
enterprises, according to Bloomberg.

In an equity dilution plan, Chaori will issue 19.9 new shares for
every 10 existing shares, according to the statement cited by
Bloomberg.  A consortium of nine new investors, led by Jiangsu
Golden Concord, the mainland China arm of Hong Kong-based Golden
Concord Holdings Ltd., will provide CNY1.46 billion to Chaori to
repay debt, in turn for 1.68 billion shares from existing
shareholders, or 66.6 percent in the new equity structure,
according to the statement, the report relates.

Bloomberg adds that the plan will become effective upon agreement
from creditors and the local court ruling. If the plan fails,
Chaori will be liquidated, the company said. In that scenario,
Chaori's existing assets can cover, at maximum, only 3.95 percent
of its outstanding "common debt," which includes most parts of
debt owed to bondholders, Chaori said, Bloomberg relays.

Under the business reorganization plan, Jiangsu Golden Concord
will take over the management. It pledged to make a net profit for
this year and to be relisted in 2015, Bloomberg adds.

Shanghai Chaori Solar Energy Science & Technology Co., Ltd.
engages in the research, development, and manufacture of solar
solutions in the People's Republic of China, rest of Asia, Europe,
North America, and Oceania. The company offers crystalline
modules, such as mono modules, poly modules, black pearls, and T-
modules; crystalline silicon solar cells; wafers; ingots and
chunks; and solar lamps.  The company is headquartered in
Shanghai, China.


TIMES PROPERTY: Moody's Says Bond Offering No Impact on B1 CFR
--------------------------------------------------------------
Moody's Investors Service, says that Times Property Holdings
Limited's B1 corporate family rating and its B2 senior unsecured
rating are unaffected by the company's announcement of a tap bond
offering on its existing RMB900 million, 10.375%, 3-year senior
unsecured notes, due July 16, 2017.

The outlook for the ratings remains stable.

"The tap issuance will lengthen the company's debt maturity
profile, as the proceeds will primarily be used to refinance trust
loans," says Kaven Tsang, a Moody's Vice President and Senior
Analyst.

"Moody's expect Times Property's revenue/debt will stay at 100%-
110%, and its EBITDA interest coverage will likely be maintained
at around 2.0x-2.5x over the next 1-2 years. Such results are
comparable to that for its single-B-rated peers, with similar
operating profiles," says Tsang, who is also the Lead Analyst for
Times Property.

Sales in China's property market softened in the first three
quarters of 2014. By contrast, Times Property's contracted sales
over the same period grew 73% year-on-year to RMB9.8 billion,
putting the company on track to reach its annual target of RMB15
billion.

Times Property's favorable sales results support its liquidity
profile, which was adequate at end-June 2014, with a total cash
balance of RMB5.2 billion, including RMB2.1 billion in restricted
cash. Its cash balance fully covers its short-term debt of around
RMB1.6 billion and committed land payments of RMB2.2 billion.

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

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

Nevertheless, the risks associated with its fast expansion are
partly mitigated by the company's plans to stay in its home
market, its improved liquidity position after its IPO in 2013, and
its several bond issues this year.

Moody's also expects Times Property will maintain a disciplined
land acquisition strategy, subject to market conditions.

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

Times Property's bond rating is notched down to B2 from B1 due to
subordination risk from the company's secured and subsidiary debt,
which is expected to be maintained at around 25% of total assets
over at least the next 1-2 years. The ratio stood at 27% as of
June 2014.

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

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

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

If the conditions leading to downward ratings pressure
materialize, the company's cash holdings including restricted and
unrestricted cash could fall below 100% of debt maturing over the
next 12 months, and/or its credit metrics could deteriorate such
that EBITDA/interest stays under 2x.

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

Times Property Holdings Limited is a small-to- mid-sized property
developer based in Guangdong Province. It focuses on meeting the
demand of end users for mass-market housing.

At end-June 2014, it had 25 property projects in five cities in
Guangdong Province, including Guangzhou, as well as Changsha in
Hunan Province, and a total land bank of around 8.97 million
square meters.


* CHINA: Credit Easing Gives Hope To Property Developers
--------------------------------------------------------
The South China Morning Post reports that for cash-strapped
developers on the mainland, credit-relaxation measures announced
by Beijing offer the prospect of an easing of mounting liquidity
risk as the property market downturn deepens.

Of the 14 major mainland developers monitored by Mizuho
Securities, only four -- China Resources Land, Sino Ocean Land,
KWG and China Vanke -- have managed to maintain positive operating
cash flows, with only Vanke doing so consistently since 2008, the
report says.

According to SCMP, the People's Bank of China and the China
Banking Regulatory Commission announced on September 30 the first
easing of housing policies since 2010. They redefined first-time
buyers and lowered the preferential mortgage rate for them. Those
who have fully repaid an outstanding mortgage loan will be
considered first-time home buyers, the central bank and CBRC said
in their joint statement. Thus, they only need to come up with
30 per cent deposit, instead of 60 per cent, SCMP notes.

The report relates that analysts have described the loosened
mortgage rules as significant, but caution the impact will take
time to flow through to the market.

SCMP says the stakes are high for developers, which have been
unable to boost sales through price cuts -- despite the peak
autumn sales season under way -- and have seen the shadow banking
sector become less supportive.

The report relates that the scale of the challenges facing
mainland property firms was highlighted by data on September 25
that showed home prices fell for a fifth consecutive month in 100
big cities. The average new home price dropped to CNY10,672
(HK$13,484) per square metre in September, down 0.92 per cent from
August, and off 0.59 per cent from the previous month, data
provider China Index Academy said, SCMP discloses.

SCMP notes that the extended slide in prices is set to further
stoke concerns over developers' liquidity risks, especially as
they failed to gain a lift from the traditionally strong buying
season.

The 14 developers tracked by Mizuho had an average operating cash
flow of minus CNY7.52 billion in the 2013 financial year, against
a positive cash flow of HK$2.87 billion in 2012, the report
discloses.

"On a year-on-year basis, the liquidity of developers may be even
tighter in the second half than the first half," the report quotes
Alan Jin, property analyst for Asia ex-Japan at Mizuho Securities
Asia, as saying. "Mortgage loan relaxation, especially a reduction
in the down-payment requirement, is pretty significant.

"It will help property sales and hence ease developers' financial
risk to some extent. But it may take some time for the full impact
to be felt by the market."

As part of the easing measures, the regulators said those meeting
the definition of first-time buyers could receive a preferential
interest rate as low as 30 per cent below the benchmark rate,
instead of the previous 15 per cent discount, the report adds.



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A.R. INFRATECH: CRISIL Cuts Rating on INR90MM Cash Credit to D
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
A.R. Infratech to 'CRISIL D/CRISIL D' from 'CRISIL B-
/Stable/CRISIL A4'.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Bank Guarantee           10         CRISIL D (Downgraded from
                                       'CRISIL A4')

   Cash Credit              90         CRISIL D (Downgraded from
                                       'CRISIL B-/Stable')

   Long Term Loan           45         CRISIL D (Downgraded from
                                       'CRISIL B-/Stable')

   Proposed Long Term       15         CRISIL D (Downgraded from
   Bank Loan Facility                  'CRISIL B-/Stable')

The rating downgrade reflects instances of delay by ARI in
servicing its debt because of weak liquidity, marked by inadequate
cash accruals vis-a-vis debt obligations.

ARI has modest scale of operations, faces revenue concentration
risks, and has below-average financial risk profile marked by high
gearing. However, the firm benefits from its promoters' experience
in the civil construction business.

ARI, set up in 2009, is engaged in the civil construction
business. Its operations are managed by Mr. Mohammad Abdulla and
Mr. C Rengaraj.


APS METALS: CRISIL Reaffirms B Rating on INR160MM Cash Credit
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of APS Metals Private Ltd
(APS) continue to reflect APS's modest scale of operations with
low profitability, and susceptibility to volatility in the prices
of the commodities it trades in.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           160        CRISIL B/Stable (Reaffirmed)
   Letter of Credit      110        CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     40        CRISIL B/Stable (Reaffirmed)

The ratings also reflect APS's stretched liquidity marked by fully
utilized bank limits, low cash accruals, and moderate working
capital requirements. These rating weaknesses are partially offset
by APS's healthy revenue growth over the past four years,
supported by its promoters' extensive experience in trading in
non-ferrous metals.

Outlook: Stable

CRISIL believes that APS will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if APS generates substantial
cash accruals, leading to improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
the company's financial risk profile, especially its liquidity,
deteriorates.

Based in New Delhi, APS was set up by Mr. Pradeep Kumar Gupta to
take over the business of Krishna Metal Co his partnership firm
with effect from November 1, 2010. APS took over the business of
Krishna Metal Co with effect from November 1, 2010. APS mainly
trades in non-ferrous metals and alloys, such as copper, brass,
zinc, and aluminium.


ATOM CERAMIC: ICRA Reaffirms B+ Rating on INR4cr Cash Credit
------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating to the INR3.34 crore
(enhanced from INR2.78 crore) term loan and INR4.00 crore
(enhanced from INR3.00 crore) cash credit facility of Atom
Ceramic. ICRA has also reaffirmed the [ICRA]A4 rating to the
INR1.80 crore (enhanced from INR0.75 crore) non-fund based bank
guarantee facility of AC.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loan             3.34        [ICRA]B+ reaffirmed
   Cash Credit           4.00        [ICRA]B+ reaffirmed
   Bank Guarantee        1.80        [ICRA]A4 reaffirmed

The reaffirmation of ratings continues to reflect the firm's
relatively modest scale of operations, weak financial profile on
account of its stretched liquidity position, low net profitability
indicators and adverse capital structure owing to debt funded
capital expenditure. The ratings are also constrained by the
competitive business environment in which the firm operates
limiting improvement in realizations and vulnerability of its
profitability to cyclicality inherent in real estate industry and
to adverse fluctuations in raw material & fuel prices.
However, the ratings favorably factors in the promoters' extensive
experience in the ceramic industry and favorable location of the
plant with its proximity to raw material sources.

Atom Ceramic is a manufacturer of wall tiles established in
July 2009. The plant is located in Morbi, Gujarat with a capacity
of 25,600 MT and is based on the Roller Kiln technology. It is a
double firing plant. The firm started production from May 2010.
The firm is currently manufacturing tiles of sizes 12"x18" and 8"
x 18".

Recent Results
During FY2013, the firm reported net profit of INR0.01 crore on an
operating income of INR10.86 crore. Further, the firm has reported
operating income of INR12.35 crore and net profit of INR0.05 crore
in FY2014.


CHIRAG DEVELOPERS: CRISIL Reaffirms B+ Rating on INR140MM Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Chirag
Developers (CD) continues to reflect its exposure to project
implementation risks, and vulnerability to cyclical demand
inherent to the Indian real estate sector. These rating weaknesses
are partially offset by the promoters' extensive industry
experience.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           140       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that CD will benefit from its promoters' extensive
experience in the real estate market in Pune (Maharashtra). The
outlook may be revised to 'Positive' if the firm records sizeable
bookings and hence, commensurate cash accruals, without any cost
overruns. Conversely, the outlook may be revised to 'Negative' if
CD's liquidity is adversely impacted by significant project cost
overruns or delayed increase in customer bookings.

Update
The firm has incurred about 65 per cent of construction cost till
July 2014; the project is scheduled for completion by December
2015. CD has equally funded the cost of construction through the
promoters' contribution, a term loan and customer advances. The
firm received bookings for 50 per cent of construction space, with
customer advances at around 25 per cent of the construction cost,
as of September 25, 2014, resulting in extensive reliance on
promoters' funds and the term loan. Moreover, the firm will
continue to depend on the timely receipt of customer advances, to
fund the construction. Though the firm still has to avail about
half of its sanctioned INR140 million term loan, delays in receipt
of customer advance may adversely impact the construction and
liquidity profile of firm.

Set up in 2005, CD is executing Phase III of its residential real
estate project, Grande View 7, in Ambegaon, Pune (Maharashtra).
The firm has completed the construction of, and sold around 262
flats in, Phases I and II, of Grand View 7. The construction of
Phase III, which comprises 140 flats, is likely to be completed by
December 2015.


DELTRON ELECTRICALS: CRISIL Reaffirms B+ Rating on INR34.5MM Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Deltron Electricals
continue to reflect Deltron's weak financial risk profile marked
by small net worth, and its modest scale of operations in the
highly competitive transformer industry. These rating weaknesses
are partially offset by the extensive experience of Deltrons'
promoters in the power distribution equipment industry and the
firm's prudent risk management policies.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          20       CRISIL A4 (Reaffirmed)

   Cash Credit             20       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term      34.5     CRISIL B+/Stable (Reaffirmed)
   Bank Loan Facility

   Term Loan                5.5     CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Deltron will continue to benefit over the
medium term from its strong track record in the power distribution
equipment industry and its established clientele. The outlook may
be revised to 'Positive' if Deltron's financial risk profile
improves, driven most likely by significant sales realisation
resulting in increased cash accruals, or infusion of capital.
Conversely the outlook may be revised to 'Negative' if the firm's
financial risk profile weakens, most likely because of low revenue
or capital withdrawal by promoters.

Deltron, based in Vasai (Maharashtra), was established in 1980 by
Mr. H D Shah and his son, Mr. Deepak Shah, as a partnership firm.
The firm manufactures distribution, power, and dry type
transformers.


DOSHI CERAMIC: ICRA Revises Rating on INR4.88cr Term Loan to B
--------------------------------------------------------------
ICRA has revised downwards the long term rating assigned to the
INR4.88 crore term loans and INR0.50 crore fund based cash credit
facilities of Doshi Ceramic Industries from [ICRA]B+ to [ICRA]B.
ICRA has also reaffirmed the short term rating of [ICRA]A4 to the
INR0.20 crore short term non fund based facilities of DCI.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit           0.50       Revised to [ICRA]B
                                    from [ICRA]B+

   Term Loan             4.88       Revised to [ICRA]B
                                    from [ICRA]B+

   Bank Guarantee        0.20       [ICRA]A4; Reaffirmed

The rating revision reflects the delay in ramping up of operations
given the intense completion from organized and unorganized
players in sanitary ware, resulting in weak financial profile as
reflected in low profitability, stretched capital structure and
weak debt coverage indicators. The ratings also take into account
the lack of experience of promoters in the line of business and
limited track record of the firm's operations. Further, the
ratings are constrained by the vulnerability of firm's
profitability to availability and increasing prices of gas and
power as well as competitive business environment given the
fragmented nature of industry with large number of sanitary ware
manufacturers in the region. Further, Doshi Ceramic Industries is
a partnership firm and any substantial withdrawal from capital
account would impact the net worth and thereby the capital
structure of the firm.

The ratings, however, favourably consider the location advantage
resulting in easy access to raw material sources.

Incorporated in April 2012, Doshi Ceramic Industries (DCI) is
engaged in the manufacturing of sanitary ware products. The
manufacturing unit of the firm is located in Thangadh (Morbi),
Gujarat, having an installed capacity of 10,800 MTPA. The
commercial production has commenced from January 2013.The firm is
promoted and managed by Mr. Bipinchandra Doshi and Mr. Rajesh
Doshi along with other family members and relatives.

Recent Results
For the year ended 31st March, 2014, the firm reported an
operating income of INR4.07 crore with profit before depreciation
and taxes (PBDT) of INR0.13 crore.


GOL OFFSHORE: CRISIL Reaffirms D Rating on INR8.0BB Term Loan
-------------------------------------------------------------
The CRISIL rating continues to reflect instances of delay by
GOL Offshore Ltd in servicing its debt; the delays have been
caused by weak liquidity. During 2013-14 (refers to financial
year, April 1 to March 31), GOL's cash flows remained sluggish
because of ongoing delay in deployment of its 350-foot jack-up rig
(being set up at an estimated cost of about INR10 billion). In
addition, the company's short-term debt has increased
considerably. These factors have adversely impacted GOL's
liquidity and debt protection metrics. Furthermore, the company's
debt levels remained high in 2013-14.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Letter of credit &      1850       CRISIL D (Reaffirmed)
   Bank Guarantee

   Long Term Loan          8020       CRISIL D (Reaffirmed)

   Proposed Letter of       650       CRISIL D (Reaffirmed)
   Credit & Bank Guarantee

   Proposed Long Term      2980       CRISIL D (Reaffirmed)
   Bank Loan Facility

   Short Term Loan         1500       CRISIL D (Reaffirmed)

CRISIL believes that GOL's cash flows will remain under stress
because of continued delays in deployment of its 350-foot jack-up
rig; the rig is likely to be operational not before the third
quarter of 2014-15.

GOL is one of the largest offshore oil field service providers in
India, offering drilling and offshore support services to oil and
gas companies for exploration and production activities. The
company was formed when the offshore division of The Great Eastern
Shipping Company Ltd (GESCL) was demerged into a separate company
in October 2006. GOL has over two decades of operational
experience in the offshore oil field services business, including
the years it was the offshore division of GESCL. GOL, as an
erstwhile division of GESCL, is India's first private-sector
company to enter the offshore business, with the purchase of an
offshore support vessel in 1983. The company entered the drilling
business with its first rig in 1987. It was also the first to own
a platform supply vessel, and pioneered the fire-fighting vessel
segment with two dedicated fire-fighting support vessels.

GOL has a total fleet of 41 vessels, comprising drilling assets,
support vessels, construction barges and tugs. It has seven wholly
owned subsidiaries: Deep Water Services (India) Ltd, Deep Water
Services (International) Ltd, GOL Offshore Fujairah LLC-FZE, KEI-
RSOS Maritime Ltd, GOL Ship Repairs Ltd, Great Offshore
(International) Ltd, and GOL Salvage Services. GOL also holds a 26
per cent equity stake in a joint venture, United Helicharters Pvt
Ltd. Bharati Shipyard, along with its subsidiaries, is the single-
largest shareholder in GOL, with a stake of around 49.7 per cent.

For 2013-14, GOL reported, on a consolidated basis, a net loss of
INR676 million on net sales of INR11.25 billion, against a net
loss of INR260 million on net sales of INR9.92 billion for 2012-
13.


GRITTON CERAMICS: CRISIL Assigns B+ Rating to INR85MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Gritton Ceramics Pvt Ltd.

                         Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Bank Guarantee           15          CRISIL A4
   Cash Credit              85          CRISIL B+/Stable

The ratings reflect its start-up nature and modest scale of
operations in the highly competitive ceramic industry and large
working capital requirements. These rating weaknesses are
partially offset by the promoters' extensive experience in the
ceramics industry and comfortable capital structure.

Outlook: Stable

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

Incorporated in 2014, Gritton Ceramic Pvt Ltd (GCPL) is promoted
by Ahmedabad; Gujarat based Mr. Ashok Garg, Mr. Pervinderkumar
Mechu and Mr. Rameshbhai Patel. The company is engaged in the
manufacturing of ceramic wall tiles. Commercial operations are
expected to commence from August-2014.


HALDIA COKE: CRISIL Puts B Cash Loan Rating on Withdrawal Notice
-----------------------------------------------------------------
CRISIL has placed its ratings on the bank facilities of Haldia
Coke and Chemicals Private Limited (HCCPL; part of the Haldia
group) on a 'Notice of withdrawal' for a period of 180 days on
HCCPL's request. The rating will be withdrawn at the end of the
notice period, in line with CRISIL's policy on withdrawal of
ratings on bank loans.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit              480        CRISIL B/Stable (Notice
                                       Of Withdrawal)

   Letter of Credit        2520        CRISIL A4 (Notice of
                                       Withdrawal)

Outlook: Stable

CRISIL believes that HCCPL will benefit over the medium term from
its semi-integrated operations. The outlook may be revised to
'Positive' in case the company improves its working capital
management, supported by an improvement in realisation of
receivables. Conversely, the outlook may be revised to 'Negative'
if the company's receivable collection deteriorates further or if
it undertakes a large, debt-funded capital expenditure programme,
or significant decline in revenues and margins.

HCCPL, incorporated as Haldia Coke and Chemicals Ltd in 2004, was
reconstituted as a private limited company in July 2010. HCCPL is
promoted by Shriram Group, with Shriram EPC Ltd and Shriram Auto
Finance Ltd holding 48 per cent and 16 per cent stake in HCCPL
respectively, and the other Shriram Group entities holding the
rest. HCCPL trades in metallurgical coke and coal. It also
operates captive mines through its subsidiaries, IMI and TAMI.
HCCPL is also the holding company of ECL and WCIL, which
manufacture met coke. HCCPL also manages ACPL, which is also
involved in the met coke manufacturing business. ECL's
manufacturing facilities are also integrated with a 12-megawatt,
co-generation power plant (through waste heat recovery). Apart
from manufacture of coking coal, ECL, WCIL and ACPL derive close
to 80 per cent of their revenues from trading in coking coal and
coal. The Haldia group's daily operations are managed by Mr. M R
Rajagopal.


KANORIA CHEMBOND: CRISIL Puts B+ Rating on Notice of Withdrawal
---------------------------------------------------------------
CRISIL has placed its long term ratings on the bank facilities of
Kanoria Chembond Pvt Ltd on 'Notice of Withdrawal' for a period of
60 days and withdrawn its short term facilities at the company's
request. The long term ratings will be withdrawn at the end of the
notice period in line with CRISIL's policy on withdrawal of its
ratings on bank loans.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Bank Guarantee           2.5        CRISIL A4 Withdrawal
   Buyer Credit Limit      20          CRISIL A4 Withdrawal
   Cash Credit             52.5        CRISIL B+/Stable (Notice
                                       of Withdrawal)
Outlook: Stable

CRISIL believes that KCPL will continue to benefit over the medium
term from its long track record in the polymer resin business. The
outlook may be revised to 'Positive' if there is substantial
increase in the company's scale of operations or significant
improvement in its financial risk profile, driven most likely by
infusion of equity by the promoters. Conversely, the outlook may
be revised to 'Negative' if KCPL's operating profitability
declines, or if it undertakes a larger-than-expected debt-funded
capital expenditure programme, weakening its capital structure.

KCPL, incorporated in 2005, is promoted by Mumbai-based Mr. Dinesh
Kanoria. The company manufactures thermosetting resins, such as
phenol formaldehyde, and unsaturated and saturated polyester
resins. Its manufacturing unit in Wada (Maharashtra) has a
capacity of 6000 tonnes per annum.


KAPSONS INSULATIONS: CRISIL Cuts Rating on INR95MM Loan to D
------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Kapsons
Insulations Pvt Ltdto 'CRISIL D/CRISIL D' from 'CRISIL
B+/Stable/CRISIL A4'.

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

   Letter of Credit         60         CRISIL D (Downgraded from
                                       'CRISIL A4')

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

The rating downgrade reflects KIPL's delay in servicing its term
loans. Conduct of the cash credit account has also been irregular,
with overdrawing of more than 30 days.

KIPL's financial risk profile, especially debt protection, has
been weak. The company has average scale of operations in the
intensely competitive wire manufacturing industry, and has high
customer concentration in its sales. These rating weaknesses are
partially offset by the benefits that the company derives from its
promoters' extensive experience in the industry.

Incorporated in 1990, KIPL is a Jalandhar-based company engaged in
the manufacture of copper wires and enameled copper wires. The key
promoter is Mr. Gaurav Sikka who has extensive experience of
around one decade in the industry.

KIPL, reported a net loss of  INR0.87 million on net sales of
INR802.7 million in 2012-13 (refers to financial year, April 1 to
March 31), against a net loss of INR2.17 million on net sales of
INR718.6 million in 2011-12.


NARAYAN BUILDERS: ICRA Revises Rating on INR85cr Bank Loan to B
-----------------------------------------------------------------
ICRA has revised the long-term rating assigned to the INR85.00
crore (enhanced from INR60.00 crore) fund-based bank facilities of
Narayan Builders & Developers to [ICRA]B from [ICRA]B+ assigned
earlier.

                                Amount
   Facilities                 (INR crore)    Ratings
   ----------                 -----------    -------
   Fund Based Bank facilities     85.00      [ICRA]B; revised

The rating revision takes into account the continued modest sales
booking of the project being undertaken by NBD, with the firm
having booked only 68% of the saleable area till August 2014
vis-a-vis 61% till June 2013. In the backdrop of the firm's high
dependence on customer advances for project funding, sluggish
sales and the resultant funding constraints in turn have led to a
delay in project completion and cost overruns (which however are
largely being funded through additional debt) and thus,
profitability pressures for NBD. Given the significant scheduled
debt repayments (with principal repayment having commenced from
June 2014) of INR25-30 crore over the next three years, in the
event of continued modest sales velocity, the liquidity position
of the firm is likely to stretch, thereby necessitating additional
funding support from the promoter group to meet the debt servicing
obligations. While ICRA takes note of the funding support extended
by the promoter group in the past for part funding of the project
cost as well as meeting the debt servicing obligations; timely
infusion of the same going forward as well will remain a key
rating monitorable.

The firm also continues to remain exposed to funding risks owing
to limited undrawn debt and the resultant susceptibility to
further delays and cost overruns in the event of continued
moderate sales booking and thus shortfall in advances. ICRA
however takes note that the firm has offered possession for 36% of
the flats (432 out of 1,200 flats) and is due to receive committed
inflows of INR30.68 crore, besides other charges including club
membership fees, maintenance security deposits etc. While the
collection efficiency of the project remained healthy at 91% (till
August 2014), the ability of the firm to maintain the same going
forward as well will remain a critical determinant of its funding
requirement. ICRA also notes that the entity remains exposed to
other risks associated with its constitution as a partnership firm
such as limited sources of raising capital.

In ICRA's view, the ability of the firm to improve its sales
velocity while maintaining its collection efficiency as well as
ensure completion of the project as per the revised timelines will
remain critical determinants of the project's profitability as
well as the liquidity position of NBD, and hence would be the key
rating sensitivities.

Established in 2006, NBD is a partnership firm engaged in the
development and construction of housing projects. The firm is
currently executing its maiden high-rise housing project Urbana
Jewels near Madrampura, Sanganer road in Jaipur (Rajasthan) on a
land parcel of 20 acres. The project involves construction of 1200
flats which are spread across 12 towers. The project enjoys good
proximity to Jaipur Airport (within a distance of 6 kms) as well
as Mahindra SEZ.

The above project was launched in 2007 in the name of Narayan
Infinity by the erstwhile promoters -- Mr. Sanjay Kumar Gupta and
Mr. Gyan Chand Agarwal. In 2010, the management of the firm
underwent a change with the introduction of Majestic Ventures LLP
and ASP Infraprojects. Subsequent to the change in management, the
name of the project was changed to Urbana Jewels.


PATIDAR INDUSTRIES: CRISIL Puts B Rating on Notice of Withdrawal
----------------------------------------------------------------
CRISIL has placed its rating on the bank facilities of Patidar
Industries Pvt Ltd on 'Notice of Withdrawal' for a period of 180
days, at PIPL's request. The rating will be withdrawn at the end
of the notice period, in line with CRISIL's policy on withdrawal
of rating on bank loans.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit             170         CRISIL B/Stable (Notice
                                       of Withdrawal)

PIPL was set up in 1999 in Babra (Gujarat) by Mr. Manubhai K
Soliya and his relatives. The company processes raw cotton into
root (kapas) and extracts oil from cotton seeds. The seeds are
crushed for making de-oiled cakes.


PRINCE YARNN: ICRA Reaffirms 'B' Rating on INR13cr Term Loan
------------------------------------------------------------
ICRA has re-affirmed the long-term rating outstanding on the
INR13.00 crore term loan facilities (revised from INR17.33 crore),
INR6.00 crore fund based facilities, INR1.75 crore non-fund based
facilities (enhanced from INR1.50 crore) and INR2.08 crore
unallocated facilities (enhanced from nil) of Prince Yarnn India
Limited at [ICRA]B. ICRA has also re-affirmed the short-term
rating outstanding on Rs.2.00 crore non-fund based facilities
(enhanced from nil) at [ICRA]A4.

                          Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Term loan facilities    13.00       [ICRA]B/reaffirmed

   Fund based facilities    6.00       [ICRA]B/reaffirmed
   Non-fund based
   Facilities               1.75       [ICRA]B/reaffirmed
   Unallocated long term
   facilities               2.08       [ICRA]B/reaffirmed
   Non-fund based
   facilities               2.00       [ICRA]A4/reaffirmed

The reaffirmation of the ratings factors in the long-standing
experience of the promoters in the spinning industry, the stable
operational and financial performance of the Company in line with
our expectations, as characterized by healthy growth in sales
volume, revenues and stable margins driven by favourable domestic
demand for viscose yarn. Further, the relatively low price
volatility in viscose segment against the cotton segment lends
stability to the Company's operations and profits. The ratings
however remain constrained by the stretched financial profile of
the Company characterized by high gearing, weak debt coverage
indicators and strained liquidity position primarily on account of
the working capital intensive nature of operations and periodical
debt funded capital expenditure in the recent years towards
capacity addition. The ratings also consider the Company's modest
scale of operations restricting scale economics and the intense
competition prevalent in the highly fragmented industry,
restricting pricing flexibility to an extent. The Company has
plans to add 7,056 spindles in the near future involving 75:25
debt funding, which is expected to keep the debt indicators and
liquidity position stretched in the near to medium term. Hence,
the ability of the Company to generate higher accruals through
scale and margin expansion would be crucial to cushion the overall
impact on its debt indicators and will be key credit monitorables.

PYIL, incorporated on January 22, 2007, is engaged in producing
viscose yarn in the range of 10s to 40s counts with a capacity of
16,128 spindles. Based in Erode, Tamil Nadu, the Company procures
viscose staple fibre from Grasim Industries Limited and caters
completely to the domestic market including Pallipalayam (Tamil
Nadu), Mumbai (Maharashtra), Bhiwandi (Maharashtra), Kolkata (West
Bengal) and Uttar Pradesh.

Recent Results
Prince Yarnn India Limited has reported a net profit of INR1.5
crore on an operating income of INR47.4 crore in 2013-14 as
against net profit of INR0.1 crore on an operating income of
INR37.6 crore for 2012-13.


R.R. DWELLINGS: CRISIL Cuts Rating on INR180MM Term Loan to 'D'
---------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
R.R. Dwellings Pvt Ltd to 'CRISIL D' from 'CRISIL B+/Stable'.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Term Loan                180        CRISIL D (Downgraded from
                                       'CRISIL B+/Stable')

The rating downgrade reflects instances of delay by RRDPL in
interest obligations on its term loan because of weak liquidity.
RRDPL's project has witnessed considerable time overrun of more
than two years, which has resulted in significant cost overrun,
mainly because of increase in material cost and change in scope of
project due to increased floor space index (FSI). RRDPL's
liquidity is stretched on account of diversion of customer
advances to group companies.

RRDPL has modest business and financial risk profiles, marked by
time and cost overruns in its project, exposure to risks and
cyclicality inherent in the real estate sector in India, and
geographical concentration in revenue profile. However, RRDPL
benefits from its promoters' extensive experience in the real
estate industry.

RRDPL, incorporated in 2008, is a part of the Lucknow-based RR
group of companies. RRDPL is executing a residential project,
Celebrity Gardens, in Sushant Golf City at Sultanpur Road in
Lucknow. Sushant Golf City is a township of 2000 acres with a golf
course surrounding the residential and commercial areas.


REAL INNERSPRING: ICRA Assigns 'B+' Rating to INR3.25cr Cash Loan
-----------------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B+ and short term
rating of [ICRA]A4 to the INR6.0 Crore bank facilities of Real
Innerspring Technologies Private Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           3.25        [ICRA]B+ Assigned
   Term Loan             2.25        [ICRA]B+ Assigned
   Bank Guarantee        0.25        [ICRA]A4 Assigned
   LC                    0.25        [ICRA]A4 Assigned

The assigned ratings take into account the significant experience
of the promoters of RITPL in the mattress trading business and the
financial support provided by them to the company in the form of
unsecured loans over the last three years. Further, the company's
agreement with King Koil, a major player in the international
mattress market, is likely to help the company in terms of support
in form of technology sharing and branding. The growing consumer
preference towards luxury products is likely to maintain
sufficient demand for the company's products over the medium to
long term.

However, the rating is constrained by the company's relatively
moderate scale of operations and the highly competitive and
fragmented industry in which it operates. The mattress industry is
characterized by the presence of a large number of participants,
both organized and unorganized in nature, on account of low entry
barriers arising from low technical and capital intensity. RITPL
faces competition from established players like Sleepwell,
Springwell, Kurlon etc as well as numerous small to medium sized
enterprises which limits the pricing flexibility of the industry
participants, including RITPL, leading to subdued margins.

Also, RITPL has a weak financial risk profile, characterized by
high gearing and weak debt coverage indicators, which is likely to
deteriorate further with the debt funded capital expenditure being
incurred by the company. Going forward, the ability to increase
its scale of operations, and improve profitability while
maintaining its capital structure will be the key rating
sensitivities.

Recent Results
As per provisional financials for 2013-14, RITPL recorded an
operating income of INR18.2 crore, operating profit before
depreciation, interest and tax of INR1.1 crore and profit after
tax of INR0.4 crore.

Incorporated in 2004 by the Gupta family, RITPL manufactures foam
and spring mattresses. The company commenced operations at its
manufacturing unit located in Noida, Uttar Pradesh in 2004. This
was followed by addition of manufacturing units in Rudarpur
(Uttarakhand) and Bhiwandi (Maharashtra). The spring mattresses
manufactured by RITPL are sold under the brand name "Sleep Zone".
In August, 2013 the company acquired the manufacturing and
marketing license from an international mattress manufacturing
company working under the brand name "King Koil". The directors of
RITPL are Mr. Archit Gupta, Mr. Nitin Gupta and Mr. Shobit Gupta,
who along with other professionals manage the affairs of the
company.

The promoters of RITPL have been involved in the mattress trading
business since the last four decades and are also involved in
various other businesses such as manufacturing of non-woven fabric
and manufacturing of composite containers, among others.


RICHWELL ENTERPRISES: ICRA Assigns B+ Rating to INR14.75r LT Loan
-----------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA] B+ to the INR15.00
crore fund-based facilities of Richwell Enterprises Private
Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Limits      14.75        [ICRA]B+ assigned
   Unallocated Limits     0.25        [ICRA]B+ assigned

The assigned rating derives support from the company's experienced
promoters with established track record in the Jaipur real estate
market, low approval and land related risk for the on-going
project (Imperial Heights) and low funding risks as the bank
financing for the project is tied-up.

The rating is also supported by the construction progress of the
project, pace of bookings seen so far and the favourable repayment
schedule of the availed bank loan with scheduled repayment
starting in Q1 FY17. As final approvals are awaited for the
second project (The Horizon), so far only land cost has been
incurred and if required, this can be deferred; however in case
the project is taken up for execution without funding tie-up, it
may pose a risk to the debt servicing capability of the loans
taken by the company for the ongoing project, i.e. Imperial
Heights.

The rating is, also constrained by project related risk including
execution and market risks for both projects and high dependence
on customer advances for funding the projects which would be
contingent on bookings and collection efficiency. As the project
was launched recently in February 2014, the level of customer
advances received are currently low at INR8.02 crore till August
2014, which is ~77% of the total amount called from customers, and
~14% of the total sale value.

Going forward, the company's ability to timely execute the
project, achieve incremental bookings & collection of advances
from customers and the timing of additional projects undertaken
while securing funding tie-ups will be the key rating
sensitivities

Richwell is a group company of the Vardhman Group which has
several companies undertaking real estate project in Jaipur.
Richwell is currently undertaking one residential project and is
expected to launch a second project shortly in Jaipur. The company
expects to complete both projects in around three year's time.


RICO AUTO: ICRA Cuts Rating on INR189.2cr FB & Non FB Loan to D
----------------------------------------------------------------
ICRA has revised the long term rating assigned to the bank
facilities of Rico Auto Industries Limited from [ICRA]BBB- to
[ICRA]D. The short term rating assigned to the bank facilities has
also been revised from [ICRA]A3 to [ICRA]D. The total rated amount
is INR390.0 Crore. The rating action reflects delays in debt
servicing by company during 2013-14, as has been highlighted in
the annual report of the company.

                      Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Term Loans           185.80      Rating revised from
                                    [ICRA]BBB- (Negative)
                                    to [ICRA]D

   Non Fund Based        15.00      Rating revised from
   Facilities                       [ICRA]BBB- (Negative)
                                    to [ICRA]D

   Fund Based & Non     189.20      Rating revised from
   Fund Based Facilities             [ICRA]A3 to [ICRA]D


The failure of company to timely refinance its repayments and
inadequate internal accruals led to a stretched liquidity
position.

Nonetheless, ICRA notes that the company has been able to tie up
additional debt in recent weeks, which is expected to improve the
liquidity position. Additionally, the proposed divestment of
company's entire 50% stake in FCC Rico Limited for a gross
consideration of about INR495.0 Crore is likely to help improve
its financial risk profile.

Improvement in the ratings from current levels would depend on a
sustainable improvement in liquidity and credit profile of the
company. ICRA would hold further discussions with the management
to understand the timeline for completion of stake sale in FCC
RICO Limited, current liquidity profile of company as well as
steps implemented to prevent future recurrence of such delays, and
review the ratings accordingly.

Incorporated in March 1983, Rico manufactures and sells high-
pressure aluminum die cast components and spheroidal graphite (SG)
iron castings for the automotive sector. The company currently
operates from four locations at Dharuhera, Haridwar, Sanand and
Gurgaon, manufacturing automotive components for both the 2-
wheelers and 4-wheeler segments like wheel hubs, panels, clutch
assemblies, cylinder covers, cylinder head, cylinder block, center
housing, exhaust manifolds, fly wheels and brake drum among
others.


RKD EXIM: ICRA Lowers Rating on INR6.59cr Term Loan to 'D'
----------------------------------------------------------
ICRA has revised the long term rating assigned to the Rs 8.84
crore fund based facilities of RKD Exim Private Limited from
[ICRA]B to [ICRA]D. The rating revision factors in the recent
instances of delays in debt servicing by the company.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based-Term        6.59       Downgraded to [ICRA]D
   Loan                              from [ICRA]B

   Fund Based-Cash        2.25       Downgraded to [ICRA]D
   Credit                            from [ICRA]B

Promoted by Mr. Shailesh Radadiya, Mrs. Nehal Radadiya and Mr.
Dilip Radadiya in July 2011, the company is currently engaged in
trading of art silk grey cloth and planning to foray into
manufacture of variety of fabrics such as art silk, kota silk,
dupion silk, satin and roto. The Company has its registered office
and manufacturing facility in Surat, Gujarat.

Recent Results
The company has recorded a net profit of INR0.04 crore on an
operating income of Rs.3.59 crore in the financial year 2012-13
(provisional).


SAHITYA SADAWART: ICRA Assigns 'D' Rating to INR11.4cr Bank Loan
----------------------------------------------------------------
ICRA has assigned its long-term rating of [ICRA]D to the INR11.40
crore fund-based bank facilities of Sahitya Sadawart Samiti.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund-based bank       11.40        [ICRA]D; Assigned
   Facilities

The assigned rating takes into account delays in debt-servicing by
SSS on account of its stretched liquidity position, arising
primarily from its weakened financial profile due to decline in
occupancy rates to 48% in Academic Year (AY) 2013-14 from 75% in
AY 2011-12 for the courses offered by the society. These were
further accentuated by delays in fee receipts for AY 2014-15. The
occupancy rates have fallen during the past few years owing to
steep decline in enrolments between 2011-12 and 2013-14
particularly for the engineering courses (which have been the
major contributors to the society's revenue stream, accounting for
~65% of the total receipts in 2012-13), which has adversely
impacted the revenue receipts as well as operating surpluses and
accruals of the society. As per the latest admissions data,
enrolments have shown improvement for the session 2014-15 however
overall occupancy levels are expected to remain low, and the
highly competitive environment for higher education in private
sector may continue to exert pressure on occupancies and surpluses
in the medium term. Further, ICRA takes cognizance of the large
scale of SSS' proposed capital expenditure (over 100% of existing
net fixed assets) to set up a university in Gujarat, for which the
financial closure is yet to be achieved.

ICRA however takes note of the experience of the key society
members, which spans over more than a decade in the education
sector, and the flexibility of the society to implement fee hikes
for key courses by virtue of being incorporated as a private
university.

Going forward, timely servicing of debt obligations would be
contingent on the society's ability to ramp up enrolments across
its various course offerings while maintaining adequate surpluses,
and thus would be the key rating sensitivity. Further, the
timeline for execution of the proposed project, its scale and
funding mix will also have a critical bearing on the credit
profile of the society.

SSS was incorporated in 1959 under the Rajasthan Societies
Registration Act, 1953 and commenced operations in 1994. The
society operates Suresh Gyan Vihar University and two schools in
Jaipur (Rajasthan), namely Gyan Vihar School and Sahitya Sadawart
Senior Secondary School. The university offers courses in
Engineering (B.Tech, M.Tech, Ph D), Management (BBA, MBA, Ph.D,
B.Com), Computer Applications (BCA, MCA), Science (M.Sc., Ph.D)
Pharmacy (B.Pharm., M.Pharm., Ph.D), Education (B.Ed, M.Ed, Ph.D)
and Hotel Management (BHMCT, BHMTT). The university campus is
located in Jagatpura, Jaipur. Mr. Sunil Sharma is the chancellor
of the Suresh Gyan Vihar University and is a key member of the
society.

SSS reported a net surplus of INR4.51 crore on revenue receipts of
INR32.51 crore in 2012-13 compared to a net surplus of INR7.04
crore on revenue receipts of INR35.70 crore in the previous year.


SAI HARI: CRISIL Reaffirms 'B' Rating on INR100MM Term Loan
-----------------------------------------------------------
CRISIL's rating on the long-term bank facility of Sai Hari Krupa
Developers continues to reflect SHKD's below-average financial
risk profile, mainly because of high reliance on debt, and
vulnerability to risks and cyclicality inherent in the Indian real
estate industry. These rating weaknesses are partially offset by
the extensive experience of SHKD's promoters, and its established
track record with brand visibility, in the real estate industry in
Pune (Maharashtra).

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

Outlook: Stable

CRISIL believes that SHKD will continue to benefit over the medium
term from its promoters' extensive experience in the real estate
industry in Pune. The outlook may be revised to 'Positive' in case
of healthy booking of units and partner's funding for the firm's
proposed project. Conversely, the outlook may be revised to
'Negative' in case of deterioration in SHKD's liquidity, most
likely because of delays in receipt of customer advances or other
large projects undertaken by the firm.

Update
SHKD has completed more than 90 per cent of the construction of
its Sai Ganga Phase I project in Pune. Of the 218 flats being
constructed under the project, the firm has received bookings for
206 flats with most of the bookings taking place in 2013-14
(refers to financial year, April 1 to March 31). In 2014-15, the
firm has received bookings for more than 80 flats, with advances
from customers amounting to about INR450 million till September
25, 2014. SHKD is likely to hand over possession of flats by
Diwali 2015. On the completion of this project, the firm is likely
to take up another similar real estate residential project.

The firm has started repaying its term loan; of the availed term
loan of INR150 million, INR50 million was outstanding as on
September 25, 2014.

SHKD is a partnership firm engaged in real estate development in
Pune. The firm was set up by the promoters of the Pune-based real
estate developer, Goel Ganga Developments, and their business
associate, Mr. Raju Thakwani. SHKD's ongoing Sai Ganga project in
Pune has three buildings and 218 saleable flats.


SHIV DURGA: CRISIL Reaffirms B+ Rating on INR25MM Cash Credit
-------------------------------------------------------------
CRISIL ratings on the bank facilities of Shiv Durga Constructions
and Engineerings Pvt Ltd (SDC) continue to reflect the company's
moderate liquidity because of large working capital requirements.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee        70         CRISIL A4 (Reaffirmed)
   Cash Credit           25         CRISIL B+/Stable (Reaffirmed)
   Term Loan              5         CRISIL B+/Stable (Reaffirmed)

The ratings also factor in SDC's small scale of operations with
high geographical concentration. These rating weaknesses are
partially offset by the benefits that the company derives from its
moderate order book, leading to near-term revenue visibility, and
its promoter's extensive experience in the civil construction
industry.

Outlook: Stable

CRISIL believes that SDC will continue to benefit over the medium
term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' if significant scale-up in
operations and stable profitability lead to stronger cash accruals
and improved liquidity. Conversely, the outlook may be revised to
'Negative' if the liquidity weakens because of low cash accruals,
or large working capital requirements or significant debt-funded
capital expenditure.

SDC is a private limited company, which was promoted by Mr.
Sanjeev Chowdhary in 2011 to acquire the business of Shiv Durga
Stone Industries. The company undertakes road construction
contracts in Jharkhand and Bihar. Most of its projects are
undertaken for Rural Engineering Organisation, Purnia, RWD, and
National Building Constructions Corporation Ltd.

SDC, on a provisional basis, reported a profit after tax (PAT) of
INR7.6 million on net sales of INR222.5 million, for 2013-14
(refers to financial year, April 1 to March 31), as against a PAT
of INR4.7 million on net sales of INR119.7 million, for 2012-13.


SHRI KRISHNA: ICRA Reaffirms B+ Rating on INR12cr Cash Credit
-------------------------------------------------------------
ICRA has reaffirmed the long term rating at [ICRA]B+ assigned to
the INR12.00 crore fund based facility of Shri Krishna Jute
Traders.


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

Established in 1966, by Mr. Premji Ruparel, Shri Krishna Jute
Traders is engaged in trading of sugar and jute in the domestic
market. Shri Dutt Polytextiles (rated [ICRA]BB (Stable) /
[ICRA]A4+) engaged in export of sugar and its by-products and Shri
Dutt India Private Limited (rated [ICRA]BB-(Stable)/[ICRA]A4)
engaged in the trading of sugar in domestic as well as overseas
market are the associate concerns of SKJT. The management is in
the process of gradually shifting the operations of all the
entities under one company Shri Dutt India Private Limited.

Recent Results
The firm has recorded a net profit before tax of INR0.52 crore on
an operating income of Rs.103.29 crore in FY14 (provisional).


SIDDHARTHA BRONZE: ICRA Reaffirms B+ Rating on INR7.5cr Cash Loan
-----------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating to the INR7.50 crore long
term fund based cash credit facilities of Siddhartha Bronze
Products Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit           7.50         [ICRA]B+ reaffirmed

The reaffirmation of rating factors in SBPPL's weak financial
profile as reflected by low profitability and leveraged capital
structure leading to weak debt protection indicators. The rating
is further constrained by vulnerability of profitability to
fluctuations in price of non ferrous metal scrap as well as
limited value addition in scrap trading. ICRA also notes that
trading operations of SBPPL are exposed to cyclicality in ship
breaking activities.

The rating, however positively factors in the long experience of
promoters in the trading of non- ferrous metal scrap; SBPPL's
proximity to Alang port, wherein a large number of ship breaking
units are located, results in easy access to raw material
suppliers as well as established relationship with suppliers and
customers. The rating also factors in the healthy growth in
operating income over last couple of years supported by increased
sales realization.

Siddhartha Bronze Product Private Limited (SBPPL) is engaged in
the trading of non ferrous metal scrap. SBPPL was incorporated as
a private limited company in 1995 and is based out of Bhavnagar.
The promoters have been engaged in the trading of non ferrous
metal scrap like copper, zinc, lead etc for more than two decades
through its group company, Khushboo India Private Limited. The
company procures ship propellers from various ship breaking units
located in and around Bhavnagar, cuts them and supplies to various
industrial buyers who in turn extract non ferrous scrap metal such
as aluminium, copper, nickel, as well as zinc

Recent Results
For the year ended 31st March 2014, Siddhartha Bronze Product
Private Limited reported an operating income of INR44.28 crore and
profit after tax of Rs 0.09 crore.


SINGLA RICE: ICRA Reaffirms B Rating on INR7.50cr LT Loan
---------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B on the INR7.50
crore fund based bank facilities of Singla Rice Oil and General
Mills.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund        7.50         [ICRA]B; reaffirmed
   Based Limits

The rating continues to be constrained by the highly competitive
nature of the rice milling industry, along with the risk of
fluctuation in the price of raw material, which has impacted the
profitability indicators of the firm. The high gearing of the
firm, arising out of substantial debt funding of working capital
requirements coupled with low profitability, has resulted in
deterioration of the coverage indicators. Further, the rating
continues to factor in the agro climatic risks, which can impact
the availability of the basic raw material. However this risk is
partially offset by the proximity of the mill to major rice
growing areas which results in easy availability of paddy. The
rating also favorably takes into account the extensive experience
of the promoters in the rice industry.

SRGM was established in 1985 as a partnership firm with Mr. Manoj
Kumar, Mr. Dharmpal, Ms. Vimla Devi and Ms. Anita Rani as partners
in equal ratio. The firm undertakes processing and trading of rice
(Basmati and Non- Basmati) in the domestic market. It also
performs custom milling operations for the state government of
Haryana. The manufacturing unit of the firm is located in Nissing,
Haryana with a milling capacity of 3 tons/hour of paddy.

Recent Results
SRGM reported a net profit of INR0.02 crore on an operating income
of INR40.07 crore for 2013-14 and a net profit of INR0.01 crore on
an operating income of INR30.39 crore for the previous year.


SITAPUR SHIKSHA: CRISIL Reaffirms D Rating on INR231.8MM Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Sitapur
Shiksha Sansthan (Sitapur) Trust (SSST) continues to reflect
instances of delays in servicing its debt. The delays have been
caused by the trust's weak liquidity, resulting from cash flow
mismatches.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Overdraft Facility       27         CRISIL D (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility       39.2       CRISIL D (Reaffirmed)
   Term Loan               231.8       CRISIL D (Reaffirmed)

The ratings also factor in SSST's exposure to risks relating to
intense competition and to the regulatory risks in the education
segment. These rating weaknesses are partially offset by the
healthy demand prospects in the education industry.

SSST, registered in 2001, operates institutes offering courses in
engineering, pharmacy, architecture, nursing, management, and
other subjects at its 60-acre campus in Sitapur (Uttar Pradesh).


SOMNATH GINNING: CRISIL Puts B Rating on Notice of Withdrawal
-------------------------------------------------------------
CRISIL has placed its rating on the bank facilities of Somnath
Ginning Pressing Pvt Ltd on 'Notice of Withdrawal' for a period of
180 days, at SGPPL's request. The rating will be withdrawn at the
end of the notice period, in line with CRISIL's policy on
withdrawal of rating on bank loans.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit             135         CRISIL B/Stable (Notice
                                       of Withdrawal)

SGPPL was incorporated in 2005 in Babra (Gujarat), and is promoted
by Mr. Sureshbhai Rajodiya and his relatives. The company
processes raw cotton into root (kapas) and extracts oil from
cotton seeds.


SRI RAGHAVENDRA: CRISIL Reaffirms B Rating on INR290MM Term Loan
----------------------------------------------------------------
CRISIL's rating on the bank facilities of Sri Raghavendra Ferro
Alloys Pvt Ltd (SRFA) continues to reflect SRFA's stretched
liquidity with cash accruals expected to tightly match term debt
obligations, and its working-capital-intensive nature of
operations.

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

   Proposed Long Term
   Bank Loan Facility       5       CRISIL B/Stable (Reaffirmed)

   Term Loan              290       CRISIL B/Stable (Reaffirmed)

The rating also factors in the company's modest scale of
operations in the intensely competitive ferroalloys industry and
the susceptibility of its profitability margins to volatility in
raw material prices. These rating weaknesses are partially offset
by the extensive experience of SRFA's promoter in the ferroalloys
industry, and its average financial risk profile marked by
moderate net worth, low gearing, and average debt protection
metrics.

Outlook: Stable

CRISIL believes that SRFA will continue to benefit over the medium
term from its promoter's extensive industry experience and its
established relationship with customers. The outlook may be
revised to 'Positive' in case of substantial and sustained
improvement in the company's revenues, while maintaining its
profitability margins, or there is a sustained improvement in its
working capital management. Conversely, the outlook may be revised
to 'Negative' in case of steep decline in the company's
profitability margins, or significant weakening of its capital
structure caused most likely by stretch in its working capital
cycle.

SRFA was incorporated in 2004 by Mr. K Srinivasa Reddy. The
company manufactures ferroalloys, with silico manganese being its
main product. The company's plant is in Nalgonda (Telangana).


SRI VASAVI: CRISIL Assigns B+ Rating to INR60MM Capital Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Sri Vasavi Agro Foods.

                               Amount
   Facilities                 (INR Mln)      Ratings
   ----------                 ---------      -------
   Working Capital Facility       60         CRISIL B+/Stable

   Proposed Long Term Bank
   Loan Facility                  39         CRISIL B+/Stable

   Term Loan                      21         CRISIL B+/Stable

The rating reflects SVAF's average financial risk profile marked
by high gearing and modest debt protection metrics, susceptibility
of operating profitability to adverse government regulations and
raw material price volatility, and modest scale of operations in
the intensely competitive industry. These rating weaknesses are
partially offset by its promoters' extensive experience in the
rice milling industry and its healthy relationship with the
customers and suppliers.

Outlook: Stable

CRISIL believes that SVAF will benefit from its promoters'
extensive experience over the medium term. The outlook may be
revised to 'Positive' in case of a significant improvement in the
firm's revenue and profitability, leading to a substantial
increase in its cash accruals and thus a better financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case the firm generates low cash accruals during the initial phase
of its operations, constraining its liquidity.

Incorporated in 2012-13 (refers to financial year, April 1 to
March 31) as a partnership firm, SVAF processes paddy into rice,
rice bran, broken rice and husk. It commenced commercial
production in December 2013. The rice mill is located at Karatagi
in Koppal (Karnataka). The day-to-day operations of the firm are
managed by its chief promoter Mr. Y Vasudev Shetty who has more
than two decades of experience in the rice milling industry.

For 2013-14, SVAF reported a book profit of INR1.2 million on net
sales of INR379.4 million.


SRI V.N.S: ICRA Reaffirms C+ Rating on INR15.10cr Term Loan
-----------------------------------------------------------
ICRA has re-affirmed the long-term rating outstanding on the
INR15.10 crore term loan facilities (revised from INR17.60 crore),
INR7.00 crore fund based facilities and INR2.90 crore unallocated
facilities (enhanced from INR0.40 crore) of Sri V.N.S Spinning
Mills India Private Limited at [ICRA]C+.

                          Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Term loan facilities    15.10        [ICRA]C+/reaffirmed
   Fund based facilities    7.00        [ICRA]C+/reaffirmed
   Unallocated long
   term facilities          2.90        [ICRA]C+/reaffirmed

The reaffirmation of the rating factors in the stabilization of
the operations in the initial years, in line with our
expectations, as reflected by healthy growth in sales during 2013-
14 driven by favourable domestic market demand for cotton yarn and
grey fabric leading to absorption all fixed costs and sharp uptick
in net profits and profitability. The rating also takes into
account the long standing experience of promoters in the textile
industry, current order flow from the group entities (into
manufacture and export of garments) and the presence in both yarn
and fabric segments supporting the Company's operations through
stable order flow. The rating however remains constrained by the
weak financial profile of the Company characterized by stretched
capital structure (gearing at 7.0 times as on March 31, 2014) and
weak debt coverage indicators owing to huge accumulated loss,
moderate profitability and significant debt funded capital
expenditure in the recent years for setting up the manufacturing
facility. The rating also considers the Company's modest scale of
operations restricting scale economics and the intense competition
prevalent in the highly fragmented industry, restricting pricing
flexibility to an extent. Going forward, the ability of the
Company to diversify its customer base, demonstrate healthy growth
in accruals and improve the debt coverage indicators would be
critical to improve the overall credit profile and also service
the moderately high annual debt repayment obligation of ~INR3.0
crore in a timely manner.

Sri V.N.S. Spinning Mills India Private Limited (SVNS),
incorporated in the year 2007 by Mr. A. Nataraj and family is
engaged in the manufacture of combed and semi-combed variety of
cotton yarn in counts ranging from 20s to 40s. Apart from cotton
yarn, the Company also sells cotton grey fabric, with fabric
conversion job work being completely outsourced. The Company has
its manufacturing facility in Tirupur, Tamil Nadu with an
installed capacity of 14,500 spindles and is a part of VN Group of
Companies having presence in the garment industry. SVNS sells
nearly 30% of its production to its associate concerns Sri VNS
Textiles and VN Export and completely caters to the domestic
market with major focus on Tirupur and nearby markets.

Recent Results
Sri V.N.S. Spinning Mills India Private Limited has reported a net
profit of INR0.2 crore on an operating income of INR58.9 crore in
2013-14 as against net loss of INR0.7 crore on an operating income
of INR45.2 crore for 2012-13.


SUMIT COTTON: CRISIL Reaffirms B+ Rating on INR180MM Cash Credit
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Sumit Cotton
Industry (SCI) continues to reflect SCI's large working capital
requirements, modest scale of operations, and susceptibility to
intense competition in the guar gum and cotton ginning industries
on account of low entry barriers. These rating weaknesses are
partially offset by the extensive industry experience of SCI's
partners and its diversified product portfolio and clientele.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            180      CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       4.4    CRISIL B+/Stable (Reaffirmed)

   Term Loan                5.6    CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SCI will benefit over the medium term from
the extensive experience of its partners in the guar gum and
cotton ginning industries. The outlook may be revised to
'Positive' if the firm's financial risk profile improves, most
likely driven by improvement in operating margin and infusion of
funds by the promoters. Conversely, the outlook may be revised to
'Negative' if the firm's liquidity weakens significantly, most
likely because of stretch in its working capital cycle, or if it
undertakes a debt-funded capital expenditure programme, thereby
weakening its capital structure.

SCI was set up in 1992 as a proprietorship firm by Mr. Subhash
Chander of Haryana; and was later reconstituted as a partnership
firm in 2007. The firm manufactures guar gum split and is also
engaged in cotton ginning and pressing.


TAWI EDUCATIONAL: ICRA Withdraws B Rating on INR18.38cr Bank Loan
-----------------------------------------------------------------
ICRA has withdrawn the [ICRA]B rating assigned to the INR18.38
crore bank lines of Tawi Educational Trust, as there is no amount
outstanding against the rated instrument.


UNIVERSAL CHEMICALS: CRISIL Reaffirms D Rating on INR555.9MM Loan
-----------------------------------------------------------------
CRISIL's ratings on the long-term bank facilities of Universal
Chemicals and Industries Pvt Ltd continue to reflect instances of
delay by UCIPL in servicing its debt; the delays have been caused
by the company's weak liquidity on account of slow ramp-up of
operations at its Dahej (Gujarat) plant leading to continuous
losses.

                            Amount
   Facilities              (INR Mln)       Ratings
   ----------              ---------       -------
   Cash Credit                109          CRISIL D (Reaffirmed)
   Export Packing Credit       66          CRISIL D (Reaffirmed)
   Funded Interest Term
   Loan                       136.3        CRISIL D (Reaffirmed)
   Import Letter of Credit
   Limit                       90          CRISIL D (Reaffirmed)
   Proposed Long Term Bank
   Loan Facility                9          CRISIL D (Reaffirmed)
   Term Loan                  555.9        CRISIL D (Reaffirmed)
   Working Capital Term Loan   53.8        CRISIL D (Reaffirmed)

UCIPL also has a weak financial risk profile marked by highly
leveraged capital structure and weak debt protection metrics, and
modest scale of operations. However, these rating weaknesses are
partially offset by extensive experience of UCIPL's promoters and
its established market position in the domestic potassium
permanganate industry.

UCIPL, incorporated in 1961, is promoted by Dr. Kamaleshkumar
Maheshwari and his son Mr. Kartikeya Maheshwari. The company
manufactures potassium permanganate and potassium hydroxide. It
has a manufacturing facility in Ambernath (Maharashtra) and in
Dahej (Gujarat).


VALENCIA CERAMIC: ICRA Reaffirms B Rating on INR6.44cr Term Loan
----------------------------------------------------------------
The rating of [ICRA]B has been reaffirmed for the INR4.00 crore
fund based cash credit facility and the INR6.44 crore term loan
facility of Valencia Ceramic Private Limited. The rating of
[ICRA]A4 has also been reaffirmed for the Rs.1.52 crore short term
non fund based facilities of VCPL. The rating of [ICRA]B/[ICRA]A4
has also been assigned to INR2.00 proposed limits of VCPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           4.00        [ICRA]B reaffirmed
   Term Loans            6.44        [ICRA]B reaffirmed
   Bank Guarantee        1.52        [ICRA]A4 reaffirmed
   Proposed Limits       2.00        [ICRA]B/A assigned

The ratings continue to be constrained by VCPL's limited track
record and weak financial profile as reflected by low
profitability, high gearing level and modest coverage indicators.
The ratings also take into account its limited product profile
amidst high competitive intensity given the fragmented structure
of the tiles industry which is expected to result in inability of
the firm to entirely pass on the increase in fuel expenses. The
ratings also take into consideration vulnerability of
profitability and cash flows of the company to the cyclicality
inherent in the real estate industry which is the main consuming
sector.

The ratings, however, favorably consider the experience of the key
promoters in the ceramic industry and the location advantage
enjoyed by VCPL with its plant located in Morbi giving it easy
access to raw materials.

Valencia Ceramic Private Limited (VCPL) is engaged in
manufacturing of digitally printed ceramic wall tiles with
production capacity of 35,700 MTPA. VCPL has commenced the
commercial production from end of August 2013 and has achieved
capacity utilization of 43% in 7MFY14. The company currently
manufactures wall tiles of size 12"X12", 12"X18", and 12"X18".

Recent Results
For the year ended 31st March, 2014, VCPL reported an operating
income of INR9.50 crore and net loss of INR1.09 crore.


VASAVI PIPES: CRISIL Reaffirms B Rating on INR50MM LT Loan
-----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Vasavi Pipes
Pvt Ltd continue to reflect VPPL's below-average financial risk
profile marked by its small net-worth, high total outside
liabilities to tangible net-worth ratio, and weak debt protection
metrics.

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

   Proposed Long Term    50         CRISIL B/Stable (Reaffirmed)
   Bank Loan Facility

The ratings of the company are also constrained on account of its
modest scale of operations, and its exposure to intense
competition in the poly-vinyl chloride pipe trading industry
resulting in its low profitability margins. These rating
weaknesses are partially offset by the extensive industry
experience of VPPL's promoter, and the company's efficient working
capital management.

Outlook: Stable

CRISIL believes that VPPL will continue to benefit over the medium
term from the extensive industry experience of its promoter. The
outlook may be revised to 'Positive' if the company registers a
substantial and sustained increase in its scale of operations and
profitability margins, or there is a substantial improvement in
its capital structure on the back of sizeable equity infusion from
its promoters. Conversely, the outlook may be revised to
'Negative' in case of a steep decline in the company's
profitability margins, or significant weakening in its capital
structure caused most likely by a stretch in its working capital
cycle.

VPPL, incorporated in 2006, is a part of the Vasavi group. VPPL
trades in poly vinyl chloride pipes and fittings. The company is
located in Guntakal (Andhra Pradesh), and is managed by Mrs. S
Sridevi.


VASAVI PLAST: CRISIL Reaffirms B Rating on INR60MM Cash Credit
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Vasavi Plast
Industries (VPI) continue to reflect VPI's below-average financial
risk profile marked by its small net worth, high gearing, and weak
debt protection metrics.


                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              60       CRISIL B/Stable (Reaffirmed)

   Letter of Credit         25       CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       10       CRISIL B/Stable (Reaffirmed)

   Term Loan                 5       CRISIL B/Stable (Reaffirmed)

The ratings of the firm are also constrained on account of its
modest scale of operations in the intensely competitive poly-vinyl
chloride pipe manufacturing industry, and its working-capital-
intensive nature of operations. These rating weaknesses are
partially offset by the extensive industry experience of VPI's
promoters.

Outlook: Stable

CRISIL believes that VPI will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if the firm registers a
substantial and sustained increase in its scale of operations and
profitability margins, or there is a substantial improvement in
its capital structure on the back of sizeable capital additions
from its partners. Conversely, the outlook may be revised to
'Negative' in case of a steep decline in the firm's profitability
margins, or significant weakening in its capital structure caused
most likely by a large debt-funded capital expenditure or a
stretch in its working capital cycle.

VPI, a proprietorship firm, incorporated in 2001, is a part of the
Vasavi group. The firm manufactures rigid poly vinyl chloride
(PVC) pipes. VPI is located in Guntakal (Andhra Pradesh), and is
managed by its proprietor, Mr.S.Ramamohan Gupta.



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


RICK LUCAS: Future Uncertain as Helipro Enters Receivership
-----------------------------------------------------------
Stuff.co.nz reports that the future of helicopter company Helipro
is uncertain after it put itself into receivership, potentially
owing tens of millions of dollars.

Its fleet of around 30 helicopters, and a small number of fixed-
wing planes used mainly for training, have been grounded by the
receivers to ensure they are in compliance with civil aviation
requirements, and that health and safety practices are up to
scratch, Stuff.co.nz relates.

According to the report, PwC partners John Fisk and David
Bridgeman were appointed as receivers on October 7 to Rick Lucas
Helicopters Ltd and related entities which trade as Helipro, at
the request of the companies' director.

Stuff.co.nz relates that Mr. Fisk said they had not determined the
full extent of creditor claims, but the expectation was it would
be in the "early tens of millions" of dollars.

"A lot of the fleet Helipro has is dependent on incidents like
weather incidents and contract work for a particular projects. For
example, they have been dong a lot of work down at Pike River.

"Over the last few months the work they anticipated wasn't there
and led to cash flow problems and to debt which wasn't able to be
serviced."

They would work with staff and management to find the best way
forward for the company, which could include selling it as a going
concern either in part or as a whole.

"We're already dealing with some interested parties that want to
purchase parts of the business, but it is early days. I suspect
the process will take a number of months," Mr. Fisk, as cited by
Stuff.co.nz, said.

Helipro was established in 1983, and grew from a single
pilot/helicopter operation in Palmerston North to a fleet of over
35 helicopters throughout the South Pacific and a fixed-wing
operation within New Zealand.

Helipro employs about 70 staff, with eight bases throughout
New Zealand and operations in Fiji and Australia. As well as
commercial and tourism helicopter flights, the company provides
maintenance services, and helicopter and fixed-wing flight
training.



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


VINGROUP JSC: Fitch Affirms 'B+' IDR; Outlook Stable
----------------------------------------------------
Fitch Ratings has affirmed Vietnam-based property developer
Vingroup JSC's (Vingroup) Long-Term Foreign and Local Currency
Issuer Default Ratings (IDR), senior unsecured rating and the
rating on its senior notes at 'B+'.  The Outlook is Stable.

Vingroup's ratings reflect its small size when compared to global
property developers and its aggressive growth strategy.  The
ratings also capture Vietnam's improving macroeconomic conditions
that are likely to accelerate property sales growth, Vingroup's
strong market position as Vietnam's largest listed real estate
developer, its sizable land bank, its adequate liquidity and
Fitch's expectation that Vingroup's new projects - Vinhomes Nguyen
Chi Thanh and Vinhomes Tan Cang - would be launched successfully,
which would provide the majority of funding for the capital
expenditures from 2H14.

KEY RATING DRIVERS

Rising Residential Sales Rate: In the eight months ended 31 August
2014, Vingroup's sales rate improved to around 90% of apartment
launches from the 70% to 80% that prevailed in 2013.  Fitch
expects Vingroup to maintain the sales rate due to a stronger
macroeconomic environment and new project launches.

Neutral Impact Of Acquisition: Vingroup's acquisition of a 70%
stake in the Vietnam-based hypermarket operator Ocean Retail and
Real Estate Management JSC (ORC) is unlikely to result in an
increase in gross debt.  This acquisition would result in a
marginal increase in Vingroup's businesses that generate recurring
revenues like retail, healthcare and hospitality.

New Development Cycle: During the two and a half years ended 30
June 2014, Vingroup's cash flows were primarily driven by sales
from Royal City, Vincom Village and to a limited extent by Times
City.  Having developed the first two projects to their maximum
potential, Vingroup's cash flows from 2H14 onwards are expected to
be driven by Times City, Vinhomes Nguyen Chi Thanh and Vinhomes
Tan Cang.  The improving market for residential apartments and the
mostly mid-market positioning of the new projects are likely to
support the company's current sales rate.

Aggressive Growth Plans: Vingroup proposes to incur annual capex
in excess of VND20trn (USD942m) from 2014 to 2018.  The large
capex is scalable and investment is projected to be funded mostly
through contracted sales and pre-sales.  While Fitch expects the
ratio of net debt to adjusted inventory to decline from 2017
onwards, it is likely to remain at approximately 60% until end-
2016.

Low Refinancing Risk Till June 2016: Annual debt repayments do not
exceed USD250m (about VND5.25trn).  Fitch expects Vingroup's
operating cash flows and VND6.72trn outstanding cash balance as of
June 30, 2014 to meet its contractual debt repayments till July
2016.

Improving Macroeconomic Environment: Fitch revised the Outlook on
Vietnam's 'B+' Long-Term Foreign and Local Currency IDRs to
Positive in January 2014.  Vietnam's real GDP growth is expected
to be sustained at over 5%. Inflation fell from 9.2% in 2012 to
6.6% in 2013 and further to 1.4% in 1H14.  Lending rates have
correspondingly declined. Fitch expects the improving
macroeconomic factors to provide a fillip to the low but rising
urbanisation and disposable incomes in Vietnam, which will benefit
the urban residential market.

RATING SENSITIVITIES:

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

   -- Failure to achieve total cash sales (contracted sales plus
      pre-sales) of at least VND15trn a year and maintain a net
      debt / inventory net of presales and investment properties
      of less than 60% (FY13 net debt / inventory net of presales
      and investment properties: 37%) on a sustained basis, and

   -- A downgrade in Vietnam's Country Ceiling of 'B+'

Positive rating action is not expected in the medium term due to
Vingroup's exposure to the inherently cyclical property business
and its small scale.


                             *********

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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