TCRAP_Public/141010.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

           Friday, October 10, 2014, Vol. 17, No. 201


                            Headlines


A U S T R A L I A

NASH LOGISTIC'S: In Administration; First Meeting Set For Oct. 15
VIRGIN AUSTRALIA 2013-1: Fitch Affirms B+ Rating on Class C Notes


C H I N A

BANK OF CHINA: Moody's Rates Add-on Tier 1 Securities Ba2(hyb)
BANK OF CHINA: S&P Assigns 'BB-' Rating to Preference Shares
CHINA METALLURGICAL: 1H 2014 Results In Line With Ba1 Bond Rating
SUNSHINE 100: Fitch Assigns 'B-' Rating to USD115MM Sr. Notes


I N D I A

A TO Z DEVELOPERS: CRISIL Reaffirms B+ Rating on INR190MM Loan
ACE AUTOCARS: CRISIL Reaffirms B+ Rating on INR100MM Cash Credit
AIMIL PHARMACEUTICALS: CRISIL Reaffirms B+ Rating on INR100M Loan
ANUBHAV PLAST: CRISIL Assigns B+ Rating to INR10MM Bank Loan
ARTHI TEXTILES: CRISIL Assigns B+ Rating to INR60MM Cash Credit

AURO MIRA: ICRA Suspends 'D' Rating on INR37.25cr Term Loan
B.M. GUPTA: ICRA Assigns B Rating to INR9.5cr Fund Based Loan
CHIRIPAL CHARITABLE: CARE Ups Rating on INR10.35cr Loan to B+
CHORUS AGRO: CRISIL Reaffirms B Rating on INR42.4MM Cash Credit
COLOR COPI: ICRA Suspends 'D' Rating on INR84.44cr Bank Limit

DEEPAK PROTEINS: CARE Reaffirms B+ Rating on INR7.86cr Bank Loan
GALAXY STAMPING: CRISIL Reaffirms B+ Rating on INR70MM Cash Loan
GAYATRI COTTON: ICRA Reaffirms B Rating on INR6.90cr Cash Credit
GOLDEN SPARROW: ICRA Assigns B+ Rating to INR20cr Term Loan
GURU NANAK: CRISIL Reaffirms B Rating on INR100MM Cash Credit

GURU RAM: CRISIL Reaffirms B+ Rating on INR120MM Term Loan
HARSIDDH PAPERS: CARE Reaffirms B Rating on INR5.51cr Bank Loan
HIMALYA INTERNATIONAL: CRISIL Suspends D Rating on INR666MM Loan
JAK ASSOCIATES: ICRA Reaffirms B+ Rating on INR4.91cr Term Loan
K.S. COT: CARE Reaffirms 'B' Rating on INR0.54cr LT Bank Loan

K. S. COTEX: CARE Reaffirms B Rating on INR1.13cr LT Bank Loan
KARTIK INT'L: CRISIL Reaffirms B+ Rating on INR100MM Cash Credit
L R AUTOMOBILES: CRISIL Reaffirms B+ Rating on INR120MM Cash Loan
NARAYAN COTGIN: CARE Reaffirms B+ Rating on INR9cr Bank Loan
NARMADESHWAR RICE: CRISIL Ups Rating on INR32.3MM Loan to B+

NATIONAL CONSTRUCTION: ICRA Rates INR74cr Vehicle Loan at 'D'
NAVYA INFRACON: ICRA Rates INR7cr Fund Based Loan at 'B+'
NURAY CHEMICALS: CRISIL Reaffirms B Rating on INR210MM Term Loan
PALNADU INFRASTRUCTURE: CRISIL Rates INR103.5MM Term Loan at B+
PETRON ENGINEERING: CARE Cuts Rating on INR132.05cr Loan to 'B-'

RAMKRUPA GINNING: CARE Revises Rating on INR20cr Loan to 'B+'
RAYANI SPINTEX: ICRA Ups Rating on INR18.74cr Loan to 'B'
RAYON REALTY: CARE Revises Rating on INR7.52cr Bank Loan to 'D'
SABOO SODIUM: CARE Reaffirms B+ Rating on INR13.33cr Bank Loan
SAVITRIDEVI COTTON: CRISIL Reaffirms D INR47.5MM Cash Loan Rating

SEACEM PAINTS: CARE Lowers Rating on INR7.87cr LT Bank Loan to D
SOMAN & ASSOCIATES: ICRA Suspends B+ Rating to INR9.5cr Term Loan
SPECTRUM FOODS: CARE Reaffirms B Rating on INR18.40cr Bank Loan
SUGNANESHWARA HYDEL: ICRA Suspends D Rating on INR44.78cr Loan
VAISHANAVI ISPAT: CRISIL Reaffirms D Rating on INR418.6MM Loan

WHITELOTUS INDUSTRIES: CARE Cuts Rating on INR25.27cr Loan to D


N E W  Z E A L A N D

BRIDGECORP LTD: Receivers Pursue NZ$20-Mil. Claim vs. Lloyd's
PYNE GOULD: NZX Suspends Shares For Failure to File Report


S I N G A P O R E

GRAND BANKS: To be Removed From SGX Watchlist


T A I W A N

WINTEK CORP: Plans to Cut Up to 2,000 Jobs


                            - - - - -


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NASH LOGISTIC'S: In Administration; First Meeting Set For Oct. 15
-----------------------------------------------------------------
Andrew James Barnden -- abarnden@rodgersreidy.com.au -- of Rodgers
Reidy was appointed as administrators of Nash Logistic's Pty Ltd
on Oct. 3, 2014.

A first meeting of the creditors of the Company will be held at
Moree Services Club, Albert Street, in Moree, New South Wales, on
Oct. 15, 2014, at 10:30 a.m.


VIRGIN AUSTRALIA 2013-1: Fitch Affirms B+ Rating on Class C Notes
-----------------------------------------------------------------
Fitch Ratings has affirmed the ratings for Virgin Australia
Holdings Limited's (VAH, not rated) enhanced equipment notes
series 2013-1:

  -- Class A notes with an expected maturity of Oct. 2023 at 'A';

  -- Class B notes with an expected maturity of Oct. 2020 at
      'BB+';

  -- Class C notes with an expected maturity of Oct. 2018 at
      'B+';

  -- Class D notes with an expected maturity of Oct. 2016 at 'B'.

The final legal maturities for the class A and B notes are
scheduled to be 18 months after the expected maturities.

The ratings reflect the application of Fitch's criteria for rating
aircraft enhanced equipment trust certificates (EETC).  Key
ratings considerations include the quality of the aircraft
collateral, significant overcollateralization, the Australian and
New Zealand insolvency regimes coupled with the transaction's
underlying structure, the liquidity facilities, VAH's credit
quality, and various additional structural elements.

Fitch also noted such positive credit factors as low balloon
payments for all tranches, short remaining expected maturities for
the subordinated classes of notes, and rapid amortization of the
notes resulting in significant expected LTV improvements for all
tranches within the next several years.

VA 2013-1 is the first EETC-type transaction relying on the
Australian insolvency regime, which is different in key aspects
compared to Section 1110 and the Cape Town Convention (CTC, which
incorporates most elements of Section 1110 protection in countries
that have ratified the treaty) legal frameworks seen in most
EETCs.  Even though Australia signed the CTC into law in late June
of 2013, its implementation was not completed prior to the
issuance of the notes.

The CTC rules do not apply retroactively and Fitch expects VA
2013-1 notes will be governed under the Australian insolvency law
until maturity.  New Zealand is a CTC signatory and the CTC covers
the six aircraft in this transaction that are leased in New
Zealand.  Fitch believes Australia's legal framework, combined
with the structure of this transaction, create a situation similar
to Section 1110/CTC as it allows creditors access to collateral in
the event of insolvency.

KEY RATING DRIVERS

The A-tranche rating is primarily driven by a top-down analysis
which evaluates the level of overcollateralization and likely
recovery in a stress scenario.  In the year since this transaction
was launched market values for the collateral aircraft (777-300ER,
737-800 and 737-700) have performed in line with Fitch's
expectations.  As a result, stress case LTVs (the primary senior
tranche ratings driver) have not changed materially.

The maximum LTV of 95.1%, produced by Fitch's stress scenario,
remains unchanged from the prior year and is in line with Fitch's
initial expectations, implying an adequate amount of cushion for
senior tranche certificate holders.  The ratings are also
supported by a strong collateral package consisting of Tier 1
aircraft with vintages ranged from 2003 to 2011, an 18-month
liquidity facility provided by Natixis ('A'/'F1'; Stable Outlook
by Fitch), and cross-collateralization/cross-default features.

The rating for the subordinated tranches are driven by Fitch's
view of the VAH's corporate credit profile, a high affirmation
factor, availability of the liquidity facility for the Class B
notes, collateral coverage and the rights of each subordinated
class note holders to purchase all of the senior notes in certain
cases.  The ratings are also supported by seniority of interest
payments for all subordinated notes over the principal
distributions to the senior notes.

Each note is fully cross-collateralized, and all indentures are
fully cross-defaulted from the date of the issuance of each
applicable note.  Fitch believes these provisions in VA 2013-1,
which are standard enhancements of the modern EETC template,
increase the likelihood that VAH would affirm these notes and the
underlying aircraft and continue to make payments on the notes in
the case of in the case of administrative proceedings.  Taken
together, these provisions treat all the aircraft as one pool of
assets as the collateral supporting this transaction.

RATING SENSITIVITIES

Fitch does not expect positive rating actions for the senior
tranche.  Potential ratings concerns for the senior tranche
primarily consist of unexpected declines in aircraft values.
Values for the 777-300ER could potentially be impacted by the
introduction of the A350-1000 and 777-9X; similarly the 737-800
could be affected by the A320 NEO and 737 MAX.  Fitch does not
expect these risks to have a material impact in the near-to-
intermediate term.  The ratings of the subordinated tranches are
influenced by Fitch's view of VAH's corporate credit profile.  A
negative rating action could be considered if VAH's credit profile
weakens in Fitch's view.



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BANK OF CHINA: Moody's Rates Add-on Tier 1 Securities Ba2(hyb)
--------------------------------------------------------------
Moody's Investors Service has assigned a Ba2 (hyb) rating to Bank
of China Limited's (BOC) proposed USD- and/or EURO-settled,
additional tier 1 (AT1) capital qualifying offshore preference
shares (securities).

The proposed AT1 securities are subject to full or partial
compulsory H-share conversion upon the occurrence of a trigger
event. The rating is three notches below BOC's baa2 adjusted
baseline credit assessment (adjusted BCA), which starts with the
bank's BCA and adds parental support, if any. BOC's adjusted BCA
is the same as its BCA.

The outlook on the rating is stable.

The rating is subject to the receipt of final documentation, the
terms and conditions of which are not expected to change in any
material way from the draft documents that Moody's has reviewed.

Ratings Rationale

"The Ba2 (hyb) rating is three notches below BOC's baa2 adjusted
BCA, reflecting the structure of the proposed issuance and Moody's
assumption that investors in these securities face the risk of
full or partial compulsory H-share conversion upon the occurrence
of a trigger event, as well as the probability of impairment
associated with dividend suspension, which could precede the bank
reaching the point of non-viability," says Christine Kuo, a
Moody's Vice President and Senior Credit Officer.

BOC is majority-owned by the Chinese government. For AT1
securities, Moody's does not assume that extraordinary government
support would extend to these securities, which are designed to
absorb losses.

Under the terms and conditions, a compulsory H-share conversion
will be triggered if: (1) an AT1 capital instrument trigger event
occurs, meaning the common equity tier 1 capital adequacy ratio of
the bank falls to 5.125% (or below), and in which case all or some
of the AT1 securities shall be converted into H-shares so that
such AT1 capital instrument trigger event ceases to continue; or
(2) a tier 2 capital instrument trigger event occurs, in which
case all AT1 securities shall be converted into H-shares.

A tier 2 capital instrument trigger event occurs upon the earlier
of: (1) the China Banking Regulatory Commission having concluded
that without a write-off or conversion of the bank's capital the
bank would become non-viable; and (2) the relevant authorities
having concluded that without a public sector capital injection or
equivalent support the bank would become non-viable.

Claims of the AT1 securities are senior to claims of ordinary
shareholders, rank pari passu with offshore preference
shareholders and parity shares (which include domestic preference
shares), but are subordinate to claims of depositors, general
creditors of the bank, and holders of tier 2 capital instruments.

The AT1 securities will pay fixed-rate dividends in equivalent
amounts of relevant currencies. However, BOC may choose not to pay
dividend on a non-cumulative basis. As such, the distributions on
these capital securities are fully discretionary, but in priority
to any distributions made to ordinary shareholders.

Principal Methodologies

The principal methodology used in this rating was Global Banks
published in July 2014.

Bank of China Limited is headquartered in Beijing and reported
total assets of RMB15.5 billion (approximately USD2.5 trillion) as
of June 30, 2014.


BANK OF CHINA: S&P Assigns 'BB-' Rating to Preference Shares
------------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its 'BB-'
issue rating to the noncumulative preference shares of Bank of
China Ltd. (BOC; A/Stable/A-1; cnAA+/cnA-1).  S&P also assigned
its 'cnBB+' Greater China regional scale rating to the preference
shares.

S&P has classified the instruments as having "intermediate" equity
content, according to its rating criteria.  The debut offshore
issue is part of BOC's plan to raise up to Chinese renminbi (RMB)
100 billion in preference shares onshore and offshore.  The Basel
III-compliant issue qualifies as regulatory additional Tier-1
capital.

The rating assigned to the new issue reflects the application of
Standard & Poor's new hybrid capital criteria published on
Sept. 18, 2014.  The rating has taken into account issue-level
risks determined in part by the issuer's regulatory environment,
including provisions related to the implementation of the Basel
III framework.  S&P applied a one-notch downward-assessment for
subordination, a two-notch downward-assessment for the risk of
dividend nonpayment for a Tier-1 instrument, and a one-notch
downward-assessment for the issue's principle write-down/common
equity conversion feature.

The starting point for notching is the bank's stand-alone credit
profile (SACP) of 'bbb'.  S&P considers BOC's SACP as the starting
point rather than the issuer credit rating on the bank because S&P
believes financial support from the government to prevent
nonpayment on the hybrid capital instrument is uncertain.  This is
despite the bank being a government-related entity for which S&P
believes there is a "very high" likelihood of extraordinary
government support in case of distress.

"The "intermediate" equity content classification reflects the
loss-absorbing features of the preference shares.  Therefore,
according to our rating criteria, we include the preference shares
in the bank's total adjusted capital until the aggregate amount of
such instruments is equivalent to 33% of the bank's adjusted
common equity.  In line with China's Basel III-aligned capital
framework, the preference shares are perpetual and noncallable for
five years after the issue date.  The dividends of the preference
shares are discretionary and noncumulative, such as when certain
triggers are activated.  We view the dividends' discretionary and
noncumulative features as having capacity to absorb the bank's
losses on a going-concern basis," S&P said.

S&P do not expect any immediate impact to the SACP and issuer
credit rating on the bank following the offshore issue and other
possible issues onshore.  S&P expects BOC's risk-adjusted capital
ratio before diversification adjustment, calculated according to
S&P's rating criteria, to stay between 5% and 7% by the end of
2016 following such issues.


CHINA METALLURGICAL: 1H 2014 Results In Line With Ba1 Bond Rating
-----------------------------------------------------------------
Moody's Investors Service says that China Metallurgical Group
Corporation's (CMGC) 1H 2014 financial results were largely in
line with its Baa3 corporate family rating, and the Ba1 senior
unsecured bond rating for its guaranteed subsidiary, MCC Holding
(Hong Kong) Corporation Limited, as well as its stable outlook.

"While CMGC's financial leverage and profitability weakened
slightly year-over-year in 1H 2014, both results were consistent
with its baseline credit assessment of ba3," says Chenyi Lu, a
Moody's Vice President and Senior Analyst.

CMGC's adjusted debt/EBITDA was at 7.5x for the 12 months to 30
June 2014, similar to the 7.4x in 2013, as its adjusted debt grew
slightly to RMB153 billion at end-June 2014 from RMB150 billion at
end-2013 to fund working capital needs.

Its adjusted EBITDA margin fell marginally to 8.6% in 1H 2014 from
8.8% in 1H 2013.

Given the expected improvement in earnings and debt reduction
stemming from asset sales, Moody's expects CMCG's adjusted
debt/EBITDA to fall to about 7.0x over the next 12-18 months.

The increased earnings will be driven by: (1) an expected mid-
single digits revenue growth per year over the next 12-18 months,
which will be underpinned by the robust growth in its non-
metallurgical infrastructure and real estate businesses; and (2) a
slight improvement in its adjusted EBITDA margin to 10% from 9.6%
for the 12 months to 30 June 2014, driven by the company's focus
on profitable operations and cost controls.

Based on CMGC's results announcement for 1H 2014, its revenue grew
5.2% year-on-year to RMB98 billion from RMB93 billion in 1H 2013
while its adjusted EBITDA rose by 3.4% to RMB8.5 billion from
RMB8.2 billion over the same periods.

The principal methodology used in these ratings was Global
Construction Methodology published in November 2010. Other
methodologies used include the Government-Related Issuers:
Methodology Update published in July 2010.

China Metallurgical Group Corporation is engaged in the
engineering and construction, equipment manufacturing, property
development, and resources development businesses.

Headquartered in Beijing, it is a central state-owned enterprise
and is wholly owned by the State Council of China, and supervised
by the State-owned Assets Supervision and Administration
Commission.


SUNSHINE 100: Fitch Assigns 'B-' Rating to USD115MM Sr. Notes
-------------------------------------------------------------
Fitch Ratings has assigned Sunshine 100 China Holdings Ltd's
(Sunshine; B-/Stable) USD115m 12.75% senior unsecured notes due
2017 a final rating of 'B-' and Recovery Rating of 'RR4'.  The
assignment of the final rating follows the receipt of documents
conforming to information already received and the final rating is
in line with the expected rating assigned on 18 July 2014.

The notes are rated at the same level as the China-based
residential property developer's senior unsecured rating as they
represent direct, unconditional, unsecured and unsubordinated
obligations of the company.

Sunshine's ratings are supported by its adequate land bank, low
land bank cost and improving land bank values in second- and
third-tier cities after years of city development.  The ratings
are constrained by its high leverage level, low turnover rate,
tight liquidity and higher volatility in commercial property
strata-title sales as the company shifts gradually towards
developing "street-community type" projects.

KEY RATING DRIVERS

Increasing Commercial Property Sales: Sunshine had about 85% of
its contracted sales from residential property in 2011-2013, but
it plans to increase sales of commercial property in street-
community type projects.  These projects, which mainly target
investors, are located at large residential communities or near
city-centres with cultural or tourism themes.  As the average
selling price (ASP) of commercial property is much higher than
residential units, the profit margin is higher.  However, Sunshine
may face higher volatility in demand.  Fitch believes many of the
buyers are speculators, who focus on price appreciation rather
than rental yields of the shops.  Although Sunshine completed its
first street-community project in Yangshuo in 2004, it did not
actively expand this product line later on.  Sunshine has yet to
establish a track record that proves this business model would be
successful.

Consistently High Leverage: Sunshine has high leverage compared
with similarly rated peers.  Its leverage, measured by net debt
divided by adjusted inventory, was consistently above 60% in 2010-
2013.  Although Sunshine made limited land purchases in the past
few years, its inventory turnover slowed, which led to negative
operating cash flows for most of the time.  Hefty interest
expenses due to rising debt further drained Sunshine's cash. As a
result, Sunshine's net debt level is much higher than its peers'.

Slow Turnover Rate: Sunshine's ratings are constrained by its slow
inventory turnover.  The company's turnover rate, measured by
contracted sales divided by gross debt, stayed at 0.4x-0.5x in
2011-2013.  This is very low compared with most of its 'B'-rated
peers, which had turnover of over 1.0x.  Many of Sunshine's
projects are sizable with gross floor area (GFA) of 500,000 sqm or
above and were acquired a number of years ago.  Sunshine has no
urgency to offload them quickly since the land cost is low.  The
slow turnover did not translate into high gross profit margin,
which remained at around 30% in the past three years.

Improving Land Bank Values: Over half of Sunshine's projects in
terms of GFA are in third-tier cities.  Some of the projects in
Sunshine's land bank were acquired more than five years ago when
the land parcels were located in suburban areas.  As the cities
grew over time, the surroundings of these projects have developed
and hence land values have improved.  For example, the place in
which Sunshine's Chongqing project is situated has become a
medium- to high-end residential area facing the new CBD area at
the intersection of Changjiang River and Jialing River.
Sunshine's projects in Yantai and Liuzhou, which are third-tier
cities, are also located near city centres now.

Adequate Land Bank: Sunshine had an adequate land bank of 11.2
million sqm in over 20 projects at end-2013, enough for more than
10 years of sales based on 2013's contracted sales GFA.
Sunshine's projects are in second- and third-tier cities in the
Bohai Rim and Midwest region in China.  It benefits from low
average land cost of CNY734/sqm, which was 10% of its ASP in 2013.
It has no urgent need to replenish its land bank at the much
higher current market prices.

Tight Liquidity for Refinancing: Sunshine's freely available cash
and restricted cash pledged for loans was CNY2.8bn at end-2013.
This is less than the short-term debt of CNY5.1bn.  Sunshine has
to rely on lenders rolling over the expiring debt or using its
contracted sales proceeds to pay off the debt.  Sunshine also has
high exposure to non-bank funding (60% of total debt at end-2013),
which includes trust loans, loans from asset management companies
and loans from third parties.  Fitch expects that the proportion
of non-bank funding will drop to 50% after Sunshine utilized half
of the bond proceeds to refinance its existing debt.

RATING SENSITIVITIES

Positive: Future developments that may collectively lead to
positive rating actions include:

   -- Net debt/adjusted inventory sustained below 55% (End-2013:
      66%); and

   -- EBITDA margin sustained above 15% (2013: 19%); and

   -- Contracted sales/total debt sustained above 0.8x (2013:
      0.4x); and

   -- Contracted sales sustained above CNY7.5bn (2013: CNY5.4bn).

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

   -- A deterioration in Sunshine's liquidity position, for
      example, failure to refinance bank borrowings.



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A TO Z DEVELOPERS: CRISIL Reaffirms B+ Rating on INR190MM Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facility of A to Z
Developers Ltd continues to reflect AZDL's weak liquidity,
dependence on customer advances to meet its ballooning debt
repayments and subdued offtake for its units.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan             190       CRISIL B+/Stable (Reaffirmed)

The rating also factors in the company's exposure to the high
demand risks associated with its projects and to the inherent
risks and cyclicality in the Indian real estate industry. These
rating weaknesses are partially offset by the extensive experience
of AZDL's promoters in the real estate industry, and the advanced
stage of completion of its current project.

Outlook: Stable

CRISIL believes that AZDL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of significant
improvement in the company's liquidity due to higher-than-expected
customer advances while ensuring timely completion of its project.
Conversely, the outlook may be revised to 'Negative' if AZDL's
liquidity deteriorates because of lower-than-expected demand for
its project, significant time or cost overruns in the project or
considerable delay in receipt of customer advances for its
existing bookings.

AZDL was originally incorporated in October 2007 as a private
limited company, A to Z Developers Pvt Ltd. It was reconstituted
as a closely held public limited company in 2013 by Mr. Pankaj
Rana, Mr. Vinod Kumar, Mr. Parminder Tewatia, and Mr. Devendra
Kumar. AZDL develops and sells residential and commercial
projects. Currently, the company is executing a residential
project, Green Estate Colony, in Muzaffarnagar (Uttar Pradesh).


ACE AUTOCARS: CRISIL Reaffirms B+ Rating on INR100MM Cash Credit
----------------------------------------------------------------
CRISIL's rating on the bank facilities of ACE Autocars Private
Limited (AAPL) continues to reflect AAPL's below-average financial
risk profile, marked by high gearing and below-average debt
protection metrics. The rating also factors in AAPL's modest scale
of operations in the intensely competitive automobile dealership
industry. These rating weaknesses are partially offset by AAPL's
established relationship with Tata Motors Ltd (TML; rated 'CRISIL
AA/Stable/CRISIL A1+').

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

Outlook: Stable

CRISIL believes that AAPL will maintain its established position
in the automobile dealership market for TML near Cuttack (Orissa),
supported by its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company's revenue
increases significantly, while its capital structure and liquidity
also improve. Conversely, the outlook may be revised to 'Negative'
if reduced operating margin, weaker debt protection metrics, or
any large debt-funded capital capex considerably weakens its
financial risk profile.

Update
AAPL's turnover reduced to INR455.6 million in 2013-14 (refers to
financial year, April 1 to March 31) from INR565.2 million in
2012-13, due primarily to low demand for TML passenger cars. The
operating margin was largely stable at 4.06 per cent in 2013-14
(4.18 per cent in the previous year).

The company's operations are moderately working capital intensive,
with gross current assets (GCAs) of 123 days as on March 31, 2014,
and receivables, inventory and creditors of 6, 37, and 9 days,
respectively. The financial risk profile remains below average,
marked by modest net worth of INR64 million and gearing at 2.76
times, as on March 31, 2014. The total debt of INR152.9 million
comprises long-term loans of INR55.3 million and short-term
working capital bank borrowings of INR97.6 million. Modest
operating margin has led to subdued debt protection metrics, with
interest coverage ratio and net cash accruals to total debt at 1.1
times and 0.04 times, respectively, for 2013-14. AAPL reported a
profit after tax (PAT) and net sales of INR3.1 million and
INR455.6 million, respectively, for 2013-14 (INR4.7 million and
INR565.2 million, respectively, for 2012-13).

AAPL, set up in 2008, is an exclusive dealer of TML's passenger
cars. AAPL has a showroom-cum-workshop near Cuttack. The company
is promoted by Mr. Dharmaditya Pattanaik and his wife, Mrs.
Sanjana Sanghamitra Das and Mr. Divyaloka Pattanaik. AAPL has been
dealing in TML's passenger vehicles since February 2010.


AIMIL PHARMACEUTICALS: CRISIL Reaffirms B+ Rating on INR100M Loan
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Aimil
Pharmaceuticals India Ltd (APIL) continues to reflect its
stretched liquidity on account of working capital intensity in
operations.

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

   Proposed Long Term   100        CRISIL B+/Stable (Reaffirmed)
   Bank Loan Facility

The rating also factors in the company's average financial risk
profile marked by moderate gearing and weak debt protection
metrics. These rating weaknesses are partially offset by the
extensive experience of APIL's promoters in the pharmaceuticals
industry, and the company's moderate scale of operations, backed
by established product profile.

Outlook: Stable

CRISIL believes that APIL will benefit over the medium term from
the extensive industry experience of its promoters in the
pharmaceuticals industry. The outlook may be revised to 'Positive'
if the company's cash accruals increase considerably, most likely
due to scale-up in operations, while improving its profitability
and capital structure. Conversely, the outlook may be revised to
'Negative' if stretch in working capital cycle or low cash
accruals substantially weaken APIL's financial risk profile.

APIL, set up in 1984 in New Delhi by Mr. K.K. Sharma, manufactures
and sells ayurvedic and Unani medicines (both traditional forms of
medicine), under its Neeri, Lukoskin, Amree Plus, Purodil, Amroid,
Amlycure, Amycordial and Zymnet brands. The company has
manufacturing facilities in Nalagarh (Himachal Pradesh) and New
Delhi.

APIL reported a provisional profit-after-tax (PAT) of INR14.3
million on net sales of INR1.34 billion for 2013-14 (refers to
financial year, April 1 to March 31), and PAT of INR7.1 million on
net sales of INR1.00 billion for 2012-13.


ANUBHAV PLAST: CRISIL Assigns B+ Rating to INR10MM Bank Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Anubhav Plast Pvt Ltd (APPL).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Proposed Long Term       10         CRISIL B+/Stable
   Bank Loan Facility

   Bank Guarantee           15         CRISIL A4

   Cash Credit              70         CRISIL B+/Stable

The ratings reflect APPL's weak financial risk profile, marked by
high gearing and weak debt protection metrics, and its small scale
and tender-based nature of operations in the highly fragmented and
competitive steel tubular poles industry. These rating weaknesses
are partially offset by the company's healthy order book and the
extensive industry experience of its promoters.

Outlook: Stable

CRISIL believes that APPL will continue to benefit over the medium
term from the extensive industry experience of its promoters and
their established relationships with customers. The outlook may be
revised to 'Positive' if the company increases its scale of
operations and profitability, leading to higher net cash accruals,
or if its capital structure improves, supported by capital
infusion by its promoters. Conversely, the outlook may be revised
to 'Negative' in case of significant deterioration in APPL's
financial risk profile, most likely because of increased working
capital requirements, or pressure on its topline or profitability,
or substantial debt-funded capital expenditure.

APPL based in Kanpur (Uttar Pradesh), manufactures swaged-type
steel tubular poles used in electrification, and has also recently
ventured into setting up of substations for electricity
transmission. The company was incorporated in 1987, promoted by
Mr. Onkar Nath Gupta. Its day-to-day operations are managed by Mr.
Onkar Nath Gupta and his son Mr. Vinamra Gupta. Its manufacturing
plant is in Rania industrial area, Kanpur.

For 2013-14 (refers to financial year, April 1 to March 31), APPL
reported a profit after tax (PAT) of INR2.6 million on net sales
of INR240.5 million, as against a PAT of INR0.3 million on net
sales of INR125.4 million for 2012-13.


ARTHI TEXTILES: CRISIL Assigns B+ Rating to INR60MM Cash Credit
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable 'rating to the long-term
bank facilities of Arthi Textiles (AT).

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

   Proposed Long Term       15         CRISIL B+/Stable
   Bank Loan Facility

The rating reflects AT's modest scale of operations in the
fragmented textile industry, susceptibility of its operating
margin to volatility in raw material prices, and its below-average
financial risk profile, marked by weak debt protection metrics.
These rating weaknesses are partially offset by the extensive
industry experience of the firm's promoters.

Outlook: Stable

CRISIL believes that AT will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm records a
significant increase in its revenue and profitability, resulting
in a considerable improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if AT's cash
accruals decline considerably, it undertakes a larger-than-
expected debt-funded capital expenditure programme, its working
capital management deteriorates, or its partners withdraw
substantial capital, resulting in weakening of its financial risk
profile.

AT, set up in 1995, manufactures cotton yarn. Its day-to-day
operations are managed by Mr.  P. Ramaswamy.


AURO MIRA: ICRA Suspends 'D' Rating on INR37.25cr Term Loan
-----------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]D outstanding on
the INR37.25 crore term-loans and fund based limits and on the
INR26.75 crore proposed fund based limits of Auro Mira Biopower
India Private Limited . ICRA has also suspended the short-term
rating of [ICRA]D outstanding on the INR13.50 crore fund based and
non-fund based facilities (sub-limits of Long-term fund based
limits) of the company. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the company.


B.M. GUPTA: ICRA Assigns B Rating to INR9.5cr Fund Based Loan
-------------------------------------------------------------
ICRA has assigned its rating of '[ICRA]B' to the INR9.5 crore fund
based limits and its rating of '[ICRA]A4' to the INR10.0 crore non
fund based limits of B.M. Gupta Estate Pvt. Ltd.

                              Amount
   Facilities              (INR crore)     Ratings
   ----------              -----------     -------
   Fund based facility          9.5        [ICRA]B; (assigned)
   Non fund based facility     10.0        [ICRA]A4; (assigned)

The rating is constrained by the company's currently modest
profitability in the mall business as well as the company's
significant debt levels. The rating is also constrained by the
fact that BMG plans to foray into the non ferrous metals trading
segment. While ICRA notes that the promoters are present in
metal sheet manufacturing through other group entities, the
trading business will be a new segment for the group. The working
capital cycle and the ability to manage the funding requirements
in this new business remain to be seen. This apart, profitability
in this segment as well as the company's ability to manage
counterparty and price risks is yet to be demonstrated. However,
the assigned rating favourably factors in the healthy tenant
profile at the company's BMG mall, the mature nature of the
property, the mall's favourable location and limited competition
in the area. Currently, about 92% of the Mall is occupied with 30%
area being leased out, 19% sold and 43% run by BMG.

Going forward, the credit term extended to clients which would
include group companies and the operating margin in the trading
business would be the key rating sensitivities, apart from ability
to achieve stable cashflows from the existing mall.

BMG was set up as a private limited company on October 20, 2004.
It is promoted by the Gupta family of Rewari (Haryana) which has
many years of experience in trading and manufacturing of non
ferrous metals and also has interests in real estate in Rewari.
The Company purchased a land parcel of 1.5 acre from a private
party in 2003 and began construction of a shopping mall cum
multiplex in 2008. The project named 'BMG Mall' was opened to the
public in August 2011. The mall's tenants include brands such as
Reliance Trends, Bata, Dominos, Nike, Allen Solly, Louis Philippe,
Peter England etc. The mall also houses a multiplex BMG Cinemas
which has four screens with a total seating capacity of
~850. The Company also plans to venture into trading of non
ferrous metals.

Recent Results
In 2013-14, the company, on a provisional basis, reported an
operating income of INR16.08 crore and a net profit of INR0.51
crore, as against an operating income of INR16.07 crore and net
profit of INR0.46 crore in the previous year.


CHIRIPAL CHARITABLE: CARE Ups Rating on INR10.35cr Loan to B+
-------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Chiripal Charitable Trust.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     10.35      CARE B+ Revised
                                            from CARE D

Rating Rationale

The revision in the rating assigned to the bank facilities of
Chiripal Charitable Trust (CCT) is primarily on account of clear
track record of its debt repayments over the past six months,
increase in total operating income and gross cash accruals
and improvement in debt coverage indicators during FY14 (refers to
the period April 1 to March 31).

However, the rating continues to remain constrained by its modest
enrollment at Shanti Business School (SBS), leveraged capital
structure and high competition from other established colleges &
schools and high regulatory restriction in the education sector.

The rating, however, continues to derive strength from the wide
experience of the promoters in the education sector, the group's
presence in diversified industrial segments in Ahmedabad and CCT's
diversified source of revenue on account of presence across both
schooling and management education.

The ability of CCT to improve its capital structure along with
increase in the scale of operations and improvement in enrolment
ratio are the key rating sensitivities.

Ahmedabad-based CCT was set up by the renowned Chiripal group of
companies on January 25, 1985 as a corporate citizenship
initiative. Established in 1972 by Mr VedPrakash Chiripal, the
Chiripal group is a multi-product textile house located at
Ahmedabad and is involved in processing, weaving, knitting and
petrochemicals business.

Presently, there are two institutes running under CCT, namely,
Shanti Asiatic School (SAS) and SBS. SAS was started in
June 2009 and currently provides education through Nursery to
Standard XII. SAS has its affiliation with Central Board of
Secondary Education (CBSE) since 2011. SBS is an AICTE approved
business school launched in July 2010 and offers Post-
Graduate Diploma in Management (PGDM) and Post-Graduate Diploma in
Management in Communications (PGDMC).

During FY14, CCT reported a net surplus of INR1.75 crore on a
Total Operating Income (TOI) of INR20.03 crore as against a
deficit of INR2.87 crore on a TOI of INR16.56 crore in FY13.


CHORUS AGRO: CRISIL Reaffirms B Rating on INR42.4MM Cash Credit
---------------------------------------------------------------
CRISIL's rating on the bank loan facilities of Chorus Agro Private
Limited continues to reflect CAPL's modest scale of operations,
exposure to intense market competition and average financial risk
profile. These rating weaknesses are partially offset by funding
support extended by its promoters.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             42.4       CRISIL B/Stable
   Letter of Credit        15         CRISIL A4
   Term Loan               32.6       CRISIL B/Stable

CRISIL had upgraded its rating on the long-term bank facilities of
Chorus Agro Pvt Ltd (CAPL) to 'CRISIL B/Stable/CRISIL A4' from
'CRISIL D/CRISIL D' on October 01, 2014.

The rating upgrade reflects the timeliness of CAPL in meeting the
maturing term debt obligations on account of improvement in the
liquidity of the company. CAPL's liquidity has improved because of
improved scale of operations resulting in higher cash accruals.
The net sales of the company in 2013-14 are estimated to have
grown by around 50% year-on-year as it was able to clean, parboil
and mill higher volume of rice and meet the continued demand from
its customers. The company was able to sell higher volumes of rice
as its manufacturing capacity increased due to completion of
capital expenditure programme in early 2013. CRISIL believes that
the company would sustain the growth in its top line along with
moderate operating margins resulting in sufficient cash accruals
to meet the maturing debt obligations of around INR11 million in
2014-15. The liquidity of the company is also supported by the
funding support from promoters in the form of equity and unsecured
loans as has been demonstrated in the past. However, the
timeliness of such support will be a key rating sensitive factor.

Outlook: Stable

CRISIL believes that CAPL will continue to benefit from the
funding support that it receives from its promoters. The outlook
may be revised to 'Positive' if there is a substantial and
sustained improvement in the company's revenues and profitability
margins from the current levels or there is an improvement in its
working capital management. Conversely, the outlook may be revised
to 'Negative' if there is there is a decline in the company's
revenues or profitability margins from the current levels or there
is a deterioration in its capital structure on account of larger-
than-expected working capital requirements or large debt-funded
capex.

CAPL was set up in 2007-08 (refers to financial year, April 1 to
March 31) by Mr. Om Prakash Bajoria and Mr. Pawan Kumar Kanoi. The
company mills parboiled rice in Karnal CAPL sells the same under
its brands: Annapurna, Taj Mahal, Parivar, India Gate, Butterfly,
and Pari.


COLOR COPI: ICRA Suspends 'D' Rating on INR84.44cr Bank Limit
-------------------------------------------------------------
ICRA has suspended [ICRA]D rating assigned to the INR84.44 crore
of bank limits of Color Copi Limited. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company.

Started as a proprietary concern in 2001 by Mrs. Kamala Gupta,
Color Copi (India) Services was engaged into trading of
cartridges, printers and other hardware parts. The company emerged
as sub-distributors for Hewlett-Packard. Later on, the company
also ventured into servicing segment, undertaking servicing job
for printers. It was during this time that the name was changed to
Color Copi Services and Solutions Pvt. Ltd from Color Copi (India)
Services and Mr. Sanjeev Gupta (son of Mrs. Kamala Gupta) joined
the organisation. The company has its revenue generated through
trading as well as services.


DEEPAK PROTEINS: CARE Reaffirms B+ Rating on INR7.86cr Bank Loan
----------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Deepak Proteins Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     7.86       CARE B+ Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Deepak Proteins
Private Limited continues to remain constrained on account of its
modest scale of operations in the highly fragmented and working
capital intensive edible oil industry and weak financial risk
profile marked by thin profitability, leveraged capital structure,
moderate liquidity and weak debt coverage indicators. The rating
is also constrained on account of vulnerability of profit margins
to fluctuation in raw material prices. The rating also factors in
decline in operating income and cash accruals and deterioration in
the capital structure during FY14 (refers to the period April 1 to
March 31).

The above constraints far offset the benefits derived from the
long track record of the promoters in the edible oil industry
and proximity to raw material source.

DPPL's ability to increase its scale of operations along with the
improvement in profitability amidst high competition and
rationalization of debt levels with better working capital
management are the key rating sensitivities.

DPPL was incorporated by Mr Satishchandra Thakkar and Mr
Gunvantlal Thakkar along with other family members in 2008. The
company is engaged in the manufacturing of cotton seed wash oil
and de-oiled cake (DOC). DPPL's plant is located at Harij, Gujarat
with an installed capacity of 22,000 Metric Tonnes Per Annum
(MTPA) as on August 31, 2014 and 18 expellers at its crushing
facility. DPPL's operations are concentrated in North Gujarat.
DPPL market its products under the brand name 'SATISH'.

The promoters also run two entities in the name of P.V. Agro and
Kalptaru Finstock. P.V. Agro is engaged in the trading of various
agro commodities like castor seeds, guar seeds, cumin seed, cotton
DOC and guar dal while Kalptaru Finstock is engaged in commodities
trading and investments in shares.

DPPL reported a PAT of INR0.05 crore on a total operating income
(TOI) of INR39.82 crore during FY14 (refers to the period
April 1 to March 31) as against a PAT of INR0.09 crore on a TOI of
INR45.19 crore during FY13.


GALAXY STAMPING: CRISIL Reaffirms B+ Rating on INR70MM Cash Loan
----------------------------------------------------------------
CRISIL's ratings on the long-term bank facilities of Galaxy
Stamping Pvt Ltd (GSPL) continue to reflect GSPL's modest scale of
operations and its weak financial risk profile marked by leveraged
capital structure and average debt protection metrics. These
rating weaknesses are partially offset by the benefits that the
company derives from its promoters' extensive experience in the
electric stampings business.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee        0.4        CRISIL A4 (Reaffirmed)

   Cash Credit          70.0        CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    9.1        CRISIL B+/Stable (Reaffirmed)

   Term Loan            20.5        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that GSPL will continue to benefit over the medium
term from its promoters' industry experience and its established
relationship with customers. The outlook may be revised to
'Positive' if the company generates substantial revenue and
margins, improves its debt protection metrics, and diversifies its
customer base. Conversely, the outlook may be revised to
'Negative' if GSPL's revenue and profitability margins decline
sharply, or its working capital cycle lengthens significantly, or
it undertakes a large debt-funded capital expenditure programme,
leading deterioration of its debt protection metrics.

Update
GSPL registered net sales of INR404.8 million for 2013-14 (refers
to financial year, April 1 to March 31), which was significantly
lower than expectation. However, GSPL registered better-than-
projected profitability of about 8.7 per cent for 2013-14, against
7.5 per cent for 2012-13. The company's profitability has improved
steadily from 5.9 per cent for 2010-11 on account of higher
proportion of revenue from sales of stampings from cold-rolled
non-grain oriented steel coils, which command better margins.
CRISIL believes that GSPL will register sales growth of more than
15 per cent over the medium term supported by recent increase in
its production capacity. The capacity expansion was funded through
term loan of about INR30 million. The term loan, along with large
working capital requirements, led to leveraged capital structure,
with the company's gearing at 2.9 times as on March 31, 2014.
CRISIL has considered GSPL's unsecured loans of about INR35.4
million as neither debt nor equity as they are subordinated to
bank limits.

The company's gross current assets were at 167 days as on March
31, 2014, against 143 days a year ago. CRISIL expects GSPL's
gearing to remain above 2.5 times over the medium term on account
of moderate profitability and large working capital requirements.
High reliance on external borrowings has led to average debt
protection metrics for GSPL. Its interest coverage ratio and net
cash accruals to total debt ratios were at 1.9 times and 0.09
times, respectively, for 2013-14. CRISIL expects GSPL's debt
protection metrics to remain average over the medium term. The
company's liquidity is marked by high bank limit utilisation,
averaging 96 per cent over the 12 months through March 2014. GSPL
is likely to generate adequate accruals to meet debt obligations
of about INR12 million for 2014-15.

GSPL reported, on a provisional basis, profit after tax (PAT) of
INR5.4 million on net sales of INR404.8 million for 2013-14,
against PAT of INR7.5 million on net sales of INR455.2 million for
2012-13.

GSPL was set up as a partnership firm named Galaxy Stampings in
2004, and was reconstituted as a private limited company in July
2011. The company manufactures electrical stampings, which are
used as components in manufacturing pumps and electric motors that
have agricultural and industrial applications. The company's day-
to-day operations are overseen by promoter Mr. Chintan Sitapara.


GAYATRI COTTON: ICRA Reaffirms B Rating on INR6.90cr Cash Credit
----------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B to the INR6.90
crore cash credit facility and INR1.00 crore cash credit against
book debt facility (sublimit of cash credit) of Gayatri Cotton
Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based-Cash
   Credit                6.90         [ICRA]B reaffirmed

   Fund Based- CCBD     (1.00)        [ICRA]B reaffirmed

The reaffirmation of rating factors in Gayatri Cotton Private
Limited's (GCPL) modest scale of operation and financial profile
characterized by thin profitability, low debt coverage indicators
and high gearing levels. ICRA also takes note of the highly
competitive and fragmented industry structure with
the limited value additive nature of operations which leads to
pressure on profitability. The rating further incorporates the
vulnerability of margins to adverse movement in raw material
prices, which in turn are linked to the seasonal nature of the
cotton industry and government regulations on MSP and export.

The rating, however, considers the long experience of the
promoters in the cotton industry as well as the favourable
location of the company giving it easy access to high quality raw
cotton.

Incorporated in 2006, Gayatri Cotton Private Limited (GCPL) is
engaged in the ginning and pressing of raw cotton. The company is
managed by three directors, namely Mr. Jitendra Sangani, Mr.
Jignesh Sangani and Mr. Paresh Sangani. The manufacturing unit is
located in Mahuva, Bhavnagar, Gujarat. It has 28 ginning machines
and one pressing machine (automatic) with an installed capacity of
300 cotton bales per day (24 hours operation).

Recent Results
During FY14, the company reported an operating income of INR43.00
crore and a net profit of INR0.13 crore against an operating
income of INR34.84 crore and net profit of INR0.10 crore in FY13.


GOLDEN SPARROW: ICRA Assigns B+ Rating to INR20cr Term Loan
-----------------------------------------------------------
ICRA has assigned its rating of [ICRA]B+ to the INR20.0 crore bank
facilities of Golden Sparrow Developers Pvt. Ltd.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loan              20.0        [ICRA]B+; (assigned)

The assigned rating factors in the increasing tenancy and the
strong tenant profile at 'Kessel Mall', the mature nature of the
property, limited competition in the absence of any other mall in
Kurukshetra and the mall's favourable location, near the
Kurukshetra University, which assures it of regular footfalls.
The mall became operational in 2009 and gradually tenants such as
Glitz Cinemas, More, Reliance Trends, Woodland, Allen Solly, Louis
Philippe, Peter England, Reliance Footprints etc have come on
board. Currently, about 80% of the Mall is leased out on a
combination of fixed rent and revenue share basis. The rating also
factors in the long term nature of contracts with tenants, which
imparts revenue visibility.

However, the rating is constrained by the company's profitability
indicators (operating margin of 49%, net loss of INR0.5 crore and
return on capital employed of 4.2% in 2013-14) partly attributable
to high interest outgo. Further, the rating takes into account
GSDP's weak capital structure characterized by negative networth
of INR3.5 crore as on March 31, 2014 as well as the high debt
repayment obligations that GSDP has to service from 2014-15
onwards, which are expected to be keep GSDP's key credit
metrics under pressure going forward. This apart, the rating
factors in concentration risks arising from operating a single
property. Going forward, GSDP's ability to achieve revenue growth
and ramp up its profitability through additional leasing and
growth in revenue share from tenants, with a resultant
improvement in debt coverage indicators, will be the key rating
sensitivities.

GSDP was incorporated in March 2007 and owns and operates the
'Kessel mall' spread over an area of one acre at a prime location
in Kurukshetra. The mall became operational in 2009 and has many
reputed tenants such as Glitz Cinemas, More, Reliance Trends,
Woodland, Madura Garments, Reliance Footprints, Bata etc. GSDP is
promoted by the Sachdeva family, whose other business interests
include running three schools in Delhi, and a gems and jewellery
business.

Recent Results
The company, on a provisional basis, reported an operating income
of INR6.5 crore and a net loss of INR0.49 crore in 2013-14, as
against an operating income of INR9.56 crore and net loss of
INR0.73 crore in the previous year. The networth as on March 31,
2014 was negative INR3.5 crore, and was negative INR3.0 crore, a
year ago.


GURU NANAK: CRISIL Reaffirms B Rating on INR100MM Cash Credit
-------------------------------------------------------------
CRISIL's rating on the bank facilities of Guru Nanak Rice & Gen.
Mills reflect its weak financial risk profile, marked by high
gearing, low net worth and average debt protection metrics.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            100        CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      22.5      CRISIL B/Stable (Reaffirmed)
   Term Loan               10        CRISIL B/Stable (Reaffirmed)

The rating also factors in the firm's small scale of operations in
the highly fragmented rice industry. These rating weaknesses are
partially offset by the extensive industry experience of GNRGM's
promoters, and its efficient working capital management, leading
to adequate liquidity.

Outlook: Stable

CRISIL believes that GNRGM will continue to benefit from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if increasing net cash accruals or infusion
of funds by partners leads to a stronger capital structure and
therefore, financial risk profile for GNRGM. Conversely, the
outlook may be revised to 'Negative' if the firm's financial risk
profile, particularly liquidity, weakens further on account of
decline in revenue or profitability.

Update
GNRGM's sales increased to around INR462 million in 2013-14
(refers to financial year, April 1 to March 31) from INR420
million in the previous year, buoyed by improving sales
realisation from milling of paddy and sorting of rice. In 2013-14,
the firm derived the bulk of its revenue from sorting activity.
GNRGM's major presence is in Punjab, Haryana and Delhi. The
revenue is expected to grow at a moderate 10 per cent over the
medium term. However, due to low value addition in rice
processing, the operating margin (at 3.1 per cent in 2013-14) is
expected to remain low over the medium term.

The financial risk profile is expected to remain weak over the
medium term on account of low net worth and large working capital
requirements. Low net worth (Rs.6 million as on March 31, 2014)
and accruals (around INR7 million in 2013-14), increase reliance
on bank borrowings, keeping the capital structure highly
leveraged. The gearing is expected to be high at 12 to 13.5 times,
and interest coverage moderate at 1.8 to 2.0 times over the medium
term. The liquidity is, however, supported by efficient working
capital management. The firm had gross current assets (GCAs) and
inventory of 34 and 17 days, respectively, as on March 31, 2014.
Although this was a one off instance, the inventory of the firm
generally remains at 40 to 60 days. The expected net cash accruals
of around INR8 million should be adequate to service debt of
INR1.5 million to INR3.0 million maturing over the medium term.

Set up in 1981 as a proprietorship concern by Mr. Bihari Lal Garg,
GNRGM was reconstituted as a partnership firm in 2011, and is
currently managed by Mr. Pradeep Kumar and Mr. Purshottam Dass.
GNRGM mainly mills and sells basmati and non-basmati rice in the
domestic open market to exporters, who in turn, sell to the
overseas market.

GNRGM reported a profit after tax (PAT) of INR0.04 million on net
sales of INR462.1 million for 2013-14, against a PAT of INR0.03
million on net sales of INR419.7 million for 2012-13.


GURU RAM: CRISIL Reaffirms B+ Rating on INR120MM Term Loan
----------------------------------------------------------
CRISIL's rating on the bank loan facilities of Guru Ram Dass
Educational Society (GRDES) continues to reflect the society's
limited track record of operations and weak financial risk profile
as reflected in high gearing and subdued debt protection
indicators. These rating weaknesses are partially offset by the
founder's extensive experience in the education sector.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Term Loan           120        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that GRDES will benefit over the medium term from
the experience of its founder in the education sector. The outlook
may be revised to 'Positive' if the society reports significantly
higher-than-expected student intake, leading to higher revenue and
margins, and improvement in the overall financial risk profile.
Conversely, the outlook may be revised to 'Negative' if there is
significant decline in its net cash accruals, weakening its
financial risk profile.

GRDES was set up in 2009 by Professor Harbhajan Singh, an
educationist based in Bhatinda (Punjab). The society operates an
engineering college, Guru Ram Dass Institute of Engineering and
Technology, in Bhatinda, which is approved by the All India
Council for Technical Education and is affiliated to the Punjab
Technical University. It offers bachelor of technology and diploma
courses across four disciplines - computer and science,
electrical, electronics, and mechanical. In 2012-13 (refers to
financial year, April 1 to March 31), the society started
Harbhajan International School and currently has 322 students.


HARSIDDH PAPERS: CARE Reaffirms B Rating on INR5.51cr Bank Loan
---------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Harsiddh Papers Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     5.51       CARE B Re-affirmed

Rating Rationale

The rating assigned to the bank facilities of Harsiddh Papers
Limited continue to remain constrained on account of the nascent
stage of operations and modest level of income coupled with net
losses in FY14 (refers to the period March 1 to March 31). The
rating is further constrained by its weak debt coverage indicators
and weak liquidity position.  The rating, however, continues to
draw strength from the longstanding track record of the promoters
in the packaging industry and moderate capital structure.

The ability of HPL to stabilize commercial operations and attain
the envisaged level of sales and profitability, while managing its
working capital requirements are the key rating sensitivities.

HPL, incorporated in August 2010, is promoted by Mr Devendra Kela
and his relatives to set up a greenfield project at Sidhpur in
Patan district of Gujarat for manufacturing of kraft paper. The
commercial production of the unit was started in March 2014 and
the unit has an installed capacity of 12,000 MTPA as on March 31,
2014.

As per the provisional results for FY14, HPL reported a net loss
of INR0.69 crore on a Total Operating Income (TOI) of INR0.28
crore. During Q1FY15, HPL achieved the turnover of INR3.95 crore.


HIMALYA INTERNATIONAL: CRISIL Suspends D Rating on INR666MM Loan
----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Himalya International Ltd (Himalya) to 'CRISIL D/CRISIL D' from
'CRISIL BB+/Negative/CRISIL A4+', and has suspended the ratings.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           20        CRISIL D (Rating Suspended)
   Cash Credit             380        CRISIL D (Rating Suspended)
   Cash Credit             295        CRISIL D (Rating Suspended)
   Letter of Credit         50        CRISIL D (Rating Suspended)
   Proposed Long Term
   Bank Loan Facility      184        CRISIL D (Rating Suspended)
   Term Loan               666        CRISIL D (Rating Suspended)

The rating downgrade reflects instances of delay by Himalya in
servicing its debt on account of its weak liquidity resulting from
major unexpected losses. The company registered net loss of
INR129.7 million in 2013-14 (refers to financial year, April 1 to
March 31) on account of write-off of expired finished stock worth
INR157.7 million and write-off of equity investment of INR115.5
million in its marketing joint venture, Himalya Simplot Pvt Ltd,
which has been closed down. Himalya's operations in 2013-14 were
also severely hit by a fire at its warehouse in the US which led
to destruction of finished stock worth INR247.1 million, insurance
claims for which are yet to be established and settled. The
company's performance did not recover in the first quarter of
2014-15, during which, sales dropped by nearly 30 per cent year-
on-year and the company continued to book major net losses with
sharp deterioration in its operating profit margin.

The rating has been suspended because Himalya has not been
providing timely information on its operations and financials to
CRISIL. The suspension reflects CRISIL's inability to maintain a
valid rating in the absence of timely sharing of information by
the company.

Himalya was promoted by Mr. Man Mohan Malik (chairman and chief
executive officer) and Mr. Sanjay Kakkar (managing director) in
1992 as Himalya Cement & Calcium Carbonate Pvt Ltd for
manufacturing precipitated calcium carbonate and hydrate of lime.
It was reconstituted as a public limited company with the current
name in 1994. In 1998-99, the company discontinued manufacturing
of precipitated calcium carbonate and hydrate of lime. It
currently cultivates mushrooms and baby potatoes, and manufactures
food items such as indigenously-processed Italian cheese, paneer,
yoghurt, sweets, snacks, and breaded appetisers (eggplant, cheese,
mushrooms). The products are sold under the Himalya Fresh brand.
Himalya has its manufacturing facility in Sirmaur (Himachal
Pradesh) and Mehsana (Gujarat).

Himalya reported net loss of INR129.7 million on net sales of
INR1891 million for 2013-14 as against profit after tax of INR532
million on net sales of INR1680 million for 2012-13.


JAK ASSOCIATES: ICRA Reaffirms B+ Rating on INR4.91cr Term Loan
---------------------------------------------------------------
ICRA has reaffirmed the long term rating of JAK Associates (JAK)
at [ICRA]B+ for its INR4.91 crore term loan and INR1.00 crore non
fund based facilities.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loan             4.91         Reaffirmed at [ICRA]B+
   Non Fund Based (BG)   1.00         Reaffirmed at [ICRA]B+

The rating reaffirmation takes into account the positive response
which the hotel has garnered as reflected by the occupancy and
revenue per available room. The rating continues to derive comfort
from the favorable location of the property with proximity to the
key commercial and upscale areas of the city of Bangalore ICRA
also takes into account the franchisee agreement of the firm with
Ramada International (Wyndham Group) which provides access to
their global reservation systems and ensures maintenance of high
standards, besides imparting strong brand recognition.

The rating, however, is constrained by the dependence of the firm
on promoter funding to service the debt obligations in the initial
stages as the hotel ramps up the operations gradually. This risk,
however, is mitigated by the commitment and ability shown by the
promoters in the past to support the project.

The rating also factors in lack of track record, high competition
from the already existing hotels in the vicinity of the project
and the additional room supply expected in the Bangalore market
going forward, coupled with concerns over growth from IT-led
demand.

Going forward, the ability of JAK to service its debt repayment
obligation in timely manner would critically depend upon its
ability to generate strong revenues per available room in the face
of the intense competition in the industry.

JAK Associates is a partnership firm, which was established in
2008 with the purpose of owning and maintaining a 4-star hotel
property in Domlur, Bangalore. It has been promoted by Mr. A.N
Raju, Mrs. Kamalamma, Mr. A.S.N. Raju, Mrs. J. Sridevi, Mr. J.
Krishna Chaitanya and Mr. J.S.R. Raju. The latter four partners
are members of the founder family of NCC Limited (formerly
Nagarjuna Construction Company Limited).

The hotel is a G+7 structure, spread over a land area of ~16700
sft having a built up area of ~56000sft. The total cost of the
project was INR18 crore, including land cost of INR2 crore. The
project has a debt financing of INR6 crore and the balance was
funded by equity. The hotel is branded as 'Ramada Encore' (RE)
under a franchisee agreement with Ramada International Inc. for 15
years. Ramada Encore has an inventory of 90 rooms, one restaurant,
1 bar and one lobby lounge. These apart, the hotel also has a
conference room and a gym. The hotel is operational since April
2014.


K.S. COT: CARE Reaffirms 'B' Rating on INR0.54cr LT Bank Loan
-------------------------------------------------------------
CARE reaffirms ratings assigned to the bank facilities of K.S. Cot
Fiber Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      0.54      CARE B Re-affirmed
   Long-term /Short-term Bank
   Facilities                     7.00      CARE B/CARE A4
                                            Re-affirmed

Rating Rationale

The ratings assigned to the bank facilities of KS Cot Fiber Pvt
Ltd (KSCPL) continue to remain constrained on account of
weak financial risk profile marked by low profit margins as well
as cash accruals, leveraged capital structure and weak
debt coverage indicators. The ratings further continue to be
constrained by its presence in lowest segment of textile value
chain in highly fragmented industry with low entry barriers and
seasonality associated with the procurement of raw
material resulting into working-capital intensive nature of
operations.

The ratings, however, continue to draw strength from the wide
experience of the partners in the cotton industry and
location advantage in terms of proximity to the cotton seed
growing regions in Madhya Pradesh. The ratings factor in the
increase in scale of operations during FY14 (refers to the period
April 1 to March 31).

The ability of KSCPL to increase its scale of operations thereby
improving its profitability and better working capital
management in light of the competitive nature of the industry
remain the key rating sensitivities.

KSCPL was incorporated in June 2008 by Mr Kailashchandra Agrawal
and Mr Hemant Kumar Agrawal as a private limited company. KSCPL is
engaged into the business of cotton ginning and pressing. KSCPL
deals in 'Shankar 6' type of cotton which is being sourced through
local farmers from Madhya Pradesh and Maharashtra. KSCPL operates
from its sole manufacturing plant located at Sendhwa (Madhya
Pradesh) which has an installed capacity of 200 bales per day for
cotton bales and 330 quintal per day for cotton seeds as on March
31, 2014.

During FY14 (refers to the period April 1 to March 31), KSCPL
reported a TOI of INR47.83 crore and PAT of INR0.20 crore as
against TOI of INR45.18 crore and PAT of INR0.21 crore during
FY13. Further, during H1FY15, KSCPL has achieved turnover
of INR17 crore.


K. S. COTEX: CARE Reaffirms B Rating on INR1.13cr LT Bank Loan
--------------------------------------------------------------
CARE reaffirms ratings assigned to the bank facilities of K. S.
Cotex (I) Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      1.13      CARE B Re-affirmed

   Long-term /Short-term
   Bank Facilities                6.74      CARE A4 Re-affirmed

Rating Rationale

The ratings assigned to the bank facilities of KS Cotex (I) Pvt
Ltd continue to remain constrained on account of weak financial
risk profile marked by leveraged capital structure and weak debt
coverage indicators. The ratings also continue to be constrained
by its presence in lowest segment of textile value chain in highly
fragmented industry with low entry barriers and seasonality
associated with the procurement of raw material resulting into
working-capital intensive nature of operations.

The ratings, however, continue to draw strength from the wide
experience of the promoters in the cotton industry and
location advantage in terms of proximity to the cotton seed
growing regions in Madhya Pradesh. The ratings also factor in
increase in total operating income coupled with marginal
improvement in profit margin and cash accruals during FY14
(refers to the period April 1 to March 31).

The ability of KCIPL to increase its scale of operations, thereby
improving its profitability and better working capital management
in light of the competitive nature of the industry remain the key
rating sensitivities.

KCIPL was incorporated in April 2011 by Mr Hemant Kumar Agrawal
and Mr Amar Kumar Agrawal as a private limited company with an
objective for setting up of new ginning and pressing unit. KCIPL
deals in 'Shankar 6' type of cotton which is being sourced through
local farmers from Madhya Pradesh as well as Maharashtra. KCIPL
operates from its sole manufacturing plant located at Malkapur
(Madhya Pradesh) with an installed capacity to process 200 cotton
bales per day and 330 quintal of cotton seeds per day as on March
31, 2014.

During FY14, KCIPL reported a TOI of INR33.58 crore and PAT of
INR0.17 crore as against TOI of INR29.82 crore and PAT of
Rs.0.13 crore during FY13. Furthermore, during H1FY15, KCIPL has
achieved turnover of INR 12 crore.


KARTIK INT'L: CRISIL Reaffirms B+ Rating on INR100MM Cash Credit
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Kartik International
(KI) continue to reflect KI's weak financial risk profile marked
by high gearing and weak debt protection metrics, low
profitability, large working capital requirements, and exposure to
intense competition in the highly fragmented ready-made garments
industry. These rating weaknesses are partially offset by KI's
growing sales and market presence backed by its promoters'
extensive industry experience.

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

Outlook: Stable

CRISIL believes that KI will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm significantly
increases its sales and profitability, leading to substantial cash
accruals and improvement in liquidity and capital structure.
Conversely, the outlook may be revised to 'Negative' if KI's
financial risk profile deteriorates, most likely because of large
working capital requirements or debt-funded capital expenditure.

KI, established in 2008, manufactures ready-made garments, mainly
winter wear such as pullovers, sweaters, coats, jackets, track
suits, and sweat shirts, for both men and women. It sells its
products to brand owners and retailers in 12 states across India.
KI's manufacturing unit in Ludhiana (Punjab) has entirely
integrated processes, ranging from dyeing of fabrics, cutting,
stitching, embroidering, to manufacturing garments. The firm is
managed by Mr. Ravi Malik and his wife Mrs. Ritu Malik.

KI's profit before tax (PBT)and net sales are estimated at INR6.5
million and INR321 million, respectively, for 2013-14 (refers to
financial year, April 1 to March 31); the firm reported PBT of
INR6.0 million on net sales of INR217 million for 2012-13.


L R AUTOMOBILES: CRISIL Reaffirms B+ Rating on INR120MM Cash Loan
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of L R
Automobiles (LRA) continues to reflect LRA's weak financial risk
profile marked by weak capital structure and debt protection
metrics, exposure to intense competition in the automobile
dealership market, and limited bargaining power with principal
Hyundai Motor India Ltd (Hyundai; rated 'CRISIL A1+'). These
rating weaknesses are partially offset by LRA's established market
position as a dealer of Hyundai's passenger vehicles in its area
of operations.

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

   Proposed Long Term      3.5      CRISIL B+/Stable (Reaffirmed)
   Bank Loan Facility

Outlook: Stable

CRISIL believes that LRA will maintain its business risk profile
over the medium term, backed by its established position in the
automobile dealership business and its strong relationship with
Hyundai. The outlook may be revised to 'Positive' if the firm's
financial risk profile improves on the back of substantial cash
accruals or equity infusion by its promoters. Conversely, the
outlook may be revised to 'Negative' if LRA reports low operating
margin or revenue, or undertakes a large debt-funded capital
expenditure programme, resulting in deterioration of its financial
risk profile.

LRA was established by members of the Miglani family in 2008. The
firm is an authorised dealer of Hyundai in Haryana. LRA operates
through two showrooms-cum-workshops at Kaithal and Jind.

For 2013-14 (refers to financial year, April 1 to March 31), LRA
reported a net profit of INR3.3 million on net sales of INR689.2
million, against a net profit of INR2.9 million on net sales of
INR651.1 million for 2012-13.


NARAYAN COTGIN: CARE Reaffirms B+ Rating on INR9cr Bank Loan
------------------------------------------------------------
CARE reaffirms rating assigned to the bank facilities of
Narayan Cotgin Corporation.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       9        CARE B+ Re-affirmed
   Short-term Bank Facilities      4        CARE A4 Re-affirmed

Rating Rationale

The ratings assigned to the bank facilities of Narayan Cotgin
Corporation (NCC) continue to remain constrained on account of the
modest scale of operations thin profitability and weak debt
coverage indicators. The ratings are further constrained by its
working capital intensive nature of operation in the fragmented
and competitive cotton ginning industry, susceptibility of margins
to fluctuation in raw material prices and seasonality associated
with availability of raw material and its partnership nature of
constitution.

The ratings, however, derive strength from the experienced
partners, presence of group entities at different levels of
value chain of cotton processing, moderate capital structure and
favorable location with presence in the leading cottonproducing
region of India.

The ability of NCC to increase its scale of operations and improve
its profitability and capital structure and better working capital
management in light of the competitive nature of the industry are
the key rating sensitivities.

Narayan Cotgin Corporation (NCC) was constituted as a partnership
firm in 2005. NCC is engaged in the cotton ginning & pressing
business. The firm is promoted by Mr Thakarshi Metaliya and Mr
Sunny Metaliya along with other family members. NCC operates from
its sole manufacturing plant located at Amreli (Gujarat) which has
an installed capacity of 72,000 bales per annum (400 bales per day
for 180 days) as on March 31, 2014. NCC generates entire income
from the domestic market.

NCC has four associate firms, namely, Narayan Spinning Mills
Private Limited (NSMPL: assigned CARE B / CARE A4 in June 2013)
which is engaged in spinning of cotton bales, Narayan Solvex (NRS:
reaffirmed CARE B+ in March 2014) which is engaged in refining,
Narayan Oil Mill (NOM) and Shakti Oil Mills (SOM) which are
engaged in cotton seeds crushing activities.

As per the provisional results for FY14 (refers to the period
April 01 to March 31), NCC reported a net profit of INR0.11
crore on a Total Operating Income (TOI) of INR92.55 crore as
against TOI of INR89.23 crore and net profit of INR0.15 crore
during FY13. During 5MFY15, NCC achieved the turnover of INR20.15
crore.


NARMADESHWAR RICE: CRISIL Ups Rating on INR32.3MM Loan to B+
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Narmadeshwar Rice Mills Pvt Ltd (NRM) to 'CRISIL B+/Stable' from
'CRISIL B/Stable'.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            20         CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Proposed Term Loan      6.9       CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Term Loan              32.3       CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

The rating upgrade reflects improvement in NRM's scale of
operations in 2013-14 (refers to financial year, April 1 to March
31; the first full year of operations), as indicated by an
operating income of INR316.9 million vis-a-vis INR83.5 million in
2012-13; the operating profitability was moderate at 4.2 per cent
in 2013-14. NRM is expected to maintain a stable business
performance during 2014-15: it had revenue of around INR140
million over the five months ended August 31, 2014.

Despite a moderate capital structure (as indicated by gearing of
less than 1 time as on March 31, 2014) and efficient working
capital management, NRM's financial risk profile remains
constrained by its small net worth and average debt protection
metrics. Furthermore, the company is implementing debt-funded
capital expenditure (capex) of INR20 million, to enhance its rice
milling capacity in 2014-15. However, NRM's capital structure
could improve over the medium term, supported by continued
accretions to reserves and expected efficient working capital
management. The company has moderate liquidity, as indicated by
its bank limit utilisation of around 62 per cent (in the twelve
months through March 2014) and modest cash accruals that are
adequate to service the long-term debt. The company is likely to
maintain its moderate liquidity over the medium term.

The ratings continue to reflect NRM's modest though improving
scale of operations in the fragmented rice milling segment, and
average financial risk profile, marked by low net worth and
average debt protection metrics. These rating weaknesses are
partially offset by the extensive experience of the promoters in
the rice industry and NRM's moderate capital structure.
Outlook: Stable

CRISIL believes that NRM will continue to benefit over the medium
term from the extensive experience of its promoters in, and the
healthy prospects for, the rice processing segment. The outlook
may be revised to 'Positive' if the company reports substantial
improvement in its scale of operations and cash accruals.
Conversely, the outlook may be revised to 'Negative' if the
company's financial risk profile and liquidity weaken with low
cash accruals, stretched working capital cycle or sizeable debt-
funded capex.

NRM was founded by the Bihar-based Kedia family in February 2011.
The company set up a non-basmati rice processing mill with a
capacity of 8 tonnes per hour, in Aurangabad (Bihar), at an
estimated cost of INR110 million (including the working capital
margin). NRM commenced commercial production in October 2012.


NATIONAL CONSTRUCTION: ICRA Rates INR74cr Vehicle Loan at 'D'
-------------------------------------------------------------
ICRA has revised the long-term rating assigned to the INR109.00
crore (enhanced from INR35.00 crore) long term fund based
facilities of National Construction Company to [ICRA]D from
[ICRA]B. ICRA has revised the short-term rating assigned to
INR26.00 crore short-term non fund based facilities of NCC to
[ICRA]D from [ICRA]A4.

                           Amount
   Facilities           (INR crore)      Ratings
   ----------           -----------      -------
   Cash Credit/Working      35.00        Revised to [ICRA]D
   Capital                               from [ICRA]B

   Fund Based-Vehicle       74.00        [ICRA]D assigned
   Loans

   Bank Guarantee            26.00       Revised to [ICRA]D
                                         from [ICRA]A4

The revision in rating takes into account the irregularities in
debt servicing caused due to large debt funded capital expenditure
and blockage of working capital in disputed receivables. The
rating is further constrained by the declining scale of
operations; weak financial risk profile reflected by elevated
gearing level, declining profitability and stretched liquidity;
vulnerability of profitability to fluctuations in input prices
barring diesel; regulatory risks associated with progress of
mining operation; presence of LD clauses in all contracts making
it critical to achieve the performance targets; and the
concentration of the firm in coal mining projects. The ratings are
further constrained by the partnership constitution of the entity
wherein any substantial capital withdrawals could adversely affect
the capital structure and the gearing levels. ICRA however
continues to favorably factor in the established position of the
firm with more than two decades of experience of the partners in
mining service industry, moderate entry barriers for new players
on account of stringent technical and financial qualification
criteria and moderate order book size.

National Construction Company (NCC) is a partnership concern and
was established in the year 1984 and is engaged in overburden
removal and excavation contract works for mining companies in
India. The firm was established by Mr. Khimji Patel and Mr. Bhikha
Patel. It is an 'AA' class government registered contractor and
'A' class contractor registered with the Western Railways.

Recent Results
In FY 2014, NCC reported an operating income of INR93.43 crore (as
against INR149.74 crore in FY 2013) and profit after tax of
INR2.47 crore (as against INR5.01 crore in FY 2013).


NAVYA INFRACON: ICRA Rates INR7cr Fund Based Loan at 'B+'
---------------------------------------------------------
ICRA has assigned an [ICRA]B+ rating to the INR7.00 crore long
term fund based limits of Navya Infracon India Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund based limits     7.00         [ICRA]B+ assigned

The rating assigned is constrained primarily on account of the
significant execution and market risks for the GR Empire project
(0.41 mn sft against 0.43 mn sft of total developed area by the
company since inception) given the limited experience of the
company in handling large size (both in terms of units and value)
projects and high ticket size of each unit. Further, the project
is in nascent stages of construction (4% of total development cost
incurred till June, 2014). Financial closure for the project is
yet to be achieved and there is high dependence customer advances
to fund the project cost due to which the ability of the company
to tie up sales in a timely manner remains critical. The rating
also takes into account the lack of experience of the company in
executing road projects which might result in time and cost
overruns for the ongoing road construction work order. Moreover,
billing cycle of 45 days and 60-90 days taken for realizing
payments for the road project could increase the working capital
requirements going forward thereby weakening the company's
liquidity position. The rating is also constrained on account of
low scale of operations of the company in a highly competitive
real estate and construction market.

The rating, however, positively factors in the high reputation of
NIPIPL in the Visakhapatnam real estate market with a track record
of completing 12 residential projects with a total built-up area
of 0.43 million sft. The rating also draws comfort from the
moderate sales velocity and collection efficiency across all
ongoing projects of the company. ICRA also takes into
consideration the fact that all ongoing projects are located in
Visakhapatnam which has favourable demand prospects thereby having
a favourable impact on both sales velocity and realizations.

Going forward, ability of the company to achieve healthy sales
velocity and timely completion for the GR Empire project and
managing the working capital for the road project would be the key
rating sensitivities.

Navya Infracon Projects India Pvt. Ltd. was set-up as a
partnership firm in the year 2004 and was converted into a private
limited company in August, 2011. The company was promoted by Mr.
M. Vijaya Kumar. NIPIPL is into real estate development in
Visakhapatnam and has also recently ventured into civil
construction works. Since, its inception, Navya has completed 12
residential projects with a total saleable area of 0.43 million
sft. The company is currently developing 4 residential apartment
projects in Visakhapatnam with a total saleable area of 0.45
million sft and is also executing one road widening contract for
Exelon Infrastructure Limited.

Recent Results
As per the provisional FY 2014 results, the company reported
operating profit of INR3.39 crore on an operating income of
INR18.00 crore as compared to a operating profit of INR2.50 crore
on an operating income of INR10.87 crore for FY 2013.


NURAY CHEMICALS: CRISIL Reaffirms B Rating on INR210MM Term Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Nuray Chemicals Pvt Ltd
(NCPL) continue to reflect NCPL's start-up, and working-capital-
intensive, operations and its modest financial risk profile marked
by moderate capital structure and weak debt protection metrics.
These rating weaknesses are partially offset by the extensive
experience of NCPL's promoters in the pharmaceutical sector.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          10        CRISIL A4 (Reaffirmed)
   Cash Credit             70        CRISIL B/Stable (Reaffirmed)
   Letter of Credit        10        CRISIL A4 (Reaffirmed)
   Long Term Loan         210        CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      30        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that NCPL will continue to benefit over the medium
term from its promoters' extensive experience. The outlook may be
revised to 'Positive' if the company stabilises reports
significant improvement in revenues while maintaining its healthy
profitability resulting in sizeable cash accruals. Conversely, the
outlook may be revised to 'Negative' if NCPL reports lower-than-
expected revenue or profitability, thereby negatively impacting
its financial risk profile.

Update
During 2013-14 (refers to financial year, April 1 to March 31),
which was the first full year of NCPL's operations, the company
booked revenue of INR152 million while its operating profitability
was healthy at 25 per cent. CRISIL believes that over the medium
term, NCPL's scale of operations will continue to grow at a
healthy rate, supported by added capacity and the extensive
experience of its promoters.

NCPL's financial risk profile is modest, marked by its modest net
worth of INR329 million and moderate gearing of 1.2 times as on
March 31, 2014. The company also has weak debt protection metrics,
as reflected in its net cash accruals to total debt and interest
coverage ratios of 0.01 times and 1.07 times, respectively, during
2013-14. CRISIL believes that as NCPL's scale of operations ramps
up over the medium term, its financial risk profile will gradually
improve with healthy cash accruals.

The company's liquidity is weak as its cash accruals are expected
to be tightly matched against its retiring term obligation over
the medium term. Also, the company's working capital limits
remained highly utilised at 94.2 per cent during the 12 months
ended May 2014. CRISIL believes that NCPL's liquidity will remain
weak over the medium term.

NCPL was set up in September 2012 in Chennai. The company
manufactures and exports active pharmaceutical ingredients. NCPL
is promoted by Mr. J. Jayaseelan and Mr. S. Shanmugam.


PALNADU INFRASTRUCTURE: CRISIL Rates INR103.5MM Term Loan at B+
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Palnadu Infrastructure Pvt Ltd (PIPL).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Proposed Long Term       21.5       CRISIL B+/Stable
   Bank Loan Facility

   Term Loan               103.5       CRISIL B+/Stable

The rating reflects PIPL's susceptibility to project
implementation risk, and exposure to demand variations in the
domestic real estate market. These rating weaknesses are partially
offset by the favourable location of the company's project in
Hyderabad.

Outlook: Stable

CRISIL believes that PIPL will continue to benefit over the medium
term from the prime location of its upcoming project in Hyderabad.
The outlook may be revised to 'Positive' if PIPL executes its
project in a timely manner and generates higher-than-expected
revenue, leading to a substantial increase in its cash accruals.
Conversely, the outlook may be revised to 'Negative' if there is a
time or cost overrun in its project execution, or/and lower
revenue realisation due to market conditions.

Incorporated in 2013-14 (refers to financial year, April 1 to
March 31), PIPL is currently developing a commercial project in
Hyderabad. There are three directors on its board: Mr. K Mahesh
Reddy, Mr. S Sudhir Reddy, and Mr. Rajesh Alla.


PETRON ENGINEERING: CARE Cuts Rating on INR132.05cr Loan to 'B-'
----------------------------------------------------------------
CARE revises ratings assigned to bank facilities of Petron
Engineering Construction Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank               132.05      CARE B- Revised
                                            from CARE BB+

   Long-term Bank                50.00      CARE B- Revised
                                            from CARE BB+ to
                                            CARE D and then
                                            upgraded to CARE B-

   Short-term Bank              441.20      CARE A4 Revised from
                                            CARE A4+

Rating Rationale

The revision in rating of long-term bank facility of Petron
Engineering Construction Limited to CARE D is on account of delay
in servicing of debt obligation due to continuing deterioration in
liquidity profile of the company due to elongated working capital
cycle primarily on account of slower progress in few key orders.
The subsequent rating upgrade factors in regularization of debt
servicing of PECL for more than last three months. Further, the
ratings of other long-term bank facilities of PECL have been
revised to CARE B- and short-term bank facilities to CARE A4.

The ratings continue to be tempered by the inherent risk
associated with the execution of large size projects, high
working-capital intensity associated with the business and intense
competition prevailing in the Engineering Procurement Construction
(EPC) business.

The ratings continue to derive strength from the PECL's
established track record in execution of EPC orders in diverse
industries such as power, oil & gas and cement etc. and its
parentage of Kazstroy Service Group (KSS).

Improvement in operating performance translating into improved
debt coverage indicators and efficient management of
working capital requirement remain key ratings sensitivities.

PECL incorporated on 19th July, 1976 is part of KSS group. KSS is
the largest Lump-Sum Turnkey (LSTK) /EPC company in Kazakhstan
which is into setting up of cross-country pipelines, plant
construction for companies in oil & gas, cement, power and
petrochemicals industries. PECL reported a Profit After Tax (PAT)
of INR 3.79 crore on Total Operating Income (TOI) of INR 323.42
crore in FY14 (refers to the period April 1 to March 31) as
against PAT of INR 0.09 crore on TOI of INR 459.14 crore in FY13.
Further, the company reported loss of INR 17.75 crore on TOI of
INR 59.91 crore in Q1FY15 as against PAT of INR 0.41 crore on TOI
of INR 107.33 crore in Q1FY14.


RAMKRUPA GINNING: CARE Revises Rating on INR20cr Loan to 'B+'
-------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Ramkrupa Ginning & Pressing Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      20        CARE B+ Revised from
                                            CARE B
Rating Rationale

The revision in the rating assigned to the bank facilities of
Ramkrupa Ginning & Pressing Private Limited is primarily on
account of an increase in the scale of operation and improvement
in the capital structure and debt coverage indicators during FY14
(refers to the period April 1 to March 31). The rating, however,
continues to remain constrained on account of thin profit margin
coupled with its presence in the lowest segment of textile value
chain with limited value addition in the cotton ginning business
and seasonality associated with the procurement of raw material
resulting into working-capital intensive nature of operations.

The rating, however, continues to draw strength from the wide
experience of the promoters in the cotton industry and location
advantage in terms of proximity to the cotton seed growing regions
in Gujarat.  The ability of RGPPL to increase its scale of
operations, improve its profit margins, capital structure and
better working capital management in light of the competitive
nature of the industry remain the key rating sensitivities.

Ramkrupa Ginning and Pressing Private Limited incorporated in the
year 2006, is promoted by MrBipinbhai Gondaliya. RGPPL is into the
business of cotton ginning and pressing and trading of clean
cotton. RGPPL is a family centric business and is completely owned
and managed by the family members with four directors, who have
more than 15 years of experience in the cotton industry. RGPPL is
engaged in ginning & pressing of raw cotton to produce cotton
bales, cotton seeds and cotton lint with a manufacturing and
production facility located at Gondal region, Gujarat which is one
of the leading cotton producing states in India.

During FY14, RGPPL reported a TOI of INR100.01 crore and PAT of
INR0.10 crore as against TOI of INR95.73 crore and PAT of
INR0.06 crore during FY13.


RAYANI SPINTEX: ICRA Ups Rating on INR18.74cr Loan to 'B'
---------------------------------------------------------
ICRA has upgraded the long-term rating from [ICRA]B- to [ICRA]B
on the INR16.76 crore fund based facilities, INR18.74 crore
unallocated limits and INR0.50 crore non-fund based facilities of
Rayani Spintex Private Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based limits-     13.76      [ICRA]B Upgraded from
   Term Loan                         [ICRA]B-

   Fund Based Limits-      3.00      [ICRA]B Upgraded from
   Cash Credit                       [ICRA]B-

   Non Fund Based Limits   0.50      [ICRA]B Upgraded from
   Bank Guarantee                    [ICRA]B-

   Unallocated            18.74      [ICRA]B Upgraded from
                                     [ICRA]B-

The upgrade in rating factors in growth of 35% (YoY) in the
operating income of RSPL in FY14 backed by improved capacity
utilization during the period. The rating also takes into account
the experience of the promoters in cotton ginning and trading
activities and the location advantage resulting in ease of
raw material availability and logistic cost savings. The ratings
are however constrained by the small scale of operations, limited
pricing power given the commoditized nature of the product in a
highly fragmented spinning industry and the vulnerability of
RSPL's operations to regulatory risks with regards to minimum
support price for kapas and export restrictions on kapas and yarn.
The ratings also take into account the weak capital structure of
RSPL with a gearing of 3.25 times as on 31st March 2014 owing to
the debt funded capacity creation and the working capital
intensive nature of operations also resulting into stretched
coverage indicators as reflected in Total Debt/OPBITDA which is
3.59 times and OPBIDTA/Interest which is 2.2 times.

Rayani Spintex Private Limited was established by Mr. Rayani
Venkateswarlu, Mr. Borra Uma Maheshwara Rao and Mr. Unnava Subba
Rao in 2007 and is based in Guntur, Andhra Pradesh. RSPL
commissioned the cotton spinning mill of 11,520 spindles in
November'2011. The company caters to domestic as well as
international markets and is largely into manufacturing of 32s to
40s counts of cotton yarn.

Recent Results
As per audited results for FY 2014, RSPL reported an operating
income of INR43.48 crore with profit after tax of INR1.47 crore as
against INR31.76 crore of operating income with profit after tax
of INR0.35 crore in FY13.


RAYON REALTY: CARE Revises Rating on INR7.52cr Bank Loan to 'D'
---------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of Rayon
Realty Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facility        7.52      CARE D Revised
                                            From CARE B

Rating Rationale
The revision in the rating assigned to the bank facilities of
Rayon Realty Private Limited (RRPL) was on account of the
instances of delay in debt repayment due to the weak liquidity
position.

Establishing a clear debt servicing track record with an
improvement in the liquidity position through generating cash flow
from operations is the key rating sensitivity.

RRPL, erstwhile Kataria Hotels and Resorts Private Limited, was
incorporated in 2010 by Mr Rajendra Kataria and Mr Rohan Kataria.
RRPL had set up a wind mill in Tamil Nadu having a capacity of
generating 36 lakh unit of electricity per annum.

During FY14 (Provisional; refers to the period April 1 to
March 31), RRPL reported a net loss of INR0.54 crore on a Total
Operating Income (TOI) of INR0.06 crore


SABOO SODIUM: CARE Reaffirms B+ Rating on INR13.33cr Bank Loan
--------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Saboo Sodium Chloro Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     13.33      CARE B+ Reaffirmed
   Short-term Bank Facilities     1.25      CARE A4 Reaffirmed

Rating Rationale

The ratings continue to remain constrained on account of the
relatively small scale of operations of Saboo Sodium Chloro
Limited (SSCL) in the highly competitive consumer food industry
coupled with its financial risk profile marked by fluctuating
profitability and stressed liquidity position and implementation
risk associated with its on-going projects which are predominantly
debt funded, including the project related to construction of
resort nearby Jaipur. The ratings further remain constrained on
account of the sensitivity of the company's profitability to
fluctuations in the raw material prices and SSCL's exposure to
group companies by way of corporate guarantees and significant
inter group transactions and investments.

The ratings, however, continue to draw strength from the long
standing experience of the promoter with its established
track record of operations of more than two decades in the
industry and location advantage by way of proximity to the
raw material sources as well as established brand name. The
ratings further derive strength from its comfortable solvency
position.

Jaipur-based (Rajasthan) SSCL was incorporated in November 1993
and is a part of the Saboo group (SG). The group is promoted by Mr
Girdhar Saboo and his family members and has interests in refining
of salt, trading of spices, processing of guar gum, power
generation and hospitality.

SSCL is listed on Bombay Stock Exchange since December 2000. SSCL
is presently engaged in the refining and trading of salt and sells
under the brand name "Surya Salt". The company has two refining
facilities having a total installed capacity of 2.50 lakh tonnes
per annum located at Nawa (Rajasthan) and Gandhidham (Gujarat).
SSCL produces both industrial as well as edible grade salts
through its two plants. SSCL has established reputed clientele
base for industrial salt which includes Nestle India Limited,
Hindustan Unilever Limited, GSK Consumer and Proctor & Gamble
amongst its industrial customers.

Furthermore, SSCL has set up two solar plants with a total
capacity of 1.30 Mega Watt (MW), one is situated at Rajgarh,
Madhya Pradesh (1.05 MW), for which the company has entered into
Purchase Power Agreement (PPA) for 25 years with Madhya Pradesh
State Electricity Board. During FY14 (refers to the period April
01 to March 31), SSCL commissioned its second solar plant at Nawa,
Rajasthan (0.25 MW) used entirely for captive consumption.

During FY14, SSCL has reported a total operating income of
INR18.64 crore (FY13: INR16.55 crore), with a PAT of INR-0.22
crore (FY13: INR0.11 crore).


SAVITRIDEVI COTTON: CRISIL Reaffirms D INR47.5MM Cash Loan Rating
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Savitridevi
Cotton & Oil Ltd continues to reflect instances of delay by SCOL
in servicing its debt; the delays have been caused by the
company's weak liquidity, driven by its working-capital-intensive
operations.

                         Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Cash Credit             47.5         CRISIL D (Reaffirmed)
   Term Loan               22.5         CRISIL D (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      14.0         CRISIL D (Reaffirmed)

SCOL also has a modest scale of operations, is susceptible to
regulatory changes and to volatility in cotton prices, and has an
average financial risk profile marked by modest net worth and
subdued debt protection metrics. However, SCOL benefits from its
promoters' extensive experience in the cotton industry.

SCOL, based in Sangli (Maharashtra), was promoted by Mr. Bharat
Maruti Patil and his colleagues in 2009-10 (refers to financial
year, April 1 to March 31). It is engaged in ginning and pressing
of cotton and extraction of crude oil from cotton seeds.


SEACEM PAINTS: CARE Lowers Rating on INR7.87cr LT Bank Loan to D
----------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of Seacem
Paints (India) Pvt Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     7.87       CARE D Revised from
                                            CARE B

   Short-term Bank Facilities    2.00       CARE D Revised from
                                            CARE A4

Rating Rationale

The revision in the ratings assigned to the bank facilities of
Seacem Paints (India) Pvt Ltd factors in the instances of the
ongoing delay in servicing of its debt obligations on account of
the stressed liquidity position of the company.

Seacem Paints (India) Pvt Ltd was incorporated in 1966 by Kolkata-
based Mukherjee family. Since inception, the company is engaged in
the manufacturing of cement based paints (including wall putty)
and liquid paints (primer, acrylic, etc.) for exterior use at its
sole manufacturing facility located at Maheshtala (Kolkata) with
manufacturing capacity of 15,000 Metric Tonne Per Annum (MTPA) for
cement based paints and 8,040 Kilo Litre (KL) for liquid paints.
In the year 1996, the company was acquired by the Late Arun
Baheti, who used to supply raw materials to SPPL thorough
a family owned firm. After the demise of Mr Arun Baheti in 2007,
the company has been spearheaded by his son Mr Gaurav Baheti. The
products of the company are sold under the brand names 'Seacem',
'Karishma' and 'Buildguard' in Eastern India.

During FY13 (refers to the period April 1 to March 31), SPPL had
reported a total operating income of INR38.3 crore and PAT of
INR0.4 crore.


SOMAN & ASSOCIATES: ICRA Suspends B+ Rating to INR9.5cr Term Loan
-----------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ and the short
term rating of [ICRA]A4 assigned to the INR5.5 crore, long term
loans & INR9.5 crores unallocated long/short term limits of Soman
& Associates. The suspension follows ICRA's inability to carry out
a rating surveillance in the absence of the requisite information
from the company.


SPECTRUM FOODS: CARE Reaffirms B Rating on INR18.40cr Bank Loan
---------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Spectrum Foods Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     18.40      CARE B Reaffirmed

Rating Rationale

The rating continues to remain constrained on account of the
relatively small scale of operations of Spectrum Foods
Limited (SFL) in the highly competitive consumer food industry
coupled with its financial risk profile marked by fluctuating
profitability and elongated operating cycle. The rating further
remains constrained on account of implementation risk
associated with its on-going projects which are pre-dominantly
debt-funded and its exposure to group companies by way of
corporate guarantees and significant inter group transactions and
investments.

The rating, however, continues to draw strength from the long
standing experience of the promoter in the salt refinery
business, established brand name and location advantage of the
project being implemented in proximity to raw material producing
region and its moderately leveraged capital structure. SFL's
ability to successfully complete the envisaged project in a timely
manner without any cost overrun and ability to achieve the
envisaged level of sales and profitability are the key rating
sensitivity.

Jaipur-based (Rajasthan) SFL was incorporated as Spectrum Leasing
and Finance Limited in February 1994 as a part of Saboo Group
(SG). The name was subsequently changed to the present name in
November 1998. The group is promoted by Mr Girdhar Saboo and his
family members and has interests in refining of salt, trading of
spices, processing of guar gum, power generation and hospitality.

SFL is listed on Bombay Stock Exchange since February 2001. SFL is
presently engaged in the trading of salt that is produced by its
group company, Saboo Sodium Chloro Limited (SSCL, rated 'CARE B+',
'CARE A4') and sells under the brand name "Surya Salt". The
company is also engaged in the trading of spices and share
trading.

During FY14 (refers to the period April 1 to March 31), SFL has
reported a total operating income of INR1.55 crore (FY13:
Rs.0.27 crore), with a PAT of INR0.04 crore (FY13: INR0.01 crore).


SUGNANESHWARA HYDEL: ICRA Suspends D Rating on INR44.78cr Loan
--------------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]D outstanding on
the INR44.78 crore term-loans of Sugnaneshwara Hydel Power Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


VAISHANAVI ISPAT: CRISIL Reaffirms D Rating on INR418.6MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Vaishanavi Ispat
Limited (VIL) continue to reflect instances of delay by VIL in
servicing its debt; the delays have been caused by the company's
weak liquidity.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit             370         CRISIL D (Reaffirmed)
   Letter of Credit         75         CRISIL D (Reaffirmed)
   Term Loan               418.6       CRISIL D (Reaffirmed)

VIL also has a weak financial risk profile, with working-capital-
intensive operations in the highly fragmented steel industry. The
company, however, benefits from the extensive entrepreneurial
experience of its promoters.

VIL was initially incorporated as a private limited company on
April 13, 2005, promoted by Mr. Giriraj Ratan Binani, and Mr.
Subhendu Bhattacharjee. Subsequently, this company was
reconstituted as a limited company with the current name in 2010-
11 (refers to financial year, April 1 to March 31). VIL set up a
steel melting shop comprising an induction furnace of 8 tonnes per
annum (tpa) capacity and a 16-inch rolling mill of 12 tpa capacity
to manufacture stainless steel products (ingots, rounds, and
bars). The installed capacity of the plant is 66,000 tpa. The
plant is located at Bamunara, in the Burdwan district of West
Bengal.


WHITELOTUS INDUSTRIES: CARE Cuts Rating on INR25.27cr Loan to D
---------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Whitelotus Industries Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    25.27       CARE D Revised from
                                            CARE B+

Rating Rationale

The revision in the ratings assigned to the bank facilities of
Whitelotus Industries Limited was primarily on account of delays
in debt servicing leading to weak liquidity position. Establishing
a track record of timely debt servicing along with improvement in
the liquidity position is the key rating
sensitivity.

Surat-based, WIL is promoted by Mr. Sumant Jalan and his family
members in April, 2011. WIL started its commercial production in
February, 2013 for manufacturing of metalized yarn which is used
in textile industry and printed laminated roll which is used as a
flexible packaging material in various industries. WIL has an
installed capacity of 3,360 metric tonnes per annum (MTPA) for
coating metalized polyester film, 1,200 MTPA for blown film and
2,640 MTPA for manufacturing printing laminated sheet as on
March 31, 2014.



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


BRIDGECORP LTD: Receivers Pursue NZ$20-Mil. Claim vs. Lloyd's
-------------------------------------------------------------
Hamish McNicol at The Dominion Post reports that the receivers of
Bridgecorp Ltd have taken a NZ$20 million claim against Lloyd's of
London to the Court of Appeal.

Bridgecorp collapsed in July 2007 owing NZ$490 million to 14,500
investors, after issuing an investment prospectus in December 2006
containing statements that were ruled false and misleading, the
report discloses.

The Dominion Post relates that the company provided finance to
developers of residential and commercial properties in New Zealand
and Fiji.

It had engaged insurance broking firm Herbert Insurance Group, the
owner of which was recently found guilty of a series of fraud and
corruption offences, to cover the loans made, according to the
report.

The Dominion Post says Lloyd's was the underwriter of Herbert
Insurance, but because the group went into liquidation in early
2011, Bridgecorp's receivers went to Lloyd's with the claim.

The claim was dismissed by the High Court earlier this year, the
report recalls.

According to the report, Justice Murray Gilbert said in his April
judgment any debt payable by Lloyd's was under Herbert's policy,
which was in England, along with the underwriters.

"It follows that this court lacks subject matter jurisdiction over
this debt and cannot make an order . . . to require the
underwriters to pay the plaintiff rather than their insured."

Bridgecorp receivers appealed the decision on October 8, the
report notes.

Receiver PricewaterhouseCoopers has so far made distributions of
12 cents in the dollar, but it is chasing insurance policies held
on 19 Bridgecorp loans, The Dominion Post discloses.

The report says the insurers and other parties have disputed the
amount and acceptance of these claims, but last month a NZ$4
million settlement was reached with one of those parties.

Lawyer Murray Tingey said on October 8 that the main issue was
whether New Zealand courts had jurisdiction over the claim, the
report adds.

Based in New Zealand, Bridgecorp Ltd. was a property development
and finance company.  The company was placed in receivership on
July 2, 2007, after failing to pay principal due to debenture
holders.  John Waller and Colin McCloy, partners at
PricewaterhouseCoopers, were appointed as receivers.  Bridgecorp
owes around 14,500 investors, which liquidators estimate to
approximate NZ$500 million.  Bridgecorp's nine Australian
companies were also placed into voluntary administration, owing
about 100 investors about AUD24 million (NZ$27 million).


PYNE GOULD: NZX Suspends Shares For Failure to File Report
----------------------------------------------------------
Tim Hunter at Stuff.co.nz reports that the stock exchange has
suspended trading in the shares of investment company Pyne Gould
Corporation (PGC) after the company failed to file its annual
report.

The company's audited accounts for the year to June 30 were
required to be filed by September 30 under NZX listing rules, the
report says.

According to the report, PGC managing director George Kerr
apologised to shareholders for the failure, saying the company
hoped to produce the accounts by mid-October.

"PGC has been unable to file its annual report and final audited
full year accounts due to a delay in the completion of the audit
relating to one of the Torchlight Fund's larger underlying
property investments not being completed," the report quotes Mr.
Kerr as saying.  "Every effort is being made to prepare the
accounts for their final release."

PGC shares last traded at 38 cents, valuing the company at
NZ$79 million, Stuff.co.nz discloses.

The report says the Torchlight Fund is one of PGC's main assets.
Unaudited accounts published in August said PGC's stake in
Torchlight was worth NZ$59 million.

The company said its overall net asset value was NZ$160 million,
or 74c a share, Stuff.co.nz adds.

Pyne Gould Corporation Limited, together with its subsidiaries,
provides financial, trustee, and asset management services
primarily in New Zealand.



=================
S I N G A P O R E
=================


GRAND BANKS: To be Removed From SGX Watchlist
---------------------------------------------
Channel News Asia reports that Grand Banks Yachts will be removed
from the Singapore Exchange's watch list of under-performing
companies from Oct. 9, the yacht maker said in a stock market
filing on Oct. 8.

CNA relates that the company said it had submitted its request to
be removed from the list following the release of audited results
for financial year 2014 in September, and that it received in-
principle approval from SGX on Oct. 7.

Companies are put on SGX's watch list if they post three straight
years of pre-tax losses and have an average daily market
capitalisation of less than S$40 million over the last 120 days
that the stock has been trading, the report notes.



===========
T A I W A N
===========


WINTEK CORP: Plans to Cut Up to 2,000 Jobs
------------------------------------------
Lisa Wang at Taipei Times reports that Wintek Corp saw its share
price continue to dive on Oct. 8, amid speculation that the
financially strapped firm planned to eliminate 2,000 local jobs to
reduce operating costs.

Taipei Times, citing Chinese-language Commercial Times, relates
that Wintek was planning to cut 75 percent of its local workforce.

Wintek employed a total of 24,600 staff in Taiwan and China as of
February of this year, down 18 percent from 31,100 workers last
year, Taipei Times relates.

"It is the company's policy to streamline its workforce. We are
still discussing details about the plan. We still need to retain a
certain number of workers [to keep the firm operational] and there
are workers' interests to consider," Wintek spokesman Jay Huang
said in a statement, Taipei Times relays. "No final decision has
been made."

Last week, Wintek suspended a workforce streamline program after
unidentified workers told the Chinese-language Apple Daily that
the touchpanel maker was forcing its employees to take six months
of unpaid leave, starting this month, Taipei Times recalls.

The company was also demanding that employees sign contracts
halving their working hours, the newspaper, as cited by Taipei
Times, said.

According to the report, Wintek has said it planned to sell idle
assets -- primarily factories and equipment -- and to introduce
strategic partners to help solve its financial difficulties.

Over the past three years, the company has lost NT$13.48 billion
(US$442 million) after losing orders from Apple Inc and from weak
demand for notebook computers with touch features, Taipei Times
notes.

Based in Taichung, Taiwan, Wintek Corporation is principally
engaged in the design, research, development, manufacture and sale
of liquid crystal display (LCD) panels and liquid crystal modules
(LCMs) for indium tin oxide (ITO) conductive glass, touch panels,
light guides, twisted nematic (TN), super twisted nematic (STN)
and thin film transistors (TFTs).  The company's LCDs and LCMs are
used in communication devices, digital still camera (DSCs),
portable navigation devices (PNDs), moving picture experts group
layer-3 audio (Mp3), moving picture experts group(MPEG) layer-4
audio(MP4), digital photo frame and ultra-mobile personal
computers(UMPCs).  The Company also offers electronic components,
raw materials and semi-finished products. It distributes its
products in Taiwan, Europe, the Americas and other Asian markets.



                             *********

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

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

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


                            *********


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

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

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

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

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



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