TCRAP_Public/141014.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

           Tuesday, October 14, 2014, Vol. 17, No. 203


                            Headlines


A U S T R A L I A

1FORM PTY: In Administration; First Creditors Meeting Set Oct. 21
ACCELER8 GROUP: Placed Into Liquidation
MYNETSALE.COM.AU: Goes Into Liquidation


C H I N A

AGILE PROPERTY: Moody's Downgrades Corporate Family Rating to Ba3
AGILE PROPERTY: Chairman Under China Prosecutors Custody


I N D I A

ACTIS GENERICS: CRISIL Assigns 'D' Rating to INR80MM Term Loan
AMA INDUSTRIES: CRISIL Reaffirms B Rating on INR30MM Cash Credit
ARCHIT TRADING: ICRA Assigns 'B-' Rating to INR3.50cr Cash Credit
ARRJAVV BUILDER: CRISIL Assigns B Rating to INR95MM Bank Loan
ARUPPUKOTTAI SRI: ICRA Ups Rating on INR34.98cr Term Loan to 'C'

B. M. RAJ: CRISIL Assigns B+ Rating to INR35MM Cash Credit
BAJAJ PRINTERS: ICRA Cuts Rating on INR12cr Non-FB Loan to 'D'
BALAR BUILDCON: CRISIL Assigns 'C' Rating to INR50MM Capital Loan
BHAGWATI RICE: ICRA Reaffirms B+ Rating on INR17.75cr FB Loan
BHALARA COTTON: ICRA Reaffirms 'B' Rating on INR22cr Cash Credit

CARONA INDUSTRIES: ICRA Reaffirms B Rating on INR12cr LT FB Loan
COIRFOAM (INDIA): ICRA Assigns B+ Rating to INR7cr LT FB Limits
DANUSH INTERIORS: CRISIL Assigns B+ Rating to INR120MM Cash Loan
DOLPHIN NUTRACEUTICALS: CRISIL Reaffirms B Rating on INR200M Loan
FAMOUS VITRIFIED: ICRA Reaffirms B+ Rating on INR14cr Term Loan

G. K. ROLLER: ICRA Reaffirms 'B+' Rating on INR10cr Cash Credit
GRAINOTCH INDUSTRIES: ICRA Ups Rating on INR21.63cr Loan to B+
GURU ASHISH: ICRA Withdraws B Rating on INR40cr Bank Lines
HI BOND: ICRA Reaffirms 'B+' Rating on INR29.12cr Term Loan
HYDROMATIK: ICRA Reaffirms 'B' Rating on INR6.62cr Term Loan

IPL PRODUCTS: ICRA Reaffirms B+ Rating on INR3cr Cash Credit
J.I. ENTERPRISES: ICRA Reaffirms B Rating on INR4.5cr Cash Credit
JAGUAR LAND: Fitch Affirms 'BB-' FC IDR; Outlook Revised to Pos.
KAPIL RAYON: ICRA Withdraws B- Rating on INR20cr Bank Line
KINGFISHER AIRLINES: Faces Probe Over Accounting Lapses

MILESTONE ENGINEERING: ICRA Cuts Rating on INR1.2cr FB Loan to B+
MONDAL COLD: ICRA Reaffirms B+ Rating on INR0.35cr Bank Guarantee
RADHESHYAM COTTEX: ICRA Reaffirms B+ Rating on INR8.6cr Cash Loan
RAJNANDINI METAL: CRISIL Rates INR130MM Overdraft Loan at B+
RAM CHANDER: CRISIL Assigns 'B' Rating to INR100MM Bank Loan

SAHARANPUR INSTITUTE: ICRA Reaffirms B Rating on INR15cr Loan
SAI RAM: ICRA Reaffirms 'B+' Rating on INR8.5cr Non FB Limit
SAVITON LIVING: ICRA Reaffirms B+ Rating on INR6.25cr FB Loan
SAVITON METPLAST: ICRA Reaffirms B+ Rating on INR5.55cr FB Loan
SHEKHADA COT: ICRA Reaffirms B+ Rating on INR9cr Cash Credit

SHIV SHANKER: ICRA Assigns 'B+' Rating to INR25cr Cash Credit
SHIVAM COTTON: ICRA Reaffirms B Rating on INR6cr Cash Credit
SHREE RAJ: ICRA Assigns 'B' Rating to INR4.7cr Cash Credit
SIRI SMELTERS: CRISIL Assigns 'D' Rating to INR85.5MM Term Loan
SIVA SAI: ICRA Reaffirms 'B' Rating on INR11.85cr Fund Based Loan

SUDARSHAN SULZ: ICRA Reaffirms B+ Rating on INR6.37cr FB Loan
VENI WOOD: CRISIL Assigns 'B' Rating to INR67.5MM LOC
VINKAS ESTATES: ICRA Rates INR2.5cr Fund Based Bank Loan at 'B+'


N E W  Z E A L A N D

CANTERBURY MORTGAGE: Deloitte Claims vs. TEL Manager Junked


V I E T N A M

BESRA GOLD: Misses Filing Deadline; Applies for MCTO
VIET NAM NATIONAL: Evaluation Almost Completed


X X X X X X X X

* BOND PRICING: For the Week Oct. 6 to Oct. 10, 2014


                            - - - - -


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


1FORM PTY: In Administration; First Creditors Meeting Set Oct. 21
-----------------------------------------------------------------
Domenic Calabretta of Mackay Goodwin was appointed as
administrator of 1Form Pty Ltd on Oct. 9, 2014.

A first meeting of the creditors of the Company will be held at
Mackay Goodwin, Suite 5, Level 5, 66 Hunter Street, in Sydney, on
Oct. 21, 2014, at 11:00 a.m.


ACCELER8 GROUP: Placed Into Liquidation
---------------------------------------
Dissolve.com.au reports that Acceler8 Group Pty Ltd, which traded
as Bali D'luxe Weddings and Events, has been placed into
liquidation leaving Australian couples out of pocket. Gregory
Bruce Dudley -- greg.dudley@rsmi.com.au -- and Neil Raymond Cribb
-- neil.cribb@rsmi.com.au -- of RSM Bird Cameron were appointed as
liquidators of the company on October 7, 2014, the report
discloses.

According to the report, Consumer Protection WA have received 9
official complaints from affected couples. It has been estimated
that the company's customers lost a total of AUD180,000.

Bali D'Luxe had been running wedding packages in Bali for twenty
years, relates Dissolve.com.au.


MYNETSALE.COM.AU: Goes Into Liquidation
---------------------------------------
Eloise Keating at SmartCompany reports that a high-end designer
retailer will be liquidated, just over three months after
collapsing into voluntary administration.

Mynetsale.com.au previously sold clothing, footwear, accessories,
beauty products and homewares from Australian and international
designer brands, including Ralph Lauren, Yves Saint Laurent and
Calvin Klein, with customers signing up for a free membership that
gave them access to 72-hour sales, during which time the items
were discounted by between 60-80%.

But despite turning over approximately AUD12.4 million annually,
Mynetsale was placed in administration on July 1, with Brent
Kijurina and Richard Albarran of Hall Chadwick appointed
administrators, SmartCompany discloses.

A second meeting of creditors was held on October 8, with Hall
Chadwick notifying the Australian and Securities and Investments
Commission a decision was made on the same day to wind up the
company, which in July employed 11 people in Australia, relates
SmartCompany.

Hall Chadwick previously advertised the sale of all of Mynetsale's
assets, including a database of more than 600,000 customers, the
report recalls.

Mr. Kijurina told SmartCompany Hall Chadwick distributed 100
confidentiality deeds during the administration process "and
subsequently received many offers".

While Mr. Kijurina said none of the company's assets were sold
during the administration process, apart from some stock through
existing customer orders, it is likely at least part of the
business will be sold this week, the report relates.

"We are currently dealing with several parties that have submitted
offers and are in the process of finalising a sale of transaction
with one of those parties this week," SmartCompany quotes Mr.
Kijurina as saying.

SmartCompany says the French holding company of Mynetsale,
Mynetsale SAS, has been in financial trouble for some time and Mr.
Kijurina confirmed the company is also in liquidation.

SmartCompany relates that the collapse follows his comments in
August that "a lack of funding" from Mynetsale SAS was the primary
reason for Mynetsale entering administration in Australia.

"The business is backed by a French company, which has a number of
investors who ultimately decided they probably didn't want to
invest any more in the Australian subsidiary," he said at the
time, the report relates.



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


AGILE PROPERTY: Moody's Downgrades Corporate Family Rating to Ba3
-----------------------------------------------------------------
Moody's Investors Service has downgraded Agile Property Holdings
Limited's corporate family rating to Ba3 from Ba2 and its senior
unsecured debt rating to B1 from Ba2.

The ratings are under review for further downgrade.

Ratings Rationale

"The ratings downgrade reflects Moody's concerns over Agile's
higher refinancing risk, against the backdrop of more challenging
market conditions, a share trading suspension, and the announced
cancellation of its rights issue," says Gerwin Ho, a Moody's Vice
President and Senior Analyst.

Agile has announced the cancellation of its proposed HKD2.79
billion right issue, which would be used mainly to fund part of
the repayment of its USD475 million bank loan due in December
2014.

Agile's debt leverage -- namely its adjusted debt/capitalization -
- including perpetual debt reached 62.5% in 1H 2014, and its
interest coverage was at 2.7x in the same period. Both results are
at the lower end of its mid-Ba rating level.

The cancellation of its rights issue will also hinder Agile's
progress towards reducing its debt leverage and improving its
interest coverage; credit metrics that Moody's previously noted as
having narrowed its ratings headroom, following its 1H 2014
results.

"Agile's weakened liquidity profile will also reduce its ability
to raise sufficient offshore debt to bring its priority debt down
to 15% of total assets in the near term," says Ho, who is also the
Lead Analyst for Agile.

Agile's secured and subsidiary debt to total assets edged up to
18.2% at end-June 2014 from 17.7% at end-2013. The company is
unlikely to reduce the subordination risk associated with its
senior unsecured bonds over the next six months, given its
weakened access to offshore funding.

Consequently, the rating of its senior unsecured debt has been
notched down to B1 from Ba2. The new rating is one level below its
corporate family rating.

Moody's is concerned over the refinancing risk related to Agile's
USD475 million bank loans. In its review of Agile's ratings
outlook, Moody's will monitor Agile's ability to: (1) arrange
offshore cash and new offshore loans to repay the USD475 million
in bank loans due December 2014; (2) meet its contracted sales
targets; (3) issue equity to lower its debt leverage; and (4)
resume share trading.

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

Agile Property Holdings Limited is one of China's major property
developers, operating in the mid- to high-end segment. The company
listed on the Hong Kong Stock Exchange in 2005.

As at 26 August 2014, its founding family -- the Chen family --
owned a 63.75% interest in Agile.


AGILE PROPERTY: Chairman Under China Prosecutors Custody
--------------------------------------------------------
Bloomberg News reports that Agile Property Holdings Ltd. tumbled
the most on record in Hong Kong trading after its billionaire
founder and chairman Chen Zhuolin was placed under the control of
Chinese prosecutors.

The stock plunged as much as 31 percent to HK$3.30 after it
resumed trading following a suspension since Oct. 3 and traded 20
percent lower at HK$3.80 as of 10:25 a.m. local time, notes
Bloomberg's Oct. 13 report. The stock was downgraded to sell at
DBS Group Holdings Ltd. and Bank of Communications Co.

Agile, based in Guangdong province, was told by Mr. Chen's wife
that the chairman was confined at a "designated residence" since
the evening of Sept. 30 by prosecutors in the southwestern city of
Kunming, according to a company filing, which didn't give a reason
for the order, Bloomberg relates. The announcement comes after the
developer called off a HK$2.8 billion ($361 million) rights offer
last week, says Bloomberg.

"The custody will likely raise concerns about its land bank and
business operation" in Yunnan province, where Kunming City is
located, Bocom analysts Toni Ho and Alfred Lau said a note on
October 13, Bloomberg relates. Agile's land bank in Yunnan makes
up about 7.4 percent of its total reserves, they said.

Mr. Chen will remain chairman and president and the company
appointed Mr. Chen's wife Luk Sin-fong, 53, and brother Chan
Cheuk-yin, 47, as executive directors, acting co-chairmen and
acting co-presidents, the company, as cited by Bloomberg, said.
The company doesn't have any evidence at the moment that Mr.
Chen's detention is related to "any lost or misappropriation of
funds or assets," it said.



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


ACTIS GENERICS: CRISIL Assigns 'D' Rating to INR80MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long term bank
facilities of Actis Generics Pvt Ltd (AGPL).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit              45         CRISIL D
   Term Loan                80         CRISIL D

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

AGPL also has a weak financial risk profile, marked by the
company's small net worth, weak capital structure and debt
protection metrics, and modest scale of operations in the
fragmented and competitive bulk drugs industry. The company,
however, benefits from its promoter's extensive industry
experience.

AGPL, based in Visakhapatnam, is an API (active pharmaceutical
ingredients) and intermediates manufacturer and supplier. The
company's day-to-day operations are managed by Mr. Shivkumar
Reddy.


AMA INDUSTRIES: CRISIL Reaffirms B Rating on INR30MM Cash Credit
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of AMA Industries Pvt Ltd
(AMA) continue to reflect AMA's small scale of operations,
volatility in revenue and profitability, and below-average
financial risk profile, marked by a small net worth and weak debt
protection metrics. These rating weaknesses are partially offset
by the extensive experience of the company's promoters in the
explosives industry.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         35         CRISIL A4 (Reaffirmed)
   Cash Credit            30         CRISIL B/Stable (Reaffirmed)
   Long Term Loan         15         CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that AMA will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company achieves a
sustainable improvement in its scale of operations and
profitability, leading to healthy growth in cash accruals, or if
its working capital requirements are lower than expected,
resulting in a better financial risk profile. Conversely, the
outlook may be revised to 'Negative' if AMA's revenue or
profitability declines further, or if there is a stretch in its
working capital cycle, leading to deterioration in its financial
risk profile, particularly its liquidity.

AMA is promoted by three brothers, Mr. Iqbal Maimoon, Mr. Abdul
Maimoon, and Mr. Akhtar Maimoon. The company, incorporated in 2003
in Nagpur (Maharashtra), manufactures slurry explosives, emulsion
explosives, non-electrical explosives, and detonators; it also
trades in explosive accessories and transports explosives.

AMA reported, on a provisional basis, a net loss of INR10.6
million on an operating income of INR191.8 million for 2013-14
(refers to financial year, April 1 to March 31), against a net
loss of INR4.0 million on an operating income of INR129.5 million
for 2012-13.


ARCHIT TRADING: ICRA Assigns 'B-' Rating to INR3.50cr Cash Credit
-----------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B- to the INR6.15
crore fund based facilities and short term rating of [ICRA]A4  to
INR0.85 crore non-fund based facility of Archit Trading Co.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based-Cash       3.50         [ICRA]B-; Assigned
   Credit Limits

   Fund Based-Term       2.65         [ICRA]B-; Assigned
   loan

   Fund Based-Bank       0.85         [ICRA]A4 ; Assigned
   Guarantee

The assigned rating takes into consideration Archit Trading Co's
small scale of operations, weak profitability and coverage
indicators, stressed liquidity position and low net worth leading
to adverse capital structure. ICRA also takes note of high
competitive intensity within the industry due to presence of large
number of players in organized and unorganized market. ICRA also
takes note of the vulnerability of ATC's profit margins to raw
material price fluctuations as well as foreign exchange
fluctuations.

However, the assigned ratings factor in the significant experience
of the promoters within the industry, operational synergy through
group companies in same line of business as well as the locational
advantage achieved by the company due to its presence in Surat,
which is one of the major textile hubs of India.

Incorporated in 2003, Archit Trading Co (ATC) is promoted by Mr.
Vijay Agarwal who has more than two decades of experience in
textile industry. ATC is engaged into manufacturing of net
fabrics, nylon fabrics and polyester fabrics. The firm is also
engaged in the trading of yarns and fabrics in the domestic
market.

Recent updates
The company has achieved an Operating Income (OI) of ~Rs. 12.9
crore and net profit after tax (PAT) of INR1.6 crore as per FY14
provisional figures.


ARRJAVV BUILDER: CRISIL Assigns B Rating to INR95MM Bank Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable rating to the bank
facilities of Arrjavv Builder Pvt Ltd.

                        Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Proposed Long Term       95         CRISIL B/Stable
   Bank Loan Facility

The rating reflects ABPL's exposure to risks related to
implementation and funding of its ongoing residential project.
This rating weakness is partially offset by the extensive
experience of ABPL's promoters in the real estate development
industry.

Outlook: Stable

CRISIL believes that ABPL will continue to benefit over the medium
term from its promoters' experience in the real estate development
business. The outlook may be revised to 'Positive' if the company
completes the construction of its ongoing projects on time, if its
booking progress is better than expected, and if it achieves
significant sales realisation leading to strong cash flows and
comfortable liquidity. Conversely, the outlook may be revised to
'Negative' if it faces any delays in project implementation
leading to time and cost overruns; or if it reports lower-than-
expected realisations or contracts more-than-expected debt,
thereby weakening its financial risk profile.

ABPL was incorporated on January 17, 2014, and is promoted by Mr.
Mahendra Kumar Pandya, Mr. Harsh Kumar Jain, and Mr. Rajendra
Kumar in Kolkata. The company develops and markets real estate
projects. ABPL plans to develop and market its first residential
project with 184 flats, in Kolkata.


ARUPPUKOTTAI SRI: ICRA Ups Rating on INR34.98cr Term Loan to 'C'
----------------------------------------------------------------
ICRA has upgraded the long-term rating assigned to the INR34.98
crore (revised from INR54.70 crore) term loan facilities, the
INR21.70 crore (revised from INR31.20 crore) fund based facilities
and the INR32.72 crore proposed facilities of Aruppukottai Sri
Jayavilas Limited to [ICRA]C from [ICRA]D. ICRA has also upgraded
the short-term rating assigned to the INR5.60 crore (revised from
INR9.10 crore) non-fund based facilities of ASJL to [ICRA]A4 from
[ICRA]D.

                      Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Term        34.98      [ICRA]C/upgraded from
   loans                            [ICRA]D

   Long-term Fund        21.70      [ICRA]C/upgraded from
   based facilities                 [ICRA]D

   Long-term Proposed    32.72      [ICRA]C/upgraded from
   facilities                       [ICRA]D

   Short-term Non-fund    5.60      [ICRA]A4/upgraded from
   based facilities                 [ICRA]D

The revision in ratings is on account of regularization of debt
servicing by the Company. The ratings also consider the long-
standing experience of promoters in the spinning business for more
than three decades and the support for ASJL's operations to an
extent by the power generated from windmills. The ratings also
factor in healthy growth in revenues per spindle in the last
fiscal supported by healthy yarn demand. The ratings are, however,
constrained by the Company's stretched financial profile
characterized by weak capitalization/coverage indicators largely
on account of significant debt-funded capital expenditure
undertaken by the Company during 2007-09 coupled with relatively
thin accruals/losses incurred over the years, strained liquidity
position due to high interest charges and debt repayments, and the
exposure of Company's revenues and margins to volatility in cotton
and yarn prices. The Company's operation in an intensely
competitive and highly fragmented industry limits pricing
flexibility; however the presence in the high count range segment,
where the capacity concentration is low provides some comfort.

Going forward, the ability of the Company to improve its capital
structure would be critical in improving its credit profile. Also,
with significant repayment obligations slated in the medium to
long-term, the ability of the Company to enhance profitability and
generate sufficient cash flows would remain the key rating
sensitivities. The financial support extended by the promoters in
the form of unsecured loans provides some comfort to the Company's
liquidity profile.

Incorporated in 1951 as a private limited company, ASJL was
converted into a public limited company in 1989. The Company is
primarily engaged in production of cotton yarn in the count range
of 16s to 100s. The Company is also engaged in transport business
(operates with two passenger transport bus, 12 oil tanker Lorries
and a workshop) and runs an Indian Oil (IOC) retail dealership
outlet in Madurai.

Till 2012-13, the Company had two manufacturing units located in
Tamil Nadu and operated with a total installed capacity of
1,00,176 spindles (69,432 spindles in Unit A at Melakandamangalam,
Aruppukottai and 30,744 spindles in Unit B at Tamilpadi,
Aruppukottai). The Company also had twenty six wind mills with
combined capacity of 7,400 KW (twelve wind mills of 225 KW
capacity, twelve wind mills of 250 KW capacity and two wind mills
of 850 KW capacities) in Tamil Nadu, which helps in savings on
power costs.

However, with effect from April 01, 2013 as a part of the group
restructuring, Unit B with 30,744 spindles along with twenty four
wind mills with combined capacity of 5,700 KW (twelve wind mills
of 225 KW capacity and twelve wind mills of 250 KW capacity) has
been hived-off to a separate entity (Sri Jayavilas Subbaraj
Spinning Mills Private Limited) and ASJL currently operates with
69,432 spindles.

Recent Results
The Company reported net profit of INR1.2 crore on an operating
income of INR227.5 crore during 2013-14 as against net profit of
INR0.02 crore on an operating income of INR264.0 crore during
2012-13.


B. M. RAJ: CRISIL Assigns B+ Rating to INR35MM Cash Credit
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of B. M. Raj Industries (BMRI).

                         Amount
   Facilities           (INR Mln)        Ratings
   ----------           ---------        -------
   Proposed Long Term
   Bank Loan Facility       7.5          CRISIL B+/Stable

   Proposed Cash Credit
   Limit                    5.0          CRISIL B+/Stable

   Long Term Loan           2.5          CRISIL B+/Stable

   Cash Credit             35            CRISIL B+/Stable

   Inland/Import Letter
   of Credit               10             CRISIL A4

The ratings reflect BMRI's below average financial risk profile
marked by a leverage capital structure and modest debt protection
metrics. Further the firm's operating margins remain vulnerable to
fluctuations in raw material prices. These rating weaknesses are
partially offset by extensive experience of promoters in the
packaging material industry and established relationships of BMRI
with its customers.

Outlook: Stable

CRISIL believes that BMRI will benefit over the medium term from
the experience of its promoters in packaging industry. The outlook
may be revised to 'Positive', if BMRI scales up its operations and
profitability significantly over the medium term in a sustainable
fashion there by leading to an improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative', if
the firm undertakes any significant debt-funded capital
expenditure or if its revenues and operating profitability decline
or if its working capital cycle elongates or there are any
significant capital with drawls leading to deterioration in its
financial profile.

BMRI was set up as partnership firm in the year 1999 by Mrs Dipika
Surma and is being managed by Mr H.D Surma. The firm is into
manufacturing of industrial plastic packaging material and is
based out of Silvassa, Dadra and Nagar Haveli.

BMRI reported estimated profit after tax (PAT) of INR1.8 million
on net sales of INR227.4 million for 2013-14 (refers to financial
year, April 1 to March 31), against PAT of INR 1.5 million on net
sales of INR127.7 million during 2012-13.


BAJAJ PRINTERS: ICRA Cuts Rating on INR12cr Non-FB Loan to 'D'
--------------------------------------------------------------
ICRA has revised its long-term rating on the INR10.00 crore
(enhanced from INR8.00 crore) fund-based bank facilities of
Bajaj Printers & Packers to [ICRA]D from [ICRA]B+ earlier. ICRA
has also revised its short-term rating on the INR12.00 crore non
fund-based bank facilities of BPP to [ICRA]D from [ICRA]A4
earlier.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund-based bank
   Facilities            10.00        [ICRA]D; downgraded

   Non fund-based
   bank facilities       12.00        [ICRA]D; downgraded

The revision in ratings takes into account delays in debt-
servicing by BPP owing to steep rise in its working capital
requirements and the firm's inability to raise adequate funding in
a timely manner. The firm's working capital cycle has remained
high on account of high raw material holding requirements and long
receivable collection period, which coupled with aggressive growth
in turnover during the past two years kept the liquidity
stretched. Moreover, the incremental working capital borrowings
coupled with debt funded vehicle purchase undertaken during 2013-
14 has resulted in adverse capital structure as reflected in
gearing of 2.1x as on March 31, 2014 compared to 1.18x as on March
31, 2013. Further, the rating continues to factor modest
positioning of the firm in a competitive packaging industry and
low profitability margins which remain exposed to adverse movement
in raw material costs and currency exchange rates.

However, ICRA takes note of the promoter's experience of more than
two decades in the packaging industry and the firm's long and
stable client relationships with renowned players in the FMCG
industry. Going forward, the firm's debt servicing track record,
its ability to improve profitability and prudently manage its
working capital will be the key rating sensitivity.

BPP was established in 1987 as a proprietorship entity and
converted into partnership firm with effect from April 1, 2012.
The firm manufactures- shrink films, vinyl bags, self-adhesive
tapes, liners, plastic trays etc. The firm has also been engaged
in plastic printing and paper printing. The firm has its
manufacturing facility in Bahadurgarh (Haryana) and Bawana (Delhi)
which have total manufacturing capacity of 1500 MTPA.

BPP reported an Operating Income (OI) of INR56.40 crore and Profit
before Tax (PBT) of INR0.34 crore in 2013-14 as compared to an OI
of INR37.67 crore and PBT of INR0.11 crore in the previous year.


BALAR BUILDCON: CRISIL Assigns 'C' Rating to INR50MM Capital Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL C/CRISIL A4' ratings to the bank
facilities of Balar Buildcon Pvt Ltd (BBPL).

                             Amount
   Facilities               (INR Mln)      Ratings
   ----------               ---------      -------
   Bank Guarantee               50         CRISIL A4
   Working Capital Facility     50         CRISIL C

The ratings reflect BBPL's stretched liquidity, on account of
working capital intensity in operations. Its bank limits have been
consistently over-utilised; there have also been instances of
delay in servicing its equipment loans.

These weaknesses are partially offset by the extensive experience
of BBPL's promoters in the construction industry.
About the Company

Incorporated in 1998 and based in Ahmedabad (Gujarat), BBPL is
promoted by the Balar family. The company is engaged in the
construction of buildings and in civil construction projects. The
promoters have experience of over two decades in the construction
industry.

For 2013-14 (refers to financial year, April 1 to March 31), BBPL
reported a provisional net profit of INR5.3 million on net sales
of INR213.6 million (Rs.4.2 million and INR314.2 million,
respectively, for 2012-13).


BHAGWATI RICE: ICRA Reaffirms B+ Rating on INR17.75cr FB Loan
-------------------------------------------------------------
ICRA has reaffirmed the long term rating for INR17.75 crore bank
lines of Bhagwati Rice Mill (P) Ltd at [ICRA]B+.

                           Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Fund Based Facilities     17.75       [ICRA]B+ (reaffirmed)

The rating takes into consideration BRM's moderate scale of
operations, its weak financial profile characterized by moderate
profitability and intensely competitive nature of industry, its
high gearing levels of 4.87 times as on March 31, 2014 and weak
debt protection indicators. However, the rating favorably takes
into account BRM's experienced management and long track record of
operations in the rice industry and easy availability of paddy as
the company's mill is located near the "mandi". Moreover, ICRA
also takes into account the favorable demand prospects of the
industry with India being one of the largest producer and consumer
of rice in the world.

Bhagwati Rice Mill (P) Ltd (BRM) was established in 1996. The
company is primarily engaged in milling of rice. BRM's milling
unit is based out of Mainpuri, Uttar Pradesh and is in close
proximity to the local grain market. BRM sells rice under its 4
different regional brands: Shree, Hathi, Gulab and Ujjwal in the
domestic market.

The Company has incurred capex of INR1.50 crore for erection of
buildings and some machinery up gradation. The building erection
is being done for storing paddy. The funding of the same is done
by Term loan of INR1.40 crore and rest by internal accruals.

Recent Results
The company reported a net profit after tax of INR0.04 crore on an
operating income of INR53.39 crore during FY2014 as against a net
profit after tax of INR0.04 crore on an operating income of
INR43.94 crore during FY2013.


BHALARA COTTON: ICRA Reaffirms 'B' Rating on INR22cr Cash Credit
-----------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B rating to the INR22.00 crore
(enhanced from INR9.50 crore) fund based facilities of Bhalara
Cotton Private Limited.
                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           22.00       [ICRA]B reaffirmed

The reaffirmation of rating factors in BCPL's weak financial
profile as reflected by low profitability and leveraged capital
structure leading to weak debt protection indicators. The rating
is further constrained on account of the regulatory risks
associated with cotton exports as well as the fragmented nature of
the cotton ginning industry resulting in high competitive
intensity. Further, the company is exposed to adverse movements in
raw material (cotton) prices which coupled with low value additive
nature of the work, keeps the profitability metrics and cash
accruals at modest levels.

The rating, however, positively factors in the long experience of
the promoters in cotton industry as well as favorable location of
the plant giving it easy access to high quality raw cotton and
strong demand for cotton seed oil in Gujarat.

Incorporated in 2005, Bhalara Cotton Private Limited is promoted
by Mr. Bipin Ranpariya and Mr. Jitendra Bhalara alongwith other
shareholders. The company is engaged in the business of ginning
and pressing of raw cotton with installed manufacturing capacity
of around 250 bales per day.

Recent Results
For the year ended 31st March 2014, Bhalara Cotton Private Limited
reported an operating income of INR96.73 crore and profit after
tax of INR0.98 crore.


CARONA INDUSTRIES: ICRA Reaffirms B Rating on INR12cr LT FB Loan
----------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B outstanding on
the INR11.15 crore (revised from INR17.30 crore) term loan
facilities, the INR12.00 crore fund based facilities and the
INR7.72 crore (revised from INR1.57 crore) proposed facilities of
Carona Industries Private Limited. ICRA has also reaffirmed short-
term rating of [ICRA]A4 outstanding on the INR1.50 crore fund
based facilities, the INR2.00 crore (revised from INR1.00 crore)
fund based (sub-limit) facilities and the INR3.63 crore non-fund
based facilities of CIPL.
                          Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Long-term-Term loans    11.15        [ICRA]B/reaffirmed

   Long-term-Fund based
   facilities              12.00        [ICRA]B/reaffirmed

   Long-term-Proposed
   facilities               7.72        [ICRA]B/reaffirmed

   Short-term-Fund based
   facilities               1.50        [ICRA]A4/reaffirmed

   Short-term-Fund based
   (sub-limit) facilities  (2.00)       [ICRA]A4/reaffirmed


   Short-term- Non-fund     3.63        [ICRA]A4/reaffirmed
   based facilities

The reaffirmation of ratings takes into account healthy growth in
revenues during last fiscal supported by increase in volumes aided
by healthy demand and improvement in capacity utilization on the
back of favorable power scenario with minimal outages during the
period. The ratings also favorably factors in the improvement in
capital structure, with gearing of 1.9 times as on March 31, 2014
(as against 2.6 times in the corresponding previous) aided by
fairly stable accruals and equity infusion of INR2.0 crore by the
promoters.

The ratings also consider significant experience of the promoters
in the textile industry and the integrated nature of the group's
operations which insulates the Company against price volatility to
an extent. The ratings are, however, constrained by the Company's
small scale of operations (albeit improving) which limits its
scale economies and financial flexibility, the intense competition
in the highly fragmented domestic industry which limits its
bargaining power and pricing flexibility and exposure of Company's
revenues and profitability to volatility in cotton and yarn
prices. Increase in raw material costs during last fiscal had
stressed the operating margins. Although there is significant
repayment obligation slated over the next three fiscals, the
financial support extended by the promoters in the form of
unsecured loans alongside regular equity infusion provides comfort
to the Company's liquidity profile. Going forward, the ability of
the Company to sustain revenue growth, enhance profitability and
improve its capital structure further would remain the key rating
sensitivities.

Incorporated in 2006 by Mr. K. Swaminathan, CIPL is engaged in
production of cotton hosiery yarn. CIPL started commercial
production in 2008 and supplies about one-fifth of the produce to
its group entity (M/s. Carona Knit Wear, which is engaged in
garment manufacturing). The Company also caters to merchant
exporters and is engaged in direct exports to countries like Egypt
and Casablanca (Africa). During last fiscal, direct exports sales
contributed to ~6% of the revenue and the sales to merchant
exporters contributed to ~32% of the revenue. CIPL operates with
an installed capacity of 14,400 spindles and the manufacturing
facility is located in Gobichettipalayam (Tamil Nadu).

Recent Results
The Company reported net profit of INR0.9 crore on an operating
income of INR67.3 crore during 2013-14 as against net profit of
INR0.6 crore on an operating income of INR51.3 crore during 2012-
13.


COIRFOAM (INDIA): ICRA Assigns B+ Rating to INR7cr LT FB Limits
---------------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B+ for INR1.00
crore long term fund based limits of Coirfoam (India) Pvt. Ltd.
Additionally, CIPL has outstanding rating of [ICRA]B+ for INR6.00
crore long term fund based bank facilities. ICRA has also assigned
the short term rating of [ICRA]A4 for INR1.00 crore non fund based
limits of CIPL.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund         7.00        [ICRA]B+ assigned/
   Based Limits                        outstanding

   Non-Fund Based
   Limits                 1.00         [ICRA]A4 assigned

The rating action takes into account the intensely competitive and
low value additive nature of the mattress mfg. industry which has
resulted in modest margins for the company in the past.
Furthermore, low profitability coupled with high working capital
requirements has resulted in high dependence of debt and moderate
debt coverage indicators for the company. Nevertheless, the rating
draws comfort from CIPL's experienced management, its long track
record in the mattresses industry in India, its extensive
distribution network and well-established brand image. Going
forward, the company's ability to maintain its profitability in an
intensely competitive industry and manage its working capital
cycle effectively would form the key rating drivers.

CIPL was constituted as a partnership firm in 1977 and was
converted into a private limited company in June 1978. The firm,
originally promoted by Agarwal family, was taken over by Mr.
Inderjeet Khurana and Mr. Sukhdeep Khurana in 1997. CIPL is
primarily involved in manufacturing of rubberised coir mattresses
and has an installed capacity of 2500 MTPA. In addition, the
company is also involved in trading of home products such as
pillows, cushions, spring mattresses, blanket, bed sheet towel
etc.

Recent Results
CIPL has reported a net profit (PAT) of INR0.71 crore on an
operating income of INR50.32 crore in FY 2012-13 as compared to
net profit (PAT) of INR0.28 crore on an operating income of
INR52.42 crore in FY 2011-12. The company has also reported net
profit (PAT) of INR0.49 crore on an operating income of INR52.99
crore in FY2014 as per the provisional numbers.


DANUSH INTERIORS: CRISIL Assigns B+ Rating to INR120MM Cash Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Danush Interiors & Contractors (DIC). The
ratings reflect DIC's modest scale of operations in an intensely
competitive industry and below-average financial risk profile,
marked by subdued debt protection metrics. These rating weaknesses
are partially offset by the extensive experience of DIC's
proprietor in the civil construction and interior decoration
industry.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit             120         CRISIL B+/Stable
   Letter of Credit         10         CRISIL A4

Outlook: Stable

CRISIL believes that DIC will continue to benefit over the medium
term from the industry experience of its proprietor. The outlook
may be revised to 'Positive' if the firm registers larger-than-
expected cash accruals leading to improvement in its financial
risk profile. Conversely, the outlook may be revised to 'Negative'
if DIC registers low revenue or profitability, or if its working
capital management deteriorates, resulting in weakening of its
liquidity.

DIC, established in 1999, undertakes civil construction and
interior decoration contracts. The day-to-day operations of the
firm are managed by the proprietor, Mr. Damodar Reddy.

DIC reported net profit of INR3.0 million on operating income of
INR115 million for 2013-14 (refers to financial year, April 1 to
March 31) vis-a-vis net profit of INR0.5 million on operating
income of INR89 million for 2012-13.


DOLPHIN NUTRACEUTICALS: CRISIL Reaffirms B Rating on INR200M Loan
-----------------------------------------------------------------
CRISIL's rating on the bank facilities of Dolphin Nutraceuticals
India Pvt Ltd (DNIPL) continues to reflect DNIPL's exposure to the
risks associated with implementation, and stabilisation of
operations, of its project. This rating weakness is partially
offset by the potential growth prospects of the nutraceuticals
industry over the medium term.

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

Outlook: Stable

CRISIL believes that DNIPL will continue to benefit over the
medium term from the growth prospects of the nutraceuticals
industry. The outlook may be revised to 'Positive', in case the
company registers sustained improvement in its scale of operations
and profitability, post the successful stabilisation of its
operations. Conversely, the outlook may be revised to 'Negative'
in case DNIPL faces time or cost overrun in the implementation of
its project resulting in considerably low cash accruals, or in
case of stretch in its working capital cycle, resulting in
weakening of liquidity and its debt servicing ability.

DNIPL was set up in February 2013 by Mr. Kiran Mahale, his family
and business associates. The company is likely to commence
production in the first quarter of 2015-16 (refers to financial
year, April 1 to March 31); it is expected to cultivate and
process spirulina algae, which is useful in reducing blood
cholesterol, prevention of vitamin A deficiency, and anaemia.
DNIPL has entered into technical collaboration with Green Bubble
Algal Works Pvt Ltd.


FAMOUS VITRIFIED: ICRA Reaffirms B+ Rating on INR14cr Term Loan
---------------------------------------------------------------
ICRA has reaffirmed the long-term rating assigned to INR8.00 crore
fund-based cash-credit facility and INR14.00 crore term loan
facility of Famous Vitrified Private Limited. ICRA has also
reaffirmed the short term rating assigned to the INR2.65 crore
(enhanced from INR2.18 crore) non fund based bank facilities of
FVPL at [ICRA]A4.
                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit            8.00       [ICRA]B+; reaffirmed
   Term Loan             14.00       [ICRA]B+; reaffirmed
   Bank Guarantee         2.65       [ICRA]A4; reaffirmed
   CEL                    Nil        [ICRA]A4; reaffirmed

The ratings continues to remain constrained by FVPL's modest scale
of operations , weak financial profile characterized by low
profitability, stretched capital structure , weak debt protection
metrics and high working capital intensity. The ratings also take
into account the highly competitive nature of the ceramic tile
industry and vulnerability of FVPL's profitability to the
cyclicality associated with the real estate industry. Further the
ratings are constrained by highly competitive business environment
on account of presence of large number of organized as well as
unorganized players in the region as well as import of ceramic
tiles from China.

The rating reaffirmation however continues to favorably factor in
the long experience of the promoters in the ceramic industry and
the location advantage enjoyed by FVPL with its plant located in
ceramic hub of Morbi.

Famous Vitrified Private Limited was incorporated in 2010 and is
promoted by Mr.Savji Sanaria, Mr. Ashwin Godhasara, Mr.Hiren
Kanani and Mr. Rajesh Patel. The company manufactures vitrified
tiles of size 605x605 mm with its current set of machineries. The
plant is located in Morbi, Gujarat and operates with an installed
capacity to manufacture 45600 MTPA of tiles. The promoters are
associated with other concerns viz. Famous Ceramic Industries.,
M/s Uttam Ceramics Private Limited which are present in similar
line of business.

Recent Results
For the year ended March 31, 2014, FVPL reported an operating
income of INR46.67 crore and profit after tax of INR0.65 crore.


G. K. ROLLER: ICRA Reaffirms 'B+' Rating on INR10cr Cash Credit
---------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ to the
INR10.00 crore cash credit facility (enhanced from INR7.00 crore)
and INR1.50 crore term loan facility (reduced from INR3.16 crore)
of G. K. Roller Flour Mills Private Limited. ICRA has also
assigned the short term rating of [ICRA]A4 to INR0.25 crore non
fund based facility of GKPL.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based - Cash
   Credit                10.00        [ICRA]B+ reaffirmed

   Fund Based - Term
   Loan                   1.50        [ICRA]B+ reaffirmed

   Non Fund Based-
   Bank Guarantee         0.25        [ICRA]A4 assigned

The rating reaffirmation takes into account established experience
of the promoters in the flour milling business with presence of
group companies in the similar line of business. The company has
witnessed a steady growth in revenues since its inception on
account of improved capacity utilization levels and it turned
profitable in FY14 given the stabilized operations. The rating
also derives comfort from the favourable demand of wheat products
in the end user industry. However, the ratings remain constrained
by moderate scale of operations along with stretched financial
profile characterized by high gearing and weak coverage
indicators. Further, with inherently low value additive and
working capital intensive nature of business, the cash accruals
remain thin. Fragmented nature of the industry and high
competitive intensity limits the bargaining power. Further, the
company remains exposed to the regulatory changes and the
volatility of wheat prices which remain a function of agro
climatic conditions. Going forward, scaling up operations amidst
intense competition and managing working capital cycle will remain
key rating sensitivities.

Incorporated in 2011, GKPL is engaged in the manufacturing and
sale of grinded wheat products such as Maida, Rawa and Atta. The
company has its flour mill located at Aurangabad, Maharashtra. The
promoter family has a long standing experience in this business
since 1965.

Recent Results
GKPL has reported OPBDIT of INR2.36 crore in FY14 on an operating
income of INR127.90 crore. The company has reported PAT of INR0.20
crore during the same period (provisional and unaudited
financials).


GRAINOTCH INDUSTRIES: ICRA Ups Rating on INR21.63cr Loan to B+
--------------------------------------------------------------
The long-term rating assigned to the INR21.63 crore (reduced from
INR34.00 crore) term loan facility and INR9.00 crore cash credit
limits of Grainotch Industries Limited has been upgraded to
[ICRA]B+ from [ICRA]B-.  The short-term rating of [ICRA]A4 has
been reaffirmed for the INR2.00 crore non-fund-based limits of
GIL.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-term fund-       21.63        [ICRA]B+; upgraded from
   based: Term Loan                   [ICRA]B-

   Long-term fund-        9.00        [ICRA]B+; upgraded from
   based: Cash Credit                 [ICRA]B-

   Short-term non fund-   2.00        [ICRA]A4 reaffirmed
   based: Letter of Credit

The upgrade in the long-term rating reflects the improvement in
the financial profile of the company as reflected in reduction in
the gearing, supported by repayment of long-term debt; and also
the improved funds flow position. The ratings also take into
account the healthy demand prospects for grain-based alcohol in
the domestic liquor industry, particularly given the expected
upswing in the prices of molasses-based alcohol in light of the
Ethanol Blending Programme (EBP) of the Government of India. The
ratings also continue to draw comfort from the experience of the
company's promoters and management in the alcohol manufacturing
business and the established customer base of the company
comprising of major IMFL (Indian-made Foreign Liquor)
manufacturers.

Nonetheless, the ratings are constrained by the moderate scale of
operations and the high working capital intensity of the business
on account of the large inventory requirements, as well as delays
in receipt of the State Government subsidy. ICRA also notes that
the operations of the company are vulnerable to agricultural
commodity price cycles and are exposed to the inherent regulatory
risk in the domestic liquor industry. Further, any fall in
molasses prices can impact the operations of grain-based ENA
players given the price sensitive customers and high substitution
between molasses-based and grain-based alcohol products.

Originally incorporated as Aditya Breweries Ltd in November 2006,
the company's name was subsequently changed to Grainotch
Industries Ltd in July 2007. GIL has established a grain-based
distillery unit in Aurangabad District (Maharashtra), of 70 KLPD
(kilo litres per day) capacity to produce potable and industrial
grade alcohol viz. Extra Neutral Alcohol (ENA) and Rectified
Spirit (RS). Besides, the product mix includes by-products such as
Impure Spirit and DWGS (Distiller's Wet Grain Soluble). GIL is
promoted by Mr. Sanjay Holkar and Mrs. Vaishali Holkar; the
promoters belong to a family of renowned agriculturists' from
North Maharashtra. Mr. Sanjay Patil, Senior Scientist in the
Department of Alcohol Technology and Environmental Science at
Vasantdada Sugar Institute (Pune) is a Technical Director in the
company.

Recent Results
For year ended 31 March 2014, the company has recorded profit
after tax (PAT) of INR5.13 crore on operating income (OI) of
INR89.70 crore. For the period ended June 30, 2014, the company
has recorded profit before tax of INR2.62 crore on operating
income of INR22.75 crore.


GURU ASHISH: ICRA Withdraws B Rating on INR40cr Bank Lines
----------------------------------------------------------
ICRA has withdrawn the [ICRA]B rating assigned to the INR40.0
crores Bank Lines of Guru Ashish Corporation, as the company has
fully repaid the amount of bank facility. There is no amount
outstanding against the rated instrument.


HI BOND: ICRA Reaffirms 'B+' Rating on INR29.12cr Term Loan
-----------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to the INR29.12
crore term loan and INR23 crore long term fund based facility of
Hi Bond Cement (India) Private Limited at [ICRA]B+. ICRA has
reaffirmed the short term rating assigned to the INR7.39 crore
short term non fund based facilities of HBCPL at [ICRA]A4.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loan            29.12        [ICRA]B+ reaffirmed
   Fund Based Limits    23.00        [ICRA]B+ reaffirmed
   Non Fund Based        7.39        [ICRA]A4 reaffirmed

The ratings continue to remain constrained by the highly leveraged
capital structure due to the debt funded project capex and modest
return indicators for the company. The ratings also take into
account the absence of formal linkages for key raw materials like
limestone and coal which exposes the company to volatility, both
in raw material availability and in prices. While reaffirming the
ratings, ICRA has also considered the inherent cyclicality in the
cement industry impacting the realizations and margins of the
company; surplus capacity in Gujarat thereby resulting in intense
competitive pressures from major existing players and moderate
current demand scenario which can pull down the capacity
utilization levels.

The ratings, however, favourably factor in the long experience of
the promoters in the cement industry through the group companies,
which are established in the Saurashtra region in business of
cement manufacturing, cotton ginning etc. The ratings further draw
comfort from the locational advantage that the company has due to
proximity of the plant to raw material sources. While reaffirming
the ratings, ICRA has considered healthy growth in scale of
operations for the company in the ongoing fiscal.

Hi-Bond Cement (India) Pvt. Ltd. (formerly known as Rotary Tech
Cement Pvt. Ltd.) was incorporated in 2007 to set up 0.66 million
tonnes per annum cement manufacturing facility at Patidad, Rajkot
district (Gujarat). Construction work on the project commenced in
August 2009 and the commercial operations were scheduled to
commence in December 2011 translating to an execution period of 28
months; however, there has been some delay in terms of utility
arrangements which has subsequently delayed COD by around four
months. The capacity grinding capacity has been recently enhanced
to 1.08 MTPA.


HYDROMATIK: ICRA Reaffirms 'B' Rating on INR6.62cr Term Loan
------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B rating assigned to the INR6.62
crore term loans and INR3.50 crore cash credit facility of
Hydromatik. ICRA has also re-affirmed the [ICRA]A4 rating assigned
to the INR0.50 Crore short term bank lines.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-term scale-      6.62         [ICRA]B Reaffirmed
   Term loans

   Long-term scale-      3.50         [ICRA]B Reaffirmed
   Cash Credit

   Short-term scale-     0.50         [ICRA]A4 Reaffirmed
   Standby line of
   credit

The ratings re-affirmation takes into account Hydromatik's healthy
levels of operating profitability and improvement in the gearing
levels in FY 2014. The ratings continue to derive comfort from the
extensive experience of the partners in the hydraulic tube fitting
business.

The ratings are, however, constrained by Hydromatik's small scale
of operations in a highly competitive and fragmented industry. The
debt funded capital expenditure has weakened the firm's coverage
ratios as indicated by an interest cover of 1.86x and DSCR of
0.84x as on 31st March 2014 on account of higher interest payments
and repayment obligations. Further, high working capital intensity
of operations and high repayment obligation are likely to stretch
the liquidity position of the firm going forward. The ratings are
also constrained by the exposure to raw material price
fluctuations and the risks inherent in partnership firms. ICRA
notes that the company has recently undertaken substantial capital
expenditure (capex) and intends to incur further capex in the
current fiscal to ramp up its capacity. Going forward, growth in
revenue with increased capacity along with the ability to sustain
the margins would remain the key rating sensitivities.

Hydromatik is a partnership firm which was setup in 1999 and is
engaged in the design, engineering and manufacturing of hydraulic
tube fittings. The company is involved in the manufacturing of
pipe fittings of DIN 2353 safety specifications which are used in
Machine Tool Manufacturing, Automobile Industries, Chemical
Industries, Ship Building, Mining and Steel Plants, etc.

Recent Results
The firm reported a net profit of INR0.74 crore on an operating
income of INR15.21 crore in FY 2014 (as per the provisional
results) as against a net profit of INR0.75 crore on an operating
income of INR14.35 crore in FY 2013.


IPL PRODUCTS: ICRA Reaffirms B+ Rating on INR3cr Cash Credit
------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ to the
INR0.70 crore proposed term loan facilities, INR3.00 crore fund
based facilities of IPL Products. ICRA has also reaffirmed the
short- term rating of [ICRA]A4 to the INR0.80 crore stand by line
of credit, and INR5.50 crore non-fund based bank facilities of the
firm. ICRA had suspended the ratings assigned to the bank limits
of IPL due to lack of cooperation. Subsequently, the client has
shared the requisite information; hence the suspension has been
revoked.
                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Proposed Long Term     0.70        [ICRA]B+ reaffirmed;
   loan facilities                    suspension revoked

   Long Term: Fund        3.00        [ICRA]B+ reaffirmed;
   based facilities-                   suspension revoked
   Cash Credit

   Short Term: Fund       0.80        [ICRA]A4 reaffirmed;
   based facilities-                   suspension revoked
   Stand by Line of
   Credit

   Short Term: Non-       4.75        [ICRA]A4 reaffirmed;
   Fund based facilities-             suspension revoked
   Bank Guarantee

   Short Term: Non-Fund   0.75        [ICRA]A4 reaffirmed;
   based facilities-Letter            suspension revoked
   of Credit

The re-affirmation of ratings consider the continued revenue
growth of ~33% (y-o-y) and stable margins during 2013-14,
significant experience of the promoter in the electrical industry
and the long term favourable demand outlook for the electrical
equipments from the domestic power sector. The ratings however
remain constrained by the stretched financial profile of the firm,
with moderate capital structure owing to the working capital
intensive nature of operations resulting from its stretched
receivables position, leading to a strained liquidity position
with reliance on external debt; and the risk of high customer
concentration (with the top customer contributing 71% of revenues
during 2013-14). The ratings also consider the entity's moderate
scale of operations, limiting benefits of scale economics and
limited pricing power due to intense competition in the industry;
although the built in input cost escalation clause in contract
with its major customer mitigates the margin volatility risk to
some extent. Going forward, the ability of the firm to sustain
revenue growth and margins amidst the competition and improve its
working capital cycle/liquidity position would remain key rating
sensitivities.

IPL Products (IPL) is an SSI unit promoted by Mr. A
Shanmugavelayuthan in the year 1974 as a sole proprietorship
concern. Initially started as M/s International Piston Linear
Products, the entity was involved in the manufacturing of Grey
Iron castings and gradually expanded its product profile by adding
electrical accessories such as Pillar boxes, Isolator/Air break
switches and Transformers catering majorly to the power
industries. The firm has been supplying bulk of the produces to
TNEB over the last few years and currently supplies to private
parties too. The firm has two manufacturing units for
manufacturing Isolators and Transformers.

Recent Results
The Firm reported a net profit of INR1.1 crore on an operating
income of INR30.7 crore in 2013-14, as against a net profit of
INR2.0 crore on an operating income of INR23.0 crore in 2012-13.


J.I. ENTERPRISES: ICRA Reaffirms B Rating on INR4.5cr Cash Credit
-----------------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B on the INR8.32
crore bank facilities of J.I. Enterprises. ICRA has also
reaffirmed its short term rating of [ICRA]A4 on the INR0.68 crore
bank facilities of the firm.

                          Amount
   Facilities           (INR crore)      Ratings
   ----------           -----------      -------
   Long Term Fund           4.50         [ICRA]B; reaffirmed
   Based-Cash Credit

   Long Term Fund           1.74         [ICRA]B; reaffirmed
   Based- Term Loan

   Long Term Non Fund       2.08         [ICRA]B; reaffirmed
   Based- Unallocated

   Short Term Non Fund      0.68         [ICRA]A4; reaffirmed
   Based- Letter of Credit

The ratings continues to remain constrained by JIE's small scale
of operations and the highly competitive nature of the rice
milling industry which impacts the profitability margins of the
firm. The high gearing level of the firm, arising out of
substantial debt funding of large working capital requirements,
has resulted in modest coverage and liquidity indicators. The
ratings also factor in the agro climatic risks, which can impact
the availability of the basic raw material, namely paddy. However,
the proximity of the mill to major rice growing areas results in
easy availability of paddy and mitigates this risk to a certain
extent. The ratings also favorably take into account the long
standing experience of the proprietor in the rice industry.

JIE was established in 2003 as a proprietorship firm by Mr. Rajeev
Kumar. The firm is engaged in the business of processing and
trading of rice in the domestic market as well as export markets.
Initially the firm was carrying out rice milling operations from a
leased plant. However, in 2010 it set up its own rice milling
plant thus increasing its scale of operations. The plant, located
at Nadana Road, Taraori, Karnal has an installed capacity of 2
tonnes/hour of paddy.

Recent Results
JIE reported a net profit of INR0.09 crore on an operating income
of INR12.62 crore in 2013-14 and a net profit of INR0.08 crore on
an operating income of INR11.01 crore in the previous year.


JAGUAR LAND: Fitch Affirms 'BB-' FC IDR; Outlook Revised to Pos.
----------------------------------------------------------------
Fitch Ratings has revised the Outlook on Jaguar Land Rover
Automotive PLC's (JLR) Outlook to Positive from Stable.  The
agency has also affirmed JLR's Long-Term Foreign-Currency Issuer
Default Ratings (IDRs) and senior unsecured debt rating at 'BB-'.
The change in Outlook to Positive reflects JLR's continued strong
operational performance and Fitch's expectation that the company
will maintain its robust financial profile, despite a period of
heavy investment in its transition to become a higher volume
premium manufacturer. The Positive Outlook indicates that an
upgrade could occur over the next 24 months if JLR continues to
maintain its profitability, generate positive free cash flow (FCF)
and increase its breadth and volume of products. The successful
execution of the Jaguar XE compact sedan model is seen as a key
part of this.

Key Rating Drivers

New Products Drive Profitability: "We expect JLR's sales and
profitability to continue to be robust in the financial year
ending 31 March 2015 (FY15) and FY16, supported by a strong
product pipeline and healthy global demand for premium vehicles.
We expect JLR to maintain margins above 8% in FY15-16 despite
increased costs associated with elevated capex and heightened
competition," Fitch said.

Retail volumes in FY14 rose 16% from the previous year on strong
sales of the Range Rover Evoque, New Range Rover Sport and the
Jaguar XJ, XF and F-Type. A richer product and geographic mix
contributed to the increase in the EBIT margin to 11.7% from 10.8%
in FY13. The improvements continued into 1QFY15, with retail
volumes increasing by 22% from a year earlier and EBIT margins
rising to 15.9% -- albeit slightly boosted by a positive currency
effect -- from 10.9% in 1QFY14.

Limited Scale, Product Diversity: Limited scale and product
diversity continue to constrain JLR's business profile as these
factors raise the risk of volatility of earnings and cash flow.
However, we recognise that JLR's current heavy investments, if
successfully executed, will increase its product breadth and
volume over the medium term.

Expansion Phase, Elevated Capex: We expect JLR's investments in
capacity expansion, engine manufacturing, vehicle architecture and
new technologies to meet carbon dioxide emission requirements will
contribute to negative FCF in FY15-16, despite strong cash flows
from operations. Management has indicated capex of GBP3.5bn-3.7bn
in FY15, a material increase from previous guidance, and we have
further assumed capex of at least GBP3bn in FY16, with continued
modest dividends.

Tightening carbon dioxide emission requirements in both developed
and developing countries remain a challenge for JLR, as with most
automakers. As JLR's product portfolio is currently weighted
towards larger, less fuel efficient luxury SUVs, a broadening of
its product line to include compact, more fuel efficient models
(such as the Jaguar XE) should reduce its exposure to the risk of
changing environmental legislation.

Robust Financial Profile, Liquidity: "We expect JLR to maintain a
strong financial profile and robust liquidity buffer in FY15-16,
despite elevated capex.  We expect funds flow from operations
(FFO)-adjusted gross leverage and net leverage to remain below
1.5x and 0.5x respectively (FY14: 0.7x and 0.03x) and cash flow
from operations/adjusted debt to remain above 80% (FY14: 145%). At
1QFY15, JLR had cash and cash equivalents of GBP1.87bn (FY14:
GBP2.26 billion) and a committed undrawn revolving credit facility
of GBP1.29 billion maturing 2016/18, against short-term maturities
of GBP168 million' Fitch said.

Improved Geographic Mix: JLR is benefitting from a richer
geographic mix, with over 45% of its sales by volume now going to
developing markets and 55% to mature markets. JLR's sales volumes
in China have risen rapidly over the last four years, contributing
to the improved mix, such that China formed 24% of JLR's total
vehicle sales by volume in FY14 (FY11: 12%). JLR has maintained
healthy margins and increased market share in China, despite
intensified competition, and is the fourth-largest automaker in
the premium segment by sales volume, after Audi, BMW and Mercedes.
Chinese authorities' recent anti-monopoly investigations aimed
primarily at luxury foreign carmakers, including on JLR is
slightly concerning, although Fitch does not expect it to have a
material impact on JLR's overall credit profile.

Favourable Premium Car Outlook: While the premium segment will
continue to outperform the volume market over the medium term, we
expect increased competition within certain regions and premium
sub-segments. Premium sales globally have been resilient to the
economic slowdown, with underlying demand for premium vehicles
remaining high in both developed and developing markets.

Rating Sensitivities:

Positive: Future developments that may collectively or
individually lead to a rating upgrade include:

-- Sustained positive FCF, combined with EBIT margin of at
   least 7%;
-- A strengthening of the product portfolio (breadth and volume)
and successful implementation of the current expansion phase, a
key part of which is the successful launch and execution of the
Jaguar XE compact sedan model.

Negative: Future developments that may collectively or
individually lead to a change in the Outlook to Stable include:

-- Failure to strengthen the breadth and volume of the product
portfolio;

-- Significant deterioration in key credit metrics including FFO
adjusted net leverage above 2.5x and or a material weakening of
JLR's liquidity position;

-- Problems with operational execution and/or decreasing market
share.


KAPIL RAYON: ICRA Withdraws B- Rating on INR20cr Bank Line
----------------------------------------------------------
ICRA has withdrawn the [ICRA]B- rating assigned to the INR20 crore
Bank Lines of Kapil Rayon (India) Private Limited, as the company
has fully repaid the amount of bank facility. There is no amount
outstanding against the rated instrument.


KINGFISHER AIRLINES: Faces Probe Over Accounting Lapses
-------------------------------------------------------
The Times of India reports that Kingfisher Airlines is facing a
close regulatory scrutiny over suspected lapses in its accounting
practices and the corporate affairs ministry is looking into
possible violations of Companies Act.

The airline, part of Vijay Mallya-led UB Group, has been grounded
since October 2012, after being bogged down by huge and mounting
losses, the report notes.

According to the report, sources said the ministry is closely
looking at possible violations of companies law by Kingfisher
Airlines, especially with regard to accounting practices.

Taking note of the observations made by the carrier's statutory
auditors, the ministry has also sought an update from the
registrar of companies (RoC) about the financial aspects of the
company for the 2013-14 financial year, TOI relates.

The carrier, which is registered with RoC Bangalore, is yet to
submit its annual financial results for the 2013-14 period to the
stock exchanges, according to TOI.

In a filing to the BSE on August 26, the carrier had said that
steps were being taken to appoint directors in order to comply
with provisions of the Companies Act, 2013 and listing agreement
with the stock exchanges, the report recalls.

"Thereafter, steps will be taken towards publishing the audited
results for the year ended March 31, 2014 and for the quarter
ended June 30, 2014," the company had said.

Back in May, Kingfisher had informed stock exchanges that "there
are hardly any employees attending office and the company is
currently operating with skeletal staff making it difficult to
audit and publish the results in time," the report recalls.

For the year ended March 2013, the carrier saw its net loss widen
to INR4,301.12 crore. During that period, the gross income stood
at INR683.46 crore, the report discloses.

                    About Kingfisher Airlines

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd., served about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 15, 2014, Bloomberg News said Kingfisher has grounded planes
since October 2012.  The airline lost its operating license in
January last year after failing to convince authorities it
has enough funds to restart flights.

The airline defaulted on payments to lessors, creditors and
airports as losses widened amid rising fuel costs and competition.

According to Bloomberg News, Mr. Mirpuri said in an e-mail on
January 13 the airline continues its efforts to recapitalize and
restart services.

As reported in the TCR-AP on Jan. 27, 2014, CRISIL's ratings on
bank loan facilities of Kingfisher Airlines Ltd continue to
reflect delays by KFAL in servicing its debt; the delays have been
caused by the company's weak liquidity and continued losses at the
operating level. Losses in the past six years have resulted in a
complete erosion of KFAL's net worth, leading to its weak
financial risk profile.

For 2012-13 (refers to financial year, April 1 to March 31),
KFAL reported a net loss of INR83.5 billion (INR23.3 billion for
2011-12) on net sales of INR5 billion (INR54.85 billion). For the
six months ended September 30, 2013, it reported a net loss of
INR18.72 billion (INR14.04 billion for the corresponding period
of 2012-13) on net revenues of INR0.0 (INR5.01 billion).


MILESTONE ENGINEERING: ICRA Cuts Rating on INR1.2cr FB Loan to B+
-----------------------------------------------------------------
ICRA has downgraded its long-term rating on the INR1.20 crore fund
based bank facilities of Milestone Engineering Private Limited to
[ICRA]B+ from [ICRA]BB-(Stable). Also, ICRA has reaffirmed its
short term rating on the INR5.25 crore non-fund based bank
facilities of MEPL at [ICRA]A4. The outlook on the long term
rating has been withdrawn.

                             Amount
   Facilities             (INR crore)   Ratings
   ----------             -----------   -------
   Fund-based facilities      1.20      [ICRA]B+; downgraded from
                                        [ICRA]BB-(Stable)

   Non-Fund-based facilities  5.25      [ICRA]A4; reaffirmed

Rating Rationale
The rating downgrade takes into account the progressive decline in
MEPL's operating revenue which is on account of delay in execution
of projects. Further, the company has seen erosion in
profitability margins, owing to competitive pressures and the
impact of overhead costs due to execution delays. Further, despite
its healthy order book of INR12.85 crore as on July 2014, the
execution delays are expected to result in a decline in operating
income in FY'15 also. The rating is also constrained on account of
one entity/group (Shiv Nadar group) accounting for ~45% of the
pending order book, leading to substantial execution exposure to a
single entity. This apart, the working capital intensity of the
company continues to remain high (as reflected in Net Working
Capital/Operating income of ~40% as on March 31, 2014) due to
longer receivables period and high inventory holding period. The
rating however continues to favourably factor in the company's
comfortable gearing at 0.20x as on March 31, 2014 owing to
improving net worth on account of gradual accretion to reserves.
Also, the ratings derive strength from MEPL's experienced
promoters who (through several group companies) have an
established track-record of operations in the industry, having
been associated with several reputed clients in the past. Further,
the ratings also factor in the operational synergies in the form
of cross-selling and raw-material purchases, derived from the
presence of group companies in similar lines of businesses.

In ICRA's view, the company's ability to arrest the decline in its
revenues; and improve its operating profitability margins and
working-capital cycle, will be the key rating sensitivities.

Incorporated in 1984, MEPL is a part of the Delhi-based Milestone
group, promoted by Mr. S.K. Aggarwal and his family members. MEPL
is a closely-held company engaged in providing turnkey
installation services for electrification of industrial/
commercial establishments. The company's scope of services
includes providing concept, basic design, detailed engineering,
supply of materials, erection at site, testing/ commissioning and
operation and maintenance of systems like power distribution,
lighting systems etc.

Recent Results
The company reported, on a provisional basis, a net profit of
INR0.15 crore on an operating income of INR13.47 crore in FY'14,
as against a net profit of INR0.07 crore on an operating income of
INR15.44 crore in FY'13.


MONDAL COLD: ICRA Reaffirms B+ Rating on INR0.35cr Bank Guarantee
-----------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ for the
INR0.35 crore (enhanced from INR0.18 crore) bank guarantee
facility of Mondal Cold Storage. ICRA has also reaffirmed the
short term rating of [ICRA]A4 for the INR12.07 crore (enhanced
from INR11.60 crore) cash credit and the INR2.75 crore (enhanced
from INR2.21 crore) working capital loan facilities of MCS.
                          Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Bank Guarantee           0.35        [ICRA]B+ reaffirmed
   Cash Credit             12.07        [ICRA]A4 reaffirmed
   Working Capital Loan     2.75        [ICRA]A4 reaffirmed

The reaffirmation of ratings take into account MCS's small scale
of operations, its aggressive capital structure, depressed debt
coverage indicators and subdued business return indicator, and the
regulated nature of the industry, making it difficult to pass on
increase in operating costs in a timely manner, leading, in turn,
to a downward pressure on profitability as evident from the
consistent decline in profitability. The ratings also take into
account MCS's exposure to agro-climatic risks, with its business
performance being entirely dependent upon a single agro commodity,
i.e. potato. ICRA notes that that the performance of the cold
storage remains dependent upon the movement in potato prices,
whereby loans extended to farmers by MCS may lead to delinquency,
if the price falls to a low level. However, MCS's established
relationship with farmers mitigates such risks to an extent. The
ratings further incorporate the risks associated with the entity's
status as a partnership firm, including the risk of capital
withdrawal by the partners.

The ratings, however, derive support from the long track record of
the promoters in the management of cold storages, and the
locational advantage of MCS on account of location of its cold
storage units in West Bengal, a state with large potato
production. In ICRA's opinion, the ability of the company to
improve profitability while managing its working capital
requirements would be a key rating sensitivity going forward.

MCS was established by Mr. Niranjan Mondal, as a sole proprietor,
to carry on the business of storage and preservation of seed and
table potatoes. The entity set up its first cold storage unit in
1967, at Amlagora, in the West Midnapore district of West Bengal.
In 1999, the entity was converted into a partnership firm by
including Mr. Satyanarayan Mondal and Mr. Rajib Mondal (both sons
of Mr. Niranjan Mondal) as partners. MCS's second cold storage
unit was set up at Chatra, in the Bankura district of West Bengal.
Currently, MCS has an annual storage capacity of 68,000 tonnes.

Recent Results
In FY14, MCS reported a net profit of INR0.28 crore on the back of
an operating income (OI) of INR5.27 crore, as against a net profit
of INR0.37 crore on the back of an OI of INR4.48 crore in FY13.


RADHESHYAM COTTEX: ICRA Reaffirms B+ Rating on INR8.6cr Cash Loan
-----------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ to the
INR8.60 crore (enhanced from INR6.50 crore) cash credit facility
and INR0.37 crore (reduced from INR0.39 crore) term loan facility
of Radheshyam Cottex.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based-Cash
   Credit                8.60        [ICRA]B+ reaffirmed

   Fund Based-Term
   Loan                  0.37        [ICRA]B+ reaffirmed

The reaffirmation of rating continues to factor in Radheshyam
Cottex's (RC) modest scale of operations and financial profile
characterized by thin profitability and weak debt coverage
indicators. 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 is linked
to the seasonal nature of the cotton industry and government
regulations on MSP and export. Also, being a partnership firm, any
substantial withdrawal by the partners can have an adverse impact
on the capital structure of the firm.

The rating, however, continues to factor in the experience of
partners in the cotton industry and the favorable location of the
firm giving it easy access to high quality raw cotton. The rating
also considers the supply arrangement made with Arvind Limited and
increased operating income in FY14 driven by increased volume and
realization.

Radheshyam Cottex was established in November 2010 by Mr.
Mahavirsinh Vala and four other partners by acquiring the firm
M/s. Shah Govardhandas Bhikharidas. The firm is engaged in raw
cotton ginning and pressing. The firm's manufacturing unit is
located at Jasdan, Rajkot, Gujarat. It has twenty ginning machines
and one pressing machine with installed capacity of producing
15780 cotton bales per annum.

Recent Results
During FY14 (unaudited provisional financials), the firm reported
an operating income of INR46.87 crore and net profit of INR0.08
crore against an operating income of INR33.70 crore and net profit
of INR0.15 crore in FY13.


RAJNANDINI METAL: CRISIL Rates INR130MM Overdraft Loan at B+
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Rajnandini Metal Private Limited (RMPL).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Proposed Long Term       80         CRISIL B+/Stable
   Bank Loan Facility

   Inland/Import Letter     40         CRISIL A4
   of Credit

   Overdraft Facility      130         CRISIL B+/Stable

The ratings reflect weak financial risk profile with leveraged
capital structure, modest scale of operation in fragmented and
highly competitive metal trading industry. These weaknesses are
partially offset by the experience of the promoters in the trading
of metals.

Outlook: Stable

CRISIL believes that RMPL will benefit from its promoters' long
standing experience in trading of non-ferrous metals business. The
outlook may be revised to 'Positive' in case, RMPL scale up its
operations significantly with improvement in profitability leading
to higher-than-expected cash accruals, or its capital structure
improves substantially because of higher fresh infusion of capital
by its promoters. Conversely, the outlook may be revised to
'Negative' in case of further deterioration in RMPL's financial
risk profile and liquidity because of lower accruals, larger-than
expected working capital requirement or if it undertakes any large
debt funded capex.

Incorporated in 2010, Rajnandini Metal Private Limited (RMPL) is
owned and managed by Mr. Sanjay Sharma. RMPL is the trading of
ferrous and non-ferrous metals which include Copper, Zinc and
Iron. The Company is based out of Faridabad, Haryana.


RAM CHANDER: CRISIL Assigns 'B' Rating to INR100MM Bank Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Ram Chander Builders Pvt Ltd (RCB).

                         Amount
   Facilities           (INR Mln)        Ratings
   ----------           ---------        -------
   Proposed Long Term      100           CRISIL B/Stable
   Bank Loan Facility

   Term Loan                30           CRISIL B/Stable

The rating reflects RCB's exposure to implementation, funding and
demand risks related to its Shiva Greens project. The rating also
factors in RCB's susceptibility to risks relating to cyclicality
in the Indian real estate industry. These rating weaknesses are
partially offset by the promoter's extensive experience in the
real estate business.
Outlook: Stable

CRISIL believes that RCB will continue to benefit over the medium
term from the extensive industry experience of its promoter. The
outlook may be revised to 'Positive' in case of  higher-than-
expected demand for the project, leading to better customer
advances or if RCB's project is completed and stabilised in a
timely manner. Conversely, the outlook may be revised to
'Negative' if there are delays in execution of the project or if
the project faces low demand or if there is significant delay in
receipt of customer advances, leading to weak liquidity.
About the Company

RCB, incorporated in 1995, undertakes residential real-estate
projects of Uttar Pradesh Avas Vikas Parishad (UPAVP). Currently,
it is undertaking development of 'Shiva Greens' in Lucknow (Uttar
Pradesh). The construction is expected to be completed by October
2017.


SAHARANPUR INSTITUTE: ICRA Reaffirms B Rating on INR15cr Loan
-------------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B on the INR15.0
Crore fund based bank facilities of Saharanpur Institute of
Medical Sciences Private Limited.
                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loans            15.0         [ICRA]B Reaffirmed

The reaffirmation of rating takes into account the execution risk
of the project (about 70% of the construction has been completed
till date), construction related issues which have resulted in
delay in commencement of operations thereby resulting in cost
overrun. The cost overrun is proposed to be met by bank funding
which would put pressure on the coverage indicators. As the debt
repayment is to commence from December 2014, the cash flow
mismatches due to execution delays will necessitate refinancing.
ICRA continues to take into account the experience of the
promoters of the company in the health care industry as well as
healthy expected occupancy levels in the future since the hospital
would be the only multi specialty hospital in the Saharanpur area.
Going forward, the ability of the company to resolve the cash flow
mismatches by securing a re-schedulement, tie up the financing for
the revised project cost, completion of the project within the
revised time and cost estimates and achieve moderate occupancy in
early phase of operations, in order to generate healthy cash flows
would be key rating sensitivities.

SIMS was incorporated in July, 2010 and is setting up a multi-
specialty hospital, spread over an area of about 6,800 square
meters, with a capacity of 100 beds at Delhi Road, Saharanpur,
Uttar Pradesh. The institute is being set up to provide a
comprehensive suite of health services which include Neurology,
Cardiology, Oncology etc.


SAI RAM: ICRA Reaffirms 'B+' Rating on INR8.5cr Non FB Limit
------------------------------------------------------------
ICRA has reaffirmed [ICRA]B+ rating to INR11.50 crore (enhanced
from INR11.00 crore earlier) bank lines of Sai Ram Constructions.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund-based limit        3.00        [ICRA]B+ reaffirmed
   Non fund-based limit    8.50        [ICRA]B+ reaffirmed

The rating reaffirmation factors in the long experience of the
promoters in executing irrigation contracts. ICRA's rating also
favorably factors in SRC's strong order-book of INR82.3 crore on
30th April 2014, which is 3.6 times SRC's FY14 operating income
and scheduled for completion over next 2-3 years thus providing
revenue visibility over the medium term. SRC operating
profitability is also generally stable given the price escalation
clauses built into most of its contracts.

The rating is however constrained by the increase in the
receivables in recent months post the bifurcation of Andhra
Pradesh. No receivables were cleared in Q1 FY15 which resulted in
overutilizations in the cash credit account. ICRA also notes that
the firm is exposed to high client and geographical concentration
risks since all its contracts pertain to a single client-
Irrigation department of Telangana. ICRA's rating also factors in
SRC's low scale of operations and the firm is exposed to the risks
such as of withdrawal of partner's capital, being a partnership
firm.

SRC was founded by Mr. Linga Reddy in 2003. Prior to setting up
the firm he had been taking contracts as an individual contractor
for 20 years. SRC has executed contracts primarily in water supply
and irrigation segment. The firm had an operating income of
INR22.97 crore and PBT of INR2.11 crore in FY14.


SAVITON LIVING: ICRA Reaffirms B+ Rating on INR6.25cr FB Loan
-------------------------------------------------------------
ICRA has reaffirmed the [ICRA] B+ rating on the INR4.50 crore term
loan and INR6.25 crore fund based facilities of Saviton Living
Concepts. ICRA has also reaffirmed the [ICRA]A4 rating on the
INR2.25 crore non fund based facilities of SLC.

                          Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Term loan                4.50        [ICRA]B+; reaffirmed
   Fund based limits        6.25        [ICRA]B+; reaffirmed
   Non fund based limits    2.25        [ICRA]A4 ;reaffirmed

For arriving at the ratings, ICRA has taken a consolidated view of
SLC and its group firm Saviton Metplast Private Limited as both
the entities are in similar line of business and under the same
management.

The ratings continue to factor in Saviton group's established
track record in furniture industry backed by established
relationship with a diverse set of clients. Further, the ratings
favourably factor in the group's focus on institutional clients
through its own brand sales which is expected to lead to revenue
diversity and volume growth. However, the ratings continue to be
constrained by the group's scale of operations which has remained
stagnant and modest net profitability. Additionally, in the
absence of substantial reserve accretion and capital infusion, the
group remains dependent on external funding which along with
growing working capital requirements has kept the liquidity
profile and debt coverage indicators under pressure. The ratings
continue to take into account the vulnerability of the group's
profit margins to volatility in raw material prices and the
competitive nature of the industry. Going forward, the group's
ability to achieve revenue growth and improved profitability while
managing its liquidity profile, will be the key rating
sensitivities.

Incorporated in 1998, SMPL manufactures plastic moulded components
for furniture and complete furniture sets at its manufacturing
unit in Manesar, Haryana. SMPL is a part of the Saviton Group
promoted by Mr P Jaiswal. The other group entity Saviton Living
Concepts is also into a similar line of business and manufactures
and assembles different kinds of office furniture, mainly chairs,
tables, and office workstations.

Incorporated in 2009, SLC manufactures and assembles different
kinds of office furniture, mainly chairs, tables, and office
workstations. The firm has its manufacturing unit in duty-free
zone in Roorkee (Uttarakhand). SLC is part of Saviton Group
promoted by Mr P Jaiswal. The other group entity SMPL manufactures
plastic moulded components for furniture and complete furniture
sets at its manufacturing unit in Manesar, Haryana.

Recent results
In 2013-14 SLC, on a provisional basis, recorded a profit after
tax of INR0.62 crore on an operating income of INR24.86 crore as
compared to INR0.85 crore and INR24.16 crore respectively, in the
previous year. As on March 31, 2014, the company had a total debt
of INR11.44 crore and a tangible net worth of INR5.32 crore as
compared to INR10.92 crore and INR4.32 crore, respectively as on
March 31, 2013.


SAVITON METPLAST: ICRA Reaffirms B+ Rating on INR5.55cr FB Loan
---------------------------------------------------------------
ICRA has reaffirmed the [ICRA] B+ rating on the INR2.19 crore term
loan and INR5.55 crore fund based facilities of Saviton Metplast
Private Limited. ICRA has also reaffirmed the [ICRA] A4 rating on
the INR2.46 crore non fund based facilities of SMPL.  For arriving
at the ratings, ICRA has taken a consolidated view of SMPL and its
group firm Saviton Living Concepts as both the entities are in
similar line of business and under the same management.

                          Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Term loan                2.19        [ICRA]B+; reaffirmed
   Fund based limits        5.55        [ICRA]B+ ;reaffirmed
   Non fund based limits    2.46        [ICRA]A4 ;reaffirmed

The ratings continue to factor in Saviton group's established
track record in furniture industry backed by established
relationship with a diverse set of clients. Further, the ratings
favourably factor in the group's focus on institutional clients
through its own brand sales which is expected to lead to revenue
diversity and volume growth. However, the ratings continue to be
constrained by the group's scale of operations which has remained
stagnant and modest net profitability. Additionally, in the
absence of substantial reserve accretion and capital infusion, the
group remains dependent on external funding which along with
growing working capital requirements has kept the liquidity
profile and debt coverage indicators under pressure. The ratings
continue to take into account the vulnerability of the group's
profit margins to volatility in raw material prices and the
competitive nature of the industry. Going forward, the group's
ability to achieve revenue growth and improved profitability while
managing its liquidity profile, will be the key rating
sensitivities.

Incorporated in 1998, SMPL manufactures plastic moulded components
for furniture and complete furniture sets at its manufacturing
unit in Manesar, Haryana. SMPL is a part of the Saviton Group
promoted by Mr P Jaiswal. The other group entity Saviton Living
Concepts is also into a similar line of business and manufactures
and assembles different kinds of office furniture, mainly chairs,
tables, and office workstations.

Recent results
In 2013-14 SMPL, on a provisional basis, recorded a profit after
tax of INR0.04 crore on an operating income of INR16.98 crore as
compared to INR0.11 crore and INR16.84 crore respectively, in the
previous year. As on March 31, 2014, the company had a total debt
of INR10.00 crore and a tangible net worth of INR5.88 crore as
compared to INR6.64 crore and INR5.82 crore, respectively as on
March 31, 2013.


SHEKHADA COT: ICRA Reaffirms B+ Rating on INR9cr Cash Credit
------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating to the INR9.45 crore fund
based facilities of Shekhada Cot Gin Private Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           9.00        [ICRA]B+ reaffirmed
   Term Loan             0.45        [ICRA]B+ reaffirmed

The reaffirmation of rating factors in SCGPL's modest scale of
operation and weak financial profile as reflected by low
profitability and leveraged capital structure leading to weak debt
protection indicators. The rating is further constrained on
account of the regulatory risks associated with cotton exports as
well as the fragmented nature of the cotton ginning industry
resulting in high competitive intensity. Further, the company is
exposed to adverse movements in raw material (cotton) prices which
coupled with low value additive nature of the work, keeps the
profitability metrics and cash accruals at modest levels.
The rating, however, positively factors in the long experience of
the promoters in cotton industry as well as favorable location of
the plant giving it easy access to high quality raw cotton and
strong demand for cotton seed oil in Gujarat.

Incorporated in 2011, SCPL is engaged in cotton ginning & pressing
of raw cotton to produce cotton bales and cotton seed. It is
promoted jointly by Mr. Paresh Shekhada, Mr. Virag Shekhada and
Mr. Bharat Shekhada. The company's works is located in Jamnagar
(Gujarat) with processing capacity to manufacture 150 cotton bales
and 34 MT cotton seeds per day.

Recent Results
For the year ended 31st March 2014,Shekhada Cot Gin Private
Limited has reported an operating income of INR67.21 crore and
profit after tax of INR0.05 crore.


SHIV SHANKER: ICRA Assigns 'B+' Rating to INR25cr Cash Credit
-------------------------------------------------------------
ICRA has assigned its long-term rating of [ICRA]B+ to the INR32.5
crore fund based bank facilities of Shiv Shanker Rice Mills.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           25.00       [ICRA]B+ Assigned
   Term Loan              7.50       [ICRA]B+ Assigned

The assigned rating factors in the firm's moderate scale of
operations in the rice milling business, which coupled with the
high intensity of competition in the industry has resulted in low
profitability and stretched debt coverage indicators. The rating
also takes into account the working capital intensive nature of
the rice milling business arising out of the need to maintain
substantial inventories in line with the industry trends. The
assigned rating is further constrained by the fact that the firm's
working capital requirements have been funded mainly through bank
borrowings, leading to a highly leveraged capital structure. The
rating also factors in agro climatic risks, which can affect the
availability of paddy in adverse conditions. ICRA however draws
comfort from the long experience of the promoters in the rice
industry, proximity of the mill to major rice growing areas which
results in easy availability of paddy and stable demand outlook
for rice, in both Indian as well as overseas markets. Further, the
capacity expansion undertaken by the firm in 2013-14 is expected
to augur well for the revenues of the firm going forward.

Incorporated in 1983, Shiv Shanker Rice Mills is a partnership
firm engaged in milling and processing of basmati rice. The firm
has its plant located in Kaithal (Haryana) with milling capacity
of 12 metric tonnes per hour. The firm exports its rice, mainly to
Saudi Arabia.

Recent Results

The firm reported a net profit of INR0.16 crore on an operating
income of INR5.36 crore in 2013-14 as against a net profit of
INR1.33 crore on an operating income of INR38.75 crore in the
previous year.


SHIVAM COTTON: ICRA Reaffirms B Rating on INR6cr Cash Credit
------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B) to the
INR6.00 crore cash credit facility and INR1.50 crore (reduced from
INR1.65 crore) term loan facility of Shivam Cotton & Oil
Industries.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit           6.00         [ICRA]B reaffirmed
   Term Loan             1.50         [ICRA]B reaffirmed

Rating Rationale
The reaffirmation of the rating factors in SCOI's modest scale of
operations with limited track record and aggressive capital
structure owing to high working capital borrowings. The rating
continues to be constrained by SCOI's low operating margins on
account of low value addition in the business; highly competitive
and fragmented industry structure owing to low entry barriers; and
the vulnerability of the firm's profitability to raw material
(i.e. raw cotton) prices, which are subject to seasonality, crop
harvest and regulatory risks. ICRA also notes that as SCOI is a
partnership firm, any significant withdrawals from the capital
account by the partners would affect its net worth and thereby its
capital structure; this remains a key rating sensitivity.
The assigned rating, however, favourably factors in the long
experience of the firm's promoters in the cotton industry and
favourable location of the firm's manufacturing facility at
Saraya, Rajkot in Gujarat giving it an easy access to quality raw
material.

Incorporated in October 2012 as a partnership firm, Shivam Cotton
& Oil Industries is engaged in the business of ginning & pressing
of raw cotton and crushing of cotton seeds. The firm's
manufacturing facility is located at Saraya, Rajkot in Gujarat and
is equipped with twenty-four ginning machines, one pressing
machine and five expeller machines. The firm started commercial
operations from September 2013. The firm is currently promoted by
Mr. Hasmukh Viramgama, Mr. Harjivan Bhimani along with other
relatives/friends who have a long-standing experience in the
cotton industry.


SHREE RAJ: ICRA Assigns 'B' Rating to INR4.7cr Cash Credit
----------------------------------------------------------
ICRA has assigned the rating of [ICRA]B to INR4.70 crore long term
fund based term loan and INR1.00 crore cash credit facility of
Shree Raj Agro Cold Storage.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           4.70        [ICRA]B assigned
   Term Loan             1.00        [ICRA]B assigned

The assigned ratings are constrained by the limited operational
track record of the firm and small envisaged scale of operations
as well as weak financial risk profile as evident from high
leveraging levels with debt funding for setting up of the cold
storage plant. The assigned rating also factors in the firm's
profitability being exposed to adverse fluctuations in the
commodity price risk. ICRA also takes note that SRACS is a
partnership firm and any substantial withdrawals from capital
account would impact the networth and thereby the gearing levels.
The ratings, however, favorably considers the long standing
experience of the promoters in the in agro trading business and
favourable location of the firm's operation in Junagadh, Gujarat
which is a hub of agro producing and trading centre.

Established in 2013, Shree Raj Agro Cold Storage (SRACS) started
commercial operations from January 2014. The firm is engaged into
business of providing cold storage services for the agro
commodities such as Gram, Cumin, Dates, Potatoes, Apples, Split
Red grams etc. SRACS is also involved in the trading of agro
commodities. The facility of the firm is located at Junagadh,
Gujarat having storage capacity 5013 MT.

SRACS is a member of Gujarat Cold Storage Association. The
partners of the firm have experience by virtue of their
association with other entities engaged in the agro based trading
activities

Recent Results
During 3M FY 2014 (Jan-Mar), SRACS reported an operating income of
INR0.09 crore and net loss of INR0.05 crore (as per unaudited
provisional financials).


SIRI SMELTERS: CRISIL Assigns 'D' Rating to INR85.5MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' ratings to the long term bank
facilities of Siri Smelters & Energy Pvt Ltd (SSEPL).

                         Amount
   Facilities           (INR Mln)        Ratings
   ----------           ---------        -------
   Term Loan               85.5          CRISIL D
   Cash Credit             31.8          CRISIL D
   Proposed Term Loan      32.7          CRISIL D

The ratings reflect instances of delay by SSEPL in servicing its
term debt due to its weak liquidity, driven by delay in
commencement of operations.

The company is also exposed to risk associated with stabilisation
of operations in its smelting unit in Bobbili (Andhra Pradesh).
The company, however, benefits from the extensive experience of
its promoters in the ferro alloys industry.

Incorporated in 2011, SSEPL has set up a manufacturing facility in
Bobbili for the production of bulk ferro alloys. The company has
license to manufacture four ferro alloys - ferro silicon, ferro
manganese, silico manganese, and ferro chrome. SSEPL's day-to-day
activities are managed by its managing director, Mr. Mohan Sajja.


SIVA SAI: ICRA Reaffirms 'B' Rating on INR11.85cr Fund Based Loan
-----------------------------------------------------------------
ICRA has reaffirmed the long-term rating assigned to INR11.85
crore (enhanced from INR7.00 crore) fund based limits of Siva Sai
Exports at [ICRA]B. ICRA has also reaffirmed the rating of [ICRA]B
assigned to INR1.15 crore (enhanced from INR0.00 crore)
unallocated limits of SSE.


                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund based limits     11.85       [ICRA]B reaffirmed
   Unallocated limits     1.15       [ICRA]B reaffirmed

The reaffirmation of the rating continues to be constrained by
weak financial profile of the firm characterised by stagnation in
revenues, low operating profitability, modest gearing and weak
debt coverage indicators in FY2014; stretched liquidity profile
owing to high working capital intensity owing to high debtors. The
rating is further constrained by the highly competitive and
fragmented food industry due to low entry barriers; trading nature
of business restricting profitability margin; and high business
concentration risk with top two customers attributing to 70% of
revenue in FY2014. The firm exports only to Russia and hence any
unfavourable policy and demand in the country will affect the firm
adversely. The rating however, favourably factors in the
established relations of the firm with farmers, procurement
agents, and customers; improved demand outlook for fruits and
vegetable exports to Russia; and order backed inventory
procurement mitigating price risk to an extent. The firm has
earned substantial forex gains in the last two years owing to
favourable movement of the currency in the absence of any defined
hedging policy and thereby the profitability remains exposed to
forex risk.

Going forward, firm ability to improve its operating profitability
and manage working capital efficiently is the key rating
sensitivity from credit perspective.

Siva Sai Exports (SSE) is a partnership firm, which was formed in
2007 to undertake export of fruits and vegetables to Russia. The
operations are managed by the two partners, Mr. Samba Siva Rao,
Mrs. Siva Kumari and their son Mr. Naresh Choudhary, who are
settled in Russia. The firm exports grapes, pomegranate, potatoes,
ginger, garlic, onion and other fruits and vegetables.

Recent Results
As per FY2014 provisional financials, the firm recorded INR38.59
crore of operating income and PAT of INR1.84 crore as compared to
INR37.04 crore of operating income and PAT of INR1.80 crore in
FY2013.


SUDARSHAN SULZ: ICRA Reaffirms B+ Rating on INR6.37cr FB Loan
-------------------------------------------------------------
ICRA has reaffirmed its long-term rating of [ICRA]B+ on the
INR6.37 crore1 fund based bank facilities of Sudarshan Sulz
Private Limited. ICRA has also reaffirmed the short-term rating of
[ICRA]A4 on the INR0.30 crore non-fund based bank facilities of
SSPL.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund-based bank       6.37         [ICRA]B+; reaffirmed
   Facilities

   Non fund-based        0.30         [ICRA]A4; reaffirmed
   bank facilities

ICRA's ratings on SSPL continue to favorably take into account the
promoters' track record of over two decades in the weaving
business. The ratings reaffirmation also takes into account the
improvement in capacity utilization levels of the company's
manufacturing unit during 2013-14, which led to a revenue growth
of 10% and a slight improvement in operating profit margin,
relative to the previous year. However, the ratings continue to
remain constrained by the company's weak financial profile
characterized by modest profitability and long working capital
cycle due to the high inventory holding requirements. Further,
given the limited pricing power of the company, on account of its
modest position in a highly fragmented industry, the profits
remains susceptible to adverse movement in raw material prices.
Moreover, owing to modest profitability and accruals, the company
has remained dependent on borrowings for part funding of
incremental working capital and capital expenditure requirements.
This has resulted in a leveraged capital structure and
consequently stretched debt coverage indicators.

Going forward, the ability of the company to improve its
profitability in a sustained manner and prudently manage its
working capital cycle will be the key rating sensitivities.
Further, given the high capacity utilization of 96% during 2013-
14, going forward any further growth in sale volumes would
necessitate either an increase in capacity or outsourcing of
production, and the impact of these on the company's profitability
and cash flows will also be the rating sensitivities.

Incorporated in 1993, SSPL is engaged in weaving of polyester
blended fabric at its manufacturing unit located in Bhilwara,
Rajasthan. The unit is equipped with 50 looms and has a weaving
capacity of ~34 lakh meters per annum. SSPL started with trading
of fabric and set up its in-house weaving capacity during 1999-
2000. The company produces the fabric on job work basis and also
sells directly through a network of distributors in the domestic
market. The company is managed by Mr. Raj Kumar Melana and his
family.

The company reported, on a provisional basis, an Operating Income
(OI) of INR15.33 crore and Profit after Tax (PAT) of INR0.09 crore
in 2013-14 as compared to an OI of INR13.94 crore and PAT of
INR0.08 crore in the previous year.


VENI WOOD: CRISIL Assigns 'B' Rating to INR67.5MM LOC
-----------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Veni Wood Industries (VWI).

                         Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Cash Credit             12.5         CRISIL B/Stable
   Letter of Credit        67.5         CRISIL A4

The ratings reflect VWI's small scale of operations in the highly
fragmented timber industry, its below-average financial risk
profile marked by weak interest coverage ratio, and its working
capital intensive operations. These rating weaknesses are
partially offset by the extensive industry experience of VWI's
promoters and its established regional presence in the timber
trading and saw mill business.
Outlook: Stable

CRISIL believes that VWI will benefit over the medium term from
its promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the firm significantly scales up
operations while maintaining operating profitability, and improves
its working capital management, resulting in improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if VWI's cash accruals decline or its working capital
management weakens, or if the firm undertakes a large debt-funded
capital expenditure programme, or if its promoters withdraw
substantial capital, weakening its financial risk profile.

Set up in 1984 and based in Senkottai (Tamil Nadu), VWI trades in
and processes timber. VWI is promoted and managed by Mr. A Kumara
Guru and Mrs. K Aruna Devi.

VWI reported profit after tax (PAT) of INR0.6 million on turnover
of INR6.25 million for 2013-14 (refers to financial year, April 1
to March 31), against PAT of INR0.7 million on turnover of INR8.05
million for 2013-13.


VINKAS ESTATES: ICRA Rates INR2.5cr Fund Based Bank Loan at 'B+'
----------------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B+ to the INR2.50
crore fund-based bank facilities of Vinkas Estates Pvt. Ltd.

                               Amount
   Facilities                (INR crore)     Ratings
   ----------                -----------     -------
   Fund Based Bank facilities     2.50       [ICRA]B+; assigned

The assigned rating derives strength from the favourable location
of VEPL's project in proximity to NH-8, with essential facilities
including educational institutes, hospitals and markets being
operational in the vicinity. The rating also factors in the low
approval risk associated with the above project as well as the
satisfactory booking status (~45% of the area offered for sale)
achieved by the company till July 2014 (within ten months of the
launch of the project). The rating also derives comfort from the
experience of the promoters in the real estate sector.
The rating is however constrained by the nascent stage of
construction of the project exposing it to execution risks.

The rating is also constrained by the exposure to funding risk
owing to the high dependence on customer advances which is
contingent on level of bookings and company's collection
efficiency. This apart, the funding risk is further exacerbated by
the fact that the promoters are yet to bring in more than 95% of
their proposed contribution and that VEPL is yet to secure the
complete bank funding tie-up for the project. While ICRA takes
note of the company's pending receipt of Transfer of Developmental
Rights (TDR) certificates from Jaipur Development Authority (JDA),
which VEPL expects to liquidate to meet its proposed contribution,
timely receipt and liquidation of these TDR certificates will
remain a critical determinant of VEPL's funding requirements. The
rating also factors in the high competitive intensity in the
Jaipur real estate market and VEPL's resultant exposure to market
risk with respect to the project's unsold inventory.

In ICRA's view, the ability of the company to execute the project
as envisaged while arranging the planned funding, maintain its
sales velocity as well as ensure timely collections will remain
critical determinants of VEPL's liquidity position and hence would
be the key rating sensitivities.

Based out of Jaipur (Rajasthan), VEPL is engaged in real estate
construction and has been promoted by Mr. Vinay Joshi and Mr.
Vikas Joshi. The company is currently executing its second high-
rise housing project- 'Uma Aangan' in Mukundpura in Jaipur
(Rajasthan) on a land parcel of 2.93 acres. The project involves
construction of 532 flats which are spread across 7 towers.
The promoters of the company have been engaged in the real estate
sector since 1995 and initially worked in the capacity of real
estate consultants/brokers. The promoters ventured into real
estate development in 1999-2000 through the incorporation of Wish
Empire Real Estate Private Limited. The scope of activities
carried out by the promoters under this entity, largely included
construction of G+2/3/4 residential buildings. Since 2009-10, the
group started undertaking construction of group housing projects
under Vinkas Estates Pvt. Ltd. The group till date has one
completed group housing project to its credit wherein it undertook
development of 2.5 lakh sq ft of area under the 'Affordable
Housing Policy- 2009' of Government of Rajasthan.

Mr. Vinay Joshi is currently presiding as the Chairman of
Rajasthan Affordable Housing Development Association. He is also a
member of the Builders Association of India (Rajasthan Chapter).



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


CANTERBURY MORTGAGE: Deloitte Claims vs. TEL Manager Junked
-----------------------------------------------------------
Tim Fulton at The Press reports Deloitte has lost its claim
against a manager of Trustees Executors (TEL) in the latest stage
of litigation over of a fund that allegedly lost more than NZ$46
million before its collapse.

In its October 6 judgment the High Court knocks out a third party
claim by Deloitte against regional manager of TEL, Yogesh Mody,
The Press says.

The Press relates that according to the judgment, TEL is pursuing
claims against Fund Managers Canterbury Ltd (FMCL), its directors,
its general manager, and the fund's auditors, Deloitte. And, in
turn, Deloitte claimed Mr. Mody was responsible for oversight of
FMCL for TEL, making claims the judgment says mirrored claims
levelled by Deloitte at TEL for contributory negligence.

Those claims against Mr. Mody were struck out, the report notes.

The judgment explained the background, says The Press.

Canterbury Mortgage Trust Group Investment Fund (CMT) was a "group
investment fund" established in 1999 under the Trustee Companies
Act 1967, the report discloses.  It took investments from the
public and on-lent that money on the security of mortgages against
land and other assets of borrowers.  TEL became the trustee of CMT
on behalf of unitholders. FMCL was the fund's manager.

According to The Press, TEL alleges that "due to numerous breaches
of binding rules in relation to its lending activities, FMCL so
mismanaged the fund as to lose nearly NZ$46 million of
unitholders' funds up to June 4, 2008, the date when the fund was
suspended by TEL".

The Press says Justice Williams awarded Mr. Mody costs in
Deloitte's action, having found "no reasonable possibility that
Mody's responsibility as a contributor to Deloitte's liability to
TEL can be any greater than, or indeed any different to, the
reduction in Deloitte's liability to TEL by reason of TEL's
contributory negligence".



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


BESRA GOLD: Misses Filing Deadline; Applies for MCTO
----------------------------------------------------
Besra Gold Inc. on Oct. 9 disclosed that, further to its news
release of September 17, 2014, it has failed to file its annual
filings within the required deadline.

Besra's audited annual financial statements for the year ended
June 30, 2014, including the related management discussion and
analysis, and chief executive officer and chief financial officer
certifications, were not filed by the required filing deadline of
September 29, 2014. Due to its previously disclosed financial
difficulties, Besra has been unable to engage its external
auditors to perform the required audit of its annual financial
statements.

As announced in a separate news release issued on Oct. 9, the
Company has entered into an investment agreement with George
Molyviatis that will see between CAD10 and CAD15 million injected
into the company by December 17, 2014. A portion of the funds
from the investment transaction will be applied towards rectifying
the Company's filing default as soon as possible. Based on
discussions with its auditors, the Filer believes that from the
time of engagement of the auditors, it will take approximately 70
days to audit and file the annual financial statements and related
filings.

The company has filed an application with the Ontario Securities
Commission (OSC), as its principal regulator, for a management
cease trade order, in accordance with National Policy 12-203 --
Cease Trade Orders For Continuous Disclosure Defaults (NP 12-203).
If approved, this application would give the company extra time to
complete its financing, engage its auditors, complete the audit
and file its annual financials without a full cease trade order
being issued.

Until the annual financial filings have been filed, the company
intends to continue to satisfy the provisions of the alternative
information guidelines under Policy Statement 12-203 by issuing
default status reports every two weeks in the form of further
press releases, which will also be filed on SEDAR.

                      About Besra Gold Inc.

Besra Gold Inc. -- http://www.besra.com-- is a diversified gold
mining company focused on the exploration, development and mining
of mineral properties in South East Asia. The Company has four
key properties; the Bau Goldfield in East Malaysia, Bong Mieu and
Phuoc Son in Central Vietnam, and Capcapo in the Philippines.
Besra expects to expand existing gold capacity in Vietnam over the
next two years and is projecting new production capacity from the
Bau gold project during 2016.


VIET NAM NATIONAL: Evaluation Almost Completed
----------------------------------------------
Biz Hub reports that the Ministry of Transport has almost
completed its evaluation of Viet Nam National Shipping Lines
(Vinalines) so that it can create an equitisation plan to submit
to the Government.

According to Biz Hub, Deputy Minister of Transport Nguyen Hong
Truong said on Oct. 7 that the equitisation plan would detail the
action that needed to be taken by each Vinaline enterprise, such
as disbandment or bankruptcy.

"The Government has allowed Vinalines to sell 90 per cent of its
ships," the report quotes Mr. Truong as saying.

He said this money would be used to pay for employees with five
disbanded companies and pay for the debts of foreign partners and
banks, the report relates.

"Ensuring the rights of the workers is the priority," Mr. Truong,
as cited by Biz Hub, said.

The report says Vinalines will consider paying workers in three
ways -- cash up front, through social insurance as they continue
to work, or paying them retirement pensions.

"All their rights will be ensured," Mr. Truong said, notes the
report.

In a related move, Biz Hub says, the Ministry of Transport has
asked for Government permission to reduce Vinalines' holding of
charter capital in sea ports to speed up the equitisation process.

Previously, no sea port under the management of Vinalines was
allowed to sell more than five per cent of its total shares, says
Biz Hub.

However, under the latest move by the ministry, Vinalines' four
key sea ports -- Hai Phong, Quang Ninh, Da Nang and Sai Gon --
will be allowed to reduce their holdings from 75 to 51 per cent,
Biz Hub notes.

The ministry has also proposed that Vinalines be allowed to reduce
its holdings in another three sea ports from 75 per cent to 45 per
cent. The ports are in Can Tho, Nghe Tinh and Cam Ranh, adds Biz
Hub.



===============
X X X X X X X X
===============


* BOND PRICING: For the Week Oct. 6 to Oct. 10, 2014
----------------------------------------------------

Issuer            Coupon    Maturity   Currency    Price
------             ------   --------   --------    -----


  AUSTRALIA
  ---------

ANTARES ENERGY L    10.00     10/30/23    AUD        2.06
BOART LONGYEAR M     7.00     04/01/21    USD       77.00
BOART LONGYEAR M     7.00     04/01/21    USD       73.00
CRATER GOLD MINI    10.00     08/18/17    AUD       20.00
GRIFFIN COAL MIN     9.50     12/01/16    USD       72.25
GRIFFIN COAL MIN     9.50     12/01/16    USD       72.25
KBL MINING LTD      10.00     08/05/16    AUD        0.30
LAKES OIL NL        10.00     11/30/14    AUD       10.00
MIDWEST VANADIUM    11.50     02/15/18    USD       14.00
MIDWEST VANADIUM    11.50     02/15/18    USD       13.25
STOKES LTD          10.00     06/30/17    AUD        0.39
TREASURY CORP OF     0.50     11/12/30    AUD       56.00


CHINA
-----

CHANGCHUN CITY D     6.08     03/09/16    CNY       70.51
CHANGCHUN CITY D     6.08     03/09/16    CNY       70.66
CHANGZHOU INVEST     5.80     07/01/16    CNY       70.06
CHANGZHOU INVEST     5.80     07/01/16    CNY       70.38
CHANGZHOU SMALL      6.18     11/29/14    CNY       60.10
CHINA GOVERNMENT     1.64     12/15/33    CNY       65.85
DANYANG INVESTME     6.30     06/03/16    CNY       70.54
GUANGXI XINFAZHA     5.75     11/30/14    CNY       39.96
JIANGSU LIANYUN      7.85     07/22/15    CNY       71.41
KUNSHAN ENTREPRE     4.70     03/30/16    CNY       69.26
KUNSHAN ENTREPRE     4.70     03/30/16    CNY       69.72
NANJING PUBLIC H     5.85     08/08/17    CNY       64.41
QINGZHOU HONGYUA     6.50     05/22/19    CNY       49.95
QINGZHOU HONGYUA     6.50     05/22/19    CNY       50.66
WUXI COMMUNICATI     5.58     07/08/16    CNY       50.48
WUXI COMMUNICATI     5.58     07/08/16    CNY       50.08
YANGZHOU URBAN C     5.94     07/23/16    CNY       70.20
ZHENJIANG CITY C     5.85     03/30/15    CNY       70.11
ZHENJIANG CITY C     5.85     03/30/15    CNY       70.21
ZHUCHENG ECONOMI     7.50     08/25/18    CNY       49.07
ZIBO CITY PROPER     5.45     04/27/19    CNY       59.82
ZOUCHENG CITY AS     7.02     01/12/18    CNY       71.50


INDONESIA
---------

BERAU COAL ENERG     7.25     03/13/17    USD       68.88
BERAU COAL ENERG     7.25     03/13/17    USD       70.54
DAVOMAS INTERNAT    11.00     12/08/14    USD       19.50
DAVOMAS INTERNAT    11.00     12/08/14    USD       19.50
INDONESIA TREASU     6.38     04/15/42    IDR       71.55
PERUSAHAAN PENER     6.75     04/15/43    IDR       74.80
PERUSAHAAN PENER     6.10     02/15/37    IDR       70.50


INDIA
-----

3I INFOTECH LTD      5.00     04/26/17    USD       33.13
CORE EDUCATION &     7.00     05/07/15    USD       10.75
COROMANDEL INTER     9.00     07/23/16    INR       15.21
GTL INFRASTRUCTU     2.53     11/09/17    USD       32.00
INCLINE REALTY P    10.85     04/21/17    INR       15.62
INCLINE REALTY P    10.85     08/21/17    INR       18.67
INDIA GOVERNMENT     0.23     01/25/35    INR       19.68
JCT LTD              2.50     04/08/11    USD       20.00
MASCON GLOBAL LT     2.00     12/28/12    USD       10.00
PRAKASH INDUSTRI     5.25     04/30/15    USD       70.63
PRAKASH INDUSTRI     5.63     10/17/14    USD       75.00
PYRAMID SAIMIRA      1.75     07/04/12    USD        1.00
REI AGRO LTD         5.50     11/13/14    USD       55.88
REI AGRO LTD         5.50     11/13/14    USD       55.88
SHIV-VANI OIL &      5.00     08/17/15    USD       27.00


JAPAN
-----

ELPIDA MEMORY IN     0.50     10/26/15    JPY       17.00
ELPIDA MEMORY IN     0.70     08/01/16    JPY       17.00
ELPIDA MEMORY IN     2.03     03/22/12    JPY       17.00
ELPIDA MEMORY IN     2.10     11/29/12    JPY       17.00
ELPIDA MEMORY IN     2.29     12/07/12    JPY       17.00
JAPAN EXPRESSWAY     0.50     03/18/39    JPY       73.30
JAPAN EXPRESSWAY     0.50     09/17/38    JPY       73.98


KOREA
------

2014 KODIT CREAT     5.00     12/25/17    KRW       27.74
2014 KODIT CREAT     5.00     12/25/17    KRW       27.74
DONGBU METAL CO      5.20     09/12/19    KRW       61.15
EXPORT-IMPORT BA     0.50     10/23/17    TRY       71.72
EXPORT-IMPORT BA     0.50     12/22/17    BRL       69.16
EXPORT-IMPORT BA     0.50     11/21/17    BRL       70.23
EXPORT-IMPORT BA     0.50     12/22/17    TRY       70.48
HYUNDAI MERCHANT     7.05     12/27/42    KRW       42.05
KIBO ABS SPECIAL    10.00     02/19/17    KRW       30.50
KIBO ABS SPECIAL    10.00     09/04/16    KRW       66.05
KIBO ABS SPECIAL    10.00     08/22/17    KRW       29.89
KIBO GREEN HI-TE    10.00     03/20/15    KRW       72.33
KIBO GREEN HI-TE    10.00     12/21/15    KRW       67.89
SINBO SECURITIZA     5.00     02/21/17    KRW       28.81
SINBO SECURITIZA     5.00     03/13/17    KRW       28.75
SINBO SECURITIZA     5.00     03/13/17    KRW       28.75
SINBO SECURITIZA     5.00     02/21/17    KRW       27.81
SINBO SECURITIZA     5.00     08/31/16    KRW       58.71
SINBO SECURITIZA     5.00     08/31/16    KRW       58.71
SINBO SECURITIZA     5.00     09/28/15    KRW       58.67
SINBO SECURITIZA     5.00     01/29/17    KRW       29.06
SINBO SECURITIZA     5.00     08/16/17    KRW       28.24
SINBO SECURITIZA     5.00     07/08/17    KRW       28.59
SINBO SECURITIZA     5.00     07/08/17    KRW       28.59
SINBO SECURITIZA     5.00     06/07/17    KRW       25.30
SINBO SECURITIZA     5.00     06/07/17    KRW       25.30
SINBO SECURITIZA     5.00     08/16/17    KRW       28.24
SINBO SECURITIZA     5.00     08/16/16    KRW       56.84
SINBO SECURITIZA     5.00     08/24/15    KRW       58.90
SINBO SECURITIZA     8.00     03/07/15    KRW       65.19
SINBO SECURITIZA     5.00     12/07/15    KRW       59.93
SINBO SECURITIZA     5.00     10/05/16    KRW       29.87
SINBO SECURITIZA     5.00     10/05/16    KRW       29.87
SINBO SECURITIZA     5.00     01/19/16    KRW       59.64
SINBO SECURITIZA     5.00     07/19/15    KRW       59.16
SINBO SECURITIZA     5.00     07/26/16    KRW       58.95
SINBO SECURITIZA     5.00     07/26/16    KRW       58.95
SINBO SECURITIZA     5.00     12/13/16    KRW       29.38
SINBO SECURITIZA     5.00     05/27/16    KRW       59.40
SINBO SECURITIZA    10.00     12/27/15    KRW       67.61
SINBO SECURITIZA    10.00     12/27/14    KRW       74.15
SINBO SECURITIZA     5.00     05/27/16    KRW       59.40
SINBO SECURITIZA     4.60     06/29/15    KRW       60.63
SINBO SECURITIZA     4.60     06/29/15    KRW       60.64
SINBO SECURITIZA     5.00     06/29/16    KRW       59.17
SINBO SECURITIZA     9.00     07/27/15    KRW       67.57
SINBO SECURITIZA     8.00     02/02/15    KRW       68.12
SINBO SECURITIZA     5.00     02/02/16    KRW       60.04
SINBO SECURITIZA     8.00     02/02/16    KRW       65.49
SINBO SECURITIZA     5.00     10/01/17    KRW       28.04
SINBO SECURITIZA     5.00     10/01/17    KRW       28.04
SINBO SECURITIZA     5.00     10/01/17    KRW       28.04
SINBO SECURITIZA     5.00     12/25/16    KRW       28.77
SINBO SECURITIZA     5.00     09/13/15    KRW       60.78
SINBO SECURITIZA     5.00     09/13/15    KRW       57.42
SINBO SECURITIZA     5.00     03/14/16    KRW       59.27
SK TELECOM CO LT     4.21     06/07/73    KRW       73.64
STX OFFSHORE & S     6.90     04/09/15    KRW       74.90
STX OFFSHORE & S     3.00     09/06/15    KRW       72.33
TONGYANG CEMENT      7.50     04/20/14    KRW       70.00
TONGYANG CEMENT      7.50     09/10/14    KRW       70.00
TONGYANG CEMENT      7.30     06/26/15    KRW       70.00
TONGYANG CEMENT      7.30     04/12/15    KRW       70.00
TONGYANG CEMENT      7.50     07/20/14    KRW       70.00
U-BEST SECURITIZ     5.50     11/16/17    KRW       28.13
WOONGJIN ENERGY      2.00     12/19/16    KRW       57.41


MALAYSIA
--------

BANDAR MALAYSIA      0.35     02/20/24    MYR       67.79
BIMB HOLDINGS BH     1.50     12/12/23    MYR       73.62
BRIGHT FOCUS BHD     2.50     01/24/30    MYR       70.46
BRIGHT FOCUS BHD     2.50     01/22/31    MYR       69.02
LAND & GENERAL B     1.00     09/24/18    MYR        0.47
SENAI-DESARU EXP     0.50     12/31/38    MYR       74.11
SENAI-DESARU EXP     1.10     12/31/21    MYR       74.23
SENAI-DESARU EXP     1.35     12/31/25    MYR       63.41
SENAI-DESARU EXP     1.35     12/31/26    MYR       60.65
SENAI-DESARU EXP     1.35     12/31/27    MYR       58.03
SENAI-DESARU EXP     1.35     06/29/29    MYR       54.44
SENAI-DESARU EXP     1.35     12/31/29    MYR       53.35
SENAI-DESARU EXP     1.35     06/28/30    MYR       52.35
SENAI-DESARU EXP     1.35     06/30/28    MYR       56.78
SENAI-DESARU EXP     1.15     12/30/22    MYR       71.16
SENAI-DESARU EXP     1.15     06/30/23    MYR       69.52
SENAI-DESARU EXP     1.15     12/29/23    MYR       67.89
SENAI-DESARU EXP     1.15     06/28/24    MYR       66.27
SENAI-DESARU EXP     1.15     12/31/24    MYR       64.68
SENAI-DESARU EXP     1.35     06/30/26    MYR       62.03
SENAI-DESARU EXP     1.35     06/30/27    MYR       59.33
SENAI-DESARU EXP     1.35     12/31/30    MYR       51.36
SENAI-DESARU EXP     1.35     06/30/31    MYR       50.45
SENAI-DESARU EXP     1.35     12/29/28    MYR       55.58
SENAI-DESARU EXP     1.10     06/30/22    MYR       72.53
SENAI-DESARU EXP     1.15     06/30/25    MYR       63.21
UNIMECH GROUP BH     5.00     09/18/18    MYR        1.44


NEW ZEALAND
-----------

KIWI INCOME PROP     8.95     12/20/14    NZD        1.02


PHILIPPINES
-----------

BAYAN TELECOMMUN    13.50     07/15/06    USD       22.75
BAYAN TELECOMMUN    13.50     07/15/06    USD       22.75


SINGAPORE
---------

BAKRIE TELECOM P    11.50     05/07/15    USD       14.50
BAKRIE TELECOM P    11.50     05/07/15    USD        9.00
BLD INVESTMENTS      8.63     03/23/15    USD       18.75
BUMI CAPITAL PTE    12.00     11/10/16    USD       42.00
BUMI CAPITAL PTE    12.00     11/10/16    USD       40.86
BUMI INVESTMENT     10.75     10/06/17    USD       42.00
BUMI INVESTMENT     10.75     10/06/17    USD       47.00
ENERCOAL RESOURC     9.25     08/05/14    USD       43.65
INDO INFRASTRUCT     2.00     07/30/10    USD        1.88


THAILAND
--------

G STEEL PCL          3.00     10/04/15    USD       13.50
MDX PCL              4.75     09/17/03    USD       25.00


VIETNAM
-------

BANK FOR INVESTM    10.33     05/19/16    VND        1.00





                             *********

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.



                 *** End of Transmission ***