TCRAP_Public/141016.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Thursday, October 16, 2014, Vol. 17, No. 205


                            Headlines


A U S T R A L I A

AUSSIE MINI: First Creditors Meeting Set For Oct. 24
BIRON APPAREL: Fined For Failing to Lodge Financial Reports
PURPLE LEARNING: In Administration; 1st Meeting Set For Oct. 23


C H I N A

AGILE PROPERTY: S&P Lowers CCR to 'BB-' & Retains Watch Neg.


I N D I A

ABDOS LABTECH: CRISIL Reaffirms B+ Rating on INR79MM Term Loan
AJMER URBAN: License Cancelled Due to Insolvency
ANANDESHWAR INDUSTRIES: CRISIL Reaffirms B Rating on INR100M Loan
ARYAN CASTINGS: ICRA Assigns 'B' Rating to INR15cr Term Loan
BINDAL IRON: ICRA Assigns B Rating to INR10cr Fund Based Limit

E ORIENTAL: CRISIL Cuts Rating on INR300MM Foreign LOC to 'D'
EAK AUTOMOBILES: CRISIL Assigns B Rating to INR125MM Bank Loan
HARESH CHEMICALS: CRISIL Cuts Rating on INR45MM Bank Loan to B-
HEERA RICE: ICRA Assigns B+ Rating to INR17.5cr Cash Credit Limit
HILLWOOD IMPORTS: CRISIL Reaffirms B+ Rating on INR10cr Cash Loan

ITFT CONSULTANCY: CRISIL Ups Rating on INR83.4MM Bank Loan to B+
JANKI CORP: CARE Reaffirms B+ Rating on INR513.68cr Bank Loan
LAKSHMI TRANSFORMERS: CRISIL Reaffirms B Rating on INR20MM Loan
LANCO BABANDH: CARE Reaffirms 'D' Rating on INR5,197cr LT Loan
MCNALLY BHARAT: CARE Cuts Construction Contractor Grading to CCt2

NSHM ACADEMY: ICRA Suspends 'D' Rating on INR46.79cr Term Loan
OASIS AGRO: ICRA Revises Rating on INR17.48cr FB Loan to 'B'
PRATIBHA CONSTRUCTIONS: ICRA Puts C+ Rating on INR30cr Cash Loan
RAJA FARMS: CRISIL Assigns 'B' Rating to INR46.7MM Term Loan
RAJNANDINI METAL: CRISIL Reaffirms 'B+' Rating on INR140MM Loan

RR OOMERBHOY: CRISIL Reaffirms D Rating on INR123.3MM Cash Credit
SAMAY IRRIGATION: CARE Assigns B+ Rating to INR10.85cr Bank Loan
SHIV METTALICKS: CRISIL Assigns B+ Rating to INR120MM Cash Credit
SR ALCOBEV: CRISIL Reaffirms B- Rating on INR190MM Long Term Loan
SRI DURGA: ICRA Reaffirms 'B' Rating on INR8cr Fund Based Limit

SRI LAKSHMI: CRISIL Reaffirms B+ Rating on INR150MM Cash Credit
TOPLAND CERAMIC: ICRA Reaffirms B Rating on INR3.52cr Term Loan
TRISHAKTI ALLOYS: ICRA Suspends 'B+' Rating on INR5cr FB Loan
UDAY STRUCTURALS: CRISIL Reaffirms D Rating on INR69.7M Bank Loan
URJA INFRASTRUCTURE: CRISIL Reaffirms B Rating on INR120MM Loan

URJA TECH: CRISIL Reaffirms B Rating on INR160MM Cash Credit
VAISHANAVI ISPAT: CRISIL Reaffirms D Rating on INR615MM Term Loan


I N D O N E S I A

TOWER BERSAMA: Moody's Affirms Ba2 Corporate Family Rating


N E W  Z E A L A N D

EDIFICE CONSTRUCTION: PwC Appointed as Liquidators
TE MATAI: Placed Into Liquidation


S I N G A P O R E

SUN SPIRIT: Court of Appeal Upholds Asset Freeze Order


T A I W A N

WINTEK CORP: Creditor Banks to Meet This Week Over Loans


                            - - - - -


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


AUSSIE MINI: First Creditors Meeting Set For Oct. 24
----------------------------------------------------
Jonathan Paul McLeod of McLeod & Partners was appointed as
administrator of Aussie Mini Loaders Pty Ltd, formerly trading as
Distinctive Gardens, on Oct. 14, 2014.

A first meeting of the creditors of the Company will be held at
McLeod & Partners, Hermes Building, Level 1, 215 Elizabeth Street,
in Brisbane, Queensland, on Oct. 24, 2014, at 10:00 a.m.


BIRON APPAREL: Fined For Failing to Lodge Financial Reports
-----------------------------------------------------------
Biron Apparel Limited has been convicted a second time for failing
to lodge financial reports with the Australian Securities and
Investment Commission and hold annual general meetings.

Biron Apparel was fined AUD2,000 after pleading guilty in the
Perth Magistrates Court on Oct. 10, 2014 to failing to provide
financial reports to members, lodge them with ASIC, and hold
annual general meetings for the financial years ending 2010 to
2013. Biron Apparel was convicted in 2010 on similar charges.

ASIC Commissioner Greg Tanzer said financial reporting played an
important role in maintaining market integrity and investor
confidence.

"Financial reports and AGMs are not only crucial to the integrity
of our market, but used by investors to help them make informed
decisions," Mr. Tanzer said.  "Biron Apparel is a substantial
public company with over 35 million issued ordinary shares.
Shareholders are entitled to know how they're performing."

The company is currently suspended from trading on the Australian
Securities Exchange.

The Commonwealth Director of Public Prosecutions prosecuted the
matter.


PURPLE LEARNING: In Administration; 1st Meeting Set For Oct. 23
---------------------------------------------------------------
Grahame Peter Hill -- grahame@hillscorporate.com.au -- of Hills
Corporate Services Pty Ltd was appointed as administrator of
Purple Learning Pty Ltd on Oct. 13, 2014.

A first meeting of the creditors of the Company will be held at
Suite M2 135 Victoria Road, in Drummoyne, New South Wales, on Oct.
23, 2014, at 10:00 a.m.



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


AGILE PROPERTY: S&P Lowers CCR to 'BB-' & Retains Watch Neg.
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term corporate
credit rating on Agile Property Holdings Ltd. to 'BB-' from 'BB'.
S&P also lowered its long-term Greater China regional scale rating
on the company to 'cnBB+' from 'cnBBB-'.  At the same time, S&P
lowered its issue rating on the company's outstanding senior
unsecured notes to 'B+' from 'BB-' and the Greater China regional
scale rating to 'cnBB' from 'cnBB+'.  All ratings remain on
CreditWatch with negative implications.

"We lowered the rating on Agile to reflect the company's latest
development--the cancellation of a proposed rights issue and the
detention of its chairman," said Standard & Poor's credit analyst
Vincent Lam.  "Following the chairman's detention and
investigation, we believe the company's operational and financing
abilities will likely weaken."

The CreditWatch status reflects the refinancing risk on Agile's
US$475 million bridge loan due in Dec. 2014, liquidity pressure
from weak sales and cash collection, and the uncertainty over
amending the change-of-control clause on the company's syndicated
loan.  If the amendment is unsuccessful, it could trigger a cross-
default scenario for Agile's outstanding bank loan and bonds.  S&P
notes Agile has been successful in amending the change-of-
ownership clause on its other loans and bonds in the past.

In S&P's view, the uncertainty over Agile's strategy execution is
likely to increase after the chairman's detention.  Mr. Chen
Zhuolin has been heavily involved in Agile's strategic decisions
and operation.  S&P expects the newly appointed co-chairpersons,
Mr. Chen's wife and his brother, will need time to become fully
engaged in the company's operation.  In S&P's view, the latest
corporate development would make it more difficult for Agile to
achieve its full-year sales target of Chinese renminbi (RMB) 48
billion.

The downgrade also reflects the company's increasing information
risk and key person risk.  S&P lowered its assessment of the
management and governance of the company to "weak" from "fair."

"In our view, the disclosure has been untimely as it relates to
the status of the company's controlling shareholder.  Furthermore,
we believe the cancellation of the rights issue has undermined
Agile's reputation and investor confidence," Mr. Lam said.

Given the impaired investor confidence, S&P expects Agile's
refinancing plan could largely depend on banks' willingness to
extend the bridge loan, which is uncertain.  Agile also has
refinancing risk for its short-term debt.

S&P expects to resolve the CreditWatch placement within the next
three months when S&P receives more information from Agile
regarding its refinancing plan on its bridge loan and other short-
term debt.

"We could lower the rating by more than one notch if Agile cannot
produce a concrete plan to refinance its maturing bridge loan and
other short-term debt by mid-November.  The rating will also be
under pressure if the company's contracted sales are materially
below RMB42 billion.  If Agile is unable to amend the clause on
change of ownership in its syndicated loan, which was signed in
June 2014, or if we assess any further news regarding its
chairman's detention to have a negative impact on the company, we
could also lower the rating," S&P said.

S&P could affirm the rating if Agile successfully refinances its
bridge loan and short-term debt at a reasonable cost, and amends
the clause on ownership change in its syndicated loan.



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


ABDOS LABTECH: CRISIL Reaffirms B+ Rating on INR79MM Term Loan
--------------------------------------------------------------
CRISIL's rating on the bank facilities of Abdos Labtech Pvt Ltd
(ALPL) continues to reflect the company's modest scale of
operations and the susceptibility of its operating margin to
volatility in raw material prices and competition from established
players. These rating weaknesses are partially offset by the
benefits that ALPL derives from the extensive experience of its
promoter, the Abdos group, and the managerial support that it
receives from its group entities.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           24        CRISIL B+/Stable (Reaffirmed)
   Term Loan             79        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that ALPL will benefit over the medium term from
the extensive industry experience of its promoter group and its
new marketing initiatives. The outlook may be revised to
'Positive' if ALPL achieves significant sales growth and
profitability, resulting in improvement in its business risk
profile, along with a better working capital cycle. Conversely,
the outlook may be revised to 'Negative' if ALPL registers
deterioration in its liquidity because of larger-than-expected
debt-funded capital expenditure, or records low sales growth or
profitability.

Update
ALPL's revenue increased to INR153.2 million in 2013-14 (refers to
financial year, April 1 to March 31) from INR137.5 million in
2012-13, because of enhanced sales volumes. Its operating margin
remains healthy, at 25.1 per cent in 2013-14.

ALPL's operations remain highly working capital intensive, with
gross current assets (GCAs) at 250 days as on March 31, 2014, as
against 211 days as on March 31, 2013. The large GCAs were driven
by the company's large inventory of 121 days and receivables of 60
days as on March 31, 2014. ALPL funds its working capital
requirements partly through credit from suppliers (it had
outstanding payables of 57 days as on March 31, 2014) and partly
through short-term bank borrowings. The company utilised its
short-term bank borrowings moderately, at an average of 70 per
cent over the 12 months through June 2014.

ALPL's financial risk profile remains above average, marked by a
low gearing, robust debt protection metrics, and modest net worth.
Its net worth was at INR80 million and gearing was at 0.96 times
as on March 31, 2014. On account of its healthy operating margin,
the company's debt protection metrics are robust, with net cash
accruals to total debt and interest coverage ratios estimated at
0.36 times and 3.5 times, respectively, for 2013-14.

ALPL, on a provisional basis, reported a profit after tax (PAT) of
INR5.9 million on net sales of INR153.2 million for 2013-14; it
reported a PAT of INR2.0 million on net sales of INR137.5 million
for 2012-13.

ALPL, incorporated in 2008, is promoted by the Kolkata-based Abdos
group. ALPL manufactures plastic labware and trades in medical
equipment. ALPL's manufacturing facility is in the excise and
income-tax exempt region of Roorkee (Uttarakhand). ALPL commenced
commercial production in September 2009.

The Abdos group has multiple business interests, including
distributorship of chemicals, specialty packaging, manufacturing
of fast-moving consumer goods products, and logistics services for
electronic durable manufacturers.


AJMER URBAN: License Cancelled Due to Insolvency
------------------------------------------------
The Reserve Bank of India has, from the close of business as on
September 19, 2014, cancelled the licence of the Ajmer Urban Co-
operative Bank Ltd., Ajmer (Rajasthan) as it had ceased to be
solvent, all efforts to revive it had failed and the depositors
were being inconvenienced by continued uncertainty. The Registrar
of Co-operative Societies, Rajasthan has also been requested to
issue an order for winding up the bank and appoint a liquidator.

On liquidation, every depositor will be entitled to repayment of
his/her deposits up to a monetary ceiling of '1,00,000/- (Rupees
One lakh only) from the Deposit Insurance and Credit Guarantee
Corporation (DICGC) under usual terms and conditions.

Consequent to the cancellation of its licence, The Ajmer Urban Co-
operative Bank Ltd., Ajmer (Rajasthan) is prohibited from carrying
on 'banking business' as defined in section 5(b) of the Act.

For any clarifications, depositors may approach Shri D. K. Meena,
General Manager, Urban Banks Department, Jaipur Regional Office,
Reserve Bank of India, Jaipur whose contact details are:

Postal Address: Urban Banks Department
                Reserve Bank of India
                3rd Floor, Rambag Circle
                Tonk Road, Jaipur 302 052;
                Tel: (0141) 2564661
                Fax: (0141) 2569693

The bank was granted a licence by the Reserve Bank on December 18,
2000 to commence banking business. The latest statutory inspection
of the bank conducted under Section 35 of the Banking Regulation
Act, 1949 (As Applicable to Cooperative Societies) with reference
to its financial position as on March 31, 2013, among other
things, revealed that the real or exchangeable value of paid-up
share capital and reserves of the bank was assessed at (-) '
2628.47 lakh with erosion in the deposits to the extent of 32.67
per cent. The bank's Capital to Risk-Weighted Assets Ratio (CRAR)
was assessed at (-) 173.31per cent as against the regulatory
requirement of 9 per cent, accumulated losses assessed as on March
31, 2013 stood at ' 3446.41 lakh and gross non-performing assets
(NPAs) and net non-performing assets as on March 31, 2013 were
assessed at ' 1361.52 lakh (57.59 per cent of the gross loans and
advances) and ' 154.02 lakh (13.31 per cent of the net advances),
respectively. The net loss of the bank was assessed at ' 697.51
lakh during 2012-2013. In view of the large amount of NPAs,
substantial accumulated losses, poor chances of recovery for
improvement in financial health of the bank, revival prospects of
the bank in the near future were bleak.

The Technical Advisory Committee [Task Forces for Urban
Cooperative Banks (TAFCUB)] reviewed the position of the bank and
revival proposals from time to time. Various merger
proposals/options were explored by the bank at the instance of the
State Federation. However, there was no positive outcome. In view
of the persistent violations of the regulatory guidelines and
continuous deterioration in the financial condition and also based
on the financial position of the bank as on March 31, 2013, the
bank was issued a Show Cause Notice (SCN) in January, 2014 as to
why the licence granted to carry on banking business under Section
22 of the Banking Regulation Act should not be cancelled and the
bank be taken into liquidation. The bank's reply received in
February, 2014 to the SCN was examined but was not found
satisfactory. As the affairs of the bank were being conducted in a
manner detrimental to the interests of the depositors, the Reserve
Bank, took the extreme measure of cancelling the licence of the
bank in the interest of the depositors of the bank.


ANANDESHWAR INDUSTRIES: CRISIL Reaffirms B Rating on INR100M Loan
-----------------------------------------------------------------
CRISIL's rating on the bank facilities of Anandeshwar Industries
Pvt Ltd continues to reflect AIPL's modest scale of operations in
the wastepaper-based kraft paper manufacturing industry and the
company's large working capital requirements.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            6          CRISIL B/Stable (Reaffirmed)
   Term Loan             100         CRISIL B/Stable (Reaffirmed)

The rating also factors in the company's below-average financial
risk profile marked by a weak capital structure and stretched
liquidity. These rating weaknesses are partially offset by its
promoters' extensive industry experience, their established
relationship with customers and suppliers, and funding support to
the company.

Outlook: Stable

CRISIL believes that AIPL will continue to benefit over the medium
term from its promoters' extensive industry experience and
established relationship with customers. The outlook may be
revised to 'Positive' if the company reports significantly better-
than-expected cash accruals or receives substantial fresh capital
infusion along with efficient working capital management.
Conversely, the outlook may be revised to 'Negative' if the
company reports lower-than-expected accruals or if its working
capital management weakens, leading to further pressure on its
liquidity and capital structure.

AIPL was incorporated in 2010 by Mr. Sanjeev Agarwal, Mr. Vikas
Bansal, and Mr. D K Singhal. The company manufactures kraft paper
at its facility in Kanpur (Uttar Pradesh).


ARYAN CASTINGS: ICRA Assigns 'B' Rating to INR15cr Term Loan
------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B for INR25.00 crore
fund based facilities of Aryan Castings Private Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           10.00       [ICRA]B assigned
   Term Loan             15.00       [ICRA]B assigned

The assigned rating takes into consideration longstanding
experience of the promoters of over three decades in the steel
industry. The rating is also supported by the favourable location
of ACPL's manufacturing facility due to easy access to raw
materials and proximity to its customers who are primarily based
in and around Nashik thereby aiding in a steady demand for MS
billets. However, the rating is constrained by the highly
fragmented and cyclical nature of the steel industry with presence
of large number of small players leading to intense competition
and pricing pressures.

The rating is also constrained by the susceptibility of ACPL's
margins to volatility in the raw material and finished goods
prices given the high levels of inventory that need to be
maintained at any point of time. ICRA also notes that the
operations of the company remain at a nascent stage with moderate
capacity utilisations resulting in low profitability and adverse
coverage indicators.

Incorporated in 2011, Aryan Castings Private Limited is engaged in
the manufacture of MS Billets. The company has setup its
manufacturing plant in Dindori district near Nashik in Maharashtra
with an installed capacity of 200 MTPD. The company commenced its
operations in September 2012.


BINDAL IRON: ICRA Assigns B Rating to INR10cr Fund Based Limit
--------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B to INR10.00 crore
fund based limits and short-term rating of [ICRA]A4 to INR1.00
crore non fund based limits of Bindal Iron & Steel Company. ICRA
has also assigned ratings of [ICRA]B/[ICRA]A4 to INR9.00 crore
unallocated limits of BISCO.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund Based Limits       10.00       [ICRA]B assigned
   Non Fund Based Limits    1.00       [ICRA]A4 assigned
   Unallocated Limits       9.00       [ICRA]B/[ICRA]A4 assigned

The assigned ratings are constrained by intensely competitive
nature of steel trading industry with presence of large number of
dealers and traders which exerts pressure on profit margins and
weak financial profile of the firm characterized by low
profitability, weak debt coverage indicators & high gearing
levels. The ratings of the firm are also constrained by the
exposure of firm's profitability to price fluctuations owing to
high inventory levels maintained by the firm. The ratings however
take comfort from the experienced promoters with more than 5
decades of experience in the steel trading business; and moderate
customer concentration with top five customers accounting for 18%
revenues in FY2014.

Going forward, the ability of the firm to improve its financial
profile by improving profitability levels and effectively managing
its working capital requirements remain the key rating
sensitivity.

Founded in 2005, Bindal Iron and Steels Company is engaged in
trading of iron and steel products such as channels, angles, TMT
bars, beams etc and operates from Hyderabad. The firm is an
authorized dealer of Steel Authority of India ltd (SAIL) since
2012 and Jindal Steel and Power Limited (JSPL) since 2011.

Recent Results
For FY2014 (Provisional), the firm reported profit after tax of
INR0.49 crore on operating income of INR64.58 crore as against
profit after tax of INR0.46 crore on operating income of INR67.20
crore in FY2013(audited)


E ORIENTAL: CRISIL Cuts Rating on INR300MM Foreign LOC to 'D'
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
E Oriental Timbers (EOT; a part of the Oriental Timber group [OT
group]) to 'CRISIL D/CRISIL D' from 'CRISIL BB-/Stable/CRISIL
A4+'.

                         Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Cash Credit              50          CRISIL D (Downgraded from
                                        'CRISIL BB-/Stable')

   Foreign Letter          300          CRISIL D (Downgraded from
   of Credit                            'CRISIL A4+')

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

The rating downgrade reflects multiple instances of devolvement of
the OT group's foreign letters of credit (FLCs) which were not
regularised for over 30 days.

The ratings also reflect OT group's below average financial risk
profile, marked by high total outside liability to total networth
and weak debt protection metrics. Furthermore, its margins remain
susceptible to volatility in raw material prices and foreign
exchange rates. However, the group continues to benefit from the
extensive experience of its promoters in the timber-trading
industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of EOT and Oriental Woods (ORW). This is
because the entities together referred to as the OT group, operate
in the same line of business and have significant operational and
financial linkages.

Set up in 2006 as a proprietorship firm, EOT trades in and
processes timber. ORW, set up in 2001 as a partnership firm, also
trades in timber. The OT group is managed by Mr. VP Rasheed and
his family.


EAK AUTOMOBILES: CRISIL Assigns B Rating to INR125MM Bank Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of EAK Automobiles Pvt Ltd.

                          Amount
   Facilities            (INR Mln)        Ratings
   ----------            ---------        -------
   Proposed Long Term        125          CRISIL B/Stable
   Bank Loan Facility

The rating reflects EAPL's susceptibility to risks associated with
its ongoing project and expected leveraged capital structure
during the initial stage of operations. These rating weaknesses
are partially offset by its promoters' extensive experience in the
automotive dealership business.

Outlook: Stable

CRISIL believes that EAPL will benefit over the medium term from
its promoters' extensive industry experience. The outlook may be
revised to 'Positive' if EAPL stabilises operations of its
proposed showroom in a timely manner and generates substantial
revenue and profitability leading to large cash accruals.
Conversely, the outlook may be revised to 'Negative' in case of
delays in commencement of EAPL's operations, or low cash accruals
during the initial phase of operations resulting in pressure on
its liquidity.

Incorporated in 2014, EAPL is setting up automotive dealership
business for Hyundai Motor India Ltd (rated 'CRISIL A1+') at
Panvel in Navi Mumbai (Maharashtra). The company is promoted by
Mr. Vishal Tyagi, who has experience of more than two decades in
the automotive dealership business. It is likely to commence
operations in October 2014.


HARESH CHEMICALS: CRISIL Cuts Rating on INR45MM Bank Loan to B-
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Haresh Chemicals (HC) to 'CRISIL B-/Stable' from 'CRISIL
B+/Stable' while reaffirming its rating on the firm's short-term
bank facilities at 'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             40        CRISIL B-/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

   Letter of Credit       145        CRISIL A4 (Reaffirmed)

   Proposed Long Term      45        CRISIL B-/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL B+/Stable')

The downgrade reflects weakening in HC's business risk profile,
with decline in sales and operating losses in 2013-14 (refers to
financial year, April 1 to March 31), and subsequent weakening in
the financial risk profile. The firm's sales declined to INR116.2
million in 2013-14 from INR403.0 million in 2012-13 as the
promoters reduced trading activities because of sharp fluctuations
in foreign exchange (forex) rates. The firm imports all its traded
goods, and is exposed to fluctuations in forex rates. It reported
operating loss of INR5.2 million for 2013-14. Consequently, its
financial risk profile has weakened with decline in the debt
protection metrics.

The ratings continue to reflect HC's modest scale of operations,
slender margins that are susceptible to fluctuations in forex
rates, and subdued debt protection metrics. These rating
weaknesses are partially offset by the extensive experience of the
firm's promoters in trading in bulk drugs, and the firm's
diversified product profile and clientele.

For arriving at the ratings, CRISIL has taken a standalone view of
the business and financial risk profiles of HC. For the previous
rating exercise, CRISIL had combined the business and financial
risk profiles of HC and its group entity Haresh Oveta (HO) as both
firms are in the same line of business and were under a common
management. The change in analytical approach is because of the
limited operational and financial linkages between HO and HC as
both entities are being managed separately from 2013-14.

Outlook: Stable

CRISIL believes that HC will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of significant and
sustained improvement in HC's revenue and margins, resulting in
improvement in its financial risk profile, particularly liquidity.
Conversely, the outlook may be revised to 'Negative' in case of
lengthening of HC's working capital cycle or low cash accruals
leading to weakening of the firm's financial risk profile.

Mr. Bharat Kasat set up HC in 1984. The firm trades in more than
150 bulk drugs. It has a client base of over 200 generic drug
manufacturers. Its offices are in Mumbai.


HEERA RICE: ICRA Assigns B+ Rating to INR17.5cr Cash Credit Limit
-----------------------------------------------------------------
ICRA has assigned its [ICRA]B+ rating to the INR17.50 crore cash
credit limits of Heera Rice Mills.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit Limit     17.50        [ICRA]B+ ;assigned

The rating assigned to HRM is constrained by its moderate scale of
operations in the fragmented and competitive rice industry, weak
profitability metrics, high gearing levels and consequently weak
debt protection indicators.

The rating is also constrained by HRM's stretched liquidity as
reflected in the high utilisation of its bank limits due to high
inventory levels. The rating further takes into account the risks
inherent in a partnership firm like limited ability to raise
equity capital, risk of dissolution etc. However, the rating
favourably factors in the extensive experience of HRM's promoters
who have a long track record in the rice milling industry,
proximity of the mill to a major rice growing area which results
in easy availability of paddy and stable demand outlook given that
India is a major consumer and exporter of rice.

HRM is a partnership firm, formed in 2008 and is engaged in
milling, processing and sale of basmati rice. The firm's fully
automated plant at Karnal (Haryana) has a milling capacity of 8
tonnes per hour and has one sortex machinery with a capacity of 8
tonnes per hour. The by-products of basmati rice viz husk, rice
bran and 'phak' are sold in the domestic market. At present, there
are four partners in the firm Mr. Ishwar Dass, Mr. Satish Kumar,
Mr. Suresh Kumar and Mr. Satish Kumar, each having a share in
profit of 25%.

The company reported a net profit of INR0.10 crore on an operating
income of INR61.35 crore in 2013-14 as against a net profit of
INR0.05 crore on an operating income of INR47.85 crore in the
previous year.


HILLWOOD IMPORTS: CRISIL Reaffirms B+ Rating on INR10cr Cash Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Hillwood Imports and
Exports Pvt Ltd (HIEPL; part of the Hillwood group) continue to
reflect the Hillwood group's below-average financial risk profile,
marked by high gearing and small net worth, modest scale of
operations, and exposure to intense competition in the timber
industry. These rating weaknesses are partially offset by the
benefits that the Hillwood group derives from the promoter's
extensive experience in the timber trading segment.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            10        CRISIL B+/Stable (Reaffirmed)
   Letter of Credit      200        CRISIL A4 (Reaffirmed)

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of HIEPL and Hillwood Furniture Pvt Ltd
(HFPL). This is because both companies, together referred to as
the Hillwood group, have common promoters, operate in similar
lines of business, and have fungible funds.

Outlook: Stable

CRISIL believes that the Hillwood group will continue to benefit
over the medium term from the promoter's experience in the timber
business. The outlook may be revised to 'Positive' if the group's
financial risk profile improves significantly, supported by an
increase in its scale of operations and a considerable improvement
in its operating margin. Conversely, the outlook may be revised to
'Negative' if the Hillwood group's financial risk profile weakens,
due to large, debt-funded capital expenditure undertaken; or a
decline in its operating margin; or if an increase in its working
capital cycle weakens its liquidity.

Update
Hillwood group's revenue grew by around 5 per cent to INR1093.5
million for 2013-14 (refers to financial year April 1 to
March 31), because of low demand and intense competition. The
operating margin was 2.0 per cent during the year, because of
significantly higher timber prices and the group's trading nature
of operations.

The group's working capital requirements are large, with its gross
current assets (GCAs) of around 219 days, commensurate with
inventory of 105 days as on March 31, 2014. Hillwood group stocks
inventory from December to April, resulting in large working
capital requirements over the period, and consequently high bank
limit utilisation at around 85 per cent on average for the 12
months ended March 31, 2014.

Hillwood group's net worth was estimated at INR81.1 million as on
March 31, 2014, thereby limiting its financial flexibility in the
event of an exigency. Moreover, the company has high total
indebtedness because of its working capital requirements.
Therefore, the total outside liabilities to tangible net worth
(TOLTNW) ratio was estimated at 7.88 times as on March 31, 2014.

The debt protection metrics continue to remain weak with interest
coverage and net cash accruals to total debt (NCATD) ratios at 1.5
times and 0.03 times, respectively, in 2013-14. CRISIL believes
that Hillwood group's net worth will remain modest, given its
small scale of operations and low accretions to reserves.

The Hillwood group posted an estimated profit after tax of INR0.3
million on net sales of INR1093.5 million for 2013-14; it reported
a net loss of INR7.6 million on net sales of INR1030 million for
2012-13.

HFPL and HIEPL, based in Kerala, were incorporated during 2001-02
and are engaged in processing of timber logs. HFPL is also engaged
in manufacturing of building materials such as window, door and
kitchen frames. HFPL primarily deals in teak wood whereas HIEPL
deals mostly in hardwood.


ITFT CONSULTANCY: CRISIL Ups Rating on INR83.4MM Bank Loan to B+
----------------------------------------------------------------
CRISIL has upgraded its ratings on the long-term bank facilities
of ITFT Consultancy Pvt Ltd to 'CRISIL B+/Stable' from 'CRISIL
B/Stable' and has reaffirmed its rating on the company's short-
term facilities at 'CRISIL A4'.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Overdraft Facility       30         CRISIL A4 (Reaffirmed)
   Overdraft Facility       17.4       CRISIL A4 (Reaffirmed)

   Proposed Long Term       83.4       CRISIL B+/Stable (Upgraded
   Bank Loan Facility                  from 'CRISIL B/Stable')

   Term Loan                23.3       CRISIL B+/Stable (Upgraded
                                       from 'CRISIL B/Stable')

The rating upgrade reflects CRISIL's belief that ITFT's liquidity
will remain adequate over the medium term, supported by
improvement in its cash accruals driven by improved profitability.
ITFT's cash accruals for 2013-14 (refers to financial year, April
1 to March 31), estimated at INR20 million, are higher than
CRISIL's expectations. Better-than-expected cash accruals have led
to improvement in ITFT's financial risk profile, particularly its
debt protection metrics. The rating upgrade also factors in the
benefits that ITFT will derive from scale-up of fee collection,
backed by the receipt of new government project of around INR300
million for training of around 8000 students in different sectors;
to be executed over three years, thus supporting its business risk
profile over the medium term.

The ratings reflect ITFT's average scale of operations and its
vulnerability to regulatory risks associated with educational
institutions. These rating weaknesses are partially offset by,
ITFT's above-average financial risk profile, marked by low gearing
and comfortable debt-protection metrics, and the extensive
experience of its promoters in the education sector.

Outlook: Stable

CRISIL believes that ITFT will continue to benefit over the medium
term from its promoters' extensive experience and the healthy
demand prospects in the education sector. The outlook may be
revised to 'Positive' if ITFT reports higher-than-expected cash
accruals, driven by scale-up of fees collection backed by
increased intake of students.  Conversely, the outlook may be
revised to 'Negative' in case of a substantial decline in student
intake, or significant delays in receivables from government, or
if ITFT undertakes any larger-than-expected debt funded capital
expenditure programme, resulting in deterioration in its financial
risk profile, particularly its liquidity.

ITFT was originally set up in 1994 as a society and reconstituted
as a private limited company in 2006. The company offers
graduation and post-graduation courses which are approved by the
Punjab Technical University. It is promoted by Mr. Gulshan Sharma,
along with his son, Mr. Aman Sharma.


JANKI CORP: CARE Reaffirms B+ Rating on INR513.68cr Bank Loan
-------------------------------------------------------------
CARE reaffirms the ratings assigned to bank facilities of Janki
Corp Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    513.68      CARE B+ Reaffirmed
   Short-term Bank Facilities   107.00      CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Janki Corp Limited
continues to be constrained by the decline in the scale of
operations as well as cash losses incurred by it during FY14
(refers to the period April 1 to March 31), increase in working
capital intensity, high leverage, weak debt protection indicators
and its presence in an inherently cyclical steel and textile
industry along with on-going regulatory hurdles faced by the
Indian iron ore industry. The ratings take cognizance of the
receipt of approval for restructuring of its debt under the
Corporate Debt Restructuring (CDR) mechanism.

The ratings, however, continue to derive comfort from JCL's
experienced promoters and its established operations.

JCL's ability to turnaround its operations through improvement in
capacity utilization and sales realization of its pellet plant and
efficient management of its working capital requirements are the
key rating sensitivities.

JCL's ability to complete its on-going projects within the
envisaged time and cost parameters along with generation of the
envisaged returns thereof would also be crucial.

Promoted by Mr Raghu Nath Mittal, JCL is a closely-held public
limited company. It commenced its operations with fabrics
processing facility in Bhilwara in 1993. JCL entered in steel
business during 2005 by setting up a sponge iron manufacturing
unit in Bellary (Karnataka) with a capacity of 180,000 MTPA. The
company has also setup Waste Heat Recovery Boiler (WHRB) based
power plant of 15 MW (commissioned in March 2010) and pellet plant
of 6,00,000 MTPA (commissioned in September 2011) and iron ore
fines beneficiation plant (IOFBP) of 8,50,000 MTPA (commissioned
in FY14 which is to be used for raw material for manufacturing
pellet ). Contribution of sponge iron, pellet, textile and sale of
power constituted 59%, 16%, 17% and 5% respectively in the total
operating income of INR658.53 crore during FY14.

Based on the audited results for FY14, JCL reported a total
operating income (TOI) of INR486.66 crore (FY13: INR658.53 crore)
and net loss of INR17.99 crore (FY13: net profit of INR33.33
crore).


LAKSHMI TRANSFORMERS: CRISIL Reaffirms B Rating on INR20MM Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Lakshmi Transformers &
Electricals continue to reflect LTE's large working capital
requirements with high debtor risk, small scale of operations, and
susceptibility to intense competition in the transformers segment.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          175       CRISIL A4 (Reaffirmed)
   Cash Credit              10       CRISIL B/Stable (Reaffirmed)
   Cash Credit-Book Debt    20       CRISIL B/Stable (Reaffirmed)
   Letter of Credit        105       CRISIL A4 (Reaffirmed)

The ratings also reflect the firm's below-average financial risk
profile, marked by weak liquidity driven by withdrawal of capital
by partners. These rating weaknesses are partially offset by the
extensive experience of LTE's partners in the transformer
manufacturing segment.

Outlook: Stable

CRISIL believes that LTE will continue to benefit over the medium
term from its partners' extensive experience in the transformers
industry. The outlook may be revised to 'Positive' in case the
firm reports higher-than-expected cash accruals along with
efficient working capital management, particularly timely
collection of receivables, and thus improves its financial risk
profile, especially liquidity. Conversely, the outlook may be
revised to 'Negative' in case of any further pressure on LTE's
revenue or profitability or deterioration in its liquidity
resulting from larger-than-expected working capital requirements,
most likely driven by larger-than-expected delay in collection of
receivables or withdrawal of capital by partners or large debt-
funded capital expenditure.

Update
LTE registered revenue of around INR305 million and operating
profitability of 5.3 per cent for 2013-14 (refers to financial
year, April 1 to March 31), better than CRISIL's expectation;
driven by higher demand from existing customers such as Uttar
Pradesh Power Corporation Ltd, and addition of power utilities of
Jharkhand, Rajasthan, and Bihar to its customer profile. LTE has
moderate order book of INR450 million (1.5 times its operating
revenue in 2013-14) outstanding as on September 30, 2014, to be
executed by June-July 2015 which provides moderate revenue
visibility. However, the firm's operations continue to remain
working capital intensive, as reflected in its high gross current
assets of 360 days as on March 31, 2014 primarily driven by the
large receivables. Though the debtor cycle has improved year-on-
year during 2013-14, the firm nonetheless reported large
receivables of 8 months as on March 31, 2014. Given the firm's
customer profile, CRISIL believes that the LTE's business risk
profile will continue to remain constrained by its long debtor
cycle and the weak counterparty credit risk profiles.

LTE's financial risk profile remains below average, marked by a
declining net worth and weak liquidity on account of its regular
capital withdrawals exacerbated by the large debtor collection
cycle. The partners have withdrawn over INR55 million during the
four years ended 2013-14 amidst an increasing debtor collection
cycle. CRISIL believes that LTE's liquidity will remain weak
driven by its working capital intensive operations, over the
medium term.

Established in 1991 by Mr. Sanjay Singhal and his family members,
LTE manufactures both power and distribution transformers. The
firm manufactures transformers ranging from 10 kilo volt amperes
(kVA) to 5000 kVA at its manufacturing facilities in Agra (Uttar
Pradesh) and Haridwar (Uttarakhand).

For 2013-14, LTE reported, a book profit of INR4.2 million on net
sales of INR305 million; the firm reported a loss of INR26.7
million on net sales of INR78.9 million for 2012-13.


LANCO BABANDH: CARE Reaffirms 'D' Rating on INR5,197cr LT Loan
--------------------------------------------------------------
CARE reaffirms the ratings assigned to bank facilities of Lanco
Babandh Power Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Loans               5,197      CARE D Reaffirmed
   Subordinate Debt                347      CARE D Reaffirmed

Rating Rationale

The rating reaffirmation takes into account the ongoing delays by
Lanco Babandh Power Ltd in servicing its debt obligations.

Lanco Babandh Power Private Limited was incorporated as a private
limited company on May 30, 2007. The company was converted into a
limited company and its name was changed to Lanco Babandh Power
Limited on Feb. 3, 2010.

The company is promoted by Lanco Group Ltd, to construct, operate
and maintain a 1,320 MW (2 x 660 MW) coalbased power project in
Dhenkanal district, Orissa. The flagship company of the Lanco
group is Lanco Infratech Ltd. The estimated project cost of
INR6,930 crore is proposed to be financed at a debt to equity
ratio of 4:1. The debt of INR5,544 crore is a mix of senior debt
and subordinate debt of INR5,197 crore and INR347 crore,
respectively.

On the fuel supply arrangements, LBPL is in the process of signing
of Fuel Supply Agreement (FSA) with Mahanadi Coal fields Ltd (MCL)
for the supply of 2.8 MTPA for the first unit. Coal for the second
unit is to be sourced from the captive coal mine at Rampia in
Orissa which has been co-allotted to Lanco Group Ltd along with
JV's of five other companies.

However, the same is cancelled by the Supreme Court in its latest
verdict as on September 24, 2014. For the power offtake, LBPL has
entered into a Power Purchase Agreement (PPA) with "GRIDCO Ltd"
for 25% of power, with UP Power Corporation Ltd (UPPCL) for 454 MW
and with Rajasthan Discoms for 374MW (aggregating 87.7% of gross
generation).

The balance approximately 13% is expected to be sold under
merchant basis.

As per the latest Lenders Engineer (LE) report for the period
ending June 2014, the LE has reported that there has been no
construction activity on the site since April 2013 largely for the
lack of funds. Furthermore, the project has met with time
and cost overruns and has not achieved its COD which was due on
September 2014. The revised project cost and expected COD is under
consideration by the lenders.

The company has so far incurred approximately 72% of the total
project cost of INR6,930 crore till June 2014 which has been
funded by way of debt of INR 3,695crore and promoters'
contribution of INR928 crore. The liquidity profile of the
company continues to be stressed given the delay in commissioning
of the project coupled with the absence of timely support from the
parent company, Lanco Infratech Ltd.


MCNALLY BHARAT: CARE Cuts Construction Contractor Grading to CCt2
-----------------------------------------------------------------
CARE revises the construction contractor grading assigned to
Mcnally Bharat Engineering Co. Ltd.

  -- Grading of construction contractor CCt 2 Revised from CCt 1-

Grading Rationale

The revision in the construction contractor grading of McNally
Bharat Engineering Co. Ltd. takes into account the deterioration
in financial position in FY14 (refers to the period between
April 1 to March 31) and Q1FY15 with decline in profitability and
increase in debt level to finance the high working capital cycle
of operation. The grading also factors in the profits vulnerable
to volatile input prices and sluggish growth currently being
witnessed by the infrastructure sector.

The grading, however, continues to draw strength from the long and
satisfactory track record of the company, qualified and
experienced management, proven project execution capabilities with
strong technical tie-ups, availability of captive equipment
manufacturing facility and improvement in order book position with
diversified and reputed client portfolio. Ability of the company
to make adequate investments in plant & machinery in order to
ensure adherence to quality standards as well as timeliness of
execution would be a grading sensitivity.

MBEL, incorporated in 1961, based in Kolkata, is one of the major
engineering turnkey project execution companies of
India belonging to the B. M. Khaitan group. MBEL has a track
record of executing turnkey projects in different areas of its
operations like bulk material handling, ash handling, port
handling, mineral beneficiation plant, water management, road
construction and maintenance, structural fabrication, erection,
piping, utilities, etc. It has pan India presence with 62 site
offices distributed in different states of India and an overseas
site office in Zambia.

In FY14, MBEL reported net loss of INR72.49 crore (as against a
PAT of INR38.63 crore in FY13) on operating income of
Rs.2,143.78 crore (Rs.2,186.73 crore in FY13). As per the
unaudited working results for the quarter ended June 30, 2014,
MBEL reported a net loss of INR14.32 crore on operating income of
INR409.74 crore.


NSHM ACADEMY: ICRA Suspends 'D' Rating on INR46.79cr Term Loan
--------------------------------------------------------------
ICRA has suspended the [ICRA]D rating assigned to the INR46.79
crore term loan of NSHM Academy.  The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the entity.


OASIS AGRO: ICRA Revises Rating on INR17.48cr FB Loan to 'B'
------------------------------------------------------------
ICRA has revised its rating on the INR17.48 crore (reduced from
INR18.80 crore) fund based bank facilities of Oasis Agro Infra
Limited to [ICRA]B from [ICRA]B+.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based limits     17.48       [ICRA]B; (revised from
                                     [ICRA]B+

The rating revision factors in cash flows, which are likely to be
lower than ICRA's expectations given the lower than expected
realizations from poplar plants, coupled with significant increase
in lease rentals payable by the company to the farmers.

These are likely to result in cash flow mismatches in 2015-16,
when the term loan repayment commences. Moreover, OAIL has been
facing various challenges in land acquisition, with the company
facing significant shortfalls vis a vis its target of acquiring
about 500 acres every year. The rating is further constrained by
the company's small scale of operations with dependence of
revenues on intercropping sales during the interim years, with the
company reporting an operating income of INR5.13 crore in 2013-14.
The rating also factors in agro climatic risks, specially the high
dependence of plant growth on rainfall.
The rating however, continues to factors in positive demand
outlook for Poplar (used for making matchsticks, plywood, block
boards, charcoal, etc), strategic location of the sites which are
conducive in terms of climate and quality of soil required; and an
integrated business model with intercropping of crops like
cereals, sugarcane, mustard to provide regular cash flows in the
interim years. Further, repayment of the term loan commences from
2015-16, allowing moratorium for the rotation period of poplar (4-
5 years). This is expected to help the company to augment its
poplar cash flows by the accruals generated. ICRA has also taken
note of the tax exemption on agricultural income.

Going forward, OAIL's ability to add the projected land every
year, satisfactory growth of plants in the next couple of years
and revenues from intercropping would remain the key rating
drivers in the medium term.

Incorporated in October 2010, the Company is engaged in growing
Poplar plants along with inter crop farming like growing crops
such as cereals (paddy and wheat); sugarcane, mustard, vegetables
(potato, garlic, onion, cauliflower, tomato, etc.), fruit crops
(mangoes, guava, litchi, banana, papaya), turmeric etc. As on date
the area under cultivation is 1164 Acres, all under lease
agreements of 5 years from different farmers.

Recent Results
OAIL, on a provisional basis, reported a profit after tax (PAT) of
INR1.79 crore on an operating income of INR5.13 crore in FY14, as
against a PAT of INR1.11 crore on an operating income of INR4.03
crore in the previous year.


PRATIBHA CONSTRUCTIONS: ICRA Puts C+ Rating on INR30cr Cash Loan
----------------------------------------------------------------
ICRA has assigned [ICRA]C+ rating to the INR30.00 Crore cash
credit facilities of Pratibha Constructions Engineers and
Contractors (India) Private Limited. ICRA has also assigned short
term rating of [ICRA]A4 to the INR85.00 crore non fund based
facility of PCECPL.

                             Amount
   Facilities              (INR crore)     Ratings
   ----------              -----------     -------
   Long term, fund based       30.00       [ICRA]C+ Assigned
   Limits- Cash Credit

   Short term, non fund        85.00       [ICRA]A4 Assigned
   based limits - Bank
   Guarantee

The assigned rating takes into consideration promoter's
established track record of more than 30 years in construction
business and approved Class 1(A) contractor status with various
government bodies including Public Works Department (PWD)
Maharashtra, Municipal Council and other local bodies. The rating
also takes into account moderate order book size of ~INR49.9 crore
received in first six months of FY15 of shorter duration providing
adequate revenue visibility in the current fiscal. The assigned
rating factors in the decline in revenues, as well as cash
accruals during FY13 and FY14 because of decrease in order inflow.
Further the rating remains constrained by PCECPL's high and
increasing working capital intensity because of relatively high
level of long pending receivables including those from non moving
projects. The company also has a significant amount of large
orders which are stuck due to regulatory issues resulting in
security deposits being held back and straining cash flows. The
recovery of such security deposits and receivables remain unlikely
in near term and write off of same can deteriorate net worth
substantially. ICRA also notes the company's high amount of
contingent liabilities of INR139.23 as on Mar'13 arising mainly
from service tax claims though company has appealed against same
and expects actual liability to be much lower. Further the rating
remains constrained by company's moderate scale of operations, its
geographical concentration risk and the price sensitive nature of
tender based business of the company.

Pratibha Constructions Engineers & Contractors (India) Private
Limited started as a partnership firm in 1984 and was subsequently
converted to a private limited company in 2002. PCECPL has worked
with a wide range of clients from both public and private sector.
The company started in the road construction business but has now
specialized into construction of co-gen plants for sugar
industries and receives government contract for the construction
of court buildings, etc. The company is based out of Kolhapur and
is promoted by the Jadhav family.

Recent Results
As per provisional results, PCECPL reported a profit after tax
(PAT) of INR2.5 crore in FY14 on an operating income of INR71.5
crore. The company has reported operating profit before
depreciation, interest, amortization and tax (OPBDITA) of INR8.9
crore in the same period.


RAJA FARMS: CRISIL Assigns 'B' Rating to INR46.7MM Term Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Raja Farms Private Limited.

                         Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Cash Credit             22.7         CRISIL B/Stable
   Term Loan               46.7         CRISIL B/Stable

The ratings reflect RFPL's small scale of operations and weak
financial risk profile marked by high gearing and below average
debt protection metrics. These rating weaknesses are partially
offset by RFPL's promoter's extensive experience in the poultry
industry.

Outlook: Stable

CRISIL believes that RFPL will benefit from its promoters'
extensive experience in the poultry industry. The outlook may be
revised to 'Positive' if RFPL increases its scale of operations
substantially leading to higher than expected cash accruals while
prudently managing its working capital requirements and sustaining
its operating profitability leading to improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if the firm's working capital requirements increases
significantly leading to further deterioration in its financial
risk profile.

RFPL was started in 2009 by Mr. Rajinder Kumar Raja, Mr. Bhim Sen,
and Mr. Mohit Raja. Company runs a poultry farm in Rajpura
(Punjab) with a capacity of 50, 000 layer birds.


RAJNANDINI METAL: CRISIL Reaffirms 'B+' Rating on INR140MM Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Rajnandini Metal
Private Limited continues to reflect its 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.

                        Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Inland/Import Letter     40      CRISIL A4 (Reaffirmed)
   of Credit

   Overdraft Facility      140      CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       70      CRISIL B+/Stable (Reaffirmed)

CRISIL had assigned the ratings on the bank facilities of RMPL to
'CRISIL B+/Stable/CRISIL A4' via its rating rationale released on
Oct. 10, 2014.

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. Mohan 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.


RR OOMERBHOY: CRISIL Reaffirms D Rating on INR123.3MM Cash Credit
-----------------------------------------------------------------
CRISIL's rating on the bank facilities of RR Oomerbhoy Pvt Ltd
(RRO) continues to reflect delay by RRO in servicing its debt; the
delays have been caused by the company's weak liquidity, driven by
low cash accruals and large working capital requirements,
resulting in high utilisation of bank limits.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit            123.3        CRISIL D (Reaffirmed)
   Term Loan               16.7        CRISIL D (Reaffirmed)

RRO also has a below-average financial risk profile marked by high
gearing and weak debt protection metrics, and is exposed to
intense competition in the edible oils industry. However, the
company benefits from its promoters' extensive industry experience
and funding support.

Update
For 2013-14 (refers to financial year, April 1 to March 31), on a
provisional basis, RRO reported sales of INR581 million, down from
INR653 million for 2012-13, as the company discontinued to trade
in imported pasta under the Bareli brand on account of import
restrictions. The company's operating margin remained modest,
around 4 per cent. It operations remain working capital intensive,
with gross current assets estimated at 98 days as on March 31,
2014. RRO's financial risk profile remains below average on
account of continued losses over the past four years, leading to
estimated small net worth of less than INR3 million as on March
31, 2014. Its gearing and interest coverage ratio also remain
weak.

Over the medium term, CRISIL expects RRO's topline growth to
remain muted. Its operating profitability is expected to remain
modest and susceptible to volatility in raw material prices and
intense competition. RRO's financial risk profile, particularly
liquidity, will remain below average over the medium term because
of low cash accruals in the absence of significant capital
infusion.

RRO was incorporated in 1992 by Mr. Rashid Oomerbhoy. The
company's operations are currently managed by Mr. Rashid Oomerbhoy
and his son Mr. Riyad Oomerbhoy and daughter Mrs. Roohi Oomerbhoy.
RRO refines edible oils and trades in international pasta and
cheese brands such as Barilla, Boursin, and Auricchio.


SAMAY IRRIGATION: CARE Assigns B+ Rating to INR10.85cr Bank Loan
----------------------------------------------------------------
CARE assigns 'CARE B+' rating to bank facilities of Samay
Irrigation Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     10.85      CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Samay Irrigation
Private Limited is primarily constrained on account of its weak
financial risk profile marked by, highly leveraged capital
structure, stretched debt service coverage indicators and
working capital intensive nature of operations leading to stressed
liquidity position. The rating is further constrained on account
of its relatively small scale of operations, presence in the
highly competitive industry and vulnerability of profit margins to
fluctuations in the raw material prices.

The rating, however, favourably takes into account the experience
of the promoters with demonstrated financial support in past,
established marketing network, moderate profitability margin and
continuous increase in capacity. The ability of the company to
increase its scale of operations along with improvement in capital
structure and liquidity position would be the key rating
sensitivities.

Jaipur-based (Rajasthan) SIPL was formed in 1995 as a private
limited company by Mr. Kewal Chand Bachhawat along with
his wife Ms Amita Bachhawat. SIPL is engaged in the manufacturing
of drip irrigation systems, drippers, mini sprinkler systems,
sprinklers (nozzles) and Low Density Poly Ethylene (LDPE) inline
products (pipes) which find wide applications in the irrigation
systems. The manufacturing unit of the company is situated at
Jaipur having an installed capacity of 1.80 Lakh Meter Per Annum
(LMPA) of inline products, 15.00 Lakh Piece Per Day (LPPD) for
drippers and 3,000 Pieces Per Day (PPD) for sprinklers as on March
31, 2014. The company sells its product to dealers which are
spread across Rajasthan who in turn sells to farmers. It also
sells its product to other manufacturer of irrigation systems. It
markets its products under the brand name of 'Rimzim'.

During FY14 (provisional; refers to the period April 1 to
March 31), SIPL has reported a total operating income of INR25.70
crore (FY13: INR22.37 crore) and PAT of INR0.69 crore (FY13:
INR0.54 crore).


SHIV METTALICKS: CRISIL Assigns B+ Rating to INR120MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank loan
facilities of Shiv Mettalicks Pvt Ltd (SMPL).

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

The rating reflects SMPL's large working capital requirements and
the susceptibility of its operating margins to volatility in raw
material prices. These rating weaknesses are partially offset by
the experience of SMPL's promoters in the sponge iron industry.

Outlook: Stable

CRISIL believes that SMPL will continue to benefit over the medium
term from its promoter's experience in the sponge iron industry.
The outlook may be revised to 'Positive' in case of large cash
accruals or improved working capital management leading to
improvement in the company's liquidity. Conversely, the outlook
may be revised to 'Negative' in of lower than expected accruals,
lengthening of its working capital cycle or any significant debt-
funded capital expenditure thereby leading to weakening of its
liquidity.

SMPL, incorporated in 2004, manufactures sponge iron. It has a
manufacturing facility in Rourkela (Odisha). Its day-to-day
operations are managed by Mr. Mahesh Khaitan.


SR ALCOBEV: CRISIL Reaffirms B- Rating on INR190MM Long Term Loan
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of SR Alcobev Pvt
Ltd continue to reflect SRAPL's exposure to funding and
implementation risks associated with its project. This rating
weakness is partially offset by its promoters' extensive
experience in the liquor manufacturing industry.

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

Outlook: Stable

CRISIL believes that SRAPL will continue to benefit over the
medium term from the industry experience of its promoters. The
outlook may be revised to 'Positive' if the company completes and
commissions its ongoing project in time and achieves more-than-
expected offtake. Conversely, the outlook may be revised to
'Negative' if SRAPL's debt servicing ability weakens, caused most
likely by significant time or cost overrun in its ongoing project
or less-than-expected offtake.

Update
SRAPL is setting up a plant to manufacture beer and has completed
about 77 per cent of the project. Its implementation risk is
moderate as project is shaping up in line with the previous
estimates and is expected to be completed by March 2015. The plant
is expected to commence operation from April 2015. Furthermore,
the funding risk is moderate as it has already tied up majority of
the term loan and promoter fund. Also, the repayment of the term
loan will commence only from November 2015. However, the company
has to service the interest during the construction phase,
dampening the liquidity. This is expected to be funded by promoter
funding and therefore timeliness of the same will be a
prerequisite and hence a rating sensitivity factor.

SRAPL was incorporated in May 2011, promoted by Mr. Ranjan Kumar
Padhi and his wife, Dr. Saina Kar, with the main objective of
brewing beer. The company is presently setting up a plant in Bihar
to manufacture beer, with an installed capacity of 300,000
hectolitres per annum.


SRI DURGA: ICRA Reaffirms 'B' Rating on INR8cr Fund Based Limit
---------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B assigned to
INR8.00 crore bank limits of Sri Durga Prathima Poultries Private
Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based Limits     8.00        [ICRA]B reaffirmed

The reaffirmation of the rating takes into account SDPP's small
scale of operation in the table egg industry; decline in revenues
by 11% in FY 2014 owing to decline in sale of layer eggs due to
disease outbreak in the last quarter of FY 2014 which has also
impacted performance in the first half of the current financial
year as many birds were in non laying stage and its weak financial
profile characterized by decline in profitability in the last two
years, aggressive capital structure and depressed coverage
indicators. The rating is also constrained due to cyclicality
associated with the poultry industry and resultant table egg price
volatility and vulnerability of profits to fluctuation in prices
of feed (primarily maize and soya) which accounts for more than
80% of manufacturing cost. The rating however, favourably factors
the experience of the promoters in commercial layer poultry
farming and healthy demand outlook for the layer segment of the
industry on account of increasing acceptance of eggs as a daily
meal component. ICRA notes that there has been consistent
improvement in the overall working capital intensity of operation
on account of lower level of inventory maintained which has also
supported the capital structure to an extent though its continues
to remain aggressive.

Going forward, the ability of the company to grow its business by
improving its profitability and managing its overall working
capital intensity of operation would remain key sensitivities.

Sri Durga Prathima Poultries Private Limited was promoted by Mr.
KV Subba Rao in 1992 and is engaged in the business of commercial
layer poultry farming. The company operates through its unit
located at Tanuku (capacity of 320000 layers), West Godavari
District and is involved in the sale of table eggs.


SRI LAKSHMI: CRISIL Reaffirms B+ Rating on INR150MM Cash Credit
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Sri Lakshmi
Narayana Rice Mill continues to reflect SLRM's below-average
financial risk profile, marked by a highly leveraged capital
structure and modest debt protection metrics and its exposure to
intense competition in the fragmented rice milling industry. The
rating also factors SLRM's susceptibility to adverse changes in
government regulations. These rating weaknesses are partially
offset by its promoters' extensive industry experience.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           150        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SLRM will continue to benefit over the medium
term from the extensive experience of its partners in the rice
milling industry. The outlook may be revised to 'Positive' if
SLRM's revenue and profitability increase substantially in
addition to a sustainable improvement in its capital structure.
Conversely, the outlook may be revised to 'Negative' if SLRM
undertakes aggressive debt-funded capital expenditure or if the
partners withdraw capital from the firm, leading to further
weakening of its financial risk profile.

Update
SLRM, on a provisional basis, has reported an operating income of
INR490 million for 2013-14 (refers to financial year, April 1 to
March 31). Its revenue is expected to grow at a moderate rate over
the medium term because of stable demand from its customers. Its
operating margin improved to an estimated 3.93 per cent in 2013-14
from 2.52 per cent in 2012-13, and is expected to be stable over
the medium term. However, the business risk profile continues to
remain constrained by fragmented nature of industry and exposure
to intense competition.

SLRM's financial risk profile is below average marked by its
modest net worth of INR30 million and high gearing of 4.26 times
as on March 31, 2014. The firm also has modest debt protection
metrics, as reflected in its net cash accruals to total debt and
interest coverage ratios of 0.01 times and 1.46 times,
respectively, during 2013-14. CRISIL believes that as SLRM's
financial risk profile will remain constrained over the medium
term due to constrained cash accruals.

SLRM has moderate liquidity, with expected cash accruals of more
than INR3 million, which will remain adequate to cover its debt
obligations of INR0.9 million over the medium term. However, the
firm's operation is moderately working capital intensive, as
reflected from the gross current asset (GCA) days of 116 days as
on March 31, 2014. Consequently, the firm's bank limits are highly
utilised, at an average of 87 per cent over the 12 months through
July 2014.

Set up in 1984 as a partnership firm, SLRM is engaged in milling
and processing of paddy into rice. The firm is promoted by Mr.
Lakshmi Narayana Setty and his son, Mr. Raghavendra Setty.


TOPLAND CERAMIC: ICRA Reaffirms B Rating on INR3.52cr Term Loan
---------------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to the INR6.52
crore fund based facilities of Topland Ceramic Private Limited at
[ICRA]B. ICRA has also reaffirmed the short term the rating
assigned to the INR0.80 Crore short term non fund based facility
of TCPL at [ICRA]A4.

                          Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Term loan facility       3.52        [ICRA]B reaffirmed
   Cash credit facility     3.00        [ICRA]B reaffirmed
   Bank guarantee           0.80        [ICRA]A4 reaffirmed

The rating reaffirmation takes into account small size of current
operations and weak financial profile characterised by thin net
profitability, adverse capital structure and poor debt coverage
indicators. The ratings continue to remain constrained by the
vulnerability of TCPL's profitability and cash flows to
cyclicality inherent in the real estate industry, which is the
main consuming sector. The ratings are also constrained by highly
competitive business environment on account of presence of large
number of organized as well as unorganized players in the region.
The ratings, however, favorably factor in the long experience of
the promoters in the ceramic industry and the location advantage
enjoyed by TCPL giving it easy access to raw material sources.

Topland Ceramic Private Limited (TCPL) was incorporated in March,
2010 and is engaged in the business of manufacturing ceramic wall
glazed tiles. The promoters have more than 10 years of experience
in ceramic industry. The company's manufacturing facility is
located at Morbi, Gujarat with a total manufacturing capacity of
21,000 MTPA. The company commenced the commercial production in
January 2011.

Recent Results
For the year ended 31st March 2014 (as per unaudited provisional
financials), TCPL has reported operating income of INR11.72 crore
and profit after tax (PAT) of INR0.36 crore as against operating
income of INR9.65 crore and net loss of INR0.17 crore for the year
ended 31st March 2013.


TRISHAKTI ALLOYS: ICRA Suspends 'B+' Rating on INR5cr FB Loan
-------------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR5.00
crore long-term, fund based limits of Trishakti Alloys Private
Limited. ICRA has also suspended the [ICRA]A4 rating assigned to
the INR3.50 crore short-term, non-fund based limits of the
company. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company


UDAY STRUCTURALS: CRISIL Reaffirms D Rating on INR69.7M Bank Loan
-----------------------------------------------------------------
CRISIL's rating on the bank facilities of Uday Structurals and
Engineers Pvt Ltd continues to reflect instances of delay by USEPL
in servicing its term debt; the delays have been caused by the
company's weak liquidity. USEPL has weak liquidity because of its
working-capital-intensive operations.

                         Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Bank Guarantee           20          CRISIL D (Reaffirmed)
   Cash Credit              40          CRISIL D (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility       69.7        CRISIL D (Reaffirmed)
   Term Loan                20.3        CRISIL D(Reaffirmed)

USEPL also has weak financial risk profile marked by a high
gearing and a small net worth, and a small scale of operations.
Moreover, it is exposed to the risks inherent in the real estate
industry. These rating weaknesses are partially offset by the
extensive experience of USEPL's promoters in the construction
industry.

Update
USEPL's operating income has been flat in 2013-14 (refers to
financial year, April 1 to March 31) with revenues estimated of
about INR170 million for the year. The company's operation
continues to remain working capital intensive as reflected in its
estimated gross current asset of over 300 days through 2013-14

On account of the working capital intensive nature of operations,
the company's liquidity has been weak and it continues to delay
its repayment on the term loan obligations. The company's fund
based bank lines of INR40 million continues to remain fully
utilised with instances of overdrawals in the account.
About the Company

USEPL, based in Mumbai (Maharashtra) was set up in 2010 by Mr.
Uday Patil and his wife. The company manufactures scaffoldings and
also undertakes real estate construction on contractual basis.


URJA INFRASTRUCTURE: CRISIL Reaffirms B Rating on INR120MM Loan
---------------------------------------------------------------
CRISIL's rating on the bank facilities of Urja Infrastructure (UI;
part of Urja Group) continues to reflect Urja Group's modest scale
of operations, tender-based nature of business, and working-
capital-intensive operations. These rating weaknesses are
partially offset by the benefits that the extensive experience of
Urja Group's promoters in the civil construction business.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           60        CRISIL A4 (Reaffirmed)
   Cash Credit             120        CRISIL B/Stable(Reaffirmed)

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of UI and Urja Tech (UT). This is because
both these entities, together referred to as Urja Group, share the
same management team, are in a similar line of business, and have
significant operational and financial linkages with each other.
CRISIL has also treated the unsecured loans extended to the group
by its promoters as neither debt nor equity, as these loans are
expected to remain in the business over the medium term till the
currency of bank borrowings.

Outlook: Stable

CRISIL believes that Urja Group will continue to benefit over the
medium term from its promoters' extensive industry experience and
its strong revenue visibility. The outlook may be revised to
'Positive' in case the group significantly improves its working
capital management, leading to healthy improvement in its
liquidity, while it maintains its debt protection metrics.
Conversely, the outlook may be revised to 'Negative' in case Urja
Group's liquidity deteriorates because of further lengthening of
its working capital cycle or if the group undertakes a debt-funded
capital expenditure programme.

Update
For 2013-14 (refers to financial year, April 1 to March 31), Urja
group reported operating revenues of about INR851 million, a
decline of about 13 per cent as compared to the previous year.
This is mainly marked by the weak order flow through 2013-14
leading to low order execution. The group's operating
profitability continues to remain healthy at about 21 per cent for
2013-14 and is expected to be sustained over the medium term.

The operations of the group are highly working capital intensive
reflected by gross current assets (GCA) days of over 407 days as
on March 31, 2014. Higher GCA days are on account of higher debtor
days and advances to be submitted on account of tender based
nature of operations. Further the working capital intensity gets
built-up further as the group has to provide security deposits to
the government entities which gets released only after the
completion of the projects undertaken (typical duration is between
6 to 12 months).

Further Urja group has stretched liquidity. For 2013-14, its cash
accruals are estimated at around INR58 million against debt
obligations of about INR16 million on equipment loans.
Furthermore, the group has highly utilised its bank limits of
INR280 million at an average of 99 per cent over the twelve months
through July-2014 with instances of overdrawals (less than 30
days) in the bank lines. CRISIL believes that over the medium
term, the group's prudent working capital management and any large
debt funded capital expenditure plans will remain the key rating
sensitivity factors to sustain its liquidity profile over the
medium term

UI reported a profit after tax (PAT) of INR8.2 million on net
sales of INR339 million for 2012-13, against a PAT of INR14
million on net sales of INR442 million for 2011-12.
About the Group

UI set up in 2006, and UT set up in 2009 as partnership firms by
the Mumbai (Maharashtra)-based Jadhav family and the Nagpur
(Maharashtra)-based Pagariya family. It undertakes civil
construction works, mainly related to irrigation projects in
Maharashtra. Both the firms are registered contractors with VIDC,
Government of Maharashtra. The group's day-to-day operations are
managed by Mr. Pramod Pagariya.


URJA TECH: CRISIL Reaffirms B Rating on INR160MM Cash Credit
------------------------------------------------------------
CRISIL 's rating on the bank facilities of Urja Tech (UT; part of
Urja Group) continues to reflect Urja Group's modest scale of
operations, tender-based nature of business, and working-capital-
intensive operations. These rating weaknesses are partially offset
by the benefits that the extensive experience of Urja Group's
promoters in the civil construction business.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee        60         CRISIL A4 (Reaffirmed)
   Cash Credit          160         CRISIL B/Stable (Reaffirmed)

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of UT and Urja Infrastructure (UI). This
is because both these entities, together referred to as Urja
Group, share the same management team, are in a similar line of
business, and have significant operational and financial linkages
with each other. CRISIL has also treated the unsecured loans
extended to the group by its promoters as neither debt nor equity,
as these loans are expected to remain in the business over the
medium term till the currency of bank borrowings.
Outlook: Stable

CRISIL believes that Urja Group will continue to benefit over the
medium term from its promoters' extensive industry experience and
its strong revenue visibility. The outlook may be revised to
'Positive' in case the group significantly improves its working
capital management, leading to healthy improvement in its
liquidity, while it maintains its debt protection metrics.
Conversely, the outlook may be revised to 'Negative' in case Urja
Group's liquidity deteriorates because of further lengthening of
its working capital cycle or if the group undertakes a debt-funded
capital expenditure programme.

Update
For 2013-14 (refers to financial year, April 1 to March 31), Urja
group reported operating revenues of about INR851 million, a
decline of about 13 per cent as compared to the previous year.
This is mainly marked by the weak order flow through 2013-14
leading to low order execution. The group's operating
profitability continues to remain healthy at about 21 per cent for
2013-14 and is expected to be sustained over the medium term.

The operations of the group are highly working capital intensive
reflected by gross current assets (GCA) days of over 407 days as
on March 31, 2014. Higher GCA days are on account of higher debtor
days and advances to be submitted on account of tender based
nature of operations. Further the working capital intensity gets
built-up further as the group has to provide security deposits to
the government entities which gets released only after the
completion of the projects undertaken (typical duration is between
6 to 12 months).

Further Urja group has stretched liquidity. For 2013-14, its cash
accruals are estimated at around INR58 million against debt
obligations of about INR16 million on equipment loans.
Furthermore, the group has highly utilised its bank limits of
INR280 million at an average of 99 per cent over the twelve months
through July-2014 with instances of overdrawals (less than 30
days) in the bank lines. CRISIL believes that over the medium
term, the group's prudent working capital management and any large
debt funded capital expenditure plans will remain the key rating
sensitivity factors to sustain its liquidity profile over the
medium term

UT reported a profit after tax (PAT) of INR25 million on net sales
of INR650 million for 2012-13, against a PAT of INR17 million on
net sales of INR639 million for 2011-12.
UI set up in 2006, and UT set up in 2009 as partnership firms by
the Mumbai (Maharashtra)-based Jadhav family and the Nagpur
(Maharashtra)-based Pagariya family. It undertakes civil
construction works, mainly related to irrigation projects in
Maharashtra. Both the firms are registered contractors with VIDC,
Government of Maharashtra. The group's day-to-day operations are
managed by Mr. Pramod Pagariya.


VAISHANAVI ISPAT: CRISIL Reaffirms D Rating on INR615MM Term Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Vaishanavi Ispat
Limited (VIL) continue to reflect instances of delay by VIL in
servicing its debt; the delays have been caused by the company's
weak liquidity.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit             532.9       CRISIL D
   Letter of Credit         75         CRISIL D
   Term Loan               615         CRISIL D
   Working Capital
   Term Loan               240.7       CRISIL D

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

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



=================
I N D O N E S I A
=================


TOWER BERSAMA: Moody's Affirms Ba2 Corporate Family Rating
----------------------------------------------------------
Moody's Investors Service has affirmed the Ba2 corporate family
rating (CFR) of Tower Bersama Infrastructure Tbk (TBI).

Moody's has also affirmed the Ba3 ratings of the $300 million
senior unsecured notes of TBG Global Pte Ltd, a wholly-owned
subsidiary of TBI. The notes are unconditionally and irrevocably
guaranteed by TBI.

The ratings outlook remain negative.

Ratings Rationale

The rating action follows TBI's announced share exchange
transaction with PT Telekomunikasi Indonesia Tbk (Telkom, Baa1
stable), under which TBI will obtain management control of
Telkom's wholly-owned telecommunications tower subsidiary, PT
Dayamitra Telekomunikasi (Mitratel, unrated) in exchange for an
equity interest of up to 13.7% in TBI.

Mitratel owns and operates 3,928 towers across Java and Bali,
serving 4,363 tenants, which generated revenue of IDR1.5 trillion
in 2013.

Initially, Telkom will dispose of a 49% stake in Mitratel, in
exchange for 290 million shares (about a 5.7% stake) of TBI, which
are currently worth IDR2.3 trillion. However, TBI will have full
management control and will consolidate Mitratel.

Over the next two years, Telkom has the option of selling its
remaining 51% stake in Mitratel to TBI for an additional 472.5
million shares (about an 8% stake in TBI).

Telkom is also entitled to cash considerations of up to IDR1,739
billion over the next 10 years, when certain performance targets
for Mitratel are met. The deal is expected to be completed in Q4
2014 and is subject to various approvals, including from TBI's
shareholders.

There is no upfront cash payment. However, as part of the
transaction, TBI will also be taking on about IDR2.7 trillion in
secured net debt from Mitratel.

"Despite the additional debt, the deal is credit positive for TBI
as it is immediately EBITDA accretive and will help TBI
deleverage, given the low gearing at Mitratel," says Nidhi Dhruv,
a Moody's Assistant Vice President and Analyst.

"We expect TBI's adjusted leverage (based on last twelve months
EBITDA) to decline from 6.0x as at June 2014 to 4.6x for financial
year 2015 and 4.1x in 2016,"adds Dhruv, who is also Moody's Lead
Analyst for TBI.

TBI's leverage surged to 6.3x (based on last twelve months EBITDA)
following its largely debt-funded acquisition of 2,500 towers in
2012 from PT Indosat Tbk (Ba1 stable). Deleveraging has been
slower than Moody's expected, mainly due to lower collocation
tenancy growth.

"There is considerable scope for cost cuts at Mitratel. Mitratel's
tenancy ratio of 1.1x as of end-June 2014 is quite low compared to
TBI's tenancy ratio of 1.7x. Hence, there is potential to increase
collocations and improve margins," says Dhruv.

TBI will also further improve its tenancy mix, given that a
majority of Mitratel's towers have P.T. Telekomunikasi Sellular
(Telkomsel, Baa1 stable) as their anchor tenant.

"The deal catapults TBI to be the largest independent tower
company in Indonesia. Pro-forma for the transaction, TBI will have
14,087 towers with 21,284 tower tenants, about 33% more than the
second largest independent operator, Profesional Telekomunikasi
Indonesia ("Protelindo", Ba2 stable)," adds Dhruv.

TBI's CFR of Ba2 remains supported by its position as the leading
independent telecommunications tower company in Indonesia founded
on a business model that has a high degree of revenue transparency
and predictability.

Nonetheless, the Indonesian tower industry is at an inflection
point, with more operators expected to sell their tower assets
over the next 1-2 years. Moody's expect TBI will bid for these,
and which may keep its financial metrics -- especially its
leverage profile -- under pressure.

All senior secured debt at TBG currently resides at its operating
companies. The $300 million senior unsecured notes, guaranteed by
TBI, are rated one-notch lower than its Ba2 CFR, reflecting legal
and structural subordination of bond holders at the holding
company level.

Moody's expects the Mitratel acquisition will improve TBI's
secured debt/total assets ratio, given the expanded asset base
following Mitratel's consolidation. As of June 2014, TBG had 71%
secured debt in its debt structure, and the ratio of secured debt
to total assets was also high, at 49%. Although these priority
debt ratios remain elevated, Moody's expects TBI's management to
lower the ratio of secured debt/total assets within the range of
30%-35% over the next 12 months. Any developments contrary to this
expectation could lead to a one-notch downgrade of the senior
unsecured bond rating.

The negative outlook reflects Moody's expectation that in the
absence of recapitalization, or a substantial uptick in EBITDA,
TBI's financial metrics will remain strained.

In particular, adjusted gross leverage will remain above 4.0x-4.5x
(based on last twelve months EBITDA), through at least 1H 2016,
which is higher than Moody's expectations for the Ba2 rating
level.

Given the negative outlook, a rating upgrade is unlikely in the
near term. However, the outlook could return to stable if TBI
improves its fundamental credit profile, particularly if adjusted
debt/EBITDA (based on last twelve months EBITDA) falls below 4.5x,
interest cover -- as measured by (funds from operations (FFO) +
interest)/interest -- increases to a minimum of 2.0x-3.0x, and
retained cash flow (RCF)/debt rises to above 10%-15% on a
consistent basis.

Further downward pressure on the CFR could arise should
competition intensify, such that TBI cannot meet its business plan
objectives. Evidence for this would be adjusted debt/EBITDA (based
on last twelve months EBITDA) staying at above 4.5x, (FFO +
interest)/interest falling below 2.0x, and RCF/debt remaining
below 10% on a consistent basis. Moody's would consider
downgrading the rating if a deleveraging trend is not evident
within the next 6-9 months.

In addition, Moody's would be concerned should the proportion of
revenue contributed by its key customer group -- comprising
Telkom, Telkomsel, Indosat and XL Axiata -- fall below 50%-55%.

The principal methodology used in these ratings was Global
Communications Infrastructure Rating Methodology, published in
June 2011.

TBI is the holding company of the TBG Global Private Ltd, one of
the two leading independent tower operators in Indonesia, with
11,266 telecommunication sites serving 18,028 tenants as of June
2014. It leases space on its telecommunications towers to cellular
telecommunications operators on long-term contracts.



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


EDIFICE CONSTRUCTION: PwC Appointed as Liquidators
--------------------------------------------------
Blair Ensor at The Press reports that the Inland Revenue
Department has forced two companies owned by controversial
businessman Rob Strickland into liquidation.

PwC partner Malcolm Hollis -- malcolm.g.hollis@nz.pwc.com --
confirmed on Oct. 13 he was overseeing the liquidation of Edifice
Construction and Edifice Ltd.

Both companies were put into liquidation during a hearing at the
High Court in Christchurch on Oct. 9, the report notes.

According to The Press, Mr. Hollis said he was in the process of
obtaining the entities' records and investigating events that led
to their demise.

It was too soon to say how much money each owed. "There's clearly
a significant amount of intermingling between these two companies
and other business affairs of the director which we will be
looking into," the report quotes Mr. Hollis as saying.

A receiver was appointed for Edifice Ltd shortly before it was put
into liquidation, Mr. Hollis, as cited by The Press, said.

Mr. Strickland, a previous bankrupt, had two businesses go under
before he started Edifice Building (Now Edifice Ltd) in 2011.
Edifice Recruitment (Now Edifice Construction) was incorporated in
July 2012, The Press discloses.


TE MATAI: Placed Into Liquidation
---------------------------------
Cliff Sanderson at Dissolve.com.au reports that a liquidator was
appointed to Te Matai Whetu Ltd on September 3.

The report says Te Matai Whetu Ltd stopped trading on March 31
this year.  Dissolve.com.au relates that the company had no
employees. A report from the liquidator noted that the company was
not able to pay its debts and the Inland Revenue Department is the
only listed creditor, according to Dissolve.com.au.

Te Matai Whetu Ltd offers directorship, contracting and trustee
services.



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


SUN SPIRIT: Court of Appeal Upholds Asset Freeze Order
-------------------------------------------------------
Qishin Tariq at The Star Online reports that the Court of Appeal
has upheld an order to freeze the assets of six individuals and
two companies with exposure to the three listed companies in
Singapore, which shook the stock market there last year.

It allowed an order on Oct. 13 to freeze assets worth
SGD79.05 million (MYR201.79 million) belonging to the six
individuals and two companies who were purportedly involved in
Singapore's penny stock selldown last October, The Star Online
relates.

According to the report, the panel led by Justice Mah Weng Kwai
dismissed the appeal by the eight against a Kuala Lumpur High
Court decision, ruling that there was a real risk of dissipation
of the assets if they were not frozen.

The report says the court found that there had been evidence of a
lack of financial propriety, noting that the Singapore Exchange
(SGX) had investigated the parties for suspicious trading
activity.

The panel which included Justices Badariah Sahamid and Prasad
Sandosham Abraham dismissed the appeal with MYR30,000 in costs,
says The Star Online.

The report says the six individuals are Neo Kim Hock, Peter Chen
Hing Woon, Tan Boon Kiat, Quah Su-Ling, Lee Chai Huat and Kuan Ah
Ming -- all Malaysian nationals -- and the two companies are Sun
Spirit Group Ltd and Neptune Capital Group Ltd. All eight jointly
filed the appeal.

Both companies are registered in the British Virgin Islands.

It is believed to be a landmark case as it is the first time
Section 11(3) of the Arbitration Act 2005 has been used to allow a
Malaysian High Court to aid in international arbitration, where
the seat of arbitration is not in Malaysia, the report notes.

The case started in Singapore last November when global broking
giant Interactive Brokers (IB) initiated legal action against at
least 10 clients as it sought to recover about US$68 million
(MYR221.476 million) of losses.

Though the case was filed with the American Arbitration
Association, IB was reported to have asked for Singapore to be the
seat of arbitration for the 10 cases related to the collapse of
the three stocks: Asiasons Capital Ltd, Blumont Group Ltd and
LionGold Corp Ltd.



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


WINTEK CORP: Creditor Banks to Meet This Week Over Loans
--------------------------------------------------------
Taipei Times reports that the creditor banks of Wintek Corp are to
meet this week over the fate of loans to the insolvent touchpanel
maker, which filed for financial restructuring and an injunction
to protect its assets in Taiwan.

According to the report, several banks said more than 35 domestic
financial institutions have exposure to NT$10 billion (US$328.62
million) of the financially strapped touchpanel maker's debts, but
the amount is likely to be higher if it is to include loans to
finance the company's operations in China.

However, the banking sector is expected to record profits of more
than NT$300 billion this year on an improved economy at home and
abroad, while the bad loan ratio is expected to drop to an ultra-
low 0.28 percent, Financial Supervisory Commission Chairman
William Tseng said, Taipei Times relays.

The state-owned Bank of Taiwan, Wintek's lead creditor with NT$1.6
billion lent as part of a syndicated loan, is organizing a meeting
in the hope of minimizing the fallout, Taipei Times discloses
citing Joint Credit Information Center (JCIC) data.

Bank of Taiwan chairwoman Lee Jih-chu said the Wintek loan is
secured with collateral, which is set to make ultimate credit
losses more bearable as its financial woes unfold, the report
relates.

Taipei Times relays First Commercial Bank is the company's second-
biggest creditor with loans of NT$890 million, followed by Taiwan
Cooperative Bank with NT$708 million and Land Bank of Taiwan with
NT$700 million, according to JCIC statistics.

"The creditor banks will have to sit down and talk with Wintek
before making moves on the loans," the report quotes First Bank
vice president Lin Han-chyi as saying.

The technology firm might ask for looser borrowing terms rather
than declare bankruptcy, Mr. Lin, as cited by Taipei Times, said.

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 10, 2014, Taipei Times said Wintek Corp. on Oct. 13 said its
board has approved the filing of a restructuring application and
emergency injunction in a move which seeks the court's protection
of its assets and a chance to overcome financial difficulties.

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



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***